[Federal Register Volume 82, Number 59 (Wednesday, March 29, 2017)]
[Notices]
[Pages 15514-15516]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06182]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Extend Collection 3038-0049: Procedural Requirements for Requests for 
Interpretative, No-Action, and Exemptive Letters

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing 
an opportunity for public comment on the proposed extension 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 each proposed extension of an existing 
collection of information, and to allow 60 days for public comment. 
This notice solicits comments on requirements related to requests for, 
and the issuance of, exemptive, no-action, and interpretative letters.

DATES: Comments must be submitted on or before May 30, 2017.

ADDRESSES: You may submit comments, identified by ``OMB Control Number 
3038-0049,'' by any of the following methods:
     The Agency's Web site, at http://comments.cftc.gov/. 
Follow the instructions for submitting comments through the Web site.
     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.
     Federal eRulemaking Portal: http://www.regulations.gov/. 
Follow the instructions for submitting comments through the Portal.
    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 http://www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Jocelyn Partridge, Special Counsel, 
Division of Clearing and Risk, (202) 418-5926, email: 
[email protected]; Meghan Tente, Special Counsel, Division of 
Clearing and Risk, (202) 418-5785, email: [email protected]; Jacob 
Chachkin, Special Counsel, Division of Swaps and Intermediary 
Oversight, (202) 418-5496, email:

[[Page 15515]]

[email protected]; or Dana Brown, Paralegal Specialist, Division of 
Market Oversight, (202) 418-5093, email: [email protected]; or (202) 418-
5093.

SUPPLEMENTARY INFORMATION: Under the PRA, 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. 
An agency may not conduct or sponsor, and a person is not required to 
respond to, a collection of information unless it displays a valid OMB 
control number. Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 
3506(c)(2)(A), requires a Federal agency 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 these requirements, the CFTC is publishing 
notice of the proposed collection of information listed below.
    Title: Procedural Requirements for Requests for Interpretative, No-
Action and Exemptive Letters (OMB Control No. 3038-0049). This is a 
request for an extension of a currently approved information 
collection.
    Abstract: This collection covers the information requirements for 
voluntary requests for, and the issuance of, interpretative, no-action, 
and exemptive letters submitted to Commission staff pursuant to the 
provisions of section 140.99 of the Commission's regulations,\1\ and 
related requests for confidential treatment pursuant to section 
140.98(b) \2\ of the Commission's regulations. It includes reporting 
and recordkeeping requirements.
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    \1\ 17 CFR. 140.99. An archive containing CFTC staff letters may 
be found at http://www.cftc.gov/LawRegulation/CFTCStaffLetters/index.htm.
    \2\ 17 CFR 140.98(b).
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    The collection requirements described herein are voluntary. They 
apply to parties that choose to request a benefit from Commission staff 
in the form of the regulatory action described in section 140.99. Such 
benefits may include, for example, relief from some or all of the 
burdens associated with other collections of information, relief from 
regulatory obligations that do not constitute collections of 
information collections, interpretations, or extensions of time for 
compliance with certain Commission regulations. It is likely that 
persons who would opt to request action under section 140.99 will have 
determined that the information collection burdens that they would 
assume by doing so will be outweighed substantially by the relief that 
they seek to receive.
    The information collection associated with section 140.99 of the 
Commission's regulations is necessary, and would be used, to assist 
Commission staff in understanding the type of relief that is being 
requested and the basis for the request. It is also necessary, and 
would be used, to provide staff with a sufficient basis for determining 
whether: (1) Granting the relief would be necessary or appropriate 
under the facts and circumstances presented by the requestor; (2) the 
relief provided should be conditional and/or time-limited; and (3) 
granting the relief would be consistent with staff responses to 
requests that have been presented under similar facts and 
circumstances. In some cases, the requested relief might be granted 
upon the condition that those who seek the benefits of that relief 
fulfill certain notice and other reporting obligations that serve as 
substituted compliance for regulatory requirements that would otherwise 
be imposed. In other cases, the conditions might include reporting or 
recordkeeping requirements that are necessary to ensure that the relief 
granted by Commission staff is appropriate. Once again, it is likely 
that those who would comply with these conditions will have determined 
that the burden of complying with the conditions is outweighed by the 
relief that they seek to receive. The information collection associated 
with section 140.98(b) of the Commission's regulations is necessary to 
provide a mechanism whereby persons requesting no-action, 
interpretative and exemption letters may seek temporary confidential 
treatment of their request and the Commission staff response thereto 
and the grounds upon which such confidential treatment is sought.
    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 
use;
     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; and
     Ways to enhance the quality, usefulness, and clarity of 
the information to be collected; and
     Ways to minimize the burden of the 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 section 145.9 of 
the Commission's regulations.\3\ 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 http://www.cftc.gov that 
it may deem 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 Requirement 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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    \3\ 17 CFR 145.9.
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    Burden Statement: In order to establish estimates of the annual 
information collection burdens associated with the exemptive, no-action 
and interpretative letters that may be issued by Commission staff 
during the three year renewal period, Commission staff reviewed the 
letters of this type that were issued by Commission staff during 2016. 
This timeframe was chosen because it is believed that such recent 
experience is indicative of both the quantity of requests that 
Commission staff expects to receive and the quantity of letters that 
Commission staff expects to issue on an annual basis during the renewal 
period and the information collection burdens that may be associated 
with them. In some cases, the relief granted in 2016 is unlikely to be 
requested again as it has been superseded by a Commission rulemaking. 
The projected burden estimates for the renewal period were not reduced 
accordingly in order to account for the possibility that new issues may 
arise. It is also possible that certain relief granted in 2016 may be 
superseded by a future Commission rulemaking. As future rulemakings and 
their effective dates are speculative, the estimates for the renewal 
period have

