81 FR 50690 - Agency Information Collection Activities Under OMB Review
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 81, Issue 148 (August 2, 2016)
Federal Register Volume 81, Issue 148 (August 2, 2016)
| Page Range | 50690-50692 | |
| FR Document | 2016-18213 |
[Federal Register Volume 81, Number 148 (Tuesday, August 2, 2016)] [Notices] [Pages 50690-50692] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18213] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities Under OMB Review AGENCY: Commodity Futures Trading Commission. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: In compliance with the Paperwork Reduction Act of 1995, (PRA), this notice announces that the Information Collection Request (ICR) abstracted below has been forwarded to the Office of Management and Budget (OMB) for review and comment. The ICR describes the nature of the information collection and its expected costs and burden. DATES: Comments must be submitted on or before September 1, 2016. ADDRESSES: Comments regarding the burden estimated or any other aspect of the information collection, including suggestions on reducing the burden, may be submitted directly to the Office of Information and Regulatory Affairs (OIRA) in OMB, within 30 days of the notice's publication, by email at [email protected]. Please identify the comments by OMB Control No. 3038-0111. Please provide the Commission with a copy of all submitted comments at the address listed below. Please refer to OMB Reference No. 3038-0111, found on http://reginfo.gov. Comments may also be mailed to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for the Commodity Futures Trading Commission, 725 17th Street NW., Washington, DC 20503; or through the Agency's Web site at http://comments.cftc.gov. Follow the instructions for submitting comments through the Web site. Comments may also be mailed to: Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 or by Hand Delivery/Courier at the same address. A copy of the supporting statements for the collection of information discussed above may be obtained by visiting http:// RegInfo.gov. 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 or a Copy Contact: Laura B. Badian, Assistant General Counsel, 202-418-5969, [email protected]; Paul Schlichting, Assistant General Counsel, 202-418-5884, [email protected]; or Herminio Castro, Counsel, (202) 418-6705, [email protected]; Office of the General Counsel, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. Please refer to OMB Control No. 3038-0111 in any correspondence. SUPPLEMENTARY INFORMATION: Title: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Comparability Determinations with Margin Requirements, (OMB Control No. 3038-0111). This is a request for a revision of an information collection. Abstract: Section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''),\1\ amended the Commodity Exchange Act (``CEA''), to add, as section 4s(e) thereof, provisions concerning the establishment of initial and variation margin requirements for swap dealers and major swap participants.\2\ Each swap dealer and major swap participant for which there is a Prudential Regulator, as defined in section 1a(39) of the CEA,\3\ must meet margin requirements established by the applicable Prudential Regulator, and each swap dealer and major swap participant for which there is no Prudential Regulator (collectively, ``Covered Swap Entities'' or ``CSEs'') must comply with the Commission's margin requirements. With regard to the cross-border application of the swap provisions enacted by Title VII of the Dodd-Frank Act, section 2(i) of the CEA provides the Commission with express authority over activities outside the United States relating to swaps when certain conditions are met. Specifically, section 2(i) of the CEA provides that the provisions of the CEA relating to swaps enacted by Title VII of the Dodd-Frank Act (including Commission rules and regulations promulgated thereunder) shall not apply to activities outside the United States unless those activities (1) have a direct and significant connection with activities in, or effect on, commerce of the United States or (2) contravene such rules or regulations as the Commission may prescribe or promulgate as are necessary or appropriate to prevent the evasion of any provision of Title VII.\4\ Because margin requirements are critical to ensuring the safety and soundness of a CSE and the stability of the U.S. financial markets, the Commission believes that its margin rules should apply on a cross-border basis in a manner that effectively addresses risks to a CSE and the U.S. financial system. --------------------------------------------------------------------------- \1\ Pub. L. 111-203, 124 Stat. 1376 (2010). \2\ 7 U.S.C. 6s(e). \3\ 7 U.S.C. 1a(39). \4\ 7 U.S.C. 2(i). --------------------------------------------------------------------------- On May 31, 2016, the Commission published a Final Rule addressing the cross-border application of its margin requirements for uncleared swaps of CSEs (with substituted compliance available in certain circumstances), except as to a narrow class of uncleared swaps between a non-U.S. CSE and a non-U.S. counterparty that fall within a limited exclusion (the ``Exclusion'').