Agency Information Collection Activities: Comment Request, 28244-28245 [2015-11985]
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28244
Federal Register / Vol. 80, No. 95 / Monday, May 18, 2015 / Notices
An option, in contrast, is only the option
to undertake such a ‘‘sale’’, not the sale itself.
The sale occurs only when the option is
exercised. The option to buy or sell a
commodity at some later point simply is not
the same thing as the sale of that commodity
itself. The Commission’s Office of the
General Counsel memorialized this
interpretation in 1985:
[T]he [forward] contract must be a binding
agreement on both parties to the contract:
One must agree to make delivery and the
other to take delivery of the commodity.
Second, because forward contracts are
commercial, merchandizing transactions
which result in delivery, the courts and the
Commission have looked for evidence of the
transactions’ use in commerce. Thus, the
courts and the Commission have examined
whether the parties to the contracts are
commercial entities that have the capacity to
make or take delivery and whether delivery,
in fact, routinely occurs under such contracts
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Thus, an option is a contract in which only
the grantor is obligated to perform. As a
result, the option purchaser has a limited risk
from adverse price movements. This
characteristic distinguishes an option from a
forward contract in which both parties must
routinely perform and face the full risk of
loss from adverse price changes since one
party must make and the other take delivery
of the commodity. In contrast, in an option,
only the grantor of a call (put) is required to
sell (buy) a given quantity of a commodity (or
a futures contract on that commodity) on or
by a specified date in the future if the option
is exercised. ‘‘Characteristics Distinguishing
Cash and Forward Contracts and ‘Trade
Options’ ’’, 50 FR 39656–02 (September 30,
1985)
The Commission ratified this interpretation
in 1990 in its ‘‘Statutory Interpretation
Concerning Forward Transactions’’, 55 FR
39188–03 (September 25, 1990) (‘‘Brent
Interpretation’’) and again in 2012 its final
rule, ‘‘Further Definition of ‘Swap,’ ‘SecurityBased Swap,’ and ‘Security-Based Swap
Agreement’; Mixed Swaps; Security-Based
contract. Because a forward contract is a
commercial merchandising transaction, intent to
deliver historically has been an element of the
CFTC’s analysis of whether a particular contract is
a forward contract. In assessing the parties’
expectations or intent regarding delivery, the CFTC
consistently has applied a ‘‘facts and
circumstances’’ test. Therefore, the CFTC reads the
‘‘intended to be physically settled’’ language in the
swap definition with respect to nonfinancial
commodities to reflect a directive that intent to
deliver a physical commodity be a part of the
analysis of whether a given contract is a forward
contract or a swap, just as it is a part of the CFTC’s
analysis of whether a given contract is a forward
contract or a futures contract. Proposed Rule on
‘‘Further Definition of ‘Swap,’ ‘Security-Based
Swap,’ and ‘Security-Based Swap Agreement’;
Mixed Swaps; Security-Based Swap Agreement
Recordkeeping, 76 FR 29818, 29828 (May 23, 2011)
(‘‘Proposed Products Release’’).
This interpretation was ratified in the final rule,
‘‘Further Definition of ‘Swap,’ ‘Security-Based
Swap,’ and ‘Security-Based Swap Agreement’;
Mixed Swaps; Security-Based Swap Agreement
Recordkeeping, 77 FR 48208, 48227–48228 (August
13, 2012) (‘‘Products Release’’).
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Swap Agreement Recordkeeping, 77 FR
48208, 48227–48235 (August 13, 2012)
(‘‘Products Release’’). In doing so, the
Commission explicitly rejected the argument
that physically-delivered commodity options
could fall within the forward contract
exclusion.2
The interpretation being promulgated
today does not change this, and therein lays
my concern regarding this interpretation’s
limits.
