Agency Information Collection Activities: Information Collection Renewal; Comment Request; Margin and Capital Requirements for Covered Swap Entities: Exemptions, 23082-23083 [2016-08936]

Download as PDF 23082 Federal Register / Vol. 81, No. 75 / Tuesday, April 19, 2016 / Notices DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Comment Request; Margin and Capital Requirements for Covered Swap Entities: Exemptions Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, ‘‘Margin and Capital Requirements for Covered Swap Entities: Exemptions.’’ DATES: Comments must be submitted on or before June 20, 2016. ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by email, if possible. Comments may be sent to: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557–0335, 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. In addition, comments may be sent by fax to (571) 465–4326 or by electronic mail to prainfo@occ.treas.gov. You may personally inspect and photocopy comments at the OCC, 400 7th Street SW., Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649–6700 or, for persons who are deaf or hard of hearing, TTY, (202) 649–5597. Upon arrival, visitors will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. All comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:02 Apr 18, 2016 Jkt 238001 comment or supporting materials that you consider confidential or inappropriate for public disclosure. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490 or, for persons who are deaf or hard of hearing, TTY, (202) 649–5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501–3520), Federal agencies must obtain approval from the 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) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of the PRA (44 U.S.C. 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 for approval. To comply with this requirement, the OCC is publishing notice of the proposed collection of information set forth in this document. In connection with issuance of the interim final rule entitled ‘‘Margin and Capital Requirements for Covered Swap Entities,’’ 1 OMB provided a six-month approval for this information collection. The OCC is proposing to extend OMB approval of the collection for the standard three years. Title: Margin and Capital Requirements for Covered Swap Entities: Exemptions. OMB Control No.: 1557–0335. Description: The OCC issued an interim final rule required by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA).2 Title III of TRIPRA, the ‘‘Business Risk Mitigation and Price Stabilization Act of 2015,’’ amends the statutory provisions added by the Dodd-Frank Act relating to margin requirements for non-cleared swaps and non-cleared security-based swaps. Section 302 of TRIPRA amends sections 731 and 764 of the Dodd-Frank Act to provide that the initial and variation margin requirements do not apply to certain transactions with specified counterparties that qualify for an exemption or exception from clearing. Non-cleared swaps and non1 80 FR 74915 (November 30, 2015). Law 114–1, 129 Stat. 3 (2015). 2 Public PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 cleared security-based swaps that are exempt under section 302 of TRIPRA will not be subject to the Agencies’ 3 rules implementing margin requirements.4 The effect of the interim final rule is to augment provisions of the final rule published by the Agencies in November 2015 5 that allow swap entities to collect no initial or variation margin from certain ‘‘other counterparties’’ like commercial endusers with a provision that grants an exception from the margin requirements for certain swaps with these and certain additional counterparties. The reporting requirements in the interim final rule are found in 12 CFR 45.1(d), which refers to other statutory provisions that set forth conditions for an exemption from clearing. Section 45.1(d)(1) provides an exemption for non-cleared swaps if one of the counterparties to the swap is not a financial entity, is using swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission of how it generally meets its financial obligations associated with entering into non-cleared swaps. Section 45.1(d)(2) provides an exemption for security-based swaps if the counterparty notifies the Securities and Exchange Commission of how it generally meets its financial obligations associated with entering into noncleared security-based swaps. Type of Review: Extension of a currently approved collection. Affected Public: Individuals; Businesses or other for-profit. Estimated Number of Respondents: 20. Estimated Total Annual Burden: 20,000. Comments submitted in response to this notice will be summarized, included in the request for OMB approval, and will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the information collection burden; 3 The Agencies are the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency. 4 The interim final rule is a companion rule to a final rule adopted to implement section 731 and 764 of the Dodd-Frank Act. 5 The final rule was issued on November 30, 2015 (80 FR 74840). E:\FR\FM\19APN1.SGM 19APN1 Federal Register / Vol. 81, No. 75 / Tuesday, April 19, 2016 / Notices (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Dated: April 13, 2016. Mary Hoyle Gottlieb, Regulatory Specialist, Legislative and Regulatory Activities Division. [FR Doc. 2016–08936 Filed 4–18–16; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control Additional Designations, Foreign Narcotics Kingpin Designation Act Office of Foreign Assets Control, Treasury. ACTION: Notice. AGENCY: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing the names of eight individuals and one entity whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), 21 U.S.C. §§ 1901–1908, 8 U.S.C. § 1182. DATES: The designation by the