Agency Information Collection Activities: Proposed Revised Collection, Comment Request: “Real Time Public Reporting”, 77437-77439 [2020-26557]
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Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices
initial burden costs for SDRs and
reporting counterparties required to
generate UTIs. However, the PRA
section of the final rule corrected the
estimated cost per entity for ongoing
maintenance or adjustment to reporting
systems in the supporting statement for
the Proposal from a cost of $72 per
entity and $67,680 across entities to a
cost of $72.23 per entity and $67,896
across entities for final § 45.5.
With respect to the collection of
information, the Commission invites
comments on:
• Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information will have a practical use;
• The accuracy of the Commission’s
estimate of the burden of the proposed
collection of information, including the
validity of the methodology and
assumptions used;
• Ways to enhance the quality,
usefulness, and clarity of the
information to be collected; and
• Ways to minimize the burden of
collection of information on those who
are to respond, including through the
use of appropriate electronic, or other
forms of information technology, e.g.,
permitting electronic submission of
responses.
You should submit only information
that you wish to make available
publicly. If you wish the CFTC 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 CFTC’s regulations.6
The CFTC 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
Information Collection Request will be
retained in the public comment file and
will be considered as required under the
Administrative Procedure Act and other
applicable laws, and may be accessible
under FOIA.
Burden Statement: Provisions of
CFTC Regulations 45.2, 45.3, 45.4, 45.5,
45.6, 45.10 and 45.14 result in
information collection requirements
within the meaning of the PRA. With
respect to the ongoing reporting and
recordkeeping burdens associated with
swaps, the CFTC believes that SEFs,
6 17
CFR 145.9.
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17:39 Dec 01, 2020
Jkt 253001
DCMs, DCOs, SDRs, swap dealers
(‘‘SDs’’), major swap participants
(‘‘MSPs’’), and non-SD/MSP/DCO
counterparties incur an annual timeburden of 1,226,021 hours. This timeburden represents a proportion of the
burden respondents incur to operate
and maintain their swap data
recordkeeping and reporting systems.
Respondents/Affected Entities: SDs,
MSPs, SDRs, DCMs, SEFs, and other
counterparties to a swap transaction
(i.e., non-SD/MSP/DCO counterparties).
Estimated number of respondents:
1,732.
Estimated average burden hours per
respondent: 708.
Estimated total annual burden hours
on respondents: 1,226,021 hours.
Frequency of collection: Ongoing.
Capital or Operating and
Maintenance Costs: $ 51,961,428.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: November 27, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2020–26556 Filed 12–1–20; 8:45 am]
BILLING CODE 6351–01–P
COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities: Proposed Revised
Collection, Comment Request: ‘‘Real
Time Public Reporting’’
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:
The Commodity Futures
Trading Commission (‘‘CFTC’’ or
‘‘Commission’’) is announcing an
opportunity for public comment on the
revision of an information collection by
the agency. Under the Paperwork
Reduction Act of 1995 (‘‘PRA’’), Federal
agencies are required to publish notice
in the Federal Register concerning each
revised collection of information and to
allow 60 days for public comment. The
Commission recently adopted a final
rule amending requirements for the realtime public reporting and dissemination
of swap data. This notice solicits
additional comments on certain
estimated costs and burdens associated
with the amended requirements.
DATES: Comments must be submitted on
or before February 1, 2021.
ADDRESSES: You may submit comments,
identified by ‘‘Real Time Public
Reporting, OMB Control No. 3038–
0070,’’ by any of the following methods:
• The Agency’s website, at https://
comments.cftc.gov/. Follow the
SUMMARY:
PO 00000
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Fmt 4703
Sfmt 4703
77437
instructions for submitting comments
through the website.
• Mail: Christopher Kirkpatrick,
Secretary of the Commission,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
20581.
• Hand Delivery/Courier: Same as
Mail above.
Please submit your comments using
only one method. All comments must be
submitted in English, or if not,
accompanied by an English translation.
Comments will be posted as received to
https://www.cftc.gov.