I think much of the confusion regarding the
seven-part test has been based upon a failure
to recognize the difference between forward
and option contracts under the Commodity
Exchange Act. The fact that a forward
contract element and a commodity option are
packaged together does not change the
regulatory treatment of the different
components. Hybrid or packaged instruments
are common throughout the industry. There
are hybrid or packaged instruments which
may have characteristics of futures contracts
and securities, swaps and security-based
swaps, futures and forward transactions, and
even forward contracts and commodity
options. Each portion of the contract might
be subject to different regulatory treatment. A
security does not become a future, nor does
a future become a security simply by virtue
of being packaged in the same instrument.
Relevant to the instruments we are
discussing today, forward contracts with
embedded volumetric optionality, it seems
that most of them, as described in the
comments, have at least two separate,
identifiable contractual obligations, each of
which must be considered on their own
merits. There is a forward contract element
which binds the parties to make and take
delivery of a set amount of a commodity. In
addition, there is an embedded volumetric
optionality element that binds the forward
contract offeror to make or take delivery of
an additional amount of the commodity if the
embedded volumetric optionality is
exercised by the forward contract offeree.
The latter contractual obligation looks like a
classic option.
The difficulty this interpretation faces in
providing the relief industry seeks is this:
Even though the embedded optionality has
the form of an option, can it somehow fit
within the forward exclusion? The answer
this interpretation gives is, essentially, yes, it
can, if it can be demonstrated that, despite
the embedded optionality having the form of
an option, it is utilized, in practice, as a
forward contract. While the seven-prong test
and the interpretive guidance around it do
not provide an exact roadmap for
determining when embedded volumetric
optionality included in a forward contract
may or may not fall into the option
definition, or when embedded volumetric
optionality may undermine a forward
contract, I think it does provide a good sense
of the factors that parties must consider in
making those determinations for themselves.
Such a test, however, is necessarily a facts
and circumstances test with no bright lines.
Ensuring compliance with this interpretation
poses a challenge, and, therefore, that is an
area where I would like to see greater legal
certainty for these contracts.
2 See
PO 00000
also, Products Release at 4236–37.
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In closing, I support this final
interpretation, but I think industry would
benefit from broader relief that provides
greater legal certainty. I look forward to
continuing to work with my fellow
Commissioners and staff to make sure that
commercial entities have access to the tools
they need to manage the commercial risks of
their operations.
[FR Doc. 2015–11946 Filed 5–15–15; 8:45 am]
BILLING CODE 8011–01–p 6351–01–P
BUREAU OF CONSUMER FINANCIAL
PROTECTION
[Docket No. CFPB–2015–0020]
Agency Information Collection
Activities: Comment Request
Bureau of Consumer Financial
Protection.
ACTION: Notice and request for comment.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995
(PRA), the Consumer Financial
Protection Bureau (Bureau) is requesting
to renew the approval for an existing
information collection titled, ‘‘Mortgage
Acts and Practices (Regulation N) 12
CFR 1014.’’
DATES: Written comments are
encouraged and must be received on or
before July 17, 2015 to be assured of
consideration.
SUMMARY:
You may submit comments,
identified by the title of the information
collection, OMB Control Number (see
below), and docket number (see above),
by any of the following methods:
• Electronic: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Mail: Consumer Financial
Protection Bureau (Attention: PRA
Office), 1700 G Street NW., Washington,
DC 20552.
• Hand Delivery/Courier: Consumer
Financial Protection Bureau (Attention:
PRA Office), 1275 First Street NE.,
Washington, DC 20002.
Please note that comments submitted
after the comment period will not be
accepted. In general, all comments
received will become public records,
including any personal information
provided. Sensitive personal
information, such as account numbers
or social security numbers, should not
be included.
FOR FURTHER INFORMATION CONTACT:
Documentation prepared in support of
this information collection request is
available at www.regulations.gov.
Requests for additional information
should be directed to the Consumer
Financial Protection Bureau, (Attention:
ADDRESSES:
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Federal Register / Vol. 80, No. 95 / Monday, May 18, 2015 / Notices
PRA Office), 1700 G Street NW.,
Washington, DC 20552, (202) 435–9575,
or email: PRA@cfpb.gov. Please do not
submit comments to this mailbox.
SUPPLEMENTARY INFORMATION:
Title of Collection: Mortgage Acts and
Practices (Regulation N) 12 CFR 1014.
