Registration of Swap Dealers and Major Swap Participants

Forms and Documents

Document Name	Status
Form 8-T Registration of Swap Dealers and Major Swap Participants Form and Instruction	Unchanged
(2019) 0072 Supporting Stmt -SD CB Proposal 11-21-19.docx Supporting Statement A	2019-12-17

IC Document Collections

IC ID	Document Title	Status
238966	Comparability Determinations for the Group A and B Requirements	New
219445	Alternative to Figerprinting Requirement For Foreign Natural Persons	Unchanged
195292	Registration of Swap Dealers and Major Swap Participants Form and Instruction	Unchanged

ICR Details

OMB Control No: 3038-0072	ICR Reference No: 202009-3038-003
Status: Historical Active	Previous ICR Reference No: 201906-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Registration 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: 09/14/2020
	Date Received in OIRA: 09/14/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2023	36 Months From Approved	08/31/2022
Responses	1,119	0	1,114
Time Burden (Hours)	872	0	672
Cost Burden (Dollars)	500	0	500

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Abstract: Section 2(i) of the Commodity Exchange Act (“CEA”) provides the Commission) with express authority over activities outside the United States relating to swaps when certain conditions are met. Specifically, section 2(i) provides that the swaps provisions of the CEA enacted by Title VII (“Title VII”) of the Wall Street Transparency and Accountability Act of 2010 (“Dodd-Frank Act”) (including any rule prescribed or regulation promulgated under the CEA) do not apply to activities outside the United States (“U.S.”) unless such activities have a “direct and significant connection with activities in, or effect on, commerce of the United States” or they contravene Commission rules or regulations as are necessary or appropriate to prevent evasion of the swaps provisions of the CEA enacted under Title VII. The Commission is proposing a rule (“Proposed Rule”) addressing the cross-border application of certain swaps provisions of the CEA, as added by Title VII. The Proposed Rule defines key terms for purposes of applying these CEA’s swaps provisions to cross-border transactions, addresses the cross-border application of the registration thresholds and certain requirements (“Group A and Group B Requirements”) applicable to swap dealers and major swap participants, and establishes a formal process for requesting comparability determinations for such requirements from the Commission. As part of the Proposed Rule, the Commission is proposing to permit certain swap dealers and major swap participants registered with the Commission (“swap entities”) to comply with a foreign jurisdiction’s swap standards in lieu of the Group A and Group B Requirements in certain cases, provided that the Commission determines that such foreign standards are comparable to such requirements. The Proposed Rule would implement a process pursuant to which the Commission would conduct these comparability determinations, including outlining procedures for initiating such determinations. A comparability determination could be requested by swap entities that are eligible for substituted compliance for the Group A and Group B Requirements, their trade associations, and foreign regulatory authorities meeting certain requirements. Applicants seeking a comparability determination would be required to furnish certain information to the Commission that provides a comprehensive explanation of the foreign jurisdiction’s relevant swap standards, including how they might differ from the corresponding requirements in the CEA and the Group A and Group B Requirements and how, notwithstanding such differences, the foreign jurisdiction’s swap standards achieve comparable outcomes to those of the Commission. Once a comparability determination is made for a jurisdiction, it would apply for all entities or transactions in that jurisdiction to the extent provided in the comparability determination, as approved by the Commission and subject to any conditions specified by the Commission. The information collection would be necessary for the Commission to consider whether the foreign jurisdiction’s relevant swap standards are comparable to the Commission’s requirements.

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Authorizing Statute(s): US Code: 7 USC 6f, 6n, 6s 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:
3038-AE84	Final or interim final rulemaking	85 FR 56924	09/14/2020

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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
Registration of Swap Dealers and Major Swap Participants	8-T, 7 - R, 7W, Form 8-R	Individual Withdrawal ,   Firm Application ,   Firm Withdrawal ,   Individual Application
Alternative to Figerprinting Requirement For Foreign Natural Persons
Comparability Determinations for the Group A and B 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	1,119	1,114	0	5	0	0
Annual Time Burden (Hours)	872	672	0	200	0	0
Annual Cost Burden (Dollars)	500	500	0	0	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The regulations associated with this new collection information request are designed to, consistent with section 2(i) of the CEA, provide for a substituted compliance process for the Group A and Group B Requirements.

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Annual Cost to Federal Government: $0

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.     Yes

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.     Yes

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: 01/08/2020

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