80 FR 69948 - Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0089, Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 80, Issue 218 (November 12, 2015)

Page Range		69948-69949
FR Document		2015-28729

The Commodity Futures Trading Commission (``CFTC'') 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 and to allow 60 days for public comment. This notice solicits comments for certain swap data recordkeeping and reporting requirements imposed on the following entities: Swap Dealers (``SDs''), Major Swap Participants (``MSPs''), and swap counterparties that are neither swap dealers nor major swap participants (``non-SD/MSP counterparties'').

Federal Register, Volume 80 Issue 218 (Thursday, November 12, 2015)

[Federal Register Volume 80, Number 218 (Thursday, November 12, 2015)]
[Notices]
[Pages 69948-69949]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-28729]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Renew Collection 3038-0089, Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (``CFTC'') 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 and 
to allow 60 days for public comment. This notice solicits comments for 
certain swap data recordkeeping and reporting requirements imposed on 
the following entities: Swap Dealers (``SDs''), Major Swap Participants 
(``MSPs''), and swap counterparties that are neither swap dealers nor 
major swap participants (``non-SD/MSP counterparties'').

DATES: Comments must be submitted on or before January 11, 2016.

ADDRESSES: You may submit comments, identified by ``Renewal of 
Collection Pertaining to Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps,'' or Renewal 3038-
0089, 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.

FOR FURTHER INFORMATION CONTACT: Thomas Guerin, Division of Market 
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW., 
(202) 734-4194, email: [email protected], and refer to OMB Control No. 
3038-0089.

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 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: Swap Data Recordkeeping and Reporting Requirements: Pre-
Enactment and Transition Swaps (OMB Control No. 3038-0089). This is a 
request for extension of a currently approved information collection.
    Abstract: The collection of information is needed to ensure that 
the CFTC and other regulators have access to data regarding pre-
enactment and transition swaps, as required by the Commodity Exchange 
Act as amended by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act directed the 
CFTC to adopt rules providing for the reporting of data

[[Page 69949]]

relating to swaps entered into before the date of enactment of the 
Dodd-Frank Act, the terms of which had not expired as of the date of 
enactment of the Dodd-Frank Act (``pre-enactment swaps'') and data 
relating to swaps entered into on or after the date of enactment of the 
Dodd-Frank Act and prior to the compliance date specified in the the 
CFTC's final swap data reporting rules (``transition swaps''). On May 
17, 2012, the CFTC adopted regulation 46, which imposes recordkeeping 
and reporting requirements relating to pre-enactment and historical 
swaps.
    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 CFTC, 
including whether the information will have a practical use;
     The accuracy of the CFTC'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.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
http://www.cftc.gov. You should submit only information that you wish 
to make available publicly. If you wish the CFTC to consider 
information that you believe is exempt from disclosure under the 
Freedom of Information Act, a petition for confidential treatment of 
the exempt information may be submitted according to the procedures 
established in Sec.  145.9 of the CFTC's regulations.\1\ The CFTC 
reserves the right, but shall have no obligation, to review, pre-
screen, filter, redact, refuse or remove any or all of your submission 
from 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.
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    \1\17 CFR 145.9.
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    Burden Statement: Provisions of CFTC Regulations 46.2, 46.3, 46.4, 
46.8, 46.10, and 46.11 result in information collection requirements 
within the meaning of the PRA. These regulations required SDs, MSPs and 
non-SD/MSP counterparties to incur one-time costs to establish systems 
and processes associated with swaps data recordkeeping and reporting. 
The CFTC estimates that SDs, MSPs, and non-SD/MSP counterparties 
incurred a one-time burden of 91,250 hours associated with part 46 
recordkeeping and reporting requirements. With respect to the ongoing 
reporting and recordkeeping burdens associated with pre-enactment and 
transition swaps, the CFTC believes that SDs, MSPs, and non-SD/MSP 
counterparties incur an annual time-burden of 18,903 hours. This time-
burden represents a proportion of the burden responents incur to 
operate and maintain their swap data recordkeeping and reporting 
systems.
    17 CFR 45 imposes swap recordkeeping and reporting requirements on 
respondents related to swaps that are not pre-enactment or transition 
swaps. The CFTC believes that respondents use the same recordkeeping 
and reporting systems to compy with both parts 45 and 46. The CFTC has 
computed the estimated burden for 17 CFR 46 by estimating the burden 
incurred by respondents to operate and maintain their swap data 
recordkeeping and reporting systems and then estimating the percentage 
of that burden associated with pre-enactment and transition swaps. 
Since the enactment of 17 CFR 45, the vast majority of pre-enactment 
and transition swaps have been terminated by the parties to the swaps 
or are otherwise no longer in existence. As 17 CFR 46 only requires 
respondents to make ongoing reports regarding pre-enactment and 
transition swaps that continue to be in existence, the number of 
reports being made pursuant to 17 CFR 46 has declined significantly 
over time. As the volume of reports made pursuant to 17 CFR 46 is 
estimated to be very small releative to the estimated volume of reports 
made pursuant to 17 CFR 45, the CFTC's burden estimate has allocated 
the vast majority of the estimated burden to operate and maintain 
respondents' swap data recordkeeping and reporting systems to the 
burden estimate associated with 17 CFR 45.
    Respondents/Affected Entities: Swap Dealers, Major Swap 
Participants, and other counterparties to a swap transaction (i.e., 
end-user, non-SD/non-MSP counterparties).
    Estimated number of respondents: 30,125.
    Estimated total annual burden on respondents: 18,903 hours.
    Frequency of collection: Ongoing.

