2017-06182
Federal Register, Volume 82 Issue 59 (Wednesday, March 29, 2017)
[Federal Register Volume 82, Number 59 (Wednesday, March 29, 2017)]
[Notices]
[Pages 15514-15516]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06182]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Extend Collection 3038-0049: Procedural Requirements for Requests for
Interpretative, No-Action, and Exemptive Letters
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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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 requirements related to requests for,
and the issuance of, exemptive, no-action, and interpretative letters.
DATES: Comments must be submitted on or before May 30, 2017.
ADDRESSES: You may submit comments, identified by ``OMB Control Number
3038-0049,'' 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. 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.
FOR FURTHER INFORMATION CONTACT: Jocelyn Partridge, Special Counsel,
Division of Clearing and Risk, (202) 418-5926, email:
[email protected]; Meghan Tente, Special Counsel, Division of
Clearing and Risk, (202) 418-5785, email: [email protected]; Jacob
Chachkin, Special Counsel, Division of Swaps and Intermediary
Oversight, (202) 418-5496, email:
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[email protected]; or Dana Brown, Paralegal Specialist, Division of
Market Oversight, (202) 418-5093, email: [email protected]; or (202) 418-
5093.
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 these requirements, the CFTC is publishing
notice of the proposed collection of information listed below.
Title: Procedural Requirements for Requests for Interpretative, No-
Action and Exemptive Letters (OMB Control No. 3038-0049). This is a
request for an extension of a currently approved information
collection.
Abstract: This collection covers the information requirements for
voluntary requests for, and the issuance of, interpretative, no-action,
and exemptive letters submitted to Commission staff pursuant to the
provisions of section 140.99 of the Commission's regulations,\1\ and
related requests for confidential treatment pursuant to section
140.98(b) \2\ of the Commission's regulations. It includes reporting
and recordkeeping requirements.
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\1\ 17 CFR. 140.99. An archive containing CFTC staff letters may
be found at http://www.cftc.gov/LawRegulation/CFTCStaffLetters/index.htm.
\2\ 17 CFR 140.98(b).
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The collection requirements described herein are voluntary. They
apply to parties that choose to request a benefit from Commission staff
in the form of the regulatory action described in section 140.99. Such
benefits may include, for example, relief from some or all of the
burdens associated with other collections of information, relief from
regulatory obligations that do not constitute collections of
information collections, interpretations, or extensions of time for
compliance with certain Commission regulations. It is likely that
persons who would opt to request action under section 140.99 will have
determined that the information collection burdens that they would
assume by doing so will be outweighed substantially by the relief that
they seek to receive.
The information collection associated with section 140.99 of the
Commission's regulations is necessary, and would be used, to assist
Commission staff in understanding the type of relief that is being
requested and the basis for the request. It is also necessary, and
would be used, to provide staff with a sufficient basis for determining
whether: (1) Granting the relief would be necessary or appropriate
under the facts and circumstances presented by the requestor; (2) the
relief provided should be conditional and/or time-limited; and (3)
granting the relief would be consistent with staff responses to
requests that have been presented under similar facts and
circumstances. In some cases, the requested relief might be granted
upon the condition that those who seek the benefits of that relief
fulfill certain notice and other reporting obligations that serve as
substituted compliance for regulatory requirements that would otherwise
be imposed. In other cases, the conditions might include reporting or
recordkeeping requirements that are necessary to ensure that the relief
granted by Commission staff is appropriate. Once again, it is likely
that those who would comply with these conditions will have determined
that the burden of complying with the conditions is outweighed by the
relief that they seek to receive. The information collection associated
with section 140.98(b) of the Commission's regulations is necessary to
provide a mechanism whereby persons requesting no-action,
interpretative and exemption letters may seek temporary confidential
treatment of their request and the Commission staff response thereto
and the grounds upon which such confidential treatment is sought.
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
use;
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; and
Ways to enhance the quality, usefulness, and clarity of
the information to be collected; and
Ways to minimize the burden of the 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 http://www.cftc.gov that
it may deem 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 Act.
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\3\ 17 CFR 145.9.
