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 Commissionâs 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 Commissionâs 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 âMethod and timing for real-time public reporting (17 CFR 43.3)â have been incorporated into the First IC titled âReal-Time Public Reporting.â
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 Swap Data Error Correction Form
2025 Supporting Statement 3038-0070.docx
Method and timing for real-time public reporting (17 CFR 43.3)