80_FR_80574 80 FR 80327 - Agency Information Collection Activities: Proposed Collection Revision, Comment Request: Final Rule for Records of Commodity Interest and Related Cash or Forward Transactions

80 FR 80327 - Agency Information Collection Activities: Proposed Collection Revision, Comment Request: Final Rule for Records of Commodity Interest and Related Cash or Forward Transactions

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 80, Issue 247 (December 24, 2015)

Page Range80327-80329
FR Document2015-32417

The Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') is announcing an opportunity for public comment on the proposed revision to the collection of certain information by the Commission. 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. The Commission recently adopted a final rule that amends the Commission Regulation dealing with records of commodity interest and related cash or forward transactions (the ``Final Rule''). The Final Rule modifies some of the recordkeeping requirements that apply to certain participants in the markets regulated by the Commission. This notice solicits additional comments on the PRA implications of the amended recordkeeping requirements that are set forth in the Final Rule, including comments that address the burdens associated with the modified information collection requirements of the Final Rule.

Federal Register, Volume 80 Issue 247 (Thursday, December 24, 2015)
[Federal Register Volume 80, Number 247 (Thursday, December 24, 2015)]
[Notices]
[Pages 80327-80329]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-32417]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Proposed Collection 
Revision, Comment Request: Final Rule for Records of Commodity Interest 
and Related Cash or Forward Transactions

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or the 
``Commission'') is announcing an opportunity for public comment on the 
proposed revision to the collection of certain information by the 
Commission. 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. The Commission recently adopted a final rule that 
amends the Commission Regulation dealing with records of commodity 
interest and related cash or forward transactions (the ``Final Rule''). 
The Final Rule modifies some of the recordkeeping requirements that 
apply to certain participants in the markets regulated by the 
Commission. This notice solicits additional comments on the PRA 
implications of the amended recordkeeping requirements that are set 
forth in the Final Rule, including comments that address the burdens 
associated with the modified information collection requirements of the 
Final Rule.

DATES: Comments must be submitted on or before February 22, 2016.

ADDRESSES: You may submit comments, identified by ``OMB Control No. 
3038-0090; Records of Commodity Interest and Related Cash or Forward 
Transactions Collection,'' by any of the following methods:
     The Commission's Web site, via its Comments Online process 
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: Katherine Driscoll, Associate Chief 
Counsel, (202) 418-5544, [email protected]; August A. Imholtz III, 
Special Counsel, (202) 418-5140, [email protected]; or Lauren Bennett, 
Special Counsel, (202) 418-5290, [email protected], Division of Swap 
Dealer and Intermediary Oversight, Commodity Futures Trading 
Commission, 1155 21st Street NW., Washington, DC 20581.

SUPPLEMENTARY INFORMATION: The Final Rule amends Regulation 1.35(a). 
The collections of information related to Regulation 1.35(a) have been 
previously reviewed and approved by OMB in accordance with the PRA \1\ 
and assigned OMB Control Number 3038-0090. 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 revision to the collection of information listed 
below.
---------------------------------------------------------------------------

    \1\ 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------

    Title: Adaption of Regulations to Incorporate Swaps--Records of 
Transactions (OMB Control No. 3038-0090). This is a request for an 
extension

[[Page 80328]]

and revision of a currently approved information collection.
    Abstract: The Commission amended Regulation 1.35(a) to: (1) Exclude 
members of designated contract markets (``DCMs'') and members of swap 
execution facilities (``SEFs'') that are not registered or required to 
register with the Commission (``Unregistered Members'') from the 
requirement to keep written communications that lead to the execution 
of a commodity interest transaction and related cash or forward 
transactions; (2) exclude Unregistered Members from the requirement to 
maintain records in a particular form and manner; (3) exclude 
Unregistered Members from the requirement to retain text messages; (4) 
exclude commodity trading advisors (``CTAs'') from the oral 
recordkeeping requirement; and (5) provide that all records required to 
be kept under the regulation must be kept in a form and manner which 
permits prompt, accurate and reliable location, access, and retrieval 
of any particular record, data, or information; and clarify that all 
records, except records of oral and written communications leading to 
the execution of a transaction in a commodity interest and related cash 
or forward transactions, must be kept in a form and manner that allows 
for identification of a particular transaction.
    With respect to the collection of information, the CFTC invites 
comments on:
     Whether the proposed revision to the 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 revision to the 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 Regulation 145.9.\2\
---------------------------------------------------------------------------

