Agency Information Collection Activities Under OMB Review, 60114-60116 [2012-24131]

Download as PDF 60114 Federal Register / Vol. 77, No. 191 / Tuesday, October 2, 2012 / Notices inappropriate for publication, including obscene language. All submissions that have been redacted or removed that contain comments on the merits of the rulemaking will be retained in the public comment file and will be considered as required under applicable laws, and may be accessible under the Freedom of Information Act. SEC Electronic Comments • Use the SEC’s Internet comment form (http://www.sec.gov/rules/other); • Send an email to rule-comments@ sec.gov. Please include File Number S7– 32–11 on the subject line; or • Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments. wreier-aviles on DSK5TPTVN1PROD with NOTICES Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number S7–32–11. This file number should be included on the subject line if email is used. To help us process and review your comments more efficiently, please use only one method. The SEC will post all comments on the SEC’s Internet web site (http://www.sec.gov/ rules/other). Comments will also be available for Web site viewing and printing in the SEC’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. All comments received will be posted without change; the SEC does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: CFTC: Stephen A. Kane, Research Economist, Office of the Chief Economist, (202) 418–5911, skane@cftc. gov; or David E. Aron, Counsel, Office of the General Counsel, (202) 418–6621, daron@cftc.gov, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581; SEC: Donna Chambers, Senior Special Counsel, (202) 551–5870, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–8010. SUPPLEMENTARY INFORMATION: Pursuant to section 719(d)(1)(A) of the DoddFrank Act, the Commissions jointly must conduct a study to determine whether SVCs fall within the definition VerDate Mar<15>2010 15:04 Oct 01, 2012 Jkt 229001 of a swap.2 Section 719(d)(1)(A) of the Dodd-Frank Act also requires the Commissions, in making such determination, jointly to consult with the Department of Labor, the Department of the Treasury, and the State entities that regulate the issuers of SVCs. If the Commissions determine that SVCs fall within the definition of a swap, they jointly must determine if an exemption for SVCs from the definition of a swap is appropriate and in the public interest and issue regulations implementing such determination.3 Until the effective date of any such regulations, and notwithstanding any other provision of Title VII of the DoddFrank Act, the Title VII requirements will not apply to SVCs.4 On August 18, 2011, the Commissions requested comment regarding the study of SVCs required by Section 719(d) of the Dodd-Frank Act.5 Specifically, the request for comment included 29 questions and encouraged commenters to provide additional relevant information beyond that specified in the questions. The Commissions originally requested that comments be received by September 26, 2011.6 Given the regulatory developments since the initial request for comment was issued, specifically the adoption of final rules further defining the terms ‘‘swap’’ and ‘‘security-based swap,’’ 7 the Commissions believe that it would be appropriate to solicit additional public comments on the study of SVCs required by Section 719(d) of the DoddFrank Act. Accordingly, the Commissions are reopening the public comment period for 30 days. The Commissions are reopening the comment period for the limited purpose of soliciting additional or updated comments regarding the impact of the final rules further defining the terms 2 The term ‘‘swap’’ is defined in Commodity Exchange Act (‘‘CEA’’) section 1a(47), 7 U.S.C. 1a(47). The term ‘‘security-based swap’’ is defined as an agreement, contract, or transaction that is a ‘‘swap’’ (without regard to the exclusion from that definition for security-based swaps) and that also has certain characteristics specified in the DoddFrank Act. See section 3(a)(68) of the Securities Exchange Act of 1934, 15 U.S.C. 78c(a)(68). Thus, a determination regarding whether SVCs fall within the definition of a swap also is relevant to a determination of whether SVCs fall within the definition of the term ‘‘security-based swap.’’ 3 See section 719(d)(1)(B) of the Dodd-Frank Act. 4 See section 719(d)(1)(C) of the Dodd-Frank Act. 5 See Acceptance of Public Submissions Regarding the Study of Stable Value, 76 FR 53162 (Aug. 25, 2011). 