2022-17790
[Federal Register Volume 87, Number 159 (Thursday, August 18, 2022)]
[Notices]
[Pages 50850-50851]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17790]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Extend Collection 3038-0102: Clearing Exemption for Certain Swaps
Entered Into by Cooperatives
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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[[Page 50851]]
SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or
``Commission'') 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 the reporting
requirements related to Commission regulation 50.51, which permits
certain cooperatives to elect not to clear certain swaps that otherwise
would be required to be cleared, provided that they meet certain
conditions.
DATES: Comments must be submitted on or before October 17, 2022.
ADDRESSES: You may submit comments, identified by ``Clearing Exemption
for Certain Swaps Entered into by Cooperatives, OMB Control No. 3038-
0102,'' by any of the following methods:
The Agency's website, at http://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 http://www.cftc.gov.
FOR FURTHER INFORMATION CONTACT: Megan Wallace, Senior Special Counsel,
(202) 418-5150, [email protected]; Daniel O'Connell, Special Counsel,
(202) 418-5583, [email protected]; each of the Division of Clearing
and Risk, Commodity Futures Trading Commission, Three Lafayette Centre,
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 extension 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 extension of the currently approved 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: Clearing Exemption for Certain Swaps Entered into by
Cooperatives (OMB Control No. 3038-0102). This is a request for an
extension of a currently approved information collection.
Abstract: Section 2(h)(1)(A) of the Commodity Exchange Act
(``CEA'') requires certain entities to submit swaps for clearing if
they are required to be cleared by the Commission. Commission
regulation 50.51 permits certain cooperatives to elect not to clear
certain swaps that otherwise would be required to be cleared, provided
that they meet certain conditions. The rule establishes a reporting
requirement for cooperatives that is critical to ensuring compliance
with the Commission's clearing requirement under section 2(h)(1) of the
CEA and is necessary in order for Commission staff to prevent abuse of
the cooperative exemption. In addition, this collection relates to
information that the Commission needs to monitor elections of the
cooperative exemption and to assess market risks.
With respect to the collection 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.\2\
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\2\ 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 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 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 anticipates that there will
continue to be approximately 25 eligible respondents and the hourly
burden will remain the same as in the 2019 renewal. The respondent
burden for this collection is estimated to be as follows:
Estimated Number of Respondents: 25.
Estimated Average Burden Hours per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 25 hours.
Frequency of Collection: On occasion; annually.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: August 15, 2022
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-17790 Filed 8-17-22; 8:45 am]
BILLING CODE 6351-01-P