Core Principles and Other Requirements for Swap Execution Facilities
Revision of a currently approved collection
No
Regular
08/25/2023
Requested
Previously Approved
36 Months From Approved
04/30/2025
815,160
5,160
16,365
7,740
0
0
The proposed rulemaking would add new § 37.6(b)(1), which would permit SEFs to incorporate by reference into a swap confirmation the relevant terms set forth in underlying, previously-negotiated agreements without being required to obtain these agreements. The Commission anticipates that this proposed approach will address technological and operational challenges that have prevented SEFs from fully complying with § 37.6(b), by reducing the administrative burdens for SEFs, who would not be required to request, accept, and maintain a library of every relevant previously negotiated agreement between counterparties. Thise revised information collection under this Control Number are necessary for swap execution facilities (SEFs) to provide legal certainty of transactions executed on or pursuant to the rules of a SEF through the issuance of swap confirmations for each swap transaction.
The Commission is proposing to amend its rules governing Swap Confirmation Requirements for Swap Execution Facilities to permit SEFs to incorporate by reference into a swap confirmation the relevant terms set forth in underlying, previously-negotiated agreements without being required to obtain these agreements. If the proposed rules are adopted, the Commission proposes to revise control number 3038-0074 to add a new Information Collection reflecting the revised burden for SEFs to issue swap confirmations under the Rule titled "37.6(b) - Confirmation Requirement for registered SEFs." The estimated burden for this Information Collection would total 8,625 hours per year for all covered respondents (23 respondents à 375 hours = 8,625 hours). The first Information Collection titled "Core Principles and Other Requirements for Swap Execution Facilities" is not affected by this proposed rulemaking.
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.
2023 SEF Confirmations NPRM (88 FR 58145).pdf
2023 Supporting Statement 3038-0074 (SEF Confirmations NPRM).docx
37.6(b) - Confirmation Requirement for registered SEFs