    \2\ 17 CFR 145.9.
---------------------------------------------------------------------------

    The Commission reserves the right, but shall have no obligation, to 
review, pre-screen, filter, redact, refuse or remove any or all of your 
submission from 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: In the Notice of Proposed Rulemaking, the 
Commission's preliminary estimate stated that no additional 
recordkeeping or information collection requirements or changes to 
existing collection requirements would result from the proposed 
amendments to Regulation 1.35(a).\3\ The Commission subsequently 
determined, however, that the amendments to Regulation 1.35(a) likely 
will reduce the current information collection burdens on affected 
market participants under OMB control number 3038-0090.
---------------------------------------------------------------------------

    \3\ See Records of Commodity Interest and Related Cash or 
Forward Transactions, 79 FR 68140, 68144 (Nov. 4, 2014).
---------------------------------------------------------------------------

1. Exclusion of Unregistered Members From Requirement To Maintain 
Records of Pre-Trade Written Communications

    Pursuant to the prior version of Regulation 1.35(a), which was 
published in 2012, Unregistered Members were required to keep written 
communications that lead to the execution of a commodity interest 
transaction and related cash or forward transactions.\4\ The Final Rule 
states that Unregistered Members are not required to keep written 
communications that lead to the execution of a commodity interest 
transaction and related cash or forward transactions. Therefore, their 
compliance costs, and the associated information collection burden, 
with respect to this particular aspect of the rule will be eliminated. 
The Commission estimates that this change to Regulation 1.35(a) will 
decrease the information collection burden under the rule by 
approximately one-half hour per week per entity. The Commission 
estimates based on select market data that there are approximately 
3,200 Unregistered Members that will have their recordkeeping 
obligations reduced as a result of this element of the Final Rule.
---------------------------------------------------------------------------

    \4\ See Adaptation of Regulations to Incorporate Swaps--Records 
of Transactions, 77 FR 75523 (Dec. 21, 2012) (the ``2012 Rule'').
---------------------------------------------------------------------------

2. Exclusion of Unregistered Members From Requirement To Maintain 
Records in a Particular Form and Manner

    Pursuant to the prior version of Regulation 1.35(a), which was 
published in 2012, Unregistered Members were required to comply with 
the form and manner requirements of the rule.\5\ The Final Rule states 
that Unregistered Members are not required to keep their required 
records in a prescribed form and manner. Therefore, their compliance 
costs, and the associated information collection burden, with respect 
to this particular aspect of the rule will be eliminated. The 
Commission estimates that this change to Regulation 1.35(a) will 
decrease the information collection burden under the rule by 
approximately one-half hour per month per entity. The Commission 
estimates based on select market data that there are approximately 
3,200 Unregistered Members that will have their recordkeeping 
obligations reduced as a result of this element of the Final Rule.
---------------------------------------------------------------------------

    \5\ Id.
---------------------------------------------------------------------------

3. Exclusion of Unregistered Members From Requirement To Retain Text 
Messages

    The records that must be kept under Regulation 1.35 include text 
messages, as well as other forms of electronic records. The Final Rule 
amends Regulation 1.35(a) to provide that Unregistered Members are not 
required to maintain records of text messages.\6\ The Final Rule 
defines ``text messages'' as written communications sent from one 
telephone number to one or more telephone numbers by short message 
service (``SMS'') or multimedia messaging service (``MMS''). It can be 
difficult or cumbersome to transfer SMS and MMS messages to computers, 
storage devices, or storage media, and to maintain and access the 
messages on an ongoing basis. Therefore, the Commission believes that 
eliminating this requirement for Unregistered Members will reduce their 
recordkeeping burden by eliminating the time required to periodically

[[Page 80329]]

transfer these messages to computers, storage devices, or storage 
media, as well as the time required to periodically confirm the 
transfer and retention of the messages. The Commission estimates that 
Unregistered Members would spend approximately one-half hour per month 
preserving and maintaining text messages in the manner described above. 
The Commission estimates based upon select market data that there are 
approximately 3,200 Unregistered Members that will have their 
recordkeeping obligations reduced as a result of this element of the 
Final Rule.
---------------------------------------------------------------------------

