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:
3038-0091
ICR Reference No:
202009-3038-007
Status:
Historical Active
Previous ICR Reference No:
201707-3038-004
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral
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:
01/08/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/25/2020
Terms of Clearance:
The the changes approved in this ICR are due to change in agency estimate.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2024
36 Months From Approved
01/31/2021
Responses
141,258
0
89,148
Time Burden (Hours)
25,890
0
24,820
Cost Burden (Dollars)
2,585,021
0
272,000
Abstract:
7 USC 6d(f) imposes requirements on futures commission merchants (“FCMs”) and derivatives clearing organizations (“DCOs”) regarding the safeguarding and use of collateral provided my customers to serve as margin for cleared swaps transactions. 17 CFR Part 22 contains implementing regulations. Sections 22.2(g), 22.5(a), 22.11, 22.12, and 22.16 impose recordkeeping and third-party disclosure requirements necessary for the effective operation of the statutory and regulatory scheme. Section 22.16 requires that each FCM who has cleared swaps customers disclose to each customer once each year the governing provisions, as established by DCO rules or agreements between collecting and depositing FCMs, relating to use of customer collateral, transfer, neutralization of the risks, or liquidation of cleared swaps in the event of a default by the FCM. The purpose of this reporting requirement is to ensure that cleared swaps customers are informed of the procedures to which accounts containing their swaps collateral may be subject in the event of a default by their FCM.
Authorizing Statute(s):
US Code:
7 USC 6d(f)
Name of Law: CEA
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:
85 FR 43547
07/17/2020
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 60444
09/25/2020
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
Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral
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
141,258
89,148
0
52,110
0
0
Annual Time Burden (Hours)
25,890
24,820
0
1,070
0
0
Annual Cost Burden (Dollars)
2,585,021
272,000
0
2,313,021
0
0
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 burdens have been adjusted to reflect the Commission’s estimate of the current number of affected respondents.
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:
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:
09/25/2020
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