OMB Control Number: 3170–0009.
Type of Review: Extension without
change of a currently approved
collection.
Affected Public: Businesses and other
for-profit institutions.
Estimated Number of Respondents:
483.
Estimated Total Annual Burden
Hours: 242.
Abstract: Regulation N (12 CFR 1014),
prohibits misrepresentations about the
terms of mortgage credit products in
commercial communications and
requires that covered persons keep
certain related records for a period of
twenty-four (24) months from last
dissemination. The information that
Regulation N requires covered persons
to retain is necessary to ensure efficient
and effective law enforcement to
address deceptive practices that occur
in the mortgage advertising area.
Request for Comments: Comments are
invited on: (a) Whether the collection of
information is necessary for the proper
performance of the functions of the
Bureau, including whether the
information will have practical utility;
(b) The accuracy of the Bureau’s
estimate of the burden of the collection
of information, including the validity of
the methods and the assumptions used;
(c) Ways to enhance the quality, utility,
and clarity of the information to be
collected; and (d) Ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. Comments submitted in
response to this notice will be
summarized and/or included in the
request for Office of Management and
Budget (OMB) approval. All comments
will become a matter of public record.
Dated: May 15, 2015.
Ashwin Vasan,
Chief Information Officer, Bureau of
Consumer Financial Protection.
[FR Doc. 2015–11985 Filed 5–15–15; 8:45 am]
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BILLING CODE 4810–AM–P
CORPORATION FOR NATIONAL AND
COMMUNITY SERVICE
Proposed Information Collection;
Comment Request
Corporation for National and
Community Service.
AGENCY:
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ACTION:
Notice.
The Corporation for National
and Community Service (CNCS), as part
of its continuing effort to reduce
paperwork and respondent burden,
conducts a pre-clearance consultation
program to provide the general public
and federal agencies with an
opportunity to comment on proposed
and/or continuing collections of
information in accordance with the
Paperwork Reduction Act of 1995
(PRA95) (44 U.S.C. 3506(c)(2)(A)). This
program helps to ensure that requested
data can be provided in the desired
format, reporting burden (time and
financial resources) is minimized,
collection instruments are clearly
understood, and the impact of collection
requirement on respondents can be
properly assessed.
Currently, CNCS is soliciting
comments concerning its proposed
renewal of the AmeriCorps Member
Application Form. Applicants will
respond to the questions included in
this ICR in order to apply to serve as
AmeriCorps members.
Copies of the information collection
request can be obtained by contacting
the office listed in the ADDRESSES
section of this Notice.
DATES: Written comments must be
submitted to the individual and office
listed in the ADDRESSES section by July
17, 2015.
ADDRESSES: You may submit comments,
identified by the title of the information
collection activity, by any of the
following methods:
(1) By mail sent to: Corporation for
National and Community Service,
AmeriCorps State & National; ATTN:
Erin Dahlin, Deputy Chief of Program
Operations, 1201 New York Avenue
NW., Washington, DC 20525.
(2) By hand delivery or by courier to
the CNCS mailroom at Room 8100 at the
mail address given in paragraph (1)
above, between 9:00 a.m. and 4:00 p.m.
Eastern Time, Monday through Friday,
except Federal holidays.
(3) Electronically through
www.regulations.gov.
Individuals who use a
telecommunications device for the deaf
(TTY–TDD) may call 1–800–833–3722
between 8:00 a.m. and 8:00 p.m. Eastern
Time, Monday through Friday.
FOR FURTHER INFORMATION CONTACT: Erin
Dahlin, 202–606–6931 or EDahlin@
cns.gov.
SUMMARY:
CNCS is
particularly interested in comments
that:
• Evaluate whether the proposed
collection of information is necessary
SUPPLEMENTARY INFORMATION:
PO 00000
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28245
for the proper performance of the
functions of CNCS, including whether
the information will have practical
utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are expected to respond, including the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology
(e.g., permitting electronic submissions
of responses).