6 Id. 7 The Commission and the CFTC have approved the final rules further defining the terms ‘‘swap’’ and ‘‘security-based swap’’ but did not address therein whether SVCs are swaps or SBSs. See 77 FR 48208 (Aug. 13, 2012). PO 00000 Frm 00014 Fmt 4703 Sfmt 4703 ‘‘swap’’ and ‘‘security-based swap’’ on the SVC study.8 The Commissions have received and reviewed the comments previously submitted in response to the initial request for comment. Commenters do not need to resubmit comments that have already been provided. By the Commodity Futures Trading Commission. Dated: September 26, 2012. Sauntia S. Warfield, Assistant Secretary. By the Securities and Exchange Commission. Dated: September 26, 2012. Elizabeth M. Murphy, Secretary. [FR Doc. 2012–24179 Filed 10–1–12; 8:45 am] BILLING CODE 6351–01–P; 8011–P COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities Under OMB Review Commodity Futures Trading Commission. ACTION: Notice of intent to renew. AGENCY: The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), 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 in response to the notice. This notice solicits comments on collections of information provided for by the Disclosure and Retention of Certain Information Related to Cleared Swaps, Customer Collateral. DATES: Comments must be submitted on or before December 3, 2012. SUMMARY: 8 Question 4 in the request for comment related to the applicability and usefulness of the proposed rules further defining the terms ‘‘swap’’ and ‘‘security-based swap’’ (‘‘Proposed Definitions’’): Are the proposed rules and the interpretive guidance set forth in the [Proposed Definitions] useful, appropriate, and sufficient for persons to consider when evaluating whether SVCs fall within the definition of a swap? If not, why not? Would SVCs satisfy the test for insurance provided in the [Proposed Definitions]? Why or why not? Is additional guidance necessary with regard to SVCs in this context? If so, what further guidance would be appropriate? Please explain. See Acceptance of Public Submissions Regarding the Study of Stable Value Contracts, supra note 5, at 53163. E:\FR\FM\02OCN1.SGM 02OCN1 Federal Register / Vol. 77, No. 191 / Tuesday, October 2, 2012 / Notices Send comments regarding the burden estimated or any other aspect of the information collection, including suggestions for reducing the burden, to the addresses below. Please refer to OMB Control No. 3038–0091 in any correspondence. Martin B. White, Office of the General Counsel, Commodity Futures Trading Commission, 1155 21st Street NW., Washington, DC 20581; and Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for CFTC, 725 17th Street, Washington, DC 20503. Comments may also be submitted by any of the following methods: The agency’s Web site, at http:// comments.cftc.gov. Follow the instructions for submitting comments through the Web site. Mail: Sauntia S. Warfield, Assistant Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. Hand Delivery/Courier: Same as mail above. Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. Please submit your comments using only one method and identity that it is for the renewal of 3038–0091. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to www.cftc.gov. 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, a petition for confidential treatment of the exempt information may be submitted according to the procedures established in § 145.9 of the Commission’s regulations. See 17 CFR 145.9. FOR FURTHER INFORMATION CONTACT: Martin B. White, Office of the General Counsel, Commodity Futures Trading Commission, 1155 21st Street NW., Washington, DC 20581, (202) 418–5129; Fax: (202) 418–5567; email: mwhite@cftc.gov and refer to OMB Control No. 3038–0091. SUPPLEMENTARY INFORMATION: Title: Disclosure and Retention of Certain Information Related to Cleared Swaps, Customer Collateral (OMB Control No. 3038–0091). This is a request for extension of a currently approved information collection. Abstract: Under the PRA, Federal agencies must obtain approval from the Office of Management wreier-aviles on DSK5TPTVN1PROD with NOTICES ADDRESSES: VerDate Mar<15>2010 15:04 Oct 01, 2012 Jkt 229001 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(c) and include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 350(c)(2)(A) of the PRA, 44 Section 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 to approve. To comply with this requirement, the CFTC is publishing notice of the proposed collection of the information below. With respect to the following collection of information, the CFTC invites comments on: 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; The accuracy of the Commission’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; Ways to minimize the burden of collection of information on those who are to respond, including through the use of appropriate electronic, mechanical, or other technological collection techniques or other forms of information technology; e.g., permitting electronic submission of responses. Disclosure and Retention of Certain Information Related to Cleared Swaps, Customer Collateral. OMB Control No. 3038–0091—Extension 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. The OMB control numbers for the CFTC’s regulations were published on December 30, 1981. See 46 FR 63035 (Dec. 30, 1981). The Federal Register notice with a 60-day comment period