\5\ As described below, the adopting release for the Final Rule contained a collection of information regarding requests for comparability determinations, which was previously included in the proposing release, and for which the Office of Management and Budget (``OMB'') assigned OMB control number 3038- 0111, titled ``Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Comparability Determinations with Margin Requirements.'' In addition, the adopting release included two additional information collections regarding non-segregation jurisdictions \6\ and non-netting jurisdictions \7\ that were [[Page 50691]] not previously proposed. Accordingly, the Commission is requesting approval by OMB of the revised information collection under OMB Control Number 3038-0111. --------------------------------------------------------------------------- \5\ 81 FR 34818 (May 31, 2016). \6\ As used in the adopting release, a ``non-segregation jurisdiction'' is a jurisdiction where inherent limitations in the legal or operational infrastructure of the foreign jurisdiction make it impracticable for the CSE and its counterparty to post initial margin pursuant to custodial arrangements that comply with the Commission's margin rules, as further described in section II.B.4.b of the adopting release. \7\ As used in the adopting release, a ``non-netting jurisdiction'' is a jurisdiction in which a CSE cannot conclude, with a well-founded basis, that the netting agreement with a counterparty in that foreign jurisdiction meets the definition of an ``eligible master netting agreement'' set forth in the Final Margin Rule, as described in section II.B.5.b of the adopting release. --------------------------------------------------------------------------- Section 23.160(d) of the Final Rule includes a special provision for non-netting jurisdictions. This provision allows CSEs that cannot conclude after sufficient legal review with a well-founded basis that the netting agreement with a counterparty in a foreign jurisdiction meets the definition of an ``eligible master netting agreement'' set forth in the Commission's final margin rule (``Final Margin Rule'') \8\ to nevertheless net uncleared swaps in determining the amount of margin that they post, provided that certain conditions are met.\9\ In order to avail itself of this special provision, the CSE must treat the uncleared swaps covered by the agreement on a gross basis in determining the amount of initial and variation margin that it must collect, but may net those uncleared swaps in determining the amount of initial and variation margin it must post to the counterparty, in accordance with the netting provisions of the Final Margin Rule.\10\ A CSE that enters into uncleared swaps in ``non-netting'' jurisdictions in reliance on this provision must have policies and procedures ensuring that it is in compliance with the special provision's requirements, and maintain books and records properly documenting that all of the requirements of this exception are satisfied.\11\ --------------------------------------------------------------------------- \8\ See Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 81 FR 636 (Jan. 6, 2016). The Final Margin Rule, which became effective April 1, 2016, is codified in part 23 of the Commission's regulations. See 17 CFR 23.150-159, 161. \9\ The Final Margin Rule permits offsets in relation to either initial margin or variation margin calculation when (among other things), the offsets related to swaps are subject to the same eligible master netting agreement. This ensures that CSEs can effectively foreclose on the margin in the event of a counterparty default, and avoids the risk that the administrator of an insolvent counterparty will ``cherry-pick'' from posted collateral to be returned. \10\ In the event that the special provision for non-segregation jurisdictions applies to a CSE, then the special provision for non- netting jurisdictions would not apply to the CSE even if the relevant jurisdiction is also a ``non-netting jurisdiction.'' In this circumstance, the CSE must collect the gross amount of initial margin in cash (but would not be required to post initial margin), and post and collect variation margin in cash in accordance with the requirements of the special provision for non-segregation jurisdictions, as discussed in section II.B.4.b. \11\ See Sec. 23.160(d) of the Final