FOR FURTHER INFORMATION CONTACT:
Meghan Tente, Acting Deputy Director,
Division of Market Oversight,
Commodity Futures Trading
Commission, (202) 418–5785, email:
mtente@cftc.gov, and refer to OMB
Control No. 3038–0070.
SUPPLEMENTARY INFORMATION: Under the
PRA, 44 U.S.C. 3501 et seq., Federal
agencies must obtain approval from the
Office of Management and Budget
(‘‘OMB’’) for each collection of
information they conduct or sponsor.
‘‘Collection of Information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR 1320.3
and includes agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. Section
3506(c)(2)(A) of the PRA, 44 U.S.C.
3506(c)(2)(A), requires Federal agencies
to provide a 60-day notice in the
Federal Register concerning each
proposed information collection
including each proposed revision or
extension of an existing information
collection, before submitting the
collection to OMB for approval. To
comply with this requirement, the CFTC
is publishing notice of the proposed
collection of information listed below.
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.
Title: Real Time Public Reporting and
Block Trades (OMB Control No. 3038–
0070). This is a request for comment on
a currently approved information
collection.
Abstract: The collection of
information is needed to ensure that
swap data repositories publicly
disseminate swap data as required by
the Commodity Exchange Act, as
amended by the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(‘‘Dodd-Frank Act’’). The Dodd-Frank
Act directed the CFTC to adopt rules
providing for the real-time public
E:\FR\FM\02DEN1.SGM
02DEN1
77438
Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices
reporting and dissemination of swap
data and rules for block trades.
On September 17, 2020, the
Commission adopted a rulemaking
amending its part 43 regulations.1 In the
release accompanying the Final Rule,
the Commission included some cost and
burden estimates that were not included
in the Proposal, including changes to
some of its previous estimates.2 The
Commission explains these cost and
burden estimates further below and
invites comment on any new or revised
estimates.
1. Amendments to Regulation 43.3
In the Proposal, the Commission
omitted the aggregate reporting burden
for proposed § 43.3 (as well as § 43.4)
and instead provided PRA estimates for
all of part 43. The Final Rule included
the estimated aggregate reporting
burden for § 43.3 as follows:
Estimated number of respondents:
1,729 SEFs, DCMs, and reporting
counterparties.
Estimated number of reports per
respondent: 2,998.
Average number of hours per report:
0.067.
Estimated gross annual reporting
burden: 725,696.
Existing § 43.3 requires reporting
counterparties to send swap reports to
swap data repositories (‘‘SDRs’’) as soon
as technologically practicable after
execution. The Commission did not
include any burden estimates in the
Proposal related to the modification or
maintenance of systems in order to be
in compliance with the proposed
1 The Commission proposed the amendments to
Part 43 in February 2020. Real-Time Public
Reporting Requirements, 85 FR 21516 (Apr. 17,
2020) (the ‘‘Proposal’’). The final rule was
published in the Federal Register on November 25,
2020 (the ‘‘Final Rule’’).
2 In the final rule, the Commission revised the
information collection to reflect the adoption of
amendments to part 43, including changes to reflect
adjustments that were made to the final rules in
response to comments on the Proposal (not relating
to PRA). In the Proposal, the Commission omitted
the aggregate reporting burden for proposed § 43.3
and § 43.4 in the preamble and instead provided
PRA estimates for all of part 43. In the final rule,
the Commission included PRA estimates for final
§ 43.3 and § 43.4 which are set forth below. In
addition, in the final rule, the Commission revised
the information collection to include burden
estimates for one-time costs that SDRs, SEFs, DCMs,
and reporting counterparties could incur to modify
their systems to adopt the changes to part 43, as
well as burden estimates for these entities to
perform any annual maintenance or adjustments to
reporting systems related to the changes. These
estimates are also set forth below. The Commission
did not include PRA estimates for all of part 43 in
the final rule as the final rule only affects PRA
estimates for § 43.3 and § 43.4. However, PRA
estimates for all of part 43 are included in the
supporting statement being filed with OMB in
connection with the final rule.
