Agency Information Collection Activities Under OMB Review, 13341-13343 [2021-04667]
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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
On June 15, 2006, President George
W. Bush established the
Papaha¯naumokua¯kea Marine National
Monument (PMNM) by Presidential
Proclamation 8031 under the authority
of the American Antiquities Act, 16 CFR
431, to ensure the comprehensive,
strong, and lasting protection of the
coral reef ecosystems and related
resources of the Northwestern Hawaiian
Islands (NWHI). At a time when ocean
resources around the world are in major
decline, the designation of PMNM
enabled nearly 140,000 square miles of
U.S. land and waters of the region to
receive the highest form of
environmental protection in the country
and created one of the largest marine
conservation areas in the world.
As part of PMNM’s mission to
characterize its natural resources,
PMNM conducts annual coral reef
monitoring expeditions to the NWHI.
Additionally, as part of PMNM’s
education mission, PMNM is committed
to providing educational opportunities
for students and educators. In order to
accomplish these two missions, PMNM
has partnered with the University of
Hawaii to offer research internships.
Each year, a limited number of research
internships will be awarded to
outstanding undergraduate students in
the marine sciences at the University of
Hawaii. These internships consist of
training students in SCUBA surveys of
coral reef fauna, a research expedition to
PMNM aboard a NOAA or contract ship,
and the development of an independent
research project with data from the
expedition. Due to the fact that space is
very limited for these internships, only
a small number of internships can be
offered each year. This request collects
information from internship applicants
in order to allow PMNM staff to select
candidates which are best suited for its
research internships.
The collection of information will
consist of an electronic application
package, which will be solicited
annually from undergraduate students
applying for the internship. The
application package will include (1) an
application form with information on
academic background and professional
experiences, (2) reference forms by two
educational or professional references,
and (3) a support letter from one
academic professor or advisor.
All gathered information would be
used only by staff of PMNM for the
purpose of selecting interns, and will
not be shared with any other party.
None of the information collected will
be disseminated to the public.
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II. Method of Collection
The proposed collection of new
information will consist of electronic
forms which will be submitted via
email.
III. Data
IV. Request for Comments
We are soliciting public comments to
permit the Department/Bureau to: (a)
Evaluate whether the proposed
information collection is necessary for
the proper functions of the Department,
including whether the information will
have practical utility; (b) Evaluate the
accuracy of our estimate of the time and
cost burden for this proposed collection,
including the validity of the
methodology and assumptions used; (c)
Evaluate ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) Minimize the
reporting burden on those who are to
respond, including the use of automated
collection techniques or other forms of
information technology.
Comments that you submit in
response to this notice are a matter of
public record. We will include or
summarize each comment in our request
to OMB to approve this ICR. Before
including your address, phone number,
email address, or other personal
identifying information in your
comment, you should be aware that
your entire comment—including your
personal identifying information—may
be made publicly available at any time.
While you may ask us in your comment
to withhold your personal identifying
information from public review, we
Frm 00063
cannot guarantee that we will be able to
do so.
Sheleen Dumas,
Department PRA Clearance Officer, Office of
the Chief Information Officer, Commerce
Department.
[FR Doc. 2021–04702 Filed 3–5–21; 8:45 am]
OMB Control Number: 0648–0719.
Form Number(s): None.
Type of Review: Regular submission
(extension of a current information
collection).
Affected Public: Individuals or
households; Business or other for-profit
organizations.
Estimated Number of Respondents:
100.
Estimated Time per Response:
Scholarship application: 1 hour;
Reference forms: 30 minutes; Support
Letter: 30 minutes.
Estimated Total Annual Burden
Hours: 62.5 hours.
Estimated Total Annual Cost to
Public: None.
Respondent’s Obligation: Voluntary.
Legal Authority: None.
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BILLING CODE 3510–JE–P
COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities Under OMB Review
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:
In compliance with the
Paperwork Reduction Act of 1995
(‘‘PRA’’), this notice announces that the
Information Collection Request (‘‘ICR’’)
abstracted below has been forwarded to
the Office of Information and Regulatory
Affairs (‘‘OIRA’’), of 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 April 7, 2021.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be
submitted within 30 days of this
notice’s publication to OIRA, at https://
www.reginfo.gov/public/do/PRAMain.
Please find this particular information
collection by selecting ‘‘Currently under
30-day Review—Open for Public
Comments’’ or by using the website’s
search function. Comments can be
entered electronically by clicking on the
‘‘comment’’ button next to the
information collection on the ‘‘OIRA
Information Collections Under Review’’
page, or the ‘‘View ICR—Agency
Submission’’ page. A copy of the
supporting statement for the collection
of information discussed herein may be
obtained by visiting https://
www.reginfo.gov/public/do/PRAMain.