Rule. --------------------------------------------------------------------------- Section 23.160(e) of the Final Rule includes a special provision for non-segregation jurisdictions that allows non-U.S. CSEs that are Foreign Consolidated Subsidiaries (as defined in the Final Rule) and foreign branches of U.S. CSEs to engage in swaps in foreign jurisdictions where inherent limitations in the legal or operational infrastructure make it impracticable for the CSE and its counterparty to post collateral in compliance with the custodial arrangement requirements of the Commission's margin rules, subject to certain conditions. In order to rely on this special provision, a Foreign Consolidated Subsidiary or foreign branch of a U.S. CSE is required to satisfy all of the conditions of the rule, including that (1) inherent limitations in the legal or operational infrastructure of the foreign jurisdiction make it impracticable for the CSE and its counterparty to post any form of eligible initial margin collateral for the uncleared swap pursuant to custodial arrangements that comply with the Commission's margin rules; (2) foreign regulatory restrictions require the CSE to transact in uncleared swaps with the counterparty through an establishment within the foreign jurisdiction and do not permit the posting of collateral for the swap in compliance with the custodial arrangements of section 23.157 of the Final Margin Rule in the United States or a jurisdiction for which the Commission has issued a comparability determination under the Final Rule with respect to section 23.157; (3) the CSE's counterparty is not a U.S. person and is not a CSE, and the counterparty's obligations under the uncleared swap are not guaranteed by a U.S. person; \12\ (4) the CSE collects initial margin in cash on a gross basis, and posts and collects variation margin in cash, for the uncleared swap in accordance with the Final Margin Rule; (5) for each broad risk category, as set out in section 23.154(b)(2)(v) of the Final Margin Rule, the total outstanding notional value of all uncleared swaps in that broad risk category, as to which the CSE is relying on section 23.160 (e), may not exceed 5 percent of the CSE's total outstanding notional value for all uncleared swaps in the same broad risk category; (6) the CSE has policies and procedures ensuring that it is in compliance with the requirements of this provision; and (7) the CSE maintains books and records properly documenting that all of the requirements of this provision are satisfied.\13\ --------------------------------------------------------------------------- \12\ The Commission would expect the CSE's counterparty to be a local financial end user that is required to comply with the foreign jurisdiction's laws and that is prevented by regulatory restrictions in the foreign jurisdiction from posting collateral for the uncleared swap in the United States or a jurisdiction for which the Commission has issued a comparability determination under the Final Rule, even using an affiliate. \13\ See 17 CFR 23.160(e). --------------------------------------------------------------------------- The new information collections covered by this notice require CSEs to have policies and procedures ensuring that they are in compliance with all of the requirements of the special provisions for non-netting jurisdictions and non-segregation provisions, respectively, and to maintain books and records properly documenting that all of the requirements of the special provisions for non-netting jurisdictions and non-segregation jurisdictions, respectively, are satisfied. Both information collections are necessary as a means for the Commission to be able to determine that CSEs relying on these special provisions are entitled to do so and are complying with the special provisions' requirements. Both information collections are also necessary to implement sections 4s(e) of the CEA, which mandates that the Commission adopt rules establishing minimum initial and variation margin requirements for CSEs on all swaps that are not cleared by a registered derivatives clearing organization, and section 2(i) of the CEA, which provides that the provisions of the CEA relating to swaps that were enacted by Title VII of the Dodd-Frank Act (including any rule prescribed or regulation promulgated thereunder) apply to activities outside the United States that have a direct and significant connection with activities in, or effect on, commerce of the United States. 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. The Commission did not receive any comments on the 60-day Federal Register notice, 81 FR 34855, dated May 31, 2016.Burden Statement--Information Collection for Non-Netting Jurisdictions: The Commission estimates that approximately 54 CSEs may rely on section 23.160(d) of the Final Rule.