[Federal Register Volume 87, Number 204 (Monday, October 24, 2022)]
[Notices]
[Pages 64207-64208]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-23027]


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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 
Information and Regulatory Affairs (``OIRA'') of 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 November 23, 2022.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be submitted within 30 days of this 
notice's publication to OIRA, at https://www.reginfo.gov/public/do/PRAMain. Please find this particular information collection by 
selecting ``Currently under 30-day Review--Open for Public Comments'' 
or by using the website's search function. Comments can be entered 
electronically by clicking on the ``comment'' button next to the 
information collection on the ``OIRA Information Collections Under 
Review'' page, or the ``View ICR--Agency Submission'' page. A copy of 
the supporting statement for the collection of information discussed 
herein may be obtained by visiting https://www.reginfo.gov/public/do/PRAMain.
    In addition to the submission of comments to https://Reginfo.gov as 
indicated above, a copy of all comments submitted to OIRA may also be 
submitted to the Commodity Futures Trading Commission (the 
``Commission'' or ``CFTC'') by clicking on the ``Submit Comment'' box 
next to the descriptive entry for OMB Control No. 3038-0088, at https://comments.cftc.gov/FederalRegister/PublicInfo.aspx.
    Or by either of the following methods:
     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.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments submitted to the Commission should 
include 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 (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 https://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.

FOR FURTHER INFORMATION CONTACT: Dina Moussa, Attorney Advisor, Market 
Participants Division, Commodity Futures Trading Commission, (202) 418-
5696 or [email protected], and refer to OMB Control No. 3038-0088.

SUPPLEMENTARY INFORMATION:
    Title: Swap Documentation (OMB Control No. 3038-0088).\1\ This is a 
request to revise a currently approved information collection.
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    \1\ The collections of information under OMB control numbers 
3038-0068, 3038-0083, and 3038-0088 are now consolidated under OMB 
control number 3038-0088, and OMB control numbers 3038-0068 and 
3038-0083 have been withdrawn as of July 5, 2022. Concurrently with 
this change, the Commission has changed the name associated with OMB 
control number 3038-0088 to ``Swap Documentation.'' While the 
collection has been extended until June 30, 2025, this 30-day notice 
reflects the correction in aggregate burden hours for the 
consolidated collection, and officially affirms the discontinuance 
of OMB control numbers 3038-0068 and 3038-0083.
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    Abstract: On September 11, 2012, the Commission adopted Commission 
Regulations 23.500 through 23.505 \2\ (the ``Regulations'') under 
Sections 4s(f), (g) and (i) \3\ of the Commodity Exchange Act 
(``CEA''). The Regulations require, among other things, that swap 
dealers (``SDs'') \4\ and major swap participants (``MSPs'') \5\ 
develop and retain written swap trading relationship documentation. 
They also establish requirements for SDs and MSPs regarding swap 
confirmation, portfolio reconciliation, and portfolio compression. 
Under the Regulations, SDs and MSPs are obligated to maintain records 
of the policies and procedures required by the rules.\6\
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    \2\ 17 CFR 23.500 through 23.505.
    \3\ 7 U.S.C. 6s(f), (g) & (i).
    \4\ For the definition of SD, see Section 1a(49) of the CEA and 
Commission Regulation 1.3; 7 U.S.C. 1a(49) and 17 CFR 1.3.
    \5\ For the definitions of MSP, see Section 1a(33) of the CEA 
and Commission Regulation 1.3; 7 U.S.C. 1a(33) and 17 CFR 1.3.
    \6\ SDs and MSPs are required to maintain all records of 
policies and procedures in accordance with Commission Regulations 
23.203 and, by extension, 1.31, including policies, procedures, and 
models used for eligible master netting agreements and custody 
agreements that prohibit custodian of margin from re-hypothecating, 
repledging, reusing, or otherwise transferring the funds held by the 
custodian. See 17 CFR 1.31 and 23.203.
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    Confirmation, portfolio reconciliation, and portfolio compression 
are important post-trade processing mechanisms for reducing risk and 
improving operational efficiency. The information collection 
obligations imposed by the Regulations are necessary to ensure that 
each SD and MSP maintains the required records of their business 
activities and an audit trail sufficient to conduct comprehensive and 
accurate trade reconstruction. The information collections contained in 
the Regulations are also essential to ensuring that SDs and MSPs 
document their swaps, reconcile their swap portfolios to resolve 
discrepancies and disputes, and wholly or partially terminate some or 
all of their outstanding swaps through regular portfolio compression 
exercises. These collections of information are mandatory.
    In this particular instance, while the information collection has 
been extended until June 30, 2025, the Commission is revising its 
aggregate burden by removing the burden hour estimate on cleared swap 
recordkeeping, as this subcategory was proposed in 2012 but not 
finalized by the

[[Page 64208]]

Commission and its burden estimate had been included erroneously under 
this information collection in previous renewals.\7\ Additionally, the 
total number of respondents (combined SDs and MSPs) is now increased to 
108. The overall burden hours for each remaining category within the 
information collection have increased proportionally, to reflect the 
increase in the number of respondents.
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    \7\ See 77 FR 55903 (Sept. 11, 2012) (The Commission has 
considered the commenters' recommendation to delete the clearing 
record provisions of Sec.  23.504(b)(6)(iii) and (iv) and agrees 
that there is no need to include in the trading documentation a 
record of the names of the clearing members for the SD, MSP, or 
counterparty. Once a swap is accepted for clearing, the identity of 
a counterparty's clearing member is no longer relevant and requiring 
such a record has the possibility to undermine the anonymity of 
central clearing. Therefore, those provisions have been deleted from 
the final rule. Similarly, Sec.  23.504(b)(6)(i) and (ii) have been 
removed because those records will be captured under the SD and MSP 
recordkeeping requirement, Sec.  23.201(a)(3), and the Commission 
believes those records are sufficient.).
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    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.\8\ On August 19, 2022, 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 renewal, 87 FR 51065 (``60-Day 
Notice''). The Commission did not receive any comments on the 60-Day 
Notice.
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    \8\ 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8 (b)(3)(vi).
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    Burden Statement: Based on the proposed revisions to the estimated 
aggregate burden as discussed above, the respondent burden for this 
collection is estimated to be as follows:
    Estimated Number of Respondents: 108.
    Estimated Average Burden Hours per Respondent: 7,324.5.
    Estimated Total Annual Burden Hours: 791,046.
    Frequency of Collection: As applicable.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: October 19, 2022,
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-23027 Filed 10-21-22; 8:45 am]
BILLING CODE 6351-01-P