    \6\ Although the 2012 Rule required Unregistered Members to keep 
text messages, Commission staff granted Unregistered Members no-
action relief from this requirement in May 2014 (see CFTC Staff 
Letter No. 14-72).
---------------------------------------------------------------------------

4. Exclusion of CTAs From Requirement To Record Oral Communications

    Pursuant to the Final Rule, CTAs will no longer be required to 
record oral communications.\7\ In the 2012 Rule, the Commission added 
the requirement that certain types of firms, including CTAs that are 
members of a DCM or of a SEF, record all oral communications that lead 
to the execution of a transaction. Under the Final Rule, CTAs that are 
members of a DCM or of a SEF no longer have to comply with this 
requirement, and they therefore no longer have to administer a 
recording program and maintain a recording infrastructure. The 
Commission estimates that these CTAs would spend approximately one-half 
hour per week administering a recording program and maintaining 
recording infrastructure. The Commission estimates that there are 
approximately 1,175 CTAs that will have their recordkeeping obligations 
reduced as a result of this element of the Final Rule.\8\
---------------------------------------------------------------------------

    \7\ Pursuant to CFTC Staff Letter Nos. 14-60, 14-147 and 15-65, 
Commission staff granted no-action relief to CTAs from the 
requirement to record oral communications.
    \8\ As of November 2015, there were approximately 2,350 CTAs 
registered with the Commission. For the purposes of this analysis, 
the Commission is conservatively estimating that half of registered 
CTAs are members of a DCM or of a SEF.
---------------------------------------------------------------------------

5. Form and Manner Requirements, in General

    Pursuant to the Final Rule, all records required to be kept under 
Regulation 1.35(a) must be kept in a form and manner which permit 
prompt, accurate and reliable location, access, and retrieval of any 
particular record, data, or information. In addition, the Final Rule 
also states that all records, except records of oral and written 
communications leading to the execution of a transaction in a commodity 
interest and related cash or forward transactions, must be kept in a 
form and manner that allows for identification of a particular 
transaction. These new requirements replace the former requirement in 
the previous version of the rule that required records be 
``identifiable and searchable by transaction.'' The Commission views 
these revised form and manner requirements as a clarification of the 
prior requirements. Accordingly, the revised form and manner 
requirements do not increase or decrease the information collection 
burden for market participants that are subject to Regulation 1.35(a).
    The Commission estimates the burden of this collection of 
information as follows:
    Respondents/Affected Entities: Futures Commission Merchants, Retail 
Foreign Exchange Dealers, Introducing Brokers, and Members of a DCM or 
of a SEF.
    Estimated number of respondents: 6,000.
    Estimated total annual burden on respondents: 319,707 hours.
    Frequency of collection: Ongoing.

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

    Dated: December 18, 2015.
Christopher J. Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2015-32417 Filed 12-23-15; 8:45 am]
 BILLING CODE 6351-01-P



                                                                            Federal Register / Vol. 80, No. 247 / Thursday, December 24, 2015 / Notices                                          80327

