2022-13485
[Federal Register Volume 87, Number 121 (Friday, June 24, 2022)]
[Notices]
[Pages 37839-37840]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-13485]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Revise Collection 3038-0096 (Swap Data Recordkeeping and Reporting
Requirements) and Collection 3038-0070 (Real-Time Public Reporting)
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or
``Commission'') is announcing an opportunity for public comment on the
proposed revision of collections 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 revision of
an existing collection of information, and to allow 60 days for public
comment. This notice solicits comments on the collections of
information mandated by certain Commission regulations related to Swap
Data Recordkeeping and Reporting Requirements and Real-Time Public
Reporting.
DATES: Comments must be submitted on or before August 23, 2022.
ADDRESSES: You may submit comments, identified by ``Swap Data
Recordkeeping and Reporting Requirements, OMB Control No. 3038-0096,''
and/or ``Real-Time Public Reporting, OMB Control No. 3038-0070,'' as
applicable, 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.
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: Tom Guerin, Special Counsel, Division
of Data, at (202) 836-1933 or [email protected], or Paul Chaffin,
Attorney Advisor, Division of Data, at (202) 418-5185 or
[email protected], Commodity Futures Trading Commission, 1155 21st
Street NW, Washington, DC 20581.
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 revision of an existing collection
of information, before submitting the collection to OMB for approval.
To comply with this requirement, the CFTC is publishing notice of the
proposed 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\ 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8 (b)(3)(vi).
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Title: ``Swap Data Recordkeeping and Reporting Requirements'' (OMB
Control No. 3038-0096) and ``Real-Time Public Reporting'' (OMB Control
No. 3038-0070). This is a request for revisions to currently approved
information collections.
Abstract: Pursuant to section 2(a)(13)(G) of the Commodity Exchange
Act (``CEA''), all swaps, whether cleared or uncleared, must be
reported to SDRs.\2\ CEA section 21(b) directs the Commission to
prescribe standards for swap data recordkeeping and reporting.\3\ Part
45 of the Commission's regulations implements the swap data reporting
rules. Section 2(a)(13) of the CEA authorizes and requires the
Commission to promulgate regulations for the real-time public reporting
of swap transaction and pricing data.\4\ Part 43 of the Commission's
regulations implements the real-time public reporting rules.
Regulations 45.14 and 43.3(e) require that if a SEF, DCM, or reporting
counterparty determines that it will fail to timely correct an error in
swap data or swap transaction and pricing data, respectively, it shall
notify
[[Page 37840]]
staff of its determination that it will fail to timely correct the
error.\5\
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\2\ 7 U.S.C. 2(a)(13)(G).
\3\ See 7 U.S.C. 24a(b)(1)-(3).
\4\ 7 U.S.C. 2(a)(13)(E).
\5\ 17 CFR 45.14(a)(1); 17 CFR 43.3(e)(1). Commission
regulations referred to herein are found at 17 CFR Ch. 1.
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On June 10, 2022, DOD published a ``Swap Data Error Correction
Notification Form,'' which sets out the form and manner for
notifications pursuant to regulations 45.14 and 43.3(e) and enumerates
information sufficient to provide an initial assessment of the scope of
the error or errors that were discovered and any initial remediation
plan for correcting the error or errors, if an initial remediation plan
exists.\6\ The Swap Data Error Correction Notification Form requests,
among other things: (1) identifying information for the swap execution
facility (``SEF''), designated contract market (``DCM''), or reporting
counterparty making the notification; (2) clarification whether errors
relate to previously reported and/or unreported swaps; (3) unique swap
identifiers and/or unique transaction identifiers for transactions
representative of the error or errors; (4) the asset classes to which
the error or errors pertain; (5) the number of transactions impacted by
the error or errors; (6) the percentage of the SEF, DCM, or reporting
counterparty's reported swap transactions affected by the error and
that percentage for each impacted asset class; (7) the date the SEF,
DCM, or reporting counterparty discovered the error or errors and a
description of how discovery came about; (8) an indication whether the
issues underlying the error or errors are still producing new errors;
and (9) any initial remediation plan or, if no initial remediation plan
exists, an indication of when the SEF, DCM, or reporting counterparty
expects to have a remediation plan. The Swap Data Error Correction
Notification Form, which will be required for error data notifications
after December 5, 2022, is appended to CFTC Letter 22-06 and is
available as a stand-alone form on the Commission's website.\7\
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\6\ See CFTC Letter 22-06.
\7\ See Swap Data Error Correction Notification Form, available
at https://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_17_Recordkeeping/index.htm.
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As the Swap Data Error Correction Notification Form provides the
form and manner and specifies sufficient information required to
satisfy previously-approved information collections under regulations
45.14 and 43.3(e), the Commission does not believe it imposes any new
collection of information. The information collections under
Information Collection 3038-0096 and Information Collection 3038-0070
are each necessary to obtain information detailing the cause, nature,
and scope of swap data errors.
With respect to the collections of information, the CFTC invites
comments on:
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 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.\8\
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\8\ 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.
Collection 3038-0096 (Swap Data Recordkeeping and Reporting)
Burden Statement: The Commission estimates that the respondent
burden for this collection is as follows:
Respondents/Affected Entities: SEFs, DCMs, and reporting
counterparties.
Estimated Number of Respondents: 1,742.
Estimated Average Burden Hours per Respondent: 6.\9\
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\9\ The Commission estimates that each SEF, DCM, and reporting
counterparty will, on average, need to provide notice to the
Commission under regulation 45.14(a) once per year and that each
instance will require 6 burden hours.
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Estimated Total Annual Burden Hours: 10,452.
Frequency of collection: As needed.
The Commission does not anticipate any capital costs or annual
operating and maintenance costs associated with this collection.
Collection 3038-0070 (Real-Time Reporting)
Burden Statement: The Commission estimates that the respondent
burden for this collection is as follows:
Respondents/Affected Entities: SEFs, DCMs, and reporting
counterparties.
Estimated Number of Respondents: 1,742.
Estimated Average Burden Hours per Respondent: 6.\10\
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\10\ The Commission estimates that each SEF, DCM, and reporting
counterparty will, on average, need to provide notice to the
Commission under regulation 43.3(e) once per year and that each
instance will require 6 burden hours.
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Estimated Total Annual Burden Hours: 10,452.
Frequency of collection: As needed.
The Commission does not anticipate any capital costs or annual
operating and maintenance costs associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: June 17, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-13485 Filed 6-23-22; 8:45 am]
BILLING CODE 6351-01-P