Agency Information Collection Activities Under OMB Review, 60382-60385 [2022-21545]

Download as PDF 60382 Federal Register / Vol. 87, No. 192 / Wednesday, October 5, 2022 / Notices (Authority: 16 U.S.C. 1801 et seq.) Conservation Education at 386–682– 0158. Pre-registration is highly recommended, but not required. Registration Materials To ensure that workshop certificates are linked to the correct permits, participants will need to bring the following specific items with them to the workshop: • Individual vessel owners must bring a copy of the appropriate swordfish and/or shark permit(s), a copy of the vessel registration or documentation, and proof of identification; • Representatives of a businessowned or co-owned vessel must bring proof that the individual is an agent of the business (such as articles of incorporation), a copy of the applicable swordfish and/or shark permit(s), and proof of identification; and • Vessel operators must bring proof of identification. jspears on DSK121TN23PROD with NOTICES Workshop Objectives The Safe Handling, Release, and Identification Workshops are designed to teach longline and gillnet fishermen the required techniques for the safe handling and release of entangled and/ or hooked protected species, such as sea turtles, marine mammals, smalltooth sawfish, Atlantic sturgeon, and prohibited sharks. In an effort to improve reporting, the proper identification of protected species and prohibited sharks will also be taught at these workshops. Additionally, individuals attending these workshops will gain a better understanding of the requirements for participating in these fisheries. The overall goal of these workshops is to provide participants with the skills needed to reduce the mortality of protected species and prohibited sharks, which may prevent additional regulations on these fisheries in the future. Online Recertification Workshops NMFS implemented an online option for shark dealers and longline and gillnet fishermen to renew their certificates in December 2021. To be eligible for online recertification workshops, dealers and fishermen need to have previously attended an inperson workshop. Information about the courses is available online at https:// www.fisheries.noaa.gov/atlantic-highlymigratory-species/atlantic-sharkidentification-workshops and https:// www.fisheries.noaa.gov/atlantic-highlymigratory-species/safe-handling-releaseand-identification-workshops. To access the course please visit: https:// hmsworkshop.fisheries.noaa.gov/start. VerDate Sep<11>2014 18:05 Oct 04, 2022 Jkt 259001 Dated: September 29, 2022. Jennifer M. Wallace, Acting Director, Office of Sustainable Fisheries, National Marine Fisheries Service. [FR Doc. 2022–21548 Filed 10–4–22; 8:45 am] BILLING CODE 3510–22–P DEPARTMENT OF COMMERCE National Technical Information Service National Technical Information Service Advisory Board; Meeting National Technical Information Service, Commerce. ACTION: Notice of open meeting. AGENCY: This notice announces the next meeting of the National Technical Information Service (NTIS) Advisory Board (the Advisory Board). DATES: The Advisory Board will meet on Wednesday, November 9, 2022 from 1:00 p.m. to approximately 4:30 p.m., Eastern Time, via teleconference. ADDRESSES: The Advisory Board meeting will be via teleconference. Please note attendance instructions under the SUPPLEMENTARY INFORMATION section of this notice. FOR FURTHER INFORMATION CONTACT: Elizabeth Shaw, (703) 605–6136, eshaw@ntis.gov or Steven Holland at sholland@ntis.gov. SUPPLEMENTARY INFORMATION: The Advisory Board is established by Section 3704b(c) of Title 15 of the United States Code. The charter has been filed in accordance with the requirements of the Federal Advisory Committee Act, as amended (5 U.S.C. App.). The Advisory Board reviews and makes recommendations to improve NTIS programs, operations, and general policies in support of NTIS’ mission to advance Federal data priorities, promote economic growth, and enable operational excellence by providing innovative data services to Federal agencies through joint venture partnerships with the private sector. The meeting will focus on a review of the progress NTIS has made in implementing its data mission and strategic direction. A final agenda and summary of the proceedings will be posted on the NTIS website as soon as they are available (https://www.ntis.gov/ about/advisorybd/index.xhtml). The teleconference will be via controlled access. Members of the public interested in attending via teleconference or speaking are requested to contact Ms. Shaw at the contact information listed in the FOR FURTHER SUMMARY: PO 00000 Frm 00018 Fmt 4703 Sfmt 4703 section above not later than Wednesday, November 2, 2022. If there are sufficient expressions of interest, up to one-half hour will be reserved for public oral comments during the session. Speakers will be selected on a first-come, first-served basis. Each speaker will be limited to five minutes. Questions from the public will not be considered during this period. Speakers who wish to expand upon their oral statements, those who had wished to speak but could not be accommodated on the agenda, and those who were unable to attend are invited to submit written statements by emailing Ms. Shaw at the email address provided in the FOR FURTHER INFORMATION CONTACT section above. INFORMATION CONTACT Gregory Capella, Director (A). [FR Doc. 2022–21569 Filed 10–4–22; 8:45 am] BILLING CODE 3510–04–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 November 4, 2022. 