[Federal Register Volume 82, Number 102 (Tuesday, May 30, 2017)]
[Notices]
[Pages 24688-24690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-11105]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Extension of 
Information Collections Under the Dodd-Frank Act

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (``Commission'' or 
``CFTC'') is announcing an opportunity for public comment on the 
extension of two information collections (ICs), one concerning the 
filing of an annual report provided for in the Derivatives Clearing 
Organization General Provisions and Core Principles regulations and the 
other concerning the filing of a Subpart C Election Form and other 
reporting and recordkeeping requirements provided for in subpart C, 
part 39 of the Commission Regulations. 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, and to 
allow 60 days for public comment.

DATES: Comments must be submitted on or before July 31, 2017.

ADDRESSES: You may submit comments, identified by OMB Control No. 3038-
0081 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.

FOR FURTHER INFORMATION CONTACT: Tracey Wingate, Special Counsel, 
Division of Clearing and Risk, Commodity Futures Trading Commission, 
(202) 418-5318; 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 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.
    This notice solicits comments on two ICs contained in OMB Control 
No. 3038-0081: (A) The filing of an annual report provided for in 
Derivatives Clearing Organization General Provisions and Core 
Principles \1\ (part 39 of the Commission Regulations); and, (B) filing 
of the Subpart C Election Form provided for in subpart C, part 39 of 
the Commission Regulations for DCOs that elect to be held to the same 
standards as systemically important DCOs (``SIDCOs'') regulatory 
requirements (``Subpart C DCOs''). These additional standards are 
mandatory for SIDCOs and optional for Subpart C DCOs. An agency may not 
conduct or sponsor, and a person is not required to respond to, an 
information collection unless it displays a valid OMB control number. 
An explanation of the ICs and the current burden estimates are provided 
for below:
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    \1\ OMB Control No. 3038-0081 is being retitled to more 
accurately reflect the information collections covered.
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    Title: Derivatives Clearing Organizations, General Regulations and 
International Standards; OMB Control No. 3038-0081. This is a request 
for extension of a currently approved OMB Control No. 3038-0081.
    Abstract:
    (A) Annual report provided for in Derivatives Clearing Organization 
General Provisions and Core Principles. Section 725(c) of the Dodd-
Frank Act amended Section 5b(c)(2) of the CEA to allow the Commission 
to establish regulatory standards for compliance with the DCO core 
principles. Accordingly, the Commission adopted a final rule to set 
specific standards for compliance with DCO Core Principles.\2\ The DCO 
Final Rule requires the appointment of a CCO, the filing of an annual 
report and adherence to certain recordkeeping requirements.\3\ It also 
allows the Commission to collect information at other times as 
necessary. The information collected in the annual report pursuant to 
those regulations is necessary for the Commission to evaluate whether 
DCOs are complying with Commission regulations.
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    \2\ See Derivatives Clearing Organization General Provisions and 
Core Principles, 76 FR 69334 (November 8, 2011) (DCO Final Rule).
    \3\ These DCO recordkeeping requirements and associated costs 
are captured in separate proposed rulemakings under separate OMB 
Control Nos.; specifically, see Risk Management Requirements for 
Derivatives Clearing Organizations; 76 FR 3698 (Jan. 20, 2011) (OMB 
Control No. 3038-0076); Information Management Requirements for 
Derivatives Clearing Organizations, 75 FR 78185 (Dec. 15, 2010) (OMB 
Control No. 3038-0069); and Financial Resources requirements for 
Derivatives Clearing Organizations, 75 FR 63113 (Oct. 14, 2010) (OMB 
Control No. 3038-0066).
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    (B) Subpart C Election Form and other reporting and recordkeeping 
requirements provided for in subpart C, part 39 of the Commission 
Regulations. In the Derivatives Clearing Organizations and 
International Standards final rule (SIDCO-Subpart C DCO Final Rule),\4\ 
the Commission adopted amendments to its regulations

[[Page 24689]]

