2023-23255

[Federal Register Volume 88, Number 202 (Friday, October 20, 2023)]
[Notices]
[Pages 72436-72437]
From the Federal Register Online via the Government Publishing Office
[FR Doc No: 2023-23255]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities Under OMB Review

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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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 November 20, 2023.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be submitted within 30 days of this 
notice's publication to OIRA, at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. 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 <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>.
    In addition to the submission of comments to <a href="https://Reginfo.gov">https://Reginfo.gov</a> 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. 3038-0076, at <a href="https://comments.cftc.gov/FederalRegister/PublicInfo.aspx">https://comments.cftc.gov/FederalRegister/PublicInfo.aspx</a>.
    Or by either of the following methods:
    <bullet> Mail: Christopher Kirkpatrick, Secretary of the 
Commission, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW, Washington, DC 20581.
    <bullet> 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 <a href="https://www.cftc.gov">https://www.cftc.gov</a> 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.
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    \1\ 17 CFR 145.9.

FOR FURTHER INFORMATION CONTACT: Joseph Opron, Special Counsel, 
Division of Clearing and Risk, Commodity

[[Page 72437]]

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Futures Trading Commission, (312) 596-0653; email: <a href="/cdn-cgi/l/email-protection#3b51544b4954557b585d4f58155c544d"><span class="__cf_email__" data-cfemail="593336292b3637193a3f2d3a773e362f">[email&#160;protected]</span></a>.

SUPPLEMENTARY INFORMATION: 
    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: On July 13, 2023, the Commission published a Final Rule 
adopting amendments that included new information collection 
requirements. See Final Rule, Governance Requirements for Derivatives 
Clearing Organizations, 88 FR 44674 (Jul. 13, 2023). The revised rules 
require a DCO to create and maintain minutes of each Risk Management 
Committee (RMC) 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 risk advisory working group (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.
    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 July 13, 2023, the Commission 
published in the Federal Register notice of the proposed revision of 
this information collection and provided 60 days for public comment on 
the proposed extension, 88 FR 44781 (``60-Day Notice''). The Commission 
received no relevant comments that addressed its PRA burden estimates.
    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. 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\
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    \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.
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    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: October 17, 2023.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2023-23255 Filed 10-19-23; 8:45 am]
BILLING CODE 6351-01-P