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  • Federal Register, Volume 82 Issue 59 (Wednesday, March 29, 2017)

    [Federal Register Volume 82, Number 59 (Wednesday, March 29, 2017)]


    [Pages 15514-15516]

    From the Federal Register Online via the Government Publishing Office []

    [FR Doc No: 2017-06182]




    Agency Information Collection Activities: Notice of Intent To

    Extend Collection 3038-0049: Procedural Requirements for Requests for

    Interpretative, No-Action, and Exemptive Letters

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.


    SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing

    an opportunity for public comment on the proposed extension 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 requirements related to requests for,

    and the issuance of, exemptive, no-action, and interpretative letters.

    DATES: Comments must be submitted on or before May 30, 2017.

    ADDRESSES: You may submit comments, identified by ``OMB Control Number

    3038-0049,'' by any of the following methods:

    The Agency's Web site, at

    Follow the instructions for submitting comments through the Web site.

    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.

    Federal eRulemaking Portal:

    Follow the instructions for submitting comments through the Portal.

    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

    FOR FURTHER INFORMATION CONTACT: Jocelyn Partridge, Special Counsel,

    Division of Clearing and Risk, (202) 418-5926, email:; Meghan Tente, Special Counsel, Division of

    Clearing and Risk, (202) 418-5785, email:; Jacob

    Chachkin, Special Counsel, Division of Swaps and Intermediary

    Oversight, (202) 418-5496, email:

    [[Page 15515]]; or Dana Brown, Paralegal Specialist, Division of

    Market Oversight, (202) 418-5093, email:; or (202) 418-


    SUPPLEMENTARY INFORMATION: Under the PRA, 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.

    An agency may not conduct or sponsor, and a person is not required to

    respond to, a collection of information unless it displays a valid OMB

    control number. Section 3506(c)(2)(A) of the PRA, 44 U.S.C.

    3506(c)(2)(A), requires a Federal agency 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 these requirements, the CFTC is publishing

    notice of the proposed collection of information listed below.

    Title: Procedural Requirements for Requests for Interpretative, No-

    Action and Exemptive Letters (OMB Control No. 3038-0049). This is a

    request for an extension of a currently approved information


    Abstract: This collection covers the information requirements for

    voluntary requests for, and the issuance of, interpretative, no-action,

    and exemptive letters submitted to Commission staff pursuant to the

    provisions of section 140.99 of the Commission's regulations,\1\ and

    related requests for confidential treatment pursuant to section

    140.98(b) \2\ of the Commission's regulations. It includes reporting

    and recordkeeping requirements.


    \1\ 17 CFR. 140.99. An archive containing CFTC staff letters may

    be found at

    \2\ 17 CFR 140.98(b).


    The collection requirements described herein are voluntary. They

    apply to parties that choose to request a benefit from Commission staff

    in the form of the regulatory action described in section 140.99. Such

    benefits may include, for example, relief from some or all of the

    burdens associated with other collections of information, relief from

    regulatory obligations that do not constitute collections of

    information collections, interpretations, or extensions of time for

    compliance with certain Commission regulations. It is likely that

    persons who would opt to request action under section 140.99 will have

    determined that the information collection burdens that they would

    assume by doing so will be outweighed substantially by the relief that

    they seek to receive.

    The information collection associated with section 140.99 of the

    Commission's regulations is necessary, and would be used, to assist

    Commission staff in understanding the type of relief that is being

    requested and the basis for the request. It is also necessary, and

    would be used, to provide staff with a sufficient basis for determining

    whether: (1) Granting the relief would be necessary or appropriate

    under the facts and circumstances presented by the requestor; (2) the

    relief provided should be conditional and/or time-limited; and (3)

    granting the relief would be consistent with staff responses to

    requests that have been presented under similar facts and

    circumstances. In some cases, the requested relief might be granted

    upon the condition that those who seek the benefits of that relief

    fulfill certain notice and other reporting obligations that serve as

    substituted compliance for regulatory requirements that would otherwise

    be imposed. In other cases, the conditions might include reporting or

    recordkeeping requirements that are necessary to ensure that the relief

    granted by Commission staff is appropriate. Once again, it is likely

    that those who would comply with these conditions will have determined

    that the burden of complying with the conditions is outweighed by the

    relief that they seek to receive. The information collection associated

    with section 140.98(b) of the Commission's regulations is necessary to

    provide a mechanism whereby persons requesting no-action,

    interpretative and exemption letters may seek temporary confidential

    treatment of their request and the Commission staff response thereto

    and the grounds upon which such confidential treatment is sought.

