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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:
3038-0086
ICR Reference No:
202011-3038-004
Status:
Historical Active
Previous ICR Reference No:
201804-3038-010
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Swap Data Access Provisions of Part 49 and Certain Other Matters
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
02/01/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/25/2020
Terms of Clearance:
ROCIS burden change clarified during review. Future supporting statements submitted by the CFTC include detailed tables showing the anticipated number of respondents, burden hours, cost burden, and any marginal changes from the previous package (if applicable). These tables should also summarize the total burden associated with all requirements specified in the package. Summary burden tables should be easily comparable to the burden estimates displayed in ROCIS.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2021
36 Months From Approved
11/30/2021
Responses
4,809,003,137
0
4,800,003,136
Time Burden (Hours)
189,680
0
184,690
Cost Burden (Dollars)
43,338
0
61,904,104
Abstract:
CEA § 21(c)(7) directs SDRs to make swap data available “on a confidential basis pursuant to [CEA §] 8” to certain enumerated domestic authorities and any other person the CFTC determines to be appropriate, which may include certain types of foreign authorities. CEA § 21(d) mandates that, prior to receiving any requested data or information from a swap data repository (“SDR”), an authority seeking SDR swap data access agree in writing to abide by the confidentiality requirements described in CEA § 8. CEA § 8 describes circumstances under which public disclosure of information in the Commission’s possession is permitted and prohibited. The collection is designed to elicit information from authorities seeking SDR swap data access (including information regarding the scope of their jurisdiction and the measures they will have in place to safeguard the confidentiality of SDR swap data) to enable the CFTC to determine whether applicants are appropriate recipients of such data. The collection is designed to alert the Commission to circumstances in which SDR swap data recipients seek to, have or may receive SDR swap data outside the scope of their jurisdiction. Authorities would use SDR swap data for purposes within the scope of their jurisdiction. The information sent to the Commission in § 49.4 is necessary for the Commission to ensure that SDR data is stored and sent to the Commission properly when an SDR withdraws its registration. The information sent to SEFs, DCMs, reporting counterparties, and third-party service providers as required by §§ 49.10 and 49.13 will be used by these entities to ensure they have reported SDR data to SDRs according to the Commission’s regulations.
Authorizing Statute(s):
US Code:
7 USC 12a(5)
Name of Law: Registration of Commodity Dealers and Associated Persons
US Code:
7 USC 24a
Name of Law: Swap Data Repositories
US Code:
7 USC 21
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AE31
Final or interim final rulemaking
85 FR 75503
11/25/2020
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
Swap Data Access Provisions of Part 49 and Certain Other Matters
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
4,809,003,137
4,800,003,136
0
9,000,001
0
0
Annual Time Burden (Hours)
189,680
184,690
0
4,990
0
0
Annual Cost Burden (Dollars)
43,338
61,904,104
0
-61,860,766
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 Commission is finalizing amendments to Part 49 of the Commission’s regulations in order to improve the quality of swap data and to streamline regulatory requirements governing data reporting. The final rule discusses adjustments to burden hours calculations for Information Collection 3038-0086 to account for modified and new burdens associated with the proposed changes to the regulation. The Commission is also updating the overall burden hours, collection volumes, and costs related to Information Collection 3038-0086, based on updated information related to other collections within Information Collection 3038-0086 that are not being modified by this proposal. For example, the Commission is updating the estimated numbers of each type of entity affected by this collection to accurately reflect the current number of each type of entity. This includes 24 SEFs (previously 25), 3 DCMs that allow execution of swaps (previously 15), 3 SDRs (previously 4), 14 DCOs that clear swaps (not previously included), 103 SDs/MSPs (previously 125), and 1585 non-SD/non-MSP reporting counterparties (previously 703).
Annual Cost to Federal Government:
$5,428,930
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:
Gail Scott 202 418-5139 gscott@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:
11/25/2020
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