Proposed Collection; Comment Request, 35032-35033 [2018-15755]
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35032
Federal Register / Vol. 83, No. 142 / Tuesday, July 24, 2018 / Notices
• evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collections of information,
including the validity of the
methodologies and assumptions used;
• enhance the quality, utility, and
clarity of the information to be
collected; and
• minimize the burden of the
collections of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submission of
responses.
Stephanie Cibinic,
Deputy Assistant General Counsel for
Regulatory Affairs, Pension Benefit Guaranty
Corporation.
[FR Doc. 2018–15806 Filed 7–23–18; 8:45 am]
BILLING CODE 7709–02–P
RAILROAD RETIREMENT BOARD
Proposed Collection; Comment
Request
In accordance with the
requirement of Section 3506 (c)(2)(A) of
the Paperwork Reduction Act of 1995
which provides opportunity for public
SUMMARY:
comment on new or revised data
collections, the Railroad Retirement
Board (RRB) will publish periodic
summaries of proposed data collections.
Comments are invited on: (a) Whether
the proposed information collection is
necessary for the proper performance of
the functions of the agency, including
whether the information has practical
utility; (b) the accuracy of the RRB’s
estimate of the burden of the collection
of the information; (c) ways to enhance
the quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden related to
the collection of information on
respondents, including the use of
automated collection techniques or
other forms of information technology.
1. Title and purpose of information
collection: Employee’s Certification;
OMB 3220–0140.
Section 2 of the Railroad Retirement
Act (RRA), provides for the payment of
an annuity to the spouse or divorced
spouse of a retired railroad employee.
For the spouse or divorced spouse to
qualify for an annuity, the RRB must
determine if any of the employee’s
current marriage to the applicant is
valid.
The requirements for obtaining
documentary evidence to determine
valid marital relationships are
prescribed in 20 CFR 219.30 through
219.35. Section 2(e) of the RRA requires
that an employee must relinquish all
rights to any railroad employer service
before a spouse annuity can be paid.
The RRB uses Form G–346,
Employee’s Certification, to obtain the
information needed to determine
whether the employee’s current
marriage is valid. Form G–346 is
completed by the retired employee who
is the husband or wife of the applicant
for a spouse annuity. Completion is
required to obtain a benefit. One
response is requested of each
respondent. The RRB proposes no
changes to Form G–346.
Form G–346sum, Employee
Certification Summary, which mirrors
the information collected on Form G–
346, is used when an employee, after
being interviewed by an RRB field office
representative, ‘‘signs’’ the form using
an alternative signature method known
as ‘‘attestation.’’ Attestation refers to the
action taken by the RRB field office
representative to confirm and annotate
the RRB’s records of the applicant’s
affirmation under penalty of perjury that
the information provided is correct and
the applicant’s agreement to sign the
form by proxy. The RRB proposes no
changes to Form G–346sum.
ESTIMATE OF ANNUAL RESPONDENT BURDEN
Annual
responses
Form No.
Time
(min)
Burden
(hrs)
G–346 ..........................................................................................................................................
G–346sum ...................................................................................................................................
4,220
2,100
5
5
352
175
Total ......................................................................................................................................
6,320
........................
527
jstallworth on DSKBBY8HB2PROD with NOTICES
2. Title and purpose of information
collection: Railroad Separation
Allowance or Severance Pay Report;
OMB 3220–0173.
Section 6 of the Railroad Retirement
Act provides for a lump-sum payment to
an employee or the employee’s
survivors equal to the Tier II taxes paid
by the employee on a separation
allowance or severance payment for
which the employee did not receive
credits toward retirement. The lumpsum is not payable until retirement
benefits begin to accrue or the employee
dies. Also, Section 4(a–1) (iii) of the
Railroad Unemployment Insurance Act
provides that a railroad employee who
is paid a separation allowance is
disqualified for unemployment and
sickness benefits for the period of time
the employee would have to work to
earn the amount of the allowance. The
reporting requirements are specified in
20 CFR 209.14.
In order to calculate and provide
payments, the Railroad Retirement
Board (RRB) must collect and maintain
records of separation allowances and
severance payments which were subject
to Tier II taxation from railroad
employers. The RRB uses Form BA–9,
Report of Separation Allowance or
Severance Pay, to obtain information
from railroad employers concerning the
separation allowances and severance
payments made to railroad employees
and/or the survivors of railroad
employees. Employers currently have
the option of submitting their reports on
paper Form BA–9, (or in like format) on
a CD–ROM, or by File Transfer Protocol
(FTP), or Secure Email. Completion is
mandatory. One response is requested of
each respondent. The RRB proposes no
changes to Form BA–9.
ESTIMATE OF ANNUAL RESPONDENT BURDEN
Annual
responses
Form No.
BA–9 (Paper) ...............................................................................................................................
BA–9 (CD–ROM) .........................................................................................................................
BA–9 (Secure Email) ...................................................................................................................
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100
40
60
24JYN1
Time
(minutes)
Burden
(hours)
76
76
76
127
51
76
35033
Federal Register / Vol. 83, No. 142 / Tuesday, July 24, 2018 / Notices
ESTIMATE OF ANNUAL RESPONDENT BURDEN—Continued
Annual
responses
Form No.
Time
(minutes)
Burden
(hours)
BA–9 (FTP) ..................................................................................................................................
160
76
203
Total ......................................................................................................................................
360
........................
457
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, contact Dana
Hickman at (312) 751–4981 or
Dana.Hickman@RRB.GOV. Comments
regarding the information collection
should be addressed to Brian Foster,
Railroad Retirement Board, and 844
North Rush Street, Chicago, Illinois
60611–1275 or emailed to Brian.Foster@
rrb.gov. Written comments should be
received within 60 days of this notice.
Brian Foster,
Clearance Officer.
[FR Doc. 2018–15755 Filed 7–23–18; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83662; File No. SR–ICC–
2018–008]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing of
Proposed Rule Change Relating to
ICC’s Risk Management Model
Description Document and ICC’s Risk
Management Framework
July 18, 2018.
jstallworth on DSKBBY8HB2PROD with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934, 15
U.S.C. 78s(b)(1) and Rule 19b–4, 17 CFR
240.19b–4, notice is hereby given that
on July 5, 2018, ICE Clear Credit LLC
(‘‘ICC’’) filed with the Securities and
Exchange Commission the proposed
rule change as described in Items I, II
and III below, which Items have been
prepared by ICC. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change, Security-Based Swap
Submission, or Advance Notice
The principal purpose of the
proposed rule change is to make
revisions to the ICC Risk Management
Model Description Document and the
ICC Risk Management Framework
related to the transition from a stressbased approach to a Monte Carlo-based
VerDate Sep<11>2014
13:59 Jul 23, 2018
Jkt 244001
methodology for the spread response
and recovery rate (‘‘RR’’) sensitivity
response components of the Initial
Margin model. These revisions do not
require any changes to the ICC Clearing
Rules.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
In its filing with the Commission, ICC
included statements concerning the
purpose of and basis for the proposed
rule change, security-based swap
submission, or advance notice and
discussed any comments it received on
the proposed rule change, securitybased swap submission, or advance
notice. The text of these statements may
be examined at the places specified in
Item IV below. ICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
(a) Purpose
ICC proposes revising its Risk
Management Model Description
Document and its Risk Management
Framework. ICC believes such revisions
will facilitate the prompt and accurate
clearance and settlement of securities
transactions and derivative agreements,
contracts, and transactions for which it
is responsible. The proposed revisions
are described in detail as follows.
The purpose of the proposed changes
is to transition from a stress-based
approach to a Monte Carlo-based
methodology for the spread response
and recovery rate (‘‘RR’’) sensitivity
response components of the Initial
Margin model. ICC notes certain
limitations of its stress-based approach,
namely, that it generates a limited
number of stress scenarios that may not
capture the risk of portfolios with more
complex non-linear instruments and
that it does not provide for a consistent
estimation of the portfolio level spread
response based on a defined risk
measure (e.g., Value-at-Risk (‘‘VaR’’))
and quantile (e.g., 99%). The transition
to a Monte Carlo-based methodology
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Sfmt 4703
rectifies these limitations, as it
considers a large set of scenarios to
more appropriately capture portfolio
risk, including the risk of more complex
non-linear instruments, and produces
consistent quantile-based portfolio risk
measure estimates.
To derive the spread response
component, the current stress-based
approach considers a set of hypothetical
‘‘tightening’’ and ‘‘widening’’ credit
spread scenarios, from which it
computes instrument Profit/Loss (‘‘P/
L’’) responses for every Risk Factor
(‘‘RF’’) scenario. All instrument P/L
responses for a scenario are aggregated
to obtain the portfolio P/L response for
that scenario. Since the set of scenarios
does not reflect the joint distribution of
the considered RFs, offsets between P/
Ls are applied to provide some portfolio
benefits. To derive the RR sensitivity
response component, all instruments
belonging to a RF or Risk Sub-Factor
(‘‘RSF’’) are subjected to RR stress
scenarios to obtain the resulting P/L
responses, and the worst scenario
response is chosen for the estimation of
the RF/RSF RR sensitivity response
component.
Under the proposed Monte Carlobased methodology, the ‘‘integrated
spread response’’ component replaces
the spread response and RR sensitivity
response components. This component
will be computed by creating P/L
distributions from a set of jointlysimulated hypothetical (forward
looking) spread and RR scenarios. The
proposed Monte Carlo-based
methodology utilizes standard tools in
modeling dependence, which can be
seen as a means for constructing
multivariate distributions with different
univariate distributions and with
desired dependence structures, to
generate the spread and RR scenarios.
The proposed Monte Carlo-based
methodology provides flexibility in
modeling tail dependence, an important
concept in risk management as it
provides information about how
frequently extreme values are expected
to occur, and thus ICC considers them
particularly suitable for implementing
its Monte Carlo framework.
The univariate RF distribution
assumptions do not change under the
proposed Monte Carlo-based
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]]>Agencies
[Federal Register Volume 83, Number 142 (Tuesday, July 24, 2018)]
[Notices]
[Pages 35032-35033]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15755]
=======================================================================
-----------------------------------------------------------------------
RAILROAD RETIREMENT BOARD
Proposed Collection; Comment Request
SUMMARY: In accordance with the requirement of Section 3506 (c)(2)(A)
of the Paperwork Reduction Act of 1995 which provides opportunity for
public comment on new or revised data collections, the Railroad
Retirement Board (RRB) will publish periodic summaries of proposed data
collections.
Comments are invited on: (a) Whether the proposed information
collection is necessary for the proper performance of the functions of
the agency, including whether the information has practical utility;
(b) the accuracy of the RRB's estimate of the burden of the collection
of the information; (c) ways to enhance the quality, utility, and
clarity of the information to be collected; and (d) ways to minimize
the burden related to the collection of information on respondents,
including the use of automated collection techniques or other forms of
information technology.
1. Title and purpose of information collection: Employee's
Certification; OMB 3220-0140.
Section 2 of the Railroad Retirement Act (RRA), provides for the
payment of an annuity to the spouse or divorced spouse of a retired
railroad employee. For the spouse or divorced spouse to qualify for an
annuity, the RRB must determine if any of the employee's current
marriage to the applicant is valid.
The requirements for obtaining documentary evidence to determine
valid marital relationships are prescribed in 20 CFR 219.30 through
219.35. Section 2(e) of the RRA requires that an employee must
relinquish all rights to any railroad employer service before a spouse
annuity can be paid.
The RRB uses Form G-346, Employee's Certification, to obtain the
information needed to determine whether the employee's current marriage
is valid. Form G-346 is completed by the retired employee who is the
husband or wife of the applicant for a spouse annuity. Completion is
required to obtain a benefit. One response is requested of each
respondent. The RRB proposes no changes to Form G-346.
Form G-346sum, Employee Certification Summary, which mirrors the
information collected on Form G-346, is used when an employee, after
being interviewed by an RRB field office representative, ``signs'' the
form using an alternative signature method known as ``attestation.''
Attestation refers to the action taken by the RRB field office
representative to confirm and annotate the RRB's records of the
applicant's affirmation under penalty of perjury that the information
provided is correct and the applicant's agreement to sign the form by
proxy. The RRB proposes no changes to Form G-346sum.
Estimate of Annual Respondent Burden
----------------------------------------------------------------------------------------------------------------
Annual
Form No. responses Time (min) Burden (hrs)
----------------------------------------------------------------------------------------------------------------
G-346........................................................... 4,220 5 352
G-346sum........................................................ 2,100 5 175
-----------------------------------------------
Total....................................................... 6,320 .............. 527
----------------------------------------------------------------------------------------------------------------
2. Title and purpose of information collection: Railroad Separation
Allowance or Severance Pay Report; OMB 3220-0173.
Section 6 of the Railroad Retirement Act provides for a lump-sum
payment to an employee or the employee's survivors equal to the Tier II
taxes paid by the employee on a separation allowance or severance
payment for which the employee did not receive credits toward
retirement. The lump-sum is not payable until retirement benefits begin
to accrue or the employee dies. Also, Section 4(a-1) (iii) of the
Railroad Unemployment Insurance Act provides that a railroad employee
who is paid a separation allowance is disqualified for unemployment and
sickness benefits for the period of time the employee would have to
work to earn the amount of the allowance. The reporting requirements
are specified in 20 CFR 209.14.
In order to calculate and provide payments, the Railroad Retirement
Board (RRB) must collect and maintain records of separation allowances
and severance payments which were subject to Tier II taxation from
railroad employers. The RRB uses Form BA-9, Report of Separation
Allowance or Severance Pay, to obtain information from railroad
employers concerning the separation allowances and severance payments
made to railroad employees and/or the survivors of railroad employees.
Employers currently have the option of submitting their reports on
paper Form BA-9, (or in like format) on a CD-ROM, or by File Transfer
Protocol (FTP), or Secure Email. Completion is mandatory. One response
is requested of each respondent. The RRB proposes no changes to Form
BA-9.
Estimate of Annual Respondent Burden
----------------------------------------------------------------------------------------------------------------
Annual Time Burden
Form No. responses (minutes) (hours)
----------------------------------------------------------------------------------------------------------------
BA-9 (Paper).................................................... 100 76 127
BA-9 (CD-ROM)................................................... 40 76 51
BA-9 (Secure Email)............................................. 60 76 76
[[Page 35033]]
BA-9 (FTP)...................................................... 160 76 203
-----------------------------------------------
Total....................................................... 360 .............. 457
----------------------------------------------------------------------------------------------------------------
Additional Information or Comments: To request more information or
to obtain a copy of the information collection justification, forms,
and/or supporting material, contact Dana Hickman at (312) 751-4981 or
[email protected]. Comments regarding the information collection
should be addressed to Brian Foster, Railroad Retirement Board, and 844
North Rush Street, Chicago, Illinois 60611-1275 or emailed to
[email protected]. Written comments should be received within 60
days of this notice.
Brian Foster,
Clearance Officer.
[FR Doc. 2018-15755 Filed 7-23-18; 8:45 am]
BILLING CODE 7905-01-P
