82 FR 61505 - Qualified Financial Contracts Recordkeeping Related to Orderly Liquidation Authority
DEPARTMENT OF THE TREASURY Federal Register Volume 82, Issue 248 (December 28, 2017)
Federal Register Volume 82, Issue 248 (December 28, 2017)
| Page Range | 61505-61507 | |
| FR Document | 2017-28073 |
[Federal Register Volume 82, Number 248 (Thursday, December 28, 2017)] [Proposed Rules] [Pages 61505-61507] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-28073] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY 31 CFR Part 148 RIN 1505-AC57 Qualified Financial Contracts Recordkeeping Related to Orderly Liquidation Authority AGENCY: Department of the Treasury. ACTION: Proposed rule. ----------------------------------------------------------------------- SUMMARY: The Secretary of the Treasury (the ``Secretary''), as Chairperson of the Financial Stability Oversight Council, is proposing, in consultation with the Federal Deposit Insurance Corporation (the ``FDIC''), an amendment to the regulation implementing the qualified financial contract (``QFC'') recordkeeping requirements of the Dodd- Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or the ``Act'') that would extend the compliance dates of the regulation. DATES: Written comments must be received by January 29, 2018. ADDRESSES: Submit comments electronically through the Federal eRulemaking Portal: http://www.regulations.gov, or by mail (if hard copy, preferably an original and two copies) to: The Treasury Department, Attn: Qualified Financial Contracts Recordkeeping Comments, 1500 Pennsylvania Avenue NW, Washington, DC 20220. Because paper mail in the Washington, DC area may be subject to delay, it is recommended that comments be submitted electronically. Please include your name, affiliation, address, email address, and telephone number in your comment. Comments will be [[Page 61506]] available for public inspection on www.regulations.gov. In general, comments received, including attachments and other supporting materials, are part of the public record and are available to the public. Do not submit any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. FOR FURTHER INFORMATION CONTACT: Brian Smith, Director, Office of Capital Markets, (202) 622-0157; Peter Nickoloff, Financial Economist, Office of Capital Markets, (202) 622-1692; Steven D. Laughton, Assistant General Counsel (Banking & Finance), (202) 622-8413; or Stephen T. Milligan, Attorney-Advisor, (202) 622-4051. SUPPLEMENTARY INFORMATION: On October 31, 2016, the Secretary published a final regulation pursuant to section 210(c)(8)(H) of the Dodd-Frank Act requiring certain financial companies to maintain records with respect to their QFC positions, counterparties, legal documentation, and collateral that would assist the FDIC as receiver in exercising its rights and fulfilling its obligations under Title II of the Act.\1\ --------------------------------------------------------------------------- \1\ 81 FR 75624 (Oct. 31, 2016). --------------------------------------------------------------------------- The regulation provides for staggered compliance dates for the bulk of the recordkeeping requirements as follows. The regulation generally provides that records entities with $1 trillion or more in total consolidated assets have 540 days (approximately 18 months) after the effective date to comply with the regulation; that records entities with total assets equal to or greater than $500 billion (but less than $1 trillion) have two years from the effective date to comply with the regulation; that records entities with total assets equal to or greater than $250 billion (but less than $500 billion) have three years from the effective date to comply with the regulation; and that all other records entities have four years from the effective date to comply with the regulation.\2\ Given that the effective date is December 30, 2016, the first of these compliance dates is currently June 23, 2018. --------------------------------------------------------------------------- \2\ 31 CFR 148.1(d)(1)(i). --------------------------------------------------------------------------- Separately, the regulation provides that the Secretary may grant conditional or unconditional exemptions from the regulation's requirements after receiving a recommendation from the FDIC, prepared in consultation with the relevant primary financial regulatory agencies (as defined in the regulation).