Federal Register, Volume 85 Issue 81 (Monday, April 27, 2020) 
[Federal Register Volume 85, Number 81 (Monday, April 27, 2020)]
[Pages 23331-23332]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08837]



Agency Information Collection Activities: Notice of Intent To
Revise Collection 3038-0090

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing
an opportunity for public comment on the proposed renewal 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 proposed extension of an existing collection of
information, and to allow 60 days for public comment. This notice
solicits comments on the recordkeeping obligations set forth in certain
aspects of certain of the Commission's recordkeeping regulations.

DATES: Comments must be submitted on or before June 26, 2020.

ADDRESSES: You may submit comments, identified by ``OMB Control No.
3038-0090'' by any of the following methods:
     The Agency's website, at https://comments.cftc.gov/.
Follow the instructions for submitting comments through the website.
     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.
    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 https://www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Lauren Bennett, Special Counsel,
Division of Swap Dealer and Intermediary Oversight, Commodity Futures
Trading Commission, (202) 418-5290, email: [email protected].

SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501 et seq.,
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, including each proposed extension of an existing
collection of information, before submitting the collection to OMB for
approval. To comply with this requirement, the CFTC is publishing
notice of the proposed amendment to the collection listed below. An
agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid OMB control number.
    Title: Adaptation of Regulations to Incorporate Swaps-Records of
Transactions; Exclusion of Utility Operations Related Swaps with
Utility Special Entities From De minimis Threshold for Swaps With
Special Entities (OMB Control No. 3038-0090). This is a request for
extension of a currently approved information collection.
    Abstract: Title VII of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act, Pub L. No. 111-203, 124 Stat.
1376 (2010)) amended the Commodity Exchange Act (CEA) to establish a
comprehensive new statutory framework for swaps. These amendments
required the Commodity Futures Trading Commission (``the Commission'')
to amend several of its regulations to implement the new framework.
    The information collection obligations imposed by the ``Adaptation
of Regulations to Incorporate Swaps'' final regulations \1\ are
necessary to implement section 721 of the Dodd-Frank Act, which amended
the definitions of futures commission merchant (``FCM'') and
introducing broker (``IB'') to permit these intermediaries to trade
swaps on behalf of customers. They also are necessary to implement
section 733 of the Dodd-Frank Act which introduced swap execution
facilities (``SEFs'') as a new trading platform for swaps. As a result
of the enactment of sections 721 and 733, the Commission needed to
amend certain recordkeeping regulations (1.31, 1.33, 1.35, 1.37, and
1.39) so that records of swap transactions are maintained analogously
to how futures transactions are maintained.

    \1\ Adaptation of Regulations to Incorporate Swaps, 77 FR 66288
(Nov. 2, 2012).

    Further, the ``Exclusion of Utility Operations-Related Swaps With
Utility Special Entities From De Minimis Threshold for Swaps With
Special Entities'' \2\ regulation amended the Commission's swap dealer
definition to permit a person to exclude ``utility operations-related
swaps'' with ``utility special entities'' in their de minimis threshold
calculations. The regulation requires a person claiming the exclusion
to maintain in accordance with Commission regulation 1.31 any written
representations that the person receives form utility special entities
related to this exclusion.

    \2\ Exclusion of Utility Operations-Related Swaps With Utility
Special Entities From De Minimis Threshold for Swaps With Special
Entities, 79 FR 57767 (Sept. 26, 2014).

    The information collection burdens associated with these
regulations (collectively, the ``Swap Recordkeeping Requirements'') are
restricted to the costs associated with the recordkeeping and reporting
requirements that these regulations impose upon affected registrants,
registered entities, those registered entities' members, and other
respondents covered by the final rules.
    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

[[Page 23332]]

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 Sec.  145.9 of the
Commission's regulations.\3\

    \3\ 17 CFR 145.9.

    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 https://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.
    Burden Statement: The Commission is revising its estimate of the
burden for this collection for futures commission merchants, retail
foreign exchange dealers, introducing brokers, and members of
designated contract markets and swap execution facilities. The
respondent burden for this collection is estimated to be as follows:

    \4\ These estimates represent the aggregate burden for all data
associated with the Swap Recordkeeping Requirements in the
collection, namely Swap Recordkeeping (Regulation 1.35), Swap
Confirmations (Regulation 1.33), and Utility Special Entities
(Regulation 1.3). Please refer to the supporting statement for
further explanation of burdens associated with each regulatory

    Estimated Number of Respondents: 13,664.
    Estimated Annual Burden Hours per Respondent: 163.
    Estimated Total Annual Burden Hours: 2,233,722.
    Frequency of Collection: 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: April 21, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2020-08837 Filed 4-24-20; 8:45 am]