30-Day Federal Register Notice

Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Notices
implications of the revisions to Form 8–
R. As indicated above, Form 8–R is
covered by two OMB control numbers.
OMB control number 3038–0023 applies
to Form 8–R in connection with
registering as a floor broker or as a floor
trader, or registering as an associated
person of, or being listed as a principal
of, a futures commission merchant,
retail foreign exchange dealer,
introducing broker, commodity trading
advisor, commodity pool operator, floor
trader firm or leverage transaction
merchant.2 OMB control number 3038–
0072 applies to Form 8–R in connection
with applying to be listed as a principal
of a swap dealer or major swap
participant.3
I. Revision of Commission Form 8–R
The revised Form 8–R contains
several changes that increase the
existing information collection burden
(currently 1 hour) associated with Form
8–R. The Commission estimates that the
changes, which are discussed below,
when considered together in aggregate
add a total of 0.1 burden hours to the
information collection burdens
associated with Form 8–R.
First, in the ‘‘Completing the
Proficiency Requirements Section,’’ a
new paragraph is added describing the
obligation of an individual seeking
approval as a swap associated person or
as a sole-proprietor swap firm to satisfy
the Swaps Proficiency Requirements
(recently implemented by NFA with the
Commission’s approval),4 and what
constitutes satisfaction of those
requirements. Second, in the
application itself, a new question is
added asking whether the applicant has
completed the Swaps Proficiency
Requirements within the past two years.
The revised Form 8–R also contains
several changes that do not alter the
information collection burdens
associated with Form 8–R. First, the
revised form replaces the FBI-mandated
2 OMB control number 3038–0023 also covers
Commission Forms 7–R, 7–W and 8–T in
connection with various registration activities
involving floor brokers, floor traders, futures
commission merchants, retail foreign exchange
dealers, introducing brokers, commodity trading
advisors, commodity pool operators, floor trader
firms or leverage transaction merchants, and their
principals and associated persons, as applicable.
Forms 7–R, 7–W and 8–T were not amended in
connection with the revision of Form 8–R.
3 OMB control number 3038–0072 also covers
Commission Forms 7–R, 7–W and 8–T in
connection with various registration activities
involving swap dealers and major swap
participants, and principals thereof. Forms 7–R, 7–
W and 8–T were not amended in connection with
the revision of Form 8–R.
4 See, NFA Interpretive Notice entitled ‘‘NFA
Bylaw 301 And Compliance Rule 2–24: Proficiency
Requirements for Swap APs,’’ effective January 31,
2020.

VerDate Sep<11>2014

17:00 Sep 23, 2020

Jkt 250001

disclosure, for persons whose
fingerprints are taken for purposes other
than criminal justice, with an updated
version of that disclosure. Second, in
the ‘‘Definition of Terms’’ section, the
definition of ‘‘adversary action’’ is
revised to conform the definition to the
way the term is used in the form’s
‘‘Disciplinary Information Section.’’
Finally, the words ‘‘entity’’ and
‘‘person’’ are underlined where they
occur in the text to indicate that these
are terms that are defined in the
‘‘Definition of Terms’’ section.
II. Comments
In the 60-Day Notice, the Commission
provided 60 days for public comment
on the extension and revision of the
currently approved information
collections under OMB control numbers
3038–0023 and 3038–0072 including,
among other things, its estimates
regarding the modified information
collection burdens associated with the
amendments to Form 8–R. The
Commission did not receive any
comments that addressed any of its
estimates or any other aspect of the
information collection.
Burden Statement: As explained
above, the Commission believes that the
revisions to Form 8–R will increase the
information collection burdens
associated with that Form under OMB
control numbers 3038–0023 and 3038–
0072.
• OMB control number 3038–0023
The Commission estimates the burden
of this collection of information under
OMB control number 3038–0023 to be:
Respondents/Affected Entities: Users
of Form 8–R, specifically (i) associated
persons of futures commission
merchants, retail foreign exchange
dealers, introducing brokers, commodity
trading advisors, commodity pool
operators, and leverage transaction
merchants; floor brokers; (ii) principals
of futures commission merchants, retail
foreign exchange dealers, introducing
brokers, commodity trading advisors,
commodity pool operators, floor trader
firms, or leverage transaction merchants;
(iii) floor brokers; (iv) floor traders; and
(v) floor trader order enterers.
Estimated number of respondents:
78,055.
Estimated total annual burden on
respondents: 7,856 hours.
Frequency of collection: Periodically.
There are no capital costs or operating
and maintenance costs associated with
this collection.
• OMB control number 3038–0072
The Commission further estimates
that as a result of the revisions to Form
8–R, the burden of the collection of

