Notice2025-18181
Agency Information Collection Activities Under OMB Review
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
September 19, 2025
Issuing agencies
Commodity Futures Trading Commission
Abstract
In compliance with the Paperwork Reduction Act of 1995 ("PRA"), this notice announces that the Information Collection Request ("ICR") abstracted below has been forwarded to the Office of Information and Regulatory Affairs ("OIRA") of the Office of Management and Budget ("OMB") for review and comment. The ICR describes the nature of the information collection and its expected costs and burden.
Full Text
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<title>Federal Register, Volume 90 Issue 180 (Friday, September 19, 2025)</title>
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[Federal Register Volume 90, Number 180 (Friday, September 19, 2025)]
[Notices]
[Pages 45196-45199]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18181]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities Under OMB Review
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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[[Page 45197]]
SUMMARY: In compliance with the Paperwork Reduction Act of 1995
(``PRA''), this notice announces that the Information Collection
Request (``ICR'') abstracted below has been forwarded to the Office of
Information and Regulatory Affairs (``OIRA'') of the Office of
Management and Budget (``OMB'') for review and comment. The ICR
describes the nature of the information collection and its expected
costs and burden.
DATES: Comments must be submitted on or before October 20, 2025.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be submitted within 30 days of this
notice's publication to OIRA, at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. Please find this particular information collection by
selecting ``Currently under 30-day Review--Open for Public Comments''
or by using the website's search function. Comments can be entered
electronically by clicking on the ``comment'' button next to the
information collection on the ``OIRA Information Collections Under
Review'' page, or the ``View ICR--Agency Submission'' page. A copy of
the supporting statement for the collection of information discussed
herein may be obtained by visiting <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>.
In addition to the submission of comments to <a href="https://Reginfo.gov">https://Reginfo.gov</a> as
indicated above, a copy of all comments submitted to OIRA may also be
submitted to the Commodity Futures Trading Commission (the
``Commission'' or ``CFTC'') by clicking on the ``Submit Comment'' box
next to the descriptive entry for OMB Control No. 3038-0111, at <a href="https://comments.cftc.gov/FederalRegister/PublicInfo.aspx">https://comments.cftc.gov/FederalRegister/PublicInfo.aspx</a>.
Or by either of the following methods:
<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.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments submitted to the Commission should
include 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.\1\ The Commission reserves the right, but
shall have no obligation, to review, pre-screen, filter, redact, refuse
or remove any or all of your submission from <a href="https://www.cftc.gov">https://www.cftc.gov</a> that
it may deem to be inappropriate for publication, such as obscene
language. All submissions that have been redacted or removed that
contain comments on the merits of the ICR 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.
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\1\ 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Dina Moussa, Special Counsel (202)
418-5696 or <a href="/cdn-cgi/l/email-protection#c8aca5a7bdbbbba988abaebcabe6afa7be"><span class="__cf_email__" data-cfemail="ceaaa3a1bbbdbdaf8eada8baade0a9a1b8">[email protected]</span></a>; or Catherine Brescia, Attorney Advisor,
(202) 418-6236 or <a href="/cdn-cgi/l/email-protection#1f7c7d6d7a6c7c767e5f7c796b7c31787069"><span class="__cf_email__" data-cfemail="bedddcccdbcdddd7dffeddd8cadd90d9d1c8">[email protected]</span></a>, Market Participants Division,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW, Washington, DC 20581, and refer to OMB Control No. 3038-
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0111.
SUPPLEMENTARY INFORMATION:
Title: Margin Requirements for Uncleared Swaps for Swap Dealers and
Major Swap Participants--Cross-Border Application of the Margin
Requirements (OMB Control No. 3038-0111). This is a request for
extension of a currently approved information collection.
Abstract: Section 731 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act,\2\ amended the Commodity Exchange Act
(``CEA'') \3\ to add, as Section 4s(e) \4\ thereof, provisions
concerning the setting of initial and variation margin requirements for
swap dealers (``SDs'') and major swap participants (``MSPs''). Each SD
and MSP for which there is a Prudential Regulator, as defined in
Section 1a(39) of the CEA, must meet margin requirements established by
the applicable Prudential Regulator, and each SD and MSP for which
there is no Prudential Regulator (``Covered Swap Entities'' or
``CSEs'') must comply with the Commodity Futures Trading Commission's
(``Commission'') Regulations governing margin on all swaps that are not
centrally cleared.
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\2\ Public Law 111-023, 124 Stat. 1376 (2010).
\3\ 7 U.S.C. 1 et seq.
\4\ 7 U.S.C. 6s(e).