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

    Dated: November 6, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015-28729 Filed 11-10-15; 8:45 am]
 BILLING CODE 6351-01-P

69948 Federal Register / Vol. 80, No. 218 / Thursday, November 12, 2015 / Notices

errors or omissions are identified; and the merits of the information collection Pertaining to Swap Data Recordkeeping
maintaining records of the registrant’s request will be retained in the public and Reporting Requirements: Pre-
compliance policies and procedures and comment file and will be considered as Enactment and Transition Swaps,’’ or
records related to the annual report. The required under the Administrative Renewal 3038–0089, by any of the
information collection obligations Procedure Act and other applicable following methods:
imposed by Commission regulation 3.3 laws, and may be accessible under the • The Agency's Web site, at: http://
are essential to ensuring that FCMs, Freedom of Information Act. comments.cftc.gov/. Follow the
SDs, and MSPs maintain comprehensive Burden Statement: In light of the instructions for submitting comments
policies and procedures that promote contraction in the number of through the Web site.
compliance with the CEA and Commission-registered FCMs since the • Mail: Christopher Kirkpatrick,
Commission regulations. In particular, Commission promulgated regulation Secretary of the Commission,
the Commission believes that, among 3.3, the Commission is revising its Commodity Futures Trading
other things, these obligations (i) estimate of the burden for this Commission, Three Lafayette Centre,
promote compliance behavior through collection. Accordingly, the respondent 1155 21st Street NW., Washington, DC
periodic self-evaluation, (ii) inform the burden for this collection is estimated to 20581.
Commission of possible compliance be as follows: • Hand Delivery/Courier: Same as
weaknesses, (iii) assist the Commission Number of Registrants: 200. Mail above.
in determining whether the registrant Estimated Average Burden Hours per • Federal eRulemaking Portal:
remains in compliance with the CEA Registrant: 1006. http://www.regulations.gov/. Follow the
and Commission regulations, and (iv) Estimated Aggregate Burden Hours: instructions for submitting comments
help the Commission to assess whether 201,200. through the Portal.
the registrant has mechanisms in place Frequency of Recordkeeping: Please submit your comments using
to adequately address compliance Annually or on occasion. only one method.
problems that could lead to a failure of Authority: 44 U.S.C. 3501 et seq. FOR FURTHER INFORMATION CONTACT:
the registrant. With respect to the Thomas Guerin, Division of Market
collection of information, the CFTC Dated: November 6, 2015.
Oversight, Commodity Futures Trading
invites comments on: Robert N. Sidman,
Commission, 1155 21st Street NW.,
• Whether the proposed collection of Deputy Secretary of the Commission. (202) 734–4194, email: tguerin@cftc.gov,
information is necessary for the proper [FR Doc. 2015–28732 Filed 11–10–15; 8:45 am] and refer to OMB Control No. 3038–
performance of the functions of the BILLING CODE 6351–01–P 0089.
Commission, including whether the
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 3038–0089, Swap Data in 44 U.S.C. 3502(3) and 5 CFR 1320.3
usefulness, and clarity of the Recordkeeping and Reporting and includes agency requests or
information to be collected; and Requirements: Pre-Enactment and requirements that members of the public
• Ways to minimize the burden of Transition Swaps 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
SUMMARY: The Commodity Futures proposed collection of information
information technology; e.g., permitting
Trading Commission (‘‘CFTC’’) is before submitting the collection to OMB
electronic submission of responses.
announcing an opportunity for public for approval. To comply with this
You should submit only information
comment on the proposed collection of requirement, the CFTC is publishing
that you wish to make available
certain information by the agency. notice of the proposed collection of
publicly. If you wish the Commission to
Under the Paperwork Reduction Act information listed below.
consider information that you believe is
(‘‘PRA’’), Federal agencies are required Title: Swap Data Recordkeeping and
exempt from disclosure under the
to publish notice in the Federal Register Reporting Requirements: Pre-Enactment
Freedom of Information Act, a petition
concerning each proposed collection of and Transition Swaps (OMB Control No.
for confidential treatment of the exempt
information and to allow 60 days for 3038–0089). This is a request for
information may be submitted according
public comment. This notice solicits extension of a currently approved
to the procedures established in § 145.9
comments for certain swap data information collection.
of the Commission’s regulations.7
The Commission reserves the right, recordkeeping and reporting Abstract: The collection of
but shall have no obligation, to review, requirements imposed on the following information is needed to ensure that the
pre-screen, filter, redact, refuse or entities: Swap Dealers (‘‘SDs’’), Major CFTC and other regulators have access
Swap Participants (‘‘MSPs’’), and swap
mstockstill on DSK4VPTVN1PROD with NOTICES