\3\ Since the regulation became effective, the Secretary, the FDIC, and the primary financial regulatory agencies have received requests for exemptions from the requirements of the regulation for certain types of records entities within a corporate group and certain types of QFCs. These exemption requests are currently subject to review by the Secretary, the FDIC, and the primary financial regulatory agencies. --------------------------------------------------------------------------- \3\ 31 CFR 148.3(c)(4). --------------------------------------------------------------------------- In light of the pending exemption requests and the Administration's general policy of alleviating unnecessary regulatory burdens,\4\ the Secretary, in consultation with the FDIC, is proposing a six month extension of the compliance dates in the regulation. Although the Secretary recognizes the importance of the QFC recordkeeping requirements, the Secretary has concluded that it would impose an unnecessary burden on records entities to require their compliance with the regulation before the scope of their recordkeeping responsibilities is determined. A short extension of the compliance dates is appropriate pending the Secretary's decisions whether to grant, in whole or in part, conditional or unconditional exemptions based on the exemption requests received to date, and to allow adequate time for records entities to prepare for compliance once the exemption requests are resolved. --------------------------------------------------------------------------- \4\ See Executive Order No. 13771, Reducing Regulation and Controlling Regulatory Costs Sec. 1, 82 FR 9339 (Feb. 3, 2017); Executive Order No. 13777, Enforcing the Regulatory Reform Agenda, Sec. 1, 82 FR 12285 (Mar. 1, 2017). --------------------------------------------------------------------------- Specifically, the Secretary is proposing that all records entities be given approximately an additional six months to comply with the regulation. The Secretary estimates that this will allow sufficient time for the FDIC, in consultation with the primary financial regulatory agencies, to formulate recommendations to the Secretary and for the Secretary to make a determination as to the exemption requests. The Secretary requests comment on whether the compliance date should be extended and, if so, whether six months is the proper length for the extension and whether the compliance date should only be extended with respect to records entities in the first tier, i.e., those records entities with a June 23, 2018 compliance date. Administrative Law Matters 1. Regulatory Flexibility Act This proposed rule would not impose any additional burden on any records entities; rather, it would reduce the existing regulatory burden by extending the periods in which records entities have to comply with the regulation's requirements. For these reasons and as discussed further in the release of the 2016 final regulation, the Secretary certifies, pursuant to 5 U.S.C. 605(b), that this proposed rule will not have a significant economic impact on a substantial number of small entities under the Small Business Administration's most recently revised standards for small entities, which went into effect on October 1, 2017. 2. Executive Order 12866 This proposed rule is not a significant regulatory action as defined in section 3.f of Executive Order 12866. List of Subjects in 31 CFR Part 148 Reporting and recordkeeping requirements. Authority and Issuance For the reasons set forth in the preamble, the Department of the Treasury proposes to revise part 148 to 31 CFR to read as follows: PART 148--QUALIFIED FINANCIAL CONTRACTS RECORDKEEPING RELATED TO THE FDIC ORDERLY LIQUIDATION AUTHORITY 0 1. The authority citation for part 148 continues to read as follows: Authority: 31 U.S.C. 321(b) and 12 U.S.C 5390(c)(8)(H). 0 2. Amend 31 CFR 148.1(d) by revising the introductory text to paragraphs (d)(1)(i), (d)(1)(i)(A), (d)(1)(i)(B), (d)(1)(i)(C), and (d)(1)(i)(D) as follows: Sec. 148.1 Scope, purpose, effective date, and compliance dates. * * * * * (d) Compliance. (1) Initial compliance dates. (i) A records entity subject to this part on the effective date must comply with Sec. 148.3(a)(2) on the date that is 90 days after the effective date and with all other applicable requirements of this part on: (A) December 31, 2018 for a records entity that: * * * * * (B) June 30, 2019 for any records entity that is not subject to the compliance date set forth in paragraph (d)(1)(i)(A) of this section and: * * * * * (C) June 30, 2020 for any records entity that is not subject to the compliance date set forth in paragraphs (d)(1)(i)(A) or (B) of this section and: * * * * * (D) June 30, 2021 for any records entity that is not subject to the [[Page 61507]] compliance dates set forth in paragraphs (d)(1)(i)(A), (B), or (C) of this section. * * * * * Dated: December 21, 2017. Clay Berry, Deputy Assistant Secretary for Capital Markets. [FR Doc. 2017-28073 Filed 12-27-17; 8:45 am] BILLING CODE 4810-25-P
![Federal Register / Vol. 82, No. 248 / Thursday, December 28, 2017 / Proposed Rules 61505
necessary to ensure the reliability and 52. Any Reliability Standards viewing, printing, and/or downloading.
