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View ICR - OIRA Conclusion

OMB Control No: 3038-0096	ICR Reference No: 202212-3038-001
Status: Historical Active	Previous ICR Reference No: 202209-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Data Recordkeeping and Reporting Requirements
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/26/2023
	Date Received in OIRA: 01/04/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2026	36 Months From Approved	04/30/2023
Responses	229,692,016	0	229,669,500
Time Burden (Hours)	1,460,357	0	1,242,122
Cost Burden (Dollars)	0	0	53,176,964

Abstract: The CFTC requests OMB approval for the extension of the information collections associated with the agency's regulations governing Swap Data Recordkeeping and Reporting Requirements. The information is needed to ensure that the Commission and other regulators have access to complete data concerning swaps, as required by the Commodity Exchange Act as amended by the Dodd-Frank Act. The information is for use by government entities to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps. Respondents are entities or persons who trade swaps, clear swaps, provide a swap execution platform, or collect swap data repository. The regulations establish swap reporting and recordkeeping requirements for swap execution facilities (“SEFs”), designated contract markets (“DCMs”), swap data repositories (“SDRs”), derivatives clearing organizations (“DCOs”), swap dealers (“SDs”), major swap participants (“MSPs”), and non-SD/MSP/DCO counterparties. The Commission’s regulations in part 45 require SEFs, DCMs, and reporting counterparties to report swap data to SDRs. The SDRs provide this data to the Commission directly. The Commission uses swap data in connection with fulfilling its regulatory duties. The information collection relating to Part 39 of the Commission's regulations establishes a regulatory framework for the clearing of swaps by exempt derivatives clearing organizations (“DCOs”), pursuant to Section 5b(h) of the CEA (7 U.S.C. 7a-1(h)). This information collection is necessary to fulfill the Commission’s statutory and regulatory mandates, including systemic risk mitigation, market monitoring, and market abuse prevention. The information is used to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps.

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	229,692,016	229,669,500	22,516
Annual Time Burden (Hours)	1,460,357	1,242,122	218,235
Annual Cost Burden (Dollars)	0	53,176,964	-53,176,964

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: There are no program changes. The Commission is updating its burden hours and hourly labor cost estimates based on updated information regarding the number of SDRs, SEFs, DCMs, and Reporting Counterparties subject to the Commission’s regulations and to incorporate updated Bureau of Labor Statistics wage data. In addition, the Commission is updating its estimates to remove the annualized capital and start-up costs associated with this clearance. In two earlier rulemakings, the Commission issued new regulations that imposed new annualized capital and start-up costs totaling an estimated $53,176,964 ($51,961,428 + $1,215,536). See Final Rule, Swap Data Recordkeeping and Reporting Requirements, 85 FR 75503 (Nov. 25, 2020) (ICR Reference No: 202011-3038-002); Final Rule, Exemption from Deriviatives Clearing Organization Registration, 86 FR 949 (Jan. 7, 2021) (ICR Reference No: 202101-3038-006). Based on its knowledge of the marketplace, the Commission believes that regulated entities have now absorbed the initial start-up costs associated with revising their systems and processes to come into compliance with these requirements. Accordingly, the Commission has removed these annualized capital and start-up costs from its updated burden estimates for this renewal period.

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: Kenny Wright 202 326-2907 kwright@ftc.gov

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