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With regard to the cross-border application of the Commission's
margin rules, Section 2(i) \5\ of the CEA provides the Commission with
express authority over activities outside the United States (``U.S.'')
relating to swaps when certain conditions are met. Section 2(i) of the
CEA provides that the provisions of the CEA relating to swaps that were
enacted by the Wall Street Transparency and Accountability Act of 2010
(including any rule prescribed or regulation promulgated under that
Act), shall not apply to activities outside the U.S. unless those
activities (1) have a direct and significant connection with activities
in, or effect on, commerce of the U.S. or (2) contravene such rules or
regulations as the Commission may prescribe or promulgate as are
necessary or appropriate to prevent the evasion of any provision of the
CEA that was enacted by the Wall Street Transparency and Accountability
Act of 2010.
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\5\ 7 U.S.C. 2(i).
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On May 31, 2016, the Commission published a final rule (``Final
Rule'') addressing the cross-border application of its margin
requirements for uncleared swaps of CSEs (with substituted compliance
available in certain circumstances), except as to a narrow class of
uncleared swaps between a non-U.S. CSE and a non-U.S. counterparty that
fall within a limited exclusion.\6\ The Final Rule contains a
collection of information under Commission Regulation 23.160(c)
regarding requests for comparability determinations, and information
collections regarding non-netting jurisdictions,\7\ and non-segregation
jurisdictions.\8\ This 30-day Notice covers all three collections
covered by OMB control number 3038-0111.
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\6\ See Margin Requirements for Uncleared Swaps for Swap Dealers
and Major Swap Participants-Cross-Border Application of the Margin
Requirements, 81 FR 34818 (May 31, 2016).
\7\ As used in the adopting release, a ``non-netting
jurisdiction'' is a jurisdiction in which a CSE cannot conclude,
with a well-founded basis, that the netting agreement with a
counterparty in that foreign jurisdiction meets the definition of an
``eligible master netting agreement'' set forth in Commission
Regulation 23.151, and as described in Section II.B.5.b of the
adopting release. See 17 CFR 1.51.
\8\ As used in the adopting release, a ``non-segregation
jurisdiction'' is a jurisdiction where inherent limitations in the
legal or operational infrastructure of the foreign jurisdiction make
it impracticable for the CSE and its counterparty to post initial
margin pursuant to custodial arrangements that comply with the
Commission's margin rules, as further described in Section II.B.4.b
of the adopting release.
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Because margin requirements for uncleared swaps are critical in
ensuring the safety and soundness of a CSE and to preserving the
integrity of the financial markets, the Commission believes that its
margin rules should apply on a cross-border basis in a manner that
effectively addresses risks to the registered CSE and the U.S.
financial system. At the same time, the Commission recognizes that non-
U.S. CSEs and non-U.S. counterparties may be subject to comparable or
different rules in their home jurisdictions. In
[[Page 45198]]
accordance with principles of international comity, the Final Rule
allows CSEs, subject to the Commission's margin requirements, to
satisfy the Commission's margin requirements by complying with some or
all of the relevant foreign jurisdiction's margin requirements to the
extent that the Commission makes a determination that the foreign
jurisdiction's requirements are comparable to the Commission's
corresponding margin requirements (referred to as ``substituted
compliance''). In certain limited circumstances, non-U.S. CSEs would
not be required to comply with the Commission's margin requirements for
certain swap transactions with non-U.S. persons, subject to specified
conditions.
Under Commission Regulation 23.160(c)(1), a CSE that is eligible
for substituted compliance or a foreign regulatory agency that has
direct supervisory authority over one or more CSEs and that is
responsible for administering the relevant foreign jurisdiction's
margin requirements may request, individually or collectively, that the
Commission make a determination that a CSE that complies with margin
requirements in the relevant foreign jurisdiction would be deemed to be
in compliance with the Commission's corresponding margin rule
promulgated by the Commission (a ``comparability determination'').\9\
Once a comparability determination is made for a jurisdiction, it
applies for all entities or transactions in that jurisdiction to the
extent provided in the comparability determination, as approved by the
Commission and subject to any conditions specified by the Commission.
All CSEs, regardless of whether they rely on a comparability
determination, remain subject to the Commission's examination and
enforcement authority.
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\9\ 17 CFR 23.160(c)(1).
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Commission Regulation 23.160(c)(2) requires that applicants for a
comparability determination provide copies of the relevant foreign
jurisdiction's margin requirements and descriptions of their
objectives, how they differ from the margin policy framework for non-
cleared, bilateral derivatives set forth by the Basel Committee on
Banking Supervision and the International Organization of Securities
Commissions, and how they address the elements of the Commission's
margin requirements.\10\ The applicant must identify the specific legal
and regulatory provisions of the foreign jurisdiction's margin
requirements that correspond to each element and, if necessary, whether
the relevant foreign jurisdiction's margin requirements do not address
a particular element.
