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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:
3038-0090
ICR Reference No:
201210-3038-002
Status:
Historical Active
Previous ICR Reference No:
201105-3038-001
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Adaptation of Regulations to Incorporate Swaps
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
02/22/2013
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/13/2012
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2016
36 Months From Approved
Responses
97,099
0
0
Time Burden (Hours)
443,599
0
0
Cost Burden (Dollars)
42,639,009
0
0
Abstract:
The information collection obligations imposed by the final regulations are necessary to implement section 721 of the Dodd-Frank Act, which amended the definitions of futures commission merchant ("FCM") and introducing broker ("IB") to permit these intermediaries to trade swaps on behalf of customers. They also are necessary to implement section 733 of the Dodd-Frank Act which introduced swap execution facilities ("SEFs") as a new trading platform for swaps. As a result of the enactment of sections 721 and 733, the Commission needed to amend certain recordkeeping regulations (1.31, 1.33, 1.35, 1.37, and 1.39) so that records of swap transactions are maintained analogously to how futures transactions are presently maintained.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd - Frank Act
US Code:
7 USC 1a, 2, 2a, 5,
Name of Law: CEA
US Code:
7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g
Name of Law: CEA
US Code:
7 USC 6h, 6i, 6k, 6l, 6m, 6n, 6o, 6p
Name of Law: CEA
US Code:
7 USC 7, 7a-1, 7a-2, 7b, 7b-3, 8, 9
Name of Law: CEA
US Code:
7 USC 10a, 12, 12a, 12c, 13a, 13a-1
Name of Law: CEA
US Code:
7 USC 16, 16a, 19, 21, 23, and 24
Name of Law: CEA
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AD53
Final or interim final rulemaking
77 FR 66288
11/02/2012
Federal Register Notices & Comments
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
Adaptation of Regulations to Incorporate Swaps
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
97,099
0
97,099
0
0
0
Annual Time Burden (Hours)
443,599
0
443,599
0
0
0
Annual Cost Burden (Dollars)
42,639,009
0
42,639,009
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:
No
Burden Reduction Due to:
Short Statement:
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 [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?
Uncollected
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:
11/13/2012
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