60 Day Federal Register Notice

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Federal Register / Vol. 80, No. 152 / Friday, August 7, 2015 / Notices

Regulations 45.2, 45.3, 45.4, 45.5, 45.6,
45.7, and 45.14 result in information
collection requirements within the
meaning of the PRA. To the extent that
the recordkeeping and reporting
requirements codified in 17 CFR part 45
overlap with the requirements of other
rulemakings for which the CFTC
prepared and submitted an information
collection burden estimate to OMB, the
burden associated with the
requirements are not being accounted
for in the burden estimate for
information collections under 17 CFR
part 45 to avoid unnecessary
duplication of information collection
burdens.
Respondents/Affected Entities: SDRs,
SEFs, DCMS, DCOs, SDs, MSPs, and
non-SD/MSP counterparties.
Estimated number of respondents:
30,210.
Estimated total annual burden on
respondents: 445,910 hours.
Frequency of collection: Ongoing.
Authority: 44 U.S.C. 3501 et seq.
Dated: August 3, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015–19402 Filed 8–6–15; 8:45 am]
BILLING CODE 6351–01–P

COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities: Notice of Intent to Renew
Collection Number 3038–0079, Conflict
of Interest Policies and Procedures by
Swap Dealers and Major Swap
Participants
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:

The Commodity Futures
Trading Commission (‘‘CFTC’’ or
‘‘Commission’’) is announcing an
opportunity for public comment on the
proposed 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 23.605 (Conflicts of interest
policies and procedures).
DATES: Comments must be submitted on
or before October 6, 2015.

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You may submit comments,
identified by ‘‘Conflict of Interest
Policies and Procedures by Swap
Dealers and Major Swap Participants,’’
and Collection Number 3038–0079 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 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: [email protected].
SUPPLEMENTARY INFORMATION: Under the
PRA, 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,
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: Conflict of Interest Policies and
Procedures by Swap Dealers and Major
Swap Participants (OMB Control No.
3038–0079). This is a request for an
extension of a currently approved
information collection.
Abstract: On April 3, 2012 the
Commission adopted Commission
regulation 23.605 (Conflicts of interest
policies and procedures) 1 under section
ADDRESSES:

1 17

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CFR 23.605.

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4s(j)(5) 2 of the Commodity Exchange
Act (‘‘CEA’’). Commission regulation
23.605 requires, among other things,
that swap dealers (‘‘SD’’) 3 and major
swap participants (‘‘MSP’’) 4 adopt and
implement conflicts of interest
procedures and disclosures, establish
written policies and procedures
reasonably designed to ensure
compliance with the conflicts of interest
and disclosure obligations within the
regulations, and maintain specified
records related to those requirements.5
The Commission believes that the
information collection obligations
imposed by Commission regulation
23.605 are essential (i) to ensuring that
SDs and MSPs 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.
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.
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
27

U.S.C. 6s(j)(5).
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. a(33) and 17 CFR 1.3(hhh).
5 See 17 CFR 23.605.
6 17 CFR 145.9.
3 For

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Federal Register / Vol. 80, No. 152 / Friday, August 7, 2015 / Notices
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 respondent
burden for this collection is estimated to
be as follows:
Number of Registrants: 125.
Estimated Average Burden Hours Per
Registrant: 44.5.
Estimated Aggregate Burden Hours:
5,562.5.
Frequency of Recordkeeping: As
applicable.
Authority: 44 U.S.C. 3501 et seq.
Dated: August 3, 2015.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2015–19387 Filed 8–6–15; 8:45 am]
BILLING CODE 6351–01–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
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 September 8, 2015.
ADDRESSES: 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
(‘‘OIRA’’) in OMB, within 30 days of the
notice’s publication, by email at
[email protected]. Please
identify the comments by OMB Control
No. 3038–0092. Please provide the
Commission with a copy of all

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submitted comments at the address
listed below. Please refer to OMB
Reference No. 3038–0092, 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, or through
the Agency’s 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
Deliver/Courier at the same address.
A copy of the supporting statements
for the collection of information
discussed above may be obtained by
visiting RegInfo.gov. All comments must
be submitted in English, or if not,
accompanied by an English translation.
Comments will be posted as received to
www.cftc.gov. You should submit only
information that you wish to make
available publicly. If you wish the
Commission to consider information
that 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 set forth in section
145.9 of the Commission’s regulations.
FOR FURTHER INFORMATION CONTACT:
Christopher Hower, Special Counsel,
Division of Clearing and Risk,
Commodity Futures Trading
Commission, (202) 418–6703; email:
[email protected], and refer to OMB
Control No. 3038–0092.
SUPPLEMENTARY INFORMATION:
Title: Customer Clearing
Documentation and Timing of
Acceptance for Clearing (OMB Control
No. 3038–0092). This is a request for
extension of a currently approved
information collection.
Abstract: Section 4d(c) of the
Commodity Exchange Act (‘‘CEA’’ or
‘‘Act’’), as amended by the Dodd-Frank
Act, directs the Commission to require
futures commission merchants
(‘‘FCMs’’) to implement conflict of
interest procedures that address such
issues the Commission determines to be
appropriate. Similarly, section 4s(j)(5),
as added by the Dodd-Frank Act,
requires swap dealers (‘‘SDs’’) and major
swap participants (‘‘MSPs’’) to
implement conflict of interest
procedures that address such issues the
Commission determines to be
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47479

requires SDs and MSPs to ensure that
any persons providing clearing activities
or making determinations as to
accepting clearing customers are
separated by appropriate informational
partitions from persons whose
involvement in pricing, trading, or
clearing activities might bias their
judgment or contravene the core
principle of open access. Section 4s(j)(6)
of the CEA prohibits a swap dealer and
major swap participant from adopting
any process or taking any action that
results in any unreasonable restraint on
trade or imposes any material
anticompetitive burden on trading or
clearing, unless necessary or
appropriate to achieve the purposes of
the Act. Section 2(h)(1)(B)(ii) of the CEA
requires that derivatives clearing
organization (‘‘DCO’’) rules provide for
the non-discriminatory clearing of
swaps executed bilaterally or through an
unaffiliated designated contract market
or swap execution facility.
Pursuant to these provisions, the
Commission adopted § 1.71(d)(1)
relating to FCMs and § 23.605(d)(1)
relating to swap dealers and major swap
participants. These regulations prohibit
swap dealers and major swap
participants from interfering or
attempting to influence the decisions of
affiliated FCMs with regard to the
provision of clearing services and
activities and prohibit FCMs from
permitting them to do so. The
Commission also adopted § 23.607 to
prohibit swap dealers and major swap
participants from adopting any process
or taking any action that results in any
unreasonable restraint on trade or
imposes any material anticompetitive
burden on trading or clearing, unless
necessary or appropriate to achieve the
purposes of the Act. The Commission
adopted § 39.12(b)(2) requiring that
derivatives clearing organization rules
provide for the non-discriminatory
clearing of swaps executed bilaterally or
through an unaffiliated designated
contract market or swap execution
facility.
As discussed further below, the
additional information collection
burden arising from the proposed
regulations primarily is restricted to the
costs associated with the affected
registrants’ obligation to maintain
records related to clearing
documentation between the customer
and the customer’s clearing member.
The information collection obligations
imposed by the regulations are
necessary to implement certain
provisions of the CEA, including
ensuring that registrants exercise
effective risk management and for the

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