Background
This Member Application Form will
be used by applicants who are
interested in serving as AmeriCorps
members. The information requested in
the application form makes it possible
for programs to select members to serve.
Programs also use this form as an
example that they customize to develop
their own recruitment materials.
Current Action
Changes have been made align form
with program and technological needs
and resources. The information
collection will otherwise be used in the
same manner as the existing
application. CNCS also seeks to
continue using the current application
until the revised application is
approved by OMB. The current
application is due to expire on July 31,
2015.
Type of Review: Renewal.
Agency: Corporation for National and
Community Service.
Title: AmeriCorps Member
Application Form.
OMB Number: 3045–0054.
Agency Number: None.
Affected Public: Applicants applying
to serve in AmeriCorps.
Total Respondents: 225,000.
Frequency: Ongoing.
Average Time per Response: Averages
1.25 hours.
Estimated Total Burden Hours:
281,250.
Total Burden Cost (capital/startup):
None.
Total Burden Cost (operating/
maintenance): None.
Comments submitted in response to
this notice will be summarized and/or
included in the request for Office of
Management and Budget approval of the
information collection request; they will
also become a matter of public record.
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]]>Agencies
[Federal Register Volume 80, Number 95 (Monday, May 18, 2015)]
[Notices]
[Pages 28244-28245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11985]
=======================================================================
-----------------------------------------------------------------------
BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2015-0020]
Agency Information Collection Activities: Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA),
the Consumer Financial Protection Bureau (Bureau) is requesting to
renew the approval for an existing information collection titled,
``Mortgage Acts and Practices (Regulation N) 12 CFR 1014.''
DATES: Written comments are encouraged and must be received on or
before July 17, 2015 to be assured of consideration.
ADDRESSES: You may submit comments, identified by the title of the
information collection, OMB Control Number (see below), and docket
number (see above), by any of the following methods:
Electronic: https://www.regulations.gov. Follow the
instructions for submitting comments.
Mail: Consumer Financial Protection Bureau (Attention: PRA
Office), 1700 G Street NW., Washington, DC 20552.
Hand Delivery/Courier: Consumer Financial Protection
Bureau (Attention: PRA Office), 1275 First Street NE., Washington, DC
20002.
Please note that comments submitted after the comment period will
not be accepted. In general, all comments received will become public
records, including any personal information provided. Sensitive
personal information, such as account numbers or social security
numbers, should not be included.
FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of
this information collection request is available at
www.regulations.gov. Requests for additional information should be
directed to the Consumer Financial Protection Bureau, (Attention:
[[Page 28245]]
PRA Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9575,
or email: PRA@cfpb.gov. Please do not submit comments to this mailbox.
SUPPLEMENTARY INFORMATION:
Title of Collection: Mortgage Acts and Practices (Regulation N) 12
CFR 1014.
OMB Control Number: 3170-0009.
Type of Review: Extension without change of a currently approved
collection.
Affected Public: Businesses and other for-profit institutions.
Estimated Number of Respondents: 483.
Estimated Total Annual Burden Hours: 242.
Abstract: Regulation N (12 CFR 1014), prohibits misrepresentations
about the terms of mortgage credit products in commercial
communications and requires that covered persons keep certain related
records for a period of twenty-four (24) months from last
dissemination. The information that Regulation N requires covered
persons to retain is necessary to ensure efficient and effective law
enforcement to address deceptive practices that occur in the mortgage
advertising area.
Request for Comments: Comments are invited on: (a) Whether the
collection of information is necessary for the proper performance of
the functions of the Bureau, including whether the information will
have practical utility; (b) The accuracy of the Bureau's estimate of
the burden of the collection of information, including the validity of
the methods and the assumptions used; (c) Ways to enhance the quality,
utility, and clarity of the information to be collected; and (d) Ways
to minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques or other
forms of information technology. Comments submitted in response to this
notice will be summarized and/or included in the request for Office of
Management and Budget (OMB) approval. All comments will become a matter
of public record.
Dated: May 15, 2015.
Ashwin Vasan,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2015-11985 Filed 5-15-15; 8:45 am]
BILLING CODE 4810-AM-P
