80 FR 47478 - Agency Information Collection Activities: Notice of Intent to Renew Collection Number 3038-0079, Conflict of Interest Policies and Procedures by Swap Dealers and Major Swap Participants

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 80, Issue 152 (August 7, 2015)

Page Range		47478-47479
FR Document		2015-19387

The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (``PRA), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the collections of information mandated by Commission regulation 23.605 (Conflicts of interest policies and procedures).

Federal Register, Volume 80 Issue 152 (Friday, August 7, 2015)

[Federal Register Volume 80, Number 152 (Friday, August 7, 2015)]
[Notices]
[Pages 47478-47479]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-19387]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent to 
Renew Collection Number 3038-0079, Conflict of Interest Policies and 
Procedures by Swap Dealers and Major Swap Participants

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or 
``Commission'') is announcing an opportunity for public comment on the 
proposed collection of certain information by the agency. Under the 
Paperwork Reduction Act (``PRA), Federal agencies are required to 
publish notice in the Federal Register concerning each proposed 
collection of information, including each proposed extension of an 
existing collection of information, and to allow 60 days for public 
comment. This notice solicits comments on the collections of 
information mandated by Commission regulation 23.605 (Conflicts of 
interest policies and procedures).

DATES: Comments must be submitted on or before October 6, 2015.

ADDRESSES: You may submit comments, identified by ``Conflict of 
Interest Policies and Procedures by Swap Dealers and Major Swap 
Participants,'' and Collection Number 3038-0079 by any of the following 
methods:
     The Agency's Web site, at http://comments.cftc.gov/. 
Follow the instructions for submitting comments through the Web site.
     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.
     Federal eRulemaking Portal: http://www.regulations.gov/. 
Follow the instructions for submitting comments through the Portal. 
Please submit your comments using only one method.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Jacob Chachkin, Special Counsel, 
Division of Swap Dealer and Intermediary Oversight, Commodity Futures 
Trading Commission, (202) 418-5496; email: [email protected].

SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain 
approval from the Office of Management and Budget (``OMB'') for each 
collection of information they conduct or sponsor. ``Collection of 
Information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3 and 
includes agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires 
Federal agencies to provide a 60-day notice in the Federal Register 
concerning each proposed collection of information, including each 
proposed extension of an existing collection of information, before 
submitting the collection to OMB for approval. To comply with this 
requirement, the CFTC is publishing notice of the proposed collection 
of information listed below.
    Title: Conflict of Interest Policies and Procedures by Swap Dealers 
and Major Swap Participants (OMB Control No. 3038-0079). This is a 
request for an extension of a currently approved information 
collection.
    Abstract: On April 3, 2012 the Commission adopted Commission 
regulation 23.605 (Conflicts of interest policies and procedures) \1\ 
under section 4s(j)(5) \2\ of the Commodity Exchange Act (``CEA''). 
Commission regulation 23.605 requires, among other things, that swap 
dealers (``SD'') \3\ and major swap participants (``MSP'') \4\ adopt 
and implement conflicts of interest procedures and disclosures, 
establish written policies and procedures reasonably designed to ensure 
compliance with the conflicts of interest and disclosure obligations 
within the regulations, and maintain specified records related to those 
requirements.\5\ The Commission believes that the information 
collection obligations imposed by Commission regulation 23.605 are 
essential (i) to ensuring that SDs and MSPs develop and maintain the 
conflicts of interest systems, procedures and disclosures required by 
the CEA, and Commission regulations, and (ii) to the effective 
evaluation of these registrants' actual compliance with the CEA and 
Commission regulations.
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    \1\ 17 CFR 23.605.
    \2\ 7 U.S.C. 6s(j)(5).
    \3\ For the definition of SD, see section 1a(49) of the CEA and 
Commission regulation 1.3(ggg). 7 U.S.C. 1a(49) and 17 CFR 1.3(ggg).
    \4\ For the definitions of MSP, see section 1a(33) of the CEA 
and Commission regulation 1.3(hhh). 7 U.S.C. a(33) and 17 CFR 
1.3(hhh).
    \5\ See 17 CFR 23.605.
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    With respect to the collection of information, the CFTC invites 
comments on:
     Whether the proposed collection of information is 
necessary for the proper performance of the functions of the 
Commission, including whether the information will have a practical 
use;
     The accuracy of the Commission's estimate of the burden of 
the proposed collection of information, including the validity of the 
methodology and assumptions used;
     Ways to enhance the quality, usefulness, and clarity of 
the information to be collected; and
     Ways to minimize the burden of collection of information 
on those who are to respond, including through the use of appropriate 
automated electronic, mechanical, or other technological collection 
techniques or other forms of information technology; e.g., permitting 
electronic submission of responses.
    You should submit only information that you wish to make available 
publicly. If you wish the 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.\6\
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    \6\ 17 CFR 145.9.

