Agency Information Collection Activities Under OMB Review, 64207-64208 [2022-23027]
Download as PDF
<![CDATA[
Federal Register / Vol. 87, No. 204 / Monday, October 24, 2022 / Notices
this collection to reflect the current
number of respondents and estimated
burden hours. The respondent burden
for this collection is estimated to be as
follows:
Estimated Number of Respondents:
1,200.
Estimated Average Burden Hours per
Respondent: 0.58 hours.
Estimated Total Annual Burden
Hours: 696 hours.
Frequency of Collection: On occasion;
annually.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: October 19, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022–23048 Filed 10–21–22; 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 November 23, 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
obtained by visiting https://
www.reginfo.gov/public/do/PRAMain.
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
17:07 Oct 21, 2022
Jkt 259001
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. 3038–0088, 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 (17
CFR 145.9). 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.
FOR FURTHER INFORMATION CONTACT: Dina
Moussa, Attorney Advisor, Market
Participants Division, Commodity
Futures Trading Commission, (202)
418–5696 or dmoussa@cftc.gov, and
refer to OMB Control No. 3038–0088.
SUPPLEMENTARY INFORMATION:
Title: Swap Documentation (OMB
Control No. 3038–0088).1 This is a
1 The collections of information under OMB
control numbers 3038–0068, 3038–0083, and 3038–
0088 are now consolidated under OMB control
number 3038–0088, and OMB control numbers
3038–0068 and 3038–0083 have been withdrawn as
of July 5, 2022. Concurrently with this change, the
Commission has changed the name associated with
OMB control number 3038–0088 to ‘‘Swap
Documentation.’’ While the collection has been
extended until June 30, 2025, this 30-day notice
PO 00000
Frm 00009
Fmt 4703
Sfmt 4703
64207
request to revise a currently approved
information collection.
Abstract: On September 11, 2012, the
Commission adopted Commission
Regulations 23.500 through 23.505 2 (the
‘‘Regulations’’) under Sections 4s(f), (g)
and (i) 3 of the Commodity Exchange
Act (‘‘CEA’’). The Regulations require,
among other things, that swap dealers
(‘‘SDs’’) 4 and major swap participants
(‘‘MSPs’’) 5 develop and retain written
swap trading relationship
documentation. They also establish
requirements for SDs and MSPs
regarding swap confirmation, portfolio
reconciliation, and portfolio
compression. Under the Regulations,
SDs and MSPs are obligated to maintain
records of the policies and procedures
required by the rules.6
Confirmation, portfolio reconciliation,
and portfolio compression are important
post-trade processing mechanisms for
reducing risk and improving operational
efficiency. The information collection
obligations imposed by the Regulations
are necessary to ensure that each SD and
MSP maintains the required records of
their business activities and an audit
trail sufficient to conduct
comprehensive and accurate trade
reconstruction. The information
collections contained in the Regulations
are also essential to ensuring that SDs
and MSPs document their swaps,
reconcile their swap portfolios to
resolve discrepancies and disputes, and
wholly or partially terminate some or all
of their outstanding swaps through
regular portfolio compression exercises.
These collections of information are
mandatory.
In this particular instance, while the
information collection has been
extended until June 30, 2025, the
Commission is revising its aggregate
burden by removing the burden hour
estimate on cleared swap recordkeeping,
as this subcategory was proposed in
2012 but not finalized by the
reflects the correction in aggregate burden hours for
the consolidated collection, and officially affirms
the discontinuance of OMB control numbers 3038–
0068 and 3038–0083.
2 17 CFR 23.500 through 23.505.
3 7 U.S.C. 6s(f), (g) & (i).
4 For the definition of SD, see Section 1a(49) of
the CEA and Commission Regulation 1.3; 7 U.S.C.
1a(49) and 17 CFR 1.3.
5 For the definitions of MSP, see Section 1a(33)
of the CEA and Commission Regulation 1.3; 7
U.S.C. 1a(33) and 17 CFR 1.3.
6 SDs and MSPs are required to maintain all
records of policies and procedures in accordance
with Commission Regulations 23.203 and, by
extension, 1.31, including policies, procedures, and
models used for eligible master netting agreements
and custody agreements that prohibit custodian of
margin from re-hypothecating, repledging, reusing,
or otherwise transferring the funds held by the
custodian. See 17 CFR 1.31 and 23.203.