\14\ Furthermore, the Commission estimates that these CSEs would incur an average of 10 annual burden hours to maintain books and records properly documenting that all of the [[Page 50692]] requirements of this exception are satisfied (including policies and procedures ensuring that they are in compliance). Based upon the above, the estimated hour burden for collection is calculated as follows: --------------------------------------------------------------------------- \14\ Currently, there are approximately 106 swap entities provisionally registered with the Commission. The Commission estimates that of the approximately 106 swap entities that are provisionally registered, approximately 54 are CSEs that are subject to the Commission's margin rules as they are not subject to a Prudential Regulator. Because all of these CSEs are eligible to use the special provision for non-netting jurisdictions, the Commission estimates that 54 CSEs may rely on section 23.160(d) of the Final Rule. --------------------------------------------------------------------------- Estimated Number of Respondents per Year: 54. Estimated Burden Hours per Registrant: 10. Estimated Total Annual Burden Hours: 540. Frequency of Collection: Once; As needed. Burden Statement--Information Collection for Non- Segregation Jurisdictions: The Commission currently estimates that there are between five and ten jurisdictions for which the first two conditions specified above for non-segregation jurisdictions are satisfied and where Foreign Consolidated Subsidiaries and foreign branches of U.S. CSEs that are subject to the Commission's margin rules may engage in swaps, or for purposes of the PRA estimate, an average of 7.5 non-segregation jurisdictions. The Commission estimates that approximately 12 Foreign Consolidated Subsidiaries and foreign branches of U.S. CSEs may rely on section 23.160(e) of the Final Rule in some or all of these jurisdiction(s). The Commission estimates that each Foreign Consolidated Subsidiary or foreign branch of a U.S. CSE relying on this provision would incur an average of 20 annual burden hours to maintain books and records properly documenting that all of the requirements of this provision are satisfied (including policies and procedures ensuring that they are in compliance) with respect to each jurisdiction as to which they rely on the special provision. Thus, based on the average of 7.5 non-segregation jurisdictions, the Commission estimates that each of the approximately 12 Foreign Consolidated Subsidiaries and foreign branches of U.S. CSEs that may rely on this provision will incur an estimated 150 average burden hours per year (i.e., 20 average burden hours per jurisdiction multiplied by 7.5). Based upon the above, the estimated hour burden for collection is calculated as follows: Estimated Number of Respondents per Year: 12. Estimated Burden Hours per Registrant: 150. Estimated Total Annual Burden Hours: 1,800 hours. Frequency of Collection: Once; As needed. There are no capital costs or operating and maintenance costs associated with this collection. Authority: 44 U.S.C. 3501 et seq. Dated: July 27, 2016. Christopher J. Kirkpatrick, Secretary of the Commission. [FR Doc. 2016-18213 Filed 8-1-16; 8:45 am] BILLING CODE 6351-01-P
![50690 Federal Register / Vol. 81, No. 148 / Tuesday, August 2, 2016 / Notices
ways to enhance the quality, utility, and instructions for submitting comments United States relating to swaps when
clarity of the information to be through the Web site. certain conditions are met. Specifically,
collected; and (d) ways to minimize the Comments may also be mailed to: section 2(i) of the CEA provides that the
burden of the collection of information Christopher Kirkpatrick, Secretary of the provisions of the CEA relating to swaps
on respondents, including through the Commission, Commodity Futures enacted by Title VII of the Dodd-Frank
use of automated collection techniques Trading Commission, Three Lafayette Act (including Commission rules and
or other forms of information Centre, 1155 21st Street NW., regulations promulgated thereunder)
technology. Washington, DC 20581 or by Hand shall not apply to activities outside the
Comments submitted in response to Delivery/Courier at the same address. United States unless those activities (1)
this notice will be summarized and/or A copy of the supporting statements have a direct and significant connection
included in the request for OMB for the collection of information with activities in, or effect on,
approval of this information collection; discussed above may be obtained by commerce of the United States or (2)
they also will become a matter of public visiting http://RegInfo.gov. All contravene such rules or regulations as
record. comments must be submitted in the Commission may prescribe or
English, or if not, accompanied by an promulgate as are necessary or
Dated: July 27, 2016.