VerDate Sep<11>2014
17:39 Dec 01, 2020
Jkt 253001
amendments to § 43.3.3 However, for the
Final Rule, the Commission recognized
certain entities would incur start-up
costs to modify their reporting systems
and operational costs to maintain them
going forward to adopt the changes to
§ 43.3 4 in the Final Rule, as explained
below.
In the Final Rule, the Commission
estimated the cost for a reporting entity,
including designated contracts markets
(‘‘DCMs’’), derivatives clearing
organizations (‘‘DCOs’’), major swap
participants (‘‘MSPs’’), swap dealers
(‘‘SDs’’), non-SD/MSP/DCO
counterparties, and swap execution
facilities (‘‘SEFs’’), to modify their
systems and maintain those
modifications going forward to adopt
the Final Rule could range from $24,000
to $74,000 per entity. There are an
estimated 1,732 reporting entities, for a
total estimated cost of $84,868,000.5 As
described in the final rule, the estimated
cost range is based on a number of
assumptions that cover tasks required to
design, test, and implement an updated
data system based on the new swap data
elements contained in part 43.
In the Final Rule, the Commission
further estimated that the cost for an
SDR to modify their systems, including
their data reporting, ingestion, and
validation systems, and maintain those
modifications going forward may range
from $144,000 to $510,000 per SDR.
There are currently three SDRs, for an
estimated total cost of $981,000.6
2. Amendments to Regulation 43.4
In the Final Rule, the Commission
estimated that the amendments would
reduce the number of mirror swaps
SDRs would need to publicly
3 The supporting statement for part 43 submtted
for the Proposal only showed negative incremental
changes in Attachment A (e.g., showed a negative
adjustment of 30,300 responses and negative
2,030.10 burden hours).
4 The Commission did not include any burden
estimates in the final rule related to the
modification or maintenance of systems in order to
be in compliance with the amendments to § 43.4.
To avoid double-counting, the Commission
included the costs associated with updates to § 43.4
in the estimates for § 43.3, as they would be
captured in the costs of updating systems based on
the list of swap data elements in part 43. As noted
above, the Commission is soliciting comments on
the revised burden estimates for part 43 that are
being adopted in the final rule.
5 Based on the Commission’s eight years of
experience in administering the existing-real time
reporting regulation, the Commission believes that
the costs to reporting entities to implement the final
rule will be on the lower end of the range, closer
to $24,000 than to $74,000.
6 As described in the Final Rule, the estimated
cost ranges are based on a number of assumptions
that cover the set of tasks required for the SDR to
design, test, and implement an updated data system
based on the new swap data elements contained in
part 43.
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Fmt 4703
Sfmt 4703
disseminate by 100 reports per each
SDR, for an aggregate burden hour
reduction of 20.10 hours. In addition,
the Commission estimated that the
aggregate reporting burden total for
§ 43.4, as adjusted for the reduction in
reporting by SDRs of mirror swaps, is as
follows:
Estimated number of respondents: 3.
Estimated number of reports per
respondent: 1,499,900.
Average number of hours per report:
0.009.
Estimated gross annual reporting
burden: 40,497.
The Commission did not include any
burden estimates in the Proposal related
to the modification or maintenance of
systems in order to be in compliance
with the proposed amendments to
§ 43.4. To avoid double-counting, the
Commission included the costs
associated with updates to § 43.4 in the
estimates for § 43.3 discussed above, as
they would be captured in the costs of
updating systems based on the list of
swap data elements in part 43.
The Commission is soliciting
comments on the above burden
estimates for part 43, including the
estimated costs related to the
modification or maintenance of systems
in order to be in compliance with the
amendments to § 43.3 that are being
adopted in the Final Rule, in this
separate 60-day notice being published
in the Federal Register.
