Agency Information Collection Activities Under OMB Review, 74408-74410 [2016-25925]

Download as PDF 74408 Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices collections, as required by the Paperwork Reduction Act of 1995. This action proposes to revise and extend information collection for the American lobster fishery Trap Transfer Program. DATES: Written comments must be submitted on or before December 27, 2016. Direct all written comments to Jennifer Jessup, Departmental Paperwork Clearance Officer, Department of Commerce, Room 6616, 14th and Constitution Avenue NW., Washington, DC 20230 (or via the Internet at JJessup@doc.gov). FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the information collection instrument and instructions should be directed to Peter Burns, Fishery Policy Analyst, NMFS, Greater Atlantic Regional Fisheries Office, 55 Great Republic Drive, Gloucester, MA 01930; (978) 281–9144, Peter.burns@noaa.gov. SUPPLEMENTARY INFORMATION: ADDRESSES: asabaliauskas on DSK3SPTVN1PROD with NOTICES I. Abstract This is a request for revision and extension of a currently approved information collection. The American lobster resource and fishery are cooperatively managed by the states and NMFS under the authority of the Atlantic Coastal Fisheries Cooperative Management Act, according to the framework set forth by the Atlantic States Marine Fisheries Commission (ASMFC) in Amendment 3 of its Interstate Fishery Management Plan (ISFMP). This collection of information is in response to several addenda to Amendment 3 of the ISFMP that work to reduce trap fishing effort through limited entry fishing and trap allocation limit reductions. This program is intended to help control fishing efforts while increasing economic flexibility in the American lobster trap fishery. Currently, Federal lobster permit holders qualified to fish with trap gear in Lobster Conservation Management Areas 2 and 3 are undergoing scheduled annual trap allocation reductions of 5 percent per year until 2021 (Area 2) and 2020 (Area 3). In 2015, in an effort to help mitigate the initial economic burden of these reductions, NMFS and state agencies implemented the Lobster Trap Transfer Program that allows all qualified Federal lobster permit holders to buy and sell trap allocation from Areas 2, 3, or Outer Cape Cod. Each transaction includes a conservation tax of 10 percent, which deducts a number of traps equal to 10 percent of the total number of traps with each transfer, VerDate Sep<11>2014 18:25 Oct 25, 2016 Jkt 241001 permanently removing them from the fishery. NMFS collects annual application forms from Lobster permit holders who wish to buy and/or sell Area 2, 3, or Outer Cape trap allocation through the Trap Transfer Program. The transfer applications are only accepted during a 2-month period (from August 1 through September 30) each year, and the revised allocations for each participating lobster permit resulting from the transfers become effective at the start of the following Federal lobster fishing year, on May 1. Both the seller and buyer of the traps are required to sign the application form, which includes each permit holder’s permit and vessel information, the number of traps sold, and the revised number of traps received by the buyer, inclusive of the amount removed according to the transfer tax. Both parties must sign the form as an agreement to the number of traps in the transfer. The parties must date the document and clearly show that the transferring permit holder has sufficient allocation to transfer and the permit holder receiving the traps has sufficient room under any applicable trap cap. This information allows NMFS to process and track transfers of lobster trap allocations through the Trap Transfer Program, and better enables the monitoring and management of the American lobster fishery as a whole. Originally, this collection was part of a new rulemaking action, and included efforts to obtain information from American lobster permit holders to implement a limited access permit program. NMFS used the information to qualify permit holders for participation in Area 2 and/or the Outer Cape Area, and to allocate traps to each qualified permit. This limited access portion of the collection is complete and no longer necessary, so a revision is requested to remove it from the collection. Also, now that the Trap Transfer Program has been in place for two years, NMFS can better estimate the number of applicants/ respondents and have made a minor revision to the burden. The initial estimate of 432 respondents with 216 two-party transaction responses was nearly double what was actually received through the Trap Transfer Program in the first two years; with fewer permit holders participating in the program overall, and/or completing multiple transactions between their own permits. Adjusted estimates of respondents, total burden hours, and costs are noted below in Section III. II. Method of Collection Applications for the Trap Transfer Program are accepted annually from PO 00000 Frm 00018 Fmt 4703 Sfmt 4703 August 1 through September 30 by mail, fax, or email. III. Data OMB Control Number: 0648–0673. Form Number(s): None. Type of Review: Regular submission (revision and extension of a current information collection). Affected Public: Businesses or other for-profit organizations; Individuals or households; Federal government; and State, Local, or Tribal government. Estimated Number of Respondents: 102. Estimated Time per Response: 10 minutes. Estimated Total Annual Burden Hours: 17. Estimated Total Annual Cost to Public: $573.24 in reporting/ recordkeeping costs. IV. Request for Comments Comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden (including hours and cost) of the proposed collection of information; (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 OMB approval of this information collection; they also will become a matter of public record. Dated: October 21, 2016. Sarah Brabson, NOAA PRA Clearance Officer. [FR Doc. 2016–25844 Filed 10–25–16; 8:45 am] BILLING