The CFTC requests approval of the
proposed revision of this ICR to add a new information collection
instrument (Swap Data Error Correction Form) that implements the
requirements of 17 CFR 43.3 (Method and timing for real-time public
reporting). The Swap Data Error Correction Form specifies the
format and manner in which respondents should submit the reports
required under 17 CFR 43.3. Title VII of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act) added to the
Commodity Exchange Act (CEA) new section 2(a)(13), which
establishes standards and requirements related to real-time
reporting and the public availability of swap transaction and
pricing data. Section 2(a)(13) and part 43 of the Commission’s
Regulations require reporting parties to publish real-time swap
transactions and pricing data to the general public. Without the
frequency of reporting set forth in part 43, the Commission would
not be able to adequately assess the swap markets and, more
importantly, would fail to achieve the frequency of reporting and
promotion of increased price discovery in the swaps market which
are mandated by the Dodd-Frank Act. The Commission’s regulations in
part 43 require SEFs, DCMs, and reporting counterparties to report
swap transaction and pricing data to SDRs and require SDRs to
disseminate the swap transaction and pricing data to the public.
The SDRs do not provide this data to the Commission directly. The
Commission may, however, use the swap transaction and pricing data
in connection with fulfilling any of its regulatory duties or for
other purposes. This publicly-reported data is also available to
all other regulators and to the public and they may use it for any
purpose as they see fit. The swap transaction and pricing data is
made public in order to increase the transparency of the swaps
market for regulators and market participants.
The Commission has consolidated
the two underlying Information Collections into a single collection
since they are closely related. Accordingly, the burden hours from
the Second IC titled “Method and timing for real-time public
reporting (17 CFR 43.3)” have been incorporated into the First IC
titled “Real-Time Public Reporting.” The Commission previously
estimated the total respondent burden of the information collection
as 782,283 hours. There were 1,732 respondents in 2022, but the
total number of respondents is now 1,742. Accordingly, the total
respondent burden estimate for the collection has increased to
803,142 hours, reflecting an aggregate increase of 20,859 burden
hours. Finally, the costs reflected as part of the collection
previously represented labor (dollar) costs associated with the
burden hours reported in the ICR Summary of Burden worksheet. These
costs are being removed consistent with the instruction on page 41
of the ROCIS PRA Module User Guide, which instructs: "On this
worksheet, do not report as a dollar cost any burden reported in
hours. The supporting statement asks for this information, but it
should not be reported here." The costs previously reported do not
represent costs per response but represent the labor (dollar) costs
associated with the burden hours reported in the Supporting
Statement.
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:
(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;
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.
Form Swap Data Error Co Method and timing for real-time public reporting (17 CFR 43.3)
2025 Supporting Statement 3038-0070.docx
Method and timing for real-time public reporting (17 CFR 43.3)