Agency Information Collection Activities Under OMB Review, 30094-30096 [2019-13614]
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jbell on DSK3GLQ082PROD with NOTICES
30094
Federal Register / Vol. 84, No. 123 / Wednesday, June 26, 2019 / Notices
the information collection, including
suggestions for reducing the burden,
may be submitted directly to the Office
of Information and Regulatory Affairs
(OIRA) in OMB within 30 days of this
notice’s publication by either of the
following methods. Please identify the
comments by ‘‘Regulations Establishing
and Governing the Duties of Swap
Dealers and Major Swap Participants,’’
OMB Control No. 3038–0084.
• By email addressed to:
OIRAsubmissions@omb.eop.gov; or
• By mail addressed to: 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.
A copy of all comments submitted to
OIRA should be sent to the Commodity
Futures Trading Commission (the
Commission) by one of the following
methods. The copies should refer to
‘‘OMB Control No. 3038–0084.’’
• Through the Commission’s website
at https://comments.cftc.gov. Please
follow the instructions for submitting
comments through the website;
• By mail addressed 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 to the
same address as specified for mail.
Please submit your comments to the
Commission using only one method. A
copy of the supporting statement for the
collection of information discussed
herein may be obtained by visiting
https://RegInfo.gov.
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 (FOIA), 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.1 The
Commission 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
1 17
CFR 145.9.
VerDate Sep<11>2014
18:47 Jun 25, 2019
Jkt 247001
contain comments on the merits of the
ICR will be retained in the public
comment file and will be considered as
required under applicable laws, and
may be accessible under the FOIA.
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: This
notice solicits comments on the
collections of information mandated by
Commission regulations 23.600 (Risk
Management Program), 23.601
(Monitoring of Position Limits), 23.602
(Diligent Supervision), 23.603 (Business
Continuity and Disaster Recovery)
23.606 (General Information:
Availability for Disclosure and
Inspection), and 23.607 (Antitrust
Considerations).
Title: Regulations Establishing and
Governing the Duties of Swap Dealers
and Major Swap Participants (OMB
Control No. 3038–0084). This is a
request for an extension and revision of
a currently approved information
collection.
Abstract: On April 3, 2012 the
Commission adopted Commission
regulations 23.600 (Risk Management
Program), 23.601 (Monitoring of
Position Limits), 23.602 (Diligent
Supervision), 23.603 (Business
Continuity and Disaster Recovery),
23.606 (General Information:
Availability for Disclosure and
Inspection), and 23.607 (Antitrust
Considerations) 2 pursuant to section
4s(j) 3 of the Commodity Exchange Act
(CEA). These regulations adopted by the
Commission require, among other
things, swap dealers (SD) 4 and major
swap participants (MSP) 5 to develop a
risk management program (including a
plan for business continuity and
disaster recovery and policies and
procedures designed to ensure
compliance with applicable position
limits). The Commission believes that
the information collection obligations
imposed by these regulations are
essential to ensuring that swap dealers
and major swap participants maintain
adequate and effective risk management
programs and policies and procedures
to ensure compliance with position
limits. On April 10, 2019, the
2 17 CFR 23.600, 23.601, 23.602, 23.603, 23.606,
and 23.607.
3 7 U.S.C. 6s(j).
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.
PO 00000
Frm 00013
Fmt 4703
Sfmt 4703
Commission published in the Federal
Register notice of the proposed
extension of this information collection
and provided 60 days for public
comment on the proposed extension, 84
FR 14350, (‘‘60-Day Notice’’). The
Commission did not receive any
comments on the 60-Day Notice.
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: 1,148.5.
Estimated Aggregate Burden Hours:
118,295.5.
Frequency of Recordkeeping: As
applicable.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: June 21, 2019.
Christopher Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2019–13620 Filed 6–25–19; 8:45 am]
BILLING CODE 6351–01–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
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 July 26, 2019.
ADDRESSES: Comments regarding the
burden estimate 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
(OIRA) in OMB within 30 days of this
notice’s publication by either of the
following methods. Please identify the
comments by ‘‘OMB Control No. 3038–
0024.’’
