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Federal Register / Vol. 80, No. 227 / Wednesday, November 25, 2015 / Notices

including each proposed extension of an
existing collection of information,
before submitting the collection to OMB
for approval. To comply with this
requirement, the CFTC is publishing
notice of the proposed collection of
information listed below.
Title: Confirmation, Portfolio
Reconciliation, Portfolio Compression,
and Swap Trading Relationship
Documentation Requirements for Swap
Dealers and Major Swap Participants
(OMB Control Nos. 3038–0068, 3038–
0083, 3038–0088). This is a request for
an extension of currently approved
information collections.
Abstract: On September 11, 2012 the
Commission adopted Commission
regulations 23.500–23.505
(Confirmation, Portfolio Reconciliation,
Portfolio Compression, and Swap
Trading Relationship Documentation
Requirements for Swap Dealers and
Major Swap Participants) 1 under
sections 4s(f), (g) and (i) 2 of the
Commodity Exchange Act (‘‘CEA’’).
Commission regulations 23.500–23.505
require, among other things, that swap
dealers (‘‘SD’’) 3 and major swap
participants (‘‘MSP’’) 4 develop and
retain written swap trading relationship
documentation. The regulations also
establish requirements for SDs and
MSPs regarding swap confirmation,
portfolio reconciliation, and portfolio
compression. Under the regulations,
swap dealers and major swap
participants are obligated to maintain
records of the policies and procedures
required by the rules.5 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 swap
dealer and major swap participant
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 essential to ensuring that
1 17

CFR 23.500–23.505.
U.S.C. 6s(f),(g) & (i).
3 For the definition of SD, see section 1a(49) of
the CEA and Commission regulation 1.3(ggg). 7
U.S.C. 1a(49) and 17 CFR 1.3(ggg).
4 For the definitions of MSP, see section 1a(33) of
the CEA and Commission regulation 1.3(hhh). 7
U.S.C. 1a(33) and 17 CFR 1.3(hhh).
5 SDs and MSPs are required to maintain all
records of policies and procedures in accordance
with Commission regulation 1.31, including
policies, procedures and models used for eligible
master netting agreements and custody agreements
that prohibit custodian of margin from rehypothecating, repledging, reusing, or otherwise
transferring the funds held by the custodian.

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swap dealers and major swap
participants 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.
The collections of information are
mandatory. 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.
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
Commission, including whether the
information will have a practical use;
• The accuracy of the Commission’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
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 § 145.9
of the Commission’s regulations.6
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 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
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laws, and may be accessible under the
Freedom of Information Act.
Burden Statement: The Commission
is revising its estimate of the burden for
this collection to reflect the current
number of respondents and estimated
burden hours. The respondent burden
for this collection is estimated to be as
follows:
• OMB Control No. 3038–0068
(Confirmation, Portfolio Reconciliation,
and Portfolio Compression
Requirements for Swap Dealers and
Major Swap Participants).
Number of Registrants: 106.
Estimated Average Burden Hours per
Registrant: 1,282.5.
Estimated Aggregate Burden Hours:
135,945.
Frequency of Recordkeeping: As
applicable.
• OMB Control No. 3038–0083
(Orderly Liquidation Termination
Provision in Swap Trading Relationship
Documentation for Swap Dealers and
Major Swap Participants).
Number of Registrants: 106.
Estimated Average Burden Hours per
Registrant: 270.
Estimated Aggregate Burden Hours:
28,620.
Frequency of Recordkeeping: As
applicable.
• OMB Control No. 3038–0088 (Swap
Trading Relationship Documentation
Requirements for Swap Dealers and
Major Swap Participants).
Number of Registrants: 106.
Estimated Average Burden Hours per
Registrant: 6284.
Estimated Aggregate Burden Hours:
135,945.
Frequency of Recordkeeping: 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: November 20, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015–30048 Filed 11–24–15; 8:45 am]
BILLING CODE 6351–01–P

COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities: Notice of Intent To Renew
Collection Number 3038–0078,
Conflicts of Interest Policies and
Procedures by Futures Commission
Merchants and Introducing Brokers
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:

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Federal Register / Vol. 80, No. 227 / Wednesday, November 25, 2015 / Notices
The Commodity Futures
Trading Commission (‘‘CFTC’’ or
‘‘Commission’’) is announcing an
opportunity for public comment on the
proposed renewal of a collection of
certain information 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, including each proposed
extension of an existing collection of
information, and to allow 60 days for
public comment. This notice solicits
comments on the collections of
information mandated by Commission
regulation 1.71 (Conflicts of interest
policies and procedures by futures
commission merchants and introducing
brokers).
DATES: Comments must be submitted on
or before January 25, 2016.
ADDRESSES: You may submit comments,
identified by ‘‘Conflicts of Interest
Policies and Procedures by Futures
Commission Merchants and Introducing
Brokers,’’ and Collection Number 3038–
0078 by any of the following methods:
• The Agency’s Web site, at http://
comments.cftc.gov/. Follow the
instructions for submitting comments
through the Web site.
• 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.
• Federal eRulemaking Portal: http://
www.regulations.gov/. Follow the
instructions for submitting comments
through the Portal.
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.
FOR FURTHER INFORMATION CONTACT:
Jacob Chachkin, Special Counsel,
Division of Swap Dealer and
Intermediary Oversight, Commodity
Futures Trading Commission, (202)
418–5496, email: jchachkin@cftc.gov.
SUPPLEMENTARY INFORMATION: Under the
PRA,1 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

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SUMMARY:

1 44

U.S.C. 3501 et seq.

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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,
including each proposed extension of an
existing collection of information,
before submitting the collection to OMB
for approval. To comply with this
requirement, the CFTC is publishing
notice of the proposed collection of
information listed below.
Title: Conflicts of Interest Policies and
Procedures by Futures Commission
Merchants and Introducing Brokers
(OMB Control No. 3038–0078). This is
a request for an extension of a currently
approved information collection.
Abstract: On April 3, 2012, the
Commission adopted Commission
regulation 1.71 (Conflicts of interest
policies and procedures by futures
commission merchants and introducing
brokers)2 pursuant to section 4d(c)3 of
the Commodity Exchange Act (‘‘CEA’’).
Commission regulation 1.71 requires
generally that, among other things,
futures commission merchants
(‘‘FCM’’)4 and introducing brokers
(‘‘IB’’)5 develop conflicts of interest
procedures and disclosures, adopt and
implement written policies and
procedures reasonably designed to
ensure compliance with their conflicts
of interest and disclosure obligations,
and maintain specified records related
to those requirements.6 The
Commission believes that the
information collection obligations
imposed by Commission regulation 1.71
are essential (i) to ensuring that FCMs
and IBs develop and maintain the
conflicts of interest systems, procedures
and disclosures required by the CEA,
and Commission regulations, and (ii) to
the effective evaluation of these
registrants’ actual compliance with the
CEA and Commission regulations. 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.
With respect to the collection of
information, the CFTC invites
comments on:
• Whether the proposed collection of
information is necessary for the proper
2 17

CFR 1.71.
U.S.C. 6d(c).
4 For the definition of FCM, see section 1a(28) of
the CEA and Commission regulation 1.3(p). 7 U.S.C.
1a(28) and 17 CFR 1.3(p).
5 For the definition of IB, see section 1a(31) of the
CEA and Commission regulation 1.3(mm). 7 U.S.C.
1a(31) and 17 CFR 1.3(mm).
6 See 17 CFR 1.71.
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73733

performance of the functions of the
Commission, including whether the
information will have a practical use;
• The accuracy of the Commission’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.
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 § 145.9
of the Commission’s regulations.7
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 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: The Commission
is revising its estimate of the burden for
this collection to reflect the current
number of registered FCMs and IBs.
Accordingly, the respondent burden for
this collection is estimated to be as
follows:
Number of Registrants: 1,381.
Estimated Average Burden Hours per
Registrant: 44.5.
Estimated Aggregate Burden Hours:
61,454.5.
Frequency of Recordkeeping: As
applicable.
(Authority:
44 U.S.C. 3501 et seq.)
Dated: November 20, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015–30047 Filed 11–24–15; 8:45 am]
BILLING CODE 6351–01–P
7 17

CFR 145.9.

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