2022-08789
[Federal Register Volume 87, Number 80 (Tuesday, April 26, 2022)]
[Notices]
[Pages 24534-24535]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-08789]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Extend Collection 3038-0089: Swap Data Recordkeeping and Reporting
Requirements: Pre-Enactment and Transition Swaps
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: The Commodity Futures Trading Commission (``Commission'' or
``CFTC'') is announcing an opportunity for public comment on the
proposed renewal 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, including each proposed extension
of an existing collection of information, and to allow 60 days for
public comment. This notice solicits comments on reporting requirements
relating to swap data recordkeeping and reporting requirements codified
in the Code of the Federal Regulations that imposes recordkeeping and
reporting requirements on the following entities: Swap Dealers
(``SDs''), Major Swap Participants (``MSPs''), and swap counterparties
that are neither swap dealers nor major swap participants (``non-SD/MSP
counterparties'').
DATES: Comments must be submitted on or before June 27, 2022.
ADDRESSES: You may submit comments, identified by ``OMB Control No.
3038-0089'' by any of the following methods:
The Agency's website, at https://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.
[[Page 24535]]
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 https://www.cftc.gov.
FOR FURTHER INFORMATION CONTACT: Isabella Bergstein, Attorney Adviser,
Division of Data Policy, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW, Washington, DC 20581; (202) 993-
1384; 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, including each proposed extension of an existing
collection of information, before submitting the collection to OMB for
approval. To comply with this requirement, the Commission is publishing
notice of the proposed extension of the existing 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.\1\
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\1\ The OMB control numbers for the CFTC regulations were
published on December 30, 1981. See 46 FR 63035 (Dec. 30, 1981).
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Title: Swap Data Recordkeeping and Reporting Requirements:
Reenactment and Transition Swaps (OMB Control No. 3038-0089). This is a
request for an extension of a currently approved information
collection.
Abstract: Sections 4r(a)(2)(A) and 2(h)(5) of the Commodity
Exchange Act requires the reporting of pre-enactment and transition
swaps. Regulations 46.2, 46.3, and 46.11 establish reporting
requirements that are mandated by 4r and 2(h) and, thus, are necessary
to implement the objectives of 4r and 2(h). Regulation 46.2 establishes
swap counterparties' recordkeeping requirements for pre-enactment and
transition swaps. Regulation 46.3 establishes reporting requirements
for uncleared pre-enactment or transition swaps in existence on or
after April 25, 2011, and throughout the existence of the swap.\2\
Regulation 46.11 addresses the reporting of errors and omission in
previously reported data. The data required to be compiled and
maintained pursuant to the Part 46 regulations would be used by the
Commission and other financial regulators for fulfillment of various
regulatory mandates. The collection of information is needed to ensure
that the CFTC and other regulators have access to data regarding pre-
enactment and transition swaps, as required by the Commodity Exchange
Act as amended by the Dodd-Frank Wall Street Reform and Consumer
Protection Act (``Dodd-Frank Act''). With respect to the collection of
information, the CFTC invites comments on:
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\2\ See 17 CFR part 46.1 (defining ``pre-enactment swap'' as any
swap entered into prior to enactment of the Dodd-Frank Act of 2010
(July 21, 2010), the terms of which have not expired as of the date
of enactment of that Act, and ``transition swap'' as any swap
entered into on or after the enactment of the Dodd-Frank Act of 2010
(July 21, 2010) and prior to the applicable compliance date on which
a registered entity or swap counterparty subject to the jurisdiction
of the Commission is required to commence full compliance with all
provisions of part 46).
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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 for 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.\3\
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\3\ See 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 https://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 estimates that the respondent
burden for this collection is as follows:
Recordkeeping:
Estimated Number of Respondents: 30,108.
Estimated Average Burden Hours per Respondent: 69.5 hours.
Estimated Total Annual Burden Hours: 13,506 hours.
Frequency of Collection: 1.
Reporting:
Estimated Number of Respondents: 608.
Estimated Average Burden Hours per Respondent: 5.64 hours.
Estimated Total Annual Burden Hours: 860 hours.
Frequency of Collection: Daily.
Total Annual Burden for the Collection: 14,366 hours.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: April 20, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-08789 Filed 4-25-22; 8:45 am]
BILLING CODE 6351-01-P