2018-18532
Federal Register, Volume 83 Issue 166 (Monday, August 27, 2018)
[Federal Register Volume 83, Number 166 (Monday, August 27, 2018)]
[Notices]
[Pages 43663-43664]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18532]
[[Page 43663]]
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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 September 26, 2018.
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 this notice's
publication, by either of the following methods. Please identify the
comments by ``OMB Control No. 3038-0092.''
By email addressed to: [email protected], or
By mail addressed 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.
A copy of all comments submitted to OIRA should be sent to the
Commodity Futures Trading Commission (the ``Commission'') by either of
the following methods. The copies should refer to ``OMB Control No.
3038-0092.''
Through the Commission's website at http://comments.cftc.gov. Follow the instructions for submitting comments
through the website.
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 same address.
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. 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
Sec. 145.9 of the Commission's regulations.\1\ The Commission reserves
the right, but shall have no obligation, to review, pre-screen, filter,
redact 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 Freedom of Information Act.
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\1\ 17 CFR 145.9.
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A copy of the supporting statements for the collection of
information discussed herein may be obtained by visiting http://RegInfo.gov.
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.
3038-0092.
SUPPLEMENTARY INFORMATION:
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 CEA, as amended by the Dodd-Frank
Act, directs the Commission to require futures commission merchants 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 and major swap
participants to implement conflict of interest procedures that address
such issues the Commission determines to be appropriate. Section
4s(j)(5) also requires swap dealers and major swap participants 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 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. Also, Sec. 23.607 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. Additionally, Sec.
39.12(b)(2) requires 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. Sections 1.71(f) and 23.605(f) provide that
records be maintained pursuant to Commission Regulation 1.31.
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
the efficient operation of trading venues among SDs, MSPs, FCMs, and
DCOs.
Burden Statement: The Commission is revising its estimate of the
burden for this collection, which include 101 Swap Dealers, Major Swap
Participants, 65 Futures Commission Merchants and 16 Derivatives
Clearing Organizations. The respondent burden for this collection is
estimated to be as follows:
Estimated Number of Respondents: 182.
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Estimated Average Burden Hours per Respondent: 18.1 hours.
Estimated Total Annual Burden Hours: 3,296 hours.
Frequency of Collection: Daily, annually, or as needed.
There are no capital costs or operating and maintenance costs
associated with this collection.
Authority: 44 U.S.C. 3501 et seq.
Dated: August 22, 2018.
Christopher Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2018-18532 Filed 8-24-18; 8:45 am]
BILLING CODE 6351-01-P