81 FR 47779 - Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0074, Core Principles and Other Requirements for Swap Execution Facilities
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 81, Issue 141 (July 22, 2016)
Federal Register Volume 81, Issue 141 (July 22, 2016)
| Page Range | 47779-47781 | |
| FR Document | 2016-17374 |
[Federal Register Volume 81, Number 141 (Friday, July 22, 2016)] [Notices] [Pages 47779-47781] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-17374] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0074, Core Principles and Other Requirements for Swap Execution Facilities AGENCY: Commodity Futures Trading Commission. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Commodity Futures Trading Commission (Commission) is announcing an opportunity for public comment on the renewal of the collection of certain information by the agency. Under the Paperwork Reduction Act (PRA), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information and to allow 60 days for public comment. This notice solicits comments in connection with part 37 of the Commission's regulations, which requires certain recordkeeping and reporting information collections for swap execution facilities (SEFs). DATES: Comments must be submitted on or before September 20, 2016. ADDRESSES: You may submit comments, identified by ``Renewal of Collection Pertaining to Core Principles and Other Requirements for Swap Execution Facilities'' by any of the following methods:The Agency's Web site, at http://comments.cftc.gov/. Follow the instructions for submitting comments through the Web site. Mail: Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. Hand Delivery/Courier: Same as Mail above. Federal eRulemaking Portal: http://www.regulations.gov/. Follow the instructions for submitting comments through the Portal. Please submit your comments using only one method. FOR FURTHER INFORMATION CONTACT: Steven A. Haidar, Attorney-Advisor, Division of Market Oversight, Commodity Futures Trading Commission, (202) 418-5611; email: [email protected], and refer to OMB Control No. 3038-0074. SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. ``Collection of Information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3 and includes agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires Federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information before submitting the collection to OMB for approval. To comply with this requirement, the Commission is publishing notice of the existing collections of information listed below. Title: Core Principles and Other Requirements for Swap Execution Facilities (OMB Control No. 3038-0074). This is a request for extension of currently approved information collections. Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) added new section 5h to the Commodity Exchange Act (CEA) to impose requirements concerning the registration and operation of SEFs, which the Commission has incorporated in part 37 of its regulations.\1\ These information collections are needed for the Commission to ensure that SEFs (and entities applying for SEF registration) comply with these requirements. Among other requirements, part 37 of the Commission's regulations imposes SEF registration requirements for a trading platform or system, obligates SEFs to provide transaction confirmations to swap counterparties, and requires SEFs to comply with 15 core principles.\2\ --------------------------------------------------------------------------- \1\ In general, this OMB control number covers the information collections in part 37 of the Commission's regulations, including subpart A and the SEF core principles (i.e., subparts B and C). However, any information collections related to Sec. 37.10 of the Commission's regulations are subject to a separate information collection with OMB control number 3038-0099 (Process for a Swap Execution Facility or Designated Contract Market to Make a Swap Available to Trade). \2\ These 15 core principles include: Enforcing rules; listing contracts for trading that are not readily susceptible to manipulation; monitoring trading to prevent market manipulation; obtaining information; adopting position limits or position accountability levels; adopting rules to enforce financial integrity of swaps transactions entered on or through the SEF; adopting rules to provide for the exercise of emergency authority, in consultation with the Commission; making public information regarding prices and volume on a timely basis; maintaining records of all activities of the business of the contract market in a form and manner acceptable to the Commission for five years; avoiding rules that result in unreasonable restraints of trade or anticompetitive burden on trading; enforcing rules to minimize conflicts of interest in its decision-making process; maintaining adequate financial resources; establishing system safeguards; and designating a chief compliance officer. --------------------------------------------------------------------------- [[Page 47780]] With respect to these information collections, the Commission invites comments on: Whether the collections of information are 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 collections 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.