Proposed Collection; Comment Request, 10561-10562 [2019-05339]

Download as PDF Federal Register / Vol. 84, No. 55 / Thursday, March 21, 2019 / Notices should be submitted on or before April 11, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–05354 Filed 3–20–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 amozie on DSK9F9SC42PROD with NOTICES Extension: Order Granting Conditional Exemptions under the Securities Exchange Act of 1934 in Connection with Portfolio Margining of Swaps and Security-Based Swaps, SEC File No. S7–13–12, OMB Control No. 3235–0698 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in the Order Granting Conditional Exemptions Under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) in Connection with Portfolio Margining of Swaps and Security-Based Swaps, Exchange Act Release No. 68433 (Dec. 14, 2012), 77 FR 75211 (Dec. 19, 2012) (‘‘Order’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. On December 14, 2012, the Commission found it necessary or appropriate in the public interest and consistent with the protection of investors to grant the conditional exemptions discussed in the Order. Among other things, the Order requires dually-registered broker-dealer and futures commission merchants (‘‘BD/ FCMs’’) that elect to offer a program to commingle and portfolio margin customer positions in credit default swaps (‘‘CDS’’) in customer accounts maintained in accordance with Section 4d(f) of the Commodity Exchange Act (‘‘CEA’’) and rules thereunder, to obtain certain agreements and opinions from its customers regarding the applicable regulatory regime, and to make certain disclosures to its customers before 14 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:27 Mar 20, 2019 Jkt 247001 receiving any money, securities, or property of a customer to margin, guarantee, or secure positions consisting of cleared CDS, which include both swaps and security-based swaps, under a program to commingle and portfolio margin CDS. The Order also requires BD/FCMs that elect to offer a program to commingle and portfolio margin CDS positions in customer accounts maintained in accordance with Section 4d(f) of the CEA and rules thereunder, to maintain minimum margin levels using a margin methodology approved by the Commission or the Commission staff. The Commission estimates that 35 firms may seek to avail themselves of the conditional exemptive relief provided by the Order and therefore would be subject to the information collection. The Commission bases this estimate on the total number of entities that are dually registered as brokerdealers and futures commission merchants. The Commission estimates that the aggregate annual time burden for all of the 35 respondents is approximately 22,517 hours calculated as follows: (a) Based on information that the Commission receives on a monthly basis, the Commission estimates that each respondent will have, on average, 34 non-affiliate credit default swap customers. The Commission further estimates for each such customer, a respondent will spend approximately 20 hours developing a non-conforming subordination agreement under paragraph IV(b)(1)(ii) of the Order. The Commission therefore estimates that the burden associated with entering into non-conforming subordination agreements with non-affiliate cleared credit default swap customers under paragraph IV(b)(1)(ii) of the Order will impose an initial, one-time average burden of 680 hours (34 non-affiliate customers times 20 hours per customer) per respondent and an aggregate burden of 23,800 hours for all 35 respondents (680 × 35). This burden is a third-party disclosure burden. (b) The Commission estimates that each respondent will have, on average, 11 affiliate credit default swap customers and that for each such customer, a respondent will spend approximately 20 hours developing a non-conforming subordination agreement under paragraph IV(b)(2)(ii) of the Order. The Commission therefore estimates that the burden associated with entering into non-conforming subordination agreements with affiliate cleared credit default swap customers under paragraph IV(b)(2)(ii) of the Order will impose an initial, one-time burden PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 10561 of 220 hours per respondent (11 affiliate customers times 20 hours per customer) and an aggregate burden of 7,700 hours for all 35 respondents (220 × 35) . This burden is a third-party disclosure burden. (c) The Commission estimates that for each affiliate cleared credit default swap customer a respondent will spend approximately 2 hours developing and reviewing the required opinion of counsel under paragraph IV(b)(2)(iii) of the Order. The Commission therefore estimates that the burden associated with obtaining opinions of counsel from affiliate cleared credit default swap customers under paragraph IV(b)(2)(iii) of the Order will impose an initial, onetime burden of 22 hours per respondent (11 affiliate customers times 2 hours per customer) and