82 FR 18898 - Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 82, Issue 77 (April 24, 2017)
Federal Register Volume 82, Issue 77 (April 24, 2017)
| Page Range | 18898-18900 | |
| FR Document | 2017-08222 |
[Federal Register Volume 82, Number 77 (Monday, April 24, 2017)] [Notices] [Pages 18898-18900] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-08222] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations AGENCY: Commodity Futures Trading Commission. ACTION: Notice of 2016 schedule of fees. ----------------------------------------------------------------------- SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization rule enforcement programs, specifically National Futures Association (``NFA''), a registered futures association, and the designated contract markets. The calculation of the fee amounts charged for 2016 by this notice is based upon an average of actual program costs incurred during fiscal year (``FY'') 2013, FY 2014, and FY 2015. DATES: Effective: Each self-regulatory organization is required to remit electronically the applicable fee on or before June 23, 2017. FOR FURTHER INFORMATION CONTACT: Mary Jean Buhler, Chief Financial Officer, Commodity Futures Trading Commission; (202) 418-5089; Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. For information on electronic payment, contact Jennifer Fleming; (202) 418- 5034; Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. SUPPLEMENTARY INFORMATION: [[Page 18899]] I. Background Information A. General This notice relates to fees for the Commission's review of the rule enforcement programs at the registered futures associations \1\ and designated contract markets (``DCM''), each of which is a self- regulatory organization (``SRO'') regulated by the Commission. The Commission recalculates the fees charged each year to cover the costs of operating this Commission program.\2\ The fees are set each year based on direct program costs, plus an overhead factor. The Commission calculates actual costs, then calculates an alternate fee taking volume into account, and then charges the lower of the two.\3\ --------------------------------------------------------------------------- \1\ National Futures Association is the only registered futures association. \2\ See section 237 of the Futures Trading Act of 1982, 7 U.S.C. 16a, and 31 U.S.C. 9701. For a broader discussion of the history of Commission fees, see 52 FR 46070, Dec. 4, 1987. \3\ 58 FR 42643, Aug. 11, 1993, and 17 CFR part 1, app. B. --------------------------------------------------------------------------- B. Overhead Rate The fees charged by the Commission to the SROs are designed to recover program costs, including direct labor costs and overhead. The overhead rate is calculated by dividing total Commission-wide overhead direct program labor costs into the total amount of the Commission-wide overhead pool. For this purpose, direct program labor costs are the salary costs of personnel working in all Commission programs. Overhead costs generally consist of the following Commission-wide costs: Indirect personnel costs (leave and benefits), rent, communications, contract services, utilities, equipment, and supplies. This formula has resulted in the following overhead rates for the most recent three years (rounded to the nearest whole percent): 181 percent for FY 2013, and 180 percent for FY 2014, and 211 percent for FY 2015. C. Conduct of SRO Rule Enforcement Reviews Under the formula adopted by the Commission in 1993, the Commission calculates the fee to recover the costs of its rule enforcement reviews and examinations, based on the three-year average of the actual cost of performing such reviews and examinations at each SRO. The cost of operation of the Commission's SRO oversight program varies from SRO to SRO, according to the size and complexity of each SRO's program. The three-year averaging computation method is intended to smooth out year- to-year variations in cost. Timing of the Commission's reviews and examinations may affect costs--a review or examination may span two fiscal years and reviews and examinations are not conducted at each SRO each year. As noted above, adjustments to actual costs may be made to relieve the burden on an SRO with a disproportionately large share of program costs. The Commission's formula provides for a reduction in the assessed fee if an SRO has a smaller percentage of United States industry contract volume than its percentage of overall Commission oversight program costs. This adjustment reduces the costs so that, as a percentage of total Commission SRO oversight program costs, they are in line with the pro rata percentage for that SRO of United States industry-wide contract volume. The calculation is made as follows: The fee required to be paid to the Commission by each DCM is equal to the lesser of actual costs based on the three-year historical average of costs for that DCM or one-half of average costs incurred by the Commission for each DCM for the most recent three years, plus a pro rata share (based on average trading volume for the most recent three years) of the aggregate of average annual costs of all DCMs for the most recent three years. The formula for calculating the second factor is: 0.5a + 0.5 vt = current fee. In this formula, ``a'' equals the average annual costs, ``v'' equals the percentage of total volume across DCMs over the last three years, and ``t'' equals the average annual costs for all DCMs. NFA has no contracts traded; hence, its fee is based simply on costs for the most recent three fiscal years. This table summarizes the data used in the calculations of the resulting fee for each entity: -------------------------------------------------------------------------------------------------------------------------------------------------------- Actual total costs ------------------------------------ 3-year average 3-year percent Volume 2016 Assessed FY 2013 FY 2014 FY 2015 actual costs of volume adjusted costs fee -------------------------------------------------------------------------------------------------------------------------------------------------------- CBOE Futures........................................ $235,567 .......... $158,209 $131,259 1.22 $73,074 $73,074 Chicago Board of Trade.............................. 164,974 $55,515 17,938 79,476 30.08 223,017 79,476 Chicago Mercantile Exchange......................... 391,917 225,701 540,151 385,923 44.03 461,189 385,923 ELX Futures......................................... 134,267 .......... .......... 44,756 0.00 22,378 22,378 ICE Futures U.S..................................... 360,223 81,176 105,864 182,421 10.21 153,429 153,429 Kansas City Board of Trade.......................... 559 .......... .......... 186 0.06 467 186 Minneapolis Grain Exchange.......................... 220,975 47,648 147,983 138,868 0.05 69,741 69,741 NADEX North American................................ 101,252 980 .......... 34,077 0.08 17,505 17,505 New York Mercantile Exchange........................ 135,316 225,672 118,701 159,897 13.84 164,294 159,897 NYSE LIFFE US....................................... 24,802 .......... .......... 8,267 0.13 4,909 4,909 One Chicago......................................... 128,599 31,196 289 53,362 0.28 28,384 28,384 --------------------------------------------------------------------------------------------------- Subtotal........................................ 1,898,452 667,888 1,089,134 1,218,491 100 1,218,387 994,902 National Futures Association........................ 186,499 292,102 401,337 293,312 .............. .............. 293,312 --------------------------------------------------------------------------------------------------- Total........................................... 2,084,950 959,990 1,490,471 1,511,804 .............. .............. 1,288,214 -------------------------------------------------------------------------------------------------------------------------------------------------------- An example of how the fee is calculated for one exchange, the Chicago Board of Trade, is set forth here: a. Actual three-year average costs equal $79,476. b. The alternative computation is: (.5) ($79,476) + (.5) (.30) ($1,218,491) = $223,017. c. The fee is the lesser of a or b; in this case $79,476. As noted above, the alternative calculation based on contracts traded is not applicable to NFA because it is not a DCM and has no contracts traded. The Commission's average annual cost for conducting oversight review of the NFA [[Page 18900]] rule enforcement program during fiscal years 2013 through 2015 was $293,312. The fee to be paid by the NFA for the current fiscal year is $293,312. II. Schedule of Fees Fees for the Commission's review of the rule enforcement programs at the registered futures associations and DCMs regulated by the Commission are as follows: ---------------------------------------------------------------------------------------------------------------- 2016 Fee lesser 3-Year average 3-Year percent of actual or actual cost of volume calculated fee ---------------------------------------------------------------------------------------------------------------- CBOE Futures................................................ $131,259 1.22 $73,074 Chicago Board of Trade...................................... 79,476 30.08 79,476 Chicago Mercantile Exchange................................. 385,923 44.03 385,923 ELX Futures................................................. 44,756 0.00 22,378 ICE Futures U.S............................................. 182,421 10.21 153,429 Kansas City Board of Trade.................................. 186 0.06 186 Minneapolis Grain Exchange.................................. 138,868 0.05 69,741 NADEX North American........................................ 34,077 0.08 17,505 New York Mercantile Exchange................................ 159,897 13.84 159,897 NYSE LIFFE US............................................... 8,267 0.13 4,909 One Chicago................................................. 53,362 0.2795 28,384 --------------------------------------------------- Subtotal................................................ 1,218,491 100 994,902 National Futures Association................................ 293,312 .............. 293,312 --------------------------------------------------- Total................................................... 1,511,804 .............. 1,288,214 ---------------------------------------------------------------------------------------------------------------- III. Payment Method The Debt Collection Improvement Act (DCIA) requires deposits of fees owed to the government by electronic transfer of funds. See 31 U.S.C. 3720. For information about electronic payments, please contact Jennifer Fleming at (202) 418-5034 or [email protected], or see the CFTC Web site at http://www.cftc.gov, specifically, http://www.cftc.gov/cftc/cftcelectronicpayments.htm. (Authority: 7 U.S.C. 16a) Issued in Washington, DC, on April 19, 2017, by the Commission. Robert N. Sidman, Deputy Secretary of the Commission. [FR Doc. 2017-08222 Filed 4-21-17; 8:45 am] BILLING CODE 6351-01-P
![18898 Federal Register / Vol. 82, No. 77 / Monday, April 24, 2017 / Notices
Comment 11: Whether the British the Additional Taxes That Were Paid as profit organizations; not-for-profit
Columbia (BC) Ban on Exports of Logs a Result of the Program institutions; Federal government; and
and Wood Residue Is a Countervailable Comment 34: Sales Denominators for State, Local, or Tribal government.