PO 00000

Frm 00011

Fmt 4703

Sfmt 4703

60135

information under OMB control number
3038–0072 will be:
Respondents/Affected Entities: (1)
Users of Form 8–R, specifically swap
dealers and major swap participants;
and (2) users of Form 8–R, specifically
principals of swap dealers and of major
swap participants.
Estimated number of respondents:
772.
Estimated total annual burden on
respondents: 683 hours.
Frequency of collection: Periodically.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: September 21, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2020–21097 Filed 9–23–20; 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 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 October 26, 2020.
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.
SUMMARY:

E:\FR\FM\24SEN1.SGM

24SEN1

60136

Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Notices

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. 3038–0079, 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 § 145.9
of the Commission’s regulations.1 The
Commission reserves the right, but shall
have no obligation, to review, prescreen, 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:
Jacob Chachkin, Special Counsel,
Division of Swap Dealer and
Intermediary Oversight, Commodity
Futures Trading Commission, (202)
418–5496; email: [email protected],
and refer to OMB Control No. 3038–
0079.
SUPPLEMENTARY INFORMATION:

Title: Swap Dealer and Major Swap
Participant Conflicts of Interest and
Business Conduct Standards with
Counterparties (OMB Control No. 3038–
0079). This is a request for an extension
of a currently approved information
collection.
1 17

CFR 145.9.

VerDate Sep<11>2014

17:54 Sep 23, 2020

Jkt 250001

Abstract: Section 731 of Title VII of
the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank
Act, Public Law 111–203, 124 Stat. 1376
(2010)) amended the Commodity
Exchange Act (CEA) to add sections
4s(h) and 4s(j)(5) (7 U.S.C. 6s(h) and
(j)(5)) which provide the Commission
with both mandatory and discretionary
rulemaking authority to impose
business conduct requirements on swap
dealers (SDs) and major swap
participants (MSPs) in their dealings
with counterparties, including ‘‘Special
Entities,’’ 2 and require that each SD and
MSP implement conflicts of interest
systems and procedures. Congress
granted the Commission broad
discretionary authority to promulgate
business conduct requirements, as
appropriate in the public interest, for
the protection of investors, or otherwise
in furtherance of the purposes of the
CEA.3
Accordingly, the Commission has
adopted Subpart H of Part 23 of its
regulations (EBCS Rules) and
Commission regulation 23.605,4
requiring SDs and MSPs to follow
specified procedures and provide
specified disclosures in their dealings
with counterparties, to adopt and
implement conflicts of interest
procedures and disclosures, and to
maintain specified records related to
those requirements.
In addition, the Commission recently
finalized certain exceptions from the
EBCS Rules for certain foreign swaps in
§ 23.23(e).5 To the extent a swap dealer
2 Such entities are generally defined to include
Federal agencies, States and political subdivisions,
employee benefit plans as defined under the
Employee Retirement Income Security Act of 1974
(ERISA), governmental plans as defined under
ERISA, and endowments.
3 See CEA Section 4s(h)(3)(D) (Business conduct
requirements adopted by the Commission shall
establish such other standards and requirements as
the Commission may determine are appropriate in
the public interest, for the protection of investors,
or otherwise in furtherance of the purposes of the
CEA.); see also Sections 4s(h)(1)(D), 4s(h)(5)(B) and
4s(h)(6).
4 17 CFR part 23, subpart H and 17 CFR 23.605.
Subpart H of Part 23 is titled ‘‘Business Conduct
Standards for Swap Dealers and Major Swap
Participants Dealing with Counterparties, Including
Special Entities.’’ Subpart H includes the following
provisions: § 23.400 (Scope); § 23.401 (Definitions);
§ 23.402 (General Provisions); § 23.410 (Prohibition
on fraud, manipulation and other abusive
practices); § 23.430 (Verification of counterparty
eligibility); § 23.431 (Disclosures of material
information); § 23.432 (Clearing disclosures);
§ 23.433 (Communications—fair dealing); § 23.434
(Recommendations to counterparties—institutional
suitability; § 23.440 (Requirements for SDs acting as
advisors to Special Entities); § 23.450
(Requirements for SDs and MSPs acting
counterparties to Special Entities); and § 23.451
(Political contributions by certain SDs). § 23.605 is
titled Conflicts of interest policies and procedures.
5 17 CFR part 23.23(e). See Cross-Border
Application of the Registration Thresholds and

