[Federal Register Volume 87, Number 159 (Thursday, August 18, 2022)]
[Pages 50850-50851]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17790]



Agency Information Collection Activities: Notice of Intent To 
Extend Collection 3038-0102: Clearing Exemption for Certain Swaps 
Entered Into by Cooperatives

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


[[Page 50851]]

SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or 
``Commission'') 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 each proposed extension 
of an existing collection of information, and to allow 60 days for 
public comment. This notice solicits comments on the reporting 
requirements related to Commission regulation 50.51, which permits 
certain cooperatives to elect not to clear certain swaps that otherwise 
would be required to be cleared, provided that they meet certain 

DATES: Comments must be submitted on or before October 17, 2022.

ADDRESSES: You may submit comments, identified by ``Clearing Exemption 
for Certain Swaps Entered into by Cooperatives, OMB Control No. 3038-
0102,'' by any of the following methods:
     The Agency's website, at http://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 http://www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Megan Wallace, Senior Special Counsel, 
(202) 418-5150, [email protected]; Daniel O'Connell, Special Counsel, 
(202) 418-5583, [email protected]; each of the Division of Clearing 
and Risk, Commodity Futures Trading Commission, Three Lafayette Centre, 
1155 21st Street NW, Washington, DC 20581.

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 extension of the currently approved collection 
of information 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.\1\

    \1\ 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8 (b)(3)(vi).

    Title: Clearing Exemption for Certain Swaps Entered into by 
Cooperatives (OMB Control No. 3038-0102). This is a request for an 
extension of a currently approved information collection.
    Abstract: Section 2(h)(1)(A) of the Commodity Exchange Act 
(``CEA'') requires certain entities to submit swaps for clearing if 
they are required to be cleared by the Commission. Commission 
regulation 50.51 permits certain cooperatives to elect not to clear 
certain swaps that otherwise would be required to be cleared, provided 
that they meet certain conditions. The rule establishes a reporting 
requirement for cooperatives that is critical to ensuring compliance 
with the Commission's clearing requirement under section 2(h)(1) of the 
CEA and is necessary in order for Commission staff to prevent abuse of 
the cooperative exemption. In addition, this collection relates to 
information that the Commission needs to monitor elections of the 
cooperative exemption and to assess market risks.
    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 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.\2\

    \2\ 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 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 information collection request 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 anticipates that there will 
continue to be approximately 25 eligible respondents and the hourly 
burden will remain the same as in the 2019 renewal. The respondent 
burden for this collection is estimated to be as follows:
    Estimated Number of Respondents: 25.
    Estimated Average Burden Hours per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 25 hours.
    Frequency of Collection: On occasion; annually.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

(Authority: 44 U.S.C. 3501 et seq.)

    Dated: August 15, 2022
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-17790 Filed 8-17-22; 8:45 am]