Agency Information Collection Activities: Notice of Intent To Renew Collection Numbers 3038-0068 and 3038-0083: Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants, 18521-18522 [2019-08809]

Download as PDF Federal Register / Vol. 84, No. 84 / Wednesday, May 1, 2019 / Notices species or stocks for taking for subsistence purposes. Endangered Species Act (ESA) Section 7(a)(2) of the Endangered Species Act of 1973 (ESA: 16 U.S.C. 1531 et seq.) requires that each Federal agency insure that any action it authorizes, funds, or carries out is not likely to jeopardize the continued existence of any endangered or threatened species or result in the destruction or adverse modification of designated critical habitat. To ensure ESA compliance for the issuance of IHAs, NMFS consults internally, in this case with the Alaska Regional Office (AKRO) whenever we propose to authorize take for endangered or threatened species. NMFS is proposing to authorize take of Mexico DPS humpback whales, which are listed and Western DPS Steller sea lions under the ESA. The Permit and Conservation Division has requested initiation of Section 7 consultation with the Alaska Regional Office for the issuance of this IHA. NMFS will conclude the ESA consultation prior to reaching a determination regarding the proposed issuance of the authorization. jbell on DSK30RV082PROD with NOTICES Proposed Authorization As a result of these preliminary determinations, NMFS proposes to issue an IHA to DPD’s for conducting for the proposed pile driving and removal activities for construction of the Hoonah Berth II cruise ship terminal and lightering float, Icy Strait, Hoonah Alaska for one year, beginning June 2019, provided the previously mentioned mitigation, monitoring, and reporting requirements are incorporated. A draft of the proposed IHA can be found at https:// www.fisheries.noaa.gov/permit/ incidental-take-authorizations-undermarine-mammal-protection-act. Request for Public Comments We request comment on our analyses, the proposed authorization, and any other aspect of this Notice of Proposed IHA for the proposed pile driving and removal activities for construction of the Hoonah Berth II cruise ship terminal and lightering float. We also request comment on the potential for renewal of this proposed IHA as described in the paragraph below. Please include with your comments any supporting data or literature citations to help inform our final decision on the request for MMPA authorization. On a case-by-case basis, NMFS may issue a one-year IHA renewal with an expedited public comment period (15 VerDate Sep<11>2014 19:24 Apr 30, 2019 Jkt 247001 days) when (1) another year of identical or nearly identical activities as described in the Specified Activities section is planned or (2) the activities would not be completed by the time the IHA expires and a second IHA would allow for completion of the activities beyond that described in the Dates and Duration section, provided all of the following conditions are met: D A request for renewal is received no later than 60 days prior to expiration of the current IHA. D The request for renewal must include the following: (1) An explanation that the activities to be conducted under the proposed Renewal are identical to the activities analyzed under the initial IHA, are a subset of the activities, or include changes so minor (e.g., reduction in pile size) that the changes do not affect the previous analyses, mitigation and monitoring requirements, or take estimates (with the exception of reducing the type or amount of take because only a subset of the initially analyzed activities remain to be completed under the Renewal); and (2) A preliminary monitoring report showing the results of the required monitoring to date and an explanation showing that the monitoring results do not indicate impacts of a scale or nature not previously analyzed or authorized. D Upon review of the request for renewal, the status of the affected species or stocks, and any other pertinent information, NMFS determines that there are no more than minor changes in the activities, the mitigation and monitoring measures will remain the same and appropriate, and the findings in the initial IHA remain valid. Dated: April 26, 2019. Catherine G. Marzin, Deputy Director, Office of Protected Resources, National Marine Fisheries Service. [FR Doc. 2019–08848 Filed 4–30–19; 8:45 am] BILLING CODE 3510–22–P COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Renew Collection Numbers 3038–0068 and 3038–0083: Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants Commodity Futures Trading Commission. AGENCY: PO 00000 Frm 00048 Fmt 4703 Sfmt 4703 ACTION: 18521 Notice. The Commodity Futures Trading Commission (‘‘CFTC’’ or ‘‘Commission’’) is announcing an opportunity for public comment on the proposed renewal of two collections of certain information 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, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the collections of information mandated by Commission regulations (Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants). DATES: Comments must be submitted on or before July 1, 2019. ADDRESSES: You may submit comments, identified by ‘‘Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants,’’ and Collection Numbers 3038–0068 and 3038–0083, by any of the following methods: • The Agency’s website, at http:// 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. 