Notice2025-22337
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
December 9, 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 234 (Tuesday, December 9, 2025)</title>
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[Federal Register Volume 90, Number 234 (Tuesday, December 9, 2025)]
[Notices]
[Pages 57032-57033]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22337]
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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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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 January 8, 2026.
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
[[Page 57033]]
No. 3038-0088, 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#87e3eae8f2f4f4e6c7e4e1f3e4a9e0e8f1"><span class="__cf_email__" data-cfemail="36525b5943454557765550425518515940">[email protected]</span></a>; or Catherine Brescia, Attorney Advisor,
Market Participants Division, (202) 418-5465 or <a href="/cdn-cgi/l/email-protection#274445554254444e46674441534409404851"><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-
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0088.
SUPPLEMENTARY INFORMATION:
Title: Swap Documentation (OMB Control No. 3038-0088).\2\ This is a
request for extension of a currently approved information collection.
Abstract: On September 11, 2012, the Commission adopted Commission
Regulations 23.500 through 23.505 (the ``Regulations'') \3\ under
Sections 4s(f), (g) and (i) \4\ of the Commodity Exchange Act
(``CEA'').\5\ The Regulations require, among other things, that swap
dealers (``SDs'') \6\ and major swap participants (``MSPs'') \7\
develop and retain written swap trading relationship documentation and
end user exception documentation. They 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.\8\
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\3\ 17 CFR 23.500-23.505.
\4\ 7 U.S.C. 6s(f), (g) and (i).
\5\ 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>.
\6\ 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.
\7\ For the definition 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.
\8\ 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 of 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.
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.\9\ On August 1, 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 36147 (``60-Day
Notice''). The Commission received one comment from a member of the
public. The commenter asserted that ``the original OMB was implemented
without proper compliance by an invalid OMB identification number.''
This assertion is incorrect. The collection has received OMB approval
and a valid OMB identification number.
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\9\ 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8 (b)(3)(vi).
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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:
Estimated Number of Respondents: 108.
Estimated Average Burden Hours per Respondent: 7,324.5.
Estimated Total Annual Burden Hours: 791,046.
Frequency of Collection: 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: December 5, 2025.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2025-22337 Filed 12-8-25; 8:45 am]
BILLING CODE 6351-01-P
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