    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


    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; and

    Ways to enhance the quality, usefulness, and clarity of

    the information to be collected; and

    Ways to minimize the burden of the 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 section 145.9 of

    the Commission's regulations.\3\ 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 that

    it may deem 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 Requirement 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.


    \3\ 17 CFR 145.9.


    Burden Statement: In order to establish estimates of the annual

    information collection burdens associated with the exemptive, no-action

    and interpretative letters that may be issued by Commission staff

    during the three year renewal period, Commission staff reviewed the

    letters of this type that were issued by Commission staff during 2016.

    This timeframe was chosen because it is believed that such recent

    experience is indicative of both the quantity of requests that

    Commission staff expects to receive and the quantity of letters that

    Commission staff expects to issue on an annual basis during the renewal

    period and the information collection burdens that may be associated

    with them. In some cases, the relief granted in 2016 is unlikely to be

    requested again as it has been superseded by a Commission rulemaking.

    The projected burden estimates for the renewal period were not reduced

    accordingly in order to account for the possibility that new issues may

    arise. It is also possible that certain relief granted in 2016 may be

    superseded by a future Commission rulemaking. As future rulemakings and

    their effective dates are speculative, the estimates for the renewal

    period have

    [[Page 15516]]

    not been reduced to account for potential rulemakings.

    The annual respondent burden for this collection during the renewal

    period is estimated to be as follows:

    Estimated Number of Respondents: 284.

    Estimated Average Annual Burden Hours per Respondent: 9.5.

    Estimated Total Annual Burden Hours: 2,704.

    Frequency of Collection: Occasional.

    Type of Respondents: Respondents include persons registered with

    the Commission (such as commodity pool operators, commodity trading

    advisors, derivatives clearing organizations, designated contract

    markets, futures commission merchants, introducing brokers, swap

    dealers, and swap execution facilities), persons seeking an exemption

    from registration, persons whose registration with the Commission is

    pending, trade associations and their members, eligible contract

    participants, and other persons seeking relief from discrete regulatory


    There are no capital costs or operating and maintenance costs

    associated with this collection.

    These estimates, as set forth in greater detail below, include the

    burden hours for complying with the information requirements for

    exemptive, no-action and interpretative letters contained in section

    140.99(c) of the Commission's regulations; effecting the filing of such

    letters pursuant to section 140.99(d); providing notice to Commission

    staff of materially changed facts and circumstances pursuant to section

    140.99(c)(3)(ii); complying with any conditions that may be contained

    in a grant of no-action or exemptive relief; complying with

    requirements to make disclosures to third parties; and preparing and

    submitting withdrawals of requests for exemptive, no-action and

    interpretative letters, as provided in section 140.99(f). The estimates

    also include burden hours related to a request for confidential

    treatment made pursuant to section 140.98(b) of the Commission's



    \4\ The Commission now includes the collection of information

    related to Commission regulation 41.3(b), which involves exemption

    requests from certain intermediaries, under OMB number 3038-0059

    and, as such, is no longer including it in this OMB number.


    The burden hours associated with requests for exemptive, no-action

    and interpretative letters include both the drafting and filing of the

    request itself as well as performing the underlying factual or legal

    analysis generally to comply with the information collection. The

    burden hours associated with individual requests will vary widely,

    depending upon the type and complexity of relief requested, whether the

    request presents novel or complex issues, the relevant facts and

    circumstances, and the number of requestors or other affected entities.

    The Commission provides estimates of the amount of time that any

    requestor spends on any particular request as each request is unique,

    based upon the preceding factors.



    Estimated Estimated average Estimated

    annual annual reports Total annual number of annual burden

    respondents or records per responses hours per hours

    respondent response




    Sec. 140.99 (c)--information 78 1 78 24.7 1,930

    requirements for letters.......

    Sec. 140.99(d)--filing 78 1 78 1 78


    Sec. 140.99 (c)(3)(ii)-- 5 1 5 3 15

    materially changed facts and


    Sec. 140.99(e)--staff response 16 1 16 5 80

    (conditions imposed)...........

    Sec. 140.99(f)--withdrawal of 5 1 5 1 5


    Sec. 140.98(b)--requests for 42 1 42 1 42

    confidential treatment.........


    Total Reporting............. 224 1 224 9.6 2,150




    Sec. 140.99(e)--staff response 54 4 216 1 216

    (conditions imposed)...........

    Disclosures to Third Parties.... 6 56.4 338 1 338


    Total....................... 284 2.7 778 3.5 2,704


    (Authority 44 U.S.C. 3501 et seq.)

    Dated: March 24, 2017.

    Robert N. Sidman,

    Deputy Secretary of the Commission.

    [FR Doc. 2017-06182 Filed 3-28-17; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: March 29, 2017