81 FR 74408 - Agency Information Collection Activities Under OMB Review
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 81, Issue 207 (October 26, 2016)
Federal Register Volume 81, Issue 207 (October 26, 2016)
| Page Range | 74408-74410 | |
| FR Document | 2016-25925 |
[Federal Register Volume 81, Number 207 (Wednesday, October 26, 2016)] [Notices] [Pages 74408-74410] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-25925] ======================================================================= ----------------------------------------------------------------------- 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 [[Page 74409]] 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 November 25, 2016. ADDRESSES: Comments regarding the burden estimated or any other aspect of the information collection, including suggestions for reducing the burden, may be submitted directly to the Office of Information and Regulatory Affairs in OMB, within 30 days of publication of the notice, by email at [email protected]. Please identify the comments by OMB Control No. 3038-0096. Please provide the Commission with a copy of all submitted comments at the address listed below. Please refer to OMB Reference No. 3038-0096, 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, and to the Commission through its 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 CONTACT: Andrew Ridenour, Special Counsel, (202) 418-5438, [email protected], or Owen Kopon, Attorney-Advisor, (202) 418-5360, [email protected], Division of Market Oversight, and refer to OMB Control No. 3038-0096. SUPPLEMENTARY INFORMATION: Title: Revised Collection, Comment Request: Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps, Final Rule (OMB Control No. 3038-0096). This is a request for a revision to a currently approved information collection. Abstract: The Commission recently adopted a final rule regarding the reporting of cleared swap transactions (the ``Cleared Swap Reporting Release''),\1\ which will require entities reporting swaps to report certain additional data elements. This Cleared Swap Reporting Release will also require registered derivatives clearing organizations (``DCOs'') to terminate ``original swaps'' (as defined in that final rule), which may require DCOs to connect to multiple registered swap data repositories (``SDRs''). 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 Federal Register notice with a 60-day comment period soliciting comments on this collection of information (``60 Day Notice''), implicated by the requirements of the Cleared Swap Reporting Release, was published on July 21, 2016 (81 FR 47362). The 60 Day Notice included a burden estimate for (a) DCOs to connect to SDRs for purposes of terminating original swaps, estimated to require a one-time hours burden of 3,000 per DCO and a recurring annual cost of $250,000; and (b) changes to reporting systems by all reporting entities and SDRs to account for additional and amended primary economic terms (``PET'') data fields in the Cleared Swap Reporting Release and future changes required by changes to PET fields and developments in the swaps market, estimated as a recurring burden of 200 hours per year.\2\ --------------------------------------------------------------------------- \1\ See Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps, Final Rule, 81 FR 41736 (June 27, 2016). \2\ While not connected to the Cleared Swap Reporting Release, the Commission also proposed in the 60 Day Notice to reduce the number of SDRs in collection 3038-0096 from 15 to 4. When submitting the original OMB information collection for part 45 reporting, the Commission had assumed that up to 15 entities would register as SDRs. Currently, there are four SDRs provisionally registered with the Commission. Three other entities had submitted SDR applications. Two withdrew applications in 2012 and 2014. One (GTR) withdrew its application and resubmitted under the corporate entity DTCC Data Repository (US) LLC, which currently operates as a provisionally registered SDR. As the Commission has not received any SDR applications since 2012, the Commission believes that four is a reasonable number of SDRs for calculating PRA burdens. --------------------------------------------------------------------------- The Commission received one comment letter in response to the 60 Day Notice. CME Group commented that the Commission's assumptions relating to economies of scale for connections to more than one SDR were erroneous. CME Group also commented that the Commission's assumption that DCOs would not need to connect to every SDR because not every SDR accepted every asset class of swaps was erroneous, because only the equities asset class was accepted by fewer than four SDRs. While not providing a specific number of burden hours associated with the Cleared Swap Reporting Release, CME Group estimated that the build to comply with the rule would be ``almost 50% above the Commission's estimate[.]'' CME Group also commented that the Commission's estimate of annual costs was low because the incorrect assumptions on economies of scale and limited numbers of SDR connections applied to costs as well as burden hours. (CME Group Sept. 19, 2016 Letter, at 2-5).