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  • Federal Register, Volume 82 Issue 232 (Tuesday, December 5, 2017)

    [Federal Register Volume 82, Number 232 (Tuesday, December 5, 2017)]


    [Pages 57430-57431]

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

    [FR Doc No: 2017-26141]




    Agency Information Collection Activities: Notice of Intent To

    Extend Collection 3038-0066: Financial Resource Requirements for

    Derivatives Clearing Organizations

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.


    SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing

    an opportunity for public comment on the proposed extension of a

    collection of certain information by the agency. Under the Paperwork

    Reduction Act (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.

    This notice solicits comments on certain financial resource reporting

    requirements applicable to derivatives clearing organizations.

    DATES: Comments must be submitted on or before February 5, 2018.

    ADDRESSES: You may submit comments, identified by ``OMB Control Number

    3038-0066'' by any of the following methods:

    The Agency's Web site, at

    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:

    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

    FOR FURTHER INFORMATION CONTACT: Jocelyn Partridge, Special Counsel,

    Division of Clearing and Risk, (202) 418-5926, email:

    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.

    An agency may not conduct or sponsor, and a person is not required to

    respond to, a collection of information unless it displays a valid OMB

    control number. Section 3506(c)(2)(A) of the PRA, 44 U.S.C.

    3506(c)(2)(A), requires a Federal agency to provide a 60-day notice in

    the Federal Register concerning each proposed collection of

    information, including each proposed extension of an existing

    collection of information, before submitting the collection to OMB for

    approval. To comply with this requirement, the Commission is publishing

    notice of the proposed extension of the collection of information

    listed below.

    Title: Financial Resource Requirements for Derivatives Clearing

    Organizations (OMB Control No. 3038-0066). This is a request for an


    [[Page 57431]]

    of a currently approved information collection.

    Abstract: This collection of information involves the financial

    resource reporting requirements set forth in section 39.11 of the

    Commission's regulations.

    Section 5b(c)(2) of the Commodity Exchange Act (CEA or Act) \1\

    sets forth certain core principles with which a derivatives clearing

    organization (DCO) must comply in order to become registered with the

    Commission and to maintain such registration. One of these core

    principles, core principle B, sets forth the financial resource

    requirements applicable to DCOs. Section 5b(c)(2) also requires DCOs to

    comply with the regulations promulgated by the Commission pursuant to

    section 8a(5) of the Act.\2\ Section 39.11 of the Commission's

    regulations, which implements core principle B, includes the financial

    resource reporting requirements that are the subject of this

    information collection. The information collection is necessary for,

    and would be used by, the Commission to evaluate a DCO's compliance

    with the financial resource requirements for DCOs prescribed in the

    Commodity Exchange Act, including core principle B, and the

    Commission's regulations.


    \1\ 7 U.S.C. 7a-1(c)(2).

    \2\ Section 8a(5) of the CEA authorizes the Commission to

    promulgate such rules and regulations as, in the judgment of the

    Commission, are reasonably necessary to effectuate any of the

    provisions or to accomplish any of the purposes of the CEA. 7 U.S.C.



    With respect to the collection of information, the CFTC invites

    comments on:

    Whether the proposed collection of information is

    necessary for the proper performance of the functions of the

    Commission, including whether the information will have a practical


    The accuracy of the Commission's estimate of the burden

    of the proposed 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.

    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 section 145.9 of

    the Commission's regulations.\3\ 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 information collection

    requirement 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



    \3\ 17 CFR 145.9.


    Burden Statement: As noted above, this information collection

    renewal involves the requirement that a DCO that is registered with the

    Commission report certain information regarding its financial

    resources, the value thereof, and the basis for these calculations that

    is necessary for the Commission to assess the DCO's compliance with the

    financial resource requirements of the CEA and the Commission's

    regulations. The reporting requirements are contained in section 39.11

    of the Commission's regulations. The Commission has revised its

    estimate of the total annual burden hours for this collection to

    account for an increase in the number of respondents (from 14 to 17),

    but has maintained the original burden hour estimate of 10 hours per

    quarterly report as the reporting requirements have remain unchanged.

    The respondent burden for this collection is estimated to be as


    Estimated Annual Number of Respondents: 17.

    Estimated Annual Number of Reports per Respondent: 4.

    Estimated Total Annual Number of Responses: 68.

    Estimated Average Number of Hours per Response: 10.

    Estimated Average Annual Burden Hours per Respondent: 40.

    Estimated Total Annual Burden Hours: 680 hours.

    Frequency of collection: Quarterly and on occasion.

    Type of Respondents: Derivatives clearing organizations.

    There are no capital or start-up costs associated with this

    information collection, nor are there any operating or maintenance

    costs associated with this information collection.

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

    Dated: November 29, 2017.

    Robert N. Sidman,

    Deputy Secretary of the Commission.

    [FR Doc. 2017-26141 Filed 12-4-17; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: December 5, 2017