English translation. Comments will be appropriate to prevent the evasion of
Sarah Brabson, posted as received to http:// any provision of Title VII.4 Because
NOAA PRA Clearance Officer. www.cftc.gov. margin requirements are critical to
[FR Doc. 2016–18195 Filed 8–1–16; 8:45 am] For Further Information or a Copy ensuring the safety and soundness of a
BILLING CODE 3510–NK–P Contact: Laura B. Badian, Assistant CSE and the stability of the U.S.
General Counsel, 202–418–5969, financial markets, the Commission
lbadian@cftc.gov; Paul Schlichting, believes that its margin rules should
Assistant General Counsel, 202–418– apply on a cross-border basis in a
COMMODITY FUTURES TRADING 5884, pschlichting@cftc.gov; or manner that effectively addresses risks
COMMISSION Herminio Castro, Counsel, (202) 418–
to a CSE and the U.S. financial system.
6705, hcastro@cftc.gov; Office of the
Agency Information Collection General Counsel, Commodity Futures On May 31, 2016, the Commission
Activities Under OMB Review Trading Commission, Three Lafayette published a Final Rule addressing the
Centre, 1155 21st Street NW., cross-border application of its margin
AGENCY: Commodity Futures Trading requirements for uncleared swaps of
Commission. Washington, DC 20581. Please refer to
OMB Control No. 3038–0111 in any CSEs (with substituted compliance
ACTION: Notice. available in certain circumstances),
correspondence.
except as to a narrow class of uncleared
SUMMARY: In compliance with the SUPPLEMENTARY INFORMATION:
swaps between a non-U.S. CSE and a
Paperwork Reduction Act of 1995, Title: Margin Requirements for
non-U.S. counterparty that fall within a
(PRA), this notice announces that the Uncleared Swaps for Swap Dealers and
limited exclusion (the ‘‘Exclusion’’).5 As
Information Collection Request (ICR) Major Swap Participants; Comparability
described below, the adopting release
abstracted below has been forwarded to Determinations with Margin
for the Final Rule contained a collection
the Office of Management and Budget Requirements, (OMB Control No. 3038–
of information regarding requests for
(OMB) for review and comment. The 0111). This is a request for a revision of
comparability determinations, which
ICR describes the nature of the an information collection.
Abstract: Section 731 of the Dodd- was previously included in the
information collection and its expected proposing release, and for which the
costs and burden. Frank Wall Street Reform and Consumer
Protection Act (‘‘Dodd-Frank Act’’),1 Office of Management and Budget
DATES: Comments must be submitted on (‘‘OMB’’) assigned OMB control number
or before September 1, 2016. amended the Commodity Exchange Act
(‘‘CEA’’), to add, as section 4s(e) thereof, 3038–0111, titled ‘‘Margin
ADDRESSES: Comments regarding the provisions concerning the establishment Requirements for Uncleared Swaps for
burden estimated or any other aspect of of initial and variation margin Swap Dealers and Major Swap
the information collection, including requirements for swap dealers and Participants; Comparability
suggestions on reducing the burden, major swap participants.2 Each swap Determinations with Margin
may be submitted directly to the Office dealer and major swap participant for Requirements.’’ In addition, the
of Information and Regulatory Affairs which there is a Prudential Regulator, as adopting release included two
(OIRA) in OMB, within 30 days of the defined in section 1a(39) of the CEA,3 additional information collections
notice’s publication, by email at must meet margin requirements regarding non-segregation jurisdictions 6
OIRAsubmissions@omb.eop.gov. Please established by the applicable Prudential and non-netting jurisdictions 7 that were
identify the comments by OMB Control Regulator, and each swap dealer and
No. 3038–0111. Please provide the major swap participant for which there
47 U.S.C. 2(i).
5 81 FR 34818 (May 31, 2016).