E:\FR\FM\24OCN1.SGM
24OCN1
64208
Federal Register / Vol. 87, No. 204 / Monday, October 24, 2022 / Notices
Commission and its burden estimate
had been included erroneously under
this information collection in previous
renewals.7 Additionally, the total
number of respondents (combined SDs
and MSPs) is now increased to 108. The
overall burden hours for each remaining
category within the information
collection have increased
proportionally, to reflect the increase in
the number of respondents.
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.8 On August 19, 2022,
the Commission published in the
Federal Register notice of the proposed
extension of this information collection
and provided 60 days for public
comment on the proposed renewal, 87
FR 51065 (‘‘60-Day Notice’’). The
Commission did not receive any
comments on the 60-Day Notice.
Burden Statement: Based on the
proposed revisions to the estimated
aggregate burden as discussed above,
the respondent burden for this
collection is estimated to be as follows:
Estimated Number of Respondents:
108.
Estimated Average Burden Hours per
Respondent: 7,324.5.
Estimated Total Annual Burden
Hours: 791,046.
Frequency of Collection: As
applicable.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: October 19, 2022,
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022–23027 Filed 10–21–22; 8:45 am]
lotter on DSK11XQN23PROD with NOTICES1
BILLING CODE 6351–01–P
7 See 77 FR 55903 (Sept. 11, 2012) (The
Commission has considered the commenters’
recommendation to delete the clearing record
provisions of § 23.504(b)(6)(iii) and (iv) and agrees
that there is no need to include in the trading
documentation a record of the names of the clearing
members for the SD, MSP, or counterparty. Once a
swap is accepted for clearing, the identity of a
counterparty’s clearing member is no longer
relevant and requiring such a record has the
possibility to undermine the anonymity of central
clearing. Therefore, those provisions have been
deleted from the final rule. Similarly,
§ 23.504(b)(6)(i) and (ii) have been removed
because those records will be captured under the
SD and MSP recordkeeping requirement,
§ 23.201(a)(3), and the Commission believes those
records are sufficient.).
8 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8
(b)(3)(vi).
VerDate Sep<11>2014
17:07 Oct 21, 2022
Jkt 259001
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 23, 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
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. 3038–0102, 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
SUMMARY:
PO 00000
Frm 00010
Fmt 4703
Sfmt 4703
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:
Megan Wallace, Senior Special Counsel,
(202) 418–5150, mwallace@cftc.gov;
Daniel O’Connell, Special Counsel,
(202) 418–5583, doconnell@cftc.gov;
each of the Division of Clearing and
Risk, Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
20581.
SUPPLEMENTARY INFORMATION:
Title: Clearing Exemption for Certain
Swaps Entered into by Cooperatives
(OMB Control No. 3038–0102). This is
a request for an extension of a currently
approved information collection.
Abstract: Section 2(h)(1)(A) of the
Commodity Exchange Act (‘‘CEA’’)
requires certain entities to submit swaps
for clearing if they are required to be
cleared by the Commission.
Commission regulation 50.51 permits
certain cooperatives to elect not to clear
certain swaps that otherwise would be
required to be cleared, provided that
they meet certain conditions. The rule
establishes a reporting requirement for
cooperatives that is critical to ensuring
compliance with the Commission’s
clearing requirement under section
2(h)(1) of the CEA and is necessary in
order for Commission staff to prevent
abuse of the cooperative exemption. In
addition, this collection relates to
information that the Commission needs
to monitor elections of the cooperative
exemption and to assess market risks.
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
1 17
E:\FR\FM\24OCN1.SGM
CFR 145.9.
24OCN1
]]>Agencies
[Federal Register Volume 87, Number 204 (Monday, October 24, 2022)]
[Notices]
[Pages 64207-64208]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-23027]
-----------------------------------------------------------------------
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 23, 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 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. 3038-0088, 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 (17 CFR 145.9). 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.
FOR FURTHER INFORMATION CONTACT: Dina Moussa, Attorney Advisor, Market
Participants Division, Commodity Futures Trading Commission, (202) 418-
5696 or [email protected], and refer to OMB Control No. 3038-0088.
SUPPLEMENTARY INFORMATION:
Title: Swap Documentation (OMB Control No. 3038-0088).\1\ This is a
request to revise a currently approved information collection.
---------------------------------------------------------------------------
\1\ The collections of information under OMB control numbers
3038-0068, 3038-0083, and 3038-0088 are now consolidated under OMB
control number 3038-0088, and OMB control numbers 3038-0068 and
3038-0083 have been withdrawn as of July 5, 2022. Concurrently with
this change, the Commission has changed the name associated with OMB
control number 3038-0088 to ``Swap Documentation.'' While the
collection has been extended until June 30, 2025, this 30-day notice
reflects the correction in aggregate burden hours for the
consolidated collection, and officially affirms the discontinuance
of OMB control numbers 3038-0068 and 3038-0083.
