View Information Collection Request (ICR) Package
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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:
3038-0111
ICR Reference No:
201605-3038-003
Status:
Historical Active
Previous ICR Reference No:
201506-3038-009
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Comparability determinations with margin requirements
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
08/09/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/31/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2019
36 Months From Approved
Responses
17
0
0
Time Burden (Hours)
170
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The collection of information that is proposed by this rulemaking is necessary to implement section 4s(e) of the Commodity Exchange Act ("CEA"), which mandates that the Commission adopt rules establishing margin requirements for uncleared swaps of swap dealers ("SDs") and major swap participants ("MSPs") that do not have a Prudential Regulator (collectively, "Covered Swap Entities" or "CSEs"), and section 2(i) of the CEA, which provides the Commission with express authority over swaps activities in cross-border transactions when certain conditions are met. The Commission will use the information collected to determine whether the foreign jurisdiction's margin rules for uncleared swaps are comparable to the Commission's corresponding margin requirements. Covered Swap Entities or CSEs that are eligible for substituted compliance under the Proposed Rule, as well as foreign regulatory agencies that have direct supervisory authority to administer the foreign jurisdiction's margin requirements for uncleared swaps in the requested foreign jurisdiction, may make a request for a comparability determination.
Authorizing Statute(s):
US Code:
7 USC 2(i); 6s
Name of Law: Commodity Exchange Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AC97
Final or interim final rulemaking
81 FR 34818
05/31/2016
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
Comparability Determinations with Margin Requirements
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
17
0
0
17
0
0
Annual Time Burden (Hours)
170
0
0
170
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The regulations associated with this new collection information request are designed to enhance the safety and soundness of Covered Swap Entities and support the stability of the U.S. financial system, and to enable the Commission to evaluate the foreign jurisdiction’s margin requirements for uncleared swaps to determine whether some or all of such requirements are comparable to the Commission’s corresponding margin requirements. The subject collection of information is a new collection of information.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
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:
Herminio Castro 202 418-6705 hcastro@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:
05/31/2016
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