Core Principles and Other Requirements for Swap Execution Facilities
Revision of a currently approved collection
No
Regular
01/31/2022
Requested
Previously Approved
36 Months From Approved
04/30/2022
5,160
5,160
7,740
8,940
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 Commission regulations and demonstrate that they meet the conditions required to be met in order to attain and/or retain their registration.
The Final 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, as well as those areas that a number of SEFs and their market participants found in practice to be operationally unworkable or unnecessarily burdensome. Thus, in eliminating certain information collection burdens for registered SEFs, the Commission estimates on a net basis that the total burden hours imposed on each SEF will be reduced from 447 hours to 387 hours, and since there are 20 registered SEFs, the estimated total annual burden results in 7,740 burden hours.
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.
(2022) 30-Day FR Notice - 3038-0074.pdf
(2022) Final rule Part 37 PRA - Supporting Statement 3038-0074 - 7.22.21 - revised 01-31-22.docx
Core Principles and Other Requirements for Swap Execution Facilities