2017-16019
Federal Register, Volume 82 Issue 146 (Tuesday, August 1, 2017)
[Federal Register Volume 82, Number 146 (Tuesday, August 1, 2017)]
[Notices]
[Pages 35764-35767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16019]
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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 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 August 31, 2017.
ADDRESSES: Comments regarding the burden estimate 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 this notice's
publication by either of the following methods. Please identify the
comments by ``OMB Control No. 3038-0081''.
By email addressed to: [email protected] or
By mail addressed 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.
A copy of all comments submitted to OIRA should be sent to the
Commodity Futures Trading Commission (the ``Commission'') by either of
the following methods. The copies should refer to ``OMB Control No.
3038-0081''.
By mail addressed to: Christopher Kirkpatrick, Secretary
of the Commission, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581;
By Hand Delivery/Courier to the same address; or
Through the Commission's Web site at http://comments.cftc.gov. Please follow the instructions for submitting
comments through the Web site.
A copy of the supporting statement for the collection of
information discussed herein 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. 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.\1\ The
[[Page 35765]]
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.
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\1\ 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Robert Wasserman, Chief Counsel,
Division of Clearing and Risk, Commodity Futures Trading Commission,
(202) 418-5092; email: [email protected], and refer to OMB Control
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No. 3038-0081.
SUPPLEMENTARY INFORMATION:
Title: Derivatives Clearing Organizations, General Regulations and
International Standards; OMB Control No. 3038-0081. This is a request
for extension of a currently approved OMB Control No. containing two
information collections consolidated into OMB Control No. 3038-0081.
Derivatives Clearing Organization General Provisions and Core
Principles.\2\ Section 725(c) of the Dodd-Frank Act amended Section
5b(c)(2) of the CEA to allow the Commission to establish regulatory
standards for compliance with the DCO core principles. Accordingly, the
Commission adopted a final rule to set specific standards for
compliance with DCO Core Principles.\3\ The DCO Final Rule requires the
appointment of a CCO, the filing of an annual report and adherence to
certain recordkeeping requirements.\4\ The information collected
pursuant to those regulations is necessary for the Commission to
evaluate whether DCOs are complying with Commission regulations.
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\2\ The 60-day Federal Register notice, 82 FR 24688, May 30,
2017, identified this information collection as ``Annual report
provided for in Derivatives Clearing Organization General Provisions
and Core Principles.''
\3\ See Derivatives Clearing Organization General Provisions and
Core Principles, 76 FR 69334 (November 8, 2011) (DCO Final Rule).
\4\ These DCO recordkeeping requirements and associated costs
are captured in separate proposed rulemakings under separate OMB
Control Nos.; specifically, see Risk Management Requirements for
Derivatives Clearing Organizations; 76 FR 3698 (Jan. 20, 2011)(OMB
Control No. 3038-0076); Information Management Requirements for
Derivatives Clearing Organizations, 75 FR 78185 (Dec. 15, 2010))
(OMB Control No. 3038-0069); and Financial Resources requirements
for Derivatives Clearing Organizations, 75 FR 63113 (Oct. 14,
2010)(OMB Control No. 3038-0066).
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Derivatives Clearing Organizations and International Standards.\5\
In the SIDCO-Subpart C DCO Final Rule, the Commission adopted
amendments to its regulations to establish additional standards for
compliance with the DCO core principles set forth in Section 5b(c)(2)
of the CEA for systemically important DCOs (``SIDCOs'') and DCOs that
elect to opt-in to the SIDCO regulatory requirements (``Subpart C
DCOs'') which are consistent with certain international standards.\6\
Specifically, the additional requirements address any remaining gaps
between the Commission's existing regulations and the Principles for
Financial Market Infrastructures (``PFMI'') published by the Committee
on Payments and Market Infrastructures and the Board of the
International Organization of Securities Commissions.
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\5\ The 60-day Federal Register notice, 82 FR 24688, May 30,
2017, identified this information collection as Subpart C Election
Form and other reporting and recordkeeping requirements provided for
in subpart C, part 39 of the Commission Regulations.
\6\ See Derivatives Clearing Organizations and International
Standards, 78 FR 72476 (December 2, 2013) (SIDCO-Subpart C DCO Final
Rule).
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The SIDCO-Subpart C DCO Final Rule also established the process
whereby DCO and DCO applicants, respectively, may elect to become
Subpart C DCOs subject to the provisions of Subpart C. The election
involves filing the Subpart C Election Form contained in appendix B to
part 39 of the Commission's regulations, which involves completing
certifications, providing exhibits, and drafting and publishing
responses to the PFMI Disclosure Framework and PFMI Quantitative
Information Disclosure, as applicable. Additionally, the SIDCO-Subpart
C DCO Final Rule provides for Commission requests for supplemental
information from those requesting Subpart C DCO status; requires
amendments to the Subpart C Election Form in the event that a DCO or
DCO Applicant, respectively, discovers a material omission or error in,
or if there is a material change in, the information provided in the
Subpart C Election Form; to submit a notice of withdrawal to the
Commission in the event the DCO or DCO applicant determines not to seek
Subpart C DCO status prior to such status becoming effective; and
procedures by which a Subpart C DCO may rescind its Subpart C DCO
status after it has been permitted to take effect. Further, each of
these requirements implies recordkeeping that would be produced by a
DCO to the Commission on an occasional basis to demonstrate compliance
with the rules. The information that would be collected under the
SIDCO-Subpart C DCO Final Rule, part 39 of the Commission Regulations,
is necessary for the Commission to determine whether a DCO meets the
Subpart C DCO standards and is likely to be able to maintain compliance
with such standards; to evaluate whether SIDCOs and Subpart C DCOs are
complying with Commission regulations; and to perform risk analyses
with respect to SIDCOs and Subpart C DCOs.
