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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:
201804-3038-008
Status:
Historical Active
Previous ICR Reference No:
201410-3038-001
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:
06/18/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/30/2018
Terms of Clearance:
Updated supporting statement during review.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2021
36 Months From Approved
06/30/2018
Responses
38,409
0
3,998
Time Burden (Hours)
60,382
0
63,225
Cost Burden (Dollars)
38,251,139
0
32,600,000
Abstract:
The Part 20 Reporting Rules for physical commodity swaps, in conjunction with the Commission’s current large trader reporting system for commodity futures and options, are used by the Commission to support its market, financial and trading abuse surveillance programs. Swaps position reports represent a critical component for the implementation of an effective surveillance-based regulatory approach that includes market, financial and trading surveillance programs.
Authorizing Statute(s):
US Code:
7 USC 5
Name of Law: Position Reports for Physical Commodity Swaps
US Code:
7 USC 6, 6a, 6c, 6f, 6g, 6t
Name of Law: Position Reports for Physical Commodity Swaps
US Code:
7 USC 1, 1a,
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:
83 FR 5761
02/09/2018
30-day Notice:
Federal Register Citation:
Citation Date:
83 FR 18827
04/30/2018
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
40, 102
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
38,409
3,998
0
34,411
0
0
Annual Time Burden (Hours)
60,382
63,225
0
-2,843
0
0
Annual Cost Burden (Dollars)
38,251,139
32,600,000
0
5,651,139
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 extension is updating the total burden based on reported data. The number of affected firms has been updated in this collection and they total 4,824 respondents (comprised of 1 clearing organization, 67 clearing member and swap dealer reporting entities and 4,756 firms that would hold reportable accounts in swaps). The number of respondents and the time required per response directly correlates to the changes in the burden totals of this collection renewal. The pending renewal is correcting a computational error made in ROCIS in the previous renewal of the collection regarding the total number of responses. The total number of responses entered in ROCIS should have been 88,768 (as indicated in the 2014 supporting statement and the amended 30-Day FRN filed by the CFTC on 12/14/14), instead of the recorded 3,998 – which was the total annual number of respondents. For the pending renewal, the total number of respondents has now increased to 4,824 (from 3,998 in 2014) and the total annual number of responses has decreased to 38,408 (from 88,768 in 2014). The reduction in the number of responses has caused the total burden hours also to decrease.
Annual Cost to Federal Government:
$1,900,000
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:
Thuy Dinh 202 418-5128 tdinh@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:
04/30/2018
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