integrity of the Nation’s Bulk-Power proposed by NERC in compliance with To access this document in eLibrary,
System. this rulemaking will be considered by type the docket number of this
48. Interested persons may obtain the Commission in future proceedings. document, excluding the last three
information on the reporting As part of any future proceedings, the digits, in the docket number field.
requirements by contacting: Federal Commission will make determinations 59. User assistance is available for
Energy Regulatory Commission, 888 pertaining to the Regulatory Flexibility eLibrary and the Commission’s website
First Street NE, Washington, DC 20426 Act based on the content of the during normal business hours from the
[Attention: Ellen Brown, Office of the Reliability Standards proposed by Commission’s Online Support at 202–
Executive Director, email: NERC. 502–6652 (toll free at 1–866–208–3676)
DataClearance@ferc.gov, Phone: (202) or email at ferconlinesupport@ferc.gov,
502–8663, fax: (202) 273–0873]. VI. Comment Procedures
or the Public Reference Room at (202)
Comments on the requirements of this 53. The Commission invites interested 502–8371, TTY (202) 502–8659. Email
rule may also be sent to the Office of persons to submit comments on the the Public Reference Room at
Information and Regulatory Affairs, matters and issues proposed in this public.referenceroom@ferc.gov.
Office of Management and Budget, notice to be adopted, including any
By direction of the Commission.
Washington, DC 20503 [Attention: Desk related matters or alternative proposals
Officer for the Federal Energy that commenters may wish to discuss. Issued: December 21, 2017.
Regulatory Commission]. For security Comments are due February 26, 2018. Nathaniel J. Davis, Sr.,
reasons, comments should be sent by Comments must refer to Docket No. Deputy Secretary.
email to OMB at oira_submission@ RM18–2–000, and must include the [FR Doc. 2017–28083 Filed 12–27–17; 8:45 am]
omb.eop.gov. Please refer to OMB commenter’s name, the organization BILLING CODE 6717–01–P
Control No. 1902–0225 and FERC–725 they represent, if applicable, and
in your submission. address.
54. The Commission encourages DEPARTMENT OF THE TREASURY
IV. Environmental Analysis
comments to be filed electronically via
49. The Commission is required to the eFiling link on the Commission’s 31 CFR Part 148
prepare an Environmental Assessment website at http://www.ferc.gov. The
or an Environmental Impact Statement Commission accepts most standard RIN 1505–AC57
for any action that may have a word processing formats. Documents
significant adverse effect on the human Qualified Financial Contracts
created electronically using word Recordkeeping Related to Orderly
environment.55 The Commission has processing software should be filed in
categorically excluded certain actions Liquidation Authority
native applications or print-to-PDF
from this requirement as not having a format and not in a scanned format. AGENCY: Department of the Treasury.
significant effect on the human Commenters filing electronically do not ACTION: Proposed rule.
environment. Included in the exclusion need to make a paper filing.
are rules that are clarifying, corrective, 55. Commenters that are not able to SUMMARY: The Secretary of the Treasury
or procedural or that do not file comments electronically must send (the ‘‘Secretary’’), as Chairperson of the
substantially change the effect of the an original of their comments to: Financial Stability Oversight Council, is
regulations being amended.56 The Federal Energy Regulatory Commission, proposing, in consultation with the
actions proposed herein fall within this Secretary of the Commission, 888 First Federal Deposit Insurance Corporation
categorical exclusion in the Street NE, Washington, DC 20426. (the ‘‘FDIC’’), an amendment to the
Commission’s regulations. 56. All comments will be placed in regulation implementing the qualified
V. Regulatory Flexibility Act Analysis the Commission’s public files and may financial contract (‘‘QFC’’)
be viewed, printed, or downloaded recordkeeping requirements of the
50. The Regulatory Flexibility Act of remotely as described in the Document Dodd-Frank Wall Street Reform and
1980 (RFA) 57 generally requires a Availability section below. Commenters Consumer Protection Act (the ‘‘Dodd-
description and analysis of proposed on this proposal are not required to Frank Act’’ or the ‘‘Act’’) that would
rules that will have significant serve copies of their comments on other extend the compliance dates of the
economic impact on a substantial commenters. regulation.
number of small entities.
