Notice2025-14620
Agency Information Collection Activities: Notice of Intent To Extend Collection Number 3038-0088: Swap Documentation
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 1, 2025
Issuing agencies
Commodity Futures Trading Commission
Abstract
The Commodity Futures Trading Commission ("CFTC" or "Commission") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act ("PRA"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on certain collections of information mandated by Subpart I of Part 23 of the Commission's Regulations (Swap Documentation).
Full Text
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<title>Federal Register, Volume 90 Issue 146 (Friday, August 1, 2025)</title>
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[Federal Register Volume 90, Number 146 (Friday, August 1, 2025)]
[Notices]
[Pages 36147-36148]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-14620]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Extend Collection Number 3038-0088: Swap Documentation
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or
``Commission'') is announcing an opportunity for public comment on the
proposed renewal of a collection of certain information by the agency.
Under the Paperwork Reduction Act (``PRA''), Federal agencies are
required to publish notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, and to allow 60 days for
public comment. This notice solicits comments on certain collections of
information mandated by Subpart I of Part 23 of the Commission's
Regulations (Swap Documentation).
DATES: Comments must be submitted on or before September 30, 2025.
ADDRESSES: You may submit comments, identified by ``Swap
Documentation,'' and Collection Number 3038-0088 by any of the
following methods:
<bullet> The Agency's website, at <a href="https://comments.cftc.gov">https://comments.cftc.gov</a>. Follow
the instructions for submitting comments through the website.
<bullet> Mail: Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW, Washington, DC 20581.
<bullet> Hand Delivery/Courier: Same as ``Mail'' above.
Please submit your comments using only one method.
FOR FURTHER INFORMATION CONTACT: Dina Moussa, Special Counsel, Market
Participants Division, at (202) 418-5696 or <a href="/cdn-cgi/l/email-protection#adc9c0c2d8dedeccedcecbd9ce83cac2db"><span class="__cf_email__" data-cfemail="a9cdc4c6dcdadac8e9cacfddca87cec6df">[email protected]</span></a>; or
Catherine Brescia, Attorney Advisor, Market Participants Division, at
(202) 418-6236 or <a href="/cdn-cgi/l/email-protection#5b3839293e2838323a1b383d2f38753c342d"><span class="__cf_email__" data-cfemail="bedddcccdbcdddd7dffeddd8cadd90d9d1c8">[email protected]</span></a>, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC
20581; and refer to OMB Control No. 3038-0088.
SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain
approval from the Office of Management and Budget (``OMB'') for each
collection of information they conduct or sponsor. ``Collection of
Information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3 and
includes agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires
Federal agencies to provide a 60-day notice in the Federal Register
concerning each proposed collection of information, including each
proposed extension of an existing collection of information, before
submitting the collection to OMB
[[Page 36148]]
for approval. To comply with this requirement, the CFTC is publishing
notice of the proposed extension of the existing collection of
information listed below. An agency may not conduct or sponsor, and a
person is not required to respond to, a collection of information
unless it displays a currently valid OMB control number.
Title: Swap Documentation (OMB Control No. 3038-0088). This is a
request for an extension of a currently approved information
collection.
Abstract: On September 11, 2012, the Commission adopted Commission
Regulations 23.500 through 23.505(``Regulations'') \1\ under Sections
4s(f), (g) and (i) \2\ of the Commodity Exchange Act (``CEA'').\3\
Commission Regulations 23.500 through 23.505 require, among other
things, that swap dealers (``SDs'') \4\ and major swap participants
(``MSPs'') \5\ develop and retain written swap trading relationship and
end user exception documentation. The Regulations also establish
requirements for SDs and MSPs regarding swap confirmation, portfolio
reconciliation, and portfolio compression. Under the Regulations, SDs
and MSPs are obligated to maintain records of the policies and
procedures required by the rules.\6\
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\1\ 17 CFR 23.500-23.505.
\2\ 7 U.S.C. 6s(f), (g) and (i).
