Federal Register, Volume 80 Issue 152 (Friday, August 7, 2015)  
[Federal Register Volume 80, Number 152 (Friday, August 7, 2015)]
[Pages 47479-47480]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19448]



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 September 8, 2015.

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. 3038-0092. Please provide the 
Commission with a copy of all submitted comments at the address listed 
below. Please refer to OMB Reference No. 3038-0092, 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, or through the Agency's Web site at 
http://comments.cftc.gov. Follow the instructions for submitting 
comments through the Web site.
    Comments may also be mailed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 or by Hand 
Deliver/Courier at the same address.
    A copy of the supporting statements for the collection of 
information discussed above may be obtained by visiting RegInfo.gov. 
All comments must be submitted in English, or if not, accompanied by an 
English translation. Comments will be posted as received to 
www.cftc.gov. You should submit only information that you wish to make 
available publicly. If you wish the Commission to consider information 
that 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 set forth in section 145.9 of the 
Commission's regulations.

FOR FURTHER INFORMATION CONTACT: Christopher Hower, Special Counsel, 
Division of Clearing and Risk, Commodity Futures Trading Commission, 
(202) 418-6703; email: [email protected], and refer to OMB Control No. 

    Title: Customer Clearing Documentation and Timing of Acceptance for 
Clearing (OMB Control No. 3038-0092). This is a request for extension 
of a currently approved information collection.
    Abstract: Section 4d(c) of the Commodity Exchange Act (``CEA'' or 
``Act''), as amended by the Dodd-Frank Act, directs the Commission to 
require futures commission merchants (``FCMs'') to implement conflict 
of interest procedures that address such issues the Commission 
determines to be appropriate. Similarly, section 4s(j)(5), as added by 
the Dodd-Frank Act, requires swap dealers (``SDs'') and major swap 
participants (``MSPs'') to implement conflict of interest procedures 
that address such issues the Commission determines to be appropriate. 
Section 4s(j)(5) also requires SDs and MSPs to ensure that any persons 
providing clearing activities or making determinations as to accepting 
clearing customers are separated by appropriate informational 
partitions from persons whose involvement in pricing, trading, or 
clearing activities might bias their judgment or contravene the core 
principle of open access. Section 4s(j)(6) of the CEA prohibits a swap 
dealer and major swap participant from adopting any process or taking 
any action that results in any unreasonable restraint on trade or 
imposes any material anticompetitive burden on trading or clearing, 
unless necessary or appropriate to achieve the purposes of the Act. 
Section 2(h)(1)(B)(ii) of the CEA requires that derivatives clearing 
organization (``DCO'') rules provide for the non-discriminatory 
clearing of swaps executed bilaterally or through an unaffiliated 
designated contract market or swap execution facility.
    Pursuant to these provisions, the Commission adopted Sec.  
1.71(d)(1) relating to FCMs and Sec.  23.605(d)(1) relating to swap 
dealers and major swap participants. These regulations prohibit swap 
dealers and major swap participants from interfering or attempting to 
influence the decisions of affiliated FCMs with regard to the provision 
of clearing services and activities and prohibit FCMs from permitting 
them to do so. The Commission also adopted Sec.  23.607 to prohibit 
swap dealers and major swap participants from adopting any process or 
taking any action that results in any unreasonable restraint on trade 
or imposes any material anticompetitive burden on trading or clearing, 
unless necessary or appropriate to achieve the purposes of the Act. The 
Commission adopted Sec.  39.12(b)(2) requiring that derivatives 
clearing organization rules provide for the non-discriminatory clearing 
of swaps executed bilaterally or through an unaffiliated designated 
contract market or swap execution facility.
    As discussed further below, the additional information collection 
burden arising from the proposed regulations primarily is restricted to 
the costs associated with the affected registrants' obligation to 
maintain records related to clearing documentation between the customer 
and the customer's clearing member.
    The information collection obligations imposed by the regulations 
are necessary to implement certain provisions of the CEA, including 
ensuring that registrants exercise effective risk management and for 

[[Page 47480]]

efficient operation of trading venues among SDs, MSPs, FCMs, and DCOs.
    Burden Statement: The respondent burden for this collection is 
estimated to average 16 hours for FCMs and SDs and MSPs, and 40 hours 
for DCOs per response. This estimate includes the total time, effort, 
or financial resources expended by persons to generate, maintain, 
retain, disclose, or provide information to or for a Federal agency. 
The total annual cost burden per respondent is estimated to be $736 for 
FCMs, SDs, and MSPs and $1,840 for DCOs. The Commission based its 
calculation on an hourly wage rate of $46 for a financial manager to 
maintain the data.
    Respondents/Affected Entities: Swap dealers, Major Swap 
Participants, Futures Commission Merchants, and Derivatives Clearing 
    Estimated Number of Respondents: 239 Swap Dealers, Major Swap 
Participants and Futures Commission Merchants, and 14 Derivatives 
Clearing Organizations.
    Estimated Total Annual Burden on Respondents: 3,824 for FCMs, SDs, 
and MSPs, and 560 hours for DCOs.
    Frequency of Collection: As needed.

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

    Dated: August 4, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015-19448 Filed 8-6-15; 8:45 am]