soliciting comments on this collection of information was published on December 29, 2012 (73 FR 81916). Burden statement: Section 22.2(g) requires each futures commission merchant (FCM) with Cleared Swaps Customer Accounts to compute daily the amount of Cleared Swaps Customer Collateral on deposit in Cleared Swaps Customer Accounts, the amount of such collateral required to be on deposit in such accounts and the amount of the FCM’s residual financial interest in such PO 00000 Frm 00015 Fmt 4703 Sfmt 4703 60115 accounts. Section 22.5(a) requires an FCM or derivatives clearing organization (DCO) to obtain, from each depository with which it deposits cleared swaps customer funds, a letter acknowledging that such funds belong to the Cleared Swaps Customers of the FCM, and not the FCM itself or any other person. Section 22.11 requires each FCM that intermediates cleared swaps for customers on or subject to the rules of a DCO, whether directly as a clearing member or indirectly through a Collecting FCM, to provide the DCO or the Collecting FCM, as appropriate, with information sufficient to identify each customer of the FCM whose swaps are cleared by the FCM. Section 22.11 also requires the FCM, at least once daily, to provide the DCO or the Collecting FCM, as appropriate, with information sufficient to identify each customer’s portfolio of rights and obligations arising out of cleared swaps intermediated by the FCM. Section 22.12 requires that each Collecting FCM and DCO, on a daily basis, calculate, based on information received pursuant to section 22.11 and on information generated and used in the ordinary course of business by the Collecting FCM or DCO, and record certain information about the amount of collateral required for each Cleared Swaps Customer and the sum of these amounts. Section 22.16 requires that each FCM who has Cleared Swaps Customers disclose to each of such customers the governing provisions, as established by DCO rules or customer agreements between collecting and depositing FCMs, relating to use of customer collateral, transfer, neutralization of the risks, or liquidation of cleared swaps in the event of a default by a Depositing FCM relating to a Cleared Swaps Customer Account. The Commission estimates the average burden of this collection of information as follows: The recordkeeping and disclosure requirements of sections 22.2(g) and 22.11 are expected to apply to approximately 100 entities on a daily basis. The recordkeeping requirement of section 22.5 is expected to apply to approximately 100 entities on an approximately annual basis. Based on experience with analogous recordkeeping and disclosure requirements for FCMs in futures transactions, the recordkeeping and disclosure required by section 22.2(g) is expected to require about 100 hours annually per entity, for a total burden of approximately 10,000 hours. The disclosure required by section 22.11 involves information that FCMs that intermediate swaps generate and E:\FR\FM\02OCN1.SGM 02OCN1 wreier-aviles on DSK5TPTVN1PROD with NOTICES 60116 Federal Register / Vol. 77, No. 191 / Tuesday, October 2, 2012 / Notices use in the usual and customary ordinary course of their business. It is expected that the required disclosure will be performed using automated data systems that FCMs maintain and use in the usual and customary ordinary course of their business but that certain additional functionality will need to be added to these systems to perform the required disclosure. Because of the novel character of proposed section 22.11, it is not possible to make a precise estimate of the paperwork burden. The necessary modifications to, and maintenance of, systems may require a range of between 20 and 40 hours of work annually. The recordkeeping required by section 22.12 involves information that Collecting FCMs and DCOs will receive pursuant to section 22.11 or that they generate and use in the usual and customary ordinary course of their business. It is expected that the required recordkeeping will be performed using automated data systems that Collecting FCMs and DCOs maintain and use in the usual and customary ordinary course of their business but that certain additional functionality will need to be added to these systems to perform the required disclosure. Because of the novel character of section 22.12, it is not possible to make a precise estimate of the paperwork burden. The necessary modifications to, and maintenance of, systems may require a range of between 20 and 40 hours of work annually. It is expected that the required recordkeeping will be performed by approximately 100 entities. The total annual burden for section 22.11 therefore is estimated at 2,000 to 4,000 hours. Section 22.16 would apply to the same estimated 100 entities as sections 22.2(g), 22.5(a), and 22.11. The required disclosure would have to be made once each time a swaps customer begins to be cleared through a particular DCO or collecting