Core Principles and Other Requirements for Swap Execution Facilities
Revision of a currently approved collection
No
Regular
03/11/2025
Requested
Previously Approved
36 Months From Approved
04/30/2025
7,829,147
815,160
15,499
15,615
0
0
Commodity Exchange Act (âCEAâ) 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 âconfirmationâ 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.
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 Commissionâs 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 âCore Principles and Other Requirements for Swap Execution Facilitiesâ and removing the second IC titled â37.6(b) - Confirmation Requirement for registered SEFs.â Accordingly, the total burden for this collection is now reflected under the IC titled âCore Principles and Other Requirements for Swap Execution Facilities.â
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.
Form Form SEF Core Principles and Other Requirements for Swap Execution Facilities
2025 30-Day FRN 3038-0074 (90 FR 11728).pdf
2025 Supporting Statement 3038-0074.docx
37.6(b) - Confirmation Requirement for registered SEFs