30 Day FRN

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collections, as required by the
Paperwork Reduction Act of 1995. This
action proposes to revise and extend
information collection for the American
lobster fishery Trap Transfer Program.
DATES: Written comments must be
submitted on or before December 27,
2016.
Direct all written comments
to Jennifer Jessup, Departmental
Paperwork Clearance Officer,
Department of Commerce, Room 6616,
14th and Constitution Avenue NW.,
Washington, DC 20230 (or via the
Internet at JJessup@doc.gov).
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the information collection
instrument and instructions should be
directed to Peter Burns, Fishery Policy
Analyst, NMFS, Greater Atlantic
Regional Fisheries Office, 55 Great
Republic Drive, Gloucester, MA 01930;
(978) 281–9144, Peter.burns@noaa.gov.
SUPPLEMENTARY INFORMATION:
ADDRESSES:

asabaliauskas on DSK3SPTVN1PROD with NOTICES

I. Abstract
This is a request for revision and
extension of a currently approved
information collection.
The American lobster resource and
fishery are cooperatively managed by
the states and NMFS under the
authority of the Atlantic Coastal
Fisheries Cooperative Management Act,
according to the framework set forth by
the Atlantic States Marine Fisheries
Commission (ASMFC) in Amendment 3
of its Interstate Fishery Management
Plan (ISFMP). This collection of
information is in response to several
addenda to Amendment 3 of the ISFMP
that work to reduce trap fishing effort
through limited entry fishing and trap
allocation limit reductions. This
program is intended to help control
fishing efforts while increasing
economic flexibility in the American
lobster trap fishery.
Currently, Federal lobster permit
holders qualified to fish with trap gear
in Lobster Conservation Management
Areas 2 and 3 are undergoing scheduled
annual trap allocation reductions of 5
percent per year until 2021 (Area 2) and
2020 (Area 3). In 2015, in an effort to
help mitigate the initial economic
burden of these reductions, NMFS and
state agencies implemented the Lobster
Trap Transfer Program that allows all
qualified Federal lobster permit holders
to buy and sell trap allocation from
Areas 2, 3, or Outer Cape Cod. Each
transaction includes a conservation tax
of 10 percent, which deducts a number
of traps equal to 10 percent of the total
number of traps with each transfer,

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permanently removing them from the
fishery.
NMFS collects annual application
forms from Lobster permit holders who
wish to buy and/or sell Area 2, 3, or
Outer Cape trap allocation through the
Trap Transfer Program. The transfer
applications are only accepted during a
2-month period (from August 1 through
September 30) each year, and the
revised allocations for each
participating lobster permit resulting
from the transfers become effective at
the start of the following Federal lobster
fishing year, on May 1. Both the seller
and buyer of the traps are required to
sign the application form, which
includes each permit holder’s permit
and vessel information, the number of
traps sold, and the revised number of
traps received by the buyer, inclusive of
the amount removed according to the
transfer tax. Both parties must sign the
form as an agreement to the number of
traps in the transfer. The parties must
date the document and clearly show
that the transferring permit holder has
sufficient allocation to transfer and the
permit holder receiving the traps has
sufficient room under any applicable
trap cap. This information allows NMFS
to process and track transfers of lobster
trap allocations through the Trap
Transfer Program, and better enables the
monitoring and management of the
American lobster fishery as a whole.
Originally, this collection was part of
a new rulemaking action, and included
efforts to obtain information from
American lobster permit holders to
implement a limited access permit
program. NMFS used the information to
qualify permit holders for participation
in Area 2 and/or the Outer Cape Area,
and to allocate traps to each qualified
permit. This limited access portion of
the collection is complete and no longer
necessary, so a revision is requested to
remove it from the collection. Also, now
that the Trap Transfer Program has been
in place for two years, NMFS can better
estimate the number of applicants/
respondents and have made a minor
revision to the burden. The initial
estimate of 432 respondents with 216
two-party transaction responses was
nearly double what was actually
received through the Trap Transfer
Program in the first two years; with
fewer permit holders participating in
the program overall, and/or completing
multiple transactions between their own
permits. Adjusted estimates of
respondents, total burden hours, and
costs are noted below in Section III.
II. Method of Collection
Applications for the Trap Transfer
Program are accepted annually from