CODE 3510–22–P COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities Under OMB Review Commodity Futures Trading Commission. ACTION: Notice. AGENCY: 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 SUMMARY: E:\FR\FM\26OCN1.SGM 26OCN1 Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices 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. Comments must be submitted on or before November 25, 2016. DATES: Comments regarding the burden estimated or any other aspect of the information collection, including suggestions for reducing the burden, may be submitted directly to the Office of Information and Regulatory Affairs in OMB, within 30 days of publication of the notice, by email at OIRAsubmissions@omb.eop.gov. Please identify the comments by OMB Control No. 3038–0096. Please provide the Commission with a copy of all submitted comments at the address listed below. Please refer to OMB Reference No. 3038–0096, found on http://reginfo.gov. Comments may also be mailed to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for the Commodity Futures Trading Commission, 725 17th Street NW., Washington, DC 20503, and to the Commission through its Web site at http://comments.cftc.gov. Follow the instructions for submitting comments through the Web site. Comments may also be mailed to: Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581, or by Hand Delivery/Courier at the same address. A copy of the supporting statements for the collection of information discussed above may be obtained by visiting http://regInfo.gov. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to http:// www.cftc.gov. ADDRESSES: FOR FURTHER INFORMATION CONTACT: asabaliauskas on DSK3SPTVN1PROD with NOTICES Andrew Ridenour, Special Counsel, (202) 418–5438, aridenour@cftc.gov, or Owen Kopon, Attorney-Advisor, (202) 418–5360, okopon@cftc.gov, Division of Market Oversight, and refer to OMB Control No. 3038–0096. SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 18:25 Oct 25, 2016 Jkt 241001 Title: Revised Collection, Comment Request: Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps, Final Rule (OMB Control No. 3038–0096). This is a request for a revision to a currently approved information collection. Abstract: The Commission recently adopted a final rule regarding the reporting of cleared swap transactions (the ‘‘Cleared Swap Reporting Release’’),1 which will require entities reporting swaps to report certain additional data elements. This Cleared Swap Reporting Release will also require registered derivatives clearing organizations (‘‘DCOs’’) to terminate ‘‘original swaps’’ (as defined in that final rule), which may require DCOs to connect to multiple registered swap data repositories (‘‘SDRs’’). 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 Federal Register notice with a 60day comment period soliciting comments on this collection of information (‘‘60 Day Notice’’), implicated by the requirements of the Cleared Swap Reporting Release, was published on July 21, 2016 (81 FR 47362). The 60 Day Notice included a burden estimate for (a) DCOs to connect to SDRs for purposes of terminating original swaps, estimated to require a one-time hours burden of 3,000 per DCO and a recurring annual cost of $250,000; and (b) changes to reporting systems by all reporting entities and SDRs to account for additional and amended primary economic terms (‘‘PET’’) data fields in the Cleared Swap Reporting Release and future changes required by changes to PET fields and developments in the swaps market, estimated as a recurring burden of 200 hours per year.2 1 See Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps, Final Rule, 81 FR 41736 (June 27, 2016). 2 While not connected to the Cleared Swap Reporting Release, the Commission also proposed in the 60 Day Notice to reduce the number of SDRs in collection 3038–0096 from 15 to 4. When submitting the original OMB information collection for part 45 reporting, the Commission had assumed that up to 15 entities would register as SDRs. Currently, there are four SDRs provisionally registered with the Commission. Three other PO 00000 Frm 00019 Fmt 4703 Sfmt 4703 74409 The Commission received one comment letter in response to the 60 Day Notice. CME Group commented that the Commission’s assumptions relating to economies of scale for connections to more than one SDR were erroneous. CME Group also commented that the Commission’s assumption that DCOs would not need to connect to every SDR because not every SDR accepted every asset class of swaps was erroneous, because only the equities asset class was accepted by fewer than four SDRs. While not providing a specific number of burden hours associated with the Cleared Swap Reporting Release, CME Group estimated that the build to comply with the rule would be ‘‘almost 50% above the Commission’s estimate[.]’’ CME Group also commented that the Commission’s estimate of annual costs was low because the incorrect assumptions on economies of scale and limited numbers of SDR connections applied to costs as well as burden hours. (CME Group Sept. 19, 2016 Letter, at 2– 5).3 The CME Group letter did not address the 200 hour recurring burden for changes to PET fields, and the Commission received no other comments on the 60 Day Notice. Burden Statement: Based on the comment letter received in response to the 60 Day Notice, the Commission is revising its estimate of the burden for this collection by increasing the estimated costs associated with the termination of original swaps by 50 percent. The Commission is not revising the burden estimate association with additional and amended PET fields. Below are tables indicating the increase in burden hours and costs above those in the current collection 3038–0096: entities had submitted SDR applications. Two withdrew applications in 2012 and 2014. One (GTR) withdrew its application and resubmitted under the corporate entity DTCC Data Repository (US) LLC, which currently operates as a provisionally registered SDR. As the Commission has not received any SDR applications since 2012, the Commission believes that four is a reasonable number of SDRs for calculating PRA burdens. 