\3\ The CME Group letter did not address the 200 hour recurring burden for changes to PET fields, and the Commission received no other comments on the 60 Day Notice. --------------------------------------------------------------------------- \3\ The Commission received a comment from Robert Rutkowski on Sept. 15, 2016 under this comment file. However, this comment letter related to the de minimis report, not the Cleared Swap Reporting Release or PRA Notice. --------------------------------------------------------------------------- Burden Statement: Based on the comment letter received in response to the 60 Day Notice, the Commission is revising its estimate of the burden for this collection by increasing the estimated costs associated with the termination of original swaps by 50 percent. The Commission is not revising the burden estimate association with additional and amended PET fields. Below are tables indicating the increase in burden hours and costs above those in the current collection 3038-0096: [[Page 74410]] Additional and Amended PET Fields [Same as in 60 day notice] ---------------------------------------------------------------------------------------------------------------- Affected entities SDRs, SEFs, DCMs, DCOs, SD/MSPs, non-SD/MSP reporting entities ---------------------------------------------------------------------------------------------------------------- Number of Burden type Burden per respondent respondents Total burden ---------------------------------------------------------------------------------------------------------------- Annual hours burden................... 200 hours................ 449 89,800 hours. Annual costs.......................... $0....................... 449 $0. ---------------------------------------------------------------------------------------------------------------- Termination of Original Swaps [Increased by 50% from 60 day notice] ---------------------------------------------------------------------------------------------------------------- Affected entities DCOs ---------------------------------------------------------------------------------------------------------------- Number of Burden type Burden per respondent respondents Total burden ---------------------------------------------------------------------------------------------------------------- One-time hours burden................. 4,500 hours.............. 12 54,000 hours. Annual costs.......................... $375,000................. 12 $4,500,000. ---------------------------------------------------------------------------------------------------------------- Increases in Hours Burdens and New Total Hours Burden Based on an increase in annual burden hours of 89,800, Commission staff estimate that the revised aggreagate total annual time burden for the collection is 562,945 hours. Increases in Aggregate Costs There are three components to the aggregate increase in annual costs associated with this revision, (a) costs associated with changes to reporting systems, to be incurred by 449 entities; (b) annualized costs associated with establishing SDR connections by DCOs; and (c) costs associated with maintaining SDR connections by DCOs. First, the Commission estimates that the costs associated with additional and amended PET fields will be $15,196 per entity (200 hours x $75.98 per hour).\4\ The aggregate increase across all 449 reporting entities and SDRs for the additional and amended PET fields is therefore $6,823,004. --------------------------------------------------------------------------- \4\ In calculating the cost figures associated with burden hours, the Commission estimated the appropriate wage rate based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association (``SIFMA''). Commission staff arrived at an hourly rate of $75.98 using figures from a weighted average of salaries and bonuses across different professions from the SIFMA Report on Management & Professional Earnings in the Securities Industry 2013, modified to account for an 1800-hour work-year and multiplied by 1.3 to account for overhead and other benefits. The Commission estimated appropriate wage rate is a weighted national average of salary and bonuses for professionals with the following titles (and their relative weight): ``programmer (senior)'' (30% weight); ``programmer'' (30%); ``compliance advisor (intermediate)'' (20%); ``systems analyst'' (10%), and ``assistant/associate general counsel'' (10%). --------------------------------------------------------------------------- Second, the Commission estimates that DCO to SDR connections will require each DCO to incur a one-time start-up cost of $341,910 (4,500 hours x $75.98 per hour). The Commission estimates that DCOs will use these connections for 20 years, and therefore the annualized start-up cost for SDR connections will be $17,095 per DCO. Based on 12 DCOs, the aggregate annualized start-up cost for SDR connections will be $205,146. Third, DCOs will incur an aggregate annual cost of $4,500,000 to maintain those SDR connections. By combining these three components, the aggregate increase to annual costs associated with this collection will be $11,528,150. Total Aggregate Costs Commission staff estimate that the revised aggregate total annual cost for the collection is $99,462,062. The burden estimate represents the burden that SDRs, swap execution facilities (``SEFs''), designated contract markets (``DCMs''), DCOs, swap dealers (``SDs''), major swap participants (``MSPs''), and non-SD/MSP swap counterparties incur to operate and maintain swap recordkeeping and reporting systems to facilitate the recordkeeping and reporting of swaps. Respondents/Affected Entities: SDRs, SEFs, DCMs, DCOs, SDs, MSPs, and non-SD/MSP swap counterparties. Estimated Number of Respondents: 30,210. Estimated Total Annual Burden on Respondents: 562,945 hours. Estimated Total Annual Cost: $99,462,062. Frequency of Collection: Ongoing. (Authority: 44 U.S.C. 3501 et seq.) Dated: October 21, 2016. Robert N. Sidman, Deputy Secretary of the Commission. [FR Doc. 2016-25925 Filed 10-25-16; 8:45 am] BILLING CODE 6351-01-P
![74408 Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices
collections, as required by the permanently removing them from the August 1 through September 30 by mail,
Paperwork Reduction Act of 1995. This fishery. fax, or email.
