83 FR 56828 - Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0094; Clearing Member Risk Management
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 83, Issue 220 (November 14, 2018)
Federal Register Volume 83, Issue 220 (November 14, 2018)
| Page Range | 56828-56830 | |
| FR Document | 2018-24761 |
[Federal Register Volume 83, Number 220 (Wednesday, November 14, 2018)] [Notices] [Pages 56828-56830] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24761] ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0094; Clearing Member Risk Management AGENCY: Commodity Futures Trading Commission. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the extension of a collection of certain information by the agency. Under the Paperwork Reduction Act (``PRA''), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information and to allow 60 days for public comment. This notice solicits comments on the obligation to maintain records related to clearing documentation between the customer and the customer's clearing member. DATES: Comments must be submitted on or before January 14, 2019. ADDRESSES: You may submit comments, identified by OMB Control No. 3038- 0094, by any of the following methods: [[Page 56829]]The Agency's website, at http://comments.cftc.gov/. Follow the instructions for submitting comments through the website. 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. 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: Jocelyn Partridge, Special Counsel, Division of Clearing and Risk, Commodity Futures Trading Commission, (202) 418-5926; email: [email protected]. SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501 et seq., 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 before submitting the collection to OMB for approval. To comply with this requirement, the CFTC is publishing notice for the extension of 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: Clearing Member Risk Management (OMB Control No. 3038-0094). This is a request for extension of a currently approved information collection. Abstract: Section 3(b) of the Commodity Exchange Act (``Act'' or ``CEA'') provides that one of the purposes of the Act is to ensure the financial integrity of all transactions subject to the Act and to avoid systemic risk. Section 8a(5) authorizes the Commission to promulgate such regulations that it believes are reasonably necessary to effectuate any of the provisions or to accomplish any of the purposes of the Act. Risk management systems are critical to the avoidance of systemic risks. Section 4s(j)(2) requires each Swap Dealer (``SD'') and Major Swap Participant (``MSP'') to have risk management systems adequate for managing its business. Section 4s(j)(4) requires each SD and MSP to have internal systems and procedures to perform any of the functions set forth in Section 4s. Section 4d requires FCMs to register with the Commodity Futures Trading Commission (``Commission''). It further requires Futures Commission Merchants (``FCMs'') to segregate customer funds. Section 4f requires FCMs to maintain certain levels of capital. Section 4g establishes reporting and recordkeeping requirements for FCMs. Pursuant to these provisions, the Commission adopted Sec. 1.73 which applies to clearing members that are FCMs and Sec. 23.609 which applies to clearing members that are SDs or MSPs. These provisions require these clearing members to have procedures to limit the financial risks they incur as a result of clearing trades and liquid resources to meet the obligations that arise. The regulations require clearing members to: (1) Establish credit and market risk-based limits based on position size, order size, margin requirements, or similar factors; (2) use automated means to screen orders for compliance with the risk-based limits; (3) monitor for adherence to the risk-based limits intra-day and overnight; (4) conduct stress tests of all positions in the proprietary account and all positions in any customer account that could pose material risk to the futures commission merchant at least once per week; (5) evaluate its ability to meet initial margin requirements at least once per week; (6) evaluate its ability to meet variation margin requirements in cash at least once per week; (7) evaluate its ability to liquidate the positions it clears in an orderly manner, and estimate the cost of the liquidation at least once per month; and (8) test all lines of credit at least once per quarter. Each of these items has been observed by Commission staff as an element of an existing sound risk management program at an SD, MSP, or FCM. The Commission regulations require each clearing member to establish written procedures to comply with this regulation and to keep records documenting its compliance. The information collection obligations imposed by the regulations are necessary to implement certain provisions of the CEA, including ensuring that registrants exercise effective risk management and for the efficient operation of trading venues among SDs, MSPs, and FCMs. 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.\1\ --------------------------------------------------------------------------- \1\ The OMB control numbers for the CFTC's regulations were published on December 30, 1981. See 46 FR 63035 (Dec. 30, 1981). --------------------------------------------------------------------------- With respect to the collection of information, the CFTC invites comments on: Whether the proposed 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 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. 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.\2\ --------------------------------------------------------------------------- \2\ 17 CFR 145.9. --------------------------------------------------------------------------- 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 required under the Administrative Procedure Act and other applicable laws, and may be accessible under the Freedom of Information Act. Burden Statement: The respondent burden for this collection is estimated to average 2 hours per response for an estimated annual burden of 504 hours per respondent. This estimate includes the total time, effort, or financial resources expended by persons to generate, maintain, retain, disclose, or [[Page 56830]] provide information to or for a federal agency. Respondents/Affected Entities: Clearing member Swap Dealers, Major Swap Participants, and Futures Commission Merchants. Estimated Number of Respondents: 166 (101 Clearing Member Swap Dealers and 65 Clearing Member Futures Commission Merchants). Estimated Average Burden Hours per Respondent: 504. Estimated Total Annual Burden Hours: 83,664 hours. Frequency of Collection: As needed. There are no capital costs or operating and maintenance costs associated with this collection. Authority: 44 U.S.C. 3501 et seq. Dated: November 8, 2018. Robert Sidman, Deputy Secretary of the Commission. [FR Doc. 2018-24761 Filed 11-13-18; 8:45 am] BILLING CODE 6351-01-P
![56828 Federal Register / Vol. 83, No. 220 / Wednesday, November 14, 2018 / Notices
• The Agency’s website, at http:// the procedural rules are either directly applicable laws, and may be accessible
comments.cftc.gov/. Follow the required by Section 17 of the under the Freedom of Information Act.
