Agency Information Collection Activities: Notice of Intent To Revise Collection 3038-0089, Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps, 14922-14923 [2019-07307]

Download as PDF 14922 Federal Register / Vol. 84, No. 71 / Friday, April 12, 2019 / Notices jbell on DSK30RV082PROD with NOTICES dealers (‘‘SD’’) 6 and major swap participants (‘‘MSP’’) 7 to maintain transaction and position records of their swaps (including daily trading records) and to maintain specified business records (including records related to the governance and financial status of the swap dealer or major swap participant, complaints received by such SD or MSP and such SD or MSP’s marketing and sales materials). They also require SDs and MSPs to report certain swap transaction data to swap data repositories, to satisfy certain real time public reporting requirements, and to maintain records of information reported to swap data depositories and for real time reporting purposes.8 The Commission believes that the information collection obligations imposed by Commission regulations 23.201 through 23.205 are necessary to implement sections 4s(f) and 4s(g) of the CEA, including ensuring that each SD and MSP maintains the required records of their business activities and an audit trail sufficient to conduct comprehensive and accurate trade reconstruction. 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. With respect to the collection of information, the CFTC invites comments on: • Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information will have a practical use; • The accuracy of the Commission’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; • Ways to enhance the quality, usefulness, and clarity of the information to be collected; and • Ways to minimize the burden of collection 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. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to https:// www.cftc.gov. You should submit only information that you wish to make available publicly. If you wish the Commission to consider information that you believe is exempt from disclosure under the Freedom of Information Act, a petition for confidential treatment of the exempt information may be submitted according to the procedures established in § 145.9 of the Commission’s regulations.9 The Commission reserves the right, but shall have no obligation, to review, pre-screen, filter, redact, refuse or remove any or all of your submission from https://www.cftc.gov that it may deem to be inappropriate for publication, such as obscene language. All submissions that have been redacted or removed that contain comments on the merits of the information collection request will be retained in the public comment file and will be considered as required under the Administrative Procedure Act and other applicable laws, and may be accessible under the Freedom of Information Act. Burden Statement: The Commission is revising its estimate of the burden for this collection to reflect the current number of respondents and estimated burden hours. The respondent burden for this collection is estimated to be as follows: Number of Registrants: 103. Estimated Average Burden Hours per Registrant: 2,096. Estimated Aggregate Burden Hours: 215,888. Frequency of Recordkeeping: As applicable. (Authority: 44 U.S.C. 3501 et seq.) Dated: April 9, 2019. Robert Sidman, Deputy Secretary of the Commission. [FR Doc. 2019–07306 Filed 4–11–19; 8:45 am] BILLING CODE 6351–01–P COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Revise Collection 3038–0089, Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps Commodity Futures Trading Commission. ACTION: Notice. AGENCY: The Commodity Futures Trading Commission (‘‘CFTC’’) is announcing an opportunity for public comment on the proposed renewal of an information collection by the agency. SUMMARY: 6 For the definition of SD, see section 1a(49) of the CEA and Commission regulation 1.3. 7 U.S.C. 1a(49) and 17 CFR 1.3. 7 For the definitions of MSP, see section 1a(33) of the CEA and Commission regulation 1.3. 7 U.S.C. 1a(33) and 17 CFR 1.3. 8 See 17 CFR 23.201–23.205. VerDate Sep<11>2014 18:18 Apr 11, 2019 Jkt 247001 9 17 PO 00000 CFR 145.9. Frm 00012 Fmt 4703 Sfmt 4703 Under the Paperwork Reduction Act (‘‘PRA’’), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information and to allow 60 days for public comment. This notice solicits comments on the swap data recordkeeping and reporting requirements codified in 17 CFR 46. This part imposes recordkeeping and reporting requirements on the following entities: Swap Dealers (‘‘SDs’’), Major Swap Participants (‘‘MSPs’’), and swap counterparties that are neither swap dealers nor major swap participants (‘‘non-SD/MSP counterparties’’). DATES: Comments must be submitted on or before June 11, 2019. ADDRESSES: You may submit comments, identified by ‘‘Renewal of Collection Pertaining to Swap Data Recordkeeping and Reporting Requirements: PreEnactment and Transition Swaps,’’ and 3038–0089, by any of the following methods: • The Agency’s website, at https:// comments.cftc.gov/. Follow the instructions for submitting comments through the website. • Mail: Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. • Hand Delivery/Courier: Same as Mail above. Please submit your comments using only one method. FOR FURTHER INFORMATION CONTACT: Meghan Tente, Division of Market Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, (202) 418–5785, email: mtente@cftc.gov, and refer to OMB Control No. 3038–0089. SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501 et seq., Federal agencies must obtain approval from the Office of Management and Budget (‘‘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 and includes 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 before submitting the collection to OMB for approval. To comply with this requirement, the CFTC is publishing notice of the proposed amendment to the collection of information listed below. E:\FR\FM\12APN1.SGM 12APN1 jbell on DSK30RV082PROD with NOTICES Federal Register / Vol. 84, No. 71 / Friday, April 12, 2019 / Notices Title: Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps (OMB Control No. 3038–0089). This is a request for extension of a currently approved