3 The Commission received a comment from Robert Rutkowski on Sept. 15, 2016 under this comment file. However, this comment letter related to the de minimis report, not the Cleared Swap Reporting Release or PRA Notice. E:\FR\FM\26OCN1.SGM 26OCN1 74410 Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices ADDITIONAL AND AMENDED PET FIELDS [Same as in 60 day notice] Affected entities SDRs, SEFs, DCMs, DCOs, SD/MSPs, non-SD/MSP reporting entities Number of respondents Burden type Burden per respondent Annual hours burden ................................................... Annual costs ................................................................ 200 hours .................................................................... $0 ................................................................................ 449 449 Total burden 89,800 hours. $0. TERMINATION OF ORIGINAL SWAPS [Increased by 50% from 60 day notice] Affected entities DCOs Number of respondents Burden type Burden per respondent One-time hours burden ............................................... Annual costs ................................................................ 4,500 hours ................................................................. $375,000 ..................................................................... Increases in Hours Burdens and New Total Hours Burden Based on an increase in annual burden hours of 89,800, Commission staff estimate that the revised aggreagate total annual time burden for the collection is 562,945 hours. asabaliauskas on DSK3SPTVN1PROD with NOTICES Increases in Aggregate Costs There are three components to the aggregate increase in annual costs associated with this revision, (a) costs associated with changes to reporting systems, to be incurred by 449 entities; (b) annualized costs associated with establishing SDR connections by DCOs; and (c) costs associated with maintaining SDR connections by DCOs. First, the Commission estimates that the costs associated with additional and amended PET fields will be $15,196 per entity (200 hours × $75.98 per hour).4 The aggregate increase across all 449 reporting entities and SDRs for the additional and amended PET fields is therefore $6,823,004. Second, the Commission estimates that DCO to SDR connections will require each DCO to incur a one-time 4 In calculating the cost figures associated with burden hours, the Commission estimated the appropriate wage rate based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association (‘‘SIFMA’’). Commission staff arrived at an hourly rate of $75.98 using figures from a weighted average of salaries and bonuses across different professions from the SIFMA Report on Management & Professional Earnings in the Securities Industry 2013, modified to account for an 1800-hour work-year and multiplied by 1.3 to account for overhead and other benefits. The Commission estimated appropriate wage rate is a weighted national average of salary and bonuses for professionals with the following titles (and their relative weight): ‘‘programmer (senior)’’ (30% weight); ‘‘programmer’’ (30%); ‘‘compliance advisor (intermediate)’’ (20%); ‘‘systems analyst’’ (10%), and ‘‘assistant/associate general counsel’’ (10%). VerDate Sep<11>2014 18:25 Oct 25, 2016 Jkt 241001 start-up cost of $341,910 (4,500 hours x $75.98 per hour). The Commission estimates that DCOs will use these connections for 20 years, and therefore the annualized start-up cost for SDR connections will be $17,095 per DCO. Based on 12 DCOs, the aggregate annualized start-up cost for SDR connections will be $205,146. Third, DCOs will incur an aggregate annual cost of $4,500,000 to maintain those SDR connections. By combining these three components, the aggregate increase to annual costs associated with this collection will be $11,528,150. Total Aggregate Costs Commission staff estimate that the revised aggregate total annual cost for the collection is $99,462,062. The burden estimate represents the burden that SDRs, swap execution facilities (‘‘SEFs’’), designated contract markets (‘‘DCMs’’), DCOs, swap dealers (‘‘SDs’’), major swap participants (‘‘MSPs’’), and non-SD/MSP swap counterparties incur to operate and maintain swap recordkeeping and reporting systems to facilitate the recordkeeping and reporting of swaps. Respondents/Affected Entities: SDRs, SEFs, DCMs, DCOs, SDs, MSPs, and non-SD/MSP swap counterparties. Estimated Number of Respondents: 30,210. Estimated Total Annual Burden on Respondents: 562,945 hours. Estimated Total Annual Cost: $99,462,062. Frequency of Collection: Ongoing. (Authority: 44 U.S.C. 3501 et seq.) PO 00000 Frm 00020 Fmt 4703 Sfmt 4703 12 12 Total burden 54,000 hours. $4,500,000. Dated: October 21, 2016. Robert N. Sidman, Deputy Secretary of the Commission. [FR Doc. 2016–25925 Filed 10–25–16; 8:45 am] BILLING CODE 6351–01–P BUREAU OF CONSUMER FINANCIAL PROTECTION Compliance Bulletin and Policy Guidance; 2016–02, Service Providers Bureau of Consumer Financial Protection. ACTION: Compliance bulletin and policy guidance. AGENCY: The Bureau is reissuing its guidance on service providers, formerly titled CFPB Bulletin 2012–03, Service Providers to clarify that the depth and formality of the risk management program for service providers may vary depending upon the service being performed—its size, scope, complexity, importance and potential for consumer harm—and the performance of the service provider in carrying out its activities in compliance with Federal consumer financial laws and regulations. This amendment is needed to clarify that supervised entities have flexibility and to allow appropriate risk management. DATES: The Bureau released this Compliance Bulletin and Policy Guidance on its Web site on October 31, 2016. FOR FURTHER INFORMATION CONTACT: Suzanne McQueen, Attorney Adviser, Office of Supervision Policy, 1700 G Street NW., 20552, 202–435–7439. SUPPLEMENTARY INFORMATION: SUMMARY: E:\FR\FM\26OCN1.SGM 26OCN1