an aggregate burden for all 35 respondents of 770 hours (22 × 35). This burden is a third-party disclosure burden. (d) The Commission estimates that the burden associated with seeking the Commission’s approval of margin methodologies under paragraph IV(b)(3) of the Order will impose an initial, onetime burden of 1,000 hours per respondent and an aggregate burden for all 35 respondents of 35,000 hours (1,000 × 35) . This burden is a reporting burden. (e) The Commission estimates that the burden associated with disclosing information to customers under paragraph IV(b)(6) of the Order will impose an initial, one-time burden of 8 hours per respondent and an aggregate burden for all 35 respondents of 280 hours (8 × 35). This burden is a thirdparty disclosure burden. The total aggregate one-time burden for all 35 respondents is thus 67,550 hours (32,550 third party disclosure + 35,000 reporting). Amortized over three years, the aggregate burden per year is approximately 22,517 hours. The Commission estimates that each respondent will incur a one-time cost of $8,000 in outside legal counsel expenses in connection with obtaining opinions of counsel from affiliate cleared credit default swap customers under paragraph IV(b)(2)(iii) of the Order, calculated as follows: (20 hours to obtain opinions of counsel from affiliate cleared credit default swap customers under paragraph IV(b)(2)(iii) of the Order) × ($400 per hour for outside legal counsel) = $8,000. The one-time aggregate burden for all 35 respondents is thus $280,000 (8,000 × 35), or approximately $93,333 per year when amortized over three years. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper E:\FR\FM\21MRN1.SGM 21MRN1 10562 Federal Register / Vol. 84, No. 55 / Thursday, March 21, 2019 / Notices performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information 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. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: Charles Riddle, Acting Director/Chief Information Officer, Securities and Exchange Commission, c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: March 15, 2019. Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–05339 Filed 3–20–19; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice: 10697] amozie on DSK9F9SC42PROD with NOTICES Notice of Public Meeting of the International Telecommunication Advisory Committee and Preparations for Upcoming International Telecommunications Meetings This notice announces a meeting of the Department of State’s International Telecommunication Advisory Committee (ITAC). The ITAC will meet on Thursday March 28, 2019 at AT&T 1120 20th Street NW, Washington, DC 20036 at 2 p.m., to review the results of international telecommunication policy related activities since the October 2018 ITAC, and discuss preparations for upcoming multilateral engagements. The meeting will focus on the following topics: 1. Results of the ITU Plenipotentiary (PP–18) 2. Inter-American Telecommunication Commission (CITEL) Meetings 3. ITU Council working groups 4. ITU Telecommunication Standardization Sector (ITU–T) Meetings 5. ITU Radiocommunication Sector (ITU–R) Meetings VerDate Sep<11>2014 18:27 Mar 20, 2019 Jkt 247001 6. ITU Development Sector (ITU–D) Meetings 7. World Radio Conference (WRC–19) Preparations 8. Asia Pacific Economic Cooperation Telecommunications Working Group 59 (TEL 59) 9. Organization for Economic Cooperation and Development (OECD) Committee on Digital Economy Policy (CDEP) 10. G20 Digital Economy Task Force 11. G7 Innovation/Information and Communication Technologies (ICT) Track Attendance at the ITAC meeting is open to the public as seating capacity allows. The public will have an opportunity to provide comments at this meeting at the invitation of the chair. Persons wishing to request reasonable accommodation during the meeting should send their requests to ITAC@ state.gov no later than March 15, 2019. Requests made after that time will be considered, but might not be able to be accommodated. Further details on this ITAC meeting will be announced through the Department of State’s email list, ITAC@ lmlist.state.gov. Use of the ITAC list is limited to meeting announcements and confirmations, distribution of agendas and other relevant meeting documents. The Department welcomes any U.S. citizen or legal permanent resident to remain on or join the ITAC listserv by registering by email via ITAC@state.gov and providing his or her name, email address, telephone contact and the company, organization, or community that he or she is representing, if any. The Department finds an exceptional circumstance for this notice to publish less than 15 days prior to the meeting, due to administrative issues at the Office of the Federal Register that were outside the control of the Department. Please send all inquiries to ITAC@ state.gov. Franz J. Zichy, Designated Federal Officer, Multilateral Affairs International Communications and Information Policy, U.S. Department of State. [FR