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:
3038-0085
ICR Reference No:
202210-3038-005
Status:
Active
Previous ICR Reference No:
201910-3038-001
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Rule 50.50 End-User Notification of Non-Cleared Swap
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:
12/22/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/24/2022
Terms of Clearance:
Annual cost burden clarified during OIRA review. This approval is for an ICR extension without change.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2025
36 Months From Approved
12/31/2022
Responses
1,200
0
1,600
Time Burden (Hours)
696
0
928
Cost Burden (Dollars)
0
0
56,051
Abstract:
Section 2(h)(1)(A) of the Commodity Exchange Act requires certain entities to submit for clearing certain swaps if they are required to be cleared by the Commission. Section 2(h)(7)(a) provides that non-financial end-users using swaps to hedge or mitigate commercial risk may elect not to clear swaps that otherwise would be required to be cleared, if they satisfy certain conditions. Similarly, Rule 50.50 permits certain end-user entities to elect not to clear swaps that otherwise would be required to be cleared, provided that they satisfy certain conditions. The rule further requires the reporting of certain information if the exception is elected. This collection pertains to information the Commission needs to monitor use of the end-user exception, to prevent abuse of the end-user election, and to assess market risk in connection therewith.
Authorizing Statute(s):
US Code:
7 USC 2h(7)
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 50849
08/18/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 64206
10/24/2022
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
Rule 50.50 End-User Notification of Non-Clear Swap
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
1,200
1,600
0
0
-400
0
Annual Time Burden (Hours)
696
928
0
0
-232
0
Annual Cost Burden (Dollars)
0
56,051
0
0
-56,051
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:
The Commission is decreasing the estimate for the aggregate number of burden hours because the estimated number of respondents has decreased from 1,600 in the previous submission filed three years ago to 1,200 currently. This yields an overall reduction in annual time burden from 928 hours to 696 hours along with an associated reduction in annual labor costs. The Commission has observed a small decrease in the number of entities electing the end-user exception. Now that the clearing requirement expansion has been implemented fully, the Commission believes the number of entities that qualify for and elect the end-user exception may begin to stabilize. The Commission will continue to gather data on the number of and types of entities that elect the end-user exception. In addition, CFTC staff estimates that there are no annual capital and start-up or operational and maintenance costs associated with this collection as described in Question 13. Accordingly, the agency is eliminating the previous entry of $56,051 reflecting such costs.
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:
10/24/2022
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