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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:
3038-0072
ICR Reference No:
202307-3038-001
Status:
Active
Previous ICR Reference No:
202009-3038-006
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Registration of Swap Dealers and Major Swap Participants
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
08/18/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/06/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2026
36 Months From Approved
09/30/2023
Responses
1,860
0
1,860
Time Burden (Hours)
888
0
888
Cost Burden (Dollars)
0
0
500
Abstract:
Commodity Exchange Act (CEA) Section 4s(a) (7 U.S.C. 6s(a)) makes it unlawful for a swap dealer (SD) or major swap participant (MSP) to act as such unless registered with the Commodity Futures Trading Commission (CFTC). CEA Section 4s(b) (7 U.S.C. 6s(b)) requires that registration of SDs and MSPs be accomplished by filing an application in such form and manner as provided by the CFTC, containing such information as the CFTC considers necessary concerning the applicant’s business. Pursuant to regulations adopted by the CFTC pursuant to CEA Section 4s(b), SDs and MSPs are required to register on Form 7-R and principals listed by SDs and MSPs must submit Form 8-R. CFTC Form 7-R (for firms) and Form 8-R (for natural persons) request information about the applicant that is necessary to assess the applicant’s fitness to engage in business in the registration categories referenced above, subject to regulation and oversight by the CFTC. (1st IC) Commission Regulation 3.21(e) provides generally that, in lieu of submitting a fingerprint card for a foreign natural person who has not resided in the U.S. since the person’s 18th birthday, a swap dealer or major swap participant may certify that a criminal history background check of such foreign natural person has not revealed any matter that would statutorily disqualify him or her from being registered or listed as a principal. (2nd IC) Commission Regulation 23.23 addresses the cross-border application of the registration thresholds and certain requirements applicable to SDs and MSPs,and establishes a formal process for requesting comparability determinations from the Commission to permit substituted compliance with such requirements. (3rd IC)
Authorizing Statute(s):
US Code:
7 USC 6s
Name of Law: CEA
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:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
88 FR 26279
04/28/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 43084
07/06/2023
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Alternative to Figerprinting Requirement For Foreign Natural Persons
Comparability Determinations for the Group A and B Requirements
Registration of Swap Dealers and Major Swap Participants
7 - R, 8-T, 7W, Form 8-R
Individual Withdrawal
,
Firm Application
,
Firm Withdrawal
,
Individual Application
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
1,860
1,860
0
0
0
0
Annual Time Burden (Hours)
888
888
0
0
0
0
Annual Cost Burden (Dollars)
0
500
0
0
-500
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:
No
Burden Reduction Due to:
Short Statement:
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.
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.
Yes
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:
07/06/2023
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