Swap Data Recordkeeping and Reporting Requirements

Forms and Documents

Document Name	Status
Form Swap Data Error Co Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14) Form	New
CFTC 22-06 - Staff Advisory on Reporting Errors and Omissions in Previously Reported Data.pdf Supplementary Document	2022-10-05
2022 30-Day FRN 3038-0096, 3038-0070 (87 FR 60382).pdf Supplementary Document	2022-10-05
2022 60-Day FRN 3038-0096, 3038-0070 (87 FR 37839).pdf Supplementary Document	2022-10-05
2022 Supporting Statement 3038-0096, 3038-0070.docx Supporting Statement A	2022-10-05

IC Document Collections

IC ID	Document Title	Status
256123	Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14) Form	New
245478	Exemption from Derivatives Clearing Organization Registration	Unchanged
200283	Swap Data Recordkeeping and Reporting Requirements	Unchanged

ICR Details

OMB Control No: 3038-0096	ICR Reference No: 202209-3038-003
Status: Received in OIRA	Previous ICR Reference No: 202101-3038-006
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Data Recordkeeping and Reporting Requirements
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/05/2022

	Requested	Previously Approved
Expiration Date	02/28/2023	02/28/2023
Responses	229,669,500	229,667,758
Time Burden (Hours)	1,242,122	1,231,670
Cost Burden (Dollars)	53,176,964	53,176,964

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Abstract: The CFTC requests approval of the proposed revision of this ICR to add a new information collection instrument (Swap Data Error Correction Form) that implements the requirements of 17 CFR 45.14 (Correcting errors in swap data verification of swap data accuracy). The Swap Data Error Correction Form specifies the format and manner in which respondents should submit the reports required under 17 CFR 45.14. The information is needed to ensure that the Commission and other regulators have access to complete data concerning swaps, as required by the Commodity Exchange Act as amended by the Dodd-Frank Act. The information is for use by government entities to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps. Respondents are entities or persons who trade swaps, clear swaps, provide a swap execution platform, or collect swap data repository. The regulations establish swap reporting and recordkeeping requirements for swap execution facilities (“SEFs”), designated contract markets (“DCMs”), swap data repositories (“SDRs”), derivatives clearing organizations (“DCOs”), swap dealers (“SDs”), major swap participants (“MSPs”), and non-SD/MSP/DCO counterparties. The Commission’s regulations in part 45 require SEFs, DCMs, and reporting counterparties to report swap data to SDRs. The SDRs provide this data to the Commission directly. The Commission uses swap data in connection with fulfilling its regulatory duties. The new information collection under this control number relates specifically to the Commission’s changes to Part 39 of its regulations to establish a regulatory framework for the clearing of swaps by exempt derivatives clearing organizations (“DCOs”), pursuant to Section 5b(h) of the CEA (7 U.S.C. 7a-1(h)). Although Part 45 applies to a number of registered entities and market participants, including registered DCOs, the proposed changes would affect only the reporting burden for exempt DCOs. The information collection is necessary to fulfill the Commission’s statutory and regulatory mandates, including systemic risk mitigation, market monitoring, and market abuse prevention. The information is used to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps.

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Authorizing Statute(s): US Code: 7 USC 2(a), and 21(b) Name of Law: CEA
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 37839	06/24/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 60382	10/05/2022
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14)	Swap Data Error Correction Form	Swap Data Error Correction Form
Exemption from Derivatives Clearing Organization Registration
Swap Data Recordkeeping and Reporting Requirements

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ICR Summary of Burden

	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	229,669,500	229,667,758	0	0	1,742	0
Annual Time Burden (Hours)	1,242,122	1,231,670	0	0	10,452	0
Annual Cost Burden (Dollars)	53,176,964	53,176,964	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The Commission proposes to revise Information Collection 3038-0096 to add a new Swap Data Error Correction Notification Form as a new Information Collection Instrument. The Commission is also revising the burden estimates for these collections to account for burden associated with the reporting requirements for swap data error correction, which are being implemented by the Form. These revisions result in an incremental increase in burden of 10,452 burden hours.

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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.     No

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.     No

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? No

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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: 10/05/2022

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