---------------------------------------------------------------------------
Abstract: On September 11, 2012, the Commission adopted Commission
Regulations 23.500 through 23.505 \2\ (the ``Regulations'') under
Sections 4s(f), (g) and (i) \3\ of the Commodity Exchange Act
(``CEA''). The Regulations require, among other things, that swap
dealers (``SDs'') \4\ and major swap participants (``MSPs'') \5\
develop and retain written swap trading relationship documentation.
They also establish requirements for SDs and MSPs regarding swap
confirmation, portfolio reconciliation, and portfolio compression.
Under the Regulations, SDs and MSPs are obligated to maintain records
of the policies and procedures required by the rules.\6\
---------------------------------------------------------------------------
\2\ 17 CFR 23.500 through 23.505.
\3\ 7 U.S.C. 6s(f), (g) & (i).
\4\ For the definition of SD, see Section 1a(49) of the CEA and
Commission Regulation 1.3; 7 U.S.C. 1a(49) and 17 CFR 1.3.
\5\ For the definitions of MSP, see Section 1a(33) of the CEA
and Commission Regulation 1.3; 7 U.S.C. 1a(33) and 17 CFR 1.3.
\6\ SDs and MSPs are required to maintain all records of
policies and procedures in accordance with Commission Regulations
23.203 and, by extension, 1.31, including policies, procedures, and
models used for eligible master netting agreements and custody
agreements that prohibit custodian of margin from re-hypothecating,
repledging, reusing, or otherwise transferring the funds held by the
custodian. See 17 CFR 1.31 and 23.203.
---------------------------------------------------------------------------
Confirmation, portfolio reconciliation, and portfolio compression
are important post-trade processing mechanisms for reducing risk and
improving operational efficiency. The information collection
obligations imposed by the Regulations are necessary to ensure that
each SD and MSP maintains the required records of their business
activities and an audit trail sufficient to conduct comprehensive and
accurate trade reconstruction. The information collections contained in
the Regulations are also essential to ensuring that SDs and MSPs
document their swaps, reconcile their swap portfolios to resolve
discrepancies and disputes, and wholly or partially terminate some or
all of their outstanding swaps through regular portfolio compression
exercises. These collections of information are mandatory.
In this particular instance, while the information collection has
been extended until June 30, 2025, the Commission is revising its
aggregate burden by removing the burden hour estimate on cleared swap
recordkeeping, as this subcategory was proposed in 2012 but not
finalized by the
[[Page 64208]]
Commission and its burden estimate had been included erroneously under
this information collection in previous renewals.\7\ Additionally, the
total number of respondents (combined SDs and MSPs) is now increased to
108. The overall burden hours for each remaining category within the
information collection have increased proportionally, to reflect the
increase in the number of respondents.
---------------------------------------------------------------------------
\7\ See 77 FR 55903 (Sept. 11, 2012) (The Commission has
considered the commenters' recommendation to delete the clearing
record provisions of Sec. 23.504(b)(6)(iii) and (iv) and agrees
that there is no need to include in the trading documentation a
record of the names of the clearing members for the SD, MSP, or
counterparty. Once a swap is accepted for clearing, the identity of
a counterparty's clearing member is no longer relevant and requiring
such a record has the possibility to undermine the anonymity of
central clearing. Therefore, those provisions have been deleted from
the final rule. Similarly, Sec. 23.504(b)(6)(i) and (ii) have been
removed because those records will be captured under the SD and MSP
recordkeeping requirement, Sec. 23.201(a)(3), and the Commission
believes those records are sufficient.).
---------------------------------------------------------------------------
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.\8\ On August 19, 2022, the
Commission published in the Federal Register notice of the proposed
extension of this information collection and provided 60 days for
public comment on the proposed renewal, 87 FR 51065 (``60-Day
Notice''). The Commission did not receive any comments on the 60-Day
Notice.
---------------------------------------------------------------------------
\8\ 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8 (b)(3)(vi).
---------------------------------------------------------------------------
Burden Statement: Based on the proposed revisions to the estimated
aggregate burden as discussed above, the respondent burden for this
collection is estimated to be as follows:
Estimated Number of Respondents: 108.
Estimated Average Burden Hours per Respondent: 7,324.5.
Estimated Total Annual Burden Hours: 791,046.
Frequency of Collection: As applicable.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: October 19, 2022,
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-23027 Filed 10-21-22; 8:45 am]
BILLING CODE 6351-01-P