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 SUMMARY: E:\FR\FM\05OCN1.SGM 05OCN1 jspears on DSK121TN23PROD with NOTICES Federal Register / Vol. 87, No. 192 / Wednesday, October 5, 2022 / Notices 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 entries for OMB Control Nos. 3038–0096 and 3038–0070, 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. FOR FURTHER INFORMATION CONTACT: Tom Guerin, Assistant Chief Counsel, Division of Market Oversight, at (202) 836–1933 or tguerin@cftc.gov, or Paul Chaffin, Assistant Chief Counsel, Division of Market Oversight, at (202) 418–5185 or pchaffin@cftc.gov, Commodity Futures Trading Commission, 1155 21st Street NW, Washington, DC 20581. SUPPLEMENTARY INFORMATION: Title: ‘‘Swap Data Recordkeeping and Reporting Requirements’’ (OMB Control No. 3038–0096) and ‘‘Real-Time Public 1 17 CFR 145.9. VerDate Sep<11>2014 18:05 Oct 04, 2022 Jkt 259001 Reporting’’ (OMB Control No. 3038– 0070). This is a request for revisions to currently approved information collections. Abstract: Pursuant to section 2(a)(13)(G) of the Commodity Exchange Act (‘‘CEA’’), all swaps, whether cleared or uncleared, must be reported to SDRs.2 CEA section 21(b) directs the Commission to prescribe standards for swap data recordkeeping and reporting.3 Part 45 of the Commission’s regulations implements the swap data reporting rules. Section 2(a)(13) of the CEA authorizes and requires the Commission to promulgate regulations for the realtime public reporting of swap transaction and pricing data.4 Part 43 of the Commission’s regulations implements the real-time public reporting rules. Regulations 45.14 and 43.3(e) require that if a SEF, DCM, or reporting counterparty determines that it will fail to timely correct an error in swap data or swap transaction and pricing data, respectively, it shall notify staff of its determination that it will fail to timely correct the error.5 On June 10, 2022, DOD published a ‘‘Swap Data Error Correction Notification Form,’’ which sets out the form and manner for notifications pursuant to regulations 45.14 and 43.3(e) and enumerates information sufficient to provide an initial assessment of the scope of the error or errors that were discovered and any initial remediation plan for correcting the error or errors, if an initial remediation plan exists.6 The Swap Data Error Correction Notification Form requests, among other things: (1) identifying information for the swap execution facility (‘‘SEF’’), designated contract market (‘‘DCM’’), or reporting counterparty making the notification; (2) clarification whether errors relate to previously reported and/or unreported swaps; (3) unique swap identifiers and/ or unique transaction identifiers for transactions representative of the error or errors; (4) the asset classes to which the error or errors pertain; (5) the number of transactions impacted by the error or errors; (6) the percentage of the SEF, DCM, or reporting counterparty’s reported swap transactions affected by the error and that percentage for each impacted asset class; (7) the date the SEF, DCM, or reporting counterparty discovered the error or errors and a description of how discovery came 27 U.S.C. 2(a)(13)(G). 7 U.S.C. 24a(b)(1)–(3). U.S.C. 2(a)(13)(E). 5 17 CFR 45.14(a)(1); 17 CFR 43.3(e)(1). Commission regulations referred to herein are found at 17 CFR Ch. 1. 6 See CFTC Letter 22–06. 3 See 47 PO 00000 Frm 00019 Fmt 4703 Sfmt 4703 60383 about; (8) an indication whether the issues underlying the error or errors are still producing new errors; and (9) any initial remediation plan or, if no initial remediation plan exists, an indication of when the SEF, DCM, or reporting counterparty expects to have a remediation plan. The Swap Data Error Correction Notification Form, which will be required for error data notifications after December 5, 2022, is appended to CFTC Letter 22–06 and is available as a stand-alone form on the Commission’s website.7 As the Swap Data Error Correction Notification Form provides the form and manner and specifies sufficient information required to satisfy information collections under regulations 45.14 and 43.3(e), the Commission does not believe it imposes new information collection requirements beyond those adopted by the Commission in November 2020.8 The information collection requirements under OMB Control Nos. 3038–0096 and Information Collection 3038–0070 are necessary to obtain information detailing the cause, nature, and scope of swap data errors. 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 June 24, 2022, the Commission published in the Federal Register notice of the proposed revision of this information collection and provided 60 days for public comment on the proposed revision, 87 FR 37839 (‘‘60-Day Notice’’). The Commission received two relevant comments on the 60-Day Notice,9 which are discussed below. First, BSEF commented on aspects of the error correction notification process related specifically to SEFs. BSEF proposed that SEFs be permitted to submit the Swap Data Error Correction Notification Forms through the CFTC portal rather than via email, but did not specify any impact of this proposal on the Commission’s burden estimate.10 It also stated that it believes certain notifications related to open swaps that may be required by the Swap Data Error 7 See Swap Data Error Correction Notification Form, available at https://www.cftc.gov/ LawRegulation/DoddFrankAct/Rulemakings/DF_ 17_Recordkeeping/index.htm. 8 See Final Rule, Certain Swap Data Repository and Data Reporting Requirements, 85 FR 75601, 75633–75634 (Nov. 25, 2020). 9 The following entities submitted a relevant comment letter: Bloomberg SEF LLC (‘‘BSEF’’) and BP Energy Company (‘‘BPEC’’). Other comments submitted did not concern the PRA burden for information collections under regulations 45.14 and 43.3(e). 10 BSEF at 2. E:\FR\FM\05OCN1.SGM 05OCN1 60384 Federal Register / Vol. 87, No. 192 / Wednesday, October 5, 2022 / Notices jspears on DSK121TN23PROD with NOTICES Correction Notification Form will be impossible for a SEF to complete, as SEFs do not generally possess open swaps information.11 BSEF suggests this would impose a new collection of information.12 BSEF also stated it believed the Commission has underestimated the burden hours required by the information collection because, for a SEF, there may be multiple reports per year triggered by its participants.13 Second, BSEF and BPEC both commented on the timelines for error correction notifications. BSEF stated that the Swap Data Error Correction Notification Form should be revised to account for the fact that a remediation plan may not be available at the time the form is required to be filed.14 BPEC stated that it may be difficult to complete the Swap Data Error Correction Notification Form within the twelve-hour timeframe provided in regulation 45.14(a)(1).15 Both BSEF and BPEC also expressed concerns that notifying entities may make unintentional misstatements through the Swap Data Error Correction Notification Form if they are required to complete the Form within the timeframe provided in regulations 45.14 and 43.3(e).16 Both BSEF and BPEC requested the Commission consider adopting a materiality threshold to trigger the requirement to answer some or all questions included in the Swap Data Error Correction Notification Form.17 Third, BPEC commented on certain of the questions included in the Swap Data Error Correction Notification Form. Specifically, BPEC stated that questions 3, 7, and 10 through 14 should be removed from the Swap Data Error Correction Notification Form, or applied only after a materiality threshold is met or after a longer time-frame. The Commission has determined to retain the burden hour estimates described in the 60-Day Notice for the reasons described below. The Swap Data Error Notification Form specifies the form and manner for reporting in compliance with Commission regulations but does not impose new information collection obligations not already mandated by regulations 45.14 and 43.3(e). First, the introduction of the Swap Data Error Correction Notification Form 11 BSEF at 2–4. at 2–4. 