80 FR 73731 - Agency Information Collection Activities: Notice of Intent To Renew Collection Numbers 3038-0068, 3038-0083, and 3038-0088, Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 80, Issue 227 (November 25, 2015)

Page Range		73731-73732
FR Document		2015-30048

The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed renewal of three collections 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 Sec. Sec. 23.500 to 23.505 of the Commission regulations (Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants).

Federal Register, Volume 80 Issue 227 (Wednesday, November 25, 2015)

[Federal Register Volume 80, Number 227 (Wednesday, November 25, 2015)]
[Notices]
[Pages 73731-73732]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-30048]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Renew Collection Numbers 3038-0068, 3038-0083, and 3038-0088, 
Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap 
Trading Relationship Documentation Requirements for 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 renewal of three collections 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 Sec. Sec.  23.500 to 23.505 of the Commission 
regulations (Confirmation, Portfolio Reconciliation, Portfolio 
Compression, and Swap Trading Relationship Documentation Requirements 
for Swap Dealers and Major Swap Participants).

DATES: Comments must be submitted on or before January 25, 2016.

ADDRESSES: You may submit comments, identified by ``Confirmation, 
Portfolio Reconciliation, Portfolio Compression, and Swap Trading 
Relationship Documentation Requirements for Swap Dealers and Major Swap 
Participants'','' and Collection Numbers 3038-0068, 3038-0083, and 
3038-0088 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: Gregory Scopino, 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,

[[Page 73732]]

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: Confirmation, Portfolio Reconciliation, Portfolio 
Compression, and Swap Trading Relationship Documentation Requirements 
for Swap Dealers and Major Swap Participants (OMB Control Nos. 3038-
0068, 3038-0083, 3038-0088). This is a request for an extension of 
currently approved information collections.
    Abstract: On September 11, 2012 the Commission adopted Commission 
regulations 23.500-23.505 (Confirmation, Portfolio Reconciliation, 
Portfolio Compression, and Swap Trading Relationship Documentation 
Requirements for Swap Dealers and Major Swap Participants) \1\ under 
sections 4s(f), (g) and (i) \2\ of the Commodity Exchange Act 
(``CEA''). Commission regulations 23.500-23.505 require, among other 
things, that swap dealers (``SD'') \3\ and major swap participants 
(``MSP'') \4\ develop and retain written swap trading relationship 
documentation. The regulations also establish requirements for SDs and 
MSPs regarding swap confirmation, portfolio reconciliation, and 
portfolio compression. Under the regulations, swap dealers and major 
swap participants are obligated to maintain records of the policies and 
procedures required by the rules.\5\ 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 swap dealer and major 
swap participant 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 essential to ensuring that swap dealers and major 
swap participants 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. The collections of information are 
mandatory. 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.
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    \1\ 17 CFR 23.500-23.505.
    \2\ 7 U.S.C. 6s(f),(g) & (i).
    \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. 1a(33) and 17 CFR 
1.3(hhh).
    \5\ SDs and MSPs are required to maintain all records of 
policies and procedures in accordance with Commission regulation 
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.
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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.
    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 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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    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 Commission is revising its estimate of the 
burden for 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:
     OMB Control No. 3038-0068 (Confirmation, Portfolio 
Reconciliation, and Portfolio Compression Requirements for Swap Dealers 
and Major Swap Participants).
    Number of Registrants: 106.
    Estimated Average Burden Hours per Registrant: 1,282.5.
    Estimated Aggregate Burden Hours: 135,945.
    Frequency of Recordkeeping: As applicable.
     OMB Control No. 3038-0083 (Orderly Liquidation Termination 
Provision in Swap Trading Relationship Documentation for Swap Dealers 
and Major Swap Participants).
    Number of Registrants: 106.
    Estimated Average Burden Hours per Registrant: 270.
    Estimated Aggregate Burden Hours: 28,620.
    Frequency of Recordkeeping: As applicable.
     OMB Control No. 3038-0088 (Swap Trading Relationship 
Documentation Requirements for Swap Dealers and Major Swap 
Participants).
    Number of Registrants: 106.
    Estimated Average Burden Hours per Registrant: 6284.
    Estimated Aggregate Burden Hours: 135,945.
    Frequency of Recordkeeping: 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: November 20, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015-30048 Filed 11-24-15; 8:45 am]
BILLING CODE 6351-01-P

