83 FR 54326 - Agency Information Collection Activities Under OMB Review

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 83, Issue 209 (October 29, 2018)

Page Range		54326-54327
FR Document		2018-23539

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.

Federal Register, Volume 83 Issue 209 (Monday, October 29, 2018)

[Federal Register Volume 83, Number 209 (Monday, October 29, 2018)]
[Notices]
[Pages 54326-54327]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23539]


=======================================================================
-----------------------------------------------------------------------

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 November 28, 2018.

ADDRESSES: Comments regarding the burden estimate 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 (OIRA) in OMB within 30 days of this notice's 
publication by either of the following methods. Please identify the 
comments by ``OMB Control No. 3038-0085.''
     By email addressed to: [email protected] or
     By mail addressed 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.
    A copy of all comments submitted to OIRA should be sent to the 
Commodity Futures Trading Commission (Commission) by either of the 
following methods. The copies should refer to ``OMB Control No. 3038-
0085.''
     By mail addressed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW, Washington, DC 20581;
     By Hand Delivery/Courier to the same address; or
     Through the Commission's website at http://comments.cftc.gov. Please follow the instructions for submitting 
comments through the website.
    A copy of the supporting statement for the collection of 
information discussed herein 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. 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 Sec.  145.9 of the Commission's regulations.\1\ 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 ICR will be retained in the public comment file and 
will be considered as

[[Page 54327]]

required under the Administrative Procedure Act and other applicable 
laws, and may be accessible under the Freedom of Information Act.
---------------------------------------------------------------------------

    \1\ 17 CFR 145.9.

FOR FURTHER INFORMATION CONTACT: Melissa D'Arcy, Special Counsel, 
Division of Clearing and Risk, Commodity Futures Trading Commission, 
(202) 418-5086; email: [email protected], and refer to OMB Control No. 
---------------------------------------------------------------------------
3038-0085.

SUPPLEMENTARY INFORMATION:
    Title: Rule 50.50 End-User Notification of Non-Cleared Swap (OMB 
Control No. 3038-0085). This is a request for an extension and revision 
of a currently approved information collection.
    Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection 
Act (Dodd-Frank Act) amended Section 2(h)(1) of the Commodity Exchange 
Act (CEA) to provide that it shall be unlawful for any person to engage 
in a swap unless that person submits such swap for clearing to a 
derivatives clearing organization if the swap is required to be 
cleared. However, Section 2(h)(7) of the CEA, as added by the Dodd-
Frank Act, also provides that a swap otherwise subject to the clearing 
requirement is eligible for an elective exception from clearing if one 
party to the swap is not a financial entity, is using swaps to hedge or 
mitigate commercial risk, and notifies the Commission, in a manner set 
forth by the Commission, how it generally meets its financial 
obligations associated with entering into non-cleared swaps (End-User 
Exception).
    The Commission adopted Commission regulation 39.6 to specify 
requirements for electing the End-User Exception, including the 
reporting of certain information to a registered swap data repository 
(SDR) or the Commission. Following the publication of Commission 
regulation 39.6, the Commission recodified it as Commission regulation 
50.50 (17 CFR 50.50). The information reported and collected under 
Commission regulation 50.50 is necessary as part of the overall package 
of swap-related information that must generally be submitted by 
reporting counterparties to SDRs under the Dodd-Frank Act. The 
Commission uses this information to assess and monitor the market 
participants electing the End-User Exception to the swap clearing 
requirement in order to prevent evasion of the clearing requirement.
    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. On August 13, 2018, the Commission 
published in the Federal Register notice of the proposed extension of 
this information collection and provided 60 days for public comment on 
the proposed extension, 83 FR 39991 (60-Day Notice). The Commission 
received one comment on the 60-Day Notice.
    In a comment letter submitted in response to the 60-Day Notice, the 
American Bankers Association (ABA) urged the Commission to amend 
Commission regulation 50.50 with respect to the frequency of the 
reporting requirement.\2\ Currently, end-users electing the exception 
are required to report information to the Commission annually, if not 
more frequently. The ABA requested that the Commission issue a notice 
of proposed rulemaking to consider revising the reporting requirement 
in Commission regulation 50.50(b)(2) to permit end-users to report this 
information less frequently than annually, in certain cases. The ABA's 
request for an amendment to the rule text in Commission regulation 
50.50 is outside the scope of the request for an extension of the 
subject collection. The ABA did not submit any comments to the 
Commission related to the burdens associated with this information 
collection, such as the estimated number of respondents or the 
estimated average burden hours per respondent. Accordingly, the 
Commission continues to believe that the burden estimates published in 
the 60-Day Notice are appropriate.
---------------------------------------------------------------------------