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[[Page 47479]]

    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 http://www.cftc.gov that it may deem to be 
inappropriate for publication, such as obscene language. All 
submissions that have been redacted or removed that contain comments on 
the merits of the information collection request will be retained in 
the public comment file and will be considered as required under the 
Administrative Procedure Act and other applicable laws, and may be 
accessible under the Freedom of Information Act.
    Burden Statement: The respondent burden for this collection is 
estimated to be as follows:
    Number of Registrants: 125.
    Estimated Average Burden Hours Per Registrant: 44.5.
    Estimated Aggregate Burden Hours: 5,562.5.
    Frequency of Recordkeeping: As applicable.

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

    Dated: August 3, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015-19387 Filed 8-6-15; 8:45 am]
BILLING CODE 6351-01-P

47478 Federal Register / Vol. 80, No. 152 / Friday, August 7, 2015 / Notices

Regulations 45.2, 45.3, 45.4, 45.5, 45.6, ADDRESSES: You may submit comments, 4s(j)(5) 2 of the Commodity Exchange
45.7, and 45.14 result in information identified by ‘‘Conflict of Interest Act (‘‘CEA’’). Commission regulation
collection requirements within the Policies and Procedures by Swap 23.605 requires, among other things,
meaning of the PRA. To the extent that Dealers and Major Swap Participants,’’ that swap dealers (‘‘SD’’) 3 and major
the recordkeeping and reporting and Collection Number 3038–0079 by swap participants (‘‘MSP’’) 4 adopt and
requirements codified in 17 CFR part 45 any of the following methods: implement conflicts of interest
overlap with the requirements of other • The Agency’s Web site, at http:// procedures and disclosures, establish
rulemakings for which the CFTC comments.cftc.gov/. Follow the written policies and procedures
prepared and submitted an information instructions for submitting comments reasonably designed to ensure
collection burden estimate to OMB, the through the Web site. compliance with the conflicts of interest
burden associated with the • Mail: Christopher Kirkpatrick, and disclosure obligations within the
requirements are not being accounted Secretary of the Commission, regulations, and maintain specified
for in the burden estimate for Commodity Futures Trading records related to those requirements.5
information collections under 17 CFR Commission, Three Lafayette Centre, The Commission believes that the
part 45 to avoid unnecessary 1155 21st Street NW., Washington, DC information collection obligations
duplication of information collection 20581. imposed by Commission regulation
burdens. • Hand Delivery/Courier: Same as 23.605 are essential (i) to ensuring that
Respondents/Affected Entities: SDRs, Mail above. SDs and MSPs develop and maintain
SEFs, DCMS, DCOs, SDs, MSPs, and • Federal eRulemaking Portal: http:// the conflicts of interest systems,
non-SD/MSP counterparties. www.regulations.gov/. Follow the procedures and disclosures required by
Estimated number of respondents: instructions for submitting comments the CEA, and Commission regulations,
30,210. through the Portal. Please submit your and (ii) to the effective evaluation of
Estimated total annual burden on comments using only one method. these registrants’ actual compliance
respondents: 445,910 hours. All comments must be submitted in with the CEA and Commission
English, or if not, accompanied by an regulations.
Frequency of collection: Ongoing.
English translation. Comments will be With respect to the collection of
Authority: 44 U.S.C. 3501 et seq. posted as received to www.cftc.gov. information, the CFTC invites
Dated: August 3, 2015. FOR FURTHER INFORMATION CONTACT: comments on:
Robert N. Sidman, Jacob Chachkin, Special Counsel, • Whether the proposed collection of
Deputy Secretary of the Commission. Division of Swap Dealer and information is necessary for the proper
[FR Doc. 2015–19402 Filed 8–6–15; 8:45 am] Intermediary Oversight, Commodity performance of the functions of the
BILLING CODE 6351–01–P
Futures Trading Commission, (202) Commission, including whether the
418–5496; email: jchachkin@cftc.gov. information will have a practical use;
SUPPLEMENTARY INFORMATION: Under the • The accuracy of the Commission’s
COMMODITY FUTURES TRADING PRA, Federal agencies must obtain estimate of the burden of the proposed
COMMISSION approval from the Office of Management collection of information, including the
and Budget (‘‘OMB’’) for each collection validity of the methodology and
Agency Information Collection of information they conduct or sponsor. assumptions used;
Activities: Notice of Intent to Renew ‘‘Collection of Information’’ is defined • Ways to enhance the quality,
Collection Number 3038–0079, Conflict in 44 U.S.C. 3502(3) and 5 CFR 1320.3 usefulness, and clarity of the
of Interest Policies and Procedures by and includes agency requests or information to be collected; and
Swap Dealers and Major Swap requirements that members of the public • Ways to minimize the burden of
Participants submit reports, keep records, or provide collection of information on those who
information to a third party. Section are to respond, including through the
AGENCY: Commodity Futures Trading
3506(c)(2)(A) of the PRA, 44 U.S.C. use of appropriate automated electronic,
Commission.
3506(c)(2)(A), requires Federal agencies mechanical, or other technological
ACTION: Notice. to provide a 60-day notice in the collection techniques or other forms of
Federal Register concerning each information technology; e.g., permitting
SUMMARY: The Commodity Futures proposed collection of information, electronic submission of responses.
Trading Commission (‘‘CFTC’’ or including each proposed extension of an You should submit only information
‘‘Commission’’) is announcing an existing collection of information, that you wish to make available
opportunity for public comment on the before submitting the collection to OMB publicly. If you wish the Commission to
proposed collection of certain for approval. To comply with this consider information that you believe is
information by the agency. Under the requirement, the CFTC is publishing exempt from disclosure under the
Paperwork Reduction Act (‘‘PRA), notice of the proposed collection of Freedom of Information Act, a petition
Federal agencies are required to publish information listed below. for confidential treatment of the exempt
notice in the Federal Register Title: Conflict of Interest Policies and information may be submitted according
concerning each proposed collection of Procedures by Swap Dealers and Major to the procedures established in § 145.9
information, including each proposed Swap Participants (OMB Control No. of the Commission’s regulations.6
extension of an existing collection of 3038–0079). This is a request for an
information, and to allow 60 days for extension of a currently approved 27 U.S.C. 6s(j)(5).
public comment. This notice solicits
tkelley on DSK3SPTVN1PROD with NOTICES