13 BSEF at 5. 14 BSEF at 4–5. 15 BPEC at 2. 16 BSEF at 4; BPEC at 3. 17 BSEF at 5; BPEC at 3. 12 BSEF VerDate Sep<11>2014 18:05 Oct 04, 2022 Jkt 259001 to implement regulations 45.14 and 43.3(e) does not impose new requirements on SEFs. With respect to BSEF’s statements that SEFs should be permitted to submit Swap Data Error Correction Notification Forms through the CFTC Portal, many market participants do not have access to the CFTC Portal. Rather than receiving error notifications in a variety of formats, staff published the Swap Data Error Notification Form to ensure notifications are submitted in a uniform format and manner. BSEF also expressed concern that SEFs may be unable to submit the required notifications because they generally lack access to open swaps reports. BSEF’s concern appears to be based not on any aspect of the Swap Data Error Correction Notification Form that is the subject of this notice, but rather on statements in CFTC Letter 22–06 that encourage general compliance with pre-existing error correction requirements.18 Neither CFTC Letter 22–06 nor the Swap Data Error Correction Notification Form establish any independent requirement that a market participant review open swaps that differs from existing requirements in CFTC regulations. Finally, the Commission takes under advisement BSEF’s prediction that, for a SEF, there could be multiple reports triggered per year. The frequency of reporting was previously subject to comment in 2019,19 and the revisions to the information collection at issue in the notice of June 24, 2022 20 do not alter that aspect of the Commission’s burden estimates. Nonetheless, the Commission will continue to review reporting volumes and may revise its burden 18 See CFTC Letter 22–06, at 3 n.11. BSEF also encouraged the Commission to amend the Swap Data Error Notification Form to account for the fact that SEFs do not have access to open swap information. BSEF at 2–4. Because the Swap Data Error Notification Form does not refer to open swaps, however, it is unclear what amendment would be necessary to address BSEF’s concern. 19 See 85 FR 75633–75634. Moreover, the commenter’s prediction that a particular SEF or SEFs may submit multiple Swap Data Error Correction Notification Forms in a single year is not inconsistent with the Commission’s burden estimates. As the Commission previously noted, its burden estimate is based on analysis of the average number of error notifications per SEF, DCM, and reporting counterparty. See id. (stating that the Commission’s estimate that each SEF, DCM, and reporting party will, on average, need to provide notice to the Commission once per year is based on analysis showing that ‘‘currently, [the Commission] receives significantly less than one notice and initial assessment of reporting errors and omissions per SEF, DCM, or reporting counterparty per year. . . .’’). 20 Notice of Intent to Revise Collection 3038–0096 (Swap Data Recordkeeping and Reporting Requirements) and Collection 3038–0070 (RealTime Public Reporting), 87 FR 37839 (June 24, 2022). PO 00000 Frm 00020 Fmt 4703 Sfmt 4703 estimates if necessary following implementation of the new Form. Second, the introduction of the Swap Data Error Correction Notification Form does not alter the timelines for reporting and correcting errors established by regulations 45.14 and 43.3(e). With respect to BSEF’s statements regarding initial remediation plans,21 the requirement that a notifying entity submit an initial remediation plan for correcting the error or errors, if an initial remediation plan exists, is established in regulations 45.14(a)(1)(ii) and 43.3(e)(1)(ii).22 The Swap Data Error Correction Notification Form does not add to or alter any burden imposed by that requirement. Although BSEF and BPEC expressed concern about the timeline for required filings, the 12-hour period for filing error correction notices was adopted in regulations 45.14 and 43.3(e). When adopting the 12-hour reporting period, the Commission considered comments on the timeline for correcting errors and notifying the Commission, and extended the period to correct errors specifically ‘‘to provide the entity making the correction a more accurate understanding of the scope of the error.’’ 23 Similarly, BSEF and BPEC’s statements with respect to a materiality threshold do not relate to the Swap Data Error Correction Notification Form, but rather to requirements established under regulations 45.14 and 43.3(e). The Commission previously considered comments on a materiality threshold and declined to adopt such a threshold.24 Third, the questions included in the Swap Data Error Correction Notification Form do not impose information collection obligations not previously required by regulations 45.14 and 43.3(e). With respect to questions 3 and 7, which seek unique swap identifiers or unique transaction identifiers representative of the error and information concerning the volume of swaps affected by the error, BPEC states that it will be difficult to provide this information within twelve hours of determining it will be unable to timely correct an error or errors.25 However, in order for a notifying entity to determine it will be unable to timely correct an error, it must possess some information concerning the scope of that error. The 21 BSEF Comment at 4–5. CFR 45.14(a)(1)(ii); 17 CFR 43.3(e)(1)(ii). 23 85 FR 75629. 