    \2\ ABA's comment letter submitted in response to the 60-Day 
Notice, Oct. 12, 2018, available at: https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=61830&SearchText=.
---------------------------------------------------------------------------

    Burden Statement: The respondent burden for this collection is 
estimated to be as follows:
    Estimated Number of Respondents: 1,815.
    Estimated Average Burden Hours per Respondent: 0.58.
    Estimated Total Annual Burden Hours: 1,053.\3\
---------------------------------------------------------------------------

    \3\ 1815 x .58 hr = 1,052.7, and when rounded up to the next 
whole number equals 1,053 (the estimated total annual burden hours).
---------------------------------------------------------------------------

    Frequency of Collection: On occasion; annually.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: October 24, 2018.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2018-23539 Filed 10-26-18; 8:45 am]
 BILLING CODE 6351-01-P

Federal Register / Vol. 83, No. 209 / Monday, October 29, 2018 / Notices 54327

required under the Administrative the Commission published in the COMMODITY FUTURES TRADING
Procedure Act and other applicable Federal Register notice of the proposed COMMISSION
laws, and may be accessible under the extension of this information collection
Freedom of Information Act. and provided 60 days for public Agency Information Collection
FOR FURTHER INFORMATION CONTACT: comment on the proposed extension, 83 Activities Under OMB Review
Melissa D’Arcy, Special Counsel, FR 39991 (60-Day Notice). The
AGENCY: Commodity Futures Trading
Division of Clearing and Risk, Commission received one comment on
Commission.
Commodity Futures Trading the 60-Day Notice.
ACTION: Notice.
Commission, (202) 418–5086; email: In a comment letter submitted in
mdarcy@cftc.gov, and refer to OMB response to the 60-Day Notice, the SUMMARY: In compliance with the
Control No. 3038–0085. American Bankers Association (ABA) Paperwork Reduction Act of 1995
SUPPLEMENTARY INFORMATION: urged the Commission to amend (PRA), this notice announces that the
Title: Rule 50.50 End-User Commission regulation 50.50 with Information Collection Request (ICR)
Notification of Non-Cleared Swap (OMB respect to the frequency of the reporting abstracted below has been forwarded to
Control No. 3038–0085). This is a requirement.2 Currently, end-users the Office of Management and Budget
request for an extension and revision of electing the exception are required to (OMB) for review and comment. The
a currently approved information report information to the Commission ICR describes the nature of the
collection. annually, if not more frequently. The information collection and its expected
Abstract: The Dodd-Frank Wall Street ABA requested that the Commission costs and burden.
Reform and Consumer Protection Act issue a notice of proposed rulemaking to DATES: Comments must be submitted on
(Dodd-Frank Act) amended Section consider revising the reporting or before November 28, 2018.
2(h)(1) of the Commodity Exchange Act requirement in Commission regulation ADDRESSES: Comments regarding the
(CEA) to provide that it shall be 50.50(b)(2) to permit end-users to report burden estimate or any other aspect of
unlawful for any person to engage in a this information less frequently than the information collection, including
swap unless that person submits such annually, in certain cases. The ABA’s suggestions for reducing the burden,
swap for clearing to a derivatives request for an amendment to the rule may be submitted directly to the Office
clearing organization if the swap is text in Commission regulation 50.50 is of Information and Regulatory Affairs
required to be cleared. However, Section outside the scope of the request for an (OIRA) in OMB within 30 days of this
2(h)(7) of the CEA, as added by the extension of the subject collection. The notice’s publication by either of the
Dodd-Frank Act, also provides that a ABA did not submit any comments to following methods. Please identify the
swap otherwise subject to the clearing the Commission related to the burdens comments by ‘‘OMB Control No. 3038–
