Requirements for Derivatives
Clearing Organizations
Revision of a currently approved collection
No
Regular
10/22/2020
Requested
Previously Approved
36 Months From Approved
03/31/2023
22,578
21,808
63,311
72,554
0
0
Commission Regulations 39.12, 39.13,
39.14, 39.15, 39.16 and 39.18 establish risk management
requirements for registered derivatives clearing organizations
(“DCOs”). Regulation 39.3 requires any person seeking to register
as a DCO to submit a completed Form DCO as provided in the appendix
to Part 39, accompanied by all applicable exhibits. The Commission
will use the information in this collection to assess compliance of
DCOs and DCO applicants with requirements for DCOs prescribed in
the Commodity Exchange Act and Commission regulations. Part 39 of
the Commission’s regulations establishes regulatory requirements
for derivatives clearing organizations (“DCOs”). The Commission is
adopting regulations that will permit non-U.S. clearing
organizations that do not pose substantial risk to the U.S.
financial system to register with the Commission, yet comply with
the core principles applicable to registered DCOs through
compliance with their home country regulatory regime, subject to
certain conditions and limitations. The information that will be
collected under these regulations is necessary for the Commission
to determine whether a clearing organization qualifies for DCO
registration pursuant to the alternative compliance procedures, to
evaluate its continued eligibility for such status, to review
compliance by the DCO with any conditions the Commission has
established, or to conduct oversight of U.S. persons and the swaps
that are cleared by or for U.S. persons through the DCO. The
Commission is also reducing the number of DCOs subject to Part 39
reporting and recordkeeping requirements due to the expectation
that several existing DCOs will transition to the alternative
compliance option.
The Commission is amending part
39 of its regulations to establish a regulatory framework within
which the Commission may register under certain conditions a
non-U.S. clearing organization in connection with the clearing of
swaps. The rules sets forth new reporting requirements pursuant to
the application process for DCO registration with alternative
compliance, and ongoing compliance with the conditions of such
registration. Because several registered DCOs may convert to
alternative compliance status, the Commission is reducing the
number of registered DCOs in the current information
collection.
$86,320
No
Yes
No
No
Yes
No
No
Gail Scott 202 418-5139
gscott@cftc.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.