2012-27166
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Federal Register, Volume 77 Issue 216 (Wednesday, November 7, 2012)[Federal Register Volume 77, Number 216 (Wednesday, November 7, 2012)]
[Notices]
[Pages 66819-66823]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-27166]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Extend Collection 3038-0098: Exemptive Order Regarding Compliance With
Certain Swap Regulations
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: The Commodity Futures Trading Commission (``Commission'' or
``CFTC'') is announcing an opportunity for public comment on the
proposed extension of its current approval from the Office of
Management and Budget (``OMB '') of an information collection request
(``ICR'') titled ``Exemptive Order Regarding Compliance with Certain
Swap Regulations,'' OMB Control No. 3038-0098. OMB approved the
Commission's initial ICR request on August 13, 2012, utilizing
emergency review procedures in accordance with the Paperwork Reduction
Act of 1995 (``PRA''), 44 U.S.C. 3501 et seq., and Office of Management
and Budget (``OMB'') regulation 5 CFR 1320.13. The Commission's notice
of its initial submission for OMB emergency review of the ICR was
published in the Federal Register, 77 FR 43271, on July 24, 2012.
The Commission is inviting interested parties to comment on the
proposed extension of the currently approved ICR, relating to the
proposed Exemptive Order Regarding Compliance with Certain Swap
Regulations (``Proposed Exemptive Order'') pursuant to Section 4(c) of
the Commodity Exchange Act (``CEA'').\1\ If approved, the collection of
information will be required to obtain or retain a benefit.
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\1\ See Exemptive Order Regarding Compliance with Certain Swap
Regulations, 77 FR 41110, July 12, 2012.
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DATES: Comments must be submitted on or before January 7, 2013.
ADDRESSES: You may submit written comments on the burden estimated or
any other aspect of the proposed extension of the information
collection to the addresses below. Please refer to OMB Control No.
3098-0098--``Exemptive Order Regarding Compliance with Certain Swap
Regulations'' in any correspondence.
Office of Information and Regulatory Affairs, Office of
Management and Budget, Attention: Desk Officer for CFTC, 725 17th
Street, Washington, DC 20503, or via electronic mail to
oira.submission@omb.eop.gov. Comments also may be submitted to the
Commission by any of the following methods:
The Agency's Web site, at http://comments.cftc.gov/.
Follow the instructions for submitting comments through the Web site.
Mail: David A. Stawick, 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.
Federal eRulemaking Portal: http://www.regulations.gov.
Please submit your comments to the CFTC 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
www.cftc.gov. 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\ See 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Laura B. Badian, Counsel, at 202-418-
5969, lbadian@cftc.gov, Gail Scott, Counsel, at 202-418-5139,
gscott@cftc.gov, Office of General Counsel, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington,
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DC 20581.
SUPPLEMENTARY INFORMATION:
I. Background on Proposed Extension of Information Collection
Activities
A. Overview
Title VII of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (``Dodd-Frank Act''), Public Law 111-203, 124 Stat. 1376
(2010) amended the CEA to establish a new statutory framework for
swaps. To implement the Dodd-Frank Act, the Commission has promulgated,
or proposed, rules and regulations pursuant to the various new
provisions of the CEA, including those specifically applicable to swap
dealers (``SDs'') and major swap participants (``MSPs''). The Dodd-
Frank Act requires all swap dealers and major swap participants to be
registered with the Commission. It contains definitions of ``swap,''
``swap dealer'' and ``major swap participant'' but directs the
Commission to adopt regulations that further define those terms. On
July 23, 2012, the Commission's final regulations further defining the
terms ``swap dealer'' and ``major swap participant'' became effective.