In addition to the submission of
comments to https://Reginfo.gov as
indicated above, a copy of all comments
submitted to OIRA may also be
submitted to the Commodity Futures
Trading Commission (the
‘‘Commission’’ or ‘‘CFTC’’) by clicking
on the ‘‘Submit Comment’’ box next to
the descriptive entry for OMB Control
No. 3038–0070, at https://
comments.cftc.gov/FederalRegister/
PublicInfo.aspx.
Or by either of the following methods:
• Mail: Christopher Kirkpatrick,
Secretary of the Commission,
SUMMARY:
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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
20581.
• Hand Delivery/Courier: Same as
Mail above.
All comments must be submitted in
English, or if not, accompanied by an
English translation. Comments
submitted to the Commission should
include 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:
Meghan Tente, Division of Data,
Commodity Futures Trading
Commission, (202) 418–5785, email:
mtente@cftc.gov, and refer to OMB
Control No. 3038–0070.
SUPPLEMENTARY INFORMATION:
Title: Real Time Public Reporting and
Block Trades (OMB Control No. 3038–
0070). This is a request for comment on
revision of 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’’).2 The Dodd-Frank
Act directed the CFTC to adopt rules
providing for the real-time public
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.3 In the
1 17
CFR 145.9.
Law 111–203, 124 Stat. 1376 (2010).
3 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
2 Public
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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.4 The
Commission explains these cost and
burden estimates further 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. On December 2, 2020,
the Commission published in the
Federal Register notice of the proposed
revision of this information collection
(including estimated costs related to the
modification or maintenance of systems
in order to be in compliance with the
amendments to § 43.3 that were adopted
in the Final Rule), and provided 60 days
for public comment on the proposed
revision, 85 FR 77437 (‘‘60-Day
Notice’’). The Commission did not
receive any comments on the 60-Day
Notice.
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.
published in the Federal Register, 85 FR 75422
(Nov. 25, 2020) (the ‘‘Final Rule’’).
4 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 Rule 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 preamble as the Final Rule only
affects PRA estimates for § 43.3 and § 43.4.
However, PRA estimates for all of part 43 were
included in the supporting statement being filed
with OMB in connection with the Final Rule
(excluding estimates related to the Commission’s
block trade regulation, as the block trade regulation
is not affected by the final rulemaking).
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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
amendments to § 43.3.5 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 6 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 $84,868,000.7 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 $981,000.8
5 The supporting statement for part 43 submitted
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).
6 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.
7 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.
8 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
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Federal Register / Vol. 86, No. 43 / Monday, March 8, 2021 / Notices
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
§ 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.
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 is
revising its estimate of the burden of
this collection (excluding estimates
related to the Commission’s block trade
regulation, which is not affected by the
final rulemaking). The Commission
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.
The respondent burden for this
collection (excluding estimates related
to the Commission’s block trade
regulation) is estimated to be as follows:
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: 771,831 hours.
based on the new swap data elements contained in
part 43.
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Frequency of Collection: Ongoing.
Capital or Operating and
Maintenance Costs: $85,849,000.9
Authority: 44 U.S.C. 3501 et seq.
Dated: March 2, 2021.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2021–04667 Filed 3–5–21; 8:45 am]
BILLING CODE 6351–01–P
COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities Under OMB Review
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:
In compliance with the
Paperwork Reduction Act of 1995
(‘‘PRA’’), this notice announces that the
Information Collection Request (‘‘ICR’’)
abstracted below has been forwarded to
the Office of Information and Regulatory
Affairs (‘‘OIRA’’), of 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 April 7, 2021.
ADDRESSES: Written comments and
recommendations for the information
collection should be submitted within
30 days of this notice’s publication to
OIRA, at https://www.reginfo.gov/
SUMMARY:
9 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 (excluding estimates
related to the Commission’s block trade regulation,
which is not affected by the final rulemaking). In
the Final Rule, the Commission included PRA
estimates for final § 43.3 and § 43.4 in the preamble
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 (excluding estimates
related to the Commission’s block trade regulation,
as the burden estimates for the block trade
regulation are not affected by the final rulemaking).
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. 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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13343
public/do/PRAMain. Please find this
particular information collection by
selecting ‘‘Currently under 30-day
Review—Open for Public Comments’’ or
by using the website’s search function.
Comments can be entered electronically
by clicking on the ‘‘comment’’ button
next to the information collection on the
‘‘OIRA Information Collections Under
Review’’ page, or the ‘‘View ICR—
Agency Submission’’ page. A copy of
the supporting statement for the
collection of information discussed
herein may be obtained by visiting
https://www.reginfo.gov/public/do/
PRAMain.
In addition to the submission of
comments to https://Reginfo.gov as
indicated above, a copy of all comments
submitted to OIRA may also be
submitted to the Commodity Futures
Trading Commission (the
‘‘Commission’’ or ‘‘CFTC’’) by clicking
on the ‘‘Submit Comment’’ box next to
the descriptive entry for OMB Control
No. 3038–0096, at https://
comments.cftc.gov/FederalRegister/
PublicInfo.aspx.
