2022-09021
[Federal Register Volume 87, Number 81 (Wednesday, April 27, 2022)]
[Notices]
[Pages 24973-24974]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-09021]
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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
Information and Regulatory Affairs (``OIRA''), of 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 May 27, 2022.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be submitted within 30 days of this
notice's publication to OIRA, at https://www.reginfo.gov/public/do/PRAMain. Please find this particular information collection by
selecting ``Currently under 30-day Review--Open for Public Comments''
or by using the website's search function. Comments can be entered
electronically by clicking on the ``comment'' button next to the
information collection on the ``OIRA Information Collections Under
Review'' page, or the ``View ICR--Agency Submission'' page. A copy of
the supporting statement for the collection of information discussed
herein may be obtained by visiting https://www.reginfo.gov/public/do/PRAMain.
In addition to the submission of comments to https://Reginfo.gov as
indicated above, a copy of all comments submitted to OIRA may also be
submitted to the Commodity Futures Trading Commission (the
``Commission'' or ``CFTC'') by clicking on the ``Submit Comment'' box
next to the descriptive entry for OMB Control No. 3038-0075, at https://comments.cftc.gov/FederalRegister/PublicInfo.aspx.
Or by either of the following methods:
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.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments submitted to the Commission should
include 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, 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.
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\1\ 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Christopher Cummings, Special Counsel,
Market Participants Division, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street NW, Washington, DC
[[Page 24974]]
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20581; (202) 418-5445; email: [email protected].
SUPPLEMENTARY INFORMATION:
Title: Protection of Collateral of Counterparties to Uncleared
Swaps; Treatment of Securities in a Portfolio Margining Account in a
Commodity Broker Bankruptcy (OMB Control No. 3038-0075). This is a
request for an extension of a currently approved information
collection.
Abstract: Section 4s(l) of the Commodity Exchange Act requires swap
dealers (``SDs'') and major swap participants (``MSPs'') to notify
uncleared swap counterparties that they have the right to request that
property provided as margin be segregated, and to report quarterly to
counterparties who have not requested segregated accounts that the back
office procedures of the swap dealer or major swap participant with
respect to margin and collateral comply with the parties' agreement.
Regulations 23.701 and 23.704 establish reporting requirements that are
mandated by Section 4s(l) and, thus, are necessary to implement the
objectives of Section 4s(l). Regulation 23.701 requires that the SD or
MSP notify the counterparty at the beginning of the swap trading
relationship of the counterparty's right to require segregation of
initial margin, and to permit the counterparty to change that election
by written notice to the SD or MSP. Regulation 23.704 requires that, in
certain circumstances, an SD or MSP must report to the counterparty, on
a quarterly basis, that the back office procedures of the swap dealer
or major swap participant relating to margin and collateral
requirements are in compliance with the agreement of the
counterparties. The data required to be compiled and maintained
pursuant to Regulations 23.701 and 23.704 would be used by uncleared
swap counterparties (and, in some instances, the CFTC and self-
regulatory organizations).
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. On February 22, 2022, the
Commission published in the Federal Register notice of the proposed
extension of this information collection and provided 60 days for
public comment on the proposed extension, 87 FR 9583 (``60-Day
Notice''). The Commission did not receive any relevant comments on the
60-Day Notice.
Burden Statement: The Commission is revising its estimate of the
burden for this collection to reflect the current number of respondents
and estimated burden hours. The respondent burden for this collection
is estimated to be as follows:
Regulation 23.701:
Estimated Number of Respondents: 108.
Estimated Average Burden Hours per Respondent: 600 hours.
Estimated Total Annual Burden Hours: 64,800 hours.
Frequency of Collection: Beginning of the swap trading relationship
with a counterparty.
Regulation 23.704:
Estimated Number of Respondents: 108.
Estimated Average Burden Hours per Respondent: 806 hours.
Estimated Total Annual Burden Hours: 87,048 hours.
Frequency of Collection: Quarterly (4 times per year).
Total Annual Burden for the Collection: 151,848 hours.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: April 22, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-09021 Filed 4-26-22; 8:45 am]
BILLING CODE 6351-01-P