24 See Final Rule, Certain Swap Data Repository and Data Reporting Requirements, 85 FR 75601, 75628–629 (Nov. 25, 2020) (‘‘The Commission similarly declines to accept recommendations to limit the scope of the error correction rules by adopting a materiality requirement. . . .’’). 25 BPEC at 3. 22 17 E:\FR\FM\05OCN1.SGM 05OCN1 Federal Register / Vol. 87, No. 192 / Wednesday, October 5, 2022 / Notices identification of representative affected swaps and the number of those swaps is necessary to specify the scope of an error or errors. Questions 10 through 14 seek a brief narrative description of the error; clarification whether the underlying issues are producing new errors; any initial or other remediation plan or, if none exists, an estimated date for an initial or other remediation plan; an indication whether the notifying entity has reviewed its swap reporting processes to identifying other potential reporting issues similar to that underlying the errors; and clarification whether the error impacted the notifying entity’s reporting obligations under part 45, part 43, or both parts 45 and 43. BPEC states that because responding to these questions could raise compliance implications independent of the underlying swap data error, a reporting counterparty will be unable to complete questions 10 through 14 without legal review, senior level review, and IT support.26 However, this information concerning the scope of the error or errors is necessary for staff to assess the impact of the error or errors, including the extent to which erroneous swap data has been disseminated to the public. Burden Statement: The Commission estimates that the respondent burden for these collections is as follows: • Collection 3038–0070 (Real-Time Reporting). Respondents/Affected Entities: SEFs, DCMs, and reporting counterparties. Estimated Number of Respondents: 1,742. Estimated Average Burden Hours per Respondent: 6.27 Estimated Total Annual Burden Hours: 10,452. Frequency of Collection: As needed. The Commission does not anticipate any capital costs or annual operating and maintenance costs associated with this collection. • Collection 3038–0096 (Swap Data Recordkeeping and Reporting Requirements). Respondents/Affected Entities: SEFs, DCMs, and reporting counterparties. Estimated Number of Respondents: 1,742. Estimated Average Burden Hours per Respondent: 6.28 26 BPEC Comment at 2–3. Commission estimates that each SEF, DCM, and reporting counterparty will, on average, need to provide notice to the Commission under regulation 43.3(e) once per year and that each instance will require 6 burden hours. 28 The Commission estimates that each SEF, DCM, and reporting counterparty will, on average, need to provide notice to the Commission under regulation 45.14(a) once per year and that each instance will require 6 burden hours. jspears on DSK121TN23PROD with NOTICES 27 The VerDate Sep<11>2014 18:05 Oct 04, 2022 Jkt 259001 Estimated Total Annual Burden Hours: 10,452. Frequency of Collection: As needed. The Commission does not anticipate any capital costs or annual operating and maintenance costs associated with this collection. (Authority: 44 U.S.C. 3501 et seq.) Dated: September 29, 2022. Robert Sidman, Deputy Secretary of the Commission. [FR Doc. 2022–21545 Filed 10–4–22; 8:45 am] BILLING CODE 6351–01–P BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No. CFPB–2022–0069] Agency Information Collection Activities: Comment Request Bureau of Consumer Financial Protection. ACTION: Notice and request for comment. AGENCY: In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) requests the extension of the Office of Management and Budget’s (OMB’s) approval of the existing information collection titled ‘‘Consumer Response Intake Form’’ approved under OMB Number 3170–0011. DATES: Written comments are encouraged and must be received on or before November 4, 2022 to be assured of consideration. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. In general, all comments received will become public records, including any personal information provided. Sensitive personal information, such as account numbers or Social Security numbers, should not be included. FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of this information collection request is available at www.regulations.gov. Requests for additional information should be directed to Anthony May, Paperwork Reduction Act Officer, at (202) 435–7278, or email: CFPB_PRA@ cfpb.gov. If you require this document in an alternative electronic format, please contact CFPB_Accessibility@ SUMMARY: PO 00000 Frm 00021 Fmt 4703 Sfmt 4703 60385 cfpb.gov. Please do not submit comments to these email boxes. SUPPLEMENTARY INFORMATION: Title of Collection: Consumer Response Intake Form. OMB Control Number: 3170–0011. Type of Review: Revision of a currently approved information collection. Affected Public: Individuals or households. Estimated Number of Respondents: 2,150,000. Estimated Total Annual Burden Hours: 415,000. Abstract: The Intake Form is designed to aid consumers in the submission of complaints, inquiries, and feedback and to help the Bureau fulfill its statutory requirements. Consumers (also referred to as respondents) will be able to complete and submit information through the Intake Form electronically on the Bureau’s website. Alternatively, respondents may request that the Bureau mail a paper copy of the Intake Form and then mail it back to the Bureau or call to submit a complaint by telephone. The questions within the Intake Form prompt respondents for a description of, and key facts about, the complaint at issue, the desired resolution, contact and account information, information about the company they are submitting a complaint about, and previous action taken to attempt to resolve the complaint. Request for Comments: The Bureau published a 60-day Federal Register notice on May 24, 2022 (87 FR 31538) under Docket Number: CFPB–2022– 0028. The Bureau is publishing this notice and soliciting comments on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Bureau, including whether the information will have practical utility; (b) The accuracy of the Bureau’s estimate of the burden of the collection of information, including the validity of the methods and the assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Comments submitted in response to this notice will be reviewed by OMB as part of its review of this request. All E:\FR\FM\05OCN1.SGM 05OCN1