remove any or all of your submission to data regarding pre-enactment and
from http://www.cftc.gov that it may counterparties that are neither swap transition swaps, as required by the
deem to be inappropriate for dealers nor major swap participants Commodity Exchange Act as amended
publication, such as obscene language. (‘‘non-SD/MSP counterparties’’). by the Dodd-Frank Wall Street Reform
All submissions that have been redacted DATES: Comments must be submitted on and Consumer Protection Act (‘‘Dodd-
or removed that contain comments on or before January 11, 2016. Frank Act’’). The Dodd-Frank Act
ADDRESSES: You may submit comments, directed the CFTC to adopt rules
7 17 CFR 145.9. identified by ‘‘Renewal of Collection providing for the reporting of data

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Federal Register / Vol. 80, No. 218 / Thursday, November 12, 2015 / Notices 69949

relating to swaps entered into before the applicable laws, and may be accessible Estimated number of respondents:
date of enactment of the Dodd-Frank under the Freedom of Information Act. 30,125.
Act, the terms of which had not expired Burden Statement: Provisions of Estimated total annual burden on
as of the date of enactment of the Dodd- CFTC Regulations 46.2, 46.3, 46.4, 46.8, respondents: 18,903 hours.
Frank Act (‘‘pre-enactment swaps’’) and 46.10, and 46.11 result in information
data relating to swaps entered into on or collection requirements within the Frequency of collection: Ongoing.
after the date of enactment of the Dodd- meaning of the PRA. These regulations Authority: 44 U.S.C. 3501 et seq.
Frank Act and prior to the compliance required SDs, MSPs and non-SD/MSP
Dated: November 6, 2015.
date specified in the the CFTC’s final counterparties to incur one-time costs to
swap data reporting rules (‘‘transition establish systems and processes Robert N. Sidman,
swaps’’). On May 17, 2012, the CFTC associated with swaps data Deputy Secretary of the Commission.
adopted regulation 46, which imposes recordkeeping and reporting. The CFTC [FR Doc. 2015–28729 Filed 11–10–15; 8:45 am]
recordkeeping and reporting estimates that SDs, MSPs, and non-SD/ BILLING CODE 6351–01–P
requirements relating to pre-enactment MSP counterparties incurred a one-time
and historical swaps. burden of 91,250 hours associated with
With respect to the collection of part 46 recordkeeping and reporting
information, the CFTC invites requirements. With respect to the DEPARTMENT OF DEFENSE
comments on: ongoing reporting and recordkeeping
• Whether the proposed collection of burdens associated with pre-enactment Office of the Secretary
information is necessary for the proper and transition swaps, the CFTC believes
performance of the functions of the that SDs, MSPs, and non-SD/MSP [Docket ID DoD–2015–OS–0124]
CFTC, including whether the counterparties incur an annual time-
information will have a practical use; burden of 18,903 hours. This time- U.S. Court of Appeals for the Armed
• The accuracy of the CFTC’s burden represents a proportion of the Forces Proposed Rules Changes
estimate of the burden of the proposed burden responents incur to operate and
collection of information, including the maintain their swap data recordkeeping
ACTION: Notice of Proposed Changes to
validity of the methodology and and reporting systems.
17 CFR 45 imposes swap the Rules of Practice and Procedure of
assumptions used; the United States Court of Appeals for
recordkeeping and reporting
• Ways to enhance the quality, the Armed Forces.
requirements on respondents related to
usefulness, and clarity of the
swaps that are not pre-enactment or
information to be collected; and SUMMARY: This notice announces the
transition swaps. The CFTC believes
• Ways to minimize the burden of following proposed changes to Rules 5,
that respondents use the same
collection of information on those who recordkeeping and reporting systems to 21(b)(5)(F), and 26 of the Rules of
are to respond, including through the compy with both parts 45 and 46. The Practice and Procedure, United States
