Large Trader Reporting for Physical Commodity Swaps

Forms and Documents

Document Name	Status
Form 102 Position Reports for Physical Commodity Swaps Form and Instruction	Modified
2024 30-Day FRN 3038-0095 (89 FR 53967).pdf Supplementary Document	2024-06-28
2024 60-Day FRN 3038-0095 (89 FR 19298).pdf Supplementary Document	2024-06-28
2024 Supporting Statement 3038-0095.docx Supporting Statement A	2024-06-28

IC Document Collections

IC ID	Document Title	Status
194908	Position Reports for Physical Commodity Swaps Form and Instruction	Modified

ICR Details

OMB Control No: 3038-0095	ICR Reference No: 202402-3038-003
Status: Received in OIRA	Previous ICR Reference No: 202105-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Large Trader Reporting for Physical Commodity Swaps
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 06/28/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	07/31/2024
Responses	33,325	41,608
Time Burden (Hours)	52,366	65,412
Cost Burden (Dollars)	33,895,705	41,590,793

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Abstract: Part 20 of the Commission’s regulations requires clearing organizations and any persons that are “reporting entities” to file swaps position data with the Commission. The Reporting Rules collect clearing member reports from clearing organizations. The Reporting Rules also require position reports from reporting entities for principal and counterparty positions in cleared and uncleared physical commodity swaps. Reporting entities are those persons that are either “clearing members” or “swap dealers” that are otherwise not clearing members. For purposes of part 20, reporting parties are required to submit data on positions on a futures equivalent basis so as to allow the Commission to assess a trader’s market impact across differently structured but linked derivatives instruments and markets. The Part 20 Reporting Rules for physical commodity swaps, in conjunction with the Commission’s current large trader reporting system for commodity futures and options, are used by the Commission to support its market, financial and trading abuse surveillance programs. Swaps position reports represent a critical component for the implementation of an effective surveillance-based regulatory approach that includes market, financial and trading surveillance programs.

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Authorizing Statute(s): US Code: 7 USC 5 Name of Law: Position Reports for Physical Commodity Swaps
   US Code: 7 USC 6, 6a, 6c, 6f, 6g, 6t, 12a, 19 Name of Law: Position Reports for Physical Commodity Swaps
   US Code: 7 USC 1, 1a, 2 Name of Law: Position Reports for Physical Commodity Swaps
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 19298	03/18/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 53967	06/28/2024
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Position Reports for Physical Commodity Swaps	40, 102	CFTCForm 102 ,   CFTCForm 40

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	33,325	41,608	0	0	-8,283	0
Annual Time Burden (Hours)	52,366	65,412	0	0	-13,046	0
Annual Cost Burden (Dollars)	33,895,705	41,590,793	0	0	-7,695,088	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The Commission is updating its estimate of total respondents (affected firms) subject to this collection burden based on data reported to the Commission by covered entities. The number of affected firms has been updated in this collection and totals 3,654 respondents (comprised of 1 clearing organization, 67 clearing member and swap dealer reporting entities and 3,586 firms that would hold reportable accounts in swaps). As a result of this update, the Commission is revising its burden estimates for this collection as described in Attachment A. In addition, the Commission has revised its labor cost estimates based on updated BLS data. These updated estimates yield an overall reduction in burden hours for a new total of 52,366 burden hours (a reduction of 13,046 burden hours below the prior total of 65,412 burden hours). Likewise, the estimated capital costs (including capital and start-up and operations and maintenance costs) associated with the collection have been reduced from $41,590,793 to $33,895,705 (a reduction of $7,695,888).

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Annual Cost to Federal Government: $2,300,000

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: 06/28/2024

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