instructions for submitting comments Commodity Exchange Act or are Burden Statement: The respondent
through the website. necessary to the type of appellate review burden for this collection is estimated to
• Mail: Christopher J. Kirkpatrick, role Congress intended the Commission average 1 hour per response. This
Secretary of the Commission, to undertake when it adopted that estimate includes the time needed to
Commodity Futures Trading provision. An agency may not conduct transmit decisions of disciplinary,
Commission, Three Lafayette Centre, or sponsor, and a person is not required membership denial, registration, and
1155 21st Street NW, Washington, DC to respond to, a collection of member responsibility actions to the
20581. information unless it displays a Commission for review. The total
• Hand Delivery/Courier: Same as currently valid OMB control number. estimated burden of 3 hours is
Mail above. The OMB control numbers for the determined by the following:
Please submit your comments using CFTC’s regulations were published on Respondents/Affected Entities:
only one method. All comments must be December 30, 1981. See 46 FR 63035 Individuals or entities filing appeals
submitted in English, or if not, (Dec. 30, 1981). from disciplinary and membership
accompanied by an English translation. With respect to the collection of decisions by National Futures
Comments will be posted as received to information, the CFTC invites Association.
http://www.cftc.gov. comments on: Estimated number of respondents per
FOR FURTHER INFORMATION CONTACT:
• Whether the proposed collection of year: 1.
Melissa Chiang, Assistant General information is necessary for the proper Estimated number of responses: 3.
Counsel, Office of General Counsel, performance of the functions of the Estimated total annual burden on
Commodity Futures Trading Commission, including whether the respondents: 3 hours (1 hour/each
Commission, (202) 418–5578; email: information will have a practical use; response × 3).
• The accuracy of the Commission’s Frequency of collection: On occasion.
mchiang@cftc.gov.
estimate of the burden of the proposed There are no capital costs or operating
SUPPLEMENTARY INFORMATION: Under the collection of information, including the and maintenance costs associated with
PRA, 44 U.S.C. 3501 et seq., Federal validity of the methodology and this collection.
agencies must obtain approval from the assumptions used; (Authority: 44 U.S.C. 3501 et seq.)
Office of Management and Budget • Ways to enhance the quality,
(OMB) for each collection of usefulness, and clarity of the Dated: November 8, 2018.
information they conduct or sponsor. information to be collected; and Robert Sidman,
‘‘Collection of Information’’ is defined • Ways to minimize the burden of Deputy Secretary of the Commission.
in 44 U.S.C. 3502(3) and 5 CFR 1320.3 collection of information on those who [FR Doc. 2018–24770 Filed 11–13–18; 8:45 am]
and includes agency requests or are to respond, including through the BILLING CODE 6351–01–P
requirements that members of the public use of appropriate automated electronic,
submit reports, keep records, or provide mechanical, or other technological
information to a third party. Section collection techniques or other forms of COMMODITY FUTURES TRADING
3506(c)(2)(A) of the PRA, 44 U.S.C. information technology; e.g., permitting COMMISSION
3506(c)(2)(A), requires Federal agencies electronic submission of responses.
to provide a 60-day notice in the All comments must be submitted in Agency Information Collection
Federal Register concerning each English, or if not, accompanied by an Activities: Notice of Intent To Extend
proposed collection of information English translation. Comments will be Collection 3038–0094; Clearing
before submitting the collection to OMB posted as received to http:// Member Risk Management
for approval. To comply with this www.cftc.gov. You should submit only
requirement, the CFTC is publishing AGENCY: Commodity Futures Trading
information that you wish to make
notice of the proposed collection of Commission.
available publicly. If you wish the
information listed below. Commission to consider information ACTION: Notice.
