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2017-07183

  • Federal Register, Volume 82 Issue 68 (Tuesday, April 11, 2017)

    [Federal Register Volume 82, Number 68 (Tuesday, April 11, 2017)]

    [Notices]

    [Pages 17413-17414]

    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]

    [FR Doc No: 2017-07183]

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    COMMODITY FUTURES TRADING COMMISSION

    Agency Information Collection Activities Under OMB Review

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.

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    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 burden.

    DATES: Comments must be submitted on or before May 11, 2017.

    ADDRESSES: Comments regarding the burden estimated 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 the notice's

    publication, by email at OIRAsubmissions@omb.eop.gov. Please identify

    the comments by OMB Control No. 3038-0090. Please provide the Commodity

    Futures Trading Commission (``CFTC'' or ``Commission'') with a copy of

    all submitted comments at the address listed below. Please refer to OMB

    Reference No. 3038-0090, found on http://reginfo.gov. Comments may also

    be mailed to the 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,

    and to: Christopher J. Kirkpatrick, Secretary of the Commission,

    Commodity Futures Trading Commission, 1155 21st Street NW., Washington,

    DC 20581 or by Hand Deliver/Courier at the same address; or through the

    Agency's Web site at http://comments.cftc.gov. Follow the instructions

    for submitting comments through the Web site.

    A copy of the supporting statements for the collection of

    information discussed above may be obtained by visiting http://

    RegInfo.gov. 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: August A. Imholtz III, Special

    Counsel, Division of Swap Dealer and Intermediary Oversight, Commodity

    [[Page 17414]]

    Futures Trading Commission, (202) 418-5140; email: aimholtz@cftc.gov,

    and refer to OMB Control No. 3038-0090.

    SUPPLEMENTARY INFORMATION:

    Title: Adaption of Regulations to Incorporate Swaps--Records of

    Transactions (OMB Control No. 3038-0090). This is a request for an

    extension and revision of a currently approved information collection.

    Abstract: The Commission recently amended Regulation 1.35(a) to

    change and clarify several of the existing recordkeeping requirements

    that apply to certain registrants and market participants. Records of

    Commodity Interest and Related Cash or Forward Transactions, 80 FR

    80247 (Dec. 24, 2015). Specifically, the amendment to Regulation 1.35:

    (1) Excludes members of designated contract markets (``DCMs'') and

    members of swap execution facilities (``SEFs'') that are not registered

    or required to register with the Commission (``Unregistered Members'')

    from the requirement to keep written communications that lead to the

    execution of a commodity interest transaction and related cash or

    forward transactions; (2) excludes Unregistered Members from the

    requirement to maintain records in a particular form and manner; (3)

    excludes Unregistered Members from the requirement to retain text

    messages; (4) excludes commodity trading advisors (``CTAs'') that are

    members of a DCM or of a SEF from the requirement to record oral

    communications that lead to the execution of a transaction; and (5)

    clarifies the form and manner requirements that apply to required

    records.

    In Agency Information Collection Activities: Proposed Collection

    Revision, Comment Request: Final Rule for Records of Commodity Interest

    and Related Cash or Forward Transactions, 80 FR 80327 (Dec. 24, 2015),

    the Commission addressed the PRA implications of this amendment of

    Regulation 1.35. First, the Commission estimated that changing

    Regulation 1.35(a) to exclude Unregisted Members from the requirement

    to keep written communications that lead to transaction execution will

    decrease the information collection burden under the rule by

    approximately one-half hour per week per entity. Second, the Commission

    estimated that excluding Unregistered Members from the requirement to

    maintain records in a particular form and manner will decrease the

    information collection burden by approximately one-half hour per month

    per entity. Third, the Commission estimated that excluding Unregistered

    Members from the requirement to retain text messages will decrease the

    information collection burden by approximately approximately one-half

    hour per month per entity. In connection with these estimates, the

    Commission estimated that there are approximately 3,200 Unregistered

    Members that will have their recordkeeping obligations reduced as a

    result of these three changes to Regulation 1.35(a). Next, the

    Commission estimated that excluding CTAs that are members of a DCM or

    of a SEF from the requirement to record oral communications that lead

    to transaction execution will decrease the information collection

    burden by approximately one-half hour per week per entity. In

    connection with this estimate, the Commission estimated that there are

    approximately 1,175 CTAs that will have their recordkeeping obligations

    reduced as a result of this change to Regulation 1.35(a). Finally, the

    Commission noted that because the revised form and manner requirements

    are a clarification of the prior requirements, the revised requirements

    do not increase or decrease the information collection burden.

    In the Agency Information Collection Activities: Proposed

    Collection Revision, Comment Request: Final Rule for Records of

    Commodity Interest and Related Cash or Forward Transactions, the

    Commission requested comments on, among other things, its estimates

    regarding the modified information collection burdens associated with

    the changes to Regulation 1.35(a). The Commission did not receive any

    comments that addressed any of its estimates or any other aspect of the

    information collection.

    Burden Statement: The amendment of Regulation 1.35 reduces the

    recordkeeping burdens of Unregistered Members and of CTAs that are

    members of a DCM or of a SEF. For each respondent that is an

    Unregistered Member, the Commission estimates that the amendment

    reduces the annual recordkeeping burden by a total of 38 hours. For

    each respondent that is a CTA, the Commission estimates that the

    amendment reduces the annual recordkeeping burden by a total of 26

    hours.

    The Commission estimates the burden of this collection of

    information as follows:

    Respondents/Affected Entities: Futures Commission Merchants, Retail

    Foreign Exchange Dealers, Introducing Brokers, and Members of a DCM or

    of a SEF.

    Estimated number of respondents: 6,000.

    Estimated total annual burden on respondents: 321,449 hours.\1\

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    \1\ In the Agency Information Collection Activities: Proposed

    Collection Revision, Comment Request: Final Rule for Records of

    Commodity Interest and Related Cash or Forward Transactions, the

    Commission mistakenly estimated the total annual burden on

    respondents to be 319,707. This estimate appears to have

    incorporated a mathematical error. The correct estimate of the total

    annual burden on respondents is, and should have been, 321,449.

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    Frequency of collection: Ongoing.

    There are no capital costs or operating and maintenance costs

    associated with this collection.

    Authority: 44 U.S.C. 3501 et seq.

    Dated: April 5, 2017.

    Robert N. Sidman,

    Deputy Secretary of the Commission.

    [FR Doc. 2017-07183 Filed 4-10-17; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: April 11, 2017