51. By only proposing to direct NERC, VII. Document Availability DATES: Written comments must be
the Commission-certified ERO, to 57. In addition to publishing the full received by January 29, 2018.
develop modified Reliability Standards text of this document in the Federal ADDRESSES: Submit comments
for Cyber Security Incident reporting, Register, the Commission provides all electronically through the Federal
this Notice of Proposed Rulemaking will interested persons an opportunity to eRulemaking Portal: http://
not have a significant or substantial view and/or print the contents of this www.regulations.gov, or by mail (if hard
impact on entities other than NERC. document via the internet through the copy, preferably an original and two
Therefore, the Commission certifies that Commission’s Home Page (http:// copies) to: The Treasury Department,
this Notice of Proposed Rulemaking will www.ferc.gov) and in the Commission’s Attn: Qualified Financial Contracts
not have a significant economic impact Public Reference Room during normal Recordkeeping Comments, 1500
sradovich on DSK3GMQ082PROD with PROPOSALS
on a substantial number of small business hours (8:30 a.m. to 5:00 p.m. Pennsylvania Avenue NW, Washington,
entities. Eastern time) at 888 First Street NE, DC 20220. Because paper mail in the
Room 2A, Washington, DC 20426. Washington, DC area may be subject to
55 Regulations Implementing the National
58. From the Commission’s Home delay, it is recommended that comments
Environmental Policy Act of 1969, Order No. 486,
FERC Stats. & Regs. ¶ 30,783 (1987) (cross-
Page on the internet, this information is be submitted electronically. Please
referenced at 41 FERC ¶ 61,284). available on eLibrary. The full text of include your name, affiliation, address,
56 18 CFR 380.4(a)(2)(ii). this document is available on eLibrary email address, and telephone number in
57 5 U.S.C. 601–612. in PDF and Microsoft Word format for your comment. Comments will be
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![Federal Register / Vol. 82, No. 248 / Thursday, December 28, 2017 / Proposed Rules 61507
compliance dates set forth in paragraphs The written comment is considered the docket are listed in the http://
(d)(1)(i)(A), (B), or (C) of this section. official comment and should include www.regulations.gov index. Although
* * * * * discussion of all points you wish to listed in the index, some information is
make. The EPA will generally not not publicly available, e.g., CBI or other
Dated: December 21, 2017.
consider comments or comment information whose disclosure is
Clay Berry, contents located outside of the primary restricted by statute. Certain other
Deputy Assistant Secretary for Capital submission (i.e., on the Web, cloud, or material, such as copyrighted material,
Markets. other file sharing system). will be publicly available only in hard
[FR Doc. 2017–28073 Filed 12–27–17; 8:45 am] Comments may also be submitted by copy form. Publicly available docket
BILLING CODE 4810–25–P mail. Send your comments to: EPA materials are available either
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Generating Units EPA–HQ–OAR–2017–0545. The EPA’s Nick Hutson, Energy Strategies Group,
AGENCY: Environmental Protection policy is that all comments received Sector Policies and Programs Division
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and may be made available online at Protection Agency, Research Triangle
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rulemaking.
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sradovich on DSK3GMQ082PROD with PROPOSALS
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submit electronically any information Docket. The EPA has established a accordance with procedures set forth in
you consider to be Confidential new docket for this action under Docket 40 Code of Federal Regulations (CFR)
Business Information (CBI) or other ID No. EPA–HQ–OAR–2017–0545. The part 2.
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restricted by statute. Multimedia the October 23, 2015, Clean Power Plan following outline is provided to aid in
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Document Created: 2017-12-28 00:44:15
Document Modified: 2017-12-28 00:44:15
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Proposed Rules | |
| Action | Proposed rule. | |
| Dates | Written comments must be received by January 29, 2018. | |
| Contact | Brian Smith, Director, Office of Capital Markets, (202) 622-0157; Peter Nickoloff, Financial Economist, Office of Capital Markets, (202) 622-1692; Steven D. Laughton, Assistant General Counsel (Banking & Finance), (202) 622-8413; or Stephen T. Milligan, Attorney-Advisor, (202) 622-4051. | |
| FR Citation | 82 FR 61505 | |
| RIN Number | 1505-AC57 |
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