Agencies

[Federal Register Volume 81, Number 207 (Wednesday, October 26, 2016)]
[Notices]
[Pages 74408-74410]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-25925]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities Under OMB Review

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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

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

[[Page 74409]]

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 November 25, 2016.

ADDRESSES: Comments regarding the burden estimated or any other aspect 
of the information collection, including suggestions for reducing the 
burden, may be submitted directly to the Office of Information and 
Regulatory Affairs in OMB, within 30 days of publication of the notice, 
by email at OIRAsubmissions@omb.eop.gov. Please identify the comments 
by OMB Control No. 3038-0096. Please provide the Commission with a copy 
of all submitted comments at the address listed below. Please refer to 
OMB Reference No. 3038-0096, found on http://reginfo.gov. Comments may 
also be mailed to the Office of Information and Regulatory Affairs, 
Office of Management and Budget, Attention: Desk Officer for the 
Commodity Futures Trading Commission, 725 17th Street NW., Washington, 
DC 20503, and to the Commission through its Web site at http://comments.cftc.gov. Follow the instructions for submitting comments 
through the Web site.
    Comments may also be mailed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581, or by 
Hand Delivery/Courier at the same address.
    A copy of the supporting statements for the collection of 
information discussed above may be obtained by visiting http://
regInfo.gov. All comments must be submitted in English, or if not, 
accompanied by an English translation. Comments will be posted as 
received to http://www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Andrew Ridenour, Special Counsel, 
(202) 418-5438, aridenour@cftc.gov, or Owen Kopon, Attorney-Advisor, 
(202) 418-5360, okopon@cftc.gov, Division of Market Oversight, and 
refer to OMB Control No. 3038-0096.

