Core Principles and Other Requirements for Swap Execution Facilities
Revision of a currently approved collection
No
Emergency
08/31/2021
07/26/2021
Requested
Previously Approved
6 Months From Approved
05/31/2024
5,160
739,557
7,740
22,200
0
0
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act added new section 5h to the Commodity Exchange Act (CEA) to impose requirements concerning the registration and operation of swap execution facilities (SEF), which the Commodity Futures Trading Commission (Commission) has incorporated in part 37 and other parts of its regulations. The information required to be provided under part 37 is necessary for the Commission to evaluate whether SEFs, or entities applying to become SEFs, comply with the CEAâs statutory core principle requirements and related Commission regulations in part 9, part 36, and part 37 of the Commissionâs regulations and demonstrate that they meet the conditions required to be met in order to attain and/or retain their registration
We would like to submit a revision of an active collection (3038-0074)* due to the publication of a final rule that was published on 02/11/21 while the renewal of the collection was underway, so the revision could not be submitted at that time. Since the pre-approval had expired on 1/31/20, and the final rule for Part 37 was not published until 02/11/21, ROCIS has indicated that the revision can only be submitted as an emergency, hence this submission.
*3038-0074 has recently been renewed, expiring 5/31/24.
The âFinal Rules address operational issues facing SEFs and their market participants in connection with the Commissionâs regulatory requirements for a SEFâs audit trail data, financial resources, and chief compliance officer. The Rules address areas that a number of SEFs and their market participants requested relief from certain part 37 requirements that they found in practice to be operationally unworkable or unnecessarily burdensome.
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.
(2020) Final rule Part 37 PRA - Supporting Statement 3038-0074 (02-11-2021) Final 7.22.2021.docx
Core Principles and Other Requirements for Swap Execution Facilities