[Federal Register Volume 82, Number 143 (Thursday, July 27, 2017)]
[Notices]
[Pages 34933-34934]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-15767]


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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 
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 August 28, 2017.

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 either of the following methods. Please identify the 
comments by OMB Control No. 3038-0091.
     By email addressed to: [email protected]; or
     By mail addressed to: 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.
    A copy of all comments submitted to OIRA should be sent to the 
Commodity Futures Trading Commission (``CFTC'' or ``Commission'') by 
either of the following methods. The copies should refer to OMB Control 
No. 3038-0091.
     By submission through the Commission's Web site: http://

[[Page 34934]]

comments.cftc.gov. Please follow the instructions for submitting 
comments through the Web site;
     By mail addressed 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 to: the address listed above for 
submission by mail.

FOR FURTHER INFORMATION CONTACT: Jacob Chachkin, Special Counsel, 202-
418-5496, email: [email protected]; or Joshua Beale, Special Counsel, 
202-418-5446, email: [email protected], both in the CFTC Division of Swap 
Dealer and Intermediary Oversight.

SUPPLEMENTARY INFORMATION:
    Supporting statements. A copy of the supporting statements for the 
collection of information discussed herein may be obtained by visiting 
http://RegInfo.gov.
    Comment instructions. 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 (``FOIA''), 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, 
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 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 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 FOIA.
    Title: Disclosure and Retention of Certain Information Relating to 
Cleared Swaps Customer Collateral (OMB Control No. 3038-0091). This is 
a request for an extension of a currently approved information 
collection.
    Abstract: Part 22 of the Commission's regulations under the 
Commodity Exchange Act (``CEA'') establishes rules for the protection 
of customer collateral held by futures commission merchants (``FCM'') 
and derivatives clearing organizations (``DCO'') to serve as margin in 
cleared swaps transactions. As part of this regulatory scheme, 
Sec. Sec.  22.2(g), 22.5(a), 22.11, 22.12, 22.16, and 22.17 impose 
recordkeeping and third-party disclosure requirements on FCMs and DCOs. 
In addition, Sec.  22.13(c)(2) indirectly requires FCMs who post excess 
collateral with DCOs to perform certain computations regarding such 
collateral, although it is not expected to materially affect the total 
paperwork burden associated with Part 22.
    Section 22.2(g) requires each FCM with Cleared Swaps Customer 
Accounts \1\ to, among other things, compute daily and report to the 
Commission the amount of Cleared Swaps Customer Collateral \2\ on 
deposit in such accounts, the amount of such collateral required to be 
on deposit in such accounts and the amount of the FCM's residual 
financial interest in such accounts. Section 22.5(a) requires an FCM or 
DCO to obtain, from each depository with which it deposits cleared 
swaps customer funds, a letter acknowledging that such funds belong to 
the Cleared Swaps Customers \3\ of the FCM or DCO, and not the FCM, 
DCO, or any other person. Section 22.11 requires each FCM that 
intermediates cleared swaps for customers on or subject to the rules of 
a DCO, whether directly as a clearing member or indirectly through a 
Collecting FCM,\4\ to provide the DCO or the Collecting FCM, as 
appropriate, with information sufficient to identify each customer of 
the FCM whose swaps are cleared by the FCM. Section 22.11 also requires 
the FCM, at least once daily, to provide the DCO or the Collecting FCM, 
as appropriate, with information sufficient to identify each customer's 
portfolio of rights and obligations arising out of cleared swaps 
intermediated by the FCM. Section 22.12 requires that each Collecting 
FCM and DCO, on a daily basis, calculate, based on information received 
pursuant to Sec.  22.11 and on information generated and used in the 
ordinary course of business by the Collecting FCM or DCO, and record 
certain information about the amount of collateral required for each 
Cleared Swaps Customer and the sum of these amounts. Section 22.16 
requires that each FCM who has Cleared Swaps Customers disclose to each 
of such customers the governing provisions, as established by DCO rules 
or customer agreements between collecting and depositing FCMs, relating 
to use of customer collateral, transfer, neutralization of the risks, 
or liquidation of cleared swaps in the event of default by a Depositing 
FCM \5\ relating to a Cleared Swaps Customer Account. Section 22.17 
requires that FCM produce a written notice of the reasons and the 
details concerning withdrawals from Cleared Swaps Customers Account not 
for the benefit of Cleared Swap Customers if such withdrawal will 
exceed 25% of the FCMs residual interest in such account.
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    \1\ For the definition of Cleared Swaps Customer Account, see 17 
CFR 22.1.
    \2\ Id.
    \3\ Id.
    \4\ Id.
    \5\ Id.
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    The Commission believes that the information collection obligations 
imposed by Commission regulations in Sec. Sec.  22.2(g), 22.5(a), 
22.11, 22.12, 22.16, and 22.17 are essential (i) to ensuring that FCMs 
and DCOs develop and maintain adequate customer protections and 
procedures over Cleared Swap Customer funds as required by the CEA, and 
Commission regulations, and (ii) to the effective evaluation of these 
registrants' actual compliance with the CEA and Commission regulations. 
On April 24, 2017, the Commission published in the Federal Register a 
notice of the proposed extension of this information collection and 
provided 60 days for public comment on the proposed extension. See 82 
FR 18900 (April 24, 2017). The Commission received no comments.
    Burden Statement: The Commission is revising its estimate of the 
burden for this collection to reflect the current number of affected 
registrants. Accordingly, the respondent burden for this collection is 
estimated to be as follows:
    Number of Registrants: 68.
    Estimated Average Burden Hours per Registrant: 365.
    Estimated Aggregate Burden Hours: 24,820.
    Frequency of Recordkeeping: As applicable.

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

    Dated: July 21, 2017.
Christopher J. Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2017-15767 Filed 7-26-17; 8:45 am]
 BILLING CODE 6351-01-P