60-day Federal Register Notice

Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices
initial burden costs for SDRs and
reporting counterparties required to
generate UTIs. However, the PRA
section of the final rule corrected the
estimated cost per entity for ongoing
maintenance or adjustment to reporting
systems in the supporting statement for
the Proposal from a cost of $72 per
entity and $67,680 across entities to a
cost of $72.23 per entity and $67,896
across entities for final § 45.5.
With respect to the collection of
information, the Commission 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 electronic, 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 CFTC to
consider information that you believe is
exempt from disclosure under the
Freedom of Information Act (‘‘FOIA’’), a
petition for confidential treatment of the
exempt information may be submitted
according to the procedures established
in § 145.9 of the CFTC’s regulations.6
The CFTC 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
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 FOIA.
Burden Statement: Provisions of
CFTC Regulations 45.2, 45.3, 45.4, 45.5,
45.6, 45.10 and 45.14 result in
information collection requirements
within the meaning of the PRA. With
respect to the ongoing reporting and
recordkeeping burdens associated with
swaps, the CFTC believes that SEFs,
6 17

CFR 145.9.

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DCMs, DCOs, SDRs, swap dealers
(‘‘SDs’’), major swap participants
(‘‘MSPs’’), and non-SD/MSP/DCO
counterparties incur an annual timeburden of 1,226,021 hours. This timeburden represents a proportion of the
burden respondents incur to operate
and maintain their swap data
recordkeeping and reporting systems.
Respondents/Affected Entities: SDs,
MSPs, SDRs, DCMs, SEFs, and other
counterparties to a swap transaction
(i.e., non-SD/MSP/DCO counterparties).
Estimated number of respondents:
1,732.
Estimated average burden hours per
respondent: 708.
Estimated total annual burden hours
on respondents: 1,226,021 hours.
Frequency of collection: Ongoing.
Capital or Operating and
Maintenance Costs: $ 51,961,428.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: November 27, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2020–26556 Filed 12–1–20; 8:45 am]
BILLING CODE 6351–01–P

COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities: Proposed Revised
Collection, Comment Request: ‘‘Real
Time Public Reporting’’
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:

The Commodity Futures
Trading Commission (‘‘CFTC’’ or
‘‘Commission’’) is announcing an
opportunity for public comment on the
revision of an information collection by
the agency. Under the Paperwork
Reduction Act of 1995 (‘‘PRA’’), Federal
agencies are required to publish notice
in the Federal Register concerning each
revised collection of information and to
allow 60 days for public comment. The
Commission recently adopted a final
rule amending requirements for the realtime public reporting and dissemination
of swap data. This notice solicits
additional comments on certain
estimated costs and burdens associated
with the amended requirements.
DATES: Comments must be submitted on
or before February 1, 2021.
ADDRESSES: You may submit comments,
identified by ‘‘Real Time Public
Reporting, OMB Control No. 3038–
0070,’’ by any of the following methods:
• The Agency’s website, at http://
comments.cftc.gov/. Follow the
SUMMARY:

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77437

instructions for submitting comments
through the website.
• 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.
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:
Meghan Tente, Acting Deputy Director,
Division of Market Oversight,
Commodity Futures Trading
Commission, (202) 418–5785, email:
[email protected], and refer to OMB
Control No. 3038–0070.
SUPPLEMENTARY INFORMATION: Under the
PRA, 44 U.S.C. 3501 et seq., 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 information collection
including each proposed revision or
extension of an existing information
collection, 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.
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.
Title: Real Time Public Reporting and
Block Trades (OMB Control No