OMB files this
comment in accordance with 5 CFR 1320.11( c ). This OMB action is
not an approval to conduct or sponsor an information collection
under the Paperwork Reduction Act of 1995. This action has no
effect on any current approvals. If OMB has assigned this ICR a new
OMB Control Number, the OMB Control Number will not appear in the
active inventory. For future submissions of this information
collection, reference the OMB Control Number provided. Pursuant to
5 CFR 1320.11(c), OMB files this comment on this information
collection request (ICR. The agency shall examine public comment in
response to the NPRM and will describe in the supporting statement
of its next collection any public comments received regarding the
collection as well as why (or why it did not) incorporate the
commenter’s recommendation. The next submission to OMB must include
the draft final rule.
Inventory as of this Action
Requested
Previously Approved
09/30/2017
36 Months From Approved
09/30/2017
95,479
0
95,479
43,142
0
43,142
0
0
0
The Commission is requesting
respondents intending to use models to calculate initial margin
obligations to document and submit the model for Commission
approval. The Commission is also requiring notification upon the
occurrence of certain material changes to the model. The
collections of information that are proposed by this rulemaking are
necessary to implement Section 4s(e) of the CEA, which expressly
requires the Commission to adopt rules governing margin
requirements for SDs and MSPs. The information required for the
prior written approval of the margin model is needed to demonstrate
that the model satisfied all of the requirements of proposed
Regulation 23.154(b). These measures are intended to ensure the
adequacy and soundness of the margin calculations and promote the
protection of the swap market participants.
The regulations associated with
Collection 3038-0024 are designed to enhance the safety and
soundness of the markets which the Commission oversees and to
enable the Commission to evaluate the soundness of the participants
in those markets. Section 731 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act ("Dodd-Frank Act"), P.L. 111-203, 124
stat. 1376, amended the Commodity Exchange Act ("CEA"), 7 U.S.C. §§
1 et seq., to add, as section 4s(e) thereof does, provisions
concerning the setting of initial and variation margin requirements
for swap dealers ("SDs") and major swap participants ("MSPs"). The
Commission is proposing the margin rule to implement this section
of 4s of the CEA to require SDs and MSPs that are using a model to
compute initial margin requirements to submit the model for review
and approval by the Commission. This collection of information will
add additional burdens on an estimated 60 entities for a total of
14,400 hours annually.
$0
No
No
No
Yes
No
Uncollected
Herminio Castro 202 418-6705
hcastro@cftc.gov
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:
(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;
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.
Form 1-FR-FCM Regulations and Forms Pertaining to Financial Integrity of the Market Place
uncleared margin PRA supporting statement Proposal 9-18-14 (2).docx
Regulations and Forms Pertaining to Financial Integrity of the Market Place