2015-30048
[Federal Register Volume 80, Number 227 (Wednesday, November 25, 2015)]
[Notices]
[Pages 73731-73732]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30048]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Renew Collection Numbers 3038-0068, 3038-0083, and 3038-0088,
Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap
Trading Relationship Documentation Requirements for 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 the
proposed renewal of three collections 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, including each proposed extension
of an existing collection of information, and to allow 60 days for
public comment. This notice solicits comments on the collections of
information mandated by Sec. Sec. 23.500 to 23.505 of the Commission
regulations (Confirmation, Portfolio Reconciliation, Portfolio
Compression, and Swap Trading Relationship Documentation Requirements
for Swap Dealers and Major Swap Participants).
DATES: Comments must be submitted on or before January 25, 2016.
ADDRESSES: You may submit comments, identified by ``Confirmation,
Portfolio Reconciliation, Portfolio Compression, and Swap Trading
Relationship Documentation Requirements for Swap Dealers and Major Swap
Participants'','' and Collection Numbers 3038-0068, 3038-0083, and
3038-0088 by any of the following methods:
The Agency's Web site, 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/.
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
www.cftc.gov.
FOR FURTHER INFORMATION CONTACT: Gregory Scopino, Special Counsel,
Division of Swap Dealer and Intermediary Oversight, Commodity Futures
Trading Commission, (202) 418-5496; email: [email protected].
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,
[[Page 73732]]
including each proposed extension of 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 collection of information listed below.
Title: Confirmation, Portfolio Reconciliation, Portfolio
Compression, and Swap Trading Relationship Documentation Requirements
for Swap Dealers and Major Swap Participants (OMB Control Nos. 3038-
0068, 3038-0083, 3038-0088). This is a request for an extension of
currently approved information collections.
Abstract: On September 11, 2012 the Commission adopted Commission
regulations 23.500-23.505 (Confirmation, Portfolio Reconciliation,
Portfolio Compression, and Swap Trading Relationship Documentation
Requirements for Swap Dealers and Major Swap Participants) \1\ under
sections 4s(f), (g) and (i) \2\ of the Commodity Exchange Act
(``CEA''). Commission regulations 23.500-23.505 require, among other
things, that swap dealers (``SD'') \3\ and major swap participants
(``MSP'') \4\ develop and retain written swap trading relationship
documentation. The regulations also establish requirements for SDs and
MSPs regarding swap confirmation, portfolio reconciliation, and
portfolio compression. Under the regulations, swap dealers and major
swap participants are obligated to maintain records of the policies and
procedures required by the rules.\5\ Confirmation, portfolio
reconciliation, and portfolio compression are important post-trade
processing mechanisms for reducing risk and improving operational
efficiency. The information collection obligations imposed by the
regulations are necessary to ensure that each swap dealer and major
swap participant maintains the required records of their business
activities and an audit trail sufficient to conduct comprehensive and
accurate trade reconstruction. The information collections contained in
the regulations are essential to ensuring that swap dealers and major
swap participants document their swaps, reconcile their swap portfolios
to resolve discrepancies and disputes, and wholly or partially
terminate some or all of their outstanding swaps through regular
portfolio compression exercises. The collections of information are
mandatory. 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.
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\1\ 17 CFR 23.500-23.505.
\2\ 7 U.S.C. 6s(f),(g) & (i).
\3\ For the definition of SD, see section 1a(49) of the CEA and
Commission regulation 1.3(ggg). 7 U.S.C. 1a(49) and 17 CFR 1.3(ggg).
\4\ For the definitions of MSP, see section 1a(33) of the CEA
and Commission regulation 1.3(hhh). 7 U.S.C. 1a(33) and 17 CFR
1.3(hhh).
\5\ SDs and MSPs are required to maintain all records of
policies and procedures in accordance with Commission regulation
1.31, including policies, procedures and models used for eligible
master netting agreements and custody agreements that prohibit
custodian of margin from re-hypothecating, repledging, reusing, or
otherwise transferring the funds held by the custodian.
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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.
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.\6\
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\6\ 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.
Burden Statement: The Commission is revising its estimate of the
burden for this collection to reflect the current number of respondents
and estimated burden hours. The respondent burden for this collection
is estimated to be as follows:
OMB Control No. 3038-0068 (Confirmation, Portfolio
Reconciliation, and Portfolio Compression Requirements for Swap Dealers
and Major Swap Participants).
Number of Registrants: 106.
Estimated Average Burden Hours per Registrant: 1,282.5.
Estimated Aggregate Burden Hours: 135,945.
Frequency of Recordkeeping: As applicable.
OMB Control No. 3038-0083 (Orderly Liquidation Termination
Provision in Swap Trading Relationship Documentation for Swap Dealers
and Major Swap Participants).
Number of Registrants: 106.
Estimated Average Burden Hours per Registrant: 270.
Estimated Aggregate Burden Hours: 28,620.
Frequency of Recordkeeping: As applicable.
OMB Control No. 3038-0088 (Swap Trading Relationship
Documentation Requirements for Swap Dealers and Major Swap
Participants).
Number of Registrants: 106.
Estimated Average Burden Hours per Registrant: 6284.
Estimated Aggregate Burden Hours: 135,945.
Frequency of Recordkeeping: As applicable.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: November 20, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015-30048 Filed 11-24-15; 8:45 am]
BILLING CODE 6351-01-P