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August 1 through September 30 by mail,
fax, or email.
III. Data
OMB Control Number: 0648–0673.
Form Number(s): None.
Type of Review: Regular submission
(revision and extension of a current
information collection).
Affected Public: Businesses or other
for-profit organizations; Individuals or
households; Federal government; and
State, Local, or Tribal government.
Estimated Number of Respondents:
102.
Estimated Time per Response: 10
minutes.
Estimated Total Annual Burden
Hours: 17.
Estimated Total Annual Cost to
Public: $573.24 in reporting/
recordkeeping costs.
IV. Request for Comments
Comments are invited on: (a) Whether
the proposed collection of information
is necessary for the proper performance
of the functions of the agency, including
whether the information shall have
practical utility; (b) the accuracy of the
agency’s estimate of the burden
(including hours and cost) of the
proposed collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology.
Comments submitted in response to
this notice will be summarized and/or
included in the request for OMB
approval of this information collection;
they also will become a matter of public
record.
Dated: October 21, 2016.
Sarah Brabson,
NOAA PRA Clearance Officer.
[FR Doc. 2016–25844 Filed 10–25–16; 8:45 am]
BILLING CODE 3510–22–P

COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities Under OMB Review
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:

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

SUMMARY:

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Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices
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.
Comments must be submitted on
or before November 25, 2016.

DATES:

Comments regarding the
burden estimated 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 in
OMB, within 30 days of publication of
the notice, by email at
OIRAsubmissions@omb.eop.gov. Please
identify the comments by OMB Control
No. 3038–0096. Please provide the
Commission with a copy of all
submitted comments at the address
listed below. Please refer to OMB
Reference No. 3038–0096, found on
http://reginfo.gov. Comments may also
be mailed 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, and to the
Commission through its Web site at
http://comments.cftc.gov. Follow the
instructions for submitting comments
through the Web site.
Comments may also be mailed to:
Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures
Trading Commission, Three Lafayette
Centre, 1155 21st Street NW.,
Washington, DC 20581, or by Hand
Delivery/Courier at the same address.
A copy of the supporting statements
for the collection of information
discussed above 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.

ADDRESSES:

FOR FURTHER INFORMATION CONTACT:

asabaliauskas on DSK3SPTVN1PROD with NOTICES

Andrew Ridenour, Special Counsel,
(202) 418–5438, aridenour@cftc.gov, or
Owen Kopon, Attorney-Advisor, (202)
418–5360, okopon@cftc.gov, Division of
Market Oversight, and refer to OMB
Control No. 3038–0096.
SUPPLEMENTARY INFORMATION:

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Title: Revised Collection, Comment
Request: Amendments to Swap Data
Recordkeeping and Reporting
Requirements for Cleared Swaps, Final
Rule (OMB Control No. 3038–0096).
This is a request for a revision to a
currently approved information
collection.
Abstract: The Commission recently
adopted a final rule regarding the
reporting of cleared swap transactions
(the ‘‘Cleared Swap Reporting
Release’’),1 which will require entities
reporting swaps to report certain
additional data elements. This Cleared
Swap Reporting Release will also
require registered derivatives clearing
organizations (‘‘DCOs’’) to terminate
‘‘original swaps’’ (as defined in that
final rule), which may require DCOs to
connect to multiple registered swap data
repositories (‘‘SDRs’’). 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.
The Federal Register notice with a 60day comment period soliciting
comments on this collection of
information (‘‘60 Day Notice’’),
implicated by the requirements of the
Cleared Swap Reporting Release, was
published on July 21, 2016 (81 FR
47362). The 60 Day Notice included a
burden estimate for (a) DCOs to connect
to SDRs for purposes of terminating
original swaps, estimated to require a
one-time hours burden of 3,000 per DCO
and a recurring annual cost of $250,000;
and (b) changes to reporting systems by
all reporting entities and SDRs to
account for additional and amended
primary economic terms (‘‘PET’’) data
fields in the Cleared Swap Reporting
Release and future changes required by
changes to PET fields and developments
in the swaps market, estimated as a
recurring burden of 200 hours per year.2
1 See Amendments to Swap Data Recordkeeping
and Reporting Requirements for Cleared Swaps,
Final Rule, 81 FR 41736 (June 27, 2016).
2 While not connected to the Cleared Swap
Reporting Release, the Commission also proposed
in the 60 Day Notice to reduce the number of SDRs
in collection 3038–0096 from 15 to 4. When
submitting the original OMB information collection
for part 45 reporting, the Commission had assumed
that up to 15 entities would register as SDRs.
Currently, there are four SDRs provisionally
registered with the Commission. Three other

