[Federal Register Volume 88, Number 133 (Thursday, July 13, 2023)]
[Pages 44781-44782]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14358]



Agency Information Collection Activities: Proposed Collection, 
Comment Request: Governance Requirements for Derivatives Clearing 

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 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 is being published concurrently with the publication and 
adoption of the final rule titled ``Governance Requirements for 
Derivatives Clearing Organizations'' (``Final Rule'').

DATES: Comments must be submitted on or before September 11, 2023.

ADDRESSES: You may submit comments, identified by ``Requirements for 
Derivatives Clearing Organizations OMB Control No. 3038-0076'' by any 
of the following methods:
     CFTC Website: 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.

FOR FURTHER INFORMATION CONTACT: Joseph Opron, Special Counsel, 
Division of Clearing and Risk, Commodity Futures Trading Commission, 
(312) 596-0653; 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 proposed 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: Requirements for Derivatives Clearing Organizations, OMB 
Control No. 3038-0076. This is a request for a revision of a currently 
approved information collection.
    Abstract: Concurrently with this notice, the Commission published 
the Final Rule adopting amendments that included new information 
collection requirements. The revised rules require a DCO to create and 
maintain minutes of each Risk Management Committee Meeting and to 
maintain written policies and procedures to make certain that its RMC 
includes at least two clearing member representatives and, if 
applicable, at least two representatives of customers of clearing 
members. The revised rules also require a DCO to adopt written policies 
and procedures related to the formation and role of each RWG, and to 
include in those policies and procedures requirements for the DCO to 
document and provide to the RMC, at a minimum, a summary of the topics 
discussed and the main points raised during each meeting of the RWG.
    With respect to each new 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

[[Page 44782]]

information technology; e.g., permitting electronic submission of 
    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. 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.\1\

    \1\ 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 burden estimate 
for OMB control number 3038-0076 to account for the amendments 
described above. Specifically, the Commission believes that the burden 
under this clearance will increase because the 15 DCOs subject to these 
requirements will be required under Sec.  39.24(b)(11) to create and 
maintain minutes of each RMC meeting, and under Sec.  39.24(b)(12) to 
document and provide to the RMC, at a minimum, a summary of the topics 
discussed and the main points raised during each meeting of the RWG. 
The Commission estimates a DCO will spend an average of four hours 
creating minutes of each RMC meeting and four hours documenting a 
summary of the topics discussed and the main points raised during each 
meeting of the RWG, which includes attending the meeting, taking notes, 
and putting the notes into the required format following the meeting. 
The Commission estimates that a DCO's RMC and RWG will each need to 
hold an average of six meetings per year to satisfy the Sec.  
39.24(b)(11) and (12) requirements that a DCO's RMC and RWG address all 
matters that could materially affect the risk profile of the DCO. Based 
upon the above, the estimated hour burden for this collection is 
calculated as follows:
    Estimated number of respondents: 15.\2\

    \2\ The Commission notes that while new Sec.  39.24(d) provides 
that a DCO may satisfy the requirements of paragraphs (b)(11), 
(b)(12), (c)(1)(iv), and (c)(3) by having rules that permit it to 
clear only fully collateralized positions, such DCOs are included in 
the total estimated number of respondents because these DCOs would 
still be required to develop and disclose governance arrangements 
required by the other provisions of Sec.  39.24. The Commission's 
estimate is therefore conservative to the extent that these DCOs are 
not required to prepare and maintain minutes of each RMC meeting, 
and document and provide to the RMC, at a minimum, a summary of the 
topics discussed and the main points raised during each meeting of 
the RWG.

    Estimated number of reports per respondent: 18.
    Average number of hours per report: 4.
    Estimated gross annual reporting burden: 1,080.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: July 3, 2023.
Christopher Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2023-14358 Filed 7-12-23; 8:45 am]