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 3038-0074 (SEF Confirmations Final Rule).docx	Supporting Statement A	Uploaded 2024-04-03	Repair queued
2023 SEF Confirmations NPRM (88 FR 58145).pdf	Supplementary Document	Uploaded 2023-08-25	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
260648	37.6(b) - Confirmation Requirement for registered SEFs		Modified
195702	Core Principles and Other Requirements for Swap Execution Facilities		Unchanged

ICR Details

OMB Control No: 3038-0074	ICR Reference No: 202404-3038-001
Status: Historical Active	Previous ICR Reference No: 202306-3038-002
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: Approved without change	Conclusion Date: 06/28/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/01/2024
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2025	04/30/2025	04/30/2025
Responses	815,160	0	5,160
Time Burden (Hours)	15,615	0	7,740
Cost Burden (Dollars)	0	0	0

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Abstract: The Commission is adopting a final rule that adds new § 37.6(b)(1) to permit SEFs to incorporate by reference into a swap confirmation the relevant terms set forth in underlying, previously-negotiated agreements without being required to obtain these agreements. This new provision will address technological and operational challenges that have prevented SEFs from fully complying with § 37.6(b), by reducing the administrative burdens for SEFs, who would not be required to request, accept, and maintain a library of every relevant previously negotiated agreement between counterparties. This revised information collection is necessary for SEFs to provide legal certainty of transactions executed on or pursuant to the rules of a SEF through the issuance of swap confirmations for each swap transaction.

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

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-AF34	Final or interim final rulemaking	89 FR 34991	05/01/2024

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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
37.6(b) - Confirmation Requirement for registered SEFs
Core Principles and Other Requirements for Swap Execution Facilities

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ICR Summary of Burden

table that charts list of burden

	Total Approved	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	815,160	5,160	0	810,000	0	0
Annual Time Burden (Hours)	15,615	7,740	0	7,875	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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 requests OMB approval for the revision of control number 3038-0074 to add a new Information Collection titled “37.6(b) - Confirmation Requirement for registered SEFs,” reflecting the revised burden for SEFs to issue swap confirmations under the Rule. The estimated burden associated with this new Information Collection totals 7,875 hours per year for all covered respondents (21 respondents × 375 hours = 7,875 hours). With the addition of this new IC, the new burden associated with this collection will total 15,615 hours (7,740 hours + 7,875 hours = 15,615 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: 05/01/2024

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