Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Margin and Capital Requirements for Covered Swap Entities, 32834-32835 [2019-14544]
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32834
Federal Register / Vol. 84, No. 131 / Tuesday, July 9, 2019 / Notices
had considered eliminating the
quarterly reporting requirement, citing
the same FFIEC report to Congress.
Second, the commenter recommended
that the OCC limit the regulation’s
applicability to legally binding, written
contracts, rather than applying it to
agreements that reflect a mutual
understanding and some oral
communications. The commenter
argued that the existing approach
increases burden and obstructs activity
in low- and moderate-income
communities.
The OCC appreciates the information
provided by the commenter. However,
to the extent the commenter disagrees
with the scope or requirements of
section 48 or the OCC’s implementing
regulation, the OCC cannot repeal the
statute, nor can it revise the regulation
through the PRA renewal process.
Comments continue to be invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the information collection
burden;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Dated: July 2, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2019–14543 Filed 7–8–19; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
khammond on DSKBBV9HB2PROD with NOTICES
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Submission for OMB Review;
Margin and Capital Requirements for
Covered Swap Entities
Office of the Comptroller of the
Currency (OCC), Treasury. ACTION:
Notice and request for comment.
SUMMARY: The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other federal
AGENCY:
VerDate Sep<11>2014
17:47 Jul 08, 2019
Jkt 247001
agencies to take this opportunity to
comment on the renewal of an
information collection as required by
the Paperwork Reduction Act of 1995
(PRA).
An agency may not conduct or
sponsor, and respondents are not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number.
The OCC is soliciting comment
concerning the renewal of its
information collection titled, ‘‘Margin
and Capital Requirements for Covered
Swap Entities.’’ The OCC also is giving
notice that it has sent the collection to
OMB for review.
DATES: Comments must be submitted on
or before August 8, 2019.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, 1557–
0251, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0251’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Additionally, please send a copy of
your comments by mail to: OCC Desk
Officer, 1557–0251, U.S. Office of
Management and Budget, 725 17th
Street NW, #10235, Washington, DC
20503 or by email to oira_submission@
omb.eop.gov.
You may review comments and other
related materials that pertain to this
information collection 1 following the
close of the 30-day comment period for
this notice by any of the following
methods:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Click on the
1 On March 29, 2019, the OCC published a 60-day
notice for this information collection, 84 FR 12031.
PO 00000
Frm 00136
Fmt 4703
Sfmt 4703
‘‘Information Collection Review’’ tab.
Underneath the ‘‘Currently under
Review’’ section heading, from the dropdown menu select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0251’’ or ‘‘Margin and Capital
Requirements for Covered Swap
Entities.’’ Upon finding the appropriate
information collection, click on the
related ‘‘ICR Reference Number.’’ On the
next screen, select ‘‘View Supporting
Statement and Other Documents’’ and
then click on the link to any comment
listed at the bottom of the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 649–6700 or,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
(202) 649–5490 or, for persons who are
deaf or hearing impaired, TTY, (202)
649–5597, Chief Counsel’s Office, Office
of the Comptroller of the Currency, 400
7th Street SW, Suite 3E–218,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), federal
agencies must obtain approval from
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. The OCC
requests that OMB extend its emergency
approval of the interim final rule
described in this notice to the
customary three years.
Title: Margin and Capital
Requirements for Covered Swap
Entities.
OMB Control No.: 1557–0251.
Description: On March 19, 2019,2 the
OCC, the Board of Governors of the
Federal Reserve System, the Federal
Deposit Insurance Corporation, the
Farm Credit Administration, and the
Federal Housing Finance Agency
2 84
E:\FR\FM\09JYN1.SGM
FR 9940.
09JYN1
Federal Register / Vol. 84, No. 131 / Tuesday, July 9, 2019 / Notices
khammond on DSKBBV9HB2PROD with NOTICES
(agencies) issued an interim final rule
amending the agencies’ regulations that
require swap dealers and security based
swap dealers (Swap Margin Rule) under
the agencies’ respective jurisdictions to
exchange margin with their
counterparties for swaps that are not
centrally cleared. Swaps entered into
before the effective dates of the Swap
Margin Rule are grandfathered by the
Swap Margin Rule until they expire
according to their terms. There are
currently financial services firms in the
United Kingdom (U.K.) that conduct
swap dealing activities subject to the
Swap Margin Rule. If the U.K.
withdraws from the European Union
(E.U.) without a negotiated agreement
between the U.K. and E.U., entities
located in the U.K. may not be
authorized to provide full-scope
financial services to swap
counterparties located in the E.U. The
agencies are addressing a scenario
whereby entities located in the U.K.
might transfer their existing swap
portfolios that face counterparties
located in the E.U. over to an affiliate or
other related establishment located
within the E.U. or the United States
(U.S.). These transfers, if carried out in
accordance with the conditions of the
interim final rule, will not trigger the
application of the Swap Margin Rule to
grandfathered swaps that were entered
into before the Swap Margin Rule’s
compliance dates.