information collection. Abstract: The collection of information is needed to ensure that the CFTC and other regulators have access to data regarding pre-enactment and transition swaps, as required by the Commodity Exchange Act as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘DoddFrank Act’’). The Dodd-Frank Act directed the CFTC to adopt rules providing for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which had not expired as of the date of enactment of the DoddFrank Act (‘‘pre-enactment swaps’’) and data relating to swaps entered into on or after the date of enactment of the DoddFrank Act and prior to the compliance date specified in the the CFTC’s final swap data reporting rules (‘‘transition swaps’’). On June 12, 2012, the CFTC adopted regulation 46, which imposes recordkeeping and reporting requirements relating to pre-enactment and historical swaps. With respect to the collection of information, the CFTC invites comments on: • Whether the proposed collection of information is necessary for the proper performance of the functions of the CFTC, including whether the information will have a practical use; • The accuracy of the CFTC’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; • Ways to enhance the quality, usefulness, and clarity of the information to be collected; and • Ways to minimize the burden of collection 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. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to https:// www.cftc.gov. You should submit only information that you wish to make available publicly. If you wish the CFTC to consider information that you believe is exempt from disclosure under the Freedom of Information Act, a petition for confidential treatment of the exempt information may be submitted according VerDate Sep<11>2014 18:18 Apr 11, 2019 Jkt 247001 to the procedures established in § 145.9 of the CFTC’s regulations.1 The CFTC reserves the right, but shall have no obligation, to review, prescreen, filter, redact, refuse or remove any or all of your submission from https://www.cftc.gov that it may deem to be inappropriate for publication, such as obscene language. All submissions that have been redacted or removed that contain comments on the merits of the Information Collection Request will be retained in the public comment file and will be considered as required under the Administrative Procedure Act and other applicable laws, and may be accessible under the Freedom of Information Act. Burden Statement: Provisions of CFTC Regulations 46.2, 46.3, 46.4, 46.8, 46.10, and 46.11 result in information collection requirements within the meaning of the PRA. With respect to the ongoing reporting and recordkeeping burdens associated with pre-enactment and transition swaps, the CFTC believes that SDs, MSPs, and non-SD/MSP counterparties incur an annual timeburden of 17,328 hours. This timeburden represents a proportion of the burden responents incur to operate and maintain their swap data recordkeeping and reporting systems. 17 CFR 45 imposes swap recordkeeping and reporting requirements on respondents related to swaps that are not pre-enactment or transition swaps. The CFTC believes that respondents use the same recordkeeping and reporting systems to compy with both parts 45 and 46. The CFTC has computed the estimated burden for 17 CFR 46 by estimating the burden incurred by respondents to operate and maintain their swap data recordkeeping and reporting systems and then estimating the percentage of that burden associated with preenactment and transition swaps. Since the enactment of 17 CFR 45, the vast majority of pre-enactment and transition swaps have been terminated by the parties to the swaps or are otherwise no longer in existence. As 17 CFR 46 only requires respondents to make ongoing reports regarding pre-enactment and transition swaps that continue to be in existence, the number of reports being made pursuant to 17 CFR 46 has declined significantly over time. As the volume of reports made pursuant to 17 CFR 46 is estimated to be very small releative to the estimated volume of reports made pursuant to 17 CFR 45, the Commission’s burden estimate has allocated the vast majority of the estimated burden to operate and maintain respondents’ swap data 1 17 PO 00000 CFR 145.9. Frm 00013 Fmt 4703 Sfmt 4703 14923 recordkeeping and reporting systems to the burden estimate associated with 17 CFR 45. Respondents/Affected Entities: Swap Dealers, Major Swap Participants, and other counterparties to a swap transaction (i.e., end-user, non-SD/nonMSP counterparties). Estimated number of respondents: 30,125. Estimated total annual burden on respondents: 17,328 hours. Frequency of collection: Ongoing. Authority: 44 U.S.C. 3501 et seq. Dated: April 9, 2019. Robert Sidman, Deputy Secretary of the Commission. [FR Doc. 2019–07307 Filed 4–11–19; 8:45 am] BILLING CODE 6351–01–P DEPARTMENT OF DEFENSE Department of the Air Force Board of Visitors of the U.S. Air Force Academy; Notice of Federal Advisory Committee Meeting Board of Visitors of the U.S. Air Force Academy, Department of the Air Force, Department of Defense. ACTION: Notice of Federal Advisory Committee meeting. AGENCY: The Department of Defense (DoD) is publishing this notice to announce that the following Federal Advisory Committee meeting of the Board of Visitors (BoV) of the U.S. Air Force Academy (USAFA) will take place. SUMMARY: Open to the Public Wednesday May 1, 2019 from 8:00 a.m. to 3:45 p.m. (Mountain Time) ADDRESSES: United States Air Force Academy, Polaris Hall, Colorado Springs, CO. FOR FURTHER INFORMATION CONTACT: Dan Anderson, Designated Federal Officer (DFO), at (703) 693–9575 (Voice), 703– 693–4244 (Facsimile), daniel.l.anderson55.civ@mail.mil (Email). Mailing address is SAF/MRM, 1660 Air Force Pentagon, Washington, DC 20330–1660. Website: https:// www.usafa.edu/about/bov/. SUPPLEMENTARY INFORMATION: This meeting is being held under the provisions of the Federal Advisory Committee Act (FACA) of 1972 (5 U.S.C., Appendix, as amended), the Government in the Sunshine Act of 1976 (5 U.S.C. 552b, as amended), and 41 CFR 102–3.140 and 102–3.150. Purpose of the Meeting: The purpose of the meeting is to review morale and DATES: E:\FR\FM\12APN1.SGM 12APN1

