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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3038-0092
ICR Reference No:
201204-3038-003
Status:
Active
Previous ICR Reference No:
201108-3038-002
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Customer Clearing Documentation and Timing of Acceptance for Clearing
Type of Information Collection:
Existing collection in use without an OMB Control Number
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
08/10/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/18/2012
Terms of Clearance:
Please note that should cost or burden estimates vary wildly during the approval period for this ICR, OIRA may request a revision resubmission of all relevant information and updated estimates.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2015
36 Months From Approved
Responses
273
273
0
Time Burden (Hours)
4,704
4,704
0
Cost Burden (Dollars)
470,400
470,400
0
Abstract:
The proposed regulations would prohibit tri-party agreements between customers and swap dealers, major swap participants, futures commission merchants that are clearing members, and derivatives clearing organizations. The proposed regulations would also require a clearing member, or the derivatives clearing organization action on its behalf, to accept or reject each trade submitted for clearing as quickly as would be technologically practicable if fully automated systems were used.
Authorizing Statute(s):
PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Stat 1376 (2010) Name of Law: Dodd-Frank
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AD51
Final or interim final rulemaking
77 FR 21278
04/09/2012
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
76 FR 45730
08/01/2011
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 21278
04/09/2012
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Customer Clearing Documentation and Timing of Acceptance of Clearing
ICR Summary 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
273
0
448
-175
0
0
Annual Time Burden (Hours)
4,704
0
7,504
-2,800
0
0
Annual Cost Burden (Dollars)
470,400
0
7,504
462,896
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:
Miscellaneous Actions
Short Statement:
The aggregate cost burdens and annual number of responses are different between what is requested and what was proposed for two reasons: the proposed annual cost was miscalculated and should have been $750,400 rather than $7,504 (see 76 FR 45730, 45735, Aug. 1, 2011); and the proposed annual responses were reassessed downward after evaluating public comments and industry data from 448 to 273 (see 77 FR 21278, 21304, Apr. 9, 2012). These recalculations are now resulting in lowered burden numbers.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [PPACA, P.L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Act [Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Agency Contact:
John Nowlin 202-418-5427
Common Form ICR:
No
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:
04/18/2012
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