Title: Rules Relating to Review of that you believe is exempt from SUMMARY: The Commodity Futures
National Futures Association Decisions disclosure under the Freedom of Trading Commission (CFTC) is
in Disciplinary, Membership Denial, Information Act, a petition for announcing an opportunity for public
Registration, and Member confidential treatment of the exempt comment on the extension of a
Responsibility Actions (OMB Control information may be submitted according collection of certain information by the
No. 3038–0043). This is a request for to the procedures established in § 145.9 agency. Under the Paperwork Reduction
extension of a currently approved of the Commission’s regulations.1 Act (‘‘PRA’’), Federal agencies are
information collection. The Commission reserves the right, required to publish notice in the
Abstract: 17 CFR part 171 require a but shall have no obligation, to review, Federal Register concerning each
registered futures association to provide pre-screen, filter, redact, refuse or proposed collection of information and
fair and orderly procedures for remove any or all of your submission to allow 60 days for public comment.
membership and disciplinary actions. from http://www.cftc.gov that it may This notice solicits comments on the
The Commission’s review of decisions deem to be inappropriate for obligation to maintain records related to
of registered futures associations in publication, such as obscene language. clearing documentation between the
disciplinary, membership denial, All submissions that have been redacted customer and the customer’s clearing
registration, and member responsibility or removed that contain comments on member.
actions is governed by Section 17(h)(2) the merits of the ICR will be retained in
of the Commodity Exchange Act, 7 the public comment file and will be DATES: Comments must be submitted on
U.S.C. 21(h)(2). The rules establish considered as required under the or before January 14, 2019.
procedures and standards for Administrative Procedure Act and other ADDRESSES: You may submit comments,
Commission review of such actions, and identified by OMB Control No. 3038–
the reporting requirements included in 1 17 CFR 145.9. 0094, by any of the following methods:
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![56830 Federal Register / Vol. 83, No. 220 / Wednesday, November 14, 2018 / Notices
provide information to or for a federal Mail: Department of Defense, Office of with applicable Federal conflict of
agency. the Chief Management Officer, interest laws and regulations.
Respondents/Affected Entities: Directorate for Oversight and Dated: November 7, 2018.
Clearing member Swap Dealers, Major Compliance, 4800 Mark Center Drive,
Swap Participants, and Futures Mailbox #24, Suite 08D09, Alexandria, Aaron T. Siegel,
Commission Merchants. VA 22350–1700. Alternate OSD Federal Register, Liaison
Estimated Number of Respondents: Instructions: All submissions received Officer, Department of Defense.
166 (101 Clearing Member Swap Dealers must include the agency name, docket [FR Doc. 2018–24744 Filed 11–13–18; 8:45 am]
and 65 Clearing Member Futures number, and title for this Federal BILLING CODE 5001–06–P
Commission Merchants). Register document. The general policy
Estimated Average Burden Hours per for comments and other submissions
Respondent: 504. from members of the public is to make DEPARTMENT OF DEFENSE
Estimated Total Annual Burden these submissions available for public
Hours: 83,664 hours. viewing on the internet at http:// Office of the Secretary
Frequency of Collection: As needed. www.regulations.gov as they are
There are no capital costs or operating received without change, including any Administrative Suspension of
and maintenance costs associated with personal identifiers or contact Department of Defense Federal
this collection. information. Advisory Committee
Authority: 44 U.S.C. 3501 et seq.
FOR FURTHER INFORMATION CONTACT: To AGENCY: Department of Defense.
Dated: November 8, 2018. request more information on this
Robert Sidman, proposed information collection or to ACTION: Administrative suspension of
Deputy Secretary of the Commission. obtain a copy of the proposal and Federal Advisory Committee.