                                                  Off. Gaz. Pat. Office 44, 47–49 (Jan. 4,                the Protection of Industrial Property                 information collection requirements of
                                                  2011).                                                  (Paris Convention). Accordingly, any                  the Final Rule.
                                                     III. Important Reminders: Applicants                 foreign filings must, in most cases, still            DATES: Comments must be submitted on
                                                  are reminded that the disclosure of an                  be made within 12 months of the filing                or before February 22, 2016.
                                                  invention in a provisional application                  date of the provisional application if the            ADDRESSES: You may submit comments,
                                                  should be as complete as possible                       applicant wishes to rely on the                       identified by ‘‘OMB Control No. 3038–
                                                  because the claimed subject matter in                   provisional application in the foreign-               0090; Records of Commodity Interest
                                                  the later-filed nonprovisional                          filed application or if protection is                 and Related Cash or Forward
                                                  application must have support in the                    desired in a country requiring filing                 Transactions Collection,’’ by any of the
                                                  provisional application in order for the                within 12 months of the earliest                      following methods:
                                                  applicant to obtain the benefit of the                  application for which rights are left                    • The Commission’s Web site, via its
                                                  filing date of the provisional                          outstanding in order to be entitled to                Comments Online process at http://
                                                  application.                                            priority.                                             comments.cftc.gov/. Follow the
                                                     Furthermore, the nonprovisional                         For additional reminders, see Pilot                instructions for submitting comments
                                                  application as originally filed must have               Program for Extended Time Period To                   through the Web site.
                                                  a complete disclosure that complies                     Reply to a Notice to File Missing Parts                  • Mail: Christopher Kirkpatrick,
                                                  with 35 U.S.C. 112(a) and is sufficient                 of Nonprovisional Application, 75 FR                  Secretary of the Commission,
                                                  to support the claims submitted on                      76401, 76405 (Dec. 8, 2010), 1362 Off.                Commodity Futures Trading
                                                  filing and any claims submitted later                   Gaz. Pat. Office 44, 50 (Jan. 4, 2011).               Commission, Three Lafayette Centre,
                                                  during prosecution. New matter cannot                     Dated: December 18, 2015.                           1155 21st Street NW., Washington, DC
                                                  be added to an application after the
                                                                                                          Michelle K. Lee,                                      20581.
                                                  filing date of the application. See 35                                                                           • Hand Delivery/Courier: Same as
                                                                                                          Under Secretary of Commerce for Intellectual
                                                  U.S.C. 132(a). In the rulemaking to                     Property and Director of the United States            Mail above.
                                                  implement the PLT and title II of the                   Patent and Trademark Office.                             • Federal eRulemaking Portal: http://
                                                  PLTIA, the Office provided that, in                                                                           www.regulations.gov/. Follow the
                                                                                                          [FR Doc. 2015–32469 Filed 12–23–15; 8:45 am]
                                                  order to be accorded a filing date, a                                                                         instructions for submitting comments
                                                                                                          BILLING CODE 3510–16–P
                                                  nonprovisional application (other than                                                                        through the Portal.
                                                  an application for a design patent) must                                                                         Please submit your comments using
                                                  include a specification with or without                                                                       only one method.
                                                  claims. See Changes To Implement the                    COMMODITY FUTURES TRADING
                                                                                                          COMMISSION                                               All comments must be submitted in
                                                  Patent Law Treaty, 78 FR 62367, 62369                                                                         English, or if not, accompanied by an
                                                  (Oct. 21, 2013) (final rule). This change               Agency Information Collection                         English translation. Comments will be
                                                  was effective on December 18, 2013, and                 Activities: Proposed Collection                       posted as received to http://
                                                  applies to any application filed under                  Revision, Comment Request: Final                      www.cftc.gov.
