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  • Federal Register, Volume 82 Issue 181 (Wednesday, September 20, 2017)

    [Federal Register Volume 82, Number 181 (Wednesday, September 20, 2017)]


    [Pages 43946-43947]

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

    [FR Doc No: 2017-20025]




    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 October 20, 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 either of the following methods. Please identify the

    comments by OMB Control No. 3038-0079.

    By email addressed to:; or

    By mail addressed to: 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 (``CFTC'' or ``Commission'') by

    either of the following methods. The copies should refer to OMB Control

    No. 3038-0079.

    By submission through the Commission's Web site: Please follow the instructions for submitting

    comments through the Web site;

    By mail addressed to: Christopher Kirkpatrick, Secretary

    of the Commission, Commodity Futures Trading Commission, Three

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

    By hand delivery/courier to: The address listed above for

    submission by mail.

    FOR FURTHER INFORMATION CONTACT: Katherine Driscoll, Associate Chief

    Counsel, (202) 418-5544,; or Jacob Chachkin, Special

    Counsel, 202-418-5496,, both in the CFTC Division of

    [[Page 43947]]

    Swap Dealer and Intermediary Oversight.

    Supporting statements. A copy of the supporting statements for the

    collection of information discussed herein may be obtained by visiting


    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


    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. 3038-0079. 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. 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.


    \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. 23.401

    (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


    \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:


    On June 20, 2017, the Commission published in the Federal Register

    a notice of the proposed extension of this information collection and

    provided 60 days for public comment on the proposed extension. See 82

    FR 28050 (June 20, 2017). The Commission received no relevant comments.

    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


    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.

    Comment instructions. 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 (``FOIA''), 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,

    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 FOIA.

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

    Dated: September 15, 2017.

    Robert N. Sidman,

    Deputy Secretary of the Commission.

    [FR Doc. 2017-20025 Filed 9-19-17; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: September 20, 2017