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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:
7100-0364
ICR Reference No:
201702-7100-009
Status:
Historical Active
Previous ICR Reference No:
201702-7100-006
Agency/Subagency:
FRS
Agency Tracking No:
FR KK
Title:
Reporting and Recordkeeping Requirements Associated with Margin and Capital Requirements for Covered Swaps Entities (Regulation KK)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/17/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/17/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2020
36 Months From Approved
02/29/2020
Responses
63,002
0
13,002
Time Burden (Hours)
86,964
0
36,964
Cost Burden (Dollars)
0
0
0
Abstract:
The Board, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Farm Credit Administration (FCA), and Federal Housing Finance Agency (FHFA) (collectively, the agencies) adopted a joint final rule that implemented sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring the agencies to establish capital requirements and initial and variation margin requirements for such entities on all non-cleared swaps and non-cleared security-based swaps in order to offset the greater risk to such entities and the financial system arising from the use of swaps and security-based swaps that are not cleared. This final rule created reporting and recordkeeping requirements. The Board accounts for any state member bank, bank holding company, savings and loan holding company, foreign banking organization, foreign bank that does not operate an insured branch, state branch or state agency of a foreign bank, or Edge or agreement corporation that is registered as a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant. The Board adopted a final rule that implemented section 716 of the Dodd-Frank Act. Regulation KK treats an uninsured U.S. branch or agency of a foreign bank as an insured depository institution for purposes of section 716 of the Dodd-Frank Act and establishes a process by which a state member bank or uninsured state branch or agency of a foreign bank may request a transition period to conform its swaps activities to the Dodd-Frank Act. This final rule created reporting requirements.
Authorizing Statute(s):
US Code:
15 USC 8305(f)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
7 USC 6s
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 78o-10
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
7 USC 1a(39)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD74
Final or interim final rulemaking
81 FR 50605
08/02/2016
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
80 FR 74916
11/30/2015
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 50605
08/02/2016
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
11
IC Title
Form No.
Form Name
Recordkeeping - Subpart A, section 237.11(b)(1)
Recordkeeping - Subpart A, section 237.5(c)(2)(i)
Recordkeeping - Subpart A, section 237.7(c)
Recordkeeping - Subpart A, section 237.8(h)
Recordkeeping - Subpart A, sections 237.2 (definition of "eligble master netting agreement," item 4), 237.8(g), and 237.10
Recordkeeping - Subpart A, sections 237.8(e) and 237.8(f)
Reporting - Subpart A, section 237.1(d)
Reporting - Subpart A, section 237.8(f)(3)
Reporting - Subpart A, section 237.9(e)
Reporting - Subpart A, sections 237.8(c) and 237.8(d)
Reporting - Subpart B, sections 237.22(a)(1) and 237.22(e)
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
63,002
13,002
50,000
0
0
0
Annual Time Burden (Hours)
86,964
36,964
50,000
0
0
0
Annual Cost Burden (Dollars)
0
0
0
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:
The current annual burden is estimated to be 36,964 hours. The Board estimates the proposed annual burden to be 86,964 hours, an increase of 50,000 hours, due to the new reporting requirements.
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:
Mark Tokarski 202-452-5241 Mark.E.Tokarski@frb.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:
02/17/2017
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