Subsidy Benfefits Received by Cross-Owned
Frequency: On occasion.
Comment 12: Whether the BC Ban on Input Suppliers Must Include All Sales
Exports of Logs and Wood Residue of the Downstream Product Respondent’s Obligation: Voluntary.
Provides a Financial Contribution VII. Recommendation This information collection request
Comment 13: Whether the Department may be viewed at reginfo.gov. Follow
[FR Doc. 2017–08211 Filed 4–21–17; 8:45 am]
Should Use Tier 1 Benchmarks in BC the instructions to view Department of
Comment 14: Whether the Department BILLING CODE 3510–DS–P Commerce collections currently under
Failed To Apply Its Own Evidentiary review by OMB.
Standards on the BC Ban on Exports of Written comments and
Logs and Wood Residue DEPARTMENT OF COMMERCE
recommendations for the proposed
Comment 15: Whether the Department
Needs To Conduct a Feedback Effect National Oceanic and Atmospheric information collection should be sent
Analysis Administration within 30 days of publication of this
Comment 16: Whether the Department notice to OIRA_Submission@
Should Use a Transaction-By- Submission for OMB Review; omb.eop.gov or fax to (202) 395–5806.
Transaction Calculation Methodology for Comment Request Dated: April 18, 2017.
the BC Ban on Exports of Logs and Wood
Residue The Department of Commerce will Sarah Brabson,
Comment 17: Whether the Department submit to the Office of Management and NOAA PRA Clearance Officer.
Should Revise the Transportation Cost Budget (OMB) for clearance the [FR Doc. 2017–08158 Filed 4–21–17; 8:45 am]
for Logs Purchased in BC by Catalyst following proposal for collection of BILLING CODE 3510–22–P
Comment 18: Whether the Department information under the provisions of the
Selected the Appropriate Log
Benchmarks
Paperwork Reduction Act (44 U.S.C.
Comment 19: Whether the Wood Chip chapter 35).
Agency: National Oceanic and COMMODITY FUTURES TRADING
Benchmark Dataset Is Distortive COMMISSION
Comment 20: Whether the Department Atmospheric Administration (NOAA).
Should Revise the Wood Chip Title: Atlantic Highly Migratory
Fees for Reviews of the Rule
Benchmark Transportation Cost Species Voluntary Release Reports.
Enforcement Programs of Designated
Comment 21: Whether the Department OMB Control Number: 0648–0628.
Should Revise the Transportation Cost Form Number(s): None. Contract Markets and Registered
Applied to Catalyst’s Purchases of Wood Type of Request: Regular (extension of Futures Associations
Chips in BC a currently approved information
Comment 22: Whether the Department
AGENCY: Commodity Futures Trading
collection). Commission.
Should Adjust the Sawdust and Hog
Number of Respondents: 7.
Fuel Calculations Based Upon Changes ACTION: Notice of 2016 schedule of fees.
