80 FR 73732 - Agency Information Collection Activities: Notice of Intent To Renew Collection Number 3038-0078, Conflicts of Interest Policies and Procedures by Futures Commission Merchants and Introducing Brokers

COMMODITY FUTURES TRADING COMMISSION

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

Page Range		73732-73733
FR Document		2015-30047

The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed renewal of a 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 1.71 (Conflicts of interest policies and procedures by futures commission merchants and introducing brokers).

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

[Federal Register Volume 80, Number 227 (Wednesday, November 25, 2015)]
[Notices]
[Pages 73732-73733]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-30047]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Renew Collection Number 3038-0078, Conflicts of Interest Policies and 
Procedures by Futures Commission Merchants and Introducing Brokers

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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[[Page 73733]]

SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or 
``Commission'') is announcing an opportunity for public comment on the 
proposed renewal of a 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 1.71 (Conflicts of 
interest policies and procedures by futures commission merchants and 
introducing brokers).

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

ADDRESSES: You may submit comments, identified by ``Conflicts of 
Interest Policies and Procedures by Futures Commission Merchants and 
Introducing Brokers,'' and Collection Number 3038-0078 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 
http://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,\1\ 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.
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    \1\ 44 U.S.C. 3501 et seq.
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    Title: Conflicts of Interest Policies and Procedures by Futures 
Commission Merchants and Introducing Brokers (OMB Control No. 3038-
0078). This is a request for an extension of a currently approved 
information collection.
    Abstract: On April 3, 2012, the Commission adopted Commission 
regulation 1.71 (Conflicts of interest policies and procedures by 
futures commission merchants and introducing brokers)\2\ pursuant to 
section 4d(c)\3\ of the Commodity Exchange Act (``CEA''). Commission 
regulation 1.71 requires generally that, among other things, futures 
commission merchants (``FCM'')\4\ and introducing brokers (``IB'')\5\ 
develop conflicts of interest procedures and disclosures, adopt and 
implement written policies and procedures reasonably designed to ensure 
compliance with their conflicts of interest and disclosure obligations, 
and maintain specified records related to those requirements.\6\ The 
Commission believes that the information collection obligations imposed 
by Commission regulation 1.71 are essential (i) to ensuring that FCMs 
and IBs 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. 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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    \2\ 17 CFR 1.71.
    \3\ 7 U.S.C. 6d(c).
    \4\ For the definition of FCM, see section 1a(28) of the CEA and 
Commission regulation 1.3(p). 7 U.S.C. 1a(28) and 17 CFR 1.3(p).
    \5\ For the definition of IB, see section 1a(31) of the CEA and 
Commission regulation 1.3(mm). 7 U.S.C. 1a(31) and 17 CFR 1.3(mm).
    \6\ See 17 CFR 1.71.
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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.\7\
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    \7\ 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 registered 
FCMs and IBs. Accordingly, the respondent burden for this collection is 
estimated to be as follows:
    Number of Registrants: 1,381.
    Estimated Average Burden Hours per Registrant: 44.5.
    Estimated Aggregate Burden Hours: 61,454.5.
    Frequency of Recordkeeping: As applicable.
(Authority:
    44 U.S.C. 3501 et seq.)

    Dated: November 20, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015-30047 Filed 11-24-15; 8:45 am]
BILLING CODE 6351-01-P

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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Federal Register / Vol. 80, No. 227 / Wednesday, November 25, 2015 / Notices 73733

