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]

Download as PDF 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 http://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 http://RegInfo.gov. 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. 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 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 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. VerDate Sep<11>2014 17:00 Jul 01, 2019 Jkt 247001 PO 00000 Frm 00019 Fmt 4703 Sfmt 4703 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: E:\FR\FM\02JYN1.SGM 02JYN1 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 http://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, VerDate Sep<11>2014 17:00 Jul 01, 2019 Jkt 247001 PO 00000 Frm 00020 Fmt 4703 Sfmt 4703 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 http://www.regulations.gov by SUMMARY: E:\FR\FM\02JYN1.SGM 02JYN1

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]


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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: 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 http://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