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: Gregory Scopino, Special Counsel, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, (202) 418–5175; email: gscopino@cftc.gov. SUPPLEMENTARY INFORMATION: Under the PRA, 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 SUMMARY: E:\FR\FM\01MYN1.SGM 01MYN1 18522 Federal Register / Vol. 84, No. 84 / Wednesday, May 1, 2019 / Notices jbell on DSK30RV082PROD with NOTICES information to a third party. Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires Federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, the CFTC is publishing notice of the proposed collections of information—treated as a consolidated collection—listed below. Title: Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants (OMB Control Nos. 3038–0068 and 3038–0083).1 This is a request for an extension of currently approved information collections. Abstract: On September 11, 2012 the Commission adopted Commission regulations 23.500—23.505 (Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants) 2 under sections 4s(f), (g) and (i) 3 of the Commodity Exchange Act (‘‘CEA’’). Commission regulations 23.500—23.505 require, among other things, that swap dealers (‘‘SDs’’) 4 and major swap participants (‘‘MSPs’’) 5 develop and retain written swap trading relationship documentation. The regulations also establish requirements for SDs and MSPs regarding swap confirmation, portfolio reconciliation, and portfolio compression. Under the regulations, swap dealers and major swap participants are obligated to maintain records of the policies and procedures required by the rules.6 Confirmation, 1 Historically, PRA Collections 3038–0068, 3038– 0083, and 3038–0088, which impose interrelated requirements, were renewed as a consolidated collection. See 81 FR 6241 (Feb. 5, 2016). However, on April 1, 2019, the CFTC published an interim final rule (IFR), which allows uncleared swaps to retain its legacy status when transferred in connection with a no-deal Brexit. See 84 FR 12233. This IFR directly affects the calculation of burdens in PRA Collection 3038–0088. Accordingly, the proposed renewal now treats collections 3038–0068 and 3038–0083 as a consolidated collection, with collection 3038–0088 being considered separately. 2 17 CFR 23.500–23.505. 3 7 U.S.C. 6s(f), (g) & (i). 4 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. 5 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. 6 SDs and MSPs are required to maintain all records of policies and procedures in accordance with Commission regulation 1.31, including policies, procedures and models used for eligible VerDate Sep<11>2014 19:24 Apr 30, 2019 Jkt 247001 portfolio reconciliation, and portfolio compression are important post-trade processing mechanisms for reducing risk and improving operational efficiency. The information collection obligations imposed by the regulations are necessary to ensure that each swap dealer and major swap participant maintains the required records of their business activities and an audit trail sufficient to conduct comprehensive and accurate trade reconstruction. The information collections contained in the regulations are essential to ensuring that swap dealers and major swap participants document their swaps, reconcile their swap portfolios to resolve discrepancies and disputes, and wholly or partially terminate some or all of their outstanding swaps through regular portfolio compression exercises. The collections of information are mandatory. 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 collections of information, the CFTC invites comments on: • Whether the proposed collections of information are 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 burdens of the proposed collections 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 burdens 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. 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.7 The Commission reserves the right, but shall have no obligation, to review, master netting agreements and custody agreements that prohibit custodian of margin from rehypothecating, repledging, reusing, or otherwise transferring the funds held by the custodian. 7 17 CFR 145.9. PO 00000 Frm 00049 Fmt 4703 Sfmt 4703 pre-screen, filter, redact, refuse or remove any or all of your submission from http://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 burdens for the collections to reflect the current number of respondents and estimated burden hours. The respondent burdens for the collections are estimated to be as follows: • OMB Control No. 3038–0068 (Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants) Number of Registrants: 101. Estimated Average Burden Hours per Registrant: 1,274.5. Estimated Aggregate Burden Hours: 128,724.5. Frequency of Recordkeeping: As applicable. • OMB Control No. 3038–0083 (Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants) Number of Registrants: 101. Estimated Average Burden Hours per Registrant: 270. Estimated Aggregate Burden Hours: 27,270. Frequency of Recordkeeping: As applicable. (Authority: 44 U.S.C. 3501 et seq.) Dated: April 26, 2019. Robert Sidman, Deputy Secretary of the Commission. [FR Doc. 2019–08809 Filed 4–30–19; 8:45 am] BILLING CODE 6351–01–P CONSUMER PRODUCT SAFETY COMMISSION Sunshine Act Meetings Wednesday, May 8, 2019, 2:00 p.m.–3:00 p.m. PLACE: Hearing Room 420, Bethesda Towers, 4330 East-West Highway, Bethesda, MD 20814. STATUS: Commission Meeting—Open to the Public. MATTERS TO BE CONSIDERED: Decisional Matter: Fees for Production of Records; Technical Amendments. TIME AND DATE: E:\FR\FM\01MYN1.SGM 01MYN1