With respect to the collection of
information, the Commission invites
comments on:
• Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information will have a practical use;
• The accuracy of the Commission’s
estimate of the burden of the proposed
collection of information, including the
validity of the methodology and
assumptions used;
• Ways to enhance the quality,
usefulness, and clarity of the
information to be collected; and
• Ways to minimize the burden of
collection of information on those who
are to respond, including through the
use of appropriate electronic, or other
forms of information technology, e.g.,
permitting electronic submission of
responses.
You should submit only information
that you wish to make available
publicly. If you wish the CFTC 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
E:\FR\FM\02DEN1.SGM
02DEN1
Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices
according to the procedures established
in § 145.9 of the CFTC’s regulations.7
The CFTC 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
Information Collection Request will be
retained in the public comment file and
will be considered as required under the
Administrative Procedure Act and other
applicable laws, and may be accessible
under FOIA.
Burden Statement: Provisions of
CFTC Regulations 43.3, 43.4, and 43.6
result in information collection
requirements within the meaning of the
PRA. With respect to the ongoing
reporting and recordkeeping burdens
associated with swaps, the CFTC
believes that SDs, MSPs, SEFs, DCMs,
DCOs, and non-SD/MSP/DCO
counterparties incur an annual timeburden of 771,831 hours. This timeburden represents a proportion of the
burden respondents incur to operate
and maintain their swap data
recordkeeping and reporting systems.
Respondents/Affected Entities: SDs,
MSPs, and other counterparties to a
7 17
CFR 145.9.
VerDate Sep<11>2014
17:39 Dec 01, 2020
Jkt 253001
swap transaction (i.e., non-SD/MSP/
DCO counterparties).
Estimated number of respondents:
1,732.
Estimated average burden hours per
respondent: 445.
Estimated total annual burden hours
on respondents: 771,831 hours.
Frequency of collection: Ongoing.
Capital or Operating and
Maintenance Costs: $85,849,000.8
(Authority: 44 U.S.C. 3501 et seq.)
77439
DEPARTMENT OF DEFENSE
Office of the Secretary
[Transmittal No. 20–43]
Arms Sales Notification
Defense Security Cooperation
Agency, Department of Defense.
AGENCY:
ACTION:
Arms sales notice.
Dated: November 27, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
SUMMARY:
[FR Doc. 2020–26557 Filed 12–1–20; 8:45 am]
FOR FURTHER INFORMATION CONTACT:
BILLING CODE 6351–01–P
Karma Job at karma.d.job.civ@mail.mil
or (703) 697–8976.
8 In the Proposal, the Commission omitted the
aggregate reporting burden for proposed § 43.3 and
§ 43.4 in the preamble and instead provided PRA
estimates for all of part 43. In the final rule, the
Commission included PRA estimates for final § 43.3
and § 43.4 because these are the only sections of
part 43 affected by the final rulemaking.
Attachment A to the supporting statement for the
Proposal only showed the changes in the burden
estimates for § 43.3 and § 43.4 for the Proposal. For
the Final Rule, the Commission revised Attachment
A to the supporting statement that was filed with
OMB to include aggregate burden estimates for all
requirements in the collection. The estimates in the
supporting statements for the Final Rule are
consistent with the estimates shown in the Burden
Statement above (e.g., the supporting statement for
the Final Rule reflects that there are 1,732
respondents and that the total annual number of
burden hours across all respondents is 771,831.)
PO 00000
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Fmt 4703
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The Department of Defense is
publishing the unclassified text of an
arms sales notification.
This
36(b)(1) arms sales notification is
published to fulfill the requirements of
section 155 of Public Law 104–164
dated July 21, 1996. The following is a
copy of a letter to the Speaker of the
House of Representatives, Transmittal
20–43 with attached Policy Justification
and Sensitivity of Technology.
SUPPLEMENTARY INFORMATION:
Dated: November 25, 2020.
Kayyonne T. Marston,
Alternate OSD Federal Register Liaison
Officer, Department of Defense.