to the Wood Chip Benchmark
Average Hours per Response: 5
Comment 23: Whether the Government of minutes. SUMMARY: The Commodity Futures
New Brunswick Provided Stumpage to Burden Hours: 1 hour (rounded up). Trading Commission (‘‘CFTC’’ or
Irving for LTAR Needs and Uses: This request is for an ‘‘Commission’’) charges fees to
Comment 24: Whether the Department extension of a currently approved designated contract markets and
Should Grant an Adjustment to New information collection. registered futures associations to recover
Brunswick (NB) Stumpage Rates Under the Magnuson-Stevens Fishery the costs incurred by the Commission in
Comment 25: Whether the Department Conservation and Management Act
Should Use a Transaction-By- the operation of its program of oversight
(MSFMCA, 16 U.S.C. 1801 et seq.) the of self-regulatory organization rule
Transaction Calculation Methodology for National Marine Fisheries Service
NB Stumpage enforcement programs, specifically
(NMFS) is to ensure that conservation National Futures Association (‘‘NFA’’), a
Comment 26: Whether the Department
Should Zero Comparisons That Generate and management measures promote, to registered futures association, and the
Negative Benefits the extent practicable, implementation designated contract markets. The
Comment 27: Whether the Large Industrial of scientific research programs that calculation of the fee amounts charged
Renewable Energy Purchase Program include the tagging and releasing of for 2016 by this notice is based upon an
(LIREPP) Confers a Benefit on the Irving Atlantic highly migratory species average of actual program costs incurred
Companies (HMS). The currently approved
Comment 28: The Workforce Expansion during fiscal year (‘‘FY’’) 2013, FY 2014,
information collection allows the public and FY 2015.
Program Is Not Specific to submit volunteered geographic and
Comment 29: The New Brunswick R&D DATES: Effective: Each self-regulatory
biological information relating to HMS
Tax Credit Is Not Specific organization is required to remit
Comment 30: Whether the Benefit to JDIL releases in order to populate an
interactive Web site mapping tool. This electronically the applicable fee on or
From the Federal Pulp and Paper Green before June 23, 2017.
Transformation Program (FPPGTP) Is Web page attracts visitors who are
Countervailable interested in Atlantic HMS and contains FOR FURTHER INFORMATION CONTACT:
Comment 31: Whether the GNB’s information and links to promote HMS Mary Jean Buhler, Chief Financial
Reimbursement of Silviculture and tagging programs that the general public Officer, Commodity Futures Trading
License Management Expenses Is can support or become involved with. Commission; (202) 418–5089; Three
jstallworth on DSK7TPTVN1PROD with NOTICES
Countervailable All submissions are voluntary. Lafayette Centre, 1155 21st Street NW.,
Comment 32: Whether the Accelerated Washington, DC 20581. For information
Information is used to raise awareness
Capital Cost Allowance (ACCA) for Class on electronic payment, contact Jennifer
29 Assets Is Specific and Whether It Is for releasing Atlantic HMS and HMS
tagging programs, and is not used as Fleming; (202) 418–5034; Three
a Tax Credit
Comment 33: Whether the Benefit representative results. Lafayette Centre, 1155 21st Street NW.,
Calculation for the Atlantic Investment Affected Public: Individuals or Washington, DC 20581.
Tax Credit (AITC) Must Be Adjusted for households; businesses or other for- SUPPLEMENTARY INFORMATION:
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![18900 Federal Register / Vol. 82, No. 77 / Monday, April 24, 2017 / Notices
rule enforcement program during fiscal II. Schedule of Fees registered futures associations and
years 2013 through 2015 was $293,312. DCMs regulated by the Commission are
The fee to be paid by the NFA for the Fees for the Commission’s review of as follows:
current fiscal year is $293,312. the rule enforcement programs at the
2016 Fee lesser
3-Year average 3-Year percent of actual or
actual cost of volume calculated fee
CBOE Futures ..................................................................................................................... $131,259 1.22 $73,074
Chicago Board of Trade ...................................................................................................... 79,476 30.08 79,476
Chicago Mercantile Exchange ............................................................................................. 385,923 44.03 385,923
ELX Futures ......................................................................................................................... 44,756 0.00 22,378
ICE Futures U.S .................................................................................................................. 182,421 10.21 153,429
Kansas City Board of Trade ................................................................................................ 186 0.06 186
Minneapolis Grain Exchange ............................................................................................... 138,868 0.05 69,741
NADEX North American ...................................................................................................... 34,077 0.08 17,505
New York Mercantile Exchange .......................................................................................... 159,897 13.84 159,897
NYSE LIFFE US .................................................................................................................. 8,267 0.13 4,909
One Chicago ........................................................................................................................ 53,362 0.2795 28,384
Subtotal ......................................................................................................................... 1,218,491 100 994,902
National Futures Association ............................................................................................... 293,312 ........................ 293,312
Total .............................................................................................................................. 1,511,804 ........................ 1,288,214
III. Payment Method to publish notice in the Federal Register English translation. Comments will be
The Debt Collection Improvement Act concerning each proposed collection of posted as received to http://
(DCIA) requires deposits of fees owed to information, including each proposed www.cftc.gov.
