Margin and Capital Requirements for Swap Entities [Interagency] IFR

ICR 202001-3064-008

OMB: 3064-0204

Federal Form Document

Forms and Documents
ICR Details
3064-0204 202001-3064-008
Historical Active 201608-3064-001
FDIC 3064-0204
Margin and Capital Requirements for Swap Entities [Interagency] IFR
Revision of a currently approved collection   No
Regular
Approved without change 02/21/2020
Retrieve Notice of Action (NOA) 01/21/2020
  Inventory as of this Action Requested Previously Approved
02/28/2023 36 Months From Approved 02/29/2020
1,261 0 1
1,740 0 1,000
0 0 0

This final rule implements Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (‘‘TRIPRA’’), which exempts from the Agencies’ swap margin rules non-cleared swaps and non-cleared security-based swaps in which a counterparty qualifies for an exemption or exception from clearing under the Dodd-Frank Act. This final rule is a companion rule to the joint final rule adopted by the Agencies to implement section 731 and 764 of the Dodd-Frank Act. The final rule implements statutory language that requires certain swaps and security-based swaps of certain counterparties to qualify for a statutory exemption or exception from clearing in order to not be subject to the initial and variation margin requirements of the joint final rule. The reporting requirements are found in § 349.1(d) pursuant to cross-references to other statutory provisions that set forth the conditions for an exemption from clearing. For example, TRIPRA provides that the initial and variation margin requirements of the joint final rule shall not apply to a non-cleared swap or non-cleared security-based swap in which a counterparty qualifies for an exception under section 2(h)(7)(A) of the Commodity Exchange Act or section 3C(g)(1) of the Securities Exchange Act, which includes certain reporting requirements established by the CFTC or the SEC.39 Certain other counterparties that are exempt from clearing pursuant to other provisions are also required to meet these reporting requirements to notify the CFTC or the SEC.40 Thus, in certain cases, the statutory exemption from clearing requires a notification to the CFTC or SEC. These counterparties may be required to meet the same notification requirements that are required for an exception or exemption from clearing in order to qualify for an exception or exemption pursuant to § 349.1(d) from the initial and variation margin requirements established by the Agencies under sections 731 and 764 of the Dodd-Frank Act. Since this final rule serves to implement exemptions and exceptions by reference to existing statutory provisions, § 349.1(d) imposes new reporting requirements that are required under the relevant statutory provisions.

PL: Pub.L. 111 - 203 100000 Name of Law: Dodd-Frank Act
  
PL: Pub.L. 111 - 203 100000 Name of Law: Dodd-Frank Act
US Code: 7 USC 6s(e) Name of Law: null
US Code: 15 USC 78o-10(e) Name of Law: null

Not associated with rulemaking

  84 FR 57869 10/29/2019
85 FR 895 01/08/2020
No

  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 1,261 1 0 0 1,260 0
Annual Time Burden (Hours) 1,740 1,000 0 0 740 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

No
    No
    No
No
Yes
No
Uncollected
Manuel Cabeza 202 898-3781 mcabeza@fdic.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.
01/21/2020


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