\3\ --------------------------------------------------------------------------- \3\ 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: Part 37 of the Commission's regulations result in information collection requirements within the meaning of the PRA. These regulations impose requirements concerning the registration and operation of SEFs, including requiring SEFs to continually be in compliance with 15 core principles. The Commission initially estimated that each respondent SEF would incur annually 308 burden hours in connection with collections of information and that there would be 35 SEF respondents for an aggregate of 10,780 annual burden hours.\4\ Based on the Commission's observation of registered SEFs' operations and compliance with part 37's requirements, the Commission is increasing this estimate and now estimates that each respondent SEF would incur annually 1,000 burden hours. Additionally, the Commission notes that rather than the initial estimate of 35 SEFs, there currently are 22 SEFs registered with the Commission. The recurring annual burden hours for each SEF are increased as noted in the applicable table below. --------------------------------------------------------------------------- \4\ See 78 FR 33476, 33549. (35 SEFs x 308 burden hours = 10,780 hours per SEF). --------------------------------------------------------------------------- Furthermore, in its initial PRA analysis, the Commission did not explicitly distinguish the non-recurring burden hours related to the registration process from the Commission's estimate of the recurring, annual burden hours, but rather provided an aggregated number.\5\ Based on the experience gained by the Commission during the SEF permanent registration review process, the Commission estimates that each SEF incurs approximately 300 non-recurring burden hours in connection with completing the registration process. The non-recurring burden hours for each SEF are noted in the applicable table below. --------------------------------------------------------------------------- \5\ See id. \6\ In the part 37 final rule release, the Commission estimated that there would be 35 SEFs. See id. The Commission, however, notes that 22 SEFs are currently registered with the Commission. Accordingly, the revised aggregate burden hour estimate accounts for both the increased annual burden hours estimate to 1,000 hours per SEF as well as the decrease in the number of SEFs from 35 to 22. \7\ 1,000 average recurring burden hours per respondent SEF x 22 registered SEFs = 22,000 total burden hours for all registered SEFs. \8\ The Commission notes that respondent SEFs also are required to provide 4 quarterly reports and one annual report as part of their recurring information collection obligations. \9\ Based on the number of applicants that have applied for permanent SEF registration since the Commission first granted permanent registration status to SEFs on January 22, 2016, the Commission expects to receive 4 applications per year for permanent SEF registration. \10\ 300 average initial burden hours per respondent SEF x 4 anticipated SEF applicants = 1,200 total burden hours incurred for all anticipated SEF applicants. Recurring Annual Burden Hours for SEFs ------------------------------------------------------------------------ ------------------------------------------------------------------------ Respondents/Affected Entities.............. SEFs. Estimated number of respondents............ 22.\6\ Estimated annual burden hours per 1000 burden hours. respondent SEF. Estimated total annual burden on 22,000 hours.\7\ respondents. Frequency of collection.................... Once per trade day.\8\ ------------------------------------------------------------------------ Non-Recurring Annual Burden Hours for SEFs ------------------------------------------------------------------------ ------------------------------------------------------------------------ Respondents/Affected Entities.............. SEFs. Estimated number of respondents............ 4.\9\ Estimated annual burden hours per 300. respondent SEF. Estimated total annual burden on 1,200.\10\ respondents. Frequency of collection.................... Initial registration. ------------------------------------------------------------------------ [[Page 47781]] Authority: 44 U.S.C. 3501 et seq. Dated: July 19, 2016. Robert N. Sidman, Deputy Secretary of the Commission. [FR Doc. 2016-17374 Filed 7-21-16; 8:45 am] BILLING CODE 6351-01-P
![Federal Register / Vol. 81, No. 141 / Friday, July 22, 2016 / Notices 47779
2. The action may result in FA7014 AFDW PK, Andrews AFB, MD shaidar@cftc.gov, and refer to OMB
authorizing small entities to provide the Barry S. Lineback, Control No. 3038–0074.
services to the Government. SUPPLEMENTARY INFORMATION: Under the
Director, Business Operations.
3. There are no known regulatory [FR Doc. 2016–17389 Filed 7–21–16; 8:45 am]
PRA, Federal agencies must obtain
alternatives which would accomplish approval from the Office of Management
BILLING CODE 6353–01–P
the objectives of the Javits-Wagner- and Budget (OMB) for each collection of
O’Day Act (41 U.S.C. 8501–8506) in information they conduct or sponsor.
connection with the services deleted ‘‘Collection of Information’’ is defined
from the Procurement List. COMMODITY FUTURES TRADING in 44 U.S.C. 3502(3) and 5 CFR 1320.3
COMMISSION and includes agency requests or
End of Certification requirements that members of the public
Agency Information Collection submit reports, keep records, or provide
Accordingly, the following services
Activities: Notice of Intent To Renew information to a third party. Section
are deleted from the Procurement List:
Collection 3038–0074, Core Principles 3506(c)(2)(A) of the PRA, 44 U.S.C.