The interim final rule distinguishes
transfers initiated by the financial entity
standing as the covered swap entity at
the completion of the transaction from
a transfer initiated by the covered swap
entity’s counterparty. In the case of
transfers initiated by the covered swap
entity’s counterparty, the counterparty
must make a representation to the
covered swap entity that the
counterparty carried out the swap in
accordance with both elements of the
purpose test.3 Twelve CFR 45.1(h)
specifies that transfers of legacy swaps
initiated by a covered swap entity’s
3 The purpose test requires that the financial
entity located in the U.K. arrange to make the
amendments to the non- cleared swap solely for the
purpose of transferring the non-cleared swap to an
affiliate or other related establishment that is
located in an E.U. Member State or the United
States. This purpose test also contains a
requirement that the transfer be made in connection
with the U.K. entity’s planning for the possibility
that the U.K. might exit the E.U. without a
negotiated agreement, or the U.K. entity’s response
to such an event.
VerDate Sep<11>2014
17:47 Jul 08, 2019
Jkt 247001
counterparty require a representation to
the covered swap entity that the
counterparty carried out the swap in
accordance with both elements of the
purpose test in order to remain outside
the scope of the Swap Margin. This
requirement constitutes a third party
disclosure under the PRA.
Estimated Number of Respondents:
10.
Estimated Burden per Response: 1
hour.
Total Estimated Burden: 10 hours.
Type of Review: Regular.
Affected Public: Individuals;
Businesses or other for-profit.
Frequency of Response: On occasion.
Comments submitted in response to
this notice will be summarized,
included in the request for OMB
approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the burden of the collection
of information;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
Dated: July 2, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2019–14544 Filed 7–8–19; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Interest Rate Paid on Cash Deposited
To Secure U.S. Immigration and
Customs Enforcement Immigration
Bonds
Departmental Offices, Treasury.
Notice.
AGENCY:
ACTION:
For the period beginning July
1, 2019, and ending on September 30,
2019, the U.S. Immigration and Customs
SUMMARY:
PO 00000
Frm 00137
Fmt 4703
Sfmt 4703
32835
Enforcement Immigration Bond interest
rate is 2.37 per centum per annum.
Rates are applicable July 1, 2019
to September 30, 2019.
DATES:
Comments or inquiries may
be mailed to Will Walcutt, Supervisor,
Funds Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Services, Parkersburg, West Virginia
26106–1328.
You can download this notice at the
following internet addresses: https://
www.treasury.gov or https://
www.federalregister.gov.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Ryan Hanna, Manager, Funds
Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Service, Parkersburg, West Virginia
261006–1328, (304) 480–5120; Will
Walcutt, Supervisor, Funds
Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Services, Parkersburg, West Virginia
26106–1328, (304) 480–5117.
Federal
law requires that interest payments on
cash deposited to secure immigration
bonds shall be ‘‘at a rate determined by
the Secretary of the Treasury, except
that in no case shall the interest rate
exceed 3 per centum per annum.’’ 8
U.S.C. 1363(a). Related Federal
regulations state that ‘‘Interest on cash
deposited to secure immigration bonds
will be at the rate as determined by the
Secretary of the Treasury, but in no case
will exceed 3 per centum per annum or
be less than zero.’’ 8 CFR 293.2.
Treasury has determined that interest on
the bonds will vary quarterly and will
accrue during each calendar quarter at
a rate equal to the lesser of the average
of the bond equivalent rates on 91-day
Treasury bills auctioned during the
preceding calendar quarter, or 3 per
centum per annum, but in no case less
than zero. [FR Doc. 2015–18545] In
addition to this Notice, Treasury posts
the current quarterly rate in Table 2b—
Interest Rates for Specific Legislation on
the TreasuryDirect website.
SUPPLEMENTARY INFORMATION:
Gary Grippo,
Deputy Assistant Secretary for Public
Finance.
[FR Doc. 2019–14497 Filed 7–8–19; 8:45 am]
BILLING CODE 4810–25–P
E:\FR\FM\09JYN1.SGM
09JYN1
Agencies
[Federal Register Volume 84, Number 131 (Tuesday, July 9, 2019)]
[Notices]
[Pages 32834-32835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14544]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Margin and Capital Requirements for
Covered Swap Entities
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other federal
agencies to take this opportunity to comment on the renewal of an
information collection as required by the Paperwork Reduction Act of
1995 (PRA).