Federal Register / Vol. 80, No. 227 / Wednesday, November 25, 2015 / Notices 73731

vomerina), Dall’s porpoise mammals will be minimized through to publish notice in the Federal Register
(Phocoenoides dalli dalli), southern implementation of the following concerning each proposed collection of
resident and transient killer whales mitigation measures: (1) Limited impact information, including each proposed
(Orcinus orca), gray whales pile driving; (2) containment of impact extension of an existing collection of
(Eschrichtius robustus), and humpback pile driving; (3) additional sound information, and to allow 60 days for
whales (Megaptera novaeangliae), by attenuation measures; (4) ramp-up of public comment. This notice solicits
harassment, incidental to pile driving pile-related activities; (5) marine comments on the collections of
activities in Elliot Bay for the EBSP, mammal exclusion zones; and (6) information mandated by §§ 23.500 to
were issued on October 21, 2013 (78 FR shutdown and delay procedures. SDOT 23.505 of the Commission regulations
63396, October 24, 2013), and remain in will also conduct visual monitoring and (Confirmation, Portfolio Reconciliation,
effect until October 21, 2018. For underwater acoustic monitoring for Portfolio Compression, and Swap
detailed information on this action, mitigation and research purposes. Trading Relationship Documentation
please refer to that document. The Reports will be submitted to NMFS at Requirements for Swap Dealers and
regulations include mitigation, the time of request for a renewal of the Major Swap Participants).
monitoring, and reporting requirements LOA, and a final comprehensive report, DATES: Comments must be submitted on
for the incidental take of marine which will summarize all previous or before January 25, 2016.
mammals during pile driving activities reports and assess cumulative impacts, ADDRESSES: You may submit comments,
associated with the EBSP. Pursuant to will be submitted before the rule identified by ‘‘Confirmation, Portfolio
those regulations, NMFS first issued an expires. Reconciliation, Portfolio Compression,
LOA, effective from October 22, 2013, Issuance of this LOA is based on the
and Swap Trading Relationship
through October 21, 2014, and a second results of the monitoring reports that
Documentation Requirements for Swap
LOA, effective from October 22, 2014, verified that the total number of
potentially harassed marine mammals Dealers and Major Swap Participants’’,’’
through October 21, 2015. SDOT
was below the authorized limits, with and Collection Numbers 3038–0068,
conducted activities as described,
the exception of the California sea lion 3038–0083, and 3038–0088 by any of
implemented the required mitigation
(as discussed above). Based on these the following methods:
methods, and conducted the required • The Agency’s Web site, at http://
monitoring. findings and the information discussed
comments.cftc.gov/. Follow the
in the preamble to the final rule, the
Monitoring Reports instructions for submitting comments
activities described under the LOA will
The total number of potentially have a negligible impact on the marine through the Web site.
harassed marine mammals was well • Mail: Christopher Kirkpatrick,
mammal stocks and will not have an
below the authorized limits, with the Secretary of the Commission,
unmitigable adverse impact on the
exception of the California sea lion. The Commodity Futures Trading
availability of the affected marine
reported take for California sea lion for Commission, Three Lafayette Centre,
mammal stocks for subsistence uses. No
the 2014–2015 Letter of Authorization, 1155 21st Street NW., Washington, DC
injury, serious injury, or mortality of the
by Level B harassment only, exceeded 20581.
affected species is anticipated.
the annually authorized level. Please see • Hand Delivery/Courier: Same as
Dated: October 28, 2015. Mail above.
the monitoring report at http://
Perry F. Gayaldo, • Federal eRulemaking Portal: http://
www.nmfs.noaa.gov/pr/permits/
Deputy Director, Office of Protected www.regulations.gov/. Follow the
incidental/construction.htm for more Resources, National Marine Fisheries Service. instructions for submitting comments
detail. This resulted in part because of
[FR Doc. 2015–29979 Filed 11–24–15; 8:45 am] through the Portal. Please submit your
an error in our assumptions relating to
BILLING CODE 3510–22–P comments using only one method.
the proposed take estimates in the All comments must be submitted in
original rule, i.e., the number of English, or if not, accompanied by an
California sea lions regularly hauling English translation. Comments will be
out on buoys in Elliot Bay. Based on our COMMODITY FUTURES TRADING
COMMISSION posted as received to www.cftc.gov.
review of monitoring to date we plan to
FOR FURTHER INFORMATION CONTACT:
revise future take estimates by assuming
Agency Information Collection Gregory Scopino, Special Counsel,
an estimated daily exposure of up to 7
Activities: Notice of Intent To Renew Division of Swap Dealer and
California sea lions (as compared with
Collection Numbers 3038–0068, 3038– Intermediary Oversight, Commodity
5 assumed in regulations).
0083, and 3038–0088, Confirmation, Futures Trading Commission, (202)
Because this revision of the estimated
Portfolio Reconciliation, Portfolio 418–5496; email: gscopino@cftc.gov.
number of California sea lions
Compression, and Swap Trading SUPPLEMENTARY INFORMATION: Under the
constitutes less than 0.1 percent of the
Relationship Documentation PRA, Federal agencies must obtain
population for California sea lions, and
Requirements for Swap Dealers and approval from the Office of Management
is the same kind of take anticipated in
Major Swap Participants and Budget (‘‘OMB’’) for each collection
the regulations, it remains consistent
with the determinations of negligible AGENCY: Commodity Futures Trading of information they conduct or sponsor.
impact and small numbers, and our Commission. ‘‘Collection of Information’’ is defined
subsistence findings for the specified ACTION: Notice. in 44 U.S.C. 3502(3) and 5 CFR 1320.3
activity and remaining years of the and includes agency requests or
issued regulations for the EBSP. SUMMARY: The Commodity Futures requirements that members of the public
tkelley on DSK3SPTVN1PROD with NOTICES