[FR Doc. 2018–24761 Filed 11–13–18; 8:45 am] associated collection instruments,
BILLING CODE 6351–01–P please write to the Department of SUMMARY: The Department of Defense
Defense, Office of the General Counsel/ (DoD) is publishing this notice to
Defense Legal Services Agency, 1600 announce that it is administratively
DEPARTMENT OF DEFENSE Defense Pentagon, ATTN: Standard of suspending the charter for the Lake
Conduct Office, Washington, DC, or Eufaula Advisory Committee (‘‘the
Office of the Secretary email: OSD.SOCO@MAIL.MIL. Call +1 Committee’’).
(703) 571–9446.
[Docket ID: DOD–2018–OS–0090] FOR FURTHER INFORMATION CONTACT: Jim
SUPPLEMENTARY INFORMATION:
Proposed Collection; Comment Title; Associated Form; and OMB Freeman, Advisory Committee
Request Number: Office of the Secretary of Management Officer for the Department
Defense Confidential Conflict-of-Interest of Defense, 703–692–5952.
AGENCY: Office of the General Counsel/ Statement for Office of the Secretary of
Defense Legal Services Agency, DoD. SUPPLEMENTARY INFORMATION: The DoD,
Defense Advisory Committee Members;
ACTION: Information collection notice.
pursuant to section 3133(b)(1) of the
SD Form 830; OMB Control Number
Water Resources Development Act of
0704–0551.
SUMMARY: In compliance with the Needs and Uses: The information 2007 (‘‘the 2007 WRDA’’) (Pub. L. 110–
Paperwork Reduction Act of 1995, the requested on this form is required by 114) and in accordance with the Federal
Department of Defense, Office of the Title I of the Ethics in Government Act Advisory Committee Act (5 U.S.C.,
General Counsel/Defense Legal Services of 1978 (5 U.S.C. App.), Executive Order Appendix), established the Committee
Agency announces a proposed public 12674, and 5 CFR part 2634, subpart I, on August 28, 2015. After careful
information collection and seeks public of the Office of Government Ethics consideration, the DoD has determined
comment on the provisions thereof. regulations. The requested information that the Committee’s stated objectives
Comments are invited on: Whether the is necessary to prevent conflicts of have been accomplished and, therefore,
proposed collection of information is interest and to identify potential the DoD is administratively suspending
necessary for the proper performance of conflicts of individuals serving on the Committee pending rescission of
the functions of the agency, including certain Office of the Secretary of section 3133(b) of the 2007 WRDA.
whether the information shall have Defense (OSD) Advisory Committees. Information concerning the Committee,
practical utility; the accuracy of the Affected Public: Individuals or to include contact information for the
agency’s estimate of the burden of the households.
proposed information collection; ways Committee’s Designated Federal Officer,
Annual Burden Hours: 125. can be found at https://gsageo.
to enhance the quality, utility, and Number of Respondents: 125.
clarity of the information to be force.com/FACA/FACAPublicPage.
Responses per Respondent: 1.
collected; and ways to minimize the Annual Responses: 125. Dated: November 7, 2018.
burden of the information collection on Average Burden per Response: 1 hour. Aaron T. Siegel,
respondents, including through the use Frequency: Annually. Alternate OSD Federal Register Liaison
of automated collection techniques or Respondents are members of or Officer, Department of Defense.
other forms of information technology. potential members of Office of the [FR Doc. 2018–24742 Filed 11–13–18; 8:45 am]
DATES: Consideration will be given to all Secretary of Defense Advisory BILLING CODE 5001–06–P
comments received by January 14, 2019. Committees. SD Form 830 will assist in
ADDRESSES: You may submit comments, identifying potential conflicts of interest
identified by docket number and title, due to personal financial interests or
by any of the following methods: affiliations. The collection of requested
Federal e-Rulemaking Portal: http:// information will satisfy a Federal
www.regulations.gov. Follow the regulatory requirement and assist the
instructions for submitting comments. Department of Defense in complying
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Document Created: 2018-11-14 03:32:14
Document Modified: 2018-11-14 03:32:14
| 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 January 14, 2019. | |
| Contact | Jocelyn Partridge, Special Counsel, Division of Clearing and Risk, Commodity Futures Trading Commission, (202) 418-5926; email: [email protected] | |
| FR Citation | 83 FR 56828 |
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