Director of OFAC of the eight individuals and one entity identified in this notice pursuant to section 805(b) of the Kingpin Act is effective on April 14, 2016. FOR FURTHER INFORMATION CONTACT: Assistant Director, Sanctions Compliance & Evaluation, Office of Foreign Assets Control, U.S. Department of the Treasury, Washington, DC 20220, Tel: (202) 622–2490. SUPPLEMENTARY INFORMATION: mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: Electronic and Facsimile Availability This document and additional information concerning OFAC are available on OFAC’s Web site at http://www.treasury.gov/ofac or via facsimile through a 24-hour fax-ondemand service at (202) 622–0077. Background The Kingpin Act became law on December 3, 1999. The Kingpin Act provides a statutory framework for the imposition of sanctions against significant foreign narcotics traffickers and their organizations on a worldwide VerDate Sep<11>2014 18:02 Apr 18, 2016 Jkt 238001 basis, with the objective of denying their businesses and agents access to the U.S. financial system and the benefits of trade and transactions involving U.S. companies and individuals. The Kingpin Act blocks all property and interests in property, subject to U.S. jurisdiction, owned or controlled by significant foreign narcotics traffickers as identified by the President. In addition, the Secretary of the Treasury, in consultation with the Attorney General, the Director of the Central Intelligence Agency, the Director of the Federal Bureau of Investigation, the Administrator of the Drug Enforcement Administration, the Secretary of Defense, the Secretary of State, and the Secretary of Homeland Security, may designate and block the property and interests in property, subject to U.S. jurisdiction, of persons who are found to be: (1) Materially assisting in, or providing financial or technological support for or to, or providing goods or services in support of, the international narcotics trafficking activities of a person designated pursuant to the Kingpin Act; (2) owned, controlled, or directed by, or acting for or on behalf of, a person designated pursuant to the Kingpin Act; or (3) playing a significant role in international narcotics trafficking. On April 14, 2016, the Acting Director of OFAC designated the following eight individuals and one entity whose property and interests in property are blocked pursuant to section 805(b) of the Kingpin Act. Individuals 1. BARRIOS HERNANDEZ, Mercedes (a.k.a. ‘‘LA MECHE’’), Xochitepec, Morelos, Mexico; DOB 05 May 1971; POB Acapulco de Juarez, Guerrero, Mexico; citizen Mexico; Gender Female; R.F.C. BAHM710505Q91 (Mexico); C.U.R.P. BAHM710505MGRRRR07 (Mexico) (individual) [SDNTK] (Linked To: LAREDO DRUG TRAFFICKING ORGANIZATION). Designated for materially assisting in, or providing financial or technological support for or to, or providing services in support of, the international narcotics trafficking activities of the LAREDO DTO and/or Job LAREDO DON JUAN, and/or is directed by, or acting for or on behalf of, the LAREDO DTO and/or Job LAREDO DON JUAN, and therefore meets the statutory criteria for designation pursuant to section 805(b)(2) and/or (3) of the Kingpin Act, 21 U.S.C. 1904(b)(2) and/or (3). 2. GOMEZ VELAZQUEZ, Daniela (a.k.a. GOMEZ VELASQUEZ, Daniela), Cuernavaca, Morelos, Mexico; DOB 25 Nov 1989; POB Poza Rica de Hidalgo, PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 23083 Veracruz, Mexico; citizen Mexico; Gender Female; R.F.C. GOVD891125EK6 (Mexico); National ID No. 96088982044 (Mexico); alt. National ID No. 96098907692 (Mexico); C.U.R.P. GOVD891125MVZMLN04 (Mexico) (individual) [SDNTK] (Linked To: LAREDO DRUG TRAFFICKING ORGANIZATION). Designated for materially assisting in, or providing financial or technological support for or to, or providing services in support of, the international narcotics trafficking activities of the LAREDO DTO and/or Ismael LAREDO DONJUAN, and/or is directed by, or acting for or on behalf of, the LAREDO DTO and/or Ismael LAREDO DONJUAN, and therefore meets the statutory criteria for designation pursuant to section 805(b)(2) and/or (3) of the Kingpin Act, 21 U.S.C. 1904(b)(2) and/or (3). 3. LAREDO DON JUAN, Job (a.k.a. LAREDO DONJUAN, Job; a.k.a. LAREDO, Antonio; a.k.a. RODRIGUEZ, Antonio; a.k.a. ‘‘GORDO’’), Cuernavaca, Morelos, Mexico; DOB 17 Mar 1968; POB San Miguel Totolapan, Guerrero, Mexico; citizen Mexico; Gender Male; R.F.C. LADJ6803175F6 (Mexico); alt. R.F.C. LADJ6803178D1 (Mexico); C.U.R.P. LADJ680317HGRRNB04 (Mexico) (individual) [SDNTK] (Linked To: LAREDO DRUG TRAFFICKING ORGANIZATION). Designated for materially assisting in, or providing financial or technological support for or to, or providing services in support of, the international narcotics trafficking activities of the LAREDO DTO, and/or is directed by, or acting for or on behalf of, the LAREDO DTO, and therefore meets the statutory criteria for designation pursuant to section 805(b)(2) and/or (3) of the Kingpin Act, 21 U.S.C. 1904(b)(2) and/or (3). 4. LAREDO ESTRADA, Andres, Mexico; DOB 01 Dec 1973; POB Tlapehuala, Guerrero, Mexico; citizen Mexico; Gender Male; R.F.C. LAEA731201TB0 (Mexico); National ID No. 15097300311 (Mexico); C.U.R.P. LAEA731201HGRRSN07 (Mexico) (individual) [SDNTK] (Linked To: LAREDO DRUG TRAFFICKING ORGANIZATION). Designated for materially assisting in, or providing financial or technological support for or to, or providing services in support of, the international narcotics trafficking activities of the LAREDO DTO and/or Job LAREDO DON JUAN, and/or is directed by, or acting for or on behalf of, the LAREDO DTO and/or Job LAREDO DON JUAN, and therefore meets the statutory criteria for designation pursuant to section 805(b)(2) and/or (3) of the Kingpin Act, 21 U.S.C. 1904(b)(2) and/or (3). E:\FR\FM\19APN1.SGM 19APN1

