On October 6, 2026, the Commodity Futures Trading Commission (CFTC) announced it has forwarded its Information Collection Request (ICR) concerning swap data recordkeeping and reporting requirements to the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget (OMB) for review and comment. This action, taken in compliance with the Paperwork Reduction Act of 1995 (PRA), signals a crucial step in maintaining and refining the regulatory framework designed to provide transparency and oversight in the global swaps market. The public has until November 5, 2026, to submit comments on this ongoing information collection, identified under OMB Control No. 3038-0096.
Regulatory Framework and Background
The necessity for this data collection stems directly from the Commodity Exchange Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Following the 2008 financial crisis, the Dodd-Frank Act mandated enhanced regulatory oversight of the swaps market to mitigate systemic risk and increase transparency. In response, the CFTC adopted Part 45 of its regulations in 2012, which established comprehensive recordkeeping and reporting requirements for swap data. These rules were subsequently modified in a final rule adopted by the Commission in November 2020. The collection of this information is vital for the CFTC and other regulatory bodies to monitor market activity, detect potential abuses, and ensure market integrity.
The OMB Review Process
The current submission to OMB's OIRA initiates the final stage of administrative review for this information collection. This process is a standard requirement under the PRA, which aims to minimize the reporting burden on the public and ensure that federal agencies collect information efficiently and effectively. The notice published in the Federal Register provides specific instructions for interested parties to submit comments electronically via RegInfo.gov or directly to the CFTC. The 30-day comment period allows stakeholders, including market participants and the public, to voice concerns or provide feedback on the proposed collection's necessity, practical utility, and burden estimates.
Public Comments and CFTC's Response
Prior to this current review, the CFTC issued a 60-day notice for public comment on the proposed revision of this information collection, published on June 16, 2026. The Commission received two comments addressing its PRA burden estimates. One commenter argued that the CFTC's burden estimates were inaccurate, premised on the assumption that reported data are truthful, which the commenter disputed. A second commenter, building on the first, asserted that swap data lacks practical utility. This commenter also questioned the CFTC's estimates for capital costs and operating and maintenance costs, claiming an underestimation of average annual burden hours.
However, the CFTC noted that neither comment letter provided specific information or analysis to substantiate claims of inaccurate swap data or to support alternative burden estimates. Consequently, the Commission decided to uphold the updated estimates initially described in its 60-day notice. This decision underscores the agency's position that, without concrete evidence to the contrary, its current methodological approach to estimating reporting burdens remains valid.
Burden Estimates for Stakeholders
The information collection requirements outlined in Part 45 apply to a broad range of market participants. These include Swap Execution Facilities (SEFs), Designated Contract Markets (DCMs), Swap Data Repositories (SDRs), Derivatives Clearing Organizations (DCOs), Swap Dealers (SDs), Major Swap Participants (MSPs), and non-SD/MSP/DCO counterparties (e.g., end-users).
The CFTC's updated burden statement provides the following estimates:
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Respondents/Affected Entities: Swap Dealers, Major Swap Participants, SEFs, DCMs, DCOs, and other counterparties to a swap transaction.
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Estimated number of respondents: 1,732.
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Estimated average burden hours per respondent: 839 hours (rounded).
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Estimated total annual burden hours on respondents: 1,452,730 hours.
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Frequency of collection: Ongoing.
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Associated costs: The CFTC states there are no capital costs or operating and maintenance costs directly associated with this specific information collection.
These figures represent a substantial annual commitment of resources by regulated entities to comply with the data reporting mandates. The ongoing nature of the collection highlights the continuous effort required from market participants to maintain compliance and contribute to market transparency.
Implications for Market Oversight
The continued refinement and implementation of these swap data reporting requirements are central to the CFTC's mission of fostering open, transparent, competitive, and financially sound markets. Accurate and timely swap data is indispensable for regulators to assess market trends, identify concentrations of risk, and detect potential market manipulation. The process of OMB review and public comment ensures that these critical regulatory tools are subjected to public scrutiny, balancing the need for comprehensive data with the burden placed on reporting entities. The CFTC's decision to maintain its burden estimates in the face of unsubstantiated critiques reinforces its commitment to the existing data collection framework, which it deems essential for effective market oversight.
