Protection of Collateral of Counterparties to Uncleared Swaps; Treatment of Securities in a Portfolio Margining Account in a Commodity Broker Bankruptcy

ICR 202204-3038-002

OMB: 3038-0075

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2022-04-27
Supplementary Document
2022-04-27
Supporting Statement A
2022-04-27
ICR Details
3038-0075 202204-3038-002
Received in OIRA 201903-3038-004
CFTC
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.

PL: Pub.L. 113 - 203 124 Stat 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 7 USC 6s Name of Law: CEA
  
None

Not associated with rulemaking

  87 FR 9583 02/22/2022
87 FR 24973 04/27/2022
No

  Total Request 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 313,200 298,700 0 14,500 0 0
Annual Time Burden (Hours) 151,848 143,994 0 7,854 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
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.
04/27/2022


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