[Federal Register Volume 84, Number 71 (Friday, April 12, 2019)]
[Notices]
[Pages 14922-14923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07307]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Revise Collection 3038-0089, Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps

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 renewal of 
an information collection 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 and 
to allow 60 days for public comment. This notice solicits comments on 
the swap data recordkeeping and reporting requirements codified in 17 
CFR 46. This part imposes recordkeeping and reporting requirements on 
the following entities: Swap Dealers (``SDs''), Major Swap Participants 
(``MSPs''), and swap counterparties that are neither swap dealers nor 
major swap participants (``non-SD/MSP counterparties'').

DATES: Comments must be submitted on or before June 11, 2019.

ADDRESSES: You may submit comments, identified by ``Renewal of 
Collection Pertaining to Swap Data Recordkeeping and Reporting 
Requirements: Pre-Enactment and Transition Swaps,'' and 3038-0089, by 
any of the following methods:
     The Agency's website, at http://comments.cftc.gov/. Follow 
the instructions for submitting comments through the website.
     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.
    Please submit your comments using only one method.

FOR FURTHER INFORMATION CONTACT: Meghan Tente, Division of Market 
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, 
(202) 418-5785, email: [email protected], and refer to OMB Control No. 
3038-0089.

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 amendment to the collection of information listed below.

[[Page 14923]]

    Title: Swap Data Recordkeeping and Reporting Requirements: Pre-
Enactment and Transition Swaps (OMB Control No. 3038-0089). This is a 
request for extension of a currently approved information collection.
    Abstract: The collection of information is needed to ensure that 
the CFTC and other regulators have access to data regarding pre-
enactment and transition swaps, as required by the Commodity Exchange 
Act as amended by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act directed the 
CFTC to adopt rules providing for the reporting of data relating to 
swaps entered into before the date of enactment of the Dodd-Frank Act, 
the terms of which had not expired as of the date of enactment of the 
Dodd-Frank Act (``pre-enactment swaps'') and data relating to swaps 
entered into on or after the date of enactment of the Dodd-Frank Act 
and prior to the compliance date specified in the the CFTC's final swap 
data reporting rules (``transition swaps''). On June 12, 2012, the CFTC 
adopted regulation 46, which imposes recordkeeping and reporting 
requirements relating to pre-enactment and historical swaps.
    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 CFTC, 
including whether the information will have a practical use;
     The accuracy of the CFTC'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 CFTC 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 CFTC's regulations.\1\
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    \1\ 17 CFR 145.9.
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    The CFTC 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: Provisions of CFTC Regulations 46.2, 46.3, 46.4, 
46.8, 46.10, and 46.11 result in information collection requirements 
within the meaning of the PRA. With respect to the ongoing reporting 
and recordkeeping burdens associated with pre-enactment and transition 
swaps, the CFTC believes that SDs, MSPs, and non-SD/MSP counterparties 
incur an annual time-burden of 17,328 hours. This time-burden 
represents a proportion of the burden responents incur to operate and 
maintain their swap data recordkeeping and reporting systems.
    17 CFR 45 imposes swap recordkeeping and reporting requirements on 
respondents related to swaps that are not pre-enactment or transition 
swaps. The CFTC believes that respondents use the same recordkeeping 
and reporting systems to compy with both parts 45 and 46. The CFTC has 
computed the estimated burden for 17 CFR 46 by estimating the burden 
incurred by respondents to operate and maintain their swap data 
recordkeeping and reporting systems and then estimating the percentage 
of that burden associated with pre-enactment and transition swaps. 
Since the enactment of 17 CFR 45, the vast majority of pre-enactment 
and transition swaps have been terminated by the parties to the swaps 
or are otherwise no longer in existence. As 17 CFR 46 only requires 
respondents to make ongoing reports regarding pre-enactment and 
transition swaps that continue to be in existence, the number of 
reports being made pursuant to 17 CFR 46 has declined significantly 
over time. As the volume of reports made pursuant to 17 CFR 46 is 
estimated to be very small releative to the estimated volume of reports 
made pursuant to 17 CFR 45, the Commission's burden estimate has 
allocated the vast majority of the estimated burden to operate and 
maintain respondents' swap data recordkeeping and reporting systems to 
the burden estimate associated with 17 CFR 45.
    Respondents/Affected Entities: Swap Dealers, Major Swap 
Participants, and other counterparties to a swap transaction (i.e., 
end-user, non-SD/non-MSP counterparties).
    Estimated number of respondents: 30,125.
    Estimated total annual burden on respondents: 17,328 hours.
    Frequency of collection: Ongoing.

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

    Dated: April 9, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019-07307 Filed 4-11-19; 8:45 am]
 BILLING CODE 6351-01-P