FCM and each time a DCO or collecting FCM through which a customer’s swaps are cleared changes it polices on the matters covered by the disclosure. It is expected that each disclosure would require about 0.2 hours of staff time by staff. It is uncertain what average number of swaps customers FCMs will have, and what average number of disclosures will be required for each customer annually. Assuming an average of 500 customers per FCM and two disclosures per customer per year, the estimated total annual burden would be 200 hours. There are estimated to be no capital costs or operating and maintenance costs associated with this collection. VerDate Mar<15>2010 15:04 Oct 01, 2012 Jkt 229001 Dated September 26, 2012. Sauntia S. Warfield, Assistant Secretary of the Commission. [FR Doc. 2012–24131 Filed 10–1–12; 8:45 am] BILLING CODE 6351–01–P DEPARTMENT OF EDUCATION Notice of Proposed Information Collection Requests; State Plan for Vocational Rehabilitation Services and Supplement for Supported Employment Services The Rehabilitation Act of 1973, as amended (the Act), requires each state to submit to the Commissioner of the Rehabilitation Services Administration a State Plan for the Vocational Rehabilitation (VR) Services program and the State Supported Employment (SE) Services program that meets the requirements of Sections 101(a) and 625 of the Act. DATES: Interested persons are invited to submit comments on or before December 3, 2012. ADDRESSES: Comments submitted in response to this notice should be submitted electronically through the Federal eRulemaking Portal at http:// www.regulations.gov by selecting Docket ID number ED–2012–OSERS– 0031 or via postal mail, commercial delivery, or hand delivery. Please note that comments submitted by fax or email and those submitted after the comment period will not be accepted. Written requests for information or comments submitted by postal mail or delivery should be addressed to the Director of the Information Collection Clearance Division, U.S. Department of Education, 400 Maryland Avenue SW., LBJ, Room 2E117, Washington, DC 20202–4537. Individuals who use a telecommunications device for the deaf (TDD) may call the Federal Information Relay Service (FIRS) at 1–800–877– 8339. SUPPLEMENTARY INFORMATION: Section 3506 of the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35) requires that Federal agencies provide interested parties an early opportunity to comment on information collection requests. The Director, Information Collection Clearance Division, Privacy, Information and Records Management Services, Office of Management, publishes this notice containing proposed information collection requests at the beginning of the Departmental review of the information collection. The Department of Education is especially interested in public comment addressing the SUMMARY: PO 00000 Frm 00016 Fmt 4703 Sfmt 4703 following issues: (1) Is this collection necessary to the proper functions of the Department; (2) will this information be processed and used in a timely manner; (3) is the estimate of burden accurate; (4) how might the Department enhance the quality, utility, and clarity of the information to be collected; and (5) how might the Department minimize the burden of this collection on the respondents, including through the use of information technology. Please note that written comments received in response to this notice will be considered public records. Title of Collection: State Plan for Vocational Rehabilitation Services and Supplement for Supported Employment Services. OMB Control Number: 1820–0500. Type of Review: Extension. Total Estimated Number of Annual Responses: 80. Total Estimated Number of Annual Burden Hours: 1,002,000. Abstract: The approved VR State Plan and SE supplement form the basis upon which a state participates in programs under Title I and Title VI, Part B of the Act and receives federal funds. Program funding is contingent on Departmental approval of the State Plan and its supplement. Dated: September 27, 2012. Darrin A. King, Director, Information Collection Clearance Division, Privacy, Information and Records Management Services, Office of Management. [FR Doc. 2012–24225 Filed 10–1–12; 8:45 am] BILLING CODE 4000–01–P ENVIRONMENTAL PROTECTION AGENCY [EPA–HQ–ORD–2012–0718; FRL–9736–4] Human Studies Review Board; Notification of a Public Meeting Environmental Protection Agency (EPA). ACTION: Notice. AGENCY: The EPA Office of the Science Advisor announces a public meeting of the Human Studies Review Board to advise the Agency on the EPA scientific and ethical reviews of research with human subjects. DATES: This public meeting will be held on November 1, 2012, from approximately 1 p.m. to approximately 4:30 p.m. Eastern Time. Comments may be submitted on or before noon (Eastern Time) on Thursday, October 25, 2012. ADDRESSES: Submit your written comments, identified by Docket ID No. SUMMARY: E:\FR\FM\02OCN1.SGM 02OCN1