PO 00000

Frm 00012

Fmt 4703

Sfmt 4703

or major swap participant avails itself of
one or more of these exceptions, when
effective, § 23.23(h)(1) imposes
information collection requirements in
lieu of such requirements in the EBCS
Rules.6
The recordkeeping and third-party
disclosure obligations imposed by the
regulations are essential to ensuring that
SDs and MSPs develop and maintain
procedures and disclosures required by
the CEA and Commission regulations.7
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. On July 20, 2020, 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 extension, 85
FR 43821 (‘‘60-Day Notice’’). The
Commission did not receive any
relevant comment on the 60-Day Notice.
Burden Statement: The Commission
is revising its estimate of the burden for
this collection based on the current
number of registered SDs.8 The
respondent burden for this collection is
estimated to be as follows:
Estimated Number of Respondents:
109.
Estimated Average Burden Hours per
Respondent: 2352.9 hours.9
Estimated Total Annual Burden
Hours: 256,470 hours.10
Certain Requirements Applicable to Swap Dealers
and Major Swap Participants, 85 FR 56924 (Sep. 14,
2020).
6 17 CFR part 23.23(h)(1).
7 Reporting under Commission regulation 23.451
(Political contributions by certain SDs) is optional
and it is unknown how many registrants, if any,
will engage in such reporting and how much
burden, if any, will be incurred. Nevertheless, the
Commission is providing an estimate of the
regulation’s burden for purposes of the PRA below.
8 Specifically, the change for the renewal is based
solely on the increased number of entities registered
as SDs (102 at the last renewal in 2017 and 109 as
of September 9, 2020), since the burden hour per
respondent remains the same, at approximately
2352.9 hours. The total annual burden estimate in
the 60-Day Notice was based on 107 registered SDs,
but, as noted above, this number has increased to
109. (And just as before, there are no entities
currently registered as MSPs.)
9 The Commission expects the paperwork burden
of § 23.23(h)(1), where applicable, in relation to
exceptions from the EBCS Rules in § 23.23(e) would
be less than that of the EBCS Rules. However, in
an effort to be conservative, because the
Commission does not know how many swap
dealers and/or major swap participants will choose
to avail themselves of the exceptions in § 23.23(e)
and for how many of their swaps, the Commission
is not reducing the estimated burden of these rules
to reflect the availability of such exceptions.
10 The total annual burden estimated in the 60Day Notice, at 251,765 hours, was based on 107
entities registered as SDs. (See also fn.8.) Since this
number has increased to 109, the current total
annual burden, at 256,470 hours, reflects this
increase.

E:\FR\FM\24SEN1.SGM

24SEN1

Federal Register / Vol. 85, No. 186 / Thursday, September 24, 2020 / Notices
Frequency of Collection: Ongoing.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: September, 21, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2020–21096 Filed 9–23–20; 8:45 am]
BILLING CODE 6351–01–P

is unlikely to have significant effects
and might require preparation of an
environmental assessment or
application of a categorical exclusion.
DATES: This guidance is effective on
September 14, 2020.
FOR FURTHER INFORMATION CONTACT:
Thomas Sharp, Principal Deputy
Associate Director for NEPA, 202–395–
5750, [email protected].
SUPPLEMENTARY INFORMATION:
Guidance No. CEQ–NEPA–2020–01

COMMODITY FUTURES TRADING
COMMISSION
Sunshine Act Meetings
10:30 a.m. EDT,
Wednesday, September 30, 2020.
PLACE: This meeting will be convened
on a conference call.
STATUS: Closed.
MATTERS TO BE CONSIDERED:
Enforcement matters. In the event that
the time, date, or location of this
meeting changes, an announcement of
the change, along with the new time,
date, and/or place of the meeting will be
posted on the Commission’s website at
https://www.cftc.gov/.
CONTACT PERSON FOR MORE INFORMATION:
Christopher Kirkpatrick, 202–418–5964.
TIME AND DATE:

Authority: 5 U.S.C. 552b.
Dated: September 21, 2020.
Christopher Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2020–21131 Filed 9–22–20; 11:15 am]
BILLING CODE 6351–01–P

COUNCIL ON ENVIRONMENTAL
QUALITY
Emergencies and the National
Environmental Policy Act Guidance
Council on Environmental
Quality (CEQ).
ACTION: Notice.
AGENCY:

On September 14, 2020, the
Council on Environmental Quality
(CEQ) issued guidance, CEQ–NEPA–
2020–01, in a memorandum to the
heads of Federal departments and
agencies (agencies) to assist agencies
with compliance with the National
Environmental Policy Act (NEPA)
during emergencies. The CEQ
regulations implementing NEPA
provide for alternative arrangements
during emergencies when an agency’s
action is likely to have significant
effects and would require preparation of
an environmental impact statement.
This guidance also addresses
compliance with NEPA when the action

SUMMARY:

VerDate Sep<11>2014

17:00 Sep 23, 2020

Jkt 250001

Memorandum for Heads of Federal
Departments and Agencies
From: Mary B. Neumayr, Chairman.
Subject: Emergencies and the National
Environmental Policy Act Guidance.
This guidance 1 updates and replaces
previous guidance from the Council on
Environmental Quality (CEQ) on the
environmental review of proposed
emergency response actions under the
National Environmental Policy Act, 42
U.S.C. 4321–4347 (NEPA).2 Federal
departments and agencies (agencies)
should distribute this guidance as part
of their general guidance on emergency
actions to agency offices that are or may
become involved in developing and
taking actions in response to
emergencies.
As agencies respond to situations
involving immediate threats to human
health or safety, or immediate threats to
valuable natural resources, they must
consider whether there is sufficient time
to follow the procedures for
environmental review established in the
CEQ National Environmental Policy Act
Implementing Regulations, 40 CFR parts
1500–1508 (CEQ NEPA regulations),3
and their agency NEPA procedures.
This guidance does not establish new
requirements. CEQ established the
regulation addressing alternative
arrangements in emergency
circumstances in 1978,4 and amended it
in 2020 to clarify that it provides for
alternative arrangements for compliance
with NEPA section 102(2)(C) (42 U.S.C.
4332(C)).5 40 CFR 1506.12. CEQ has
approved, and agencies have applied
successfully, numerous alternative
arrangements to allow a wide range of
1 The contents of this guidance do not have the
force and effect of law and are not meant to bind
the public in any way. This memorandum is
intended only to provide clarity to the public
regarding existing requirements under the law or
agency policies.
2 This guidance replaces guidance issued by CEQ
on September 29, 2016, May 12, 2010, and
September 8, 2005. CEQ rescinds the prior
guidance.
3 https://ceq.doe.gov/laws-regulations/
regulations.html.
4 43 FR 55977, Nov. 29, 1978.
5 85 FR 43304, July 16, 2020.

PO 00000

Frm 00013

Fmt 4703

Sfmt 4703

60137

proposed actions in emergency
circumstances including natural
disasters, catastrophic wildfires, threats
to species and their habitat, economic
crisis, infectious disease outbreaks,
potential dam failures, and insect
infestations.6
Attachment 1 provides agencies with
a step-by-step process for determining
the appropriate path forward for the
NEPA environmental review of all
actions proposed in response to an
emergency situation.
Environmental Impact Statements
The CEQ regulations, at 40 CFR
1506.12, provide for alternative
arrangements for NEPA compliance in
emergency situations when the agency
proposal has the potential for significant
environmental impacts and would
require an environmental impact
statement (EIS) if the situation were not
an emergency:
Where emergency circumstances make it
necessary to take an action with significant
environmental impact without observing the
provisions of the regulations in [parts 1500–
1508], the Federal agency taking the action
should consult with the Council about
alternative arrangements for compliance with
section 102(2)(C) of NEPA. Agencies and the
Council will limit such arrangements to
actions necessary to control the immediate
impacts of the emergency. Other actions
remain subject to NEPA review.

Agencies develop these alternative
arrangements, based on emergencyspecific facts and circumstances, during
consultation with CEQ. The alternative
arrangements developed by an agency
address the actions necessary to respond
immediately to the impacts of an
emergency. The long-term response to
the emergency, including recovery
actions, remains subject to the regular
NEPA process set forth in the CEQ
NEPA regulations.
Alternative arrangements do not
waive the requirement to comply with
the statute, but establish an alternative
means for NEPA compliance.
Alternative arrangements also do not
complete or alter other environmental
requirements (except as provided by
other environmental statutes or
regulations); however, engaging other
resource and regulatory agencies about
other environmental requirements
during development and
implementation of alternative
arrangements can facilitate meeting
other compliance requirements. Final
agency action taken pursuant to
alternative arrangements for compliance
with NEPA under 40 CFR 1506.12 may
6 A synopsis of previous alternative arrangements
is available at https://ceq.doe.gov/nepa-practice/
alternative_arrangements.html.

E:\FR\FM\24SEN1.SGM

24SEN1