Regulations and Forms Pertaining to Financial Integrity of the Market Place; Margin Requirements for SDs/MSPs

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2023 Supporting Statement 3038-0024 (SD Financial Reporting NPRM).docx	Supporting Statement A	Uploaded 2024-01-16	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
254470	Regulations and Forms Pertaining to Financial Integrity of the Market Place; Margin Requirements for SDs/MSPs, Capital Requirements of SDs and MSPs (consolidated)		Modified

ICR Details

OMB Control No: 3038-0024	ICR Reference No: 202401-3038-001
Status: Historical Inactive	Previous ICR Reference No: 202207-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Regulations and Forms Pertaining to Financial Integrity of the Market Place; Margin Requirements for SDs/MSPs
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 02/26/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/16/2024
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Resubmit when proposed rule is finalized.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2025	36 Months From Approved	08/31/2025
Responses	89,856	0	89,856
Time Burden (Hours)	284,124	0	284,124
Cost Burden (Dollars)	0	0	0

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Abstract: Part 23 of the Commission’s regulations, adopted pursuant to section 4s(e) of the CEA, sets forth minimum capital requirements for swap dealers (“SDs”) and major swap participants (“MSPs”). Part 23 also imposes margin requirements for SDs and MSPs that engage in uncleared swap transactions. The collection reflects the reporting and recordkeeping requirements with which FCMs, SDs, and MSPs must comply in connection with their segregation, capital, and margin requirements. The Commission proposes to amend Part 23 of its regulations, which imposes minimum capital requirements and financial reporting obligations on SDs and MSPs. Specifically, the Commission proposes to codify parts of staff interpretive letter 21-15 to SDs addressing the Tangible Net Worth Capital Approach for calculating capital under Commission regulation 23.101 and no-action letter 21-18 (and its successor no-action letter 23-11) regarding alternative financial reporting by SDs subject to the capital requirements of a prudential regulator. The Commission is also proposing to amend Commission regulation 23.105 applicable to SDs, in areas including the required timing of certain notifications, the process for approval of subordinated debt for capital, and the revision of financial reporting forms to conform to the rules. The proposed amendments are intended to make it easier for SDs to comply with the Commission’s financial reporting obligations and demonstrate compliance with minimum capital requirements.

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Authorizing Statute(s): US Code: 7 USC 6s, 12a Name of Law: CEA
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 246 122 Stat. 1651 (2008) Name of Law: Food, Conservation, and Energy Act of 2008
PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AF33	Proposed rulemaking	89 FR 2554	01/16/2024

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Regulations and Forms Pertaining to Financial Integrity of the Market Place; Margin Requirements for SDs/MSPs, Capital Requirements of SDs and MSPs (consolidated)

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The annual reporting burden hours have been updated to account for the proposed revisions to Regulation 23.105 and reflect the Commission’s updated burden estimates if the proposed regulations were adopted. As described in Attachment, the Commission estimates that the updated burden hours for reporting would total 177,060 (rounded). The estimated recordkeeping burden associated with this clearance are unchanged at 107,417 hours. This yields a revised estimate for total burden hours of 284,477 hours.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 01/16/2024

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