2017-14647

Federal Register, Volume 82 Issue 133 (Thursday, July 13, 2017)

[Federal Register Volume 82, Number 133 (Thursday, July 13, 2017)]

[Notices]

[Pages 32345-32346]

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

[FR Doc No: 2017-14647]

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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 August 14, 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. 3038-0070. Please provide the

Commission with a copy of all submitted documents at the address listed

below. Please refer to OMB Control No. 3038-0070, 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. You may also submit comments,

identified by ``Renewal of Collection Pertaining to Real-Time Public

Reporting and Block Trade,'' to the Commission by any of the following

methods:

The Agency's Web site, 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/.

Follow the instructions for submitting comments through the Portal.

Please submit your comments using only one method.

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: John W. Dunfee, Assistant General

Counsel, Office of General Counsel, Commodity Futures Trading

Commission, (202) 418-5396; email: [email protected], and refer to OMB

Control No. 3038-0070.

SUPPLEMENTARY INFORMATION:

Title: Real-Time Public Reporting and Block Trade (OMB Control No.

3038-0070). This is a request for extension of currently approved

information collections.

Abstract: Title VII of the Dodd-Frank Wall Street Reform and

Consumer Protection Act (Dodd-Frank Act) added to the Commodity

Exchange Act (CEA) new section 2(a)(13), which establishes standards

and requirements related to real-time reporting and the public

availability of swap transaction and pricing data. Section 2(a)(13) and

part 43 of the Commission's Regulations require reporting parties to

publish real-time swap transactions and pricing data to the general

public. Without the frequency of reporting set forth in part 43, the

Commission would not be able to adequately assess the swap markets and,

more importantly, would fail to achieve the frequency of reporting and

promotion of increased price discovery in the swaps market which are

mandated by the Dodd-Frank Act.

Burden Statement: Part 43 of the Commission's regulations results

in three information collection requirements within the meaning of the

PRA.\1\ The first collection of information requirement under part 43

imposes a reporting requirement on registered swap execution facilities

(``SEFs'') or designated contract markets (``DCMs'') when a swap is

executed on a trading facility or on the parties to a swap transaction

when the swap is executed bilaterally. The second collection of

information requirement under part 43 of the Commission's regulations

creates a public dissemination requirement on registered swap data

repositories (``SDRs''). The third collection of information

requirement imposes a recordkeeping requirement for SEFs, DCMs, SDRs

and any reporting party (as such term is defined in part 43 of the

Commission's regulations).

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\1\ See 77 FR 1182, 1229; 78 FR 32866, 32913.

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The Commission notes that rather than the initial estimate of 40

SEFs, there currently are 25 SEFs either registered with the Commission

or with registration pending.\2\ The Commission notes that rather than

the initial estimate of 18 DCMs, there currently are 15 DCMs registered

with the Commission.\3\ The Commission notes that rather than the

initial estimate of 15 SDRs, there currently are 4 SDRs registered with

the Commission.\4\ Based on the experience gained by the Commission

with regard to SDRs, the Commission estimates that rather than the

initial estimate of 750 reporting parties who are not swap dealers

(``SDs'') or major swap participants (``MSPs''), and who contract with

third parties to satisfy their reporting obligations, there are 496

such reporting

[[Page 32346]]

parties.\5\ The Commission estimates that rather than the initial

estimate of 250 reporting parties who are not swap dealers (``SDs'') or

major swap participants (``MSPs''), and who satisfy their reporting

obligations themselves, there are 207 such reporting parties.\6\ The

burden hours for each entity category based upon these new estimates

are noted in the applicable table below.

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\2\ See 77 FR at 1229.

\3\ See 77 FR at 1229.

\4\ See 77 FR at 1230.

\5\ See 77 FR at 1230.

\6\ See 77 FR at 1230.

Recurring Annual Burden Hours for SEFs

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Respondents/Affected Entities: SEFs.

Estimated number of respondents: 25.

Estimated total annual burden on respondents: 52,000 hours.\7\

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Recurring Annual Burden Hours for SEFs

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Respondents/Affected Entities: DCMs.

Estimated number of respondents: 15.

Estimated total annual burden on respondents: 31,200 hours.\8\

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Recurring Annual Burden Hours for SDRs

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Respondents/Affected Entities: SDRs.

Estimated number of respondents: 4.