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74409

The Commission received one
comment letter in response to the 60
Day Notice. CME Group commented
that the Commission’s assumptions
relating to economies of scale for
connections to more than one SDR were
erroneous. CME Group also commented
that the Commission’s assumption that
DCOs would not need to connect to
every SDR because not every SDR
accepted every asset class of swaps was
erroneous, because only the equities
asset class was accepted by fewer than
four SDRs. While not providing a
specific number of burden hours
associated with the Cleared Swap
Reporting Release, CME Group
estimated that the build to comply with
the rule would be ‘‘almost 50% above
the Commission’s estimate[.]’’ CME
Group also commented that the
Commission’s estimate of annual costs
was low because the incorrect
assumptions on economies of scale and
limited numbers of SDR connections
applied to costs as well as burden hours.
(CME Group Sept. 19, 2016 Letter, at 2–
5).3 The CME Group letter did not
address the 200 hour recurring burden
for changes to PET fields, and the
Commission received no other
comments on the 60 Day Notice.
Burden Statement: Based on the
comment letter received in response to
the 60 Day Notice, the Commission is
revising its estimate of the burden for
this collection by increasing the
estimated costs associated with the
termination of original swaps by 50
percent. The Commission is not revising
the burden estimate association with
additional and amended PET fields.
Below are tables indicating the
increase in burden hours and costs
above those in the current collection
3038–0096:
entities had submitted SDR applications. Two
withdrew applications in 2012 and 2014. One
(GTR) withdrew its application and resubmitted
under the corporate entity DTCC Data Repository
(US) LLC, which currently operates as a
provisionally registered SDR. As the Commission
has not received any SDR applications since 2012,
the Commission believes that four is a reasonable
number of SDRs for calculating PRA burdens.
3 The Commission received a comment from
Robert Rutkowski on Sept. 15, 2016 under this
comment file. However, this comment letter related
to the de minimis report, not the Cleared Swap
Reporting Release or PRA Notice.

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Federal Register / Vol. 81, No. 207 / Wednesday, October 26, 2016 / Notices
ADDITIONAL AND AMENDED PET FIELDS
[Same as in 60 day notice]
Affected entities

SDRs, SEFs, DCMs, DCOs, SD/MSPs, non-SD/MSP reporting entities
Number of
respondents

Burden type

Burden per respondent

Annual hours burden ...................................................
Annual costs ................................................................

200 hours ....................................................................
$0 ................................................................................

449
449

Total burden
89,800 hours.
$0.

TERMINATION OF ORIGINAL SWAPS
[Increased by 50% from 60 day notice]
Affected entities

DCOs
Burden per respondent

One-time hours burden ...............................................
Annual costs ................................................................

4,500 hours .................................................................
$375,000 .....................................................................