                                                  35 U.S.C. 111 on or after December 18,                  Rule for Records of Commodity
                                                  2013. Although a claim is not required                                                                        FOR FURTHER INFORMATION CONTACT:
                                                                                                          Interest and Related Cash or Forward                  Katherine Driscoll, Associate Chief
                                                  in a nonprovisional application (other                  Transactions
                                                  than an application for a design patent)                                                                      Counsel, (202) 418–5544, kdriscoll@
                                                  for filing date purposes and the                        AGENCY: Commodity Futures Trading                     cftc.gov; August A. Imholtz III, Special
                                                  applicant may file an amendment                         Commission.                                           Counsel, (202) 418–5140, aimholtz@
                                                  adding additional claims as prescribed                  ACTION: Notice.
                                                                                                                                                                cftc.gov; or Lauren Bennett, Special
                                                  by 35 U.S.C. 112 and drawings as                                                                              Counsel, (202) 418–5290, lbennett@
                                                  prescribed by 35 U.S.C. 113 later during                SUMMARY:    The Commodity Futures                     cftc.gov, Division of Swap Dealer and
                                                  prosecution, the applicant should                       Trading Commission (‘‘CFTC’’ or the                   Intermediary Oversight, Commodity
                                                  consider the benefits of submitting a                   ‘‘Commission’’) is announcing an                      Futures Trading Commission, 1155 21st
                                                  complete set of claims and any                          opportunity for public comment on the                 Street NW., Washington, DC 20581.
                                                  necessary drawings on filing of the                     proposed revision to the collection of                SUPPLEMENTARY INFORMATION: The Final
                                                  nonprovisional application. This would                  certain information by the Commission.                Rule amends Regulation 1.35(a). The
                                                  reduce the likelihood that any claims                   Under the Paperwork Reduction Act                     collections of information related to
                                                  and/or drawings added later during                      (‘‘PRA’’), Federal agencies are required              Regulation 1.35(a) have been previously
                                                  prosecution might be found to contain                   to publish notice in the Federal Register             reviewed and approved by OMB in
                                                  new matter. Also, if a patent is granted                concerning each proposed collection of                accordance with the PRA 1 and assigned
                                                  and the patentee is successful in                       information and to allow 60 days for                  OMB Control Number 3038–0090.
                                                  litigation against an infringer,                        public comment. The Commission                        Section 3506(c)(2)(A) of the PRA, 44
                                                  provisional rights to a reasonable                      recently adopted a final rule that                    U.S.C. 3506(c)(2)(A), requires Federal
                                                  royalty under 35 U.S.C. 154(d) may be                   amends the Commission Regulation                      agencies to provide a 60-day notice in
                                                  available only if the claims that are                   dealing with records of commodity                     the Federal Register concerning each
                                                  published in the patent application                     interest and related cash or forward                  proposed collection of information
                                                  publication are substantially identical to              transactions (the ‘‘Final Rule’’). The                before submitting the collection to OMB
                                                  the patented claims that are infringed,                 Final Rule modifies some of the                       for approval. To comply with this
                                                  assuming timely actual notice is                        recordkeeping requirements that apply                 requirement, the CFTC is publishing
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  provided. Thus, the importance of the                   to certain participants in the markets                notice of the proposed revision to the
                                                  claims that are included in the patent                  regulated by the Commission. This                     collection of information listed below.
                                                  application publication should not be                   notice solicits additional comments on                   Title: Adaption of Regulations to
                                                  overlooked.                                             the PRA implications of the amended                   Incorporate Swaps—Records of
                                                     Applicants are also advised that the                 recordkeeping requirements that are set               Transactions (OMB Control No. 3038–
                                                  extended missing parts period does not                  forth in the Final Rule, including                    0090). This is a request for an extension
                                                  affect the 12-month priority period                     comments that address the burdens
                                                  provided by the Paris Convention for                    associated with the modified                            1 44   U.S.C. 3501 et seq.