Agencies

[Federal Register Volume 77, Number 191 (Tuesday, October 2, 2012)]
[Notices]
[Pages 60114-60116]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-24131]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities Under OMB Review

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of intent to renew.

-----------------------------------------------------------------------

SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing 
an opportunity for public comment on the proposed collection of certain 
information by the agency. Under the Paperwork Reduction Act (44 U.S.C. 
3501 et seq.), 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 in response to the 
notice. This notice solicits comments on collections of information 
provided for by the Disclosure and Retention of Certain Information 
Related to Cleared Swaps, Customer Collateral.

DATES: Comments must be submitted on or before December 3, 2012.

[[Page 60115]]


ADDRESSES: Send comments regarding the burden estimated or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to the addresses below. Please refer to OMB 
Control No. 3038-0091 in any correspondence.

Martin B. White, Office of the General Counsel, Commodity Futures 
Trading Commission, 1155 21st Street NW., Washington, DC 20581; and
Office of Information and Regulatory Affairs, Office of Management and 
Budget, Attention: Desk Officer for CFTC, 725 17th Street, Washington, 
DC 20503.

    Comments may also be submitted by any of the following methods:
    The agency's Web site, at http://comments.cftc.gov. Follow the 
instructions for submitting comments through the Web site.
    Mail: Sauntia S. Warfield, Assistant Secretary of the Commission, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 
Street NW., Washington, DC 20581.
    Hand Delivery/Courier: Same as mail above.
    Federal eRulemaking Portal: http://www.regulations.gov. Follow the 
instructions for submitting comments.
    Please submit your comments using only one method and identity that 
it is for the renewal of 3038-0091.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
www.cftc.gov. 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, 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. See 17 CFR 145.9.

FOR FURTHER INFORMATION CONTACT: Martin B. White, Office of the General 
Counsel, Commodity Futures Trading Commission, 1155 21st Street NW., 
Washington, DC 20581, (202) 418-5129; Fax: (202) 418-5567; email: 
mwhite@cftc.gov and refer to OMB Control No. 3038-0091.

SUPPLEMENTARY INFORMATION: Title: Disclosure and Retention of Certain 
Information Related to Cleared Swaps, Customer Collateral (OMB Control 
No. 3038-0091). This is a request for extension of a currently approved 
information collection. Abstract: 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(c) and 
include agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
Section 350(c)(2)(A) of the PRA, 44 Section 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 to approve. To comply with this 
requirement, the CFTC is publishing notice of the proposed collection 
of the information below.
    With respect to the following collection of information, the CFTC 
invites comments on:
    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;
    The accuracy of the Commission's estimate of the burden of the 
proposed collection of information, including the validity of the 
methodology and assumptions used;
    Ways to minimize the burden of collection of information on those 
who are to respond, including through the use of appropriate 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology; e.g., permitting electronic 
submission of responses.

Disclosure and Retention of Certain Information Related to Cleared 
Swaps, Customer Collateral. OMB Control No. 3038-0091--Extension