action proposes to revise and extend NMFS collects annual application
forms from Lobster permit holders who III. Data
information collection for the American
lobster fishery Trap Transfer Program. wish to buy and/or sell Area 2, 3, or OMB Control Number: 0648–0673.
Outer Cape trap allocation through the Form Number(s): None.
DATES: Written comments must be
Trap Transfer Program. The transfer Type of Review: Regular submission
submitted on or before December 27,
applications are only accepted during a (revision and extension of a current
2016.
2-month period (from August 1 through information collection).
ADDRESSES: Direct all written comments September 30) each year, and the Affected Public: Businesses or other
to Jennifer Jessup, Departmental revised allocations for each for-profit organizations; Individuals or
Paperwork Clearance Officer, participating lobster permit resulting households; Federal government; and
Department of Commerce, Room 6616, from the transfers become effective at State, Local, or Tribal government.
14th and Constitution Avenue NW., the start of the following Federal lobster Estimated Number of Respondents:
Washington, DC 20230 (or via the fishing year, on May 1. Both the seller 102.
Internet at JJessup@doc.gov). and buyer of the traps are required to Estimated Time per Response: 10
FOR FURTHER INFORMATION CONTACT: sign the application form, which minutes.
includes each permit holder’s permit Estimated Total Annual Burden
Requests for additional information or
and vessel information, the number of Hours: 17.
copies of the information collection
traps sold, and the revised number of Estimated Total Annual Cost to
instrument and instructions should be
traps received by the buyer, inclusive of Public: $573.24 in reporting/
directed to Peter Burns, Fishery Policy
the amount removed according to the recordkeeping costs.
Analyst, NMFS, Greater Atlantic
Regional Fisheries Office, 55 Great transfer tax. Both parties must sign the IV. Request for Comments
Republic Drive, Gloucester, MA 01930; form as an agreement to the number of
traps in the transfer. The parties must Comments are invited on: (a) Whether
(978) 281–9144, Peter.burns@noaa.gov. the proposed collection of information
date the document and clearly show
SUPPLEMENTARY INFORMATION: is necessary for the proper performance
that the transferring permit holder has
I. Abstract sufficient allocation to transfer and the of the functions of the agency, including
permit holder receiving the traps has whether the information shall have
This is a request for revision and practical utility; (b) the accuracy of the
sufficient room under any applicable
extension of a currently approved agency’s estimate of the burden
trap cap. This information allows NMFS
information collection. (including hours and cost) of the
to process and track transfers of lobster
The American lobster resource and trap allocations through the Trap proposed collection of information; (c)
fishery are cooperatively managed by Transfer Program, and better enables the ways to enhance the quality, utility, and
the states and NMFS under the monitoring and management of the clarity of the information to be
authority of the Atlantic Coastal American lobster fishery as a whole. collected; and (d) ways to minimize the
Fisheries Cooperative Management Act, Originally, this collection was part of burden of the collection of information
according to the framework set forth by a new rulemaking action, and included on respondents, including through the
the Atlantic States Marine Fisheries efforts to obtain information from use of automated collection techniques
Commission (ASMFC) in Amendment 3 American lobster permit holders to or other forms of information
of its Interstate Fishery Management implement a limited access permit technology.
Plan (ISFMP). This collection of program. NMFS used the information to Comments submitted in response to
information is in response to several qualify permit holders for participation this notice will be summarized and/or
addenda to Amendment 3 of the ISFMP in Area 2 and/or the Outer Cape Area, included in the request for OMB
that work to reduce trap fishing effort and to allocate traps to each qualified approval of this information collection;
through limited entry fishing and trap permit. This limited access portion of they also will become a matter of public
allocation limit reductions. This the collection is complete and no longer record.
program is intended to help control necessary, so a revision is requested to Dated: October 21, 2016.
fishing efforts while increasing remove it from the collection. Also, now Sarah Brabson,
economic flexibility in the American that the Trap Transfer Program has been NOAA PRA Clearance Officer.