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                                                  80328                     Federal Register / Vol. 80, No. 247 / Thursday, December 24, 2015 / Notices

                                                  and revision of a currently approved                    Information Act, a petition for                       week per entity. The Commission
                                                  information collection.                                 confidential treatment of the exempt                  estimates based on select market data
                                                     Abstract: The Commission amended                     information may be submitted according                that there are approximately 3,200
                                                  Regulation 1.35(a) to: (1) Exclude                      to the procedures established in                      Unregistered Members that will have
                                                  members of designated contract markets                  Regulation 145.9.2                                    their recordkeeping obligations reduced
                                                  (‘‘DCMs’’) and members of swap                             The Commission reserves the right,                 as a result of this element of the Final
                                                  execution facilities (‘‘SEFs’’) that are not            but shall have no obligation, to review,              Rule.
                                                  registered or required to register with                 pre-screen, filter, redact, refuse or
                                                  the Commission (‘‘Unregistered                          remove any or all of your submission                  2. Exclusion of Unregistered Members
                                                  Members’’) from the requirement to                      from http://www.cftc.gov that it may                  From Requirement To Maintain
                                                  keep written communications that lead                   deem to be inappropriate for                          Records in a Particular Form and
                                                  to the execution of a commodity interest                publication, such as obscene language.                Manner
                                                  transaction and related cash or forward                 All submissions that have been redacted                  Pursuant to the prior version of
                                                  transactions; (2) exclude Unregistered                  or removed that contain comments on                   Regulation 1.35(a), which was
                                                  Members from the requirement to                         the merits of the information collection              published in 2012, Unregistered
                                                  maintain records in a particular form                   request will be retained in the public                Members were required to comply with
                                                  and manner; (3) exclude Unregistered                    comment file and will be considered as                the form and manner requirements of
                                                  Members from the requirement to retain                  required under the Administrative                     the rule.5 The Final Rule states that
                                                  text messages; (4) exclude commodity                    Procedure Act and other applicable                    Unregistered Members are not required
                                                  trading advisors (‘‘CTAs’’) from the oral               laws, and may be accessible under the                 to keep their required records in a
                                                  recordkeeping requirement; and (5)                      Freedom of Information Act.                           prescribed form and manner. Therefore,
                                                  provide that all records required to be                    Burden Statement: In the Notice of                 their compliance costs, and the
                                                  kept under the regulation must be kept                  Proposed Rulemaking, the                              associated information collection
                                                  in a form and manner which permits                      Commission’s preliminary estimate                     burden, with respect to this particular
                                                  prompt, accurate and reliable location,                 stated that no additional recordkeeping               aspect of the rule will be eliminated.
                                                  access, and retrieval of any particular                 or information collection requirements                The Commission estimates that this
                                                  record, data, or information; and clarify               or changes to existing collection                     change to Regulation 1.35(a) will
                                                  that all records, except records of oral                requirements would result from the                    decrease the information collection
                                                  and written communications leading to                   proposed amendments to Regulation                     burden under the rule by approximately
                                                  the execution of a transaction in a                     1.35(a).3 The Commission subsequently                 one-half hour per month per entity. The
                                                  commodity interest and related cash or                  determined, however, that the                         Commission estimates based on select
                                                  forward transactions, must be kept in a                 amendments to Regulation 1.35(a) likely               market data that there are approximately
                                                  form and manner that allows for                         will reduce the current information                   3,200 Unregistered Members that will
                                                  identification of a particular transaction.             collection burdens on affected market                 have their recordkeeping obligations
                                                     With respect to the collection of                    participants under OMB control number                 reduced as a result of this element of the
                                                  information, the CFTC invites                           3038–0090.                                            Final Rule.
                                                  comments on:                                            1. Exclusion of Unregistered Members                  3. Exclusion of Unregistered Members
                                                     • Whether the proposed revision to                                                                         From Requirement To Retain Text
                                                                                                          From Requirement To Maintain
                                                  the collection of information is                                                                              Messages
                                                                                                          Records of Pre-Trade Written
                                                  necessary for the proper performance of                 Communications
                                                  the functions of the Commission,                                                                                 The records that must be kept under
                                                  including whether the information will                     Pursuant to the prior version of                   Regulation 1.35 include text messages,
                                                  have a practical use;                                   Regulation 1.35(a), which was                         as well as other forms of electronic
                                                     • The accuracy of the Commission’s                   published in 2012, Unregistered                       records. The Final Rule amends
                                                  estimate of the burden of the proposed                  Members were required to keep written                 Regulation 1.35(a) to provide that
                                                  revision to the collection of information,              communications that lead to the                       Unregistered Members are not required
                                                  including the validity of the                           execution of a commodity interest                     to maintain records of text messages.6
                                                  methodology and assumptions used;                       transaction and related cash or forward               The Final Rule defines ‘‘text messages’’
                                                     • Ways to enhance the quality,                       transactions.4 The Final Rule states that             as written communications sent from
                                                  usefulness, and clarity of the                          Unregistered Members are not required                 one telephone number to one or more
                                                  information to be collected; and                        to keep written communications that                   telephone numbers by short message
                                                     • Ways to minimize the burden of                     lead to the execution of a commodity                  service (‘‘SMS’’) or multimedia
                                                  collection of information on those who                  interest transaction and related cash or              messaging service (‘‘MMS’’). It can be
                                                  are to respond, including through the                   forward transactions. Therefore, their                difficult or cumbersome to transfer SMS
                                                  use of appropriate automated electronic,                compliance costs, and the associated                  and MMS messages to computers,
                                                  mechanical, or other technological                      information collection burden, with                   storage devices, or storage media, and to
                                                  collection techniques or other forms of                 respect to this particular aspect of the              maintain and access the messages on an
                                                  information technology; e.g., permitting                rule will be eliminated. The                          ongoing basis. Therefore, the
                                                  electronic submission of responses.                     Commission estimates that this change                 Commission believes that eliminating
                                                     All comments must be submitted in                    to Regulation 1.35(a) will decrease the               this requirement for Unregistered
                                                  English, or if not, accompanied by an                   information collection burden under the               Members will reduce their
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  English translation. Comments will be                   rule by approximately one-half hour per               recordkeeping burden by eliminating
                                                  posted as received to http://                                                                                 the time required to periodically
                                                  www.cftc.gov. You should submit only                      2 17 CFR 145.9.
                                                  information that you wish to make                         3 See Records of Commodity Interest and Related       5 Id.