Commission with a copy of all is no Prudential Regulator (collectively, 6 As used in the adopting release, a ‘‘non-
submitted comments at the address ‘‘Covered Swap Entities’’ or ‘‘CSEs’’) segregation jurisdiction’’ is a jurisdiction where
listed below. Please refer to OMB must comply with the Commission’s inherent limitations in the legal or operational
Reference No. 3038–0111, found on margin requirements. With regard to the infrastructure of the foreign jurisdiction make it
http://reginfo.gov. Comments may also cross-border application of the swap impracticable for the CSE and its counterparty to
be mailed to the Office of Information post initial margin pursuant to custodial
mstockstill on DSK3G9T082PROD with NOTICES
provisions enacted by Title VII of the arrangements that comply with the Commission’s
and Regulatory Affairs, Office of Dodd-Frank Act, section 2(i) of the CEA margin rules, as further described in section II.B.4.b
Management and Budget, Attention: provides the Commission with express of the adopting release.
Desk Officer for the Commodity Futures authority over activities outside the 7 As used in the adopting release, a ‘‘non-netting
Trading Commission, 725 17th Street jurisdiction’’ is a jurisdiction in which a CSE
cannot conclude, with a well-founded basis, that
NW., Washington, DC 20503; or through 1 Pub. L. 111–203, 124 Stat. 1376 (2010). the netting agreement with a counterparty in that
the Agency’s Web site at http:// 27 U.S.C. 6s(e). foreign jurisdiction meets the definition of an
comments.cftc.gov. Follow the 3 7 U.S.C. 1a(39). ‘‘eligible master netting agreement’’ set forth in the
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![50692 Federal Register / Vol. 81, No. 148 / Tuesday, August 2, 2016 / Notices
requirements of this exception are Authority: 44 U.S.C. 3501 et seq. English translation. Comments will be
satisfied (including policies and Dated: July 27, 2016. posted as received to http://
procedures ensuring that they are in Christopher J. Kirkpatrick, www.cftc.gov.
compliance). Based upon the above, the Secretary of the Commission. For Further Information or a Copy
estimated hour burden for collection is [FR Doc. 2016–18213 Filed 8–1–16; 8:45 am] Contact: Sue McDonough, Counsel,
calculated as follows: Office of General Counsel, Commodity
BILLING CODE 6351–01–P
Estimated Number of Respondents Futures Trading Commission, (202)
per Year: 54. 418–5132; email: smcdonough@cftc.gov,
Estimated Burden Hours per and refer to OMB Control No. 3038–
COMMODITY FUTURES TRADING
Registrant: 10. 0067.
Estimated Total Annual Burden COMMISSION
Hours: 540. Agency Information Collection SUPPLEMENTARY INFORMATION:
Frequency of Collection: Once; As Activities Under OMB Review Title: Part 162 Subpart C—Identity
needed. Theft Rule (OMB Control No. 3038–
• Burden Statement—Information AGENCY: Commodity Futures Trading 0067). This is a request for extension of
Collection for Non-Segregation Commission. a currently approved information
Jurisdictions: The Commission currently ACTION: Notice. collection.
