82 FR 28050 - Agency Information Collection Activities: Comment Request-Notice of Intent To Amend Collection 3038-0079: Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 82, Issue 117 (June 20, 2017)

The Commodity Futures Trading Commission (CFTC or Commission) is announcing an opportunity for public comment on a proposed amendment to the collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (PRA), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment in response to the notice. This notice solicits comment on an amendment to the collection of information under OMB Control No. 3038- 0079 (Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants).

[Federal Register Volume 82, Number 117 (Tuesday, June 20, 2017)]
[Notices]
[Pages 28050-28052]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-12790]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Comment Request--Notice 
of Intent To Amend Collection 3038-0079: Conflicts of Interest Policies 
and Procedures by Swap Dealers and Major Swap Participants

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission) 
is announcing an opportunity for public comment on a proposed amendment 
to the collection of certain information by the agency. Under the 
Paperwork Reduction Act of 1995 (PRA), Federal agencies are required to 
publish notice in the Federal Register concerning each proposed 
collection of information, including each proposed extension of an 
existing collection of information, and to allow 60 days for public 
comment in response to the notice. This notice solicits comment on an 
amendment to the collection of information under OMB Control No. 3038-
0079 (Conflicts of Interest Policies and Procedures by Swap Dealers and 
Major Swap Participants).

DATES: Comments must be submitted on or before August 21, 2017.

[[Page 28051]]


ADDRESSES: You may submit comments, identified by ``OMB Control No. 
3038-0079; Conflicts of Interest Policies and Procedures by Swap 
Dealers and Major Swap Participants,'' by any of the following methods:
     The Commission's Web site, via its Comments Online process 
at http://comments.cftc.gov/. Follow the instructions for submitting 
comments through the Web site.
     Mail: Christopher Kirkpatrick, Secretary of the 
Commission, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW., Washington, DC 20581.
     Hand Delivery/Courier: Same as Mail above.
     Federal eRulemaking Portal: http://www.regulations.gov/search/index.jsp. Follow the instructions for submitting comments 
through the Portal.
     Please submit your comments using only one method.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
http://www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Katherine Driscoll, Associate Chief 
Counsel, (202) 418-5544, [email protected]; or Adam Kezsbom, Special 
Counsel, (202) 418-5372, [email protected], Division of Swap Dealer and 
Intermediary Oversight, Commodity Futures Trading Commission, 1155 21st 
Street NW., Washington, DC 20581.

SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain 
approval from the Office of Management and Budget (OMB) for each 
collection of information they conduct or sponsor. ``Collection of 
Information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3 and 
includes agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires 
Federal agencies to provide a 60-day notice in the Federal Register 
concerning each proposed collection of information, including each 
proposed amendment to an existing collection of information, before 
submitting the collection to OMB for approval. To comply with this 
requirement, the CFTC is publishing notice of the proposed amendment to 
the collection of information listed below. 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.
    Title: Conflicts of Interest Policies and Procedures by Swap 
Dealers and Major Swap Participants (OMB Control No. 3038-0079). This 
is a request for an amendment to a currently approved information 
collection.
    Abstract: In 2012, the Commission promulgated Business Conduct 
Standards for Swap Dealers and Major Swap Participants with 
Counterparties (External Business Conduct Standards Final Rulemaking) 
\1\ which include all of Subpart H of Part 23 of the Commission's 
regulations (EBCS Rules).\2\ In the External Business Conduct Standards 
Final Rulemaking, the Commission stated that the information 
collections associated with the EBCS Rules were part of the overall 
supervision, compliance and recordkeeping requirements imposed by the 
Commission in certain other rulemakings including, among others, the 
collection of information for rules on Conflicts of Interest Policies 
and Procedures by Swap Dealers and Major Swap Participants under Sec.  
23.605 under OMB Collection No. 3038-79. While the collections 
associated with the EBCS Rules do overlap with the requirements in 
certain other Commission regulations, the OMB collections associated 
with those other Commission regulations do not accurately reflect the 
burdens imposed by the EBCS Rules.
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    \1\ Business Conduct Standards for Swap Dealers and Major Swap 
Participants with Counterparties, 77 FR 9734, Feb. 17, 2012.
    \2\ Subpart H of Part 23 is titled ``Business Conduct Standards 
for Swap Dealers and Major Swap Participants Dealing with 
Counterparties, Including Special Entities.'' Subpart H includes the 
following provisions: Sec.  23.400 (Scope); Sec.  23.402 
(Definitions); Sec.  23.402 (General Provisions); Sec.  23.410 
(Prohibition on fraud, manipulation and other abusive practices); 
Sec.  23.430 (Verification of counterparty eligibility); Sec.  
23.431 (Disclosures of material information); Sec.  23.432 (Clearing 
disclosures); Sec.  23.433 (Communications--fair dealing); Sec.  
23.434 (Recommendations to counterparties--institutional 
suitability; Sec.  23.440 (Requirements for swap dealers acting as 
advisors to Special Entities); Sec.  23.450 (Requirements for swap 
dealers and major swap participants acting counterparties to Special 
Entities); and Sec.  23.451 (Political contributions by certain swap 
dealers).
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    The Commission is proposing to amend the information collection 
under OMB Control No. 3038-0079 to clearly reflect the paperwork burden 
imposed by the EBCS Rules under Sec. Sec.  23.401-450 and ensure that 
the paperwork burden of the EBCS Rules is centrally located under OMB 
Control No. 3038-0079. In addition, the Commission will be retitling 
the collection under OMB Control No. 3038-0079 ``Swap Dealer and Major 
Swap Participant Conflicts of Interest and Business Conduct Standards 
with Counterparties'' to more accurately reflect its coverage. The 
collections of information contained in the EBCS rules are necessary to 
implement requirements set forth in the Dodd-Frank Wall Street Reform 
and Consumer Protection Act \3\ and for the protection of investors and 
market participants.
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    \3\ See Dodd-Frank Wall Street Reform and Consumer Protection 
Act, Public Law 111-203, 124 Stat. 1376 (2010). The text of the 
Dodd-Frank Act may be accessed at http://www.cftc.gov/ucm/groups/public/@swaps/documents/file/hr4173_enrolledbill.pdf.
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    With respect to the collection of information, the CFTC invites 
comments on:
     Whether the proposed revision to the collection of 
information is necessary for the proper performance of the functions of 
the Commission, including whether the information will have a practical 
use;
     The accuracy of the Commission's estimate of the burden of 
the proposed revision to the collection of information, including the 
validity of the methodology and assumptions used;
     Ways to enhance the quality, usefulness, and clarity of 
the information to be collected; and
     Ways to minimize the burden of collection of information 
on those who are to respond, including through the use of appropriate 
automated electronic, mechanical, or other technological collection 
techniques or other forms of information technology; e.g., permitting 
electronic submission of responses.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
http://www.cftc.gov. You should submit only information that you wish 
to make available publicly. If you wish the Commission to consider 
information that you believe is exempt from disclosure under the 
Freedom of Information Act, a petition for confidential treatment of 
the exempt information may be submitted according to the procedures 
established in Regulation 145.9.\4\
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    \4\ 17 CFR 145.9.
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    The Commission reserves the right, but shall have no obligation, to 
review, pre-screen, filter, redact, refuse or remove any or all of your 
submission from http://www.cftc.gov that it may deem to be 
inappropriate for publication, such as obscene language. All 
submissions that have been redacted or removed that contain comments on 
the merits of the information collection request will be retained in 
the public comment file and will be considered as required under the 
Administrative Procedure Act and other applicable laws, and may be 
accessible under the Freedom of Information Act.

[[Page 28052]]

    Burden Statement: The respondent burden for this collection is 
detailed below and includes the burden currently associated with OMB 
Collection No. 3038-0079 in connection with Sec.  23.605 (Conflicts of 
Interest Policies and Procedures for Swap Dealers and Major Swap 
Participants) and the EBCS Rules.
    The Commission estimates the burden of this collection of 
information as follows:
    Respondents/Affected Entities: Swap Dealers and Major Swap 
Participants.
    Estimated Number of Respondents: 102.
    Estimated Average Burden Hours per Respondent: 2,352.9 hours.
    Estimated Total Annual Burden on Respondents: 240,000 hours.
    Frequency of Collection: Ongoing.

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

    Dated: June 14, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2017-12790 Filed 6-19-17; 8:45 am]
 BILLING CODE 6351-01-P