Or by either of the following methods:
• 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.
All comments must be submitted in
English, or if not, accompanied by an
English translation. Comments
submitted to the Commission should
include 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.
1 17
CFR 145.9.
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]]>Agencies
[Federal Register Volume 86, Number 43 (Monday, March 8, 2021)]
[Notices]
[Pages 13341-13343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04667]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities Under OMB Review
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: In compliance with the Paperwork Reduction Act of 1995
(``PRA''), this notice announces that the Information Collection
Request (``ICR'') abstracted below has been forwarded to the Office of
Information and Regulatory Affairs (``OIRA''), of 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 April 7, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be submitted within 30 days of this
notice's publication to OIRA, at https://www.reginfo.gov/public/do/PRAMain. Please find this particular information collection by
selecting ``Currently under 30-day Review--Open for Public Comments''
or by using the website's search function. Comments can be entered
electronically by clicking on the ``comment'' button next to the
information collection on the ``OIRA Information Collections Under
Review'' page, or the ``View ICR--Agency Submission'' page. A copy of
the supporting statement for the collection of information discussed
herein may be obtained by visiting https://www.reginfo.gov/public/do/PRAMain.
In addition to the submission of comments to https://Reginfo.gov as
indicated above, a copy of all comments submitted to OIRA may also be
submitted to the Commodity Futures Trading Commission (the
``Commission'' or ``CFTC'') by clicking on the ``Submit Comment'' box
next to the descriptive entry for OMB Control No. 3038-0070, at https://comments.cftc.gov/FederalRegister/PublicInfo.aspx.
Or by either of the following methods:
Mail: Christopher Kirkpatrick, Secretary of the
Commission,
[[Page 13342]]
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW, Washington, DC 20581.
Hand Delivery/Courier: Same as Mail above.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments submitted to the Commission should
include 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 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 the
Administrative Procedure Act and other applicable laws, and may be
accessible under the Freedom of Information Act.
---------------------------------------------------------------------------
\1\ 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Meghan Tente, Division of Data,
Commodity Futures Trading Commission, (202) 418-5785, email:
_____________________________________-
[email protected], and refer to OMB Control No. 3038-0070.
SUPPLEMENTARY INFORMATION:
Title: Real Time Public Reporting and Block Trades (OMB Control No.
3038-0070). This is a request for comment on revision of 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'').\2\ The Dodd-
Frank Act directed the CFTC to adopt rules providing for the real-time
public reporting and dissemination of swap data and rules for block
trades.
---------------------------------------------------------------------------
\2\ Public Law 111-203, 124 Stat. 1376 (2010).
---------------------------------------------------------------------------
On September 17, 2020, the Commission adopted a rulemaking amending
its part 43 regulations.\3\ 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.\4\ The Commission explains these cost and burden estimates
further below.
---------------------------------------------------------------------------
\3\ 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, 85 FR 75422 (Nov. 25, 2020) (the ``Final
Rule'').
\4\ 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
Rule 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 preamble as the Final Rule only
affects PRA estimates for Sec. 43.3 and Sec. 43.4. However, PRA
estimates for all of part 43 were included in the supporting
statement being filed with OMB in connection with the Final Rule
(excluding estimates related to the Commission's block trade
regulation, as the block trade regulation is not affected by the
final rulemaking).
---------------------------------------------------------------------------
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 December 2, 2020, the Commission
published in the Federal Register notice of the proposed revision of
this information collection (including estimated costs related to the
modification or maintenance of systems in order to be in compliance
with the amendments to Sec. 43.3 that were adopted in the Final Rule),
and provided 60 days for public comment on the proposed revision, 85 FR
77437 (``60-Day Notice''). The Commission did not receive any comments
on the 60-Day Notice.
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.\5\ 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 \6\ in the Final Rule, as explained below.
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\5\ The supporting statement for part 43 submitted 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).
\6\ 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.
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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.\7\
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.
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\7\ 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.
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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.\8\
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\8\ 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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[[Page 13343]]
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.
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 is revising its estimate of the
burden of this collection (excluding estimates related to the
Commission's block trade regulation, which is not affected by the final
rulemaking). The Commission 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. The respondent burden for this collection
(excluding estimates related to the Commission's block trade
regulation) is estimated to be as follows:
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: 771,831 hours.
Frequency of Collection: Ongoing.
Capital or Operating and Maintenance Costs: $85,849,000.\9\
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\9\ 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
(excluding estimates related to the Commission's block trade
regulation, which is not affected by the final rulemaking). In the
Final Rule, the Commission included PRA estimates for final Sec.
43.3 and Sec. 43.4 in the preamble 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
(excluding estimates related to the Commission's block trade
regulation, as the burden estimates for the block trade regulation
are not affected by the final rulemaking). 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. 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: March 2, 2021.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2021-04667 Filed 3-5-21; 8:45 am]
BILLING CODE 6351-01-P