Agencies

[Federal Register Volume 84, Number 84 (Wednesday, May 1, 2019)]
[Notices]
[Pages 18521-18522]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08809]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Renew Collection Numbers 3038-0068 and 3038-0083: Confirmation, 
Portfolio Reconciliation, Portfolio Compression, and Swap Trading 
Relationship Documentation Requirements for Swap Dealers and Major Swap 
Participants

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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

SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or 
``Commission'') is announcing an opportunity for public comment on the 
proposed renewal of two collections of certain information 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, including each proposed extension 
of an existing collection of information, and to allow 60 days for 
public comment. This notice solicits comments on the collections of 
information mandated by Commission regulations (Confirmation, Portfolio 
Reconciliation, Portfolio Compression, and Swap Trading Relationship 
Documentation Requirements for Swap Dealers and Major Swap 
Participants).

DATES: Comments must be submitted on or before July 1, 2019.

ADDRESSES: You may submit comments, identified by ``Confirmation, 
Portfolio Reconciliation, Portfolio Compression, and Swap Trading 
Relationship Documentation Requirements for Swap Dealers and Major Swap 
Participants,'' and Collection Numbers 3038-0068 and 3038-0083, by any 
of the following methods:
     The Agency's website, at http://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. 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: Gregory Scopino, Special Counsel, 
Division of Swap Dealer and Intermediary Oversight, Commodity Futures 
Trading Commission, (202) 418-5175; email: [email protected].

SUPPLEMENTARY INFORMATION: Under the PRA, 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

[[Page 18522]]

information to a third party. Section 3506(c)(2)(A) of the PRA, 44 
U.S.C. 3506(c)(2)(A), requires Federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information, including each proposed extension of an existing 
collection of information, before submitting the collection to OMB for 
approval. To comply with this requirement, the CFTC is publishing 
notice of the proposed collections of information--treated as a 
consolidated collection--listed below.
    Title: Confirmation, Portfolio Reconciliation, Portfolio 
Compression, and Swap Trading Relationship Documentation Requirements 
for Swap Dealers and Major Swap Participants (OMB Control Nos. 3038-
0068 and 3038-0083).\1\ This is a request for an extension of currently 
approved information collections.
---------------------------------------------------------------------------