    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. The OMB control numbers for the 
CFTC's regulations were published on December 30, 1981. See 46 FR 63035 
(Dec. 30, 1981). The Federal Register notice with a 60-day comment 
period soliciting comments on this collection of information was 
published on December 29, 2012 (73 FR 81916).
    Burden statement: Section 22.2(g) requires each futures commission 
merchant (FCM) with Cleared Swaps Customer Accounts to compute daily 
the amount of Cleared Swaps Customer Collateral on deposit in Cleared 
Swaps Customer Accounts, the amount of such collateral required to be 
on deposit in such accounts and the amount of the FCM's residual 
financial interest in such accounts. Section 22.5(a) requires an FCM or 
derivatives clearing organization (DCO) to obtain, from each depository 
with which it deposits cleared swaps customer funds, a letter 
acknowledging that such funds belong to the Cleared Swaps Customers of 
the FCM, and not the FCM itself or any other person. Section 22.11 
requires each FCM that intermediates cleared swaps for customers on or 
subject to the rules of a DCO, whether directly as a clearing member or 
indirectly through a Collecting FCM, to provide the DCO or the 
Collecting FCM, as appropriate, with information sufficient to identify 
each customer of the FCM whose swaps are cleared by the FCM. Section 
22.11 also requires the FCM, at least once daily, to provide the DCO or 
the Collecting FCM, as appropriate, with information sufficient to 
identify each customer's portfolio of rights and obligations arising 
out of cleared swaps intermediated by the FCM. Section 22.12 requires 
that each Collecting FCM and DCO, on a daily basis, calculate, based on 
information received pursuant to section 22.11 and on information 
generated and used in the ordinary course of business by the Collecting 
FCM or DCO, and record certain information about the amount of 
collateral required for each Cleared Swaps Customer and the sum of 
these amounts. Section 22.16 requires that each FCM who has Cleared 
Swaps Customers disclose to each of such customers the governing 
provisions, as established by DCO rules or customer agreements between 
collecting and depositing FCMs, relating to use of customer collateral, 
transfer, neutralization of the risks, or liquidation of cleared swaps 
in the event of a default by a Depositing FCM relating to a Cleared 
Swaps Customer Account.
    The Commission estimates the average burden of this collection of 
information as follows:
    The recordkeeping and disclosure requirements of sections 22.2(g) 
and 22.11 are expected to apply to approximately 100 entities on a 
daily basis. The recordkeeping requirement of section 22.5 is expected 
to apply to approximately 100 entities on an approximately annual 
basis. Based on experience with analogous recordkeeping and disclosure 
requirements for FCMs in futures transactions, the recordkeeping and 
disclosure required by section 22.2(g) is expected to require about 100 
hours annually per entity, for a total burden of approximately 10,000 
hours.
    The disclosure required by section 22.11 involves information that 
FCMs that intermediate swaps generate and

[[Page 60116]]

use in the usual and customary ordinary course of their business. It is 
expected that the required disclosure will be performed using automated 
data systems that FCMs maintain and use in the usual and customary 
ordinary course of their business but that certain additional 
functionality will need to be added to these systems to perform the 
required disclosure. Because of the novel character of proposed section 
22.11, it is not possible to make a precise estimate of the paperwork 
burden. The necessary modifications to, and maintenance of, systems may 
require a range of between 20 and 40 hours of work annually.
    The recordkeeping required by section 22.12 involves information 
that Collecting FCMs and DCOs will receive pursuant to section 22.11 or 
that they generate and use in the usual and customary ordinary course 
of their business. It is expected that the required recordkeeping will 
be performed using automated data systems that Collecting FCMs and DCOs 
maintain and use in the usual and customary ordinary course of their 
business but that certain additional functionality will need to be 
added to these systems to perform the required disclosure. Because of 
the novel character of section 22.12, it is not possible to make a 
precise estimate of the paperwork burden. The necessary modifications 
to, and maintenance of, systems may require a range of between 20 and 
40 hours of work annually. It is expected that the required 
recordkeeping will be performed by approximately 100 entities. The 
total annual burden for section 22.11 therefore is estimated at 2,000 
to 4,000 hours.
    Section 22.16 would apply to the same estimated 100 entities as 
sections 22.2(g), 22.5(a), and 22.11. The required disclosure would 
have to be made once each time a swaps customer begins to be cleared 
through a particular DCO or collecting FCM and each time a DCO or 
collecting FCM through which a customer's swaps are cleared changes it 
polices on the matters covered by the disclosure. It is expected that 
each disclosure would require about 0.2 hours of staff time by staff. 
It is uncertain what average number of swaps customers FCMs will have, 
and what average number of disclosures will be required for each 
customer annually. Assuming an average of 500 customers per FCM and two 
disclosures per customer per year, the estimated total annual burden 
would be 200 hours.
    There are estimated to be no capital costs or operating and 
maintenance costs associated with this collection.

    Dated September 26, 2012.
Sauntia S. Warfield,
Assistant Secretary of the Commission.
[FR Doc. 2012-24131 Filed 10-1-12; 8:45 am]
BILLING CODE 6351-01-P