Federal Register, Volume 80 Issue 218 (Thursday, November 12, 2015)  
[Federal Register Volume 80, Number 218 (Thursday, November 12, 2015)]
[Pages 69948-69949]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-28729]



Agency Information Collection Activities: Notice of Intent To 
Renew Collection 3038-0089, Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


SUMMARY: The Commodity Futures Trading Commission (``CFTC'') is 
announcing an opportunity for public comment on the proposed 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 and 
to allow 60 days for public comment. This notice solicits comments for 
certain swap data recordkeeping and reporting requirements imposed on 
the following entities: Swap Dealers (``SDs''), Major Swap Participants 
(``MSPs''), and swap counterparties that are neither swap dealers nor 
major swap participants (``non-SD/MSP counterparties'').

DATES: Comments must be submitted on or before January 11, 2016.

ADDRESSES: You may submit comments, identified by ``Renewal of 
Collection Pertaining to Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps,'' or Renewal 3038-
0089, 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.

FOR FURTHER INFORMATION CONTACT: Thomas Guerin, Division of Market 
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW., 
(202) 734-4194, email: [email protected], and refer to OMB Control No. 

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. 
Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires 
Federal agencies to provide a 60-day notice in the Federal Register 
concerning each proposed collection of information before submitting 
the collection to OMB for approval. To comply with this requirement, 
the CFTC is publishing notice of the proposed collection of information 
listed below.
    Title: Swap Data Recordkeeping and Reporting Requirements: Pre-
Enactment and Transition Swaps (OMB Control No. 3038-0089). This is a 
request for extension of a currently approved information collection.
    Abstract: The collection of information is needed to ensure that 
the CFTC and other regulators have access to data regarding pre-
enactment and transition swaps, as required by the Commodity Exchange 
Act as amended by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act directed the 
CFTC to adopt rules providing for the reporting of data

[[Page 69949]]

relating to swaps entered into before the date of enactment of the 
Dodd-Frank Act, the terms of which had not expired as of the date of 
enactment of the Dodd-Frank Act (``pre-enactment swaps'') and data 
relating to swaps entered into on or after the date of enactment of the 
Dodd-Frank Act and prior to the compliance date specified in the the 
CFTC's final swap data reporting rules (``transition swaps''). On May 
17, 2012, the CFTC adopted regulation 46, which imposes recordkeeping 
and reporting requirements relating to pre-enactment and historical 
    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 CFTC, 
including whether the information will have a practical use;
     The accuracy of the CFTC'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.
    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 CFTC 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 Sec.  145.9 of the CFTC's regulations.\1\ The CFTC 
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 
information collection request 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 Act.

    \1\17 CFR 145.9.

    Burden Statement: Provisions of CFTC Regulations 46.2, 46.3, 46.4, 
46.8, 46.10, and 46.11 result in information collection requirements 
within the meaning of the PRA. These regulations required SDs, MSPs and 
non-SD/MSP counterparties to incur one-time costs to establish systems 
and processes associated with swaps data recordkeeping and reporting. 
The CFTC estimates that SDs, MSPs, and non-SD/MSP counterparties 
incurred a one-time burden of 91,250 hours associated with part 46 
recordkeeping and reporting requirements. With respect to the ongoing 
reporting and recordkeeping burdens associated with pre-enactment and 
transition swaps, the CFTC believes that SDs, MSPs, and non-SD/MSP 
counterparties incur an annual time-burden of 18,903 hours. This time-
burden represents a proportion of the burden responents incur to 
operate and maintain their swap data recordkeeping and reporting 
    17 CFR 45 imposes swap recordkeeping and reporting requirements on 
respondents related to swaps that are not pre-enactment or transition 
swaps. The CFTC believes that respondents use the same recordkeeping 
and reporting systems to compy with both parts 45 and 46. The CFTC has 
computed the estimated burden for 17 CFR 46 by estimating the burden 
incurred by respondents to operate and maintain their swap data 
recordkeeping and reporting systems and then estimating the percentage 
of that burden associated with pre-enactment and transition swaps. 
Since the enactment of 17 CFR 45, the vast majority of pre-enactment 
and transition swaps have been terminated by the parties to the swaps 
or are otherwise no longer in existence. As 17 CFR 46 only requires 
respondents to make ongoing reports regarding pre-enactment and 
transition swaps that continue to be in existence, the number of 
reports being made pursuant to 17 CFR 46 has declined significantly 
over time. As the volume of reports made pursuant to 17 CFR 46 is 
estimated to be very small releative to the estimated volume of reports 
made pursuant to 17 CFR 45, the CFTC's burden estimate has allocated 
the vast majority of the estimated burden to operate and maintain 
respondents' swap data recordkeeping and reporting systems to the 
burden estimate associated with 17 CFR 45.
    Respondents/Affected Entities: Swap Dealers, Major Swap 
Participants, and other counterparties to a swap transaction (i.e., 
end-user, non-SD/non-MSP counterparties).
    Estimated number of respondents: 30,125.
    Estimated total annual burden on respondents: 18,903 hours.
    Frequency of collection: Ongoing.

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

    Dated: November 6, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015-28729 Filed 11-10-15; 8:45 am]