lobster trap fishery. in place for two years, NMFS can better [FR Doc. 2016–25844 Filed 10–25–16; 8:45 am]
Currently, Federal lobster permit estimate the number of applicants/
holders qualified to fish with trap gear BILLING CODE 3510–22–P
respondents and have made a minor
in Lobster Conservation Management revision to the burden. The initial
Areas 2 and 3 are undergoing scheduled estimate of 432 respondents with 216
annual trap allocation reductions of 5 two-party transaction responses was COMMODITY FUTURES TRADING
percent per year until 2021 (Area 2) and nearly double what was actually COMMISSION
2020 (Area 3). In 2015, in an effort to received through the Trap Transfer
help mitigate the initial economic Agency Information Collection
Program in the first two years; with Activities Under OMB Review
burden of these reductions, NMFS and fewer permit holders participating in
state agencies implemented the Lobster
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the program overall, and/or completing AGENCY: Commodity Futures Trading
Trap Transfer Program that allows all multiple transactions between their own Commission.
qualified Federal lobster permit holders permits. Adjusted estimates of ACTION: Notice.
to buy and sell trap allocation from respondents, total burden hours, and
Areas 2, 3, or Outer Cape Cod. Each costs are noted below in Section III. SUMMARY: In compliance with the
transaction includes a conservation tax Paperwork Reduction Act of 1995
of 10 percent, which deducts a number II. Method of Collection (‘‘PRA’’), this notice announces that the
of traps equal to 10 percent of the total Applications for the Trap Transfer Information Collection Request (‘‘ICR’’)
number of traps with each transfer, Program are accepted annually from abstracted below has been forwarded to
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![Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices 74409
the Office of Management and Budget Title: Revised Collection, Comment The Commission received one
(‘‘OMB’’) for review and comment. The Request: Amendments to Swap Data comment letter in response to the 60
ICR describes the nature of the Recordkeeping and Reporting Day Notice. CME Group commented
information collection and its expected Requirements for Cleared Swaps, Final that the Commission’s assumptions
costs and burden. Rule (OMB Control No. 3038–0096). relating to economies of scale for
DATES: Comments must be submitted on This is a request for a revision to a connections to more than one SDR were
or before November 25, 2016. currently approved information erroneous. CME Group also commented
collection. that the Commission’s assumption that
ADDRESSES: Comments regarding the Abstract: The Commission recently DCOs would not need to connect to
burden estimated or any other aspect of adopted a final rule regarding the every SDR because not every SDR
the information collection, including reporting of cleared swap transactions accepted every asset class of swaps was
suggestions for reducing the burden, (the ‘‘Cleared Swap Reporting erroneous, because only the equities
may be submitted directly to the Office Release’’),1 which will require entities asset class was accepted by fewer than
of Information and Regulatory Affairs in reporting swaps to report certain four SDRs. While not providing a
OMB, within 30 days of publication of additional data elements. This Cleared specific number of burden hours
the notice, by email at Swap Reporting Release will also associated with the Cleared Swap
OIRAsubmissions@omb.eop.gov. Please require registered derivatives clearing Reporting Release, CME Group
identify the comments by OMB Control organizations (‘‘DCOs’’) to terminate estimated that the build to comply with
No. 3038–0096. Please provide the ‘‘original swaps’’ (as defined in that the rule would be ‘‘almost 50% above
Commission with a copy of all final rule), which may require DCOs to the Commission’s estimate[.]’’ CME
submitted comments at the address connect to multiple registered swap data Group also commented that the
listed below. Please refer to OMB repositories (‘‘SDRs’’). An agency may Commission’s estimate of annual costs
Reference No. 3038–0096, found on not conduct or sponsor, and a person is was low because the incorrect
http://reginfo.gov. Comments may also not required to respond to, a collection assumptions on economies of scale and
be mailed to the Office of Information of information unless it displays a limited numbers of SDR connections
and Regulatory Affairs, Office of currently valid OMB control number. applied to costs as well as burden hours.