Agencies

[Federal Register Volume 87, Number 192 (Wednesday, October 5, 2022)]
[Notices]
[Pages 60382-60385]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-21545]


=======================================================================
-----------------------------------------------------------------------

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 November 4, 2022.

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

[[Page 60383]]

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 entries for OMB Control Nos. 3038-0096 and 
3038-0070, 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 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: Tom Guerin, Assistant Chief Counsel, 
Division of Market Oversight, at (202) 836-1933 or [email protected], or 
Paul Chaffin, Assistant Chief Counsel, Division of Market Oversight, at 
(202) 418-5185 or [email protected], Commodity Futures Trading 
---------------------------------------------------------------------------
Commission, 1155 21st Street NW, Washington, DC 20581.

SUPPLEMENTARY INFORMATION: 
    Title: ``Swap Data Recordkeeping and Reporting Requirements'' (OMB 
Control No. 3038-0096) and ``Real-Time Public Reporting'' (OMB Control 
No. 3038-0070). This is a request for revisions to currently approved 
information collections.
    Abstract: Pursuant to section 2(a)(13)(G) of the Commodity Exchange 
Act (``CEA''), all swaps, whether cleared or uncleared, must be 
reported to SDRs.\2\ CEA section 21(b) directs the Commission to 
prescribe standards for swap data recordkeeping and reporting.\3\ Part 
45 of the Commission's regulations implements the swap data reporting 
rules. Section 2(a)(13) of the CEA authorizes and requires the 
Commission to promulgate regulations for the real-time public reporting 
of swap transaction and pricing data.\4\ Part 43 of the Commission's 
regulations implements the real-time public reporting rules. 
Regulations 45.14 and 43.3(e) require that if a SEF, DCM, or reporting 
counterparty determines that it will fail to timely correct an error in 
swap data or swap transaction and pricing data, respectively, it shall 
notify staff of its determination that it will fail to timely correct 
the error.\5\
---------------------------------------------------------------------------