                                                  available publicly. If you wish the                     Cash or Forward Transactions, 79 FR 68140, 68144        6 Although the 2012 Rule required Unregistered
                                                                                                          (Nov. 4, 2014).                                       Members to keep text messages, Commission staff
                                                  Commission to consider information                        4 See Adaptation of Regulations to Incorporate      granted Unregistered Members no-action relief from
                                                  that you believe is exempt from                         Swaps—Records of Transactions, 77 FR 75523 (Dec.      this requirement in May 2014 (see CFTC Staff Letter
                                                  disclosure under the Freedom of                         21, 2012) (the ‘‘2012 Rule’’).                        No. 14–72).



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                                                                            Federal Register / Vol. 80, No. 247 / Thursday, December 24, 2015 / Notices                                                80329

                                                  transfer these messages to computers,                   identification of a particular transaction.              Annual Burden Hours: 350.
                                                  storage devices, or storage media, as                   These new requirements replace the                       Needs and Uses: The information
                                                  well as the time required to periodically               former requirement in the previous                    collection requirement is necessary to
                                                  confirm the transfer and retention of the               version of the rule that required records             administer the Pentagon, Mark Center,
                                                  messages. The Commission estimates                      be ‘‘identifiable and searchable by                   and Suffolk Building Vehicle Parking
                                                  that Unregistered Members would                         transaction.’’ The Commission views
                                                                                                                                                                Program where individuals are allocated
                                                  spend approximately one-half hour per                   these revised form and manner
                                                                                                                                                                parking spaces, and to ensure that
                                                  month preserving and maintaining text                   requirements as a clarification of the
                                                  messages in the manner described                        prior requirements. Accordingly, the                  unless authorized to do so, parking
                                                  above. The Commission estimates based                   revised form and manner requirements                  permit applicants do not also receive
                                                  upon select market data that there are                  do not increase or decrease the                       the DoD National Capital Region Public
                                                  approximately 3,200 Unregistered                        information collection burden for                     Transportation fare subsidy benefit.
                                                  Members that will have their                            market participants that are subject to                  Affected Public: Individuals or
                                                  recordkeeping obligations reduced as a                  Regulation 1.35(a).                                   households.
                                                  result of this element of the Final Rule.                  The Commission estimates the burden                   Frequency: On occasion.
                                                                                                          of this collection of information as
                                                  4. Exclusion of CTAs From                               follows:                                                 Respondent’s Obligation: Requires to
                                                  Requirement To Record Oral                                 Respondents/Affected Entities:                     obtain or retain benefits.
                                                  Communications                                          Futures Commission Merchants, Retail                     OMB Desk Officer: Ms. Jasmeet
                                                    Pursuant to the Final Rule, CTAs will                 Foreign Exchange Dealers, Introducing                 Seehra.
                                                  no longer be required to record oral                    Brokers, and Members of a DCM or of
                                                                                                                                                                   Comments and recommendations on
                                                  communications.7 In the 2012 Rule, the                  a SEF.
                                                                                                             Estimated number of respondents:                   the proposed information collection
                                                  Commission added the requirement that
                                                  certain types of firms, including CTAs                  6,000.                                                should be emailed to Ms. Jasmeet
                                                  that are members of a DCM or of a SEF,                     Estimated total annual burden on                   Seehra, DoD Desk Officer, at
                                                  record all oral communications that lead                respondents: 319,707 hours.                           Oira_submission@omb.eop.gov. Please
                                                  to the execution of a transaction. Under                   Frequency of collection: Ongoing.                  identify the proposed information
                                                  the Final Rule, CTAs that are members                     Authority: 44 U.S.C. 3501 et seq.)                  collection by DoD Desk Officer and the
                                                  of a DCM or of a SEF no longer have to                                                                        Docket ID number and title of the
                                                                                                            Dated: December 18, 2015.
                                                  comply with this requirement, and they                                                                        information collection.
                                                                                                          Christopher J. Kirkpatrick,
                                                  therefore no longer have to administer a                                                                         You may also submit comments and
                                                                                                          Secretary of the Commission.
                                                  recording program and maintain a                                                                              recommendations, identified by Docket
                                                  recording infrastructure. The                           [FR Doc. 2015–32417 Filed 12–23–15; 8:45 am]