SUPPLEMENTARY INFORMATION: 
    Title: Revised Collection, Comment Request: Amendments to Swap Data 
Recordkeeping and Reporting Requirements for Cleared Swaps, Final Rule 
(OMB Control No. 3038-0096). This is a request for a revision to a 
currently approved information collection.
    Abstract: The Commission recently adopted a final rule regarding 
the reporting of cleared swap transactions (the ``Cleared Swap 
Reporting Release''),\1\ which will require entities reporting swaps to 
report certain additional data elements. This Cleared Swap Reporting 
Release will also require registered derivatives clearing organizations 
(``DCOs'') to terminate ``original swaps'' (as defined in that final 
rule), which may require DCOs to connect to multiple registered swap 
data repositories (``SDRs''). 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 Federal 
Register notice with a 60-day comment period soliciting comments on 
this collection of information (``60 Day Notice''), implicated by the 
requirements of the Cleared Swap Reporting Release, was published on 
July 21, 2016 (81 FR 47362). The 60 Day Notice included a burden 
estimate for (a) DCOs to connect to SDRs for purposes of terminating 
original swaps, estimated to require a one-time hours burden of 3,000 
per DCO and a recurring annual cost of $250,000; and (b) changes to 
reporting systems by all reporting entities and SDRs to account for 
additional and amended primary economic terms (``PET'') data fields in 
the Cleared Swap Reporting Release and future changes required by 
changes to PET fields and developments in the swaps market, estimated 
as a recurring burden of 200 hours per year.\2\
---------------------------------------------------------------------------

    \1\ See Amendments to Swap Data Recordkeeping and Reporting 
Requirements for Cleared Swaps, Final Rule, 81 FR 41736 (June 27, 
2016).
    \2\ While not connected to the Cleared Swap Reporting Release, 
the Commission also proposed in the 60 Day Notice to reduce the 
number of SDRs in collection 3038-0096 from 15 to 4. When submitting 
the original OMB information collection for part 45 reporting, the 
Commission had assumed that up to 15 entities would register as 
SDRs. Currently, there are four SDRs provisionally registered with 
the Commission. Three other entities had submitted SDR applications. 
Two withdrew applications in 2012 and 2014. One (GTR) withdrew its 
application and resubmitted under the corporate entity DTCC Data 
Repository (US) LLC, which currently operates as a provisionally 
registered SDR. As the Commission has not received any SDR 
applications since 2012, the Commission believes that four is a 
reasonable number of SDRs for calculating PRA burdens.
---------------------------------------------------------------------------

    The Commission received one comment letter in response to the 60 
Day Notice. CME Group commented that the Commission's assumptions 
relating to economies of scale for connections to more than one SDR 
were erroneous. CME Group also commented that the Commission's 
assumption that DCOs would not need to connect to every SDR because not 
every SDR accepted every asset class of swaps was erroneous, because 
only the equities asset class was accepted by fewer than four SDRs. 
While not providing a specific number of burden hours associated with 
the Cleared Swap Reporting Release, CME Group estimated that the build 
to comply with the rule would be ``almost 50% above the Commission's 
estimate[.]'' CME Group also commented that the Commission's estimate 
of annual costs was low because the incorrect assumptions on economies 
of scale and limited numbers of SDR connections applied to costs as 
well as burden hours. (CME Group Sept. 19, 2016 Letter, at 2-5).\3\ The 
CME Group letter did not address the 200 hour recurring burden for 
changes to PET fields, and the Commission received no other comments on 
the 60 Day Notice.
---------------------------------------------------------------------------

    \3\ The Commission received a comment from Robert Rutkowski on 
Sept. 15, 2016 under this comment file. However, this comment letter 
related to the de minimis report, not the Cleared Swap Reporting 
Release or PRA Notice.
---------------------------------------------------------------------------

    Burden Statement: Based on the comment letter received in response 
to the 60 Day Notice, the Commission is revising its estimate of the 
burden for this collection by increasing the estimated costs associated 
with the termination of original swaps by 50 percent. The Commission is 
not revising the burden estimate association with additional and 
amended PET fields.
    Below are tables indicating the increase in burden hours and costs 
above those in the current collection 3038-0096:

[[Page 74410]]