Trading Commission (‘‘CFTC’’ or submit reports, keep records, or provide
Authorization ‘‘Commission’’) is announcing an information to a third party. Section
NMFS has issued an LOA to SDOT opportunity for public comment on the 3506(c)(2)(A) of the PRA, 44 U.S.C.
authorizing the Level B harassment of proposed renewal of three collections of 3506(c)(2)(A), requires Federal agencies
marine mammals incidental to pile certain information by the agency. to provide a 60-day notice in the
driving activities associated with the Under the Paperwork Reduction Act Federal Register concerning each
EBSP at Seattle, WA. Take of marine (‘‘PRA’’), Federal agencies are required proposed collection of information,

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73732 Federal Register / Vol. 80, No. 227 / Wednesday, November 25, 2015 / Notices

including each proposed extension of an swap dealers and major swap laws, and may be accessible under the
existing collection of information, participants document their swaps, Freedom of Information Act.
before submitting the collection to OMB reconcile their swap portfolios to Burden Statement: The Commission
for approval. To comply with this resolve discrepancies and disputes, and is revising its estimate of the burden for
requirement, the CFTC is publishing wholly or partially terminate some or all this collection to reflect the current
notice of the proposed collection of of their outstanding swaps through number of respondents and estimated
information listed below. regular portfolio compression exercises. burden hours. The respondent burden
Title: Confirmation, Portfolio The collections of information are for this collection is estimated to be as
Reconciliation, Portfolio Compression, mandatory. An agency may not conduct follows:
and Swap Trading Relationship or sponsor, and a person is not required • OMB Control No. 3038–0068
Documentation Requirements for Swap to respond to, a collection of (Confirmation, Portfolio Reconciliation,
Dealers and Major Swap Participants information unless it displays a and Portfolio Compression
(OMB Control Nos. 3038–0068, 3038– currently valid OMB control number. Requirements for Swap Dealers and
0083, 3038–0088). This is a request for With respect to the collection of Major Swap Participants).
an extension of currently approved information, the CFTC invites Number of Registrants: 106.
information collections. comments on: Estimated Average Burden Hours per
Abstract: On September 11, 2012 the • Whether the proposed collection of Registrant: 1,282.5.
Commission adopted Commission information is necessary for the proper Estimated Aggregate Burden Hours:
regulations 23.500–23.505 performance of the functions of the 135,945.
(Confirmation, Portfolio Reconciliation, Commission, including whether the Frequency of Recordkeeping: As
Portfolio Compression, and Swap information will have a practical use; applicable.
Trading Relationship Documentation • The accuracy of the Commission’s • OMB Control No. 3038–0083
Requirements for Swap Dealers and estimate of the burden of the proposed (Orderly Liquidation Termination
Major Swap Participants) 1 under collection of information, including the Provision in Swap Trading Relationship
sections 4s(f), (g) and (i) 2 of the validity of the methodology and Documentation for Swap Dealers and
Commodity Exchange Act (‘‘CEA’’). assumptions used; Major Swap Participants).
Commission regulations 23.500–23.505 • Ways to enhance the quality, Number of Registrants: 106.
require, among other things, that swap usefulness, and clarity of the Estimated Average Burden Hours per
dealers (‘‘SD’’) 3 and major swap information to be collected; and Registrant: 270.
participants (‘‘MSP’’) 4 develop and • Ways to minimize the burden of Estimated Aggregate Burden Hours:
retain written swap trading relationship collection of information on those who 28,620.
documentation. The regulations also are to respond, including through the Frequency of Recordkeeping: As
