2019-06168
Federal Register, Volume 84 Issue 62 (Monday, April 1, 2019)
[Federal Register Volume 84, Number 62 (Monday, April 1, 2019)]
[Notices]
[Pages 12233-12234]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06168]
-----------------------------------------------------------------------
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 burdens.
DATES: Comments must be submitted on or before May 1, 2019.
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 publication of
this notice by either of the methods specified below. Please identify
the comments by ``OMB Control Numbers 3038-0088.''
By email addressed to: [email protected]; or
By mail addressed to: 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 (``Commission'') by any of the
following methods. The copies should refer to ``OMB Control Numbers
3038-0088.''
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 website at http://comments.cftc.gov. Please follow the instructions for submitting
comments through the website.
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 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 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
[[Page 12234]]
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.
---------------------------------------------------------------------------
\1\ 17 CFR 145.9.
---------------------------------------------------------------------------
A copy of the supporting statements for the collections of
information discussed herein may be obtained by visiting http://RegInfo.gov.
FOR FURTHER INFORMATION CONTACT: Jacob Chachkin, Special Counsel, (202)
418-5496, [email protected], Division of Swap Dealer and Intermediary
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW,
Washington, DC 20581, and refer to OMB Control Numbers 3038-0088.
SUPPLEMENTARY INFORMATION:
Titles: Confirmation, Portfolio Reconciliation, Portfolio
Compression, and Swap Trading Relationship Documentation Requirements
for Swap Dealers and Major Swap Participants (OMB control number 3038-
0088). This is a request for revision of this currently approved
information collection.
Abstract: Pursuant to the authority granted to it by Section 731 of
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (Dodd-Frank Act, Pub L. No. 111-203, 124 Stat. 1376 (2010)), the
Commission promulgated regulation 23.504, among others. This regulation
obligates swap dealers (``SDs'') and major swap participants (``MSPs'')
to develop and retain written swap trading relationship documentation,
which is essential to ensuring that SDs and MSPs document their swaps.
The ICRs for this regulation are included under OMB control number
3038-0088.
The United Kingdom (``UK'') has provided formal notice of its
intention to withdraw from the European Union (``EU''). This withdrawal
may happen as soon as April 12, 2019 and may transpire without a
negotiated agreement between the UK and EU (No-deal Brexit). To the
extent this event occurs, affected SDs and MSPs may be involved in
transfers of certain uncleared swaps, including uncleared swaps that
were entered into before the relevant compliance dates under the CFTC
Margin Rule \2\ or the Prudential Margin Rule and that, therefore, may
not be subject to such rules, in whole or in part.
---------------------------------------------------------------------------
\2\ Margin Requirements for Uncleared Swaps for Swap Dealers and
Major Swap Participants, 81 FR 636 (Jan. 6, 2016) (``CFTC Margin
Rule''). The CFTC Margin Rule, which became effective April 1, 2016,
is codified in part 23 of the Commission's regulations. 17 CFR
23.150-23.159, 23.161. The Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, the Farm Credit Administration, and the
Federal Housing Finance Agency published final margin requirements
in November 2015. See Margin and Capital Requirements for Covered
Swap Entities, 80 FR 74840 (Nov. 30, 2015) (``Prudential Margin
Rule'').
---------------------------------------------------------------------------
The Commission is adopting an interim final rule (``Final Rule'')
amending the CFTC Margin Rule such that the date used for purposes of
determining whether an uncleared swap was entered into prior to an
applicable compliance date will not change under the CFTC Margin Rule
if the swap is transferred, and thereby amended, in accordance with the
terms of the Final Rule in respect of any such transfer. In doing so,
the Final Rule, subject to its requirements, allows an uncleared swap
to retain its legacy status when transferred in connection with a No-
deal Brexit. As a condition to the relief in the Final Rule, in certain
cases, the Commission requires that the transferor of a legacy swap
make certain representations to the SD or MSP that is a party to the
swap in the swap trading relationship documentation relating to such
transfer. The Commission proposes to revise the burden of OMB control
number 3038-0088 to reflect this requirement.
Burden Statement: As a condition to the relief in the Final Rule,
in certain cases, the Commission requires that the transferor of a
legacy swap make certain representations to the SD or MSP that is a
party to the swap in the swap trading relationship documentation
relating to such transfer. The Commission is revising the burden of
this OMB number to reflect the inclusion of this requirement in the
Final Rule. Specifically, the Commission estimates that this
requirement will increase the burden under OMB control number 3038-0088
as follows:
Respondents/Affected Entities: SDs and MSPs and their
counterparties.
Estimated Number of Respondents: 52.
Estimated Total Annual Burden on Respondents: 1,404 hours.
Frequency of Collection: Periodically.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: March 26, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019-06168 Filed 3-29-19; 8:45 am]
BILLING CODE 6351-01-P