    \1\ Historically, PRA Collections 3038-0068, 3038-0083, and 
3038-0088, which impose interrelated requirements, were renewed as a 
consolidated collection. See 81 FR 6241 (Feb. 5, 2016). However, on 
April 1, 2019, the CFTC published an interim final rule (IFR), which 
allows uncleared swaps to retain its legacy status when transferred 
in connection with a no-deal Brexit. See 84 FR 12233. This IFR 
directly affects the calculation of burdens in PRA Collection 3038-
0088. Accordingly, the proposed renewal now treats collections 3038-
0068 and 3038-0083 as a consolidated collection, with collection 
3038-0088 being considered separately.
---------------------------------------------------------------------------

    Abstract: On September 11, 2012 the Commission adopted Commission 
regulations 23.500--23.505 (Confirmation, Portfolio Reconciliation, 
Portfolio Compression, and Swap Trading Relationship Documentation 
Requirements for Swap Dealers and Major Swap Participants) \2\ under 
sections 4s(f), (g) and (i) \3\ of the Commodity Exchange Act 
(``CEA''). Commission regulations 23.500--23.505 require, among other 
things, that swap dealers (``SDs'') \4\ and major swap participants 
(``MSPs'') \5\ develop and retain written swap trading relationship 
documentation. The regulations also establish requirements for SDs and 
MSPs regarding swap confirmation, portfolio reconciliation, and 
portfolio compression. Under the regulations, swap dealers and major 
swap participants are obligated to maintain records of the policies and 
procedures required by the rules.\6\ Confirmation, portfolio 
reconciliation, and portfolio compression are important post-trade 
processing mechanisms for reducing risk and improving operational 
efficiency. The information collection obligations imposed by the 
regulations are necessary to ensure that each swap dealer and major 
swap participant maintains the required records of their business 
activities and an audit trail sufficient to conduct comprehensive and 
accurate trade reconstruction. The information collections contained in 
the regulations are essential to ensuring that swap dealers and major 
swap participants document their swaps, reconcile their swap portfolios 
to resolve discrepancies and disputes, and wholly or partially 
terminate some or all of their outstanding swaps through regular 
portfolio compression exercises. The collections of information are 
mandatory. 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.
---------------------------------------------------------------------------

    \2\ 17 CFR 23.500-23.505.
    \3\ 7 U.S.C. 6s(f), (g) & (i).
    \4\ 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.
    \5\ 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.
    \6\ SDs and MSPs are required to maintain all records of 
policies and procedures in accordance with Commission regulation 
1.31, including policies, procedures and models used for eligible 
master netting agreements and custody agreements that prohibit 
custodian of margin from re-hypothecating, repledging, reusing, or 
otherwise transferring the funds held by the custodian.
---------------------------------------------------------------------------

    With respect to the collections of information, the CFTC invites 
comments on:
     Whether the proposed collections of information are 
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 burdens 
of the proposed collections 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 burdens 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.
    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 Sec.  145.9 of the 
Commission's regulations.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 145.9.
---------------------------------------------------------------------------

    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 http://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 
burdens for the collections to reflect the current number of 
respondents and estimated burden hours. The respondent burdens for the 
collections are estimated to be as follows:
     OMB Control No. 3038-0068 (Confirmation, Portfolio 
Reconciliation, and Portfolio Compression Requirements for Swap Dealers 
and Major Swap Participants)
    Number of Registrants: 101.
    Estimated Average Burden Hours per Registrant: 1,274.5.
    Estimated Aggregate Burden Hours: 128,724.5.
    Frequency of Recordkeeping: As applicable.
     OMB Control No. 3038-0083 (Orderly Liquidation Termination 
Provision in Swap Trading Relationship Documentation for Swap Dealers 
and Major Swap Participants)
    Number of Registrants: 101.
    Estimated Average Burden Hours per Registrant: 270.
    Estimated Aggregate Burden Hours: 27,270.
    Frequency of Recordkeeping: As applicable.

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


    Dated: April 26, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019-08809 Filed 4-30-19; 8:45 am]
 BILLING CODE 6351-01-P