OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

Restrictions on Qualified Financial Contracts of Subsidiaries of certain FDIC-Supervised Institutions; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions

ICR 202401-3064-004 · OMB 3064-0208 · Received in OIRA

Forms and Documents
DocumentTypeStatusAvailability
FR2-0208 Qualified Financial Contracts 89 FR 46398 May 29, 2024.pdf Supplementary Document Uploaded 2024-07-02 Repair queued
FR1-0208 Qualified Financial Contracts 89 FR 15872 Mar 5, 2024.pdf Supplementary Document Uploaded 2024-07-02 Missing upstream
SPST 0208 Restrictions on QFCs QMNA 2024.docx Supporting Statement A Uploaded 2024-07-02 Repair queued
IC Document Collections
IC IDCollectionTypeStatusForm
223703 Restrictions on Qualified Financial Contracts of Subsidiaries of certain FDIC-Supervised Institutions; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions Modified
ICR Details
3064-0208 202401-3064-004
Received in OIRA 202102-3064-016
FDIC
Restrictions on Qualified Financial Contracts of Subsidiaries of certain FDIC-Supervised Institutions; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions
Extension without change of a currently approved collection   No
Regular 07/02/2024
  Requested Previously Approved
36 Months From Approved 07/31/2024
1 1
10 20
0 0
This rule is necessary to give effect to such cross-default restrictions in the ISDA Protocol. The rule requires that FDIC-supervised institutions that are subsidiaries of GSIBs and their counterparties either adhere to the ISDA Protocol or take the prescribed steps to amend the contractual provisions of their QFCs, consistent with the requirements in the rule, within a specified period of time. If such institutions elect to amend their QFCs in lieu of adhering to the ISDA Protocol, they must seek the FDIC’s approval of the proposed amendments, giving rise to the information collection. The information collection is necessary to ensure QFC contracts are amended in compliance with the rule. The FDIC’s rule applies to FDIC-supervised institutions that are subsidiaries of GSIBs and sets forth requirements parallel to those contained in similar rules recently published by the FRB and the OCC with regard to entities they supervise to ensure consistent regulatory treatment of QFCs among the various entities within a GSIB group.
PL: Pub.L. 111 - 203 165 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 1811 et seq. Name of Law: Federal Deposit Insurance Act
  
None
Not associated with rulemaking
  89 FR 15872 03/05/2024
89 FR 46398 05/29/2024
No
  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 1 1 0 0 0 0
Annual Time Burden (Hours) 10 20 0 0 -10 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
$0
No
    No
    No
No
Yes
No
No
Manuel Cabeza 202 898-3781 [email protected]
  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:
 
 
 
 
 
 
 
    (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.
07/02/2024