Agencies

[Federal Register Volume 81, Number 75 (Tuesday, April 19, 2016)]
[Notices]
[Pages 23082-23083]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-08936]



[[Page 23082]]

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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Margin and Capital Requirements for Covered 
Swap Entities: Exemptions

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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

SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to comment on a continuing information collection, as required 
by the Paperwork Reduction Act of 1995 (PRA).
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and the respondent is not required to respond to, 
an information collection unless it displays a currently valid Office 
of Management and Budget (OMB) control number.
    The OCC is soliciting comment concerning the renewal of its 
information collection titled, ``Margin and Capital Requirements for 
Covered Swap Entities: Exemptions.''

DATES: Comments must be submitted on or before June 20, 2016.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0335, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to prainfo@occ.treas.gov. You may 
personally inspect and photocopy comments at the OCC, 400 7th Street 
SW., Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 649-6700 or, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597. Upon arrival, visitors will be required to present 
valid government-issued photo identification and to submit to security 
screening in order to inspect and photocopy comments.
    All comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. Do not include any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street 
SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from the 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) to include agency 
requests or requirements that members of the public submit reports, 
keep records, or provide information to a third party. Section 
3506(c)(2)(A) of the PRA (44 U.S.C. 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 for approval. To comply with this requirement, 
the OCC is publishing notice of the proposed collection of information 
set forth in this document.
    In connection with issuance of the interim final rule entitled 
``Margin and Capital Requirements for Covered Swap Entities,'' \1\ OMB 
provided a six-month approval for this information collection. The OCC 
is proposing to extend OMB approval of the collection for the standard 
three years.
---------------------------------------------------------------------------

    \1\ 80 FR 74915 (November 30, 2015).
---------------------------------------------------------------------------

    Title: Margin and Capital Requirements for Covered Swap Entities: 
Exemptions.
    OMB Control No.: 1557-0335.
    Description: The OCC issued an interim final rule required by the 
Terrorism Risk Insurance Program Reauthorization Act of 2015 
(TRIPRA).\2\ Title III of TRIPRA, the ``Business Risk Mitigation and 
Price Stabilization Act of 2015,'' amends the statutory provisions 
added by the Dodd-Frank Act relating to margin requirements for non-
cleared swaps and non-cleared security-based swaps. Section 302 of 
TRIPRA amends sections 731 and 764 of the Dodd-Frank Act to provide 
that the initial and variation margin requirements do not apply to 
certain transactions with specified counterparties that qualify for an 
exemption or exception from clearing. Non-cleared swaps and non-cleared 
security-based swaps that are exempt under section 302 of TRIPRA will 
not be subject to the Agencies' \3\ rules implementing margin 
requirements.\4\ The effect of the interim final rule is to augment 
provisions of the final rule published by the Agencies in November 2015 
\5\ that allow swap entities to collect no initial or variation margin 
from certain ``other counterparties'' like commercial end-users with a 
provision that grants an exception from the margin requirements for 
certain swaps with these and certain additional counterparties.
---------------------------------------------------------------------------

    \2\ Public Law 114-1, 129 Stat. 3 (2015).
    \3\ The Agencies are the Office of the Comptroller of the 
Currency, the Board of Governors of the Federal Reserve System, the 
Federal Deposit Insurance Corporation, the Farm Credit 
Administration, and the Federal Housing Finance Agency.
    \4\ The interim final rule is a companion rule to a final rule 
adopted to implement section 731 and 764 of the Dodd-Frank Act.
    \5\ The final rule was issued on November 30, 2015 (80 FR 
74840).
---------------------------------------------------------------------------

    The reporting requirements in the interim final rule are found in 
12 CFR 45.1(d), which refers to other statutory provisions that set 
forth conditions for an exemption from clearing. Section 45.1(d)(1) 
provides an exemption for non-cleared swaps if one of the 
counterparties to the swap is not a financial entity, is using swaps to 
hedge or mitigate commercial risk, and notifies the Commodity Futures 
Trading Commission of how it generally meets its financial obligations 
associated with entering into non-cleared swaps. Section 45.1(d)(2) 
provides an exemption for security-based swaps if the counterparty 
notifies the Securities and Exchange Commission of how it generally 
meets its financial obligations associated with entering into non-
cleared security-based swaps.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 20.
    Estimated Total Annual Burden: 20,000.
    Comments submitted in response to this notice will be summarized, 
included in the request for OMB approval, and will become a matter of 
public record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the information 
collection burden;

[[Page 23083]]

    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: April 13, 2016.
Mary Hoyle Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2016-08936 Filed 4-18-16; 8:45 am]
BILLING CODE 4810-33-P