Doc. 2019–05364 Filed 3–20–19; 8:45 am] BILLING CODE 4710–07–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration [Summary Notice No. PE–2019–7] Petition for Exemption; Summary of Petition Received; Airbus S.A.S. Federal Aviation Administration (FAA), DOT. AGENCY: PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 Notice of petition for exemption received. ACTION: This notice contains a summary of a petition seeking relief from specified requirements of Federal Aviation Regulations. The purpose of this notice is to improve the public’s awareness of, and participation in, the FAA’s exemption process. Neither publication of this notice nor the inclusion or omission of information in the summary is intended to affect the legal status of the petition or its final disposition. SUMMARY: Comments on this petition must identify the petition docket number and must be received on or before April 10, 2019. ADDRESSES: Send comments identified by docket number FAA–2018–1055 using any of the following methods: • Federal eRulemaking Portal: Go to https://www.regulations.gov and follow the online instructions for sending your comments electronically. • Mail: Send comments to Docket Operations, M–30; U.S. Department of Transportation (DOT), 1200 New Jersey Avenue SE, Room W12–140, West Building Ground Floor, Washington, DC 20590–0001. • Hand Delivery or Courier: Take comments to Docket Operations in Room W12–140 of the West Building Ground Floor at 1200 New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. • Fax: Fax comments to Docket Operations at 202–493–2251. Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments from the public to better inform its rulemaking process. DOT posts these comments, without edit, including any personal information the commenter provides, to https://www.regulations.gov, as described in the system of records notice (DOT/ALL–14 FDMS), which can be reviewed at https://www.dot.gov/ privacy. Docket: Background documents or comments received may be read at https://www.regulations.gov at any time. Follow the online instructions for accessing the docket or go to the Docket Operations in Room W12–140 of the West Building Ground Floor at 1200 New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: Mark Forseth, AIR–673, Federal Aviation Administration, 2200 South 216th Street, Des Moines, WA 98198, phone and fax 206–231–3179, email mark.forseth@faa.gov; or Alphonso DATES: E:\FR\FM\21MRN1.SGM 21MRN1

Agencies

[Federal Register Volume 84, Number 55 (Thursday, March 21, 2019)]
[Notices]
[Pages 10561-10562]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-05339]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Order Granting Conditional Exemptions under the Securities 
Exchange Act of 1934 in Connection with Portfolio Margining of Swaps 
and Security-Based Swaps, SEC File No. S7-13-12, OMB Control No. 
3235-0698

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the existing 
collection of information provided for in the Order Granting 
Conditional Exemptions Under the Securities Exchange Act of 1934 
(``Exchange Act'') in Connection with Portfolio Margining of Swaps and 
Security-Based Swaps, Exchange Act Release No. 68433 (Dec. 14, 2012), 
77 FR 75211 (Dec. 19, 2012) (``Order''). The Commission plans to submit 
this existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    On December 14, 2012, the Commission found it necessary or 
appropriate in the public interest and consistent with the protection 
of investors to grant the conditional exemptions discussed in the 
Order. Among other things, the Order requires dually-registered broker-
dealer and futures commission merchants (``BD/FCMs'') that elect to 
offer a program to commingle and portfolio margin customer positions in 
credit default swaps (``CDS'') in customer accounts maintained in 
accordance with Section 4d(f) of the Commodity Exchange Act (``CEA'') 
and rules thereunder, to obtain certain agreements and opinions from 
its customers regarding the applicable regulatory regime, and to make 
certain disclosures to its customers before receiving any money, 
securities, or property of a customer to margin, guarantee, or secure 
positions consisting of cleared CDS, which include both swaps and 
security-based swaps, under a program to commingle and portfolio margin 
CDS. The Order also requires BD/FCMs that elect to offer a program to 
commingle and portfolio margin CDS positions in customer accounts 
maintained in accordance with Section 4d(f) of the CEA and rules 
thereunder, to maintain minimum margin levels using a margin 
methodology approved by the Commission or the Commission staff.
    The Commission estimates that 35 firms may seek to avail themselves 
of the conditional exemptive relief provided by the Order and therefore 
would be subject to the information collection. The Commission bases 
this estimate on the total number of entities that are dually 
registered as broker-dealers and futures commission merchants.