On October 12, 2012, the Commission's final regulations further
defining the term ``swap'' and ``security-based swap'' in sections
712(d) and 721(c) of the Dodd-Frank Act (the ``Products Definitions
Final Rule'') became effective.\3\ The SD and MSP registration
[[Page 66820]]
regulations also became effective on October 12, 2012. An entity that
has more than the specified de minimis levels of dealing (swaps entered
into after October 12) is required to register by no later than two
months after the end of the month in which it surpasses either of the
two de minimis thresholds in the rules defining the term ``swap
dealer.'' \1\ Similarly, effective as of October 12, 2012, a person
that meets the criteria to be an MSP as a result of its swap activities
in a fiscal quarter must register as an MSP by no later than two months
after the end of that quarter.
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\3\ See CFTC and Securities and Exchange Commission (``SEC''),
Further Definition of ``Swap,'' ``Security-Based Swap,'' and
``Security-Based Swap Agreement''; Mixed Swaps; Security-Based Swap
Agreement Recordkeeping, 77 FR 48207, Aug. 13, 2012.
\1\ For example, if an entity reaches either of two specified de
minimis thresholds in swap dealing the day after October 12, 2012,
then the entity would be required to register within two months
after the end of October, or by December 31, 2012. As another
example, if an entity does not reach the specified de minimis level
in swap dealing until November 20, 2012, then the entity would be
required to register by January 31, 2013 (i.e., two months after the
end of the month in which the person first exceeded either of two
specified de minimis thresholds). Commission rules also specify that
swap dealing activity engaged in before the effective date of the
``swap dealer'' and ``swap'' definition rules (i.e., October 12,
2012) do not count toward the de minimis thresholds.
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On July 12, 2012, the Commission published for public comment a
proposed interpretive guidance and policy statement (``Cross-Border
Interpretive Guidance'') on the application of the CEA's swap
provisions and the implementing Commission regulations to cross-border
activities and transactions.\4\ On July 12, 2012, the Commission also
published for public comment, pursuant to section 4(c) of the CEA, the
Proposed Exemptive Order.\5\
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\4\ See Cross-Border Application of Certain Swaps Provisions of
the Commodity Exchange Act, 77 FR 41213, July 12, 2012.
\5\ See Exemptive Order Regarding Compliance with Certain Swap
Regulations, 77 FR 41110, July 12, 2012.
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The Proposed Exemptive Order would grant market participants
temporary conditional relief from certain provisions of the CEA, as
amended by Title VII of the Dodd-Frank Act. Specifically, the proposed
relief would allow non-U.S. SDs and non-U.S. MSPs to delay compliance
with certain entity-level requirements of the CEA (and Commission
regulations promulgated thereunder), subject to specified conditions.
Additionally, with respect to transaction-level requirements of the CEA
(and Commission regulations promulgated thereunder), the relief would
allow non-U.S. SDs and non-U.S. MSPs, as well as foreign branches of
U.S. SDs and MSPs, to comply only with those requirements as may be
required in the home jurisdiction of such non-U.S. SDs and non-U.S.
MSPs (or in the case of foreign branches of a U.S. SD or U.S. MSP, the
foreign location of the branch) for swaps with non-U.S. counterparties,
subject to specified conditions. The Proposed Exemptive Order states
that this relief would become effective concurrently with the date upon
which SDs and MSPs must first apply for registration and expire 12
months following the publication of the Proposed Exemptive Order in the
Federal Register.
The conditions for relief set forth in the Proposed Exemptive Order
are discussed in the Federal Register release published on July 24,
2012, 77 FR 43271.
B. Request for Public Comments
Under the PRA, Federal agencies must obtain OMB approval for each
collection of information they conduct or sponsor. ``Collection of
Information'' is defined in 44 U.S.C. 3502(3) and 5 C.F.R. 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 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 control number. If adopted, the
collection of information would be required in order for the registrant
to rely on the exemptive relief. The Commission would protect
proprietary information in accordance with the Freedom of Information
Act and 17 CFR part 145, ``Commission Records and Information.'' In
addition, Sec. 8(a)(1) of the Act strictly prohibits the Commission,
unless specifically authorized by the Act, from making public ``data
and information that would separately disclose the business
transactions or market positions of any person and trade secrets or
names of customers.'' \6\ The Commission is also required to protect
certain information contained in a government system of records
according to the Privacy Act of 1974, 5 U.S.C. 552a.
