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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:
3038-0072
ICR Reference No:
201610-3038-001
Status:
Historical Inactive
Previous ICR Reference No:
201603-3038-006
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Registration of Swap Dealers and Major Swap Participants
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
01/19/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/18/2016
Terms of Clearance:
As agreed to and prior to usage, the forms must be updated to reflect CFTC’s name in a more prominent location, correct OMB number also in a prominent location, revised expiration dates, and revised burden.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2019
36 Months From Approved
06/30/2019
Responses
772
0
772
Time Burden (Hours)
634
0
634
Cost Burden (Dollars)
16,225
0
16,225
Abstract:
Section 731(b) of the Dodd-Frank Act added CEA Sections 4s(a) and 4s(b), which require Swaps Entities to register with the Commodity Futures Trading Commission (“Commission”). Section 731(d) of the Dodd-Frank Act requires the Commission to adopt rules for registered swaps entities, and CEA Section 4s(b)(2) states that a Swaps Entity registration application shall be made in the form and manner prescribed by the Commission. The Commission therefore adopted regulations (“Swaps Entity Registration Regulations”) regarding the process for registering Swaps Entities with the Commission. The Commission has adopted a proposal that provides for the cross-border application of the SD and MSP registration thresholds and the Commission’s external business conduct standards. The collections required by the proposal are necessary to implement the Dodd-Frank Act’s registration provisions and the cross-border swap provisions that expressly apply to activities that have a direct and significant connection with activities in, or effect on, U.S. commerce or that contravene Commission rules or regulations as necessary or appropriate to prevent evasion.
Authorizing Statute(s):
US Code:
7 USC 2, 6s
Name of Law: CEA
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd-Frank Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AE54
Proposed rulemaking
81 FR 71946
10/18/2016
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Alternative to Figerprinting Requirement For Foreign Natural Persons
Registration of Swap Dealers and Major Swap Participants
8-T, 3-R, 8-R, 7 - R, 7W
Individual Application
,
Individual Withdrawal
,
Changes and Corrections in Registration Information
,
Firm Application
,
Firm Withdrawal
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Proposed Rule provides for the cross-border application of the SD and MSP registration thresholds and the Commission’s external business conduct standards. The Commission estimates that if the Proposed Rule is adopted, 14 new unregistered non-U.S. persons may be classified as “Foreign Consolidated Subsidiaries” and required to register as new SDs because their swap dealing transactions would be in excess of the SD de minimis threshold.
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:
Herminio Castro 202 418-6705 hcastro@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:
10/18/2016
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