establish requirements for SDs and use of appropriate automated electronic, applicable.
MSPs regarding swap confirmation, mechanical, or other technological • OMB Control No. 3038–0088 (Swap
portfolio reconciliation, and portfolio collection techniques or other forms of Trading Relationship Documentation
compression. Under the regulations, information technology; e.g., permitting Requirements for Swap Dealers and
swap dealers and major swap electronic submission of responses. Major Swap Participants).
participants are obligated to maintain All comments must be submitted in Number of Registrants: 106.
records of the policies and procedures English, or if not, accompanied by an Estimated Average Burden Hours per
required by the rules.5 Confirmation, English translation. Comments will be Registrant: 6284.
portfolio reconciliation, and portfolio posted as received to http:// Estimated Aggregate Burden Hours:
compression are important post-trade www.cftc.gov. You should submit only 135,945.
processing mechanisms for reducing information that you wish to make Frequency of Recordkeeping: As
risk and improving operational available publicly. If you wish the applicable.
efficiency. The information collection Commission to consider information There are no capital costs or operating
obligations imposed by the regulations that you believe is exempt from and maintenance costs associated with
are necessary to ensure that each swap disclosure under the Freedom of this collection.
dealer and major swap participant (Authority: 44 U.S.C. 3501 et seq.)
Information Act, a petition for
maintains the required records of their confidential treatment of the exempt Dated: November 20, 2015.
business activities and an audit trail information may be submitted according Robert N. Sidman,
sufficient to conduct comprehensive to the procedures established in § 145.9 Deputy Secretary of the Commission.
and accurate trade reconstruction. The of the Commission’s regulations.6 [FR Doc. 2015–30048 Filed 11–24–15; 8:45 am]
information collections contained in the The Commission reserves the right, BILLING CODE 6351–01–P
regulations are essential to ensuring that but shall have no obligation, to review,
pre-screen, filter, redact, refuse or
1 17 CFR 23.500–23.505.
27
remove any or all of your submission COMMODITY FUTURES TRADING
U.S.C. 6s(f),(g) & (i).
3 For the definition of SD, see section 1a(49) of
from http://www.cftc.gov that it may COMMISSION
the CEA and Commission regulation 1.3(ggg). 7 deem to be inappropriate for
U.S.C. 1a(49) and 17 CFR 1.3(ggg). publication, such as obscene language. Agency Information Collection
4 For the definitions of MSP, see section 1a(33) of All submissions that have been redacted Activities: Notice of Intent To Renew
the CEA and Commission regulation 1.3(hhh). 7 or removed that contain comments on Collection Number 3038–0078,
U.S.C. 1a(33) and 17 CFR 1.3(hhh). Conflicts of Interest Policies and
tkelley on DSK3SPTVN1PROD with NOTICES

5 SDs and MSPs are required to maintain all
the merits of the information collection
request will be retained in the public Procedures by Futures Commission
records of policies and procedures in accordance
with Commission regulation 1.31, including comment file and will be considered as Merchants and Introducing Brokers
policies, procedures and models used for eligible required under the Administrative AGENCY: Commodity Futures Trading
master netting agreements and custody agreements Procedure Act and other applicable
that prohibit custodian of margin from re- Commission.
hypothecating, repledging, reusing, or otherwise ACTION: Notice.
transferring the funds held by the custodian. 6 17 CFR 145.9.

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Document Created: 2018-03-01 11:14:44
Document Modified: 2018-03-01 11:14:44

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 25, 2016.
Contact		Gregory Scopino, Special Counsel, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, (202) 418-5496; email: [email protected]
FR Citation		80 FR 73731