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\6\ 7 U.S.C. 12(a)(1).
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With respect to the proposed extension of the collection of
information described herein, 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.
II. Purpose and Proposed Use of Information Collected
The subject information collection ensures that non-U.S. SDs and
non-U.S. MSPs claiming an exemption from certain entity-level and
transaction-level requirements under the CEA (and Commission
regulations promulgated thereunder) would be actively and demonstrably
considering and planning for compliance with such entity-level and
transaction-level requirements, as may be applicable, by requiring the
filing of a compliance plan (and any amendments thereto). In addition,
the subject information collection ensures that U.S. SDs and U.S. MSPs
claiming an exemption, on behalf of their foreign branches, with
respect to transaction-level requirements under the CEA are similarly
making a good-faith effort to comply with these requirements by
requiring the filing of a compliance plan (and any amendments thereto).
On July 24, 2012, the Commission invited interested parties to
comment on any aspect of the information collection titled ``Exemptive
Order Regarding Compliance with Certain Swap Regulations,'' OMB Control
No. 3038-0098. See 77 FR 43271. The Commission did not receive any
comments on its burden estimates or on any other aspect of the
information collection requirements contained in the PRA Exemptive
Order Comment Request. The Commission requested and obtained OMB
approval under the PRA emergency clearance process for the subject
information collection because the exemptive relief process is
essential
[[Page 66821]]
to the mission of the agency and must be in place before the date the
registration requirements for SDs and MSPs under other Dodd-Frank Act
implementing regulations become mandatory. This notice requests
extension of OMB's original approval for a period of three (3) years
utilizing OMB's standard clearance procedures in accordance with the
Paperwork Reduction Act of 1995.
III. Burden Statement
The Commission estimates that 60 to 125 SDs and MSPs (including 40
to 80 non-U.S. SDs and MSPs and 20 to 45 U.S. SDs and MSPs) will submit
initial compliance plans. The Commission further estimates that, on
average, between 60 and 125 SDs and MSPs (including 40 to 80 non-U.S.
SDs and MSPs and 20 to 45 U.S. SDs and MSPs) will prepare and submit
one amendment annually.
The Commission anticipates that compliance plans would be updated
on a periodic basis as new regulations (including in foreign
jurisdictions) are adopted and/or come into effect. It is possible that
one or more amendments will be submitted within the same year as the
initial compliance plan, but it is difficult to predict when new
regulations (including in foreign jurisdictions) will be adopted and/or
become effective. The Commission is therefore providing estimates based
on an initial submission and one amendment on the assumption that one
amendment will be filed in the same year as the initial submission.
The respondent burden hour costs for this collection for non-U.S.
SDs and MSPs is estimated on average to be $31,190 per submission of an
initial compliance plan (rounded to the nearest dollar), and an
additional $31,190 per amendment. The aggregate cost burden for non-
U.S. SDs and MSPs (which the Commission estimates to be 40 to 80 non-
U.S. SDs/MSPs) is estimated to be approximately $1,247,600 to
$2,495,200 for initial plans and $1,247,600 to $2,495,200 for
amendments.
The respondent burden hour costs for this collection for U.S. SDs
and MSPs is estimated on average to be $18,714 per submission of an
initial compliance plan and an additional $18,714 per amendment. The
aggregate cost burden for U.S. SDs and MSPs (which the Commission
estimates to be 20 to 45 U.S. SDs/MSPs) is estimated to be
approximately $374,280 to $842,130 for initial plans and $374,280 to
$842,130 for amendments.
