2017-20025
Federal Register, Volume 82 Issue 181 (Wednesday, September 20, 2017)
[Federal Register Volume 82, Number 181 (Wednesday, September 20, 2017)]
[Notices]
[Pages 43946-43947]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-20025]
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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 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: [email protected]; 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: http://comments.cftc.gov. 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, [email protected]; or Jacob Chachkin, Special
Counsel, 202-418-5496, [email protected], 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
http://RegInfo.gov.
SUPPLEMENTARY INFORMATION:
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. 3038-0079. 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.
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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. 23.401
(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
dealers).
\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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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
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.
Comment instructions. 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 (``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 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 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