the government by electronic transfer of extension of an existing collection of
FOR FURTHER INFORMATION CONTACT:
funds. See 31 U.S.C. 3720. For information, and to allow 60 days for
public comment. This notice solicits Jacob Chachkin, Special Counsel, 202–
information about electronic payments, 418–5496, email: jchachkin@cftc.gov; or
please contact Jennifer Fleming at (202) comments on the collections of
information provided for by the Joshua Beale, Special Counsel, 202–
418–5034 or jfleming@cftc.gov, or see 418–5446, email: jbeale@cftc.gov,
the CFTC Web site at http:// Commission’s regulations under the
Commodity Exchange Act (‘‘CEA’’) Division of Swap Dealer and
www.cftc.gov, specifically, http:// Intermediary Oversight, Commodity
www.cftc.gov/cftc/ relating to the protection of customer
collateral held by futures commission Futures Trading Commission.
cftcelectronicpayments.htm.
merchants (‘‘FCM’’) and derivatives SUPPLEMENTARY INFORMATION: Under the
(Authority: 7 U.S.C. 16a) clearing organizations (‘‘DCO’’) to serve PRA,1 Federal agencies must obtain
Issued in Washington, DC, on April 19, as margin in cleared swaps transactions. approval from the Office of Management
2017, by the Commission. DATES: Comments must be submitted on and Budget (‘‘OMB’’) for each collection
Robert N. Sidman, or before June 23, 2017. of information they conduct or sponsor.
Deputy Secretary of the Commission. ADDRESSES: You may submit comments, ‘‘Collection of Information’’ is defined
[FR Doc. 2017–08222 Filed 4–21–17; 8:45 am] identified by ‘‘Disclosure and Retention in 44 U.S.C. 3502(3) and 5 CFR 1320.3
BILLING CODE 6351–01–P of Certain Information Relating to and includes agency requests or
Cleared Swaps Customer Collateral,’’ requirements that members of the public
and Collection Number 3038–0091 by submit reports, keep records, or provide
COMMODITY FUTURES TRADING any of the following methods: information to a third party. Section
COMMISSION • The Agency’s Web site, at http:// 3506(c)(2)(A) of the PRA, 44 U.S.C.
comments.cftc.gov/. Follow the 3506(c)(2)(A), requires Federal agencies
Agency Information Collection to provide a 60-day notice in the
instructions for submitting comments
Activities: Notice of Intent To Renew Federal Register concerning each
through the Web site.
Collection Number 3038–0091, • Mail: Christopher Kirkpatrick, proposed collection of information,
Disclosure and Retention of Certain Secretary of the Commission, including each proposed extension of an
Information Relating to Cleared Swaps Commodity Futures Trading existing collection of information,
Customer Collateral Commission, Three Lafayette Centre, before submitting the collection to OMB
1155 21st Street NW., Washington, DC for approval. To comply with this
AGENCY: Commodity Futures Trading
20581. requirement, the CFTC is publishing
Commission.
• Hand Delivery/Courier: Same as notice of the proposed collection of
ACTION: Notice.
Mail above. information listed below.
SUMMARY: The Commodity Futures • Federal eRulemaking Portal: http:// Title: Disclosure and Retention of
jstallworth on DSK7TPTVN1PROD with NOTICES
Trading Commission (‘‘CFTC’’ or www.regulations.gov/. Follow the Certain Information Relating to Cleared
‘‘Commission’’) is announcing an instructions for submitting comments Swaps Customer Collateral (OMB
opportunity for public comment on the through the Portal. Control No. 3038–0091). This is a
proposed renewal of a collection of Please submit your comments using request for an extension of a currently
certain information by the agency. only one method. approved information collection.
Under the Paperwork Reduction Act All comments must be submitted in
(‘‘PRA’’), Federal agencies are required English, or if not, accompanied by an 1 44 U.S.C. 3501 et seq.
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Document Created: 2017-04-22 00:11:20
Document Modified: 2017-04-22 00:11:20
| 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 of 2016 schedule of fees. | |
| Dates | Effective: Each self-regulatory organization is required to remit electronically the applicable fee on or before June 23, 2017. | |
| Contact | Mary Jean Buhler, Chief Financial Officer, Commodity Futures Trading Commission; (202) 418-5089; Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. For information on electronic payment, contact Jennifer Fleming; (202) 418- 5034; Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. | |
| FR Citation | 82 FR 18898 |
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