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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:
3038-0104
ICR Reference No:
202201-3038-001
Status:
Active
Previous ICR Reference No:
201907-3038-004
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Clearing Exemption for Swaps Between Certain Affiliated Entities
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:
03/31/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/28/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2025
36 Months From Approved
03/31/2022
Responses
200
0
310
Time Burden (Hours)
200
0
310
Cost Burden (Dollars)
0
0
0
Abstract:
Section 2(h)(1)(A) of the Commodity Exchange Act requires certain counterparties to submit for clearing certain swaps if they are required to be cleared by the Commission. Commission regulation 50.52 permits certain affiliated entities to elect not to clear certain inter-affiliate swaps that otherwise would be required to be cleared, provided that they meet certain conditions. The rule further requires the reporting of certain information if the inter-affiliate exemption is elected. This collection pertains to information the Commission needs to monitor use of the exemption and assess market risk in connection therewith.
Authorizing Statute(s):
US Code:
7 USC 6(c)
Name of Law: Reporting of Uncleared Swaps
US Code:
7 USC 6r
Name of Law: Exemptive Authority
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd-Frank Act
US Code:
7 USC 2(h)(1)(A)
Name of Law: Swap Clearing Requirement
Citations for New Statutory Requirements:
US Code: 7 USC 2(h)(1); 6c; 6r Name of Law: CEA
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:
86 FR 66537
11/23/2021
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 4568
01/28/2022
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
Clearing Exemption for Swaps Between Certain Affiliated 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
200
310
0
-110
0
0
Annual Time Burden (Hours)
200
310
0
-110
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
Commission staff observed a decrease in the number of counterparties submitting an annual reporting form required by the inter-affiliate exemption under Commission regulation 50.52. The number of counterparties filing the inter-affiliate exemption form has fluctuated each year as the number of entities electing the exemption and filing the annual form has changed. In calendar years 2014 and 2015, the average number of filers was approximately 75. The average number of filers increased to approximately 310 during calendar years 2016, 2017, and 2018. The number of entities filing an election form in 2020 and 2021 (approximately 180 and 183, respectively) is not vastly different from the average number of counterparties that filed over the three years from 2016-2018 (310). Although the Commission staff noticed a decrease in the number of filers from the average of 310 filers to a more modest 180 filers in recent years, the Commission notes that data for the full 2021 calendar year is not yet available and has increased the estimated number of respondents by approximately 10% to account for potential missing data ((180 x .10 = 18) and (180+18 = 198)). The number of burden hours per respondent has not changed (1 burden hour per respondent); however, the total estimated burden hours for this collection of information decreased slightly because the estimated number of filers decreased from 310 to 200.
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?
No
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:
01/28/2022
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