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\10\ 17 CFR 23.160(c)(2).
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Commission Regulation 23.160(d) includes a special provision for
non-netting jurisdictions.\11\ This provision allows CSEs that cannot
conclude after sufficient legal review with a well-founded basis that
the netting agreement with a counterparty in a foreign jurisdiction
meets the definition of an ``eligible master netting agreement'' set
forth in Commission Regulation 23.151,\12\ to nevertheless net
uncleared swaps in determining the amount of margin that they post,
provided that certain conditions are met. In order to avail itself of
this special provision, a CSE must treat the uncleared swaps covered by
the agreement on a gross basis in determining the amount of initial and
variation margin that it must collect, but may net those uncleared
swaps in determining the amount it must post to the counterparty, in
accordance with the netting provisions of Commission Regulations
23.152(c) and 23.153(d). A CSE that enters into uncleared swaps in
``non-netting'' jurisdictions in reliance on this provision must have
policies and procedures ensuring that it complies with the special
provision's requirements, and maintain books and records properly
documenting that all of the requirements of this exception are
satisfied.
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\11\ 17 CFR 23.160(d).
\12\ 17 CFR 23.151.
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Commission Regulation 23.160(e) \13\ includes a special provision
for non-segregation jurisdictions that allows non-U.S. CSEs that are
Foreign Consolidated Subsidiaries (``FCS'') (as defined in Commission
Regulation 23.160(a)(1) \14\) and foreign branches of U.S. CSEs to
engage in swaps in foreign jurisdictions where inherent limitations in
the legal or operational infrastructure make it impracticable for the
CSE and its counterparty to post collateral in compliance with the
custodial arrangement requirements of the Commission's margin rules,
subject to certain conditions. In order to rely on this special
provision, a FCS or foreign branch of a U.S. CSE is required to satisfy
all of the conditions of the rule, including that (1) inherent
limitations in the legal or operational infrastructure of the foreign
jurisdiction make it impracticable for the CSE and its counterparty to
post any form of eligible initial margin collateral for the uncleared
swap pursuant to custodial arrangements that comply with the
Commission's margin rules; (2) foreign regulatory restrictions require
the CSE to transact in uncleared swaps with the counterparty through an
establishment within the foreign jurisdiction and do not permit the
posting of collateral for the swap in compliance with the custodial
arrangements of Commission Regulation 23.157 \15\ in the U.S. or a
jurisdiction for which the Commission has issued a comparability
determination under Commission Regulation 23.160(c) with respect to
Commission Regulation 23.157; (3) the CSE's counterparty is not a U.S.
person and is not a CSE, and the counterparty's obligations under the
uncleared swap are not guaranteed by a U.S. person; (4) the CSE
collects initial margin in cash on a gross basis, and posts and
collects variation margin in cash, in accordance with specific
requirements; (5) for each broad risk category, as set out in
Commission Regulation 23.154(b)(2)(v),\16\ the total outstanding
notional value of all uncleared swaps in that broad risk category, as
to which the CSE is relying on under Commission Regulation 23.160(e),
may not exceed 5 percent of the CSE's total outstanding notional value
for all uncleared swaps in the same broad risk category; (6) the CSE
has policies and procedures ensuring that it is in compliance with the
requirements of this provision; and (7) the CSE maintains books and
records properly documenting that all of the requirements of this
provision are satisfied.
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\13\ 17 CFR 23.160(e).
\14\ 17 CFR 23.160(a)(1).
\15\ 17 CFR 23.157.
\16\ 17 CFR 23.154(b)(2)(v).
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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.\17\ On July 8, 2025, the Commission
published in the Federal Register notice of the proposed extension of
this information collection and provided 60 days for public comment on
the proposed extension, 90 FR 30055 (``60-Day Notice''). The Commission
received no relevant comments on the 60-Day Notice.
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\17\ 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8(b)(3)(vi).
