Core Principles and Other Requirements for Swap Execution Facilities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2024 Supporting Statement 3038-0052 3038-0074 (COI NPRM).docx	Supporting Statement A	Uploaded 2024-03-19	Available
2024 Supporting Statement 3038-0052 3038-0074 (COI NPRM).docx	Supporting Statement A	Uploaded 2024-03-19	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
264429	Requirements for SEFs Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation		New
195702	Core Principles and Other Requirements for Swap Execution Facilities		Unchanged

ICR Details

OMB Control No: 3038-0074	ICR Reference No: 202401-3038-005
Status: Historical Inactive	Previous ICR Reference No: 202201-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Core Principles and Other Requirements for Swap Execution Facilities
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: 04/02/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 03/19/2024
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	04/30/2025	36 Months From Approved	04/30/2025
Responses	5,160	0	5,160
Time Burden (Hours)	7,740	0	7,740
Cost Burden (Dollars)	0	0	0

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Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act added new section 5h to the Commodity Exchange Act (CEA) to impose requirements concerning the registration and operation of swap execution facilities (SEF), which the Commodity Futures Trading Commission (CFTC) has incorporated in Part 37 and other parts of its regulations. The information required to be provided under Part 37 is necessary for the Commission to evaluate whether SEFs, or entities applying to become SEFs, comply with the CEA’s statutory core principle requirements and related Commission regulations in Part 9, Part 36, and Part 37 of the Commission regulations and demonstrate that they meet the conditions required to be met in order to attain and/or retain their registration. The CFTC is proposing amendments to its regulations for designated contract markets (DCMs) and SEFs that would establish conflict of interest requirements with respect to market regulation functions as well as related governance standards. The proposed amendments include requirements for identifying, managing, and resolving conflicts of interest, and structural governance requirements to ensure that DCM and SEF governing bodies adequately incorporate an independent perspective. The proposed amendments also address additional governance and disciplinary requirements including, among other items: board of director composition and minimum fitness standards; limitations on the use and disclosure by employees and certain others of material non-public information; requirements relating to Chief Regulatory Officers, Chief Compliance Officers, and Regulatory Oversight Committees; and notification of certain changes in the ownership or corporate or organizational structure of a DCM or SEF. The proposed amendments would change parts 37 and 38 of the Commission regulations.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 7 USC 7b-3 Name of Law: CEA
  

Citations for New Statutory Requirements: 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-AF29	Proposed rulemaking	89 FR 19646	03/19/2024

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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: 2

table that charts list of burden

IC Title	Form No.	Form Name
Core Principles and Other Requirements for Swap Execution Facilities
Requirements for SEFs Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation

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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 Commission is proposing regulations that would include new reporting and recordkeeping requirements and would result in the revision of its burden hour estimates for Collection 3038-0074 (Core Principles and Other Requirements for Swap Execution Facilities), The proposed amendments would result in a new, revised total of 12,398 hours (an increase of 4,658 from the previously approved total of 7,740 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: 03/19/2024

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