• By email addressed to:
OIRAsubmissions@omb.eop.gov; or
SUMMARY:
E:\FR\FM\26JNN1.SGM
26JNN1
jbell on DSK3GLQ082PROD with NOTICES
Federal Register / Vol. 84, No. 123 / Wednesday, June 26, 2019 / Notices
• By mail addressed to: 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.
A copy of all comments submitted to
OIRA should be sent to the Commodity
Futures Trading Commission (the
Commission) by one of the following
methods. The copies should refer to
‘‘OMB Control No. 3038–0024.’’
• Through the Commission’s website
at https://comments.cftc.gov. Please
follow the instructions for submitting
comments through the website;
• By mail addressed 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 to the
same address as specified for mail.
Please submit your comments to the
Commission using only one method. A
copy of the supporting statement for the
collection of information discussed
herein may be obtained by visiting
https://RegInfo.gov.
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 (FOIA), 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.1 The
Commission 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
ICR will be retained in the public
comment file and will be considered as
required under applicable laws, and
may be accessible under the FOIA.
FOR FURTHER INFORMATION CONTACT:
Joshua Beale, Associate Director,
Division of Swap Dealer and
Intermediary Oversight, Commodity
Futures Trading Commission, (202)
418–5446; email: jbeale@cftc.gov.
SUPPLEMENTARY INFORMATION:
1 17
CFR 145.9.
VerDate Sep<11>2014
18:47 Jun 25, 2019
Jkt 247001
Title: Regulations and Forms
Pertaining to the Financial Integrity of
the Marketplace (OMB Control No.
3038–0024). This is a request for
extension of a currently approved
information collection.
Abstract: The Commission is the
independent federal regulatory agency
charged with providing various forms of
customer protection so that users of the
commodity markets can be assured of
the financial integrity of the markets
and the intermediaries that they employ
in their trading activities. Part 1 of the
Commission’s regulations requires,
among other things, that commodity
brokers—known as futures commission
merchants (FCM) or introducing brokers
(IB) comply with minimum capital and
segregation requirements. In order to
monitor compliance with these financial
standards, the Commission has required
FCMs and IBs to file financial reports
with the Commission and with the
designated self-regulatory organization
(DSRO) of which they are members as
well as to report to the Commission
should capital levels drop below
prescribed minimums.
In 2008, the U.S. Congress passed the
Food, Conservation, and Energy Act of
2008, Public Law 110–246, 122 Stat.
1651, 2189–2204 (2008), also known as
the Farm Bill. The Farm Bill provided
the Commission with new authority
with regard to the regulation of offexchange retail forex transactions.
Among other things, it directed the
Commission to draft rules effectuating
registration provisions for a new
category of registrant—the retail foreign
exchange dealer, or RFED. Under the
terms of the legislation, RFEDs are
subject to the same capital requirements
as FCMs that are engaged in retail forex
transactions, and, therefore, subject to
the same reporting requirements.
Accordingly, this collection was
amended to reflect the financial
reporting requirements of the new
category of registrant, RFEDs.
In 2010, the U.S. Congress passed the
Wall Street Reform and Consumer
Protection Act (the ‘‘Dodd-Frank Act’’),
Public Law 111–203, 124 Stat. 1376
(2010), giving the Commission the
authority to regulate certain swap
markets and participants in those
markets. Section 731 of the Dodd-Frank
Act, amended the Commodity Exchange
Act (CEA), 7 U.S.C. 1 et seq., to add, as
section 4s(e) thereof, provisions
concerning the setting of initial and
variation margin requirements for swap
dealers (SD) and major swap
participants (MSP). In 2016, the
Commission finalized the Margin
Requirements for Uncleared Swaps for
Swap Dealers and Major Swap
PO 00000
Frm 00014
Fmt 4703
Sfmt 4703
30095
Participants rule to implement those
requirements. Specifically, Regulation
23.154(b) require SDs and MSPs that do
not have a prudential regulator (CSE)
that are using a model to compute initial
margin requirements to submit the
model for review and approval by the
Commission or a registered futures
association. CSEs must also notify the
Commission upon making certain
changes to the model. The information
required for the prior written approval
of the margin model or for certain
changes to such model, is needed to
demonstrate that the model satisfies all
of the requirements of Regulation
23.154(b).