Services and Other Requirements for Swap 3506(c)(2)(A), requires Federal agencies
Execution Facilities to provide a 60-day notice in the
Service Types: Library Service
Mandatory for: Travis Air Force Base, Travis Federal Register concerning each
AGENCY: Commodity Futures Trading
Air Force Base, CA proposed collection of information
Commission.
Beale Air Force Base, Beale Air Force Base, before submitting the collection to OMB
ACTION: Notice. for approval. To comply with this
CA
Mandatory Source(s) of Supply: PRIDE SUMMARY: The Commodity Futures requirement, the Commission is
Industries, Roseville, CA Trading Commission (Commission) is publishing notice of the existing
Contracting Activity: Dept of the Air Force, announcing an opportunity for public collections of information listed below.
FA7014 AFDW PK, Andrews AFB, MD comment on the renewal of the Title: Core Principles and Other
Service Type: Family Housing Maintenance collection of certain information by the Requirements for Swap Execution
Service agency. Under the Paperwork Reduction Facilities (OMB Control No. 3038–
Mandatory for: Travis Air Force Base, Travis Act (PRA), Federal agencies are required 0074). This is a request for extension of
AFB, CA to publish notice in the Federal Register currently approved information
Mandatory Source(s) of Supply: PRIDE
concerning each proposed collection of collections.
Industries, Roseville, CA
information and to allow 60 days for Abstract: Title VII of the Dodd-Frank
Contracting Activity: Dept of the Air Force, Wall Street Reform and Consumer
FA7014 AFDW PK, Andrews AFB, MD
public comment. This notice solicits
comments in connection with part 37 of Protection Act (Dodd-Frank Act) added
Service Type: Baggage Inspection Service
the Commission’s regulations, which new section 5h to the Commodity
Mandatory for: Travis Air Force Base: Air
requires certain recordkeeping and Exchange Act (CEA) to impose
Passenger Terminal, Travis Air Force requirements concerning the registration
Base, CA
reporting information collections for
swap execution facilities (SEFs). and operation of SEFs, which the
Mandatory Source(s) of Supply: PRIDE Commission has incorporated in part 37
Industries, Roseville, CA DATES: Comments must be submitted on
of its regulations.1 These information
Contracting Activity: Dept of the Air Force, or before September 20, 2016. collections are needed for the
FA7014 AFDW PK, Andrews AFB, MD ADDRESSES: You may submit comments, Commission to ensure that SEFs (and
Service Type: Furnishings Management identified by ‘‘Renewal of Collection entities applying for SEF registration)
Service Pertaining to Core Principles and Other comply with these requirements.
Mandatory for: Travis Air Force Base, Travis Requirements for Swap Execution Among other requirements, part 37 of
Air Force Base, CA Facilities’’ by any of the following the Commission’s regulations imposes
Mandatory Source(s) of Supply: Pacific Coast methods: SEF registration requirements for a
Community Services, Richmond, CA • The Agency’s Web site, at http:// trading platform or system, obligates
Contracting Activity: Dept of the Air Force, comments.cftc.gov/. Follow the
FA7014 AFDW PK, Andrews AFB, MD
SEFs to provide transaction
instructions for submitting comments confirmations to swap counterparties,
Service Type: Linen Service through the Web site. and requires SEFs to comply with 15
Mandatory for: Hickam Air Force Base, • Mail: Christopher Kirkpatrick, core principles.2
Hickam Air Force Base, HI Secretary of the Commission,
Mandatory Source(s) of Supply: Network Commodity Futures Trading 1 In general, this OMB control number covers the
Enterprises, Inc., Honolulu, HI
Commission, Three Lafayette Centre, information collections in part 37 of the
Contracting Activity: Dept of the Air Force, Commission’s regulations, including subpart A and
1155 21st Street NW., Washington, DC
FA7014 AFDW PK, Andrews AFB, MD the SEF core principles (i.e., subparts B and C).