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Burden Statement: In order to establish estimates of the annual
information collection burdens associated with the exemptive, no-action
and interpretative letters that may be issued by Commission staff
during the three year renewal period, Commission staff reviewed the
letters of this type that were issued by Commission staff during 2016.
This timeframe was chosen because it is believed that such recent
experience is indicative of both the quantity of requests that
Commission staff expects to receive and the quantity of letters that
Commission staff expects to issue on an annual basis during the renewal
period and the information collection burdens that may be associated
with them. In some cases, the relief granted in 2016 is unlikely to be
requested again as it has been superseded by a Commission rulemaking.
The projected burden estimates for the renewal period were not reduced
accordingly in order to account for the possibility that new issues may
arise. It is also possible that certain relief granted in 2016 may be
superseded by a future Commission rulemaking. As future rulemakings and
their effective dates are speculative, the estimates for the renewal
period have
[[Page 15516]]
not been reduced to account for potential rulemakings.
The annual respondent burden for this collection during the renewal
period is estimated to be as follows:
Estimated Number of Respondents: 284.
Estimated Average Annual Burden Hours per Respondent: 9.5.
Estimated Total Annual Burden Hours: 2,704.
Frequency of Collection: Occasional.
Type of Respondents: Respondents include persons registered with
the Commission (such as commodity pool operators, commodity trading
advisors, derivatives clearing organizations, designated contract
markets, futures commission merchants, introducing brokers, swap
dealers, and swap execution facilities), persons seeking an exemption
from registration, persons whose registration with the Commission is
pending, trade associations and their members, eligible contract
participants, and other persons seeking relief from discrete regulatory
requirements.
There are no capital costs or operating and maintenance costs
associated with this collection.
These estimates, as set forth in greater detail below, include the
burden hours for complying with the information requirements for
exemptive, no-action and interpretative letters contained in section
140.99(c) of the Commission's regulations; effecting the filing of such
letters pursuant to section 140.99(d); providing notice to Commission
staff of materially changed facts and circumstances pursuant to section
140.99(c)(3)(ii); complying with any conditions that may be contained
in a grant of no-action or exemptive relief; complying with
requirements to make disclosures to third parties; and preparing and
submitting withdrawals of requests for exemptive, no-action and
interpretative letters, as provided in section 140.99(f). The estimates
also include burden hours related to a request for confidential
treatment made pursuant to section 140.98(b) of the Commission's
regulations.\4\
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\4\ The Commission now includes the collection of information
related to Commission regulation 41.3(b), which involves exemption
requests from certain intermediaries, under OMB number 3038-0059
and, as such, is no longer including it in this OMB number.
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The burden hours associated with requests for exemptive, no-action
and interpretative letters include both the drafting and filing of the
request itself as well as performing the underlying factual or legal
analysis generally to comply with the information collection. The
burden hours associated with individual requests will vary widely,
depending upon the type and complexity of relief requested, whether the
request presents novel or complex issues, the relevant facts and
circumstances, and the number of requestors or other affected entities.
The Commission provides estimates of the amount of time that any
requestor spends on any particular request as each request is unique,
based upon the preceding factors.
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Estimated
Estimated Estimated average Estimated
annual annual reports Total annual number of annual burden
respondents or records per responses hours per hours
respondent response
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Reporting
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Sec. 140.99 (c)--information 78 1 78 24.7 1,930
requirements for letters.......
Sec. 140.99(d)--filing 78 1 78 1 78
requirements...................
Sec. 140.99 (c)(3)(ii)-- 5 1 5 3 15
materially changed facts and
circumstances..................
Sec. 140.99(e)--staff response 16 1 16 5 80
(conditions imposed)...........
Sec. 140.99(f)--withdrawal of 5 1 5 1 5
requests.......................
Sec. 140.98(b)--requests for 42 1 42 1 42
confidential treatment.........
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Total Reporting............. 224 1 224 9.6 2,150
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Recordkeeping
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Sec. 140.99(e)--staff response 54 4 216 1 216
(conditions imposed)...........
Disclosures to Third Parties.... 6 56.4 338 1 338
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Total....................... 284 2.7 778 3.5 2,704
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(Authority 44 U.S.C. 3501 et seq.)
Dated: March 24, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2017-06182 Filed 3-28-17; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: March 29, 2017