Management and Budget, Attention: The Federal Register notice with a 60- (CME Group Sept. 19, 2016 Letter, at 2–
Desk Officer for the Commodity Futures day comment period soliciting 5).3 The CME Group letter did not
Trading Commission, 725 17th Street comments on this collection of address the 200 hour recurring burden
NW., Washington, DC 20503, and to the information (‘‘60 Day Notice’’), for changes to PET fields, and the
Commission through its Web site at implicated by the requirements of the Commission received no other
http://comments.cftc.gov. Follow the Cleared Swap Reporting Release, was comments on the 60 Day Notice.
instructions for submitting comments published on July 21, 2016 (81 FR Burden Statement: Based on the
through the Web site. 47362). The 60 Day Notice included a comment letter received in response to
Comments may also be mailed to: burden estimate for (a) DCOs to connect the 60 Day Notice, the Commission is
Christopher Kirkpatrick, Secretary of the to SDRs for purposes of terminating revising its estimate of the burden for
Commission, Commodity Futures original swaps, estimated to require a this collection by increasing the
Trading Commission, Three Lafayette one-time hours burden of 3,000 per DCO estimated costs associated with the
Centre, 1155 21st Street NW., and a recurring annual cost of $250,000; termination of original swaps by 50
Washington, DC 20581, or by Hand and (b) changes to reporting systems by percent. The Commission is not revising
Delivery/Courier at the same address. all reporting entities and SDRs to the burden estimate association with
A copy of the supporting statements account for additional and amended additional and amended PET fields.
for the collection of information primary economic terms (‘‘PET’’) data Below are tables indicating the
discussed above may be obtained by fields in the Cleared Swap Reporting increase in burden hours and costs
visiting http://regInfo.gov. All Release and future changes required by above those in the current collection
comments must be submitted in changes to PET fields and developments 3038–0096:
English, or if not, accompanied by an in the swaps market, estimated as a
English translation. Comments will be recurring burden of 200 hours per year.2 entities had submitted SDR applications. Two
posted as received to http:// withdrew applications in 2012 and 2014. One
1 See Amendments to Swap Data Recordkeeping (GTR) withdrew its application and resubmitted
www.cftc.gov.
and Reporting Requirements for Cleared Swaps, under the corporate entity DTCC Data Repository
FOR FURTHER INFORMATION CONTACT: Final Rule, 81 FR 41736 (June 27, 2016). (US) LLC, which currently operates as a
2 While not connected to the Cleared Swap provisionally registered SDR. As the Commission
Andrew Ridenour, Special Counsel,
Reporting Release, the Commission also proposed has not received any SDR applications since 2012,
(202) 418–5438, aridenour@cftc.gov, or in the 60 Day Notice to reduce the number of SDRs the Commission believes that four is a reasonable
Owen Kopon, Attorney-Advisor, (202) in collection 3038–0096 from 15 to 4. When number of SDRs for calculating PRA burdens.
418–5360, okopon@cftc.gov, Division of submitting the original OMB information collection 3 The Commission received a comment from
Market Oversight, and refer to OMB for part 45 reporting, the Commission had assumed Robert Rutkowski on Sept. 15, 2016 under this
Control No. 3038–0096. that up to 15 entities would register as SDRs. comment file. However, this comment letter related
Currently, there are four SDRs provisionally to the de minimis report, not the Cleared Swap
SUPPLEMENTARY INFORMATION: registered with the Commission. Three other Reporting Release or PRA Notice.
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![74410 Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices
ADDITIONAL AND AMENDED PET FIELDS
[Same as in 60 day notice]
Affected entities SDRs, SEFs, DCMs, DCOs, SD/MSPs, non-SD/MSP reporting entities
Number of
Burden type Burden per respondent Total burden
respondents
Annual hours burden ................................................... 200 hours .................................................................... 449 89,800 hours.
Annual costs ................................................................ $0 ................................................................................ 449 $0.
TERMINATION OF ORIGINAL SWAPS
[Increased by 50% from 60 day notice]
Affected entities DCOs
Number of
Burden type Burden per respondent Total burden
respondents
One-time hours burden ............................................... 4,500 hours ................................................................. 12 54,000 hours.
Annual costs ................................................................ $375,000 ..................................................................... 12 $4,500,000.
Increases in Hours Burdens and New start-up cost of $341,910 (4,500 hours x Dated: October 21, 2016.