BILLING CODE 5001–06–P
E:\FR\FM\02DEN1.SGM
02DEN1
]]>Agencies
[Federal Register Volume 85, Number 232 (Wednesday, December 2, 2020)]
[Notices]
[Pages 77437-77439]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26557]
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Proposed Revised
Collection, Comment Request: ``Real Time Public Reporting''
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or
``Commission'') is announcing an opportunity for public comment on the
revision of an information collection by the agency. Under the
Paperwork Reduction Act of 1995 (``PRA''), Federal agencies are
required to publish notice in the Federal Register concerning each
revised collection of information and to allow 60 days for public
comment. The Commission recently adopted a final rule amending
requirements for the real-time public reporting and dissemination of
swap data. This notice solicits additional comments on certain
estimated costs and burdens associated with the amended requirements.
DATES: Comments must be submitted on or before February 1, 2021.
ADDRESSES: You may submit comments, identified by ``Real Time Public
Reporting, OMB Control No. 3038-0070,'' by any of the following
methods:
The Agency's website, at https://comments.cftc.gov/. Follow
the instructions for submitting comments through the website.
Mail: Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW, Washington, DC 20581.
Hand Delivery/Courier: Same as Mail above.
Please submit your comments using only one method. All comments
must be submitted in English, or if not, accompanied by an English
translation. Comments will be posted as received to https://www.cftc.gov.
FOR FURTHER INFORMATION CONTACT: Meghan Tente, Acting Deputy Director,
Division of Market Oversight, Commodity Futures Trading Commission,
(202) 418-5785, email: [email protected], and refer to OMB Control No.
3038-0070.
SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501 et seq.,
Federal agencies must obtain approval from the Office of Management and
Budget (``OMB'') for each collection of information they conduct or
sponsor. ``Collection of Information'' is defined in 44 U.S.C. 3502(3)
and 5 CFR 1320.3 and includes agency requests or requirements that
members of the public submit reports, keep records, or provide
information to a third party. Section 3506(c)(2)(A) of the PRA, 44
U.S.C. 3506(c)(2)(A), requires Federal agencies to provide a 60-day
notice in the Federal Register concerning each proposed information
collection including each proposed revision or extension of an existing
information collection, before submitting the collection to OMB for
approval. To comply with this requirement, the CFTC is publishing
notice of the proposed collection of information listed below. 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.
Title: Real Time Public Reporting and Block Trades (OMB Control No.
3038-0070). This is a request for comment on a currently approved
information collection.
Abstract: The collection of information is needed to ensure that
swap data repositories publicly disseminate swap data as required by
the Commodity Exchange Act, as amended by the Dodd-Frank Wall Street
Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank
Act directed the CFTC to adopt rules providing for the real-time public
[[Page 77438]]
reporting and dissemination of swap data and rules for block trades.
On September 17, 2020, the Commission adopted a rulemaking amending
its part 43 regulations.\1\ In the release accompanying the Final Rule,
the Commission included some cost and burden estimates that were not
included in the Proposal, including changes to some of its previous
estimates.\2\ The Commission explains these cost and burden estimates
further below and invites comment on any new or revised estimates.
---------------------------------------------------------------------------
\1\ The Commission proposed the amendments to Part 43 in
February 2020. Real-Time Public Reporting Requirements, 85 FR 21516
(Apr. 17, 2020) (the ``Proposal''). The final rule was published in
the Federal Register on November 25, 2020 (the ``Final Rule'').
\2\ In the final rule, the Commission revised the information
collection to reflect the adoption of amendments to part 43,
including changes to reflect adjustments that were made to the final
rules in response to comments on the Proposal (not relating to PRA).
In the Proposal, the Commission omitted the aggregate reporting
burden for proposed Sec. 43.3 and Sec. 43.4 in the preamble and
instead provided PRA estimates for all of part 43. In the final
rule, the Commission included PRA estimates for final Sec. 43.3 and
Sec. 43.4 which are set forth below. In addition, in the final
rule, the Commission revised the information collection to include
burden estimates for one-time costs that SDRs, SEFs, DCMs, and
reporting counterparties could incur to modify their systems to
adopt the changes to part 43, as well as burden estimates for these
entities to perform any annual maintenance or adjustments to
reporting systems related to the changes. These estimates are also
set forth below. The Commission did not include PRA estimates for
all of part 43 in the final rule as the final rule only affects PRA
estimates for Sec. 43.3 and Sec. 43.4. However, PRA estimates for
all of part 43 are included in the supporting statement being filed
with OMB in connection with the final rule.
