2017-07183

Federal Register, Volume 82 Issue 68 (Tuesday, April 11, 2017)

[Federal Register Volume 82, Number 68 (Tuesday, April 11, 2017)]

[Notices]

[Pages 17413-17414]

From the Federal Register Online via the Government Publishing Office [www.gpo.gov]

[FR Doc No: 2017-07183]

=======================================================================

-----------------------------------------------------------------------

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 May 11, 2017.

ADDRESSES: Comments regarding the burden estimated 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 the notice's

publication, by email at [email protected]. Please identify

the comments by OMB Control No. 3038-0090. Please provide the Commodity

Futures Trading Commission (``CFTC'' or ``Commission'') with a copy of

all submitted comments at the address listed below. Please refer to OMB

Reference No. 3038-0090, found on http://reginfo.gov. Comments may also

be mailed 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,

and to: Christopher J. Kirkpatrick, Secretary of the Commission,

Commodity Futures Trading Commission, 1155 21st Street NW., Washington,

DC 20581 or by Hand Deliver/Courier at the same address; or through the

Agency's Web site at http://comments.cftc.gov. Follow the instructions

for submitting comments through the Web site.

A copy of the supporting statements for the collection of

information discussed above 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.

FOR FURTHER INFORMATION CONTACT: August A. Imholtz III, Special

Counsel, Division of Swap Dealer and Intermediary Oversight, Commodity

[[Page 17414]]

Futures Trading Commission, (202) 418-5140; email: [email protected],

and refer to OMB Control No. 3038-0090.

SUPPLEMENTARY INFORMATION:

Title: Adaption of Regulations to Incorporate Swaps--Records of

Transactions (OMB Control No. 3038-0090). This is a request for an

extension and revision of a currently approved information collection.

Abstract: The Commission recently amended Regulation 1.35(a) to

change and clarify several of the existing recordkeeping requirements

that apply to certain registrants and market participants. Records of

Commodity Interest and Related Cash or Forward Transactions, 80 FR

80247 (Dec. 24, 2015). Specifically, the amendment to Regulation 1.35:

(1) Excludes members of designated contract markets (``DCMs'') and

members of swap execution facilities (``SEFs'') that are not registered

or required to register with the Commission (``Unregistered Members'')

from the requirement to keep written communications that lead to the

execution of a commodity interest transaction and related cash or

forward transactions; (2) excludes Unregistered Members from the

requirement to maintain records in a particular form and manner; (3)

excludes Unregistered Members from the requirement to retain text

messages; (4) excludes commodity trading advisors (``CTAs'') that are

members of a DCM or of a SEF from the requirement to record oral

communications that lead to the execution of a transaction; and (5)

clarifies the form and manner requirements that apply to required

records.

In Agency Information Collection Activities: Proposed Collection

Revision, Comment Request: Final Rule for Records of Commodity Interest

and Related Cash or Forward Transactions, 80 FR 80327 (Dec. 24, 2015),

the Commission addressed the PRA implications of this amendment of

Regulation 1.35. First, the Commission estimated that changing

Regulation 1.35(a) to exclude Unregisted Members from the requirement

to keep written communications that lead to transaction execution will

decrease the information collection burden under the rule by

approximately one-half hour per week per entity. Second, the Commission

estimated that excluding Unregistered Members from the requirement to

maintain records in a particular form and manner will decrease the

information collection burden by approximately one-half hour per month

per entity. Third, the Commission estimated that excluding Unregistered

Members from the requirement to retain text messages will decrease the

information collection burden by approximately approximately one-half

hour per month per entity. In connection with these estimates, the

Commission estimated that there are approximately 3,200 Unregistered

Members that will have their recordkeeping obligations reduced as a

result of these three changes to Regulation 1.35(a). Next, the

Commission estimated that excluding CTAs that are members of a DCM or

of a SEF from the requirement to record oral communications that lead

to transaction execution will decrease the information collection

burden by approximately one-half hour per week per entity. In

connection with this estimate, the Commission estimated that there are

approximately 1,175 CTAs that will have their recordkeeping obligations

reduced as a result of this change to Regulation 1.35(a). Finally, the

Commission noted that because the revised form and manner requirements

are a clarification of the prior requirements, the revised requirements

do not increase or decrease the information collection burden.

In the Agency Information Collection Activities: Proposed

Collection Revision, Comment Request: Final Rule for Records of

Commodity Interest and Related Cash or Forward Transactions, the

Commission requested comments on, among other things, its estimates

regarding the modified information collection burdens associated with

the changes to Regulation 1.35(a). The Commission did not receive any

comments that addressed any of its estimates or any other aspect of the

information collection.

Burden Statement: The amendment of Regulation 1.35 reduces the

recordkeeping burdens of Unregistered Members and of CTAs that are

members of a DCM or of a SEF. For each respondent that is an

Unregistered Member, the Commission estimates that the amendment

reduces the annual recordkeeping burden by a total of 38 hours. For

each respondent that is a CTA, the Commission estimates that the

amendment reduces the annual recordkeeping burden by a total of 26

hours.

The Commission estimates the burden of this collection of

information as follows:

Respondents/Affected Entities: Futures Commission Merchants, Retail

Foreign Exchange Dealers, Introducing Brokers, and Members of a DCM or

of a SEF.

Estimated number of respondents: 6,000.

Estimated total annual burden on respondents: 321,449 hours.\1\

---------------------------------------------------------------------------

\1\ In the Agency Information Collection Activities: Proposed

Collection Revision, Comment Request: Final Rule for Records of

Commodity Interest and Related Cash or Forward Transactions, the

Commission mistakenly estimated the total annual burden on

respondents to be 319,707. This estimate appears to have

incorporated a mathematical error. The correct estimate of the total

annual burden on respondents is, and should have been, 321,449.

---------------------------------------------------------------------------

Frequency of collection: Ongoing.

There are no capital costs or operating and maintenance costs

associated with this collection.

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

Dated: April 5, 2017.

Robert N. Sidman,

Deputy Secretary of the Commission.

[FR Doc. 2017-07183 Filed 4-10-17; 8:45 am]

BILLING CODE 6351-01-P

 

Last Updated: April 11, 2017