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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:
1557-0251
ICR Reference No:
201909-1557-001
Status:
Historical Inactive
Previous ICR Reference No:
201906-1557-001
Agency/Subagency:
TREAS/OCC
Agency Tracking No:
Title:
Margin and Capital Requirements for Covered Swap Entities
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:
12/20/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/07/2019
Terms of Clearance:
OCC will work with OIRA and to ensure that estimates are consistent with CFTC experience.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2022
36 Months From Approved
08/31/2022
Responses
2,620
0
2,620
Time Burden (Hours)
17,400
0
17,400
Cost Burden (Dollars)
0
0
0
Abstract:
Sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act require the OCC, FRB, FDIC, FHFA, and FCA to adopt joint rules for swap entities under their jurisdictions imposing capital requirements and initial and variation margin requirements on all non-cleared swaps. This ICR is being submitted in connection with a notice of proposed rulemaking that would remove the recordkeeping requirement in section 44.11(b) that a covered swap entity shall calculate the amount of initial margin that would be required to be posted to an affiliate that is a financial end user with material swaps exposure pursuant to section 44.3(b) and provide documentation of such amount to each affiliate on a daily basis.
Authorizing Statute(s):
Statute at Large:
129 Stat. 3
Name of Statute: Terrorism Risk Insurance Program Reauthorization Act of 2015
PL:
Pub.L. 111 - 203 731, 764
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1557-AE69
Proposed rulemaking
84 FR 59970
11/07/2019
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
10
IC Title
Form No.
Form Name
Counterparty Disclosure
Section 45.11(b)(1) Posting Initial Margin
Section 45.2 - Definition of "Eligible Master Netting Agreement"; Section 45.8(g) Documentation; Section 45.10 Documentation of Margin Matters
Section 45.5(c)(2) Required Margin
Section 45.7(c) Custody Agreement
Section 45.8(e) Periodic Review; Section 45.8(f) Control, Oversight, and Validation Mechanisms
Section 45.8(f)(3) Initial Margin Model Reporting
Section 45.8(h) Escalation Procedures
Section 45.9(e) Requests for Determinations
Sections 45.1(d)(1) and (2) Meeting criteria for exemption
Sections 45.8(c) and (d) Initial Margin Model
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:
Changing Regulations
Short Statement:
The reduction is due to the removal of the requirements in ยง 44.11(b).
Annual Cost to Federal Government:
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]?
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:
Allison Hester-Haddad 202 649-7810 allison.hester-haddad@occ.treas.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:
11/07/2019
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