[[Page 15516]]

not been reduced to account for potential rulemakings.
    The annual respondent burden for this collection during the renewal 
period is estimated to be as follows:
    Estimated Number of Respondents: 284.
    Estimated Average Annual Burden Hours per Respondent: 9.5.
    Estimated Total Annual Burden Hours: 2,704.
    Frequency of Collection: Occasional.
    Type of Respondents: Respondents include persons registered with 
the Commission (such as commodity pool operators, commodity trading 
advisors, derivatives clearing organizations, designated contract 
markets, futures commission merchants, introducing brokers, swap 
dealers, and swap execution facilities), persons seeking an exemption 
from registration, persons whose registration with the Commission is 
pending, trade associations and their members, eligible contract 
participants, and other persons seeking relief from discrete regulatory 
requirements.
    There are no capital costs or operating and maintenance costs 
associated with this collection.
    These estimates, as set forth in greater detail below, include the 
burden hours for complying with the information requirements for 
exemptive, no-action and interpretative letters contained in section 
140.99(c) of the Commission's regulations; effecting the filing of such 
letters pursuant to section 140.99(d); providing notice to Commission 
staff of materially changed facts and circumstances pursuant to section 
140.99(c)(3)(ii); complying with any conditions that may be contained 
in a grant of no-action or exemptive relief; complying with 
requirements to make disclosures to third parties; and preparing and 
submitting withdrawals of requests for exemptive, no-action and 
interpretative letters, as provided in section 140.99(f). The estimates 
also include burden hours related to a request for confidential 
treatment made pursuant to section 140.98(b) of the Commission's 
regulations.\4\
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    \4\ The Commission now includes the collection of information 
related to Commission regulation 41.3(b), which involves exemption 
requests from certain intermediaries, under OMB number 3038-0059 
and, as such, is no longer including it in this OMB number.
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    The burden hours associated with requests for exemptive, no-action 
and interpretative letters include both the drafting and filing of the 
request itself as well as performing the underlying factual or legal 
analysis generally to comply with the information collection. The 
burden hours associated with individual requests will vary widely, 
depending upon the type and complexity of relief requested, whether the 
request presents novel or complex issues, the relevant facts and 
circumstances, and the number of requestors or other affected entities. 
The Commission provides estimates of the amount of time that any 
requestor spends on any particular request as each request is unique, 
based upon the preceding factors.

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                                                                                     Estimated
                                     Estimated       Estimated                        average        Estimated
                                      annual      annual reports   Total annual      number of     annual burden
                                    respondents   or records per     responses      hours  per         hours
                                                    respondent                       response
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                                                    Reporting
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Sec.   140.99 (c)--information                78               1              78            24.7           1,930
 requirements for letters.......
Sec.   140.99(d)--filing                      78               1              78               1              78
 requirements...................
Sec.   140.99 (c)(3)(ii)--                     5               1               5               3              15
 materially changed facts and
 circumstances..................
Sec.   140.99(e)--staff response              16               1              16               5              80
 (conditions imposed)...........
Sec.   140.99(f)--withdrawal of                5               1               5               1               5
 requests.......................
Sec.   140.98(b)--requests for                42               1              42               1              42
 confidential treatment.........
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    Total Reporting.............             224               1             224             9.6           2,150
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                                                  Recordkeeping
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Sec.   140.99(e)--staff response              54               4             216               1             216
 (conditions imposed)...........
Disclosures to Third Parties....               6            56.4             338               1             338
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    Total.......................             284             2.7             778             3.5           2,704
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(Authority 44 U.S.C. 3501 et seq.)


    Dated: March 24, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2017-06182 Filed 3-28-17; 8:45 am]
 BILLING CODE 6351-01-P