[Federal Register Volume 84, Number 62 (Monday, April 1, 2019)]
[Notices]
[Pages 12233-12234]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06168]


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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 burdens.

DATES: Comments must be submitted on or before May 1, 2019.

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 publication of 
this notice by either of the methods specified below. Please identify 
the comments by ``OMB Control Numbers 3038-0088.''
     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 (``Commission'') by any of the 
following methods. The copies should refer to ``OMB Control Numbers 
3038-0088.''
     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 website at http://comments.cftc.gov. Please follow the instructions for submitting 
comments through the website.
    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. 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 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

[[Page 12234]]

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.
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    A copy of the supporting statements for the collections of 
information discussed herein may be obtained by visiting http://RegInfo.gov.

FOR FURTHER INFORMATION CONTACT: Jacob Chachkin, Special Counsel, (202) 
418-5496, [email protected], Division of Swap Dealer and Intermediary 
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, 
Washington, DC 20581, and refer to OMB Control Numbers 3038-0088.

SUPPLEMENTARY INFORMATION:
    Titles: Confirmation, Portfolio Reconciliation, Portfolio 
Compression, and Swap Trading Relationship Documentation Requirements 
for Swap Dealers and Major Swap Participants (OMB control number 3038-
0088). This is a request for revision of this currently approved 
information collection.
    Abstract: Pursuant to the authority granted to it by Section 731 of 
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (Dodd-Frank Act, Pub L. No. 111-203, 124 Stat. 1376 (2010)), the 
Commission promulgated regulation 23.504, among others. This regulation 
obligates swap dealers (``SDs'') and major swap participants (``MSPs'') 
to develop and retain written swap trading relationship documentation, 
which is essential to ensuring that SDs and MSPs document their swaps. 
The ICRs for this regulation are included under OMB control number 
3038-0088.
    The United Kingdom (``UK'') has provided formal notice of its 
intention to withdraw from the European Union (``EU''). This withdrawal 
may happen as soon as April 12, 2019 and may transpire without a 
negotiated agreement between the UK and EU (No-deal Brexit). To the 
extent this event occurs, affected SDs and MSPs may be involved in 
transfers of certain uncleared swaps, including uncleared swaps that 
were entered into before the relevant compliance dates under the CFTC 
Margin Rule \2\ or the Prudential Margin Rule and that, therefore, may 
not be subject to such rules, in whole or in part.
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    \2\ Margin Requirements for Uncleared Swaps for Swap Dealers and 
Major Swap Participants, 81 FR 636 (Jan. 6, 2016) (``CFTC Margin 
Rule''). The CFTC Margin Rule, which became effective April 1, 2016, 
is codified in part 23 of the Commission's regulations. 17 CFR 
23.150-23.159, 23.161. The Board of Governors of the Federal Reserve 
System, the Federal Deposit Insurance Corporation, the Office of the 
Comptroller of the Currency, the Farm Credit Administration, and the 
Federal Housing Finance Agency published final margin requirements 
in November 2015. See Margin and Capital Requirements for Covered 
Swap Entities, 80 FR 74840 (Nov. 30, 2015) (``Prudential Margin 
Rule'').
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    The Commission is adopting an interim final rule (``Final Rule'') 
amending the CFTC Margin Rule such that the date used for purposes of 
determining whether an uncleared swap was entered into prior to an 
applicable compliance date will not change under the CFTC Margin Rule 
if the swap is transferred, and thereby amended, in accordance with the 
terms of the Final Rule in respect of any such transfer. In doing so, 
the Final Rule, subject to its requirements, allows an uncleared swap 
to retain its legacy status when transferred in connection with a No-
deal Brexit. As a condition to the relief in the Final Rule, in certain 
cases, the Commission requires that the transferor of a legacy swap 
make certain representations to the SD or MSP that is a party to the 
swap in the swap trading relationship documentation relating to such 
transfer. The Commission proposes to revise the burden of OMB control 
number 3038-0088 to reflect this requirement.
    Burden Statement: As a condition to the relief in the Final Rule, 
in certain cases, the Commission requires that the transferor of a 
legacy swap make certain representations to the SD or MSP that is a 
party to the swap in the swap trading relationship documentation 
relating to such transfer. The Commission is revising the burden of 
this OMB number to reflect the inclusion of this requirement in the 
Final Rule. Specifically, the Commission estimates that this 
requirement will increase the burden under OMB control number 3038-0088 
as follows:
    Respondents/Affected Entities: SDs and MSPs and their 
counterparties.
    Estimated Number of Respondents: 52.
    Estimated Total Annual Burden on Respondents: 1,404 hours.
    Frequency of Collection: Periodically.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: March 26, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019-06168 Filed 3-29-19; 8:45 am]
BILLING CODE 6351-01-P