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, 31579-31580 [2019-14052]
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khammond on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 84, No. 127 / Tuesday, July 2, 2019 / Notices
Futures Trading Commission
(Commission) by either of the following
methods. The copies should refer to
‘‘OMB Control No. 3038–0104.’’
• By mail addressed to: Christopher
Kirkpatrick, Secretary of the
Commission, Commodity Futures
Trading Commission, Three Lafayette
Centre, 1155 21st Street NW,
Washington, DC 20581;
• By Hand Delivery/Courier to the
same address; or
• Through the Commission’s website
at https://comments.cftc.gov. Please
follow the instructions for submitting
comments through the website.
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, 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 the Administrative
Procedure Act and other applicable
laws, and may be accessible under the
Freedom of Information Act.
FOR FURTHER INFORMATION CONTACT:
Melissa A. D’Arcy, Special Counsel,
Division of Clearing and Risk,
Commodity Futures Trading
Commission, (202) 418–5086; email:
mdarcy@cftc.gov, and refer to OMB
Control No. 3038–0104.
SUPPLEMENTARY INFORMATION:
Title: Clearing Exemption for Swaps
Between Certain Affiliated Entities
(OMB Control No. 3038–0104). This is
a request for an extension and revision
of a currently approved information
collection.
Abstract: Section 2(h)(1)(A) of the
Commodity Exchange Act requires
1 17
certain entities to submit for clearing
certain swaps if they are required to be
cleared by the Commission.
Commission regulation 50.52 permits
certain affiliated entities to elect not to
clear inter-affiliate swaps that otherwise
would be required to be cleared,
provided that they meet certain
conditions. The rule further requires the
reporting of certain information if the
inter-affiliate exemption from clearing is
elected. The Commission will use the
information described in this collection
and reported pursuant to Commission
regulation 50.52 to monitor the use of
the inter-affiliate exemption from the
Commission’s clearing requirement and
to assess any potential market risks
associated with such exemption.
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 22, 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 16662 (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 counterparties to
swaps between certain affiliated entities
that elect the inter-affiliate exemption
under Commission regulation 50.52.
The respondent burden for this
collection is estimated to be as follows:
Estimated Number of Respondents:
310.
Estimated Average Burden Hours per
Respondent: 1 hour.
Estimated Total Annual Burden
Hours: 310 hours.
Frequency of Collection: Annually; on
occasion.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: June 26, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019–14049 Filed 7–1–19; 8:45 am]
BILLING CODE 6351–01–P
CFR 145.9.
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31579
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.
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 August 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 either of the following
methods. Please identify the comments
by ‘‘OMB Control Nos. 3038–0068 and
3038–0083’’:
• 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. 3038–0068 and
3038–0083.’’
• 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.
SUMMARY:
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31580
Federal Register / Vol. 84, No. 127 / Tuesday, July 2, 2019 / Notices
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:
Gregory Scopino, Special Counsel,
Division of Swap Dealer and
Intermediary Oversight, Commodity
Futures Trading Commission, (202)
418–5175; email: gscopino@cftc.gov.
SUPPLEMENTARY INFORMATION:
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).2 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) 3 under
sections 4s(f), (g) and (i) 4 of the
Commodity Exchange Act (‘‘CEA’’). The
regulations require, among other things,
that swap dealers (‘‘SDs’’) 5 and major
swap participants (‘‘MSPs’’) 6 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.7
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. On May 1, 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 18521 (‘‘60-Day Notice’’). The
Commission did not receive any
relevant comments on the 60-Day
Notice.
3 17
CFR 23.500–23.505.
U.S.C. 6s(f), (g) & (i).
5 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.
6 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.
7 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 rehypothecating, repledging, reusing, or otherwise
transferring the funds held by the custodian.
47
1 17
CFR 145.9.
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.
khammond on DSKBBV9HB2PROD with NOTICES
2 Historically,
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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: June 26, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019–14052 Filed 7–1–19; 8:45 am]
BILLING CODE 6351–01–P
DEPARTMENT OF EDUCATION
[Docket No.: ED–2019–ICCD–0053]
Agency Information Collection
Activities; Submission to the Office of
Management and Budget for Review
and Approval; Comment Request;
National Public Education Financial
Survey (NPEFS) 2019–2021: Common
Core of Data (CCD)
National Center for Education
Statistics (NCES), Department of
Education (ED).
ACTION: Notice.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995, ED is
proposing an extension of an existing
information collection.
DATES: Interested persons are invited to
submit comments on or before August 1,
2019.
ADDRESSES: To access and review all the
documents related to the information
collection listed in this notice, please
use https://www.regulations.gov by
SUMMARY:
E:\FR\FM\02JYN1.SGM
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]]>Agencies
[Federal Register Volume 84, Number 127 (Tuesday, July 2, 2019)]
[Notices]
[Pages 31579-31580]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14052]
-----------------------------------------------------------------------
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: 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 August 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
either of the following methods. Please identify the comments by ``OMB
Control Nos. 3038-0068 and 3038-0083'':
By email addressed to: [email protected]; 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-
0068 and 3038-0083.''
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.
[[Page 31580]]
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: Gregory Scopino, Special Counsel,
Division of Swap Dealer and Intermediary Oversight, Commodity Futures
---------------------------------------------------------------------------
Trading Commission, (202) 418-5175; email: [email protected].
SUPPLEMENTARY INFORMATION:
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).\2\ This is a request for an extension of currently
approved information collections.
---------------------------------------------------------------------------
\2\ 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) \3\ under
sections 4s(f), (g) and (i) \4\ of the Commodity Exchange Act
(``CEA''). The regulations require, among other things, that swap
dealers (``SDs'') \5\ and major swap participants (``MSPs'') \6\
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.\7\
---------------------------------------------------------------------------
\3\ 17 CFR 23.500-23.505.
\4\ 7 U.S.C. 6s(f), (g) & (i).
\5\ 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.
\6\ 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.
\7\ 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.
---------------------------------------------------------------------------
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. On May 1, 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 18521 (``60-Day Notice''). The Commission
did not receive any relevant comments on the 60-Day Notice.
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: June 26, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019-14052 Filed 7-1-19; 8:45 am]
BILLING CODE 6351-01-P
