[Federal Register Volume 88, Number 72 (Friday, April 14, 2023)]
[Pages 23011-23012]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07912]



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

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


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 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 Commission regulations.

DATES: Comments must be submitted on or before June 13, 2023.

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: Andrew Chapin, Associate Chief 
Counsel, Market Participants Division, Commodity Futures Trading 
Commission, (202) 418-5465, 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 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.
    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 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 validity of the 
methodology and assumptions used;

[[Page 23012]]

     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: 13,598.
    Estimated Annual Burden Hours per Respondent: 148.
    Estimated Total Annual Burden Hours: 2,018,728.
    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 11, 2023.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2023-07912 Filed 4-13-23; 8:45 am]