information collection. 3 For the definition of SD, see section 1a(49) of
comments on the collections of Abstract: On April 3, 2012 the the CEA and Commission regulation 1.3(ggg). 7
information mandated by Commission Commission adopted Commission U.S.C. 1a(49) and 17 CFR 1.3(ggg).
regulation 23.605 (Conflicts of interest regulation 23.605 (Conflicts of interest
4 For the definitions of MSP, see section 1a(33) of

policies and procedures). the CEA and Commission regulation 1.3(hhh). 7
policies and procedures) 1 under section U.S.C. a(33) and 17 CFR 1.3(hhh).
DATES: Comments must be submitted on 5 See 17 CFR 23.605.

or before October 6, 2015. 1 17 CFR 23.605. 6 17 CFR 145.9.

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Federal Register / Vol. 80, No. 152 / Friday, August 7, 2015 / Notices 47479

The Commission reserves the right, submitted comments at the address requires SDs and MSPs to ensure that
but shall have no obligation, to review, listed below. Please refer to OMB any persons providing clearing activities
pre-screen, filter, redact, refuse or Reference No. 3038–0092, found on or making determinations as to
remove any or all of your submission http://reginfo.gov. Comments may also accepting clearing customers are
from http://www.cftc.gov that it may be mailed to the Office of Information separated by appropriate informational
deem to be inappropriate for and Regulatory Affairs, Office of partitions from persons whose
publication, such as obscene language. Management and Budget, Attention: involvement in pricing, trading, or
All submissions that have been redacted Desk Officer for the Commodity Futures clearing activities might bias their
or removed that contain comments on Trading Commission, 725 17th Street judgment or contravene the core
the merits of the information collection NW., Washington, DC 20503, or through principle of open access. Section 4s(j)(6)
request will be retained in the public the Agency’s Web site at http:// of the CEA prohibits a swap dealer and
comment file and will be considered as comments.cftc.gov. Follow the major swap participant from adopting
required under the Administrative instructions for submitting comments any process or taking any action that
Procedure Act and other applicable through the Web site. results in any unreasonable restraint on
laws, and may be accessible under the Comments may also be mailed to: trade or imposes any material
Freedom of Information Act. Christopher Kirkpatrick, Secretary of the anticompetitive burden on trading or
Burden Statement: The respondent Commission, Commodity Futures clearing, unless necessary or
burden for this collection is estimated to Trading Commission, Three Lafayette appropriate to achieve the purposes of
be as follows: Centre, 1155 21st Street NW., the Act. Section 2(h)(1)(B)(ii) of the CEA
Number of Registrants: 125. Washington, DC 20581 or by Hand requires that derivatives clearing
Estimated Average Burden Hours Per Deliver/Courier at the same address. organization (‘‘DCO’’) rules provide for
Registrant: 44.5. A copy of the supporting statements the non-discriminatory clearing of
Estimated Aggregate Burden Hours: for the collection of information swaps executed bilaterally or through an
5,562.5. discussed above may be obtained by unaffiliated designated contract market
Frequency of Recordkeeping: As visiting RegInfo.gov. All comments must or swap execution facility.
applicable. be submitted in English, or if not, Pursuant to these provisions, the
Authority: 44 U.S.C. 3501 et seq. accompanied by an English translation. Commission adopted § 1.71(d)(1)
Comments will be posted as received to relating to FCMs and § 23.605(d)(1)
Dated: August 3, 2015.
www.cftc.gov. You should submit only relating to swap dealers and major swap
Robert N. Sidman,
information that you wish to make participants. These regulations prohibit
Deputy Secretary of the Commission. available publicly. If you wish the swap dealers and major swap
[FR Doc. 2015–19387 Filed 8–6–15; 8:45 am] Commission to consider information participants from interfering or