\3\ See Confirmation, Portfolio Reconciliation, Portfolio
Compression, and Swap Trading Relationship Documentation
Requirements for Swap Dealers and Major Swap Participants, 77 FR
55904 (Sep. 11, 2012), available at <a href="https://www.govinfo.gov/content/pkg/FR-2012-09-11/pdf/2012-21414.pdf">https://www.govinfo.gov/content/pkg/FR-2012-09-11/pdf/2012-21414.pdf</a>.
\4\ For the definition of SD, see Section 1a(49) of the CEA and
Commission Regulation 1.3; 7 U.S.C. 1a(49) and 17 CFR 1.3.
\5\ For the definitions of MSP, see Section 1a(33) of the CEA
and Commission Regulation 1.3; 7 U.S.C. 1a(33) and 17 CFR 1.3.
\6\ SDs and MSPs are required to maintain all records of
policies and procedures in accordance with Commission Regulations
23.203 and, by extension, 1.31, including policies, procedures, and
models used for eligible master netting agreements and custody
agreements that prohibit custodian of margin from re-hypothecating,
repledging, reusing, or otherwise transferring the funds held by the
custodian. See 17 CFR 1.31 and 23.203.
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Confirmation, portfolio reconciliation, and portfolio compression
are important post-trade processing mechanisms for reducing risk and
improving operational efficiency. The information collection
obligations imposed by the Regulations are necessary to ensure that
each SD and MSP maintains the required records of their business
activities; and conducts and maintains records of independent and
periodic audits sufficient to identify any material weakness in its
documentation policies and procedures. The information collection
contained in the Regulations is also essential to ensuring that SDs and
MSPs document their swaps, reconcile their swap portfolios to resolve
discrepancies and disputes, and wholly or partially terminate some or
all of their outstanding swaps through regular portfolio compression
exercises. This collection of information is mandatory.
With respect to the collection of information, the CFTC invites
comments on:
<bullet> Whether the proposed collection of information is
necessary for the proper performance of the functions of the
Commission, including whether the information will have a practical
use;
<bullet> The accuracy of the Commission's estimate of the burdens
of the proposed collection of information, including the validity of
the methodology and assumptions used;
<bullet> Ways to enhance the quality, usefulness, and clarity of
the information to be collected; and
<bullet> Ways to minimize the burdens of collection of information
on those who are to respond, including through the use of appropriate
automated electronic, mechanical, or other technological collection
techniques or other forms of information technology (e.g., permitting
electronic submission of responses).
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments will be posted as received to
<a href="https://www.cftc.gov">https://www.cftc.gov</a>. You should submit only information that you wish
to make available publicly. If you wish the Commission to consider
information that you believe is exempt from disclosure under the
Freedom of Information Act (``FOIA''), a petition for confidential
treatment of the exempt information may be submitted according to the
procedures established in Sec. 145.9 of the Commission's
regulations.\7\
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\7\ 17 CFR 145.9. See Confidential Information and Commission
Records and Information, 74 FR 17395 (Apr. 15, 2009).
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The Commission reserves the right, but shall have no obligation, to
review, pre-screen, filter, redact, refuse or remove any or all of your
submissions from <a href="http://www.cftc.gov">http://www.cftc.gov</a> that it may deem inappropriate for
publication, such as obscene language. All submissions that have been
redacted or removed that contain comments on the merits of the
information collection request will be retained in the public comment
file and will be considered as required under the Administrative
Procedure Act and other applicable laws, and may be accessible under
FOIA.
Burden Statement: The Commission is not revising its estimate of
the burden for this collection. The respondent burden for this
collection is estimated to be as follows:
<bullet> OMB Control No. 3038-0088 (Swap Documentation)
Number of Registrants: 108.
Estimated Average Burden Hours per Registrant: 7,324.5.
Estimated Aggregate Burden Hours: 791,046.
Frequency of Recordkeeping: As applicable.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: July 30, 2025.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2025-14620 Filed 7-31-25; 8:45 am]
BILLING CODE 6351-01-P
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