requirement is eligible for an elective associated with this information 0101.’’
exception from clearing if one party to collection, such as the estimated • By email addressed to:
the swap is not a financial entity, is number of respondents or the estimated OIRAsubmissions@omb.eop.gov or
using swaps to hedge or mitigate average burden hours per respondent. • By mail addressed to: the Office of
commercial risk, and notifies the Accordingly, the Commission continues Information and Regulatory Affairs,
Commission, in a manner set forth by to believe that the burden estimates Office of Management and Budget,
the Commission, how it generally meets published in the 60-Day Notice are Attention Desk Officer for the
its financial obligations associated with appropriate. Commodity Futures Trading
entering into non-cleared swaps (End- Burden Statement: The respondent Commission, 725 17th Street NW,
User Exception). burden for this collection is estimated to Washington, DC 20503.
The Commission adopted be as follows: A copy of all comments submitted to
Commission regulation 39.6 to specify Estimated Number of Respondents: OIRA should be sent to the Commodity
requirements for electing the End-User 1,815. Futures Trading Commission (the
Exception, including the reporting of ‘‘Commission’’) by either of the
Estimated Average Burden Hours per
certain information to a registered swap following methods. The copies should
Respondent: 0.58.
data repository (SDR) or the refer to ‘‘OMB Control No. 3038–0101.’’
Estimated Total Annual Burden
Commission. Following the publication • By mail addressed to: Christopher
of Commission regulation 39.6, the Hours: 1,053.3
Kirkpatrick, Secretary of the
Commission recodified it as Frequency of Collection: On occasion; Commission, Commodity Futures
Commission regulation 50.50 (17 CFR annually. Trading Commission, Three Lafayette
50.50). The information reported and There are no capital costs or operating Centre, 1155 21st Street NW,
collected under Commission regulation and maintenance costs associated with Washington, DC 20581;
50.50 is necessary as part of the overall this collection. • By Hand Delivery/Courier to the
package of swap-related information Authority: 44 U.S.C. 3501 et seq. same address; or
that must generally be submitted by • Through the Commission’s website
Dated: October 24, 2018.
reporting counterparties to SDRs under at http://comments.cftc.gov. Please
the Dodd-Frank Act. The Commission Robert Sidman, follow the instructions for submitting
uses this information to assess and Deputy Secretary of the Commission. comments through the website.
monitor the market participants electing [FR Doc. 2018–23539 Filed 10–26–18; 8:45 am] A copy of the supporting statement
the End-User Exception to the swap BILLING CODE 6351–01–P for the collection of information
amozie on DSK3GDR082PROD with NOTICES1

clearing requirement in order to prevent discussed herein may be obtained by
evasion of the clearing requirement. 2 ABA’s comment letter submitted in response to visiting http://RegInfo.gov.
An agency may not conduct or the 60-Day Notice, Oct. 12, 2018, available at: All comments must be submitted in
sponsor, and a person is not required to https://comments.cftc.gov/PublicComments/View English, or if not, accompanied by an
Comment.aspx?id=61830&SearchText=.
respond to, a collection of information 3 1815 × .58 hr = 1,052.7, and when rounded up English translation. Comments will be
unless it displays a currently valid OMB to the next whole number equals 1,053 (the posted as received to http://
control number. On August 13, 2018, estimated total annual burden hours). www.cftc.gov. You should submit only

VerDate Sep<11>2014 17:48 Oct 26, 2018 Jkt 247001 PO 00000 Frm 00020 Fmt 4703 Sfmt 4703 E:\FR\FM\29OCN1.SGM 29OCN1

Document Created: 2018-10-27 01:09:30
Document Modified: 2018-10-27 01:09:30

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 28, 2018.
Contact		Melissa D'Arcy, Special Counsel, Division of Clearing and Risk, Commodity Futures Trading Commission, (202) 418-5086; email: [email protected], and refer to OMB Control No.
FR Citation		83 FR 54326