to establish additional standards for compliance with the DCO core 
principles set forth in Section 5b(c)(2) of the CEA for SIDCOs and 
Subpart C DCOs which are consistent with certain international 
standards. Specifically, the additional requirements address any 
remaining gaps between the Commission's existing regulations and the 
Principles for Financial Market Infrastructures (``PFMI'') published by 
the Committee on Payments and Market Infrastructures and the Board of 
the International Organization of Securities Commissions.
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    \4\ See Derivatives Clearing Organizations and International 
Standards, 78 FR 72476 (December 2, 2013) (SIDCO-Subpart C DCO Final 
Rule).
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    The SIDCO-Subpart C DCO Final Rule also established the process 
whereby DCO and DCO applicants, respectively, may elect to become 
Subpart C DCOs subject to the provisions of Subpart C. The election 
involves filing the Subpart C Election Form contained in appendix B to 
part 39 of the Commission's regulations, which involves completing 
certifications, providing exhibits, and drafting and publishing 
responses to the PFMI Disclosure Framework and PFMI Quantitative 
Information Disclosure, as applicable. Additionally, the SIDCO-Subpart 
C DCO Final Rule provides for Commission requests for supplemental 
information from those requesting Subpart C DCO status; requires 
amendments to the Subpart C Election Form in the event that a DCO or 
DCO Applicant, respectively, discovers a material omission or error in, 
or if there is a material change in, the information provided in the 
Subpart C Election Form; to submit a notice of withdrawal to the 
Commission in the event the DCO or DCO applicant determines not to seek 
Subpart C DCO status prior to such status becoming effective; and 
procedures by which a Subpart C DCO may rescind its Subpart C DCO 
status after it has been permitted to take effect. Further, each of 
these requirements implies recordkeeping that would be produced by a 
DCO to the Commission on an occasional basis to demonstrate compliance 
with the rules. The information that would be collected under in 
subpart C, part 39 of the Commission Regulations is necessary for the 
Commission to determine whether a DCO meets the Subpart C DCO standards 
and is likely to be able to maintain compliance with such standards; to 
evaluate whether SIDCOs and Subpart C DCOs are complying with 
Commission regulations; and to perform risk analyses with respect to 
SIDCOs and Subpart C DCOs.
    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;
     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.
    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. 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.\5\
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    \5\ 17 CFR 145.9.
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    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 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 the Freedom of Information Act.
    Burden Statement: The total annual time burden for all respondents 
is estimated to be 18,472 hours.
    See Appendix A for an individual breakdown for burden for annual 
reports provided for in Derivatives Clearing Organization General 
Provisions and Core Principles.
    See Appendix B for an individual breakdown for burden for Subpart C 
Election Form and other reporting and recordkeeping requirements 
provided for in subpart C, part 39 of the Commission Regulations.

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

    Dated: May 19, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.

Appendix A--Derivatives Clearing Organization General Provisions and 
Core Principles OMB Collection 3038-0081

                      Annual Reporting Requirements for Derivatives Clearing Organizations
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                                                                                                 Estimated total
                                                                                                 number of hours
                                                  Reports                          Estimated        of annual
  Estimated number of respondents per year      annually by      Total annual    average number     burden in
                                                    each          responses       of hours per     fiscal year
                                                 respondent                         response      (maximum: 12 x
                                                                                                       80)
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12..........................................               1               12            40-80          480-960
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Appendix B--Subpart C Election Form and Other Reporting and 
Recordkeeping Requirements Provided for in Subpart C, Part 39 of the 
Commission Regulations OMB Collection 3038-0081

[[Page 24690]]



                              SIDCO/Subpart C DCO Regulations--Reporting Collection
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                                                                                                     Estimated
                                     Estimated        Reports                        Estimated     total number
                                     number of      annually by    Total annual   average number    of hours of
                                    respondents        each          responses     of hours per    annual burden
                                     per year                                        response     in fiscal year
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Certifications--Subpart C                      5               1               5              25             125
 Election Form..................
Exhibits A thru G--Subpart C                   5               1               5             155             775
 Election Form..................
Disclosure Framework Responses..               5               1               5             200           1,000
Quantitative Information                       5               1               5              80             400
 Disclosures....................
Supplemental Information........               5               5              25              45           1,125
Amendments to Subpart C Election               5               3              15               8             120
 Form...........................
Withdrawal Notices..............               1               1               1               2               2
Rescission Notices..............               1              75              75               3             225
Written Governance Arrangements.               7               1               7             200           1,400
Governance Disclosures..........               7               6              42               3             126
Financial and Liquidity Resource               7               1               7             120             840
 Documentation..................
Stress Test Results.............               7              16             112              14           1,568
Disclosure Framework                           2               1               2             200             400
 Requirements (SIDCOs Only).....
Disclosure Framework                           7               1               7              80             560
 Requirements (Both)............
Quantitative Information                       2               1               2              80             160
 Disclosures (SIDCOs Only)......
Quantitative Information                       7               1               7              35             245
 Disclosures (Both).............
Transaction, Segregation,                      7               2              14              35             490
 Portability Disclosures........
Efficiency and Effectiveness                   7               1               7               3              21
 Review.........................
Recovery and Wind-Down Plan.....               7               1               7             480           3,360
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    Totals......................  ..............             120             350           1,768          12,942
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                            SIDCO/Subpart C DCO Regulations--Recordkeeping Collection
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                                                                                                     Estimated
                                     Estimated     Records to be                     Estimated     total number
                                     number of     kept annually   Total annual   average number    of hours of
                                   recordkeepers      by each        responses     of hours per    annual burden
                                     per year                                         record      in fiscal year
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Generally.......................               5              82             410               1           2,050
Liquidity Resource Due Diligence               7               4              28              10             280
 and Testing....................
Financial and Liquidity                        7               4              28              10             280
 Resources, Excluding Due
 Diligence......................
Generally.......................               7              28             196              10           1,960
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    Totals......................  ..............             118             662              31           4,570
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[FR Doc. 2017-11105 Filed 5-26-17; 8:45 am]
BILLING CODE 6351-01-P