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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:
201706-3038-001
Status:
Historical Active
Previous ICR Reference No:
201705-3038-009
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:
08/30/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/05/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2020
36 Months From Approved
06/30/2020
Responses
8,000
0
8,000
Time Burden (Hours)
322,449
0
474,599
Cost Burden (Dollars)
0
0
175,774,700
Abstract:
The Commission recently amended Regulation 1.35(a) to change and clarify several of the existing recordkeeping requirements that apply to certain registrants and market participants. Records of Commodity Interest and Related Cash or Forward Transactions, 80 FR 80247 (Dec. 24, 2015). Both the prior version of the rule and the current version require certain registrants and market participants to keep various types of records associated with commodity interest transactions and related cash or forward transactions. The records required by Regulation 1.35(a), as well as the requirements specifying the form and manner in which such records must be kept, are an important component of the Commission’s efforts to ensure fair, orderly and efficient markets, and to detect and deter abusive, fraudulent and manipulative acts and practices that can harm market integrity and customers. The Commission uses the information required by the rule in connection with market surveillance and enforcement activities. The respondents include firms that are registered with the Commission (Futures Commission Merchants, Introducing Brokers, Retail Foreign Exchange Dealers, Floor Brokers, Floor Traders, and certain Commodity Pool Operators and Commodity Trading Advisors), as well as those market participants that are not registered with the Commission but are members of a designated contract market or of a swap execution facility.
Authorizing Statute(s):
US Code:
7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g
Name of Law: CEA
US Code:
7 USC 1a, 2, 5
Name of Law: CEA
US Code:
7 USC 6h, 6i, 6k, 6l, 6m, 6n, 6o, 6p
Name of Law: CEA
US Code:
7 USC 6r, 6s, 7, 7a-1, 7a-2, 7b
Name of Law: CEA
US Code:
7 USC 7b-3, 8, 9, 10a, 12, 12a, 12c
Name of Law: CEA
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd - Frank Act
US Code:
7 USC 13a, 13a-1, 16, 16a, 19, 21
Name of Law: CEA
US Code:
7 USC 23 and 24
Name of Law: CEA
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:
80 FR 80247
12/24/2015
30-day Notice:
Federal Register Citation:
Citation Date:
82 FR 17413
04/11/2017
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
Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities
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
8,000
8,000
0
0
0
0
Annual Time Burden (Hours)
322,449
474,599
0
-152,150
0
0
Annual Cost Burden (Dollars)
0
175,774,700
0
-175,774,700
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:
The amendment to Regulation 1.35 makes the following changes to the rule: (1) excludes members of designated contract markets (“DCMs”) and members of swap execution facilities (“SEFs”) that are not registered or required to register with the Commission (“Unregistered Members”) from the requirement to keep written communications that lead to the execution of a commodity interest transaction and related cash or forward transactions; (2) excludes Unregistered Members from the requirement to maintain records in a particular form and manner; (3) excludes Unregistered Members from the requirement to retain text messages; (4) excludes commodity trading advisors that are members of a DCM or of a SEF from the requirement to record oral communications that lead to the execution of a transaction; and (5) clarifies the form and manner requirements that apply to required records. With the exception of the clarification of the form and manner requirements (which neither increases nor decreases the exiting recordkeeping burdens), these changes decrease the recordkeeping burdens imposed by Regulation 1.35(a). Thus, the Commission is amending collection 3038-0090 to reflect a decrease in the burden of respondents resulting from the amendment to Regulation 1.35(a). Also, the burden hour costs for Adaptation of Regulations to Incorporate Swaps-Record of Transactions reflected have been reduced by $9,889,750 to $201,073,950, as reflected in the attached supporting statement. There are no startup or operational costs for this collection, which were previously incorrectly entered in ROCIS.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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:
06/05/2017
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