The aggregate cost burden for all SDs and MSPs (both U.S. and non-
U.S., which the Commission estimates to be 60 to 125 SDs/MSPs) is
estimated to be approximately $1,621,880 to $3,337,330 for initial
compliance plans and $1,621,880 to $3,337,330 for amendments. The
aggregate cost burden for all SDs and MSPs (both U.S. and non-U.S.) for
both initial compliance plans and one amendment is estimated to be
approximately $3,243,760 to $6,674,660.
The Commission estimates the average burden of this collection of
information as follows:
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\7\ The Commission currently estimates that approximately 125
entities will be covered by the definitions of the terms ``swap
dealer'' and ``major swap participant.'' See Further Definition of
``Swap Dealer,'' ``Security-Based Swap Dealer,'' ``Major Swap
Participant,'' ``Major Security-Based Swap Participant'' and
``Eligible Contract Participant''; Final Rule, 77 FR 30596, 30713
(May 23, 2012). However, not all of these entities are eligible for
or will seek exemptive relief. Although there is significant
uncertainty in the number of swap entities that will seek to
register as SDs and MSPs, as well as the number of swap entities
that will submit a compliance plan in order to obtain exemptive
relief, the Commission believes it is reasonable to estimate that
between 40 and 80 non-U.S. SDs and MSPs will submit compliance
plans.
\8\ This estimate is based on the hourly cost of personnel that
are capable of evaluating both Commission and home country
regulations in light of the non-U.S. persons' operations. Although
different registrants may choose to staff preparation of the
compliance plan with different personnel, Commission staff estimates
that, on average, an initial compliance plan could be prepared and
submitted with 70 hours of attorney time, as follows: 10 hours for a
senior attorney at $830/hour, 30 hours for a mid-level attorney at
$418/hour, and 30 hours for a junior attorney at $345/hour. The
total cost of a submission, rounded to the nearest dollar, is
estimated to be $31,190. To estimate the hourly cost of senior and
junior-level attorney time, Commission staff consulted with a law
firm that has substantial expertise in advising clients on similar
regulations. For the hourly cost of the mid-level attorney,
Commission staff reviewed data contained in Securities Industry and
Financial Markets Association (``SIFMA''), Report on Management and
Professional Earnings in the Securities Industry, Oct. 2011, for New
York, and adjusted by a factor for overhead and other benefits,
which the Commission has estimated to be 1.3.
\9\ The aggregate hourly burden for initial submissions (Column
3 x Column 4) would be 2,800 to 5,600 hours.
\10\ See note 8, supra.
\11\ See note 8, supra.
\12\ The Commission anticipates that compliance plans would be
updated on a periodic basis as new regulations (including in foreign
jurisdictions) are adopted and come into effect. It is possible that
one or more amendments will be submitted within the same year as the
initial compliance plan, but it is difficult to predict when new
regulations (including in foreign jurisdictions) will be adopted and
become effective. The Commission is therefore providing estimates
based on an initial submission and one amendment on the assumption
that one amendment will be filed in the same year as the initial
submission.
\13\ The Commission estimates that in most cases the cost of
submitting a revised plan or plans will be the same as the cost of
preparing and submitting the initial plan. See supra note 8 for
additional information.
\14\ The aggregate hourly burden for amended submissions (Column
3 x Column 4) would be 2,800 to 5,600 hours.
\15\ See note 8, supra.
\16\ See note 8, supra.
\17\ Although there is significant uncertainty in the number of
swap entities that will seek to register as SDs and MSPs, as well as
the number of swap entities that will submit a compliance plan in
order to obtain exemptive relief, the Commission estimates that 20
to 45 U.S. SDs or U.S. MSPs whose foreign branch seeks to rely on
the exemptive relief with respect to swaps with non-U.S.
counterparties will submit a compliance plan.
\18\ This estimate is based on the hourly cost of personnel that
are capable of evaluating both Commission and home country
regulations in light of the U.S. persons' foreign branch operations.