Finally, in 2013, the Commission
finalized rules in an effort to prevent
unauthorized usage of customer funds
by FCMs and RFEDs. The final rules
include modifications to the reporting
requirements required by the
Commission which resulted in changes
to the financial statements filed by
FCMs and RFEDs and made some of the
recordkeeping requirements already
contained in this OMB Collection
Number 3038–0024 into reporting
requirements. These rules added
additional recordkeeping requirements
by FCMs to assure the segregation of
customer funds. This collection, OMB
Control No. 3038–0024, is needed for
the Commission to continue its financial
monitoring of its registrants. The burden
hours are being revised to reflect the
current number of registrants and
updated to reflect more accurate
numbers regarding the number of
financial reports filed, based on current
historical data.
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. On April 9, 2019, the
Commission published in the Federal
Register notice of the proposed
extension of this information collection
and provided 60 days for public
comment on the proposed extension, 84
FR 14099 (‘‘60-Day Notice’’). The
Commission did not receive any
comments on the 60-Day Notice.
Burden Statement: The Commission
is revising its estimate of the burden for
this collection for approximately 66
FCMs and RFEDs, 50 CSEs and 1,178
IBs. The respondent burden for this
collection is estimated to be as follows:
Respondents/Affected Entities: FCMs,
RFEDs, IBs, SDs, and MSPs that do not
have a Prudential Regulator.
Estimated Number of Respondents:
1,294.
Estimated Average Burden Hours per
Respondent: 62.
E:\FR\FM\26JNN1.SGM
26JNN1
30096
Federal Register / Vol. 84, No. 123 / Wednesday, June 26, 2019 / Notices
Estimated Total Annual Burden
Hours: 80,837.
Frequency of Collection: Various. For
example, FCMs have both daily and
monthly financial reporting obligations,
annual certified financial and
compliance report obligations, and
periodic notice requirements.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: June 21, 2019.
Christopher Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2019–13614 Filed 6–25–19; 8:45 am]
BILLING CODE 6351–01–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
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 July 26, 2019.
ADDRESSES: Comments regarding the
burden estimate 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
(OIRA) in OMB within 30 days of this
notice’s publication by either of the
following methods. Please identify the
comments by ‘‘OMB Control No. 3038–
0052.’’
• By email addressed to:
OIRAsubmissions@omb.eop.gov; or
• By mail addressed to: 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.
A copy of all comments submitted to
OIRA should be sent to the Commodity
Futures Trading Commission (the
Commission) by one of the following
methods. The copies should refer to
‘‘OMB Control No. 3038–0052.’’
• Through the Commission’s website
at https://comments.cftc.gov. Please
jbell on DSK3GLQ082PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
18:47 Jun 25, 2019
Jkt 247001
follow the instructions for submitting
comments through the website;
• By mail addressed 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 to the
same address as specified for mail.
Please submit your comments to the
Commission using only one method. A
copy of the supporting statement for the
collection of information discussed
herein may be obtained by visiting
https://RegInfo.gov.
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 (FOIA), 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.1 The
Commission 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
ICR will be retained in the public
comment file and will be considered as
required under applicable laws, and
may be accessible under the FOIA.
FOR FURTHER INFORMATION CONTACT:
Joshua Beale, Associate Director,
Division of Swap Dealer and
Intermediary Oversight, Commodity
Futures Trading Commission, (202)
418–5446; email: jbeale@cftc.gov.
SUPPLEMENTARY INFORMATION:
Title: Core Principles and Other
Requirements for Designated Contract
Markets (OMB Control No. 3038–0052).
This is a request for a revision of a
currently approved information
collection.
Abstract: The Commission has
recently amended its Regulation 1.52 to
revise the scope and potential frequency
of a third-party expert’s evaluation of
self-regulatory organizations’ (SRO)
financial surveillance programs. The
evaluation report requirement is a
portion of the existing information
collection of requirements for SROs
1 17
PO 00000
CFR 145.9.
