2023-23255
[Federal Register Volume 88, Number 202 (Friday, October 20, 2023)]
[Notices]
[Pages 72436-72437]
From the Federal Register Online via the Government Publishing Office
[FR Doc No: 2023-23255]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities Under OMB Review
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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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 Information and
Regulatory Affairs (OIRA), of 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 20, 2023.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be submitted within 30 days of this
notice's publication to OIRA, at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. Please find this particular information collection by
selecting ``Currently under 30-day Review--Open for Public Comments''
or by using the website's search function. Comments can be entered
electronically by clicking on the ``comment'' button next to the
information collection on the ``OIRA Information Collections Under
Review'' page, or the ``View ICR--Agency Submission'' page. A copy of
the supporting statement for the collection of information discussed
herein may be obtained by visiting <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>.
In addition to the submission of comments to <a href="https://Reginfo.gov">https://Reginfo.gov</a> as
indicated above, a copy of all comments submitted to OIRA may also be
submitted to the Commodity Futures Trading Commission (the
``Commission'' or ``CFTC'') by clicking on the ``Submit Comment'' box
next to the descriptive entry for OMB Control No. 3038-0076, at <a href="https://comments.cftc.gov/FederalRegister/PublicInfo.aspx">https://comments.cftc.gov/FederalRegister/PublicInfo.aspx</a>.
Or by either of the following methods:
<bullet> Mail: Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW, Washington, DC 20581.
<bullet> Hand Delivery/Courier: Same as Mail above.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments submitted to the Commission should
include 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 <a href="https://www.cftc.gov">https://www.cftc.gov</a> 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.
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\1\ 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Joseph Opron, Special Counsel,
Division of Clearing and Risk, Commodity
[[Page 72437]]
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Futures Trading Commission, (312) 596-0653; email: <a href="/cdn-cgi/l/email-protection#3b51544b4954557b585d4f58155c544d"><span class="__cf_email__" data-cfemail="593336292b3637193a3f2d3a773e362f">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Requirements for Derivatives Clearing Organizations (OMB
Control No. 3038-0076). This is a request for a revision of a currently
approved information collection.
Abstract: On July 13, 2023, the Commission published a Final Rule
adopting amendments that included new information collection
requirements. See Final Rule, Governance Requirements for Derivatives
Clearing Organizations, 88 FR 44674 (Jul. 13, 2023). The revised rules
require a DCO to create and maintain minutes of each Risk Management
Committee (RMC) meeting and to maintain written policies and procedures
to make certain that its RMC includes at least two clearing member
representatives and, if applicable, at least two representatives of
customers of clearing members. The revised rules also require a DCO to
adopt written policies and procedures related to the formation and role
of each risk advisory working group (RWG), and to include in those
policies and procedures requirements for the DCO to document and
provide to the RMC, at a minimum, a summary of the topics discussed and
the main points raised during each meeting of the RWG.
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 July 13, 2023, the Commission
published in the Federal Register notice of the proposed revision of
this information collection and provided 60 days for public comment on
the proposed extension, 88 FR 44781 (``60-Day Notice''). The Commission
received no relevant comments that addressed its PRA burden estimates.
Burden Statement: The Commission is revising its burden estimate
for OMB control number 3038-0076 to account for the amendments
described above. Specifically, the Commission believes that the burden
under this clearance will increase because the 15 DCOs subject to these
requirements will be required under Sec. 39.24(b)(11) to create and
maintain minutes of each RMC meeting, and under Sec. 39.24(b)(12) to
document and provide to the RMC, at a minimum, a summary of the topics
discussed and the main points raised during each meeting of the RWG.
The Commission estimates a DCO will spend an average of four hours
creating minutes of each RMC meeting and four hours documenting a
summary of the topics discussed and the main points raised during each
meeting of the RWG, which includes attending the meeting, taking notes,
and putting the notes into the required format following the meeting.
The Commission estimates that a DCO's RMC and RWG will each need to
hold an average of six meetings per year to satisfy the Sec. Sec.
39.24(b)(11) and (12) requirements that a DCO's RMC and RWG address all
matters that could materially affect the risk profile of the DCO. Based
upon the above, the estimated hour burden for this collection is
calculated as follows:
Estimated number of respondents: 15.\2\
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\2\ The Commission notes that while new Sec. 39.24(d) provides
that a DCO may satisfy the requirements of paragraphs (b)(11),
(b)(12), (c)(1)(iv), and (c)(3) by having rules that permit it to
clear only fully collateralized positions, such DCOs are included in
the total estimated number of respondents because these DCOs would
still be required to develop and disclose governance arrangements
required by the other provisions of Sec. 39.24. The Commission's
estimate is therefore conservative to the extent that these DCOs are
not required to prepare and maintain minutes of each RMC meeting,
and document and provide to the RMC, at a minimum, a summary of the
topics discussed and the main points raised during each meeting of
the RWG.
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Estimated number of reports per respondent: 18.
Average number of hours per report: 4.
Estimated gross annual reporting burden: 1,080.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: October 17, 2023.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2023-23255 Filed 10-19-23; 8:45 am]
BILLING CODE 6351-01-P