Total Hours Burden $75.98 per hour). The Commission Robert N. Sidman,
Based on an increase in annual estimates that DCOs will use these Deputy Secretary of the Commission.
burden hours of 89,800, Commission connections for 20 years, and therefore [FR Doc. 2016–25925 Filed 10–25–16; 8:45 am]
staff estimate that the revised aggreagate the annualized start-up cost for SDR BILLING CODE 6351–01–P
total annual time burden for the connections will be $17,095 per DCO.
collection is 562,945 hours. Based on 12 DCOs, the aggregate
annualized start-up cost for SDR
Increases in Aggregate Costs BUREAU OF CONSUMER FINANCIAL
connections will be $205,146.
There are three components to the PROTECTION
aggregate increase in annual costs Third, DCOs will incur an aggregate
associated with this revision, (a) costs annual cost of $4,500,000 to maintain Compliance Bulletin and Policy
associated with changes to reporting those SDR connections. Guidance; 2016–02, Service Providers
systems, to be incurred by 449 entities; By combining these three
(b) annualized costs associated with components, the aggregate increase to AGENCY: Bureau of Consumer Financial
establishing SDR connections by DCOs; annual costs associated with this Protection.
and (c) costs associated with collection will be $11,528,150. ACTION: Compliance bulletin and policy
maintaining SDR connections by DCOs. guidance.
First, the Commission estimates that Total Aggregate Costs
the costs associated with additional and SUMMARY: The Bureau is reissuing its
amended PET fields will be $15,196 per Commission staff estimate that the
guidance on service providers, formerly
entity (200 hours × $75.98 per hour).4 revised aggregate total annual cost for titled CFPB Bulletin 2012–03, Service
The aggregate increase across all 449 the collection is $99,462,062. The Providers to clarify that the depth and
reporting entities and SDRs for the burden estimate represents the burden formality of the risk management
additional and amended PET fields is that SDRs, swap execution facilities program for service providers may vary
therefore $6,823,004. (‘‘SEFs’’), designated contract markets depending upon the service being
Second, the Commission estimates (‘‘DCMs’’), DCOs, swap dealers (‘‘SDs’’), performed—its size, scope, complexity,
that DCO to SDR connections will major swap participants (‘‘MSPs’’), and importance and potential for consumer
require each DCO to incur a one-time non-SD/MSP swap counterparties incur harm—and the performance of the
to operate and maintain swap service provider in carrying out its
4 In calculating the cost figures associated with recordkeeping and reporting systems to activities in compliance with Federal
burden hours, the Commission estimated the facilitate the recordkeeping and
appropriate wage rate based on salary information
consumer financial laws and
for the securities industry compiled by the reporting of swaps. regulations. This amendment is needed
Securities Industry and Financial Markets Respondents/Affected Entities: SDRs, to clarify that supervised entities have
Association (‘‘SIFMA’’). Commission staff arrived at flexibility and to allow appropriate risk
an hourly rate of $75.98 using figures from a
SEFs, DCMs, DCOs, SDs, MSPs, and
weighted average of salaries and bonuses across non-SD/MSP swap counterparties. management.
different professions from the SIFMA Report on
Estimated Number of Respondents: DATES: The Bureau released this
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Management & Professional Earnings in the Compliance Bulletin and Policy
Securities Industry 2013, modified to account for an 30,210.
1800-hour work-year and multiplied by 1.3 to Guidance on its Web site on October 31,
Estimated Total Annual Burden on 2016.
account for overhead and other benefits. The
Commission estimated appropriate wage rate is a Respondents: 562,945 hours.
weighted national average of salary and bonuses for FOR FURTHER INFORMATION CONTACT:
Estimated Total Annual Cost: Suzanne McQueen, Attorney Adviser,
professionals with the following titles (and their
relative weight): ‘‘programmer (senior)’’ (30% $99,462,062. Office of Supervision Policy, 1700 G
weight); ‘‘programmer’’ (30%); ‘‘compliance advisor Frequency of Collection: Ongoing. Street NW., 20552, 202–435–7439.
(intermediate)’’ (20%); ‘‘systems analyst’’ (10%),
and ‘‘assistant/associate general counsel’’ (10%). (Authority: 44 U.S.C. 3501 et seq.) SUPPLEMENTARY INFORMATION:
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Document Created: 2016-10-26 02:17:10
Document Modified: 2016-10-26 02:17:10
| 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 November 25, 2016. | |
| Contact | Andrew Ridenour, Special Counsel, (202) 418-5438, [email protected], or Owen Kopon, Attorney-Advisor, (202) 418-5360, [email protected], Division of Market Oversight, and refer to OMB Control No. 3038-0096. | |
| FR Citation | 81 FR 74408 |
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