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OMB Control No: 3064-0204	ICR Reference No: 202309-3064-003
Status: Active	Previous ICR Reference No: 202007-3064-001
Agency/Subagency: FDIC	Agency Tracking No:
Title: Margin and Capital Requirements for Swap Entities
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: 12/18/2023
	Date Received in OIRA: 09/26/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2026	36 Months From Approved	12/31/2023
Responses	7	0	1,261
Time Burden (Hours)	505	0	1,740
Cost Burden (Dollars)	0	0	0

Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) established a comprehensive regulatory framework for derivatives, which are generally characterized as swaps and security-based swaps. Sections 731 and 764 of the DFA require the registration and regulation of certain “swap entities”. For certain types of swap entities that are prudentially regulated by one of the Agencies ("covered swap entities"), sections 731 and 764 of the DFA require the Agencies to jointly adopt rules for swap entities under their respective jurisdictions imposing capital requirements and initial and variation margin requirements on all non-cleared swaps. The swaps-related provisions are intended to reduce risk, increase transparency, promote market integrity within the financial system, and, in particular, address a number of weaknesses in the regulation and structure of the swaps markets that were revealed during the financial crisis. The opacity of swap transactions among dealers and between dealers and their counterparties created uncertainty about whether market participants were significantly exposed to the risk of a default by a swap counterparty. The OCC, Board, FDIC, FCA, and FHFA (the Agencies) issued an interim final rule (Brexit Interim Final Rule) that addresses a potential impact of the scenario in which the United Kingdom (U.K.) exits from the European Union (E.U.) without a negotiated withdrawal agreement allowing financial services firms located in the U.K. to continue providing full-scope financial services in the E.U. The Brexit Interim Final Rule includes a new information collection requirement for transfers initiated by a covered swap entity’s counterparty. For those transfers, the counterparty must make a representation to the covered swap entity that the counterparty performed the transfer in compliance with the requirements of the rule.

Authorizing Statute(s): PL: Pub.L. 111 - 203 100000 Name of Law: Dodd-Frank Act

Citations for New Statutory Requirements: US Code: 7 USC 6s(e)
US Code: 15 USC 78o-10(e)
PL: Pub.L. 111 - 203 100000 Name of Law: Dodd-Frank Act

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:
	88 FR 47503	07/24/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 65678	09/25/2023
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	7	1,261	-1,253	-1
Annual Time Burden (Hours)	505	1,740	-1,295	60
Annual Cost Burden (Dollars)	0	0	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: In late 2022 and early 2023, PRA and legal representatives from the FDIC, Federal Reserve Board (FRB) and Office of the Comptroller of Currency (OCC) (together, agencies) reviewed the set of ICs in each agency’s respective ICR. Based on this review and the FDIC’s own internal review, the FDIC has determined that only six of the eleven existing ICs continue to capture the PRA burden imposed by 349 Subpart A. A new IC has been added to capture recordkeeping burden previously included within one of the removed ICs.

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: Manuel Cabeza 202 898-3781 mcabeza@fdic.gov

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