use of appropriate automated electronic, CFTC has computed the estimated Court of Appeals for the Armed Forces.
mechanical, or other technological burden for 17 CFR 46 by estimating the
collection techniques or other forms of DATES: Comments on the proposed
burden incurred by respondents to changes must be received by December
information technology; e.g., permitting operate and maintain their swap data
electronic submission of responses. 14, 2015.
recordkeeping and reporting systems
All comments must be submitted in and then estimating the percentage of ADDRESSES: You may submit comments,
English, or if not, accompanied by an that burden associated with pre- identified by docket number and title by
English translation. Comments will be enactment and transition swaps. Since any of the following methods:
posted as received to http:// the enactment of 17 CFR 45, the vast
www.cftc.gov. You should submit only • Federal eRulemaking Portal: http://
majority of pre-enactment and transition www.regulations.gov. Follow the
information that you wish to make swaps have been terminated by the
available publicly. If you wish the CFTC instructions for submitting comments.
parties to the swaps or are otherwise no
to consider information that you believe longer in existence. As 17 CFR 46 only • Mail: Department of Defense, Office
is exempt from disclosure under the requires respondents to make ongoing of the Deputy Chief Management
Freedom of Information Act, a petition reports regarding pre-enactment and Officer, Directorate of Oversight and
for confidential treatment of the exempt transition swaps that continue to be in Compliance, Regulatory and Audit
information may be submitted according existence, the number of reports being Matters Office, 9010 Defense Pentagon,
to the procedures established in § 145.9 made pursuant to 17 CFR 46 has Washington, DC 20301–9010.
of the CFTC’s regulations.1 The CFTC declined significantly over time. As the Instructions: All submissions received
reserves the right, but shall have no volume of reports made pursuant to 17 must include the agency name and
obligation, to review, pre-screen, filter, CFR 46 is estimated to be very small docket number for this Federal Register
redact, refuse or remove any or all of releative to the estimated volume of document. The general policy for
your submission from http:// reports made pursuant to 17 CFR 45, the comments and other submissions from
www.cftc.gov that it may deem to be CFTC’s burden estimate has allocated members of the public is to make these
inappropriate for publication, such as the vast majority of the estimated submissions available for public
obscene language. All submissions that burden to operate and maintain viewing on the Internet at http://
have been redacted or removed that
mstockstill on DSK4VPTVN1PROD with NOTICES

respondents’ swap data recordkeeping www.regulations.gov as they are
contain comments on the merits of the and reporting systems to the burden received without change, including
information collection request will be estimate associated with 17 CFR 45. personal identifiers or contact
retained in the public comment file and Respondents/Affected Entities: Swap information.
will be considered as required under the Dealers, Major Swap Participants, and
Administrative Procedure Act and other other counterparties to a swap FOR FURTHER INFORMATION CONTACT:
transaction (i.e., end-user, non-SD/non- William A. DeCicco, Clerk of the Court,
117 CFR 145.9. MSP counterparties). telephone (202) 761–1448.

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Document Created: 2015-12-14 14:53:27
Document Modified: 2015-12-14 14:53:27

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 January 11, 2016.
Contact		Thomas Guerin, Division of Market Oversight, Commodity Futures Trading Commission, 1155 21st Street NW., (202) 734-4194, email: [email protected], and refer to OMB Control No. 3038-0089.
FR Citation		80 FR 69948