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:
3038-0024
ICR Reference No:
202403-3038-001
Status:
Active
Previous ICR Reference No:
202401-3038-001
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Regulations and Forms Pertaining to Financial Integrity of the Market Place; Margin Requirements for SDs/MSPs
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:
07/18/2024
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/23/2024
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2027
36 Months From Approved
08/31/2025
Responses
89,303
0
89,856
Time Burden (Hours)
284,477
0
284,124
Cost Burden (Dollars)
0
0
0
Abstract:
Part 23 of the Commission’s regulations, adopted pursuant to section 4s(e) of the CEA, sets forth minimum capital requirements for swap dealers (“SDs”) and major swap participants (“MSPs”). Part 23 also imposes margin requirements for SDs and MSPs that engage in uncleared swap transactions. The collection reflects the reporting and recordkeeping requirements with which FCMs, SDs, and MSPs must comply in connection with their segregation, capital, and margin requirements. The Commission is adopting amendments to certain of its part 23 regulations that impose minimum capital requirements and financial reporting obligations on SDs and MSPs. Specifically, the amendments include revisions consistent with staff interpretive letter 21-15 to SDs addressing the Tangible Net Worth Capital Approach for calculating capital under Commission regulation 23.101 and no-action letter 21-18 (and its successor no-action letter 23-11) regarding alternative financial reporting by SDs subject to the capital requirements of a prudential regulator. The Commission is also adopting amendments to Commission regulation 23.105 applicable to SDs, in areas including the required timing of certain notifications, the process for approval of subordinated debt for capital, and the revision of financial reporting forms to conform to the rules. The amendments are intended to make it easier for SDs to comply with the Commission’s financial reporting obligations and demonstrate compliance with minimum capital requirements.
Authorizing Statute(s):
US Code:
7 USC 6s, 12a
Name of Law: CEA
Citations for New Statutory Requirements:
PL: Pub.L. 110 - 246 122 Stat. 1651 (2008) Name of Law: Food, Conservation, and Energy Act of 2008
PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd Frank Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AF33
Final or interim final rulemaking
89 FR 45569
05/23/2024
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
Regulations and Forms Pertaining to Financial Integrity of the Market Place; Margin Requirements for SDs/MSPs, Capital Requirements of SDs and MSPs (consolidated)
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
89,303
89,856
0
-553
0
0
Annual Time Burden (Hours)
284,477
284,124
0
353
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:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Commission has updated the annual reporting burden hours to account for the revisions to Regulation 23.105 and reflect the Commission’s updated burden estimates. As described in Attachment, the Commission estimates that the updated burden hours for reporting would total 177,060 (rounded). The estimated recordkeeping burden associated with this clearance is unchanged at 107,417 hours. This yields a revised estimate for total burden hours of 284,477 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:
Kenny Wright 202 326-2907 kwright@ftc.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:
05/23/2024
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