Agencies

[Federal Register Volume 84, Number 71 (Friday, April 12, 2019)]
[Notices]
[Pages 14922-14923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07307]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Revise Collection 3038-0089, Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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

SUMMARY: The Commodity Futures Trading Commission (``CFTC'') is 
announcing an opportunity for public comment on the proposed renewal of 
an information collection by the agency. Under the Paperwork Reduction 
Act (``PRA''), Federal agencies are required to publish notice in the 
Federal Register concerning each proposed collection of information and 
to allow 60 days for public comment. This notice solicits comments on 
the swap data recordkeeping and reporting requirements codified in 17 
CFR 46. This part imposes recordkeeping and reporting requirements on 
the following entities: Swap Dealers (``SDs''), Major Swap Participants 
(``MSPs''), and swap counterparties that are neither swap dealers nor 
major swap participants (``non-SD/MSP counterparties'').

DATES: Comments must be submitted on or before June 11, 2019.

ADDRESSES: You may submit comments, identified by ``Renewal of 
Collection Pertaining to Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps,'' and 3038-0089, by 
any of the following methods:
     The Agency's website, at https://comments.cftc.gov/. Follow 
the instructions for submitting comments through the website.
     Mail: Christopher Kirkpatrick, Secretary of the 
Commission, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW, Washington, DC 20581.
     Hand Delivery/Courier: Same as Mail above.
    Please submit your comments using only one method.

FOR FURTHER INFORMATION CONTACT: Meghan Tente, Division of Market 
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, 
(202) 418-5785, email: [email protected], and refer to OMB Control No. 
3038-0089.

SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501 et seq., 
Federal agencies must obtain approval from the Office of Management and 
Budget (``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 and includes 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 before submitting the collection to OMB for approval. To 
comply with this requirement, the CFTC is publishing notice of the 
proposed amendment to the collection of information listed below.