---------------------------------------------------------------------------
1. Amendments to Regulation 43.3
In the Proposal, the Commission omitted the aggregate reporting
burden for proposed Sec. 43.3 (as well as Sec. 43.4) and instead
provided PRA estimates for all of part 43. The Final Rule included the
estimated aggregate reporting burden for Sec. 43.3 as follows:
Estimated number of respondents: 1,729 SEFs, DCMs, and reporting
counterparties.
Estimated number of reports per respondent: 2,998.
Average number of hours per report: 0.067.
Estimated gross annual reporting burden: 725,696.
Existing Sec. 43.3 requires reporting counterparties to send swap
reports to swap data repositories (``SDRs'') as soon as technologically
practicable after execution. The Commission did not include any burden
estimates in the Proposal related to the modification or maintenance of
systems in order to be in compliance with the proposed amendments to
Sec. 43.3.\3\ However, for the Final Rule, the Commission recognized
certain entities would incur start-up costs to modify their reporting
systems and operational costs to maintain them going forward to adopt
the changes to Sec. 43.3 \4\ in the Final Rule, as explained below.
---------------------------------------------------------------------------
\3\ The supporting statement for part 43 submtted for the
Proposal only showed negative incremental changes in Attachment A
(e.g., showed a negative adjustment of 30,300 responses and negative
2,030.10 burden hours).
\4\ The Commission did not include any burden estimates in the
final rule related to the modification or maintenance of systems in
order to be in compliance with the amendments to Sec. 43.4. To
avoid double-counting, the Commission included the costs associated
with updates to Sec. 43.4 in the estimates for Sec. 43.3, as they
would be captured in the costs of updating systems based on the list
of swap data elements in part 43. As noted above, the Commission is
soliciting comments on the revised burden estimates for part 43 that
are being adopted in the final rule.
---------------------------------------------------------------------------
In the Final Rule, the Commission estimated the cost for a
reporting entity, including designated contracts markets (``DCMs''),
derivatives clearing organizations (``DCOs''), major swap participants
(``MSPs''), swap dealers (``SDs''), non-SD/MSP/DCO counterparties, and
swap execution facilities (``SEFs''), to modify their systems and
maintain those modifications going forward to adopt the Final Rule
could range from $24,000 to $74,000 per entity. There are an estimated
1,732 reporting entities, for a total estimated cost of $84,868,000.\5\
As described in the final rule, the estimated cost range is based on a
number of assumptions that cover tasks required to design, test, and
implement an updated data system based on the new swap data elements
contained in part 43.
---------------------------------------------------------------------------
\5\ Based on the Commission's eight years of experience in
administering the existing-real time reporting regulation, the
Commission believes that the costs to reporting entities to
implement the final rule will be on the lower end of the range,
closer to $24,000 than to $74,000.
---------------------------------------------------------------------------
In the Final Rule, the Commission further estimated that the cost
for an SDR to modify their systems, including their data reporting,
ingestion, and validation systems, and maintain those modifications
going forward may range from $144,000 to $510,000 per SDR. There are
currently three SDRs, for an estimated total cost of $981,000.\6\
---------------------------------------------------------------------------
\6\ As described in the Final Rule, the estimated cost ranges
are based on a number of assumptions that cover the set of tasks
required for the SDR to design, test, and implement an updated data
system based on the new swap data elements contained in part 43.
