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2017-12790

  • Federal Register, Volume 82 Issue 117 (Tuesday, June 20, 2017)

    [Federal Register Volume 82, Number 117 (Tuesday, June 20, 2017)]

    [Notices]

    [Pages 28050-28052]

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

    [FR Doc No: 2017-12790]

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    COMMODITY FUTURES TRADING COMMISSION

    Agency Information Collection Activities: Comment Request--Notice

    of Intent To Amend Collection 3038-0079: Conflicts of Interest Policies

    and Procedures by Swap Dealers and Major Swap Participants

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.

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    SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission)

    is announcing an opportunity for public comment on a proposed amendment

    to the collection of certain information by the agency. Under the

    Paperwork Reduction Act of 1995 (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 in response to the notice. This notice solicits comment on an

    amendment to the collection of information under OMB Control No. 3038-

    0079 (Conflicts of Interest Policies and Procedures by Swap Dealers and

    Major Swap Participants).

    DATES: Comments must be submitted on or before August 21, 2017.

    [[Page 28051]]

    ADDRESSES: You may submit comments, identified by ``OMB Control No.

    3038-0079; Conflicts of Interest Policies and Procedures by Swap

    Dealers and Major Swap Participants,'' by any of the following methods:

    The Commission's Web site, via its Comments Online process

    at http://comments.cftc.gov/. 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: http://www.regulations.gov/search/index.jsp. 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

    http://www.cftc.gov.

    FOR FURTHER INFORMATION CONTACT: Katherine Driscoll, Associate Chief

    Counsel, (202) 418-5544, kdriscoll@cftc.gov; or Adam Kezsbom, Special

    Counsel, (202) 418-5372, akezsbom@cftc.gov, Division of Swap Dealer and

    Intermediary Oversight, Commodity Futures Trading Commission, 1155 21st

    Street NW., Washington, DC 20581.

    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.

    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 amendment to 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 amendment to

    the 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 OMB control number.

    Title: Conflicts of Interest Policies and Procedures by Swap

    Dealers and Major Swap Participants (OMB Control No. 3038-0079). This

    is a request for an amendment to a currently approved information

    collection.

    Abstract: In 2012, the Commission promulgated Business Conduct

    Standards for Swap Dealers and Major Swap Participants with

    Counterparties (External Business Conduct Standards Final Rulemaking)

    \1\ which include all of Subpart H of Part 23 of the Commission's

    regulations (EBCS Rules).\2\ In the External Business Conduct Standards

    Final Rulemaking, the Commission stated that the information

    collections associated with the EBCS Rules were part of the overall

    supervision, compliance and recordkeeping requirements imposed by the

    Commission in certain other rulemakings including, among others, the

    collection of information for rules on Conflicts of Interest Policies

    and Procedures by Swap Dealers and Major Swap Participants under Sec.

    23.605 under OMB Collection No. 3038-79. While the collections

    associated with the EBCS Rules do overlap with the requirements in

    certain other Commission regulations, the OMB collections associated

    with those other Commission regulations do not accurately reflect the

    burdens imposed by the EBCS Rules.

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    \1\ Business Conduct Standards for Swap Dealers and Major Swap

    Participants with Counterparties, 77 FR 9734, Feb. 17, 2012.

    \2\ Subpart H of Part 23 is titled ``Business Conduct Standards

    for Swap Dealers and Major Swap Participants Dealing with

    Counterparties, Including Special Entities.'' Subpart H includes the

    following provisions: Sec. 23.400 (Scope); Sec. 23.402

    (Definitions); Sec. 23.402 (General Provisions); Sec. 23.410

    (Prohibition on fraud, manipulation and other abusive practices);

    Sec. 23.430 (Verification of counterparty eligibility); Sec.

    23.431 (Disclosures of material information); Sec. 23.432 (Clearing

    disclosures); Sec. 23.433 (Communications--fair dealing); Sec.

    23.434 (Recommendations to counterparties--institutional

    suitability; Sec. 23.440 (Requirements for swap dealers acting as

    advisors to Special Entities); Sec. 23.450 (Requirements for swap

    dealers and major swap participants acting counterparties to Special

    Entities); and Sec. 23.451 (Political contributions by certain swap

    dealers).

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    The Commission is proposing to amend the information collection

    under OMB Control No. 3038-0079 to clearly reflect the paperwork burden

    imposed by the EBCS Rules under Sec. Sec. 23.401-450 and ensure that

    the paperwork burden of the EBCS Rules is centrally located under OMB

    Control No. 3038-0079. In addition, the Commission will be retitling

    the collection under OMB Control No. 3038-0079 ``Swap Dealer and Major

    Swap Participant Conflicts of Interest and Business Conduct Standards

    with Counterparties'' to more accurately reflect its coverage. The

    collections of information contained in the EBCS rules are necessary to

    implement requirements set forth in the Dodd-Frank Wall Street Reform

    and Consumer Protection Act \3\ and for the protection of investors and

    market participants.

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    \3\ See Dodd-Frank Wall Street Reform and Consumer Protection

    Act, Public Law 111-203, 124 Stat. 1376 (2010). The text of the

    Dodd-Frank Act may be accessed at http://www.cftc.gov/ucm/groups/public/@swaps/documents/file/hr4173_enrolledbill.pdf.

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    With respect to the collection of information, the CFTC invites

    comments on:

    Whether the proposed revision to the 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 revision to the 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.

    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. 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 Regulation 145.9.\4\

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    \4\ 17 CFR 145.9.

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    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 http://www.cftc.gov 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 information collection request 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.

    [[Page 28052]]

    Burden Statement: The respondent burden for this collection is

    detailed below and includes the burden currently associated with OMB

    Collection No. 3038-0079 in connection with Sec. 23.605 (Conflicts of

    Interest Policies and Procedures for Swap Dealers and Major Swap

    Participants) and the EBCS Rules.

    The Commission estimates the burden of this collection of

    information as follows:

    Respondents/Affected Entities: Swap Dealers and Major Swap

    Participants.

    Estimated Number of Respondents: 102.

    Estimated Average Burden Hours per Respondent: 2,352.9 hours.

    Estimated Total Annual Burden on Respondents: 240,000 hours.

    Frequency of Collection: Ongoing.

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

    Dated: June 14, 2017.

    Robert N. Sidman,

    Deputy Secretary of the Commission.

    [FR Doc. 2017-12790 Filed 6-19-17; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: June 20, 2017