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 May 30, 2017, the Commission
published in the Federal Register notice of the proposed extension of
this information collection and provided 60 days for public comment on
the proposed extension, 82 FR 24688 (``60-Day Notice'').
Burden Statement: The Commission is not revising its estimate of
the burden for this collection. The respondent burden for this
collection is estimated to be as follows:
Estimated Number of Respondents: With respect to the DCO Final
Rule, the estimated number of respondents is 12. With respect to the
SIDCO-Subpart C DCO Rule, the estimated number of respondents is 7.
Estimated Average Burden Hours Per Respondent: With respect to the
DCO Final Rule, the estimated average burden hours is 80. With respect
to the SIDCO-Subpart C DCO Rule, the estimated average burden hours is
2,502.
Estimated Total Annual Burden Hours: With respect to the DCO Final
Rule, the total annual burden hours is estimated to be 960. With
respect to the SIDCO-Subpart C DCO Rule, the total annual burden hours
is estimated to be 17,512.
Frequency of Collection: With respect to the DCO Final Rule, the
estimated frequency of collection is annual. With respect to the SIDCO-
Subpart C DCO Rule, the frequency of collection is annual and
occasional.
The total annual time burden for all respondents is estimated to be
18,472 hours.
See Appendix A for an individual breakdown for burden for annual
reports provided for in Derivatives Clearing Organization General
Provisions and Core Principles.
See Appendix B for an individual breakdown for burden for
Derivatives Clearing Organizations and International Standards (Subpart
C Election Form and other reporting and recordkeeping requirements
provided
[[Page 35766]]
for in subpart C, part 39 of the Commission Regulations).
There are no capital costs or operating and maintenance costs
associated with this collection.
Authority: 44 U.S.C. 3501 et seq.
Dated: July, 25, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.
Note: The following appendices will not appear in the Code of
Federal Regulations.
Appendix A--Derivatives Clearing Organization General Provisions and
Core Principles OMB Collection 3038-0081.
The regulations under this final rulemaking require DCOs to
report information to the Commission on an annual basis but allow
the Commission to collect information at other times as necessary.
Annual Reporting Requirements For Derivatives Clearing Organizations
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Estimated
total number
Reports Estimated of hours of
Estimated number of respondents per year annually by Total annual average number annual burden
each responses of hours per in fiscal year
respondent response (maximum:
12x80)
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12.......................................... 1 12 40-80 480-960
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Appendix B--Subpart C Election Form and Other Reporting and
Recordkeeping Requirements Provided for in Subpart C, Part 39 of the
Commission Regulations OMB Collection 3038-0081
SIDCO/Subpart C DCO Regulations--Reporting Collection
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Estimated
Estimated Estimated total number
number of Reports Total annual average of hours of
respondents annually by responses number of annual burden
per year each hours per in fiscal
response year
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Certifications--Subpart C 5 1 5 25 125
Election Form..................
Exhibits A thru G--Subpart C 5 1 5 155 775
Election Form..................
Disclosure Framework Responses.. 5 1 5 200 1,000
Quantitative Information 5 1 5 80 400
Disclosures....................
Supplemental Information........ 5 5 25 45 1,125
Amendments to Subpart C Election 5 3 15 8 120
Form...........................
Withdrawal Notices.............. 1 1 1 2 2
Rescission Notices.............. 1 75 75 3 225
Written Governance Arrangements. 7 1 7 200 1,400
Governance Disclosures.......... 7 6 42 3 126
Financial and Liquidity Resource 7 1 7 120 840
Documentation..................
Stress Test Results............. 7 16 112 14 1,568
Disclosure Framework 2 1 2 200 400
Requirements (SIDCOs Only).....
Disclosure Framework 7 1 7 80 560
Requirements (Both)............
Quantitative Information 2 1 2 80 160
Disclosures (SIDCOs Only)......
Quantitative Information 7 1 7 35 245
Disclosures (Both).............
Transaction, Segregation, 7 2 14 35 490
Portability Disclosures........
Efficiency and Effectiveness 7 1 7 3 21
Review.........................
Recovery and Wind-Down Plan..... 7 1 7 480 3,360
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Totals...................... .............. 120 350 1,768 12,942
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SIDCO/Subpart C DCO Regulations--Recordkeeping Collection
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Estimated
Estimated Estimated total number
number of Records to be Total annual average of hours of
recordkeepers kept annually responses number of annual burden
per year by each hours per in fiscal
record year
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Generally....................... 5 82 410 1 2,050
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Liquidity Resource Due Diligence 7 4 28 10 280
and Testing....................
Financial and Liquidity 7 4 28 10 280
Resources, Excluding Due
Diligence......................
Generally....................... 7 28 196 10 1960
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Totals...................... .............. 118 662 31 4570
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[FR Doc. 2017-16019 Filed 7-31-17; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: August 1, 2017