An agency may not conduct or sponsor, and respondents are not
required to respond to, an information collection unless it displays a
currently valid Office of Management and Budget (OMB) control number.
The OCC is soliciting comment concerning the renewal of its
information collection titled, ``Margin and Capital Requirements for
Covered Swap Entities.'' The OCC also is giving notice that it has sent
the collection to OMB for review.
DATES: Comments must be submitted on or before August 8, 2019.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0251, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0251'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0251, U.S. Office of Management and Budget, 725 17th
Street NW, #10235, Washington, DC 20503 or by email to
[email protected].
You may review comments and other related materials that pertain to
this information collection \1\ following the close of the 30-day
comment period for this notice by any of the following methods:
---------------------------------------------------------------------------
\1\ On March 29, 2019, the OCC published a 60-day notice for
this information collection, 84 FR 12031.
---------------------------------------------------------------------------
Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0251'' or ``Margin and Capital Requirements for Covered
Swap Entities.'' Upon finding the appropriate information collection,
click on the related ``ICR Reference Number.'' On the next screen,
select ``View Supporting Statement and Other Documents'' and then click
on the link to any comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700 or, for persons who
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490 or, for persons who are deaf or hearing impaired, TTY,
(202) 649-5597, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
federal agencies must obtain approval from OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. The OCC requests
that OMB extend its emergency approval of the interim final rule
described in this notice to the customary three years.
Title: Margin and Capital Requirements for Covered Swap Entities.
OMB Control No.: 1557-0251.
Description: On March 19, 2019,\2\ the OCC, the Board of Governors
of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Farm Credit Administration, and the Federal Housing
Finance Agency
[[Page 32835]]
(agencies) issued an interim final rule amending the agencies'
regulations that require swap dealers and security based swap dealers
(Swap Margin Rule) under the agencies' respective jurisdictions to
exchange margin with their counterparties for swaps that are not
centrally cleared. Swaps entered into before the effective dates of the
Swap Margin Rule are grandfathered by the Swap Margin Rule until they
expire according to their terms. There are currently financial services
firms in the United Kingdom (U.K.) that conduct swap dealing activities
subject to the Swap Margin Rule. If the U.K. withdraws from the
European Union (E.U.) without a negotiated agreement between the U.K.
and E.U., entities located in the U.K. may not be authorized to provide
full-scope financial services to swap counterparties located in the
E.U. The agencies are addressing a scenario whereby entities located in
the U.K. might transfer their existing swap portfolios that face
counterparties located in the E.U. over to an affiliate or other
related establishment located within the E.U. or the United States
(U.S.). These transfers, if carried out in accordance with the
conditions of the interim final rule, will not trigger the application
of the Swap Margin Rule to grandfathered swaps that were entered into
before the Swap Margin Rule's compliance dates.
---------------------------------------------------------------------------
\2\ 84 FR 9940.
---------------------------------------------------------------------------
The interim final rule distinguishes transfers initiated by the
financial entity standing as the covered swap entity at the completion
of the transaction from a transfer initiated by the covered swap
entity's counterparty. In the case of transfers initiated by the
covered swap entity's counterparty, the counterparty must make a
representation to the covered swap entity that the counterparty carried
out the swap in accordance with both elements of the purpose test.\3\
Twelve CFR 45.1(h) specifies that transfers of legacy swaps initiated
by a covered swap entity's counterparty require a representation to the
covered swap entity that the counterparty carried out the swap in
accordance with both elements of the purpose test in order to remain
outside the scope of the Swap Margin. This requirement constitutes a
third party disclosure under the PRA.
---------------------------------------------------------------------------
\3\ The purpose test requires that the financial entity located
in the U.K. arrange to make the amendments to the non- cleared swap
solely for the purpose of transferring the non-cleared swap to an
affiliate or other related establishment that is located in an E.U.
Member State or the United States. This purpose test also contains a
requirement that the transfer be made in connection with the U.K.
entity's planning for the possibility that the U.K. might exit the
E.U. without a negotiated agreement, or the U.K. entity's response
to such an event.
---------------------------------------------------------------------------
Estimated Number of Respondents: 10.
Estimated Burden per Response: 1 hour.
Total Estimated Burden: 10 hours.
Type of Review: Regular.
Affected Public: Individuals; Businesses or other for-profit.
Frequency of Response: On occasion.
Comments submitted in response to this notice will be summarized,
included in the request for OMB approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: July 2, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-14544 Filed 7-8-19; 8:45 am]
BILLING CODE 4810-33-P