BILLING CODE 6351–01–P that is exempt from disclosure under the attempting to influence the decisions of
Freedom of Information Act, a petition affiliated FCMs with regard to the
for confidential treatment of the exempt provision of clearing services and
COMMODITY FUTURES TRADING information may be submitted according activities and prohibit FCMs from
COMMISSION to the procedures set forth in section permitting them to do so. The
145.9 of the Commission’s regulations. Commission also adopted § 23.607 to
Agency Information Collection
Activities Under OMB Review FOR FURTHER INFORMATION CONTACT: prohibit swap dealers and major swap
Christopher Hower, Special Counsel, participants from adopting any process
AGENCY: Commodity Futures Trading Division of Clearing and Risk, or taking any action that results in any
Commission. Commodity Futures Trading unreasonable restraint on trade or
ACTION: Notice. Commission, (202) 418–6703; email: imposes any material anticompetitive
chower@cftc.gov, and refer to OMB burden on trading or clearing, unless
SUMMARY: In compliance with the Control No. 3038–0092. necessary or appropriate to achieve the
Paperwork Reduction Act of 1995 SUPPLEMENTARY INFORMATION: purposes of the Act. The Commission
(‘‘PRA’’), this notice announces that the Title: Customer Clearing adopted § 39.12(b)(2) requiring that
Information Collection Request (‘‘ICR’’) Documentation and Timing of derivatives clearing organization rules
abstracted below has been forwarded to Acceptance for Clearing (OMB Control provide for the non-discriminatory
the Office of Management and Budget No. 3038–0092). This is a request for clearing of swaps executed bilaterally or
(‘‘OMB’’) for review and comment. The extension of a currently approved through an unaffiliated designated
ICR describes the nature of the information collection. contract market or swap execution
information collection and its expected Abstract: Section 4d(c) of the facility.
costs and burden. Commodity Exchange Act (‘‘CEA’’ or As discussed further below, the
DATES: Comments must be submitted on ‘‘Act’’), as amended by the Dodd-Frank additional information collection
or before September 8, 2015. Act, directs the Commission to require burden arising from the proposed
ADDRESSES: Comments regarding the futures commission merchants regulations primarily is restricted to the
burden estimated or any other aspect of (‘‘FCMs’’) to implement conflict of costs associated with the affected
the information collection, including interest procedures that address such registrants’ obligation to maintain
suggestions for reducing the burden, issues the Commission determines to be records related to clearing
may be submitted directly to the Office appropriate. Similarly, section 4s(j)(5), documentation between the customer
tkelley on DSK3SPTVN1PROD with NOTICES

of Information and Regulatory Affairs as added by the Dodd-Frank Act, and the customer’s clearing member.
(‘‘OIRA’’) in OMB, within 30 days of the requires swap dealers (‘‘SDs’’) and major The information collection obligations
notice’s publication, by email at swap participants (‘‘MSPs’’) to imposed by the regulations are
OIRAsubmissions@omb.eop.gov. Please implement conflict of interest necessary to implement certain
identify the comments by OMB Control procedures that address such issues the provisions of the CEA, including
No. 3038–0092. Please provide the Commission determines to be ensuring that registrants exercise
Commission with a copy of all appropriate. Section 4s(j)(5) also effective risk management and for the

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Document Created: 2015-12-15 10:57:21
Document Modified: 2015-12-15 10:57:21

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice.
Dates		Comments must be submitted on or before October 6, 2015.
Contact		Jacob Chachkin, Special Counsel, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, (202) 418-5496; email: [email protected]
FR Citation		80 FR 47478