Estimated total annual burden on respondents: 27,600 hours.\9\

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Recurring Annual Burden Hours for Non SD/MSPs Using Third Party

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Respondents/Affected Entities: Non SD/MSPs Using Third Party.

Estimated number of respondents: 496.

Estimated total annual burden on respondents: 10,912 hours.\10\

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Recurring Annual Burden Hours for Non SD/MSPs Reporting Themselves

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Respondents/Affected Entities: Non SD/MSPs Reporting Themselves.

Estimated number of respondents: 207.

Estimated total annual burden on respondents: 139,932 hours.\11\

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\7\ 2,080 average recurring burden hours per respondent SEF x 25

registered SEFs = 52,000 total burden hours for all registered SEFs.

\8\ 2,080 average recurring burden hours per respondent DCM x 15

registered DCMs = 31,200 total burden hours for all registered DCMs.

\9\ 6,900 average recurring burden hours per respondent SDR x 4

registered SDRs = 27,600 total burden hours for all registered SDRs.

\10\ 22 average recurring burden hours per respondent x 496

respondents = 10,912 total burden hours for all respondents.

\11\ 676 average recurring burden hours per respondent x 207

respondents = 139,932 total burden hours for all respondents.

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In addition to the above burden hours for compliance with part 43

obligations generally, the Commission determined that certain market

participants would incur burden hours associated with the masking of

the geographic detail of the underlying assets to a swap in the other

commodity asset class, and with the election to have a swap transaction

treated as a block trade or large notional off-facility swap.\12\ The

Commission initially estimated that respondent SDRs would incur an

aggregate of 833 annual burden hours in connection with the masking of

geographic detail of the underlying assets to a swap in the other

commodity asset class.\13\ Based on the Commission's observation of

registered SDRs' operations and compliance with part 43's requirements,

the Commission is increasing this estimate and now estimates that SDRs

will incur an aggregate of 3,307 annual burden hours in connection with

the masking of geographic detail of the underlying assets to a swap in

the other commodity asset class.\14\

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\12\ See 78 FR 32866, 32913.

\13\ See 78 FR 32866, 32915 (50,000 other commodity swaps with

masked locations x 0.0167 hours (one minute) of burden per response

= 833 total burden hours).

\14\ 198,022 other commodity swaps with masked locations x

0.0167 hours (one minute) of burden per response = 3,307 total

annual burden hours.

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The Commission initially estimated that market participants would

incur an aggregate of 2,167 annual burden hours in connection with the

election to have a swap transaction treated as a block trade.\15\ Based

on the Commission's observation of market participants' compliance with

part 43's requirements, the Commission is increasing this estimate and

now estimates that market participants will incur an aggregate of 3,648

annual burden hours in connection with the election to have a swap

transaction treated as a block trade.\16\

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\15\ See 78 FR 32866, 32913-14 (125,000 elections by SDs/MSPs +

5,000 elections by nonSDs/MSPs = 130,000 total annual elections.

130,000 elections x 0.0167 hours (one minute) of burden per response

= 2,167 total annual burden hours).

\16\ 218,428 block trades x 0.0167 hours (one minute) of burden

per response = 3,648 total annual burden hours.

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The Commission initially estimated that market participants would

incur an aggregate of 2,255 annual burden hours in connection with the

election to have a swap transaction treated as a large notional off-

facility swap.\17\ Based on the Commission's observation of market

participants' compliance with part 43's requirements, the Commission is

increasing this estimate and now estimates that market participants

will incur an aggregate of 77,230 annual burden hours in connection

with the election to have a swap transaction treated as a large

notional off-facility swap.\18\

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\17\ See 78 FR 32866, 32914 (62,500 elections by SDs/MSPs +

5,000 elections by nonSDs/MSPs = 63,000 total annual elections.

67,500 elections x 0.0334 hours (two minutes) of burden per response

= 2,255 total annual burden hours).

\18\ 2,312,265 large notional off-facility swaps x 0.0334 hours

(two minutes) of burden per response = 77,230 total annual burden

hours.

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

Dated: July 7, 2017.

Robert N. Sidman,

Deputy Secretary of the Commission.

[FR Doc. 2017-14647 Filed 7-12-17; 8:45 am]

BILLING CODE 6351-01-P

 

Last Updated: July 13, 2017