                                        Additional and Amended PET Fields
                                           [Same as in 60 day notice]
----------------------------------------------------------------------------------------------------------------
           Affected entities                 SDRs, SEFs, DCMs, DCOs, SD/MSPs, non-SD/MSP reporting entities
----------------------------------------------------------------------------------------------------------------
                                                                      Number of
              Burden type                 Burden per respondent      respondents            Total burden
----------------------------------------------------------------------------------------------------------------
Annual hours burden...................  200 hours................             449  89,800 hours.
Annual costs..........................  $0.......................             449  $0.
----------------------------------------------------------------------------------------------------------------


                                          Termination of Original Swaps
                                      [Increased by 50% from 60 day notice]
----------------------------------------------------------------------------------------------------------------
           Affected entities                                              DCOs
----------------------------------------------------------------------------------------------------------------
                                                                      Number of
              Burden type                 Burden per respondent      respondents            Total burden
----------------------------------------------------------------------------------------------------------------
One-time hours burden.................  4,500 hours..............              12  54,000 hours.
Annual costs..........................  $375,000.................              12  $4,500,000.
----------------------------------------------------------------------------------------------------------------

Increases in Hours Burdens and New Total Hours Burden

    Based on an increase in annual burden hours of 89,800, Commission 
staff estimate that the revised aggreagate total annual time burden for 
the collection is 562,945 hours.

Increases in Aggregate Costs

    There are three components to the aggregate increase in annual 
costs associated with this revision, (a) costs associated with changes 
to reporting systems, to be incurred by 449 entities; (b) annualized 
costs associated with establishing SDR connections by DCOs; and (c) 
costs associated with maintaining SDR connections by DCOs.
    First, the Commission estimates that the costs associated with 
additional and amended PET fields will be $15,196 per entity (200 hours 
x $75.98 per hour).\4\ The aggregate increase across all 449 reporting 
entities and SDRs for the additional and amended PET fields is 
therefore $6,823,004.
---------------------------------------------------------------------------

    \4\ In calculating the cost figures associated with burden 
hours, the Commission estimated the appropriate wage rate based on 
salary information for the securities industry compiled by the 
Securities Industry and Financial Markets Association (``SIFMA''). 
Commission staff arrived at an hourly rate of $75.98 using figures 
from a weighted average of salaries and bonuses across different 
professions from the SIFMA Report on Management & Professional 
Earnings in the Securities Industry 2013, modified to account for an 
1800-hour work-year and multiplied by 1.3 to account for overhead 
and other benefits. The Commission estimated appropriate wage rate 
is a weighted national average of salary and bonuses for 
professionals with the following titles (and their relative weight): 
``programmer (senior)'' (30% weight); ``programmer'' (30%); 
``compliance advisor (intermediate)'' (20%); ``systems analyst'' 
(10%), and ``assistant/associate general counsel'' (10%).
---------------------------------------------------------------------------

    Second, the Commission estimates that DCO to SDR connections will 
require each DCO to incur a one-time start-up cost of $341,910 (4,500 
hours x $75.98 per hour). The Commission estimates that DCOs will use 
these connections for 20 years, and therefore the annualized start-up 
cost for SDR connections will be $17,095 per DCO. Based on 12 DCOs, the 
aggregate annualized start-up cost for SDR connections will be 
$205,146.
    Third, DCOs will incur an aggregate annual cost of $4,500,000 to 
maintain those SDR connections.
    By combining these three components, the aggregate increase to 
annual costs associated with this collection will be $11,528,150.

Total Aggregate Costs

    Commission staff estimate that the revised aggregate total annual 
cost for the collection is $99,462,062. The burden estimate represents 
the burden that SDRs, swap execution facilities (``SEFs''), designated 
contract markets (``DCMs''), DCOs, swap dealers (``SDs''), major swap 
participants (``MSPs''), and non-SD/MSP swap counterparties incur to 
operate and maintain swap recordkeeping and reporting systems to 
facilitate the recordkeeping and reporting of swaps.
    Respondents/Affected Entities: SDRs, SEFs, DCMs, DCOs, SDs, MSPs, 
and non-SD/MSP swap counterparties.
    Estimated Number of Respondents: 30,210.
    Estimated Total Annual Burden on Respondents: 562,945 hours.
    Estimated Total Annual Cost: $99,462,062.
    Frequency of Collection: Ongoing.

(Authority: 44 U.S.C. 3501 et seq.)

    Dated: October 21, 2016.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2016-25925 Filed 10-25-16; 8:45 am]
 BILLING CODE 6351-01-P