20581. However, any information collections related to
Service Type: Facilities Management Service • Hand Delivery/Courier: Same as § 37.10 of the Commission’s regulations are subject
Mandatory for: Television Audio Support
Mail above. to a separate information collection with OMB
Activity (TASA), McClellan AFB, CA
• Federal eRulemaking Portal: http:// control number 3038–0099 (Process for a Swap
Mandatory Source(s) of Supply: PRIDE Execution Facility or Designated Contract Market to
Industries, Roseville, CA
www.regulations.gov/. Follow the Make a Swap Available to Trade).
Contracting Activity: Dept of the Air Force, instructions for submitting comments 2 These 15 core principles include: Enforcing
FA7014 AFDW PK, Andrews AFB, MD through the Portal. rules; listing contracts for trading that are not
Please submit your comments using readily susceptible to manipulation; monitoring
ehiers on DSK5VPTVN1PROD with NOTICES
Service Type: Repair of Air Cargo Top & Side trading to prevent market manipulation; obtaining
Nets Service
only one method. information; adopting position limits or position
Mandatory for: Travis Air Force Base, Travis FOR FURTHER INFORMATION CONTACT: accountability levels; adopting rules to enforce
AFB, CA Steven A. Haidar, Attorney-Advisor, financial integrity of swaps transactions entered on
or through the SEF; adopting rules to provide for
Mandatory Source(s) of Supply: Fontana Division of Market Oversight, the exercise of emergency authority, in consultation
Resources at Work, Fontana, CA Commodity Futures Trading with the Commission; making public information
Contracting Activity: Dept of the Air Force, Commission, (202) 418–5611; email: Continued
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![Federal Register / Vol. 81, No. 141 / Friday, July 22, 2016 / Notices 47781
Authority: 44 U.S.C. 3501 et seq. concern about consumer protections, and publishing information relevant to
Dated: July 19, 2016. the Bureau does not seek information the function of markets for consumer
Robert N. Sidman, that directly identifies an individual financial products and services.1
Deputy Secretary of the Commission.
consumer. Specifically section 1022(c)(1) directs
DATES: Comments must be received on the Bureau to monitor for risks to
[FR Doc. 2016–17374 Filed 7–21–16; 8:45 am]
or before October 14, 2016. consumers in the offering or provision
BILLING CODE 6351–01–P
of consumer financial products or
ADDRESSES: You may submit comments, services in order to support its
identified by Docket No. CFPB–2016– rulemaking and other functions.2
BUREAU OF CONSUMER FINANCIAL 0026 or RIN 3170–AA40, by any of the Moreover, the Bureau is charged with
PROTECTION following methods: using its rulemaking, supervision, and
• Email: FederalRegisterComments@ enforcement authorities under Federal
[Docket No. CFPB–2016–0026] cfpb.gov. Include Docket No. CFPB– consumer financial law to prevent
RIN 3170–AA40 2016–0026 or RIN 3170–AA40 in the unfair, deceptive, or abusive acts or
subject line of the email. practices in the consumer financial
Request for Information on Payday • Electronic: http:// services markets.3 In discharging these
Loans, Vehicle Title Loans, Installment www.regulations.gov. Follow the obligations, the Bureau has studied
Loans, and Open-End Lines of Credit instructions for submitting comments. certain types of loans made to
• Mail: Monica Jackson, Office of the consumers facing liquidity shortfalls,
AGENCY: Bureau of Consumer Financial Executive Secretary, Consumer including payday loans, vehicle title
Protection. Financial Protection Bureau, 1700 G loans, and certain types of installment
ACTION: Request for information. Street NW., Washington, DC 20552. loans. The Bureau also has conducted
• Hand Delivery/Courier: Monica supervisory examinations of payday
SUMMARY: Congress established the Jackson, Office of the Executive
Bureau of Consumer Financial lenders and pursued public law
Secretary, Consumer Financial enforcement actions against creditors
Protection (Bureau or CFPB) in the Protection Bureau, 1275 First Street NE.,
Dodd-Frank Wall Street Reform and making payday loans, vehicle title
Washington, DC 20002. loans, and similar forms of credit.