Although different registrants may choose to staff preparation of
the compliance plan with different personnel, Commission staff
estimates that, on average, an initial compliance plan could be
prepared and submitted by U.S. SDs and MSPs with 42 hours of
attorney time, as follows: 6 hours for a senior attorney at $830/
hour, 18 hours for a mid-level attorney at $418/hour, and 18 hours
for a junior attorney at $345/hour. The total dollar cost of a
submission is estimated to be $18,714, at a blended hourly rate of
$445.57 per hour. To estimate the hourly cost of senior and junior-
level attorney time, Commission staff consulted with a law firm that
has substantial expertise in advising clients on similar
regulations. For the hourly cost of the mid-level attorney,
Commission staff reviewed data contained in Securities Industry and
Financial Markets Association (``SIFMA''), Report on Management and
Professional Earnings in the Securities Industry, Oct. 2011, for New
York, and adjusted by a factor for overhead and other benefits,
which the Commission has estimated to be 1.3.
\19\ The aggregate hourly burden for initial submissions (Column
3 x Column 4) would be 840 to 1,890 hours.
\20\ See note 18, supra.
\21\ See note 18, supra.
\22\ The Commission anticipates that compliance plans would be
updated on a periodic basis as new regulations (including in foreign
jurisdictions) are adopted and come into effect. It is possible that
one or more amendments will be submitted within the same year as the
initial compliance plan, but it is difficult to predict when new
regulations (including in foreign jurisdictions) will be adopted and
become effective. The Commission is therefore providing estimates
based on an initial submission and one amendment on the assumption
that one amendment will be filed in the same year as the initial
submission.
\23\ The Commission estimates that in most cases the cost of
submitting a revised plan or plans will be the same as the cost of
preparing and submitting the initial plan. See supra note 18 for
additional information.
\24\ The aggregate hourly burden for amended submissions (Column
3 x Column 4) would be 840 to 1,890 hours.
\25\ The Commission estimates that in most cases the cost of
submitting a revised plan or plans will be the same as the cost of
preparing and submitting the initial plan. See note 18, supra.
\26\ The Commission estimates that in most cases the cost of
submitting a revised plan or plans will be the same as the cost of
preparing and submitting the initial plan. See note 18, supra.
[[Page 66822]]
Itemized Burden Hours and Cost Table
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1 2 3 4 5 6 7
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Aggregate cost
Number of Aggregate number Average number burden (Based on
registrants Number of plans of responses of hours per Cost burden Cost burden min-max range in
estimated to per registrant (Column 1 x response per hour per plan column 3 x column
submit plans Column 2) 6)
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1. Initial Submission by a 40 to 80 non- 1............... 40 to 80 8 9 70 \10\ $445.57 \11\ $31,190 $1,247,600 to
non-U.S. SD or MSP. U.S. SDs and $2,495,200.
MSPs \7\.
2. Amended Submission by a 40 to 80 non- 1 (assumes that 40 to 80 13 14 70 \15\ 445.57 \16\ 31,190 $1,247,600 to
non-U.S. SD or MSP. U.S. SDs and on average, $2,495,200.
MSPs. each non-U.S.
applicant will
prepare and
submit one
amendment
annually) \12\.
3. Initial Submission by a 20 to 45 U.S. 1............... 20 to 45 18 19 42 \20\ 445.57 \21\ 18,714 $374,280 to
U.S. SD or MSP. SDs and MSPs $842,130.
\17\.
4. Amended Submission by a 20 to 45 U.S. 1 (assumes that 20 to 45 23 24 42 \25\ 445.57 \26\ 18,714 $374,280 to
U.S. SD or MSP. SDs and MSPs. on average, $842,130.
each U.S.
applicant will
prepare and
submit one
amendment
annually) \22\.
