Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties

Forms and Documents

Document	Type	Status	Availability
2025 Supporting Statement 3038-0079 (Prime Brokerage NPRM).docx	Supporting Statement A	Uploaded 2025-09-24	Repair queued
2025 Supporting Statement 3038-0079 (Prime Brokerage NPRM).docx	Supporting Statement A	Uploaded 2025-09-24	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
195307	Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties		Modified

ICR Details

OMB Control No: 3038-0079	ICR Reference No: 202509-3038-001
Status: Historical Inactive	Previous ICR Reference No: 202309-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 12/15/2025
Retrieve Notice of Action (NOA)	Date Received in OIRA: 09/30/2025
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2028	36 Months From Approved	12/31/2026
Responses	145,152	0	141,120
Time Burden (Hours)	234,686	0	247,059
Cost Burden (Dollars)	0	0	0

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Abstract: The Commission has adopted Subpart H of Part 23 of its regulations (EBCS Rules) and Commission regulation 23.605, requiring swap dealers and major swap participants to follow specified procedures and provide specified disclosures in their dealings with counter-parties, to adopt and implement conflicts of interest procedures and disclosures, and to maintain specified records related to those requirements. In addition, the Commission recently finalized certain exceptions from the EBCS Rules for certain foreign swaps in § 23.23(e). To the extent a swap dealer or major swap participant avails itself of one or more of these exceptions, when effective, § 23.23(h)(1) imposes information collection requirements in lieu of such requirements in the EBCS Rules. The information collection obligations imposed by the regulations are essential to ensuring that swap dealers and major swap participants develop and maintain procedures and disclosures required by the Commodity Exchange Act (CEA) and Commission regulations. In its notice of proposed rulemaking (the “Proposal”), the Commission proposes to (1) amend certain business conduct standards for SDs and MSPs (together “Swap Entities”) in their dealings with counterparties contained in the EBCS Rules; and (2) amend the swap trading relationship documentation rule for Swap Entities in existing Commission regulation 23.504. These amendments would provide exceptions to compliance with such requirements when executing swaps that are: (1) intended by the parties to be cleared contemporaneously with execution; or (2) subject to prime broker arrangements that meet certain qualifying conditions. These proposed amendments, if adopted, are intended to supersede the Market Participants Division’s (“MPD”) no-action positions contained in CFTC Staff Letters 12-58, 13-11, 13-12, 19-06, and 23-01 (collectively, the “Covered Staff Letters”) and to make other adjustments to such rules in order to harmonize such requirements with those of the Securities and Exchange Commission (“SEC”) and the Municipal Securities Rulemaking Board to reduce administrative burdens on dually-registered entities.

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Authorizing Statute(s): US Code: 7 USC 2(i), 6s(h); 6s(j)(5) Name of Law: Commodity Exchange Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AF38	Proposed rulemaking	90 FR 47136	09/30/2025

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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: 1

IC Title	Form No.	Form Name
Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties

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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	145,152	141,120	0	4,032	0	0
Annual Time Burden (Hours)	234,686	247,059	0	-12,373	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Commission is proposing to amend the information collection under OMB Control No. 3038–0079 to reduce the burden for SDs. As discussed in the Proposal, the Commission preliminarily estimates that eliminating the requirement to provide a PTMMM will decrease SDs’ burden hours incurred for each swap transaction under Commission regulation 23.431 by 10% on average across all SDs; and eliminating the Scenario Analysis Requirement as proposed will decrease a SD’s burden hours incurred for each swap transaction under Commission regulation 23.431 by 5% on average across all SDs. Thus, the Commission estimates that the burden hours for compliance with Commission regulation 23.431 will decrease by 15% (from app. 129,540 to 110,108 burden hours). This results in an overall decrease in the Commission’s estimate of total annual burden hours from 254,118 to234,686 (a decrease of 19,432 annual burden hours), as well as a decrease in associated labor costs from $235,294 to $217,302 (a reduction in annual labor costs of $17,992).

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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: 09/30/2025

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