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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:
3038-0095
ICR Reference No:
201410-3038-001
Status:
Historical Active
Previous ICR Reference No:
201109-3038-005
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Large Trader Reporting for Physical Commodity Swaps
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
06/19/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/16/2014
Terms of Clearance:
Updated supporting statement.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2018
36 Months From Approved
06/30/2015
Responses
3,998
0
56,055
Time Burden (Hours)
63,225
0
164,802
Cost Burden (Dollars)
32,600,000
0
0
Abstract:
Requirements of routine swaps positions reports for clearing organizations, clearing members and swap dealers, and apply non-routine reporting requirements to large swap traders.
Authorizing Statute(s):
US Code:
7 USC 1
Name of Law: Position Reports for Physical Commodity Swaps
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
79 FR 55759
09/17/2014
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 74713
12/16/2014
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
Position Reports for Physical Commodity Swaps
102, 40
CFTCForm 102
,
CFTCForm 40
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
3,998
56,055
0
-52,057
0
0
Annual Time Burden (Hours)
63,225
164,802
0
-101,577
0
0
Annual Cost Burden (Dollars)
32,600,000
0
0
32,600,000
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:
Section 4t of the Commodity Exchange Act authorized the Commission to establish a large trader reporting system for significant price discovery function swaps. Section 4a of the CEA directed the Commission to establish position limits, as appropriate, for physical commodity swaps. Swaps position reports are a necessary component of an effective surveillance program and necessary for the implementation of all surveillance based regulatory programs. Reporting parties are required to submit data on positions on a futures equivalent basis so as to allow the Commission to assess a trader's market impact across differently structured but linked derivatives instruments and markets,
Annual Cost to Federal Government:
$2,024,000,000
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]?
No
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:
12/16/2014
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