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 [email protected]. 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: [email protected],
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