Adaptation of Regulations to Incorporate Swaps-Records of Transactions

Forms and Documents

Document Name	Status
Supporting Statement 3038-0090 (2016).docx Supporting Statement A	2016-12-28

IC Document Collections

IC ID	Document Title	Status
224972	Recordkeeping Policies and Procedures	New
211721	Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities	Unchanged
197643	Adaptation of Regulations to Incorporate Swaps-Records of Transactions	Modified

ICR Details

OMB Control No: 3038-0090	ICR Reference No: 201612-3038-007
Status: Historical Inactive	Previous ICR Reference No: 201507-3038-006
Agency/Subagency: CFTC	Agency Tracking No:
Title: Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 03/20/2017
	Date Received in OIRA: 01/19/2017
Terms of Clearance: 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
Expiration Date	12/31/2017	36 Months From Approved	12/31/2017
Responses	8,000	0	8,000
Time Burden (Hours)	474,599	0	474,599
Cost Burden (Dollars)	211,124,700	0	211,124,700

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Abstract: The Commodity Futures Trading Commission’s (“Commission”) proposal (the “Proposal”) would replace the existing audit system requirements in current Commission regulation 1.31 with a requirement that each person required by the Commodity Exchange Act (the “Act”) or Commission regulations to keep books and records (a “Records Entity”) establish, maintain, and, implement written policies and procedures reasonably designed to ensure that the Records Entity complies with its obligations under proposed Commission regulation 1.31. The information collection obligations that would be imposed by the Proposal are essential to ensuring that Records Entities develop and maintain recordkeeping policies and procedures required by Commission regulations and to the effective evaluation of Records Entities’ actual compliance with Commission regulations

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
   US Code: 7 USC 1a, 2, 5 Name of Law: CEA
   US Code: 7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g Name of Law: CEA
   US Code: 7 USC 6h, 6i, 6k, 6l, 6m, 6n, 6o, 6p Name of Law: CEA
   US Code: 7 USC 6r, 6s, 7, 7a-1, 7a-2, 7b Name of Law: CEA
   US Code: 7 USC 7b-3, 8, 9, 10a, 12, 12a, 12c Name of Law: CEA
   US Code: 7 USC 13a, 13a-1, 16, 16a, 19, 21 Name of Law: CEA
   US Code: 7 USC 23 and 24 Name of Law: CEA
  

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:
3038-AE36	Proposed rulemaking	82 FR 6356	01/19/2017

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Recordkeeping Policies and Procedures
Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities

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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: The Proposal replaces the audit system requirements in current Commission regulation 1.31 with a recordkeeping policies and procedures requirement. The Commission estimates that the Proposal would result in an aggregate burden hours increase of 150,000 hours (15,000 respondents X 10 hours/respondent). However, because the Proposal would replace the audit system requirements in current Commission regulation 1.31 described above, the start-up costs of Collection 3038-0090 and, in particular, information collection “Adaptation of Regulations to Incorporate Swaps-Records of Transactions” would be reduced by $35,350,000.

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Annual Cost to Federal Government: $0

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: 01/19/2017

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