estimates that there are between five
and ten jurisdictions for which the first SUMMARY: In compliance with the Abstract: This collection of
two conditions specified above for non- Paperwork Reduction Act of 1995 information is needed because under
segregation jurisdictions are satisfied (PRA), this notice announces that the part 162 subpart C—Identify Theft,
and where Foreign Consolidated Information Collection Request (ICR) CFTC-regulated entities are required to
Subsidiaries and foreign branches of abstracted below has been forwarded to develop and implement reasonable
U.S. CSEs that are subject to the the Office of Management and Budget policies and procedures to identify,
Commission’s margin rules may engage (OMB) for review and comment. The detect, and respond to relevant red flags
in swaps, or for purposes of the PRA ICR describes the nature of the (the Identity Theft Red Flags Rules) and,
estimate, an average of 7.5 non- information collection and its expected in the case of entities that issue credit
segregation jurisdictions. The costs and burden. or debit cards, to assess the validity of,
Commission estimates that DATES: Comments must be submitted on and communicate with cardholders
approximately 12 Foreign Consolidated or before September 1, 2016. regarding, address changes. Section
Subsidiaries and foreign branches of ADDRESSES: Comments regarding the 162.30 includes the following
U.S. CSEs may rely on section 23.160(e) burden estimated or any other aspect of information collection requirements for
of the Final Rule in some or all of these the information collection, including each CFTC-regulated entity that
jurisdiction(s). The Commission suggestions for reducing the burden, qualifies as a ‘‘financial institution’’ or
estimates that each Foreign may be submitted directly to the Office ‘‘creditor’’ under part 162 subpart C and
Consolidated Subsidiary or foreign of Information and Regulatory Affairs that offers or maintains covered
branch of a U.S. CSE relying on this (OIRA) in OMB, within 30 days of the accounts: (i) Creation and periodic
provision would incur an average of 20 notice’s publication, by email at updating of an identity theft prevention
annual burden hours to maintain books OIRAsubmissions@omb.eop.gov. Please program (‘‘Program’’) that is approved
and records properly documenting that identify the comments by OMB Control by the board of directors, an appropriate
all of the requirements of this provision No. 3038–0067. Please provide the committee thereof, or a designated
are satisfied (including policies and Commission with a copy of all senior management employee; (ii)
procedures ensuring that they are in submitted comments at the address periodic staff reporting to the board of
compliance) with respect to each listed below. Please refer to OMB directors on compliance with the
jurisdiction as to which they rely on the Reference No. 3038–0067, found on Identity Theft Red Flags Rules and
special provision. Thus, based on the http://reginfo.gov. Comments may also related guidelines; and (iii) training of
average of 7.5 non-segregation be mailed to the Office of Information staff to implement the Program. Section
jurisdictions, the Commission estimates and Regulatory Affairs, Office of 162.32 includes the following
that each of the approximately 12 Management and Budget, Attention: information collection requirements for
Foreign Consolidated Subsidiaries and Desk Officer for the Commodity Futures each CFTC-regulated entity that is a
foreign branches of U.S. CSEs that may Trading Commission, 725 17th Street credit or debit card issuer: (i)
rely on this provision will incur an NW., Washington, DC 20503 or through Establishment of policies and
estimated 150 average burden hours per the Agency’s Web site at http:// procedures that assess the validity of a
year (i.e., 20 average burden hours per comments.cftc.gov. Follow the change of address notification if a
jurisdiction multiplied by 7.5). Based instructions for submitting comments request for an additional or replacement
upon the above, the estimated hour through the Web site. card on the account follows soon after
burden for collection is calculated as Comments may also be mailed to: the address change; and (ii) notification
follows: Christopher Kirkpatrick, Secretary of the of a cardholder, before issuance of an
Estimated Number of Respondents Commission, Commodity Futures additional or replacement card, at the
per Year: 12. Trading Commission, Three Lafayette previous address or through some other
Estimated Burden Hours per Centre, 1155 21st Street NW., previously agreed-upon form of
Washington, DC 20581 or by Hand communication, or alternatively,
mstockstill on DSK3G9T082PROD with NOTICES
Registrant: 150.
Estimated Total Annual Burden Delivery/Courier at the same address. assessment of the validity of the address
Hours: 1,800 hours. A copy of the supporting statements change request through the entity’s
Frequency of Collection: Once; As for the collection of information established policies and procedures.
needed. discussed above may be obtained by The Commission uses the collection of
There are no capital costs or operating visiting http://RegInfo.gov. All information to discharge its regulatory
and maintenance costs associated with comments must be submitted in responsibilities to protect investors from
this collection. English, or if not, accompanied by an the risks of identity theft.
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Document Created: 2016-08-02 01:47:33
Document Modified: 2016-08-02 01:47:33
| 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 1, 2016. | |
| FR Citation | 81 FR 50690 |
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