[[Page 14923]]

    Title: Swap Data Recordkeeping and Reporting Requirements: Pre-
Enactment and Transition Swaps (OMB Control No. 3038-0089). This is a 
request for extension of a currently approved information collection.
    Abstract: The collection of information is needed to ensure that 
the CFTC and other regulators have access to data regarding pre-
enactment and transition swaps, as required by the Commodity Exchange 
Act as amended by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act directed the 
CFTC to adopt rules providing for the reporting of data relating to 
swaps entered into before the date of enactment of the Dodd-Frank Act, 
the terms of which had not expired as of the date of enactment of the 
Dodd-Frank Act (``pre-enactment swaps'') and data relating to swaps 
entered into on or after the date of enactment of the Dodd-Frank Act 
and prior to the compliance date specified in the the CFTC's final swap 
data reporting rules (``transition swaps''). On June 12, 2012, the CFTC 
adopted regulation 46, which imposes recordkeeping and reporting 
requirements relating to pre-enactment and historical swaps.
    With respect to the collection of information, the CFTC invites 
comments on:
     Whether the proposed collection of information is 
necessary for the proper performance of the functions of the CFTC, 
including whether the information will have a practical use;
     The accuracy of the CFTC's estimate of the burden of the 
proposed collection of information, including the validity of the 
methodology and assumptions used;
     Ways to enhance the quality, usefulness, and clarity of 
the information to be collected; and
     Ways to minimize the burden of collection 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.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
https://www.cftc.gov. You should submit only information that you wish 
to make available publicly. If you wish the CFTC to consider 
information that you believe is exempt from disclosure under the 
Freedom of Information Act, a petition for confidential treatment of 
the exempt information may be submitted according to the procedures 
established in Sec.  145.9 of the CFTC's regulations.\1\
---------------------------------------------------------------------------

    \1\ 17 CFR 145.9.
---------------------------------------------------------------------------

    The CFTC reserves the right, but shall have no obligation, to 
review, pre-screen, filter, redact, refuse or remove any or all of your 
submission from https://www.cftc.gov that it may deem to be 
inappropriate for publication, such as obscene language. All 
submissions that have been redacted or removed that contain comments on 
the merits of the Information Collection Request will be retained in 
the public comment file and will be considered as required under the 
Administrative Procedure Act and other applicable laws, and may be 
accessible under the Freedom of Information Act.
    Burden Statement: Provisions of CFTC Regulations 46.2, 46.3, 46.4, 
46.8, 46.10, and 46.11 result in information collection requirements 
within the meaning of the PRA. With respect to the ongoing reporting 
and recordkeeping burdens associated with pre-enactment and transition 
swaps, the CFTC believes that SDs, MSPs, and non-SD/MSP counterparties 
incur an annual time-burden of 17,328 hours. This time-burden 
represents a proportion of the burden responents incur to operate and 
maintain their swap data recordkeeping and reporting systems.
    17 CFR 45 imposes swap recordkeeping and reporting requirements on 
respondents related to swaps that are not pre-enactment or transition 
swaps. The CFTC believes that respondents use the same recordkeeping 
and reporting systems to compy with both parts 45 and 46. The CFTC has 
computed the estimated burden for 17 CFR 46 by estimating the burden 
incurred by respondents to operate and maintain their swap data 
recordkeeping and reporting systems and then estimating the percentage 
of that burden associated with pre-enactment and transition swaps. 
Since the enactment of 17 CFR 45, the vast majority of pre-enactment 
and transition swaps have been terminated by the parties to the swaps 
or are otherwise no longer in existence. As 17 CFR 46 only requires 
respondents to make ongoing reports regarding pre-enactment and 
transition swaps that continue to be in existence, the number of 
reports being made pursuant to 17 CFR 46 has declined significantly 
over time. As the volume of reports made pursuant to 17 CFR 46 is 
estimated to be very small releative to the estimated volume of reports 
made pursuant to 17 CFR 45, the Commission's burden estimate has 
allocated the vast majority of the estimated burden to operate and 
maintain respondents' swap data recordkeeping and reporting systems to 
the burden estimate associated with 17 CFR 45.
    Respondents/Affected Entities: Swap Dealers, Major Swap 
Participants, and other counterparties to a swap transaction (i.e., 
end-user, non-SD/non-MSP counterparties).
    Estimated number of respondents: 30,125.
    Estimated total annual burden on respondents: 17,328 hours.
    Frequency of collection: Ongoing.

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

    Dated: April 9, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019-07307 Filed 4-11-19; 8:45 am]
 BILLING CODE 6351-01-P
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