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  • Federal Register, Volume 82 Issue 103 (Wednesday, May 31, 2017)

    [Federal Register Volume 82, Number 103 (Wednesday, May 31, 2017)]


    [Pages 24955-24957]

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

    [FR Doc No: 2017-11114]




    Agency Information Collection Activities Under OMB Review

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.


    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 June 30, 2017.

    ADDRESSES: Comments regarding the burden estimate 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 (OIA) in OMB within 30 days of this notice's

    publication by either of the following methods. Please identify the

    comments by ``OMB Control No. 3038-0049.''

    By email addressed to: or

    By mail addressed 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.

    A copy of all comments submitted to OIRA should be sent to the

    Commodity Futures Trading Commission (the ``Commission'') by either of

    the following methods. The copies should refer to ``OMB Control No.


    By mail addressed to: Christopher Kirkpatrick, Secretary

    of the

    [[Page 24956]]

    Commission, Commodity Futures Trading Commission, Three Lafayette

    Centre, 1155 21st Street NW., Washington, DC 20581;

    By Hand Delivery/Courier to the same address; or

    Through the Commission's Web site at Please follow the instructions for submitting

    comments through the Web site.

    A copy of the supporting statements for the collection of

    information discussed herein may be obtained by visiting

    All comments must be submitted in English, or if not, accompanied

    by an English translation. Comments will be posted as received to 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.\1\


    \1\ 17 CFR 145.9.


    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 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 ICR 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.

    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:; or Dana Brown,

    Paralegal Specialist, Division of Market Oversight, (202) 418-5093,

    email:; or (202)418-5093.


    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: 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 number. 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 Sec. 140.99 of the

    Commission's regulations,\2\ and related requests for confidential

    treatment pursuant to Sec. 140.98(b) \3\ of the Commission's

    regulations. It includes reporting and recordkeeping requirements.


    \2\ 17 CFR 140.99. An archive containing CFTC staff letters may

    be found at

    \3\ 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 Sec. 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, interpretations, or extensions of time for compliance with

    certain Commission regulations. It is likely that persons who would opt

    to request action under Sec. 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 Sec. 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 some cases, the conditions might include reporting or

    recordkeeping requirements that are necessary to ensure that the relief

    granted by Commission staff is appropriate. In some cases, the parties

    obtaining relief may be subject to reporting and recordkeeping

    requirements that are necessary to monitor for the parties' compliance

    with the conditions imposed. The foregoing categories may or may not be

    overlapping. 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 benefit of the relief that they

    seek to receive. The information collection associated with Sec.

    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.

    On March 29, 2017, the Commission published in the Federal Register

    notice of the proposed extension of this information collection and

    provided 60 days for public comment on the proposed extension, 82 FR

    15514, March 29, 2017 (``60-Day Notice'').

    Burden Statement: In order to establish estimates of the annual

    information collection burden 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 was believed that such recent

    experience would be 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 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:

    [[Page 24957]]

    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 Sec.

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

    letters pursuant to Sec. 140.99(d); providing notice to Commission

    staff of materially changed facts and circumstances pursuant to Sec.

    140.99(c)(3)(ii); complying with any conditions and monitoring that may

    be contained in a grant of no-action or exemptive relief pursuant to

    Sec. 140.99(e); 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 Sec.

    140.99(f). The estimates also include burden hours related to a request

    for confidential treatment made pursuant to Sec. 140.98(b) of the

    Commission's regulations.\4\


    \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

    Estimated annual reports Total average Estimated

    annual or records annual number of annual

    respondents per responses hours per burden

    respondent response hours




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

    requirements for letters................

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

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

    changed facts and circumstances.........

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

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

    Sec. 140.99(f)--withdrawal of requests. 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: May 24, 2017.

    Robert N. Sidman,

    Deputy Secretary of the Commission.

    [FR Doc. 2017-11114 Filed 5-30-17; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: May 31, 2017