Frm 00015
Fmt 4703
Sfmt 4703
under Commission Regulation 1.52,
including designated contract markets
(DCM) and the National Futures
Association. The Commission’s
rulemaking will not alter the
requirement for an SRO to engage an
examinations expert to evaluate its
supervisory program prior to the initial
use of the supervisory program. The
Commission, however, is eliminating
the requirement that the examinations
expert must review the SRO’s ongoing
application of its supervisory program
during periodic reviews and the
analysis of the supervisory program’s
design to detect material weaknesses in
internal controls during both periodic
reviews and the initial review prior to
the program’s initial use. The
Commission also is revising the
frequency of when an SRO must engage
an examinations expert. Regulation 1.52
required an SRO to engage an
examinations expert at least once every
three years to perform such a review.
The Commission amended Regulation
1.52 to require an SRO to engage an
examinations expert whenever the
Public Company Accounting Oversight
Board (PCAOB) issues new or revised
auditing standards that are material to
the SRO’s examination of member
futures commission merchants (FCM).
The amendments further require an SRO
to engage an examinations expert at
least once every five years even if the
SRO determined that the PCAOB did
not issue new or revised auditing
standards during the previous five-year
period that are material to its
examinations of member FCMs. The
changes to the examinations expert
reviews impact the resulting expert
reports information collection burden.
The information collection is necessary
to enhance the ability of the
Commission and the designated SRO to
identify problematic financial matters in
time to avoid market disruptions when
an FCM may fail, particularly with
respect to the tie-up of customer funds
that may result.
The Commission, when originally
proposing changes to Regulation 1.52,
invited comments on its assessment that
although the costs associated with
obtaining the third-party expert would
be reduced by the amendment, the
paperwork burden impact of the
amended scope of the report would be
minimal. The Commission received no
comments and has adopted the final
rule. However, the Commission has
determined that a slight revision of the
expected burden hours associated with
the information collection is possible
due to the changes related to the thirdparty examinations expert report.
E:\FR\FM\26JNN1.SGM
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]]>Agencies
[Federal Register Volume 84, Number 123 (Wednesday, June 26, 2019)]
[Notices]
[Pages 30094-30096]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13614]
-----------------------------------------------------------------------
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 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 July 26, 2019.
ADDRESSES: Comments regarding the burden estimate 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 (OIRA) in OMB within 30 days of this notice's
publication by either of the following methods. Please identify the
comments by ``OMB Control No. 3038-0024.''
By email addressed to: [email protected]; or
[[Page 30095]]
By mail addressed to: 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.
A copy of all comments submitted to OIRA should be sent to the
Commodity Futures Trading Commission (the Commission) by one of the
following methods. The copies should refer to ``OMB Control No. 3038-
0024.''
Through the Commission's website at https://comments.cftc.gov. Please follow the instructions for submitting
comments through the website;
By mail addressed 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 to the same address as specified
for mail.
Please submit your comments to the Commission using only one
method. A copy of the supporting statement for the collection of
information discussed herein may be obtained by visiting https://RegInfo.gov.
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 (FOIA), 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.\1\ 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 ICR will be retained in the public comment file and
will be considered as required under applicable laws, and may be
accessible under the FOIA.
---------------------------------------------------------------------------
\1\ 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Joshua Beale, Associate Director,
Division of Swap Dealer and Intermediary Oversight, Commodity Futures
---------------------------------------------------------------------------
Trading Commission, (202) 418-5446; email: [email protected].
SUPPLEMENTARY INFORMATION:
Title: Regulations and Forms Pertaining to the Financial Integrity
of the Marketplace (OMB Control No. 3038-0024). This is a request for
extension of a currently approved information collection.
