Core Principles and Other Requirements for Swap Execution Facilities

Forms and Documents

Document Name	Status
Form Form SEF Core Principles and Other Requirements for Swap Execution Facilities Form and Instruction	Modified
2025 30-Day FRN 3038-0074 (90 FR 11728).pdf Supplementary Document	2025-03-11
2025 Supporting Statement 3038-0074.docx Supporting Statement A	2025-03-10
2024 60-Day FRN 3038-0074 (89 FR 105012).pdf Supplementary Document	2025-03-05

IC Document Collections

IC ID	Document Title	Status
260648	37.6(b) - Confirmation Requirement for registered SEFs	Removed
195702	Core Principles and Other Requirements for Swap Execution Facilities Form and Instruction	Modified

ICR Details

OMB Control No: 3038-0074	ICR Reference No: 202412-3038-003
Status: Received in OIRA	Previous ICR Reference No: 202404-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Core Principles and Other Requirements for Swap Execution Facilities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 03/11/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2025
Responses	7,829,147	815,160
Time Burden (Hours)	15,499	15,615
Cost Burden (Dollars)	0	0

---

Abstract: Commodity Exchange Act (“CEA”) section 5h sets forth the requirements concerning the registration and operation of swap execution facilities (SEFs), which the Commission has implemented in part 37 of its regulations. The information collections under this Control Number are necessary for the Commission to evaluate whether SEFs, or entities applying to become SEFs, comply with the part 37 regulatory requirements. CFTC regulations require a Swap Execution Facilities (SEF) to provide each counterparty to a swap transaction, whether cleared or uncleared, that is entered into on or pursuant to the rules of the SEF, with a written “confirmation” that contains all of the terms of the transaction. 17 CFR 37.6(b). With respect to an uncleared swap transaction, a SEF may comply with the requirement to include in the confirmation all of the terms of the transaction, by incorporating by reference relevant terms set forth in underlying, previously-negotiated agreements between the counterparties, as long as the SEF has obtained these agreements prior to execution of the transaction. The information is used by the Commission to determine whether SEFs, and applicants seeking registration as a SEF with the Commission, are in compliance with applicable core principles and all other part 37 requirements. The information collection for swap confirmations under § 37.6(b) ensure legal certainty of transactions by requiring SEFs to provide each counterparty to a transaction that is executed on or pursuant to the rules of the SEF with a written record of all of the terms of the transaction which shall legally supersede any conflicting terms of a previous agreement and serve as a confirmation of the transaction.

---

Authorizing Statute(s): US Code: 7 USC 7b-3 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

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 105012	12/26/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 11728	03/11/2025
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
37.6(b) - Confirmation Requirement for registered SEFs
Core Principles and Other Requirements for Swap Execution Facilities	Form SEF, Questionnaire	Form SEF ,   SEF Technology Questionnaire

---

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	7,829,147	815,160	0	0	7,013,987	0
Annual Time Burden (Hours)	15,499	15,615	0	0	-116	0
Annual Cost Burden (Dollars)	0	0	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: There are no program changes. The Commission has updated its burden estimates for this collection. The total number of estimated responses has increased to 7,829,147, based on updated reporting data. Based on consultations with industry participants, the Commission understands that the large majority of swap confirmations (which makes up the bulk of responses in this collection) are provided via highly automated reporting systems. Accordingly, the total burden associated with the collection remains largely consistent with prior estimates. The Commission’s estimate of burden associated with this collection has decreased from 15,615 to 15,499. In addition, the Commission is consolidating the Information Collections in this collection under the main IC titled “Core Principles and Other Requirements for Swap Execution Facilities” and removing the second IC titled “37.6(b) - Confirmation Requirement for registered SEFs.” Accordingly, the total burden for this collection is now reflected under the IC titled “Core Principles and Other Requirements for Swap Execution Facilities.”

---

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

---

Common Form ICR:  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:

(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: 03/11/2025

---