Protection of Collateral of Counterparties to Uncleared Swaps; Treatment of Securities in a Portfolio Margining Account in a Commodity Broker Bankruptcy
Protection of Collateral of
Counterparties to Uncleared Swaps; Treatment of Securities in a
Portfolio Margining Account in a Commodity Broker Bankruptcy
Revision of a currently approved collection
No
Regular
04/27/2022
Requested
Previously Approved
36 Months From Approved
06/30/2022
313,200
298,700
151,848
143,994
0
0
Regulations 23.701 and 23.704
establish reporting requirements that are mandated by Section 4s(l)
of the CEA, which states that SDs and MSPs must notify their
counterparties of the right to have their initial margin segregated
and to maintain the confirmations and elections related to such
notices as business records. The reporting and recordkeeping
requirements are necessary to implement the objectives of Section
4s(l). The data required to be compiled and maintained pursuant to
regulation 23.701 and 23.704 would be used by uncleared swap
counterparties (and, in some instances, the CFTC and
self-regulatory organizations). For example, the information
received by uncleared swap counterparties pursuant to Regulation
23.701 would alert counterparties to their statutory right, if they
so choose, to have funds or property used as margin in uncleared
swaps transactions with SDs and MSPs kept segregated from the
property of the SD or MSP. Likewise, the information provided would
further alert counterparties of the need to request such
segregation if they wish to exercise this right.
The burdens have been adjusted
to reflect the increase in the number of respondents (5 additional
provisionally registered swap dealers). The aggregate burden hours
(151,848) is an increase from the previous figure (143,994)
reflecting this increase in the number of respondents.
$0
No
No
No
No
Yes
No
No
Thuy Dinh 202 418-5128
tdinh@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.