[Federal Register Volume 88, Number 128 (Thursday, July 6, 2023)]
[Pages 43086-43087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14250]



Agency Information Collection Activities: Notice of Intent To 
Revise Collection 3038-0096, Swap Data Recordkeeping and Reporting 

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 revision of an information collection 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 information collections pertaining 
to the Commission's swap data recordkeeping and reporting requirements. 
These rules impose recordkeeping and reporting requirements on the 
following entities: Swap Dealers (``SDs''), Major Swap Participants 
(``MSPs''), Swap Execution Facilities (``SEFs''), designated contract 
markets (``DCMs''), swap data repositories (``SDRs''), derivatives 
clearing organizations (``DCOs''), and swap counterparties that are 
neither swap dealers nor major swap participants (``non-SD/MSP 

DATES: Comments must be submitted on or before September 5, 2023.

ADDRESSES: You may submit comments, identified by ``Revision of 
Information Collection Pertaining to Swap Data Recordkeeping and 
Reporting Requirements, OMB Control No. 3038-0096,'' 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: Chase Lindsey, Assistant Chief 
Counsel, Division of Market Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 
20581 (202) 740-4833; 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 information 
collection including each proposed extension of an existing information 
collection, before submitting the collection to OMB for approval. To 
comply with this requirement, the CFTC is publishing notice of a 
proposed revision of the currently approved information collection 
listed below. An agency may not conduct or sponsor, and a person is not 
required to respond to, an information collection unless it displays a 
currently valid OMB control number.
    Title: Swap Data Recordkeeping and Reporting Requirements (OMB 
Control No. 3038-0096). This is a request for revision of a currently 
approved information collection.
    Abstract: The collection of information is needed to ensure that 
the CFTC and other regulators have access to swap data as required by 
the Commodity Exchange Act, as amended by the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank 
Act directed the CFTC to adopt rules providing for the reporting of 
data relating to swaps. In 2012, the CFTC adopted Regulation 45, which 
imposes recordkeeping and reporting requirements relating to swaps. The 
Commission is revising its burden hours and hourly labor cost estimates 
following the Commission's designation of a Unique Product Identifier 
(``UPI'') and product classification system for certain swap asset 
classes. The Commission is revising its burden estimates associated 
with the reporting obligations under part 45 of the Commission rules to 
account for new burden associated with the requirements of part 45.7.

[[Page 43087]]

    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 CFTC, 
including whether the information will have a practical use;
     The accuracy of the CFTC'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 CFTC to consider information that you believe 
is exempt from disclosure under the Freedom of Information Act 
(``FOIA''), a petition for confidential treatment of the exempt 
information may be submitted according to the procedures established in 
Sec.  145.9 of the CFTC's regulations.\1\

    \1\ 17 CFR 145.9.

    The CFTC 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 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 FOIA.
    Burden Statement: CFTC Regulation 45.7 results in information 
collection requirements within the meaning of the PRA. With respect to 
the ongoing reporting and recordkeeping burdens associated with swaps, 
the CFTC believes that SDs, MSPs, SEFs, DCMs, DCOs, SDRs, and non-SD/
MSP counterparties incur an annual time-burden of 1,093 hours. This 
time-burden represents a proportion of the burden respondents incur to 
operate and maintain their swap data recordkeeping and reporting 
    In addition, the Commission estimates that regulation 45.7 will 
create costs for entities required to retrieve and transmit UPIs to 
update their systems to retrieve and transmit UPIs. The Commission 
estimates that SDRs, SEFs, DCMs, and reporting counterparties required 
to retrieve and transmit UPIs will incur a one-time initial burden of 
one hour per entity to modify their systems to adopt the required 
changes, for a total estimated hours burden of 1,732 hours. The 
associated labor cost per entity is estimated to be $93.31 for a total 
cost across entities of $161,620.
    Respondents/Affected Entities: Swap Dealers, Major Swap 
Participants, SEFs, DCMs, DCOs, and other counterparties to a swap 
transaction (i.e., end-user, non-SD/non-MSP counterparties).
    Estimated number of respondents: 1,732.
    Estimated average burden hours per respondent: 1.6 hours.
    Estimated total annual burden hours on /respondents: 2,825 hours.
    Frequency of collection: Ongoing.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: June 30, 2023.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2023-14250 Filed 7-5-23; 8:45 am]