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:
3038-0094
ICR Reference No:
202204-3038-003
Status:
Historical Active
Previous ICR Reference No:
201904-3038-001
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Clearing Member Risk Management
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:
06/15/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/27/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2025
36 Months From Approved
06/30/2022
Responses
42,084
0
41,832
Time Burden (Hours)
84,168
0
83,664
Cost Burden (Dollars)
0
0
0
Abstract:
Commission regulation § 1.73 which applies to clearing members that are futures commission merchants and Commission regulation § 23.609 which applies to clearing members that swap dealers and major swap participants, require clearing members to monitor and collect information to prevent risks to the financial markets. Specifically, these provisions require these clearing members to have procedures to limit the financial risks they incur as a result of clearing trades and to maintain sufficient liquid resources to meet the obligations that arise. Each of these items has been observed by Commission staff as an element of an existing sound risk management program at these registered entities. The Commission regulations require each clearing member to establish written procedures to comply and to keep records documenting its compliance. The regulations are an important part of the Commission’s regulatory program. The information required to be collected and preserved is used by representatives of the Commission to ensure compliance with the CEA and applicable Commission regulations.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd-Frank
US Code:
7 USC 5(b), 6d, 6f, 6g, 6s, 12a(5)
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:
87 FR 9582
02/22/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 24974
04/27/2022
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
Clearing Member Risk Management
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
42,084
41,832
0
252
0
0
Annual Time Burden (Hours)
84,168
83,664
0
504
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 revisions reflect a minor increase in the number of respondents (from 166 respondents to 167). The total burden hours increased accordingly by 504 hours (252 responses for the one additional respondent at 2 hours each = 504 hours).
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:
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:
04/27/2022
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