                                                                                                                                                                ID number and title, by the following
                                                  Commission estimates that these CTAs                    BILLING CODE 6351–01–P
                                                                                                                                                                method:
                                                  would spend approximately one-half
                                                  hour per week administering a                                                                                    • Federal eRulemaking Portal: http://
                                                  recording program and maintaining                       DEPARTMENT OF DEFENSE                                 www.regulations.gov. Follow the
                                                  recording infrastructure. The                                                                                 instructions for submitting comments.
                                                  Commission estimates that there are                     Office of the Secretary                                  Instructions: All submissions received
                                                  approximately 1,175 CTAs that will                      [Docket ID: DoD–2014–OS–0063]                         must include the agency name, Docket
                                                  have their recordkeeping obligations                                                                          ID number and title for this Federal
                                                  reduced as a result of this element of the              Submission for OMB Review;                            Register document. The general policy
                                                  Final Rule.8                                            Comment Request                                       for comments and other submissions
                                                  5. Form and Manner Requirements, in                     ACTION:   Notice.                                     from members of the public is to make
                                                  General                                                                                                       these submissions available for public
                                                                                                          SUMMARY:   The Department of Defense                  viewing on the Internet at http://
                                                    Pursuant to the Final Rule, all records               has submitted to OMB for clearance, the               www.regulations.gov as they are
                                                  required to be kept under Regulation                    following proposal for collection of                  received without change, including any
                                                  1.35(a) must be kept in a form and                      information under the provisions of the               personal identifiers or contact
                                                  manner which permit prompt, accurate                    Paperwork Reduction Act.                              information.
                                                  and reliable location, access, and
                                                                                                          DATES: Consideration will be given to all                DoD Clearance Officer: Mr. Frederick
                                                  retrieval of any particular record, data,
                                                                                                          comments received by January 25, 2016.                Licari.
                                                  or information. In addition, the Final
                                                  Rule also states that all records, except               FOR FURTHER INFORMATION CONTACT: Fred
                                                                                                          Licari, 571–372–0493.                                    Written requests for copies of the
                                                  records of oral and written                                                                                   information collection proposal should
                                                  communications leading to the                           SUPPLEMENTARY INFORMATION:
                                                                                                            Title, Associated Form and OMB                      be sent to Mr. Licari at WHS/ESD
                                                  execution of a transaction in a                                                                               Directives Division, 4800 Mark Center
                                                  commodity interest and related cash or                  Number: Pentagon Facilities Parking
                                                                                                          Program; DD Form 1199; OMB Control                    Drive, East Tower, Suite 02G09,
                                                  forward transactions, must be kept in a                                                                       Alexandria, VA 22350–3100.
                                                  form and manner that allows for                         Number 0704–0395.
                                                                                                            Type of Request: Reinstatement, with                  Dated: December 21, 2015.
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                    7 Pursuant to CFTC Staff Letter Nos. 14–60, 14–       change, of a previous approved                        Aaron Siegel,
                                                  147 and 15–65, Commission staff granted no-action       collection for which approval has
                                                  relief to CTAs from the requirement to record oral
                                                                                                                                                                Alternate OSD Federal Register Liaison
                                                                                                          expired.                                              Officer, Department of Defense.
                                                  communications.                                           Number of Respondents: 4,200.
                                                    8 As of November 2015, there were approximately
                                                                                                            Responses per Respondent: 1.                        [FR Doc. 2015–32518 Filed 12–23–15; 8:45 am]
                                                  2,350 CTAs registered with the Commission. For
                                                  the purposes of this analysis, the Commission is          Annual Responses: 4,200.                            BILLING CODE 5001–06–P

                                                  conservatively estimating that half of registered         Average Burden per Response: 5
                                                  CTAs are members of a DCM or of a SEF.                  minutes.


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Document Created: 2015-12-24 02:25:55
Document Modified: 2015-12-24 02:25:55
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesComments must be submitted on or before February 22, 2016.
ContactKatherine Driscoll, Associate Chief Counsel, (202) 418-5544, [email protected]; August A. Imholtz III, Special Counsel, (202) 418-5140, [email protected]; or Lauren Bennett, Special Counsel, (202) 418-5290, [email protected], Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, 1155 21st Street NW., Washington, DC 20581.
FR Citation80 FR 80327 

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