SUMMARY: The Commodity Futures submit reports, keep records, or provide performance of the functions of the
Trading Commission (‘‘CFTC’’ or information to a third party. Section Commission, including whether the
‘‘Commission’’) is announcing an 3506(c)(2)(A) of the PRA, 44 U.S.C. information will have a practical use;
opportunity for public comment on the 3506(c)(2)(A), requires Federal agencies • The accuracy of the Commission’s
proposed renewal of a collection of to provide a 60-day notice in the estimate of the burden of the proposed
certain information by the agency. Federal Register concerning each collection of information, including the
Under the Paperwork Reduction Act proposed collection of information, validity of the methodology and
(‘‘PRA’’), Federal agencies are required including each proposed extension of an assumptions used;
to publish notice in the Federal Register existing collection of information, • Ways to enhance the quality,
concerning each proposed collection of before submitting the collection to OMB usefulness, and clarity of the
information, including each proposed for approval. To comply with this information to be collected; and
extension of an existing collection of requirement, the CFTC is publishing • Ways to minimize the burden of
information, and to allow 60 days for notice of the proposed collection of collection of information on those who
public comment. This notice solicits information listed below. are to respond, including through the
comments on the collections of Title: Conflicts of Interest Policies and use of appropriate automated electronic,
information mandated by Commission Procedures by Futures Commission mechanical, or other technological
regulation 1.71 (Conflicts of interest Merchants and Introducing Brokers collection techniques or other forms of
policies and procedures by futures (OMB Control No. 3038–0078). This is information technology; e.g., permitting
commission merchants and introducing a request for an extension of a currently electronic submission of responses.
brokers). approved information collection. You should submit only information
Abstract: On April 3, 2012, the that you wish to make available
DATES: Comments must be submitted on
Commission adopted Commission publicly. If you wish the Commission to
or before January 25, 2016.
regulation 1.71 (Conflicts of interest consider information that you believe is
ADDRESSES: You may submit comments,
policies and procedures by futures exempt from disclosure under the
identified by ‘‘Conflicts of Interest commission merchants and introducing
Policies and Procedures by Futures Freedom of Information Act, a petition
brokers)2 pursuant to section 4d(c)3 of for confidential treatment of the exempt
Commission Merchants and Introducing the Commodity Exchange Act (‘‘CEA’’).
Brokers,’’ and Collection Number 3038– information may be submitted according
Commission regulation 1.71 requires to the procedures established in § 145.9
0078 by any of the following methods: generally that, among other things,
• The Agency’s Web site, at http:// of the Commission’s regulations.7
futures commission merchants The Commission reserves the right,
comments.cftc.gov/. Follow the
(‘‘FCM’’)4 and introducing brokers but shall have no obligation, to review,
instructions for submitting comments
(‘‘IB’’)5 develop conflicts of interest pre-screen, filter, redact, refuse or
through the Web site.
procedures and disclosures, adopt and remove any or all of your submission
• Mail: Christopher Kirkpatrick,
implement written policies and from http://www.cftc.gov that it may
Secretary of the Commission,
procedures reasonably designed to deem to be inappropriate for
Commodity Futures Trading
ensure compliance with their conflicts publication, such as obscene language.
Commission, Three Lafayette Centre,
of interest and disclosure obligations, All submissions that have been redacted
1155 21st Street, NW., Washington, DC
and maintain specified records related or removed that contain comments on
20581.
• Hand Delivery/Courier: Same as to those requirements.6 The the merits of the information collection
Mail above. Commission believes that the request will be retained in the public
• Federal eRulemaking Portal: http:// information collection obligations comment file and will be considered as
www.regulations.gov/. Follow the imposed by Commission regulation 1.71 required under the Administrative
instructions for submitting comments are essential (i) to ensuring that FCMs Procedure Act and other applicable
through the Portal. and IBs develop and maintain the laws, and may be accessible under the
Please submit your comments using conflicts of interest systems, procedures Freedom of Information Act.
only one method. and disclosures required by the CEA, Burden Statement: The Commission
All comments must be submitted in and Commission regulations, and (ii) to is revising its estimate of the burden for
English, or if not, accompanied by an the effective evaluation of these this collection to reflect the current
English translation. Comments will be registrants’ actual compliance with the number of registered FCMs and IBs.
posted as received to http:// CEA and Commission regulations. An Accordingly, the respondent burden for
www.cftc.gov. agency may not conduct or sponsor, and this collection is estimated to be as
a person is not required to respond to, follows:
FOR FURTHER INFORMATION CONTACT:
a collection of information unless it Number of Registrants: 1,381.
Jacob Chachkin, Special Counsel,
displays a currently valid OMB control Estimated Average Burden Hours per
Division of Swap Dealer and
number. Registrant: 44.5.
Intermediary Oversight, Commodity With respect to the collection of Estimated Aggregate Burden Hours:
Futures Trading Commission, (202) information, the CFTC invites 61,454.5.
418–5496, email: jchachkin@cftc.gov. comments on: Frequency of Recordkeeping: As
SUPPLEMENTARY INFORMATION: Under the • Whether the proposed collection of applicable.
PRA,1 Federal agencies must obtain information is necessary for the proper (Authority:
approval from the Office of Management 44 U.S.C. 3501 et seq.)
and Budget (‘‘OMB’’) for each collection 2 17 CFR 1.71.
Dated: November 20, 2015.
tkelley on DSK3SPTVN1PROD with NOTICES

of information they conduct or sponsor. 37 U.S.C. 6d(c).
‘‘Collection of Information’’ is defined 4 For the definition of FCM, see section 1a(28) of Robert N. Sidman,
in 44 U.S.C. 3502(3) and 5 CFR 1320.3 the CEA and Commission regulation 1.3(p). 7 U.S.C. Deputy Secretary of the Commission.
1a(28) and 17 CFR 1.3(p).
and includes agency requests or 5 For the definition of IB, see section 1a(31) of the
[FR Doc. 2015–30047 Filed 11–24–15; 8:45 am]
requirements that members of the public CEA and Commission regulation 1.3(mm). 7 U.S.C. BILLING CODE 6351–01–P
1a(31) and 17 CFR 1.3(mm).
1 44 U.S.C. 3501 et seq. 6 See 17 CFR 1.71. 7 17 CFR 145.9.

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Document Created: 2018-03-01 11:14:36
Document Modified: 2018-03-01 11:14:36

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		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 73732