---------------------------------------------------------------------------
2. Amendments to Regulation 43.4
In the Final Rule, the Commission estimated that the amendments
would reduce the number of mirror swaps SDRs would need to publicly
disseminate by 100 reports per each SDR, for an aggregate burden hour
reduction of 20.10 hours. In addition, the Commission estimated that
the aggregate reporting burden total for Sec. 43.4, as adjusted for
the reduction in reporting by SDRs of mirror swaps, is as follows:
Estimated number of respondents: 3.
Estimated number of reports per respondent: 1,499,900.
Average number of hours per report: 0.009.
Estimated gross annual reporting burden: 40,497.
The Commission did not include any burden estimates in the Proposal
related to the modification or maintenance of systems in order to be in
compliance with the proposed amendments to Sec. 43.4. To avoid double-
counting, the Commission included the costs associated with updates to
Sec. 43.4 in the estimates for Sec. 43.3 discussed above, as they
would be captured in the costs of updating systems based on the list of
swap data elements in part 43.
The Commission is soliciting comments on the above burden estimates
for part 43, including the estimated costs related to the modification
or maintenance of systems in order to be in compliance with the
amendments to Sec. 43.3 that are being adopted in the Final Rule, in
this separate 60-day notice being published in the Federal Register.
With respect to the collection of information, the Commission
invites comments on:
Whether the proposed collection of information is
necessary for the proper performance of the functions of the
Commission, including whether the information will have a practical
use;
The accuracy of the Commission's estimate of the burden of
the proposed collection of information, including the validity of the
methodology and assumptions used;
Ways to enhance the quality, usefulness, and clarity of
the information to be collected; and
Ways to minimize the burden of collection of information
on those who are to respond, including through the use of appropriate
electronic, or other forms of information technology, e.g., permitting
electronic submission of responses.
You should submit only information that you wish to make available
publicly. If you wish the CFTC 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
[[Page 77439]]
according to the procedures established in Sec. 145.9 of the CFTC's
regulations.\7\
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\7\ 17 CFR 145.9.
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The CFTC 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 Information Collection Request will be retained in
the public comment file and will be considered as required under the
Administrative Procedure Act and other applicable laws, and may be
accessible under FOIA.
Burden Statement: Provisions of CFTC Regulations 43.3, 43.4, and
43.6 result in information collection requirements within the meaning
of the PRA. With respect to the ongoing reporting and recordkeeping
burdens associated with swaps, the CFTC believes that SDs, MSPs, SEFs,
DCMs, DCOs, and non-SD/MSP/DCO counterparties incur an annual time-
burden of 771,831 hours. This time-burden represents a proportion of
the burden respondents incur to operate and maintain their swap data
recordkeeping and reporting systems.
Respondents/Affected Entities: SDs, MSPs, and other counterparties
to a swap transaction (i.e., non-SD/MSP/DCO counterparties).
Estimated number of respondents: 1,732.
Estimated average burden hours per respondent: 445.
Estimated total annual burden hours on respondents: 771,831 hours.
Frequency of collection: Ongoing.
Capital or Operating and Maintenance Costs: $85,849,000.\8\
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\8\ In the Proposal, the Commission omitted the aggregate
reporting burden for proposed Sec. 43.3 and Sec. 43.4 in the
preamble and instead provided PRA estimates for all of part 43. In
the final rule, the Commission included PRA estimates for final
Sec. 43.3 and Sec. 43.4 because these are the only sections of
part 43 affected by the final rulemaking. Attachment A to the
supporting statement for the Proposal only showed the changes in the
burden estimates for Sec. 43.3 and Sec. 43.4 for the Proposal. For
the Final Rule, the Commission revised Attachment A to the
supporting statement that was filed with OMB to include aggregate
burden estimates for all requirements in the collection. The
estimates in the supporting statements for the Final Rule are
consistent with the estimates shown in the Burden Statement above
(e.g., the supporting statement for the Final Rule reflects that
there are 1,732 respondents and that the total annual number of
burden hours across all respondents is 771,831.)
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(Authority: 44 U.S.C. 3501 et seq.)
Dated: November 27, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2020-26557 Filed 12-1-20; 8:45 am]
BILLING CODE 6351-01-P
