[Federal Register Volume 82, Number 146 (Tuesday, August 1, 2017)]
[Notices]
[Pages 35764-35767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16019]


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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 31, 2017.

ADDRESSES: Comments regarding the burden estimate 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 this notice's 
publication by either of the following methods. Please identify the 
comments by ``OMB Control No. 3038-0081''.
     By email addressed to: [email protected] or
     By mail addressed 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.
    A copy of all comments submitted to OIRA should be sent to the 
Commodity Futures Trading Commission (the ``Commission'') by either of 
the following methods. The copies should refer to ``OMB Control No. 
3038-0081''.
     By mail addressed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581;
     By Hand Delivery/Courier to the same address; or
     Through the Commission's Web site at http://comments.cftc.gov. Please follow the instructions for submitting 
comments through the Web site.
    A copy of the supporting statement for the collection of 
information discussed herein 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. 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.\1\ The

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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 Freedom of 
Information Act.
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    \1\ 17 CFR 145.9.

FOR FURTHER INFORMATION CONTACT: Robert Wasserman, Chief Counsel, 
Division of Clearing and Risk, Commodity Futures Trading Commission, 
(202) 418-5092; email: [email protected], and refer to OMB Control 
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No. 3038-0081.

SUPPLEMENTARY INFORMATION:
    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. containing two 
information collections consolidated into OMB Control No. 3038-0081.
    Derivatives Clearing Organization General Provisions and Core 
Principles.\2\ 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.\3\ The DCO Final Rule requires the 
appointment of a CCO, the filing of an annual report and adherence to 
certain recordkeeping requirements.\4\ The information collected 
pursuant to those regulations is necessary for the Commission to 
evaluate whether DCOs are complying with Commission regulations.
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    \2\ The 60-day Federal Register notice, 82 FR 24688, May 30, 
2017, identified this information collection as ``Annual report 
provided for in Derivatives Clearing Organization General Provisions 
and Core Principles.''
    \3\ See Derivatives Clearing Organization General Provisions and 
Core Principles, 76 FR 69334 (November 8, 2011) (DCO Final Rule).
    \4\ 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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    Derivatives Clearing Organizations and International Standards.\5\ 
In the SIDCO-Subpart C DCO Final Rule, the Commission adopted 
amendments to its regulations to establish additional standards for 
compliance with the DCO core principles set forth in Section 5b(c)(2) 
of the CEA for systemically important DCOs (``SIDCOs'') and DCOs that 
elect to opt-in to the SIDCO regulatory requirements (``Subpart C 
DCOs'') which are consistent with certain international standards.\6\ 
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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    \5\ The 60-day Federal Register notice, 82 FR 24688, May 30, 
2017, identified this information collection as Subpart C Election 
Form and other reporting and recordkeeping requirements provided for 
in subpart C, part 39 of the Commission Regulations.
    \6\ 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 the 
SIDCO-Subpart C DCO Final Rule, 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.
    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 May 30, 2017, the Commission 
published in the Federal Register notice of the proposed extension of 
this information collection and provided 60 days for public comment on 
the proposed extension, 82 FR 24688 (``60-Day Notice'').
    Burden Statement: The Commission is not revising its estimate of 
the burden for this collection. The respondent burden for this 
collection is estimated to be as follows:
    Estimated Number of Respondents: With respect to the DCO Final 
Rule, the estimated number of respondents is 12. With respect to the 
SIDCO-Subpart C DCO Rule, the estimated number of respondents is 7.
    Estimated Average Burden Hours Per Respondent: With respect to the 
DCO Final Rule, the estimated average burden hours is 80. With respect 
to the SIDCO-Subpart C DCO Rule, the estimated average burden hours is 
2,502.
    Estimated Total Annual Burden Hours: With respect to the DCO Final 
Rule, the total annual burden hours is estimated to be 960. With 
respect to the SIDCO-Subpart C DCO Rule, the total annual burden hours 
is estimated to be 17,512.
    Frequency of Collection: With respect to the DCO Final Rule, the 
estimated frequency of collection is annual. With respect to the SIDCO-
Subpart C DCO Rule, the frequency of collection is annual and 
occasional.
    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 
Derivatives Clearing Organizations and International Standards (Subpart 
C Election Form and other reporting and recordkeeping requirements 
provided

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for in subpart C, part 39 of the Commission Regulations).
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: July, 25, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.

    Note:  The following appendices will not appear in the Code of 
Federal Regulations.

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

    The regulations under this final rulemaking require DCOs to 
report information to the Commission on an annual basis but allow 
the Commission to collect information at other times as necessary.

                      Annual Reporting Requirements For Derivatives Clearing Organizations
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                                                                                                    Estimated
                                                                                                  total  number
                                                  Reports                          Estimated       of  hours of
  Estimated number of respondents per year      annually  by    Total  annual   average  number   annual  burden
                                                    each          responses      of hours  per   in  fiscal year
                                                 respondent                         response        (maximum:
                                                                                                      12x80)
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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

                              SIDCO/Subpart C DCO Regulations--Reporting Collection
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                                                                                                     Estimated
                                     Estimated                                       Estimated     total  number
                                     number of        Reports      Total  annual      average      of hours  of
                                    respondents    annually  by      responses       number of    annual  burden
                                     per year          each                          hours per      in  fiscal
                                                                                     response          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                                       Estimated     total  number
                                     number of    Records to  be   Total  annual      average      of  hours of
                                   recordkeepers  kept  annually     responses       number of    annual  burden
                                     per year         by each                       hours  per      in  fiscal
                                                                                      record           year
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Generally.......................               5              82             410               1           2,050

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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            1960
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    Totals......................  ..............             118             662              31            4570
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[FR Doc. 2017-16019 Filed 7-31-17; 8:45 am]
 BILLING CODE 6351-01-P