    \2\ 7 U.S.C. 2(a)(13)(G).
    \3\ See 7 U.S.C. 24a(b)(1)-(3).
    \4\ 7 U.S.C. 2(a)(13)(E).
    \5\ 17 CFR 45.14(a)(1); 17 CFR 43.3(e)(1). Commission 
regulations referred to herein are found at 17 CFR Ch. 1.
---------------------------------------------------------------------------

    On June 10, 2022, DOD published a ``Swap Data Error Correction 
Notification Form,'' which sets out the form and manner for 
notifications pursuant to regulations 45.14 and 43.3(e) and enumerates 
information sufficient to provide an initial assessment of the scope of 
the error or errors that were discovered and any initial remediation 
plan for correcting the error or errors, if an initial remediation plan 
exists.\6\ The Swap Data Error Correction Notification Form requests, 
among other things: (1) identifying information for the swap execution 
facility (``SEF''), designated contract market (``DCM''), or reporting 
counterparty making the notification; (2) clarification whether errors 
relate to previously reported and/or unreported swaps; (3) unique swap 
identifiers and/or unique transaction identifiers for transactions 
representative of the error or errors; (4) the asset classes to which 
the error or errors pertain; (5) the number of transactions impacted by 
the error or errors; (6) the percentage of the SEF, DCM, or reporting 
counterparty's reported swap transactions affected by the error and 
that percentage for each impacted asset class; (7) the date the SEF, 
DCM, or reporting counterparty discovered the error or errors and a 
description of how discovery came about; (8) an indication whether the 
issues underlying the error or errors are still producing new errors; 
and (9) any initial remediation plan or, if no initial remediation plan 
exists, an indication of when the SEF, DCM, or reporting counterparty 
expects to have a remediation plan. The Swap Data Error Correction 
Notification Form, which will be required for error data notifications 
after December 5, 2022, is appended to CFTC Letter 22-06 and is 
available as a stand-alone form on the Commission's website.\7\
---------------------------------------------------------------------------

    \6\ See CFTC Letter 22-06.
    \7\ See Swap Data Error Correction Notification Form, available 
at https://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_17_Recordkeeping/index.htm.
---------------------------------------------------------------------------

    As the Swap Data Error Correction Notification Form provides the 
form and manner and specifies sufficient information required to 
satisfy information collections under regulations 45.14 and 43.3(e), 
the Commission does not believe it imposes new information collection 
requirements beyond those adopted by the Commission in November 
2020.\8\ The information collection requirements under OMB Control Nos. 
3038-0096 and Information Collection 3038-0070 are necessary to obtain 
information detailing the cause, nature, and scope of swap data errors.
---------------------------------------------------------------------------

    \8\ See Final Rule, Certain Swap Data Repository and Data 
Reporting Requirements, 85 FR 75601, 75633-75634 (Nov. 25, 2020).
---------------------------------------------------------------------------

    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 June 24, 2022, the Commission 
published in the Federal Register notice of the proposed revision of 
this information collection and provided 60 days for public comment on 
the proposed revision, 87 FR 37839 (``60-Day Notice''). The Commission 
received two relevant comments on the 60-Day Notice,\9\ which are 
discussed below.
---------------------------------------------------------------------------

    \9\ The following entities submitted a relevant comment letter: 
Bloomberg SEF LLC (``BSEF'') and BP Energy Company (``BPEC''). Other 
comments submitted did not concern the PRA burden for information 
collections under regulations 45.14 and 43.3(e).
---------------------------------------------------------------------------

    First, BSEF commented on aspects of the error correction 
notification process related specifically to SEFs. BSEF proposed that 
SEFs be permitted to submit the Swap Data Error Correction Notification 
Forms through the CFTC portal rather than via email, but did not 
specify any impact of this proposal on the Commission's burden 
estimate.\10\ It also stated that it believes certain notifications 
related to open swaps that may be required by the Swap Data Error

[[Page 60384]]

Correction Notification Form will be impossible for a SEF to complete, 
as SEFs do not generally possess open swaps information.\11\ BSEF 
suggests this would impose a new collection of information.\12\ BSEF 
also stated it believed the Commission has underestimated the burden 
hours required by the information collection because, for a SEF, there 
may be multiple reports per year triggered by its participants.\13\
---------------------------------------------------------------------------

    \10\ BSEF at 2.
    \11\ BSEF at 2-4.
    \12\ BSEF at 2-4.
    \13\ BSEF at 5.
---------------------------------------------------------------------------

