Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants

Forms and Documents

Document Name	Status
Form 8-R Regulation Establishing and Governing the Duties of Swap Dealers and Major Swap Dealers Form and Instruction	Modified
(2019) 0084-PRA - Reporting and Recordkeeping Support Statement - 6-18-2019.doc Supporting Statement A	2019-06-24

IC Document Collections

IC ID	Document Title	Status
195311	Regulation Establishing and Governing the Duties of Swap Dealers and Major Swap Dealers Form and Instruction	Modified

ICR Details

OMB Control No: 3038-0084	ICR Reference No: 201906-3038-006
Status: Active	Previous ICR Reference No: 201601-3038-004
Agency/Subagency: CFTC	Agency Tracking No:
Title: Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants
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: 08/29/2019
	Date Received in OIRA: 06/26/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2022	36 Months From Approved	08/31/2019
Responses	1,957	0	1,995
Time Burden (Hours)	118,296	0	120,592
Cost Burden (Dollars)	11,829,550	0	0

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Abstract: On April 3, 2012 the Commission adopted Commission regulations 23.600 (Risk Management Program), 23.601 (Monitoring of Position Limits), 23.602 (Diligent Supervision), 23.603 (Business Continuity and Disaster Recovery) 23.606 (General Information: Availability for Disclosure and Inspection), and 23.607 (Antitrust Considerations) pursuant to section 4s(j) of the Commodity Exchange Act (“CEA”). The above regulations adopted by the Commission would, among other things, require swap dealers (“SD”) and major swap participants (“MSP”) to develop a risk management program (including a plan for business continuity and disaster recovery and policies and procedures designed to ensure compliance with applicable position limits). The Commission believes that the information collection obligations imposed by the above regulations are essential to ensuring that swap dealers and major swap participants maintain adequate and effective risk management programs and policies and procedures to ensure compliance with position limits. Section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010)) amends the Commodity Exchange Act (CEA) to add section 4s(j) which imposes certain duties upon swap dealers (SDs) and major swap participants (MSPs) as part of the overall business conduct regime to which they are subject. Among the obligations imposed by section 4s(j) are the requirements that SDs and MSPs: (1) establish risk management procedures adequate for managing their day-to-day business; (2) monitor their trading to prevent violations of applicable position limits; and (3) establish internal systems and procedures to obtain the information needed to perform their duties and to provide such information to the Commission. Accordingly, the Commission adopted regulations 23.600 (Risk Management Program), 23.601 (Monitoring of Position Limits), 23.602 (Diligent Supervision), 23.603 (Business Continuity and Disaster Recovery), 23.606 (General Information: Availability for Disclosure and Inspection), and 23.607 (Antitrust considerations) that require SDs and MSPs to develop a risk management program (including a plan for business continuity and disaster recovery and policies and procedures designed to ensure compliance with applicable position limits).

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Authorizing Statute(s): US Code: 7 USC 6s(g) & (f) Name of Law: CEA
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: None

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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:
	84 FR 14350	04/10/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 30093	06/26/2019
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Regulation Establishing and Governing the Duties of Swap Dealers and Major Swap Dealers	8-R	Individual Application Template with Instructions

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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	1,957	1,995	0	-38	0	0
Annual Time Burden (Hours)	118,296	120,592	0	-2,296	0	0
Annual Cost Burden (Dollars)	11,829,550	0	0	11,829,550	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: The number of respondents has decreased so the aggregate burden hours have decreased.

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Annual Cost to Federal Government: $326,250

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? 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: 06/26/2019

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