[Federal Register Volume 87, Number 81 (Wednesday, April 27, 2022)]
[Pages 24973-24974]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-09021]



Agency Information Collection Activities Under OMB Review

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


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.

    \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]]

20581; (202) 418-5445; email: [email protected]

    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 
    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]