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View Information Collection (IC) List
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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:
201303-3038-001
Status:
Historical Active
Previous ICR Reference No:
201210-3038-002
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/24/2013
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/05/2013
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2016
36 Months From Approved
02/29/2016
Responses
6,000
0
97,099
Time Burden (Hours)
5
0
443,599
Cost Burden (Dollars)
211,124,700
0
42,639,009
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 (
Authorizing Statute(s):
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
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd - Frank Act
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
US Code:
7 USC 6r, 6s
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 75523
12/21/2012
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-Records of Transactions
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
6,000
97,099
0
-91,099
0
0
Annual Time Burden (Hours)
5
443,599
0
-443,594
0
0
Annual Cost Burden (Dollars)
211,124,700
42,639,009
0
168,485,691
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:
On November 2, 2012, the Commission published in the Federal Register (77 FR 66288) the Final Adaptation Rule. The Final Adaptation Rule promulgated the vast majority of the amendments that the Proposal had introduced. See 76 FR 33066 (June 7, 2011). In the Final Adaptation Rule, the Commission stated that it would address in a separate release certain of the proposed changes to regulation 1.35 (i.e., those enumerated above) and related amendments to regulation 1.31. The Commission has determined to adopt the Proposal's amendments to regulation 1.35(a), with certain modifications, which address the comments the Commission received. Moreover, following publication of the Proposal, the Commission researched further the issue of setting up a cloud-based solution for recording oral communications and now estimates that a covered registrant will not have to spend any time setting up a cloud-based solution for recording oral communications on a mobile phone or land line because the registrant's Compliance Officer will merely have to contract for services from an outside vendor. In addition, as part of this final rulemaking, the Commission is making certain related modifications to the record retention periods set forth in regulation 1.31.
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:
Gail Scott 202 418-5139 gscott@cftc.gov
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:
03/05/2013
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