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Total Aggregate Burden Hours and Costs Table
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1 2 3 4 5 6
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Total hours, Total costs,
Aggregate hours, Aggregate hours, initial and Aggregate costs, Aggregate costs, initial and
initial plan amended plan amended plans initial plan amended plan amended plans
(Columns 1 + 2) (Columns 4 + 5)
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1. Non-U.S. SDs and MSPs........ 2,800 to 5,600.... 2,800 to 5,600.... 5,600 to 11,200... $1,247,600 to $1,247,600 to $2,495,200 to
$2,495,200. $2,495,200. $4,990,400.
2. U.S. SD or MSP............... 840 to 1,890...... 840 to 1,890...... 1,680 to 3,780.... $374,280 to $374,280 to $748,560 to
$842,130. $842,130. $1,684,260.
3. All SDs and MSPs (Rows 1 + 2) 3,640 to 7,490.... 3,640 to 7,490.... 7,280 to 14,980... $1,621,880 to $1,621,880 to $3,243,760 to
$3,337,330. $3,337,330. $6,674,660.
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Initial Compliance Plan--Cost Burden Estimates for non-U.S. SDs and
MSPs:
Estimated number of respondents/affected entities: 40 to 80.
Estimated number of responses per entity: 1.
Estimated aggregate number of responses: 40 to 80.
Estimated total average burden hour per respondent: 70 hours.
Estimated total average burden hour cost burden for all
respondents: $1,247,600 to $2,495,200 (average of $1,871,400).
Amended Compliance Plan--Cost Burden Estimates for non-U.S. SDs and
MSPs:
Estimated number of respondents/affected entities: 40 to 80.
Estimated number of amended plans per registrant: 1 annually.
Estimated aggregate number of responses: 40 to 80.
Estimated total average burden hour per respondent: 70 hours.
Estimated total average burden hour cost burden for all
respondents: $1,247,600 to $2,495,200 (average of $1,871,400).
Initial Compliance Plan--Cost Burden Estimates for U.S. SDs and
MSPs:
Estimated Number of respondents/affected entities: 20 to 45.
Estimated number of responses per entity: 1.
Estimated aggregate number of responses: 20 to 45.
Estimated total average burden hour per respondent: 42 hours.
Estimated total average burden hour cost for all respondents:
$374,280 to $842,130 (average of $608,205).
Amended Compliance Plan--Cost Burden Estimates for non-U.S. SDs and
MSPs:
Estimated Number of respondents/affected entities: 20 to 45.
Estimated number of amended plans per registrant: 1 annually.
Estimated aggregate number of responses: 20 to 45.
Estimated total average burden hour per respondent: 42 hours.
Estimated total average burden hour cost burden for all
respondents: $374,280 to $842,130 (average of $608,205).
Aggregate Burden Hours and Costs for all SDs and MSPs (U.S. and
non-U.S.):
[[Page 66823]]
Estimated number of respondents/affected entities: 60 to 125.
Estimated number of plans per registrant: initial and one amended
(estimates are provided based on the assumption that one amendment will
be filed in the same year as the initial submission).
Estimated aggregate hourly burden (initial plans): 3,640 to 7,490
hrs.
Estimated aggregate hourly burden (amendments): 3,640 to 7,490 hrs.
Estimated aggregate hourly burden (initial plans and one
amendment): 7,280 to 14,980 hours.
Estimated aggregate costs (initial plan): $1,621,880 to $3,337,330.
Estimated aggregate costs (amendments): $1,621,880 to $3,337,330.
Estimated aggregate costs (initial plans and one amendment):
$3,243,760 to $6,674,660 (average of $4,959,210).
Frequency of collection (for all of the above categories):
Occasional.
There are no capital costs or operating and maintenance costs
associated with this collection.
Dated: November 2, 2012.
Sauntia S. Warfield,
Assistant Secretary of the Commission.
[FR Doc. 2012-27166 Filed 11-6-12; 8:45 am]
BILLING CODE P
Last Updated: November 7, 2012
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