Consumer Protection Act of 2010 (Dodd- Instructions: Because paper mail in The Bureau is concerned that lenders
Frank Act). As set forth in section 1021 the Washington, DC area and at the that make these loans have developed
of the Dodd-Frank Act, the Bureau’s Bureau is subject to delay, commenters business models that deviate
purpose is to implement and, where are encouraged to submit comments substantially from the practices in other
applicable, enforce Federal consumer electronically. In general, all comments credit markets by failing to assess
financial law consistently for the received will be posted without change consumers’ ability to repay their loans
purpose of ensuring that all consumers to http://www.regulations.gov. In and by engaging in harmful practices in
have access to markets for consumer addition, comments will be available for the course of seeking to withdraw
financial products and services and that public inspection and copying at 1275 payments from consumers’ accounts.
markets for consumer financial products First Street NE., Washington, DC 20002, The Bureau believes that there may be
and services are fair, transparent, and on official business days between the a high likelihood of consumer harm in
competitive. In discharging this hours of 10 a.m. and 5 p.m. eastern connection with these covered loans
obligation, the CFPB seeks feedback on time. You can make an appointment to because many consumers struggle to
practices and products that are related inspect the documents by telephoning repay their loans. In particular, many
to but may not be addressed in the (202) 435–7275. consumers who take out covered loans
Bureau’s concurrently published Notice All comments, including attachments appear to lack the ability to repay them
of Proposed Rulemaking on Payday, and other supporting materials, will and face one of three options when an
Vehicle Title, and Certain High-Cost become part of the public record and unaffordable loan payment is due: Take
Installment Loans (Concurrent subject to public disclosure. Sensitive out additional covered loans, default on
Proposal). Specifically, in this Request personal information, such as account the covered loan, or make the payment
for Information (RFI), the Bureau seeks numbers or Social Security numbers, on the covered loan and fail to meet
comment on: Potential consumer should not be included. Comments will other major financial obligations or
protection concerns with loans that fall not be edited to remove any identifying basic living expenses. Many lenders
outside the scope of the Bureau’s or contact information. may seek to obtain repayment of
Concurrent Proposal but are designed to covered loans directly from consumers’
FOR FURTHER INFORMATION CONTACT: For
serve similar populations and needs as accounts. The Bureau is concerned that
general inquiries, submission process
those loans covered by the proposal; consumers may be subject to multiple
questions, or any additional
and business practices concerning loans fees and other harms when lenders
information, please contact Monica
falling within the Bureau’s Concurrent make repeated unsuccessful attempts to
Jackson, Office of the Executive
Proposal’s coverage that raise potential withdraw funds from consumers’
Secretary, at 202–435–7275.
consumer protection concerns that are accounts.
not addressed by the Concurrent Authority: 12 U.S.C. 5511(c).
The Concurrent Proposal generally
Proposal. The Bureau seeks comment SUPPLEMENTARY INFORMATION: Pursuant would cover two categories of loans.
from the public about these consumer to the Dodd-Frank Wall Street Reform First, the proposal generally would
lending practices to increase the and Consumer Protection Act (Dodd- cover loans with a term of 45 days or
ehiers on DSK5VPTVN1PROD with NOTICES
Bureau’s understanding of and support Frank Act) that established the Bureau, less or loans with multiple advances if
for potential future efforts, including but part of the Bureau’s mission is to each advance is required to be repaid
not limited to future rulemakings, empower consumers to take control over within 45 days. Second, the proposal
supervision, enforcement, or consumer their economic lives. Section 1021(c)(3)
education initiatives. Where the Bureau of the Dodd-Frank Act provides that one 1 12 U.S.C. 5511(c)(3).
requests evidence, data, or other of the primary functions of the Bureau 2 12 U.S.C. 5512(c)(1).
information regarding a particularly is collecting, researching, monitoring, 3 12 U.S.C. 5511(b)(2).
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Document Created: 2016-07-22 02:38:15
Document Modified: 2016-07-22 02:38:15
| 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 September 20, 2016. | |
| Contact | Steven A. Haidar, Attorney-Advisor, Division of Market Oversight, Commodity Futures Trading Commission, (202) 418-5611; email: [email protected], and refer to OMB Control No. 3038-0074. | |
| FR Citation | 81 FR 47779 |
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