    Second, BSEF and BPEC both commented on the timelines for error 
correction notifications. BSEF stated that the Swap Data Error 
Correction Notification Form should be revised to account for the fact 
that a remediation plan may not be available at the time the form is 
required to be filed.\14\ BPEC stated that it may be difficult to 
complete the Swap Data Error Correction Notification Form within the 
twelve-hour timeframe provided in regulation 45.14(a)(1).\15\ Both BSEF 
and BPEC also expressed concerns that notifying entities may make 
unintentional misstatements through the Swap Data Error Correction 
Notification Form if they are required to complete the Form within the 
timeframe provided in regulations 45.14 and 43.3(e).\16\ Both BSEF and 
BPEC requested the Commission consider adopting a materiality threshold 
to trigger the requirement to answer some or all questions included in 
the Swap Data Error Correction Notification Form.\17\
---------------------------------------------------------------------------

    \14\ BSEF at 4-5.
    \15\ BPEC at 2.
    \16\ BSEF at 4; BPEC at 3.
    \17\ BSEF at 5; BPEC at 3.
---------------------------------------------------------------------------

    Third, BPEC commented on certain of the questions included in the 
Swap Data Error Correction Notification Form. Specifically, BPEC stated 
that questions 3, 7, and 10 through 14 should be removed from the Swap 
Data Error Correction Notification Form, or applied only after a 
materiality threshold is met or after a longer time-frame.
    The Commission has determined to retain the burden hour estimates 
described in the 60-Day Notice for the reasons described below. The 
Swap Data Error Notification Form specifies the form and manner for 
reporting in compliance with Commission regulations but does not impose 
new information collection obligations not already mandated by 
regulations 45.14 and 43.3(e).
    First, the introduction of the Swap Data Error Correction 
Notification Form to implement regulations 45.14 and 43.3(e) does not 
impose new requirements on SEFs. With respect to BSEF's statements that 
SEFs should be permitted to submit Swap Data Error Correction 
Notification Forms through the CFTC Portal, many market participants do 
not have access to the CFTC Portal. Rather than receiving error 
notifications in a variety of formats, staff published the Swap Data 
Error Notification Form to ensure notifications are submitted in a 
uniform format and manner. BSEF also expressed concern that SEFs may be 
unable to submit the required notifications because they generally lack 
access to open swaps reports. BSEF's concern appears to be based not on 
any aspect of the Swap Data Error Correction Notification Form that is 
the subject of this notice, but rather on statements in CFTC Letter 22-
06 that encourage general compliance with pre-existing error correction 
requirements.\18\ Neither CFTC Letter 22-06 nor the Swap Data Error 
Correction Notification Form establish any independent requirement that 
a market participant review open swaps that differs from existing 
requirements in CFTC regulations. Finally, the Commission takes under 
advisement BSEF's prediction that, for a SEF, there could be multiple 
reports triggered per year. The frequency of reporting was previously 
subject to comment in 2019,\19\ and the revisions to the information 
collection at issue in the notice of June 24, 2022 \20\ do not alter 
that aspect of the Commission's burden estimates. Nonetheless, the 
Commission will continue to review reporting volumes and may revise its 
burden estimates if necessary following implementation of the new Form.
---------------------------------------------------------------------------

    \18\ See CFTC Letter 22-06, at 3 n.11. BSEF also encouraged the 
Commission to amend the Swap Data Error Notification Form to account 
for the fact that SEFs do not have access to open swap information. 
BSEF at 2-4. Because the Swap Data Error Notification Form does not 
refer to open swaps, however, it is unclear what amendment would be 
necessary to address BSEF's concern.
    \19\ See 85 FR 75633-75634. Moreover, the commenter's prediction 
that a particular SEF or SEFs may submit multiple Swap Data Error 
Correction Notification Forms in a single year is not inconsistent 
with the Commission's burden estimates. As the Commission previously 
noted, its burden estimate is based on analysis of the average 
number of error notifications per SEF, DCM, and reporting 
counterparty. See id. (stating that the Commission's estimate that 
each SEF, DCM, and reporting party will, on average, need to provide 
notice to the Commission once per year is based on analysis showing 
that ``currently, [the Commission] receives significantly less than 
one notice and initial assessment of reporting errors and omissions 
per SEF, DCM, or reporting counterparty per year. . . .'').
    \20\ Notice of Intent to Revise Collection 3038-0096 (Swap Data 
Recordkeeping and Reporting Requirements) and Collection 3038-0070 
(Real-Time Public Reporting), 87 FR 37839 (June 24, 2022).
---------------------------------------------------------------------------