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<bullet> Burden Statement--Information Collection for Comparability
Determinations
The Commission estimates that approximately 50 CSEs may request a
comparability determination pursuant to Commission Regulation
23.160(c).\18\
[[Page 45199]]
The Commission notes that any foreign regulatory agency that has direct
supervisory authority over one or more CSEs and that is responsible for
administering the relevant foreign jurisdiction's margin requirements
may also apply for a comparability determination. However, once a
comparability determination is made for a jurisdiction, it will apply
for all entities or transactions in that jurisdiction to the extent
provided in the determination, as approved by the Commission. To date,
the Commission has issued a comparability determination for 3
jurisdictions.\19\ Accordingly, the Commission estimates that it will
receive requests from the 13 remaining jurisdictions within the
G20,\20\ in addition to Switzerland. The number of burden hours
associated with such requests is estimated to be 40 hours. Accordingly,
the respondent burden for this collection is estimated to be as
follows:
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\18\ Currently, there are approximately 108 swap entities
registered with the Commission. Of the 108 Commission-registered
swap entities, the Commission estimates that 50 are CSEs not subject
to Prudential Regulation; and are therefore subject to the
Commission's margin rules. Since the last PRA renewal of this
information collection, the number of CSEs has decreased from 53 to
50. Therefore, the Commission is revising its estimate in light of
the current number of Commission-registered CSEs.
\19\ See Comparability Determination for Japan: Margin
Requirements for Uncleared Swaps for Swap Dealers and Major Swap
Participants, 81 FR 63376 (Sep. 15, 2016); Comparability
Determination for the European Union: Margin Requirements for
Uncleared Swaps for Swap Dealers and Major Swap Participants, 82 FR
48394 (Oct. 18, 2017); and Comparability Determination for
Australia: Margin Requirements for Uncleared Swaps for Swap Dealers
and Major Swap Participants, 84 FR 12908 (Apr. 3, 2019). The
Commission subsequently amended its comparability determination for
Japan. See Amendment to Comparability Determination for Japan:
Margin Requirements for Uncleared Swaps for Swap Dealers and Major
Swap Participants, 84 FR 12074 (Apr. 1, 2019).
\20\ The G20 is comprised of foreign leaders and central bank
managers from the top 19 countries with the largest economies along
with the European Union.
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Estimated Number of Respondents: 14.
Estimated Average Burden Hours per Respondent: 40.
Estimated Total Annual Burden Hours: 560.
Frequency of Collection: Once.
<bullet> Burden Statement--Information Collection for Non-Netting
Jurisdictions
The Commission is revising its estimate of the burden for this
collection to reflect the current number of registrants subject to the
Commission's margin requirements for uncleared swaps. Specifically, the
Commission estimates that approximately 50 CSEs may rely on Commission
Regulation 23.160(d).\21\ Furthermore, the Commission estimates that
these CSEs would incur an average of 10 annual burden hours to maintain
books and records properly documenting that all of the requirements of
this exception are satisfied (including policies and procedures
ensuring compliance). Accordingly, the respondent burden for this
collection is estimated to be as follows:
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\21\ See n.21, supra. Because all of these CSEs are eligible to
use the special provision for non-netting jurisdictions, the
Commission estimates that 50 CSEs may rely on Commission Regulation
23.160(d). Since the prior renewal of this information collection,
the number of CSEs decreased from 53 to 50.
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Estimated Number of Respondents: 50.
Estimated Average Burden Hours per Respondent: 10.
Estimated Total Annual Burden Hours: 500.
Frequency of Collection: Once; As needed.
<bullet> Burden Statement--Information Collection for Non-Segregation
Jurisdictions
The Commission estimates that there are eight jurisdictions for
which the first two conditions specified above for non-segregation
jurisdictions are satisfied and where FCSs and foreign branches of U.S.
CSEs that are subject to the Commission's margin rules may engage in
swaps. The Commission estimates that approximately 12 FCSs or foreign
branches of U.S. CSEs may rely on Commission Regulation 23.160(e) in
some or all of these jurisdictions. The Commission estimates that each
FCS or foreign branch of a U.S. CSE relying on this provision would
incur an average of 20 annual burden hours to maintain books and
records properly documenting that all of the requirements of this
provision are satisfied (including policies and procedures for ensuring
compliance) with respect to each jurisdiction as to which they rely on
the special provision. Thus, based on the estimate of eight non-
segregation jurisdictions, the Commission estimates that each of the
approximately 12 FCSs and foreign branches of U.S. CSEs that may rely
on this provision will incur an estimated 160 average burden hours per
year (i.e., 20 average burden hours per jurisdiction multiplied by 8).
Accordingly, the respondent burden for this collection is estimated to
be as follows:
Estimated Number of Respondents: 12.
Estimated Average Burden Hours per Respondent: 160.
Estimated Total Annual Burden Hours: 1,920.
Frequency of Collection: Once; As needed.
There are no capital costs or operating and maintenance costs
associated with these collections.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: September 17, 2025.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2025-18181 Filed 9-18-25; 8:45 am]
BILLING CODE 6351-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.