[Federal Register Volume 81, Number 24 (Friday, February 5, 2016)]
[Notices]
[Pages 6241-6242]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02217]


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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, 44 
U.S.C. 3501 et seq. (PRA), this notice announces that the Information 
Collection Request (ICR) abstracted below has been forwarded to the 
Office of Management and Budget (OMB) for review and comment. The ICR 
describes

[[Page 6242]]

the nature of the information collection and its expected costs and 
burden.

DATES: Comments must be submitted on or before March 7, 2016.

ADDRESSES: Comments regarding the burden estimated or any other aspect 
of the information collection, including suggestions for reducing the 
burden, may be submitted directly to the Office of Information and 
Regulatory Affairs (OIRA) in OMB, within 30 days of the notice's 
publication, by email at [email protected]. Please identify 
the comments by OMB Control Nos. 3038-0068, 3038-0083, and 3038-0088. 
Please provide the Commodity Futures Trading Commission (``CFTC'' or 
``Commission'') with a copy of all submitted comments at the address 
listed below. Please refer to OMB Reference Nos. 3038-0068, 3038-0083, 
and 3038-0088, found on http://reginfo.gov. Comments may also be mailed 
to the Office of Information and Regulatory Affairs, Office of 
Management and Budget, Attention: Desk Officer for the Commodity 
Futures Trading Commission, 725 17th Street NW., Washington, DC 20503, 
and to the Commission through its Web site at http://comments.cftc.gov. 
Follow the instructions for submitting comments through the Web site.
    Comments may also be mailed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 or by Hand 
Delivery/Courier at the same address.
    A copy of the supporting statements for the collection of 
information discussed above may be obtained by visiting http://
RegInfo.gov. 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: Gregory Scopino, Special Counsel, 
Division of Swap Dealer and Intermediary Oversight, Commodity Futures 
Trading Commission, (202) 418-5175, email: [email protected], and refer 
to OMB Control Nos. 3038-0068, 3038-0083, and 3038-0088.

SUPPLEMENTARY INFORMATION:
    Title: Confirmation, Portfolio Reconciliation, Portfolio 
Compression, and Swap Trading Relationship Documentation Requirements 
for Swap Dealers and Major Swap Participants (OMB Control Nos. 3038-
0068, 3038-0083, and 3038-0088). This is a request for an extension of 
a currently approved information collection.
    Abstract: On September 11, 2012 the Commission adopted Commission 
regulations 23.500-23.505 (Confirmation, Portfolio Reconciliation, 
Portfolio Compression, and Swap Trading Relationship Documentation 
Requirements for Swap Dealers and Major Swap Participants) \1\ under 
sections 4s(f), (g) and (i) \2\ of the Commodity Exchange Act 
(``CEA''). Commission regulations 23.500-23.505 require, among other 
things, that swap dealers (``SD'') \3\ and major swap participants 
(``MSP'') \4\ develop and retain written swap trading relationship 
documentation. The regulations also establish requirements for SDs and 
MSPs regarding swap confirmation, portfolio reconciliation, and 
portfolio compression. Under the regulations, swap dealers and major 
swap participants are obligated to maintain records of the policies and 
procedures required by the rules.\5\ Confirmation, portfolio 
reconciliation, and portfolio compression are important post-trade 
processing mechanisms for reducing risk and improving operational 
efficiency. The information collection obligations imposed by the 
regulations are necessary to ensure that each swap dealer and major 
swap participant maintains the required records of their business 
activities and an audit trail sufficient to conduct comprehensive and 
accurate trade reconstruction. The information collections contained in 
the regulations are essential to ensuring that swap dealers and major 
swap participants document their swaps, reconcile their swap portfolios 
to resolve discrepancies and disputes, and wholly or partially 
terminate some or all of their outstanding swaps through regular 
portfolio compression exercises. The collections of information are 
mandatory. 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. The Commission did not receive 
any comments on the 60-day Federal Register notice, 80 FR 73731, dated 
November 25, 2015.
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    \1\ 17 CFR 23.500-23.505.
    \2\ 7 U.S.C. 6s(f), (g) & (i).
    \3\ For the definition of SD, see section 1a(49) of the CEA and 
Commission regulation 1.3(ggg). 7 U.S.C. 1a(49) and 17 CFR 1.3(ggg).
    \4\ For the definitions of MSP, see section 1a(33) of the CEA 
and Commission regulation 1.3(hhh). 7 U.S.C. 1a(33) and 17 CFR 
1.3(hhh).
    \5\ SDs and MSPs are required to maintain all records of 
policies and procedures in accordance with Commission regulation 
1.31, including policies, procedures and models used for eligible 
master netting agreements and custody agreements that prohibit 
custodian of margin from re-hypothecating, repledging, reusing, or 
otherwise transferring the funds held by the custodian.
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    Burden Statement: The Commission is revising its estimate of the 
burden for this collection to reflect, among other things, the current 
number of provisionally registered SDs and MSPs.\6\ The respondent 
burden for this collection is estimated to be as follows:
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    \6\ The 60-day notice indicated that there were 106 Swap Dealers 
and Major Swap Participants. There are 105 Swap Dealers and Major 
Swap Participants currently registered with the Commission.
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     OMB Control No. 3038-0068 (Confirmation, Portfolio 
Reconciliation, and Portfolio Compression Requirements for Swap Dealers 
and Major Swap Participants).
    Number of Registrants: 105.
    Estimated Average Burden Hours per Registrant: 1,282.5.
    Estimated Aggregate Burden Hours: 134,662.5.
    Frequency of Recordkeeping: As applicable.
     OMB Control No. 3038-0083 (Orderly Liquidation Termination 
Provision in Swap Trading Relationship Documentation for Swap Dealers 
and Major Swap Participants).
    Number of Registrants: 105.
    Estimated Average Burden Hours per Registrant: 270.
    Estimated Aggregate Burden Hours: 28,350.
    Frequency of Recordkeeping: As applicable.
     OMB Control No. 3038-0088 (Swap Trading Relationship 
Documentation Requirements for Swap Dealers and Major Swap 
Participants).
    Number of Registrants: 105.
    Estimated Average Burden Hours per Registrant: 6,284.
    Estimated Aggregate Burden Hours: 659,820.\7\
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    \7\ The 60-day notice contained an arithmetic error, providing 
for 135,945 estimated aggregate burden hours, instead of the correct 
total of 659,820, which is based on the 6,284 burden hours per 
registrant reflected in the 60-day notice for OMB Control No. 3038-
0088.
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    Frequency of Recordkeeping: As applicable.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: February 1, 2016.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2016-02217 Filed 2-4-16; 8:45 am]
BILLING CODE 6351-01-P