Swap Data Recordkeeping and Reporting Requirements

Forms and Documents

Document Name	Status
Cleared Swaps PRA - Revisions to Supporting Statement - 0096 10 17 16.doc Supporting Statement A	2016-10-26
(2016) 60 Day FRN - 0096.docx Supplementary Document	2016-10-26
(2016) 30 Day FRN -0096.pd.pdf Supplementary Document	2016-10-26
(2016) Attachment 1 - Supporting Statement - 0096.docx Supporting Statement B	2016-10-18

IC Document Collections

IC ID	Document Title	Status
200283	Swap Data Recordkeeping and Reporting Requirements	Modified

ICR Details

OMB Control No: 3038-0096	ICR Reference No: 201610-3038-002
Status: Historical Active	Previous ICR Reference No: 201508-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Data Recordkeeping and Reporting Requirements
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: 01/09/2017
	Date Received in OIRA: 10/26/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2020	36 Months From Approved	12/31/2018
Responses	7,209,344,610	0	30,210
Time Burden (Hours)	562,945	0	445,910
Cost Burden (Dollars)	99,462,062	0	6,637,000

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Abstract: 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.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 47362	07/21/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 74408	10/26/2016
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Swap Data Recordkeeping and Reporting Requirements

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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	7,209,344,610	30,210	0	7,209,314,400	0	0
Annual Time Burden (Hours)	562,945	445,910	0	117,035	0	0
Annual Cost Burden (Dollars)	99,462,062	6,637,000	0	92,825,062	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Amendments to the PRA increase the burden for derivatives clearing organizations (DCOs) by 4500 hours on one-time basis and $375,000 on annual basis to account for requirements of DCOs to connect to swap data repositories (SDRs). Amendments also increase burden to all reporting entities (estimated 445) and SDRs by 200 hours on an annual basis to account for changes in reporting systems to comply with new required data elements in the Cleared Swap Rule and future changes brought about by regulatory changes or developments in the swaps market.

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Annual Cost to Federal Government: $7,300,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

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Common Form ICR:  No

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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: 10/26/2016

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