Increases in Hours Burdens and New
Total Hours Burden
Based on an increase in annual
burden hours of 89,800, Commission
staff estimate that the revised aggreagate
total annual time burden for the
collection is 562,945 hours.
Increases in Aggregate Costs
There are three components to the
aggregate increase in annual costs
associated with this revision, (a) costs
associated with changes to reporting
systems, to be incurred by 449 entities;
(b) annualized costs associated with
establishing SDR connections by DCOs;
and (c) costs associated with
maintaining SDR connections by DCOs.
First, the Commission estimates that
the costs associated with additional and
amended PET fields will be $15,196 per
entity (200 hours × $75.98 per hour).4
The aggregate increase across all 449
reporting entities and SDRs for the
additional and amended PET fields is
therefore $6,823,004.
Second, the Commission estimates
that DCO to SDR connections will
require each DCO to incur a one-time

asabaliauskas on DSK3SPTVN1PROD with NOTICES

Number of
respondents

Burden type

4 In calculating the cost figures associated with
burden hours, the Commission estimated the
appropriate wage rate based on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association (‘‘SIFMA’’). Commission staff arrived at
an hourly rate of $75.98 using figures from a
weighted average of salaries and bonuses across
different professions from the SIFMA Report on
Management & Professional Earnings in the
Securities Industry 2013, modified to account for an
1800-hour work-year and multiplied by 1.3 to
account for overhead and other benefits. The
Commission estimated appropriate wage rate is a
weighted national average of salary and bonuses for
professionals with the following titles (and their
relative weight): ‘‘programmer (senior)’’ (30%
weight); ‘‘programmer’’ (30%); ‘‘compliance advisor
(intermediate)’’ (20%); ‘‘systems analyst’’ (10%),
and ‘‘assistant/associate general counsel’’ (10%).

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start-up cost of $341,910 (4,500 hours x
$75.98 per hour). The Commission
estimates that DCOs will use these
connections for 20 years, and therefore
the annualized start-up cost for SDR
connections will be $17,095 per DCO.
Based on 12 DCOs, the aggregate
annualized start-up cost for SDR
connections will be $205,146.
Third, DCOs will incur an aggregate
annual cost of $4,500,000 to maintain
those SDR connections.
By combining these three
components, the aggregate increase to
annual costs associated with this
collection will be $11,528,150.
Total Aggregate Costs
Commission staff estimate that the
revised aggregate total annual cost for
the collection is $99,462,062. The
burden estimate represents the burden
that SDRs, swap execution facilities
(‘‘SEFs’’), designated contract markets
(‘‘DCMs’’), DCOs, swap dealers (‘‘SDs’’),
major swap participants (‘‘MSPs’’), and
non-SD/MSP swap counterparties incur
to operate and maintain swap
recordkeeping and reporting systems to
facilitate the recordkeeping and
reporting of swaps.
Respondents/Affected Entities: SDRs,
SEFs, DCMs, DCOs, SDs, MSPs, and
non-SD/MSP swap counterparties.
Estimated Number of Respondents:
30,210.
Estimated Total Annual Burden on
Respondents: 562,945 hours.
Estimated Total Annual Cost:
$99,462,062.
Frequency of Collection: Ongoing.
(Authority: 44 U.S.C. 3501 et seq.)

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12
12

Total burden
54,000 hours.
$4,500,000.

Dated: October 21, 2016.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2016–25925 Filed 10–25–16; 8:45 am]
BILLING CODE 6351–01–P

BUREAU OF CONSUMER FINANCIAL
PROTECTION
Compliance Bulletin and Policy
Guidance; 2016–02, Service Providers
Bureau of Consumer Financial
Protection.
ACTION: Compliance bulletin and policy
guidance.
AGENCY:

The Bureau is reissuing its
guidance on service providers, formerly
titled CFPB Bulletin 2012–03, Service
Providers to clarify that the depth and
formality of the risk management
program for service providers may vary
depending upon the service being
performed—its size, scope, complexity,
importance and potential for consumer
harm—and the performance of the
service provider in carrying out its
activities in compliance with Federal
consumer financial laws and
regulations. This amendment is needed
to clarify that supervised entities have
flexibility and to allow appropriate risk
management.
DATES: The Bureau released this
Compliance Bulletin and Policy
Guidance on its Web site on October 31,
2016.
FOR FURTHER INFORMATION CONTACT:
Suzanne McQueen, Attorney Adviser,
Office of Supervision Policy, 1700 G
Street NW., 20552, 202–435–7439.
SUPPLEMENTARY INFORMATION:
SUMMARY:

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