Abstract: The Commission is the independent federal regulatory
agency charged with providing various forms of customer protection so
that users of the commodity markets can be assured of the financial
integrity of the markets and the intermediaries that they employ in
their trading activities. Part 1 of the Commission's regulations
requires, among other things, that commodity brokers--known as futures
commission merchants (FCM) or introducing brokers (IB) comply with
minimum capital and segregation requirements. In order to monitor
compliance with these financial standards, the Commission has required
FCMs and IBs to file financial reports with the Commission and with the
designated self-regulatory organization (DSRO) of which they are
members as well as to report to the Commission should capital levels
drop below prescribed minimums.
In 2008, the U.S. Congress passed the Food, Conservation, and
Energy Act of 2008, Public Law 110-246, 122 Stat. 1651, 2189-2204
(2008), also known as the Farm Bill. The Farm Bill provided the
Commission with new authority with regard to the regulation of off-
exchange retail forex transactions. Among other things, it directed the
Commission to draft rules effectuating registration provisions for a
new category of registrant--the retail foreign exchange dealer, or
RFED. Under the terms of the legislation, RFEDs are subject to the same
capital requirements as FCMs that are engaged in retail forex
transactions, and, therefore, subject to the same reporting
requirements. Accordingly, this collection was amended to reflect the
financial reporting requirements of the new category of registrant,
RFEDs.
In 2010, the U.S. Congress passed the Wall Street Reform and
Consumer Protection Act (the ``Dodd-Frank Act''), Public Law 111-203,
124 Stat. 1376 (2010), giving the Commission the authority to regulate
certain swap markets and participants in those markets. Section 731 of
the Dodd-Frank Act, amended the Commodity Exchange Act (CEA), 7 U.S.C.
1 et seq., to add, as section 4s(e) thereof, provisions concerning the
setting of initial and variation margin requirements for swap dealers
(SD) and major swap participants (MSP). In 2016, the Commission
finalized the Margin Requirements for Uncleared Swaps for Swap Dealers
and Major Swap Participants rule to implement those requirements.
Specifically, Regulation 23.154(b) require SDs and MSPs that do not
have a prudential regulator (CSE) that are using a model to compute
initial margin requirements to submit the model for review and approval
by the Commission or a registered futures association. CSEs must also
notify the Commission upon making certain changes to the model. The
information required for the prior written approval of the margin model
or for certain changes to such model, is needed to demonstrate that the
model satisfies all of the requirements of Regulation 23.154(b).
Finally, in 2013, the Commission finalized rules in an effort to
prevent unauthorized usage of customer funds by FCMs and RFEDs. The
final rules include modifications to the reporting requirements
required by the Commission which resulted in changes to the financial
statements filed by FCMs and RFEDs and made some of the recordkeeping
requirements already contained in this OMB Collection Number 3038-0024
into reporting requirements. These rules added additional recordkeeping
requirements by FCMs to assure the segregation of customer funds. This
collection, OMB Control No. 3038-0024, is needed for the Commission to
continue its financial monitoring of its registrants. The burden hours
are being revised to reflect the current number of registrants and
updated to reflect more accurate numbers regarding the number of
financial reports filed, based on current historical data.
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. On April 9, 2019, the Commission
published in the Federal Register notice of the proposed extension of
this information collection and provided 60 days for public comment on
the proposed extension, 84 FR 14099 (``60-Day Notice''). The Commission
did not receive any comments on the 60-Day Notice.
Burden Statement: The Commission is revising its estimate of the
burden for this collection for approximately 66 FCMs and RFEDs, 50 CSEs
and 1,178 IBs. The respondent burden for this collection is estimated
to be as follows:
Respondents/Affected Entities: FCMs, RFEDs, IBs, SDs, and MSPs that
do not have a Prudential Regulator.
Estimated Number of Respondents: 1,294.
Estimated Average Burden Hours per Respondent: 62.
[[Page 30096]]
Estimated Total Annual Burden Hours: 80,837.
Frequency of Collection: Various. For example, FCMs have both daily
and monthly financial reporting obligations, annual certified financial
and compliance report obligations, and periodic notice requirements.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: June 21, 2019.
Christopher Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2019-13614 Filed 6-25-19; 8:45 am]
BILLING CODE 6351-01-P
