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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:
3038-0076
ICR Reference No:
202210-3038-004
Status:
Historical Inactive
Previous ICR Reference No:
202010-3038-003
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Requirements for Derivatives Clearing Organizations
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:
02/16/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/15/2022
Terms of Clearance:
OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule and information collection instrument (e.g., form).
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2023
36 Months From Approved
05/31/2023
Responses
22,578
0
22,578
Time Burden (Hours)
63,311
0
63,311
Cost Burden (Dollars)
0
0
0
Abstract:
The CFTC requests approval of a request to revise this clearance in connection with a rulemaking that will amend Part 39 of the Commission's regulations and result in changes to the Information Collection requirements associated with this clearance. Section 5b(a) of the Commodity Exchange Act (CEA) provides that a clearing organization may not perform the functions of a derivatives clearing organization (“DCO”) with respect to swaps unless the clearing organization is registered with the Commission. In order to register and maintain registration with the Commission, a DCO must comply with the DCO Core Principles and all applicable Commission regulations. This information collection, as a whole, covers the burden associated with various requirements under Part 39 of the Commission’s regulations, including applications for registration as a DCO, reporting and recordkeeping requirements for registered DCOs, and compliance with Subpart C of Part 39 by systemically important DCOs and DCOs electing to be subject to Subpart C. The Commission is proposing amendments to the reporting and public information requirements for DCOs.
Authorizing Statute(s):
US Code:
7 USC 7a-1
Name of Law: Commodity Exchange Act
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd - Frank Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AF12
Proposed rulemaking
87 FR 76698
12/15/2022
Federal Register Notices & Comments
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
Requirements for Derivative Clearing Organizations
3038-0076
Form DCO
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Commission is proposing to amend certain reporting and information regulations applicable to DCOs. These proposed amendments would, among other things, update information requirements associated with commingling customer funds and positions in futures and swaps in the same account, address certain systems-related reporting obligations in § 39.18(g) regarding exceptional events, revise certain daily and event-specific reporting requirements in § 39.19(c), and include in an appendix the fields that a DCO is required to provide on a daily basis under existing § 39.19(c)(1). The Commission anticipates that changes to the event-specific reporting requirements under § 39.19(c)(4), if adopted, would slightly increase the existing burden on DCOs by approximately 26 burden hours annually. In addition, the proposed amendments are anticipated to result in approximately $109,576 (as rounded by ROCIS) in associated start-up costs, including programming or coding, as well as testing, quality assurance, and compliance review, for reporting systems, as described in Section 13 of the Supporting Statement.
Annual Cost to Federal Government:
$214,682
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.
Yes
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:
Kenny Wright 202 326-2907 kwright@ftc.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:
12/15/2022