    Second, the introduction of the Swap Data Error Correction 
Notification Form does not alter the timelines for reporting and 
correcting errors established by regulations 45.14 and 43.3(e). With 
respect to BSEF's statements regarding initial remediation plans,\21\ 
the requirement that a notifying entity submit an initial remediation 
plan for correcting the error or errors, if an initial remediation plan 
exists, is established in regulations 45.14(a)(1)(ii) and 
43.3(e)(1)(ii).\22\ The Swap Data Error Correction Notification Form 
does not add to or alter any burden imposed by that requirement. 
Although BSEF and BPEC expressed concern about the timeline for 
required filings, the 12-hour period for filing error correction 
notices was adopted in regulations 45.14 and 43.3(e). When adopting the 
12-hour reporting period, the Commission considered comments on the 
timeline for correcting errors and notifying the Commission, and 
extended the period to correct errors specifically ``to provide the 
entity making the correction a more accurate understanding of the scope 
of the error.'' \23\ Similarly, BSEF and BPEC's statements with respect 
to a materiality threshold do not relate to the Swap Data Error 
Correction Notification Form, but rather to requirements established 
under regulations 45.14 and 43.3(e). The Commission previously 
considered comments on a materiality threshold and declined to adopt 
such a threshold.\24\
---------------------------------------------------------------------------

    \21\ BSEF Comment at 4-5.
    \22\ 17 CFR 45.14(a)(1)(ii); 17 CFR 43.3(e)(1)(ii).
    \23\ 85 FR 75629.
    \24\ See Final Rule, Certain Swap Data Repository and Data 
Reporting Requirements, 85 FR 75601, 75628-629 (Nov. 25, 2020) 
(``The Commission similarly declines to accept recommendations to 
limit the scope of the error correction rules by adopting a 
materiality requirement. . . .'').
---------------------------------------------------------------------------

    Third, the questions included in the Swap Data Error Correction 
Notification Form do not impose information collection obligations not 
previously required by regulations 45.14 and 43.3(e). With respect to 
questions 3 and 7, which seek unique swap identifiers or unique 
transaction identifiers representative of the error and information 
concerning the volume of swaps affected by the error, BPEC states that 
it will be difficult to provide this information within twelve hours of 
determining it will be unable to timely correct an error or errors.\25\ 
However, in order for a notifying entity to determine it will be unable 
to timely correct an error, it must possess some information concerning 
the scope of that error. The

[[Page 60385]]

identification of representative affected swaps and the number of those 
swaps is necessary to specify the scope of an error or errors. 
Questions 10 through 14 seek a brief narrative description of the 
error; clarification whether the underlying issues are producing new 
errors; any initial or other remediation plan or, if none exists, an 
estimated date for an initial or other remediation plan; an indication 
whether the notifying entity has reviewed its swap reporting processes 
to identifying other potential reporting issues similar to that 
underlying the errors; and clarification whether the error impacted the 
notifying entity's reporting obligations under part 45, part 43, or 
both parts 45 and 43. BPEC states that because responding to these 
questions could raise compliance implications independent of the 
underlying swap data error, a reporting counterparty will be unable to 
complete questions 10 through 14 without legal review, senior level 
review, and IT support.\26\ However, this information concerning the 
scope of the error or errors is necessary for staff to assess the 
impact of the error or errors, including the extent to which erroneous 
swap data has been disseminated to the public.
---------------------------------------------------------------------------

    \25\ BPEC at 3.
    \26\ BPEC Comment at 2-3.
---------------------------------------------------------------------------

    Burden Statement: The Commission estimates that the respondent 
burden for these collections is as follows:
     Collection 3038-0070 (Real-Time Reporting).
    Respondents/Affected Entities: SEFs, DCMs, and reporting 
counterparties.
    Estimated Number of Respondents: 1,742.
    Estimated Average Burden Hours per Respondent: 6.\27\
---------------------------------------------------------------------------

    \27\ The Commission estimates that each SEF, DCM, and reporting 
counterparty will, on average, need to provide notice to the 
Commission under regulation 43.3(e) once per year and that each 
instance will require 6 burden hours.
---------------------------------------------------------------------------

    Estimated Total Annual Burden Hours: 10,452.
    Frequency of Collection: As needed.
    The Commission does not anticipate any capital costs or annual 
operating and maintenance costs associated with this collection.
     Collection 3038-0096 (Swap Data Recordkeeping and 
Reporting Requirements).
    Respondents/Affected Entities: SEFs, DCMs, and reporting 
counterparties.
    Estimated Number of Respondents: 1,742.
    Estimated Average Burden Hours per Respondent: 6.\28\
---------------------------------------------------------------------------

    \28\ The Commission estimates that each SEF, DCM, and reporting 
counterparty will, on average, need to provide notice to the 
Commission under regulation 45.14(a) once per year and that each 
instance will require 6 burden hours.
---------------------------------------------------------------------------

    Estimated Total Annual Burden Hours: 10,452.
    Frequency of Collection: As needed.
    The Commission does not anticipate any capital costs or annual 
operating and maintenance costs associated with this collection.

(Authority: 44 U.S.C. 3501 et seq.)

    Dated: September 29, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-21545 Filed 10-4-22; 8:45 am]
BILLING CODE 6351-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.