    The Commission estimates that the aggregate annual time burden for 
all of the 35 respondents is approximately 22,517 hours calculated as 
follows:
    (a) Based on information that the Commission receives on a monthly 
basis, the Commission estimates that each respondent will have, on 
average, 34 non-affiliate credit default swap customers. The Commission 
further estimates for each such customer, a respondent will spend 
approximately 20 hours developing a non-conforming subordination 
agreement under paragraph IV(b)(1)(ii) of the Order. The Commission 
therefore estimates that the burden associated with entering into non-
conforming subordination agreements with non-affiliate cleared credit 
default swap customers under paragraph IV(b)(1)(ii) of the Order will 
impose an initial, one-time average burden of 680 hours (34 non-
affiliate customers times 20 hours per customer) per respondent and an 
aggregate burden of 23,800 hours for all 35 respondents (680 x 35). 
This burden is a third-party disclosure burden.
    (b) The Commission estimates that each respondent will have, on 
average, 11 affiliate credit default swap customers and that for each 
such customer, a respondent will spend approximately 20 hours 
developing a non-conforming subordination agreement under paragraph 
IV(b)(2)(ii) of the Order. The Commission therefore estimates that the 
burden associated with entering into non-conforming subordination 
agreements with affiliate cleared credit default swap customers under 
paragraph IV(b)(2)(ii) of the Order will impose an initial, one-time 
burden of 220 hours per respondent (11 affiliate customers times 20 
hours per customer) and an aggregate burden of 7,700 hours for all 35 
respondents (220 x 35) . This burden is a third-party disclosure 
burden.
    (c) The Commission estimates that for each affiliate cleared credit 
default swap customer a respondent will spend approximately 2 hours 
developing and reviewing the required opinion of counsel under 
paragraph IV(b)(2)(iii) of the Order. The Commission therefore 
estimates that the burden associated with obtaining opinions of counsel 
from affiliate cleared credit default swap customers under paragraph 
IV(b)(2)(iii) of the Order will impose an initial, one-time burden of 
22 hours per respondent (11 affiliate customers times 2 hours per 
customer) and an aggregate burden for all 35 respondents of 770 hours 
(22 x 35). This burden is a third-party disclosure burden.
    (d) The Commission estimates that the burden associated with 
seeking the Commission's approval of margin methodologies under 
paragraph IV(b)(3) of the Order will impose an initial, one-time burden 
of 1,000 hours per respondent and an aggregate burden for all 35 
respondents of 35,000 hours (1,000 x 35) . This burden is a reporting 
burden.
    (e) The Commission estimates that the burden associated with 
disclosing information to customers under paragraph IV(b)(6) of the 
Order will impose an initial, one-time burden of 8 hours per respondent 
and an aggregate burden for all 35 respondents of 280 hours (8 x 35). 
This burden is a third-party disclosure burden.
    The total aggregate one-time burden for all 35 respondents is thus 
67,550 hours (32,550 third party disclosure + 35,000 reporting). 
Amortized over three years, the aggregate burden per year is 
approximately 22,517 hours.
    The Commission estimates that each respondent will incur a one-time 
cost of $8,000 in outside legal counsel expenses in connection with 
obtaining opinions of counsel from affiliate cleared credit default 
swap customers under paragraph IV(b)(2)(iii) of the Order, calculated 
as follows: (20 hours to obtain opinions of counsel from affiliate 
cleared credit default swap customers under paragraph IV(b)(2)(iii) of 
the Order) x ($400 per hour for outside legal counsel) = $8,000. The 
one-time aggregate burden for all 35 respondents is thus $280,000 
(8,000 x 35), or approximately $93,333 per year when amortized over 
three years.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper

[[Page 10562]]

performance of the functions of the Commission, including whether the 
information shall have practical utility; (b) the accuracy of the 
Commission's estimates of the burden of the proposed collection of 
information; (c) ways to enhance the quality, utility, and clarity of 
the information 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. Consideration will be given to comments and suggestions 
submitted in writing within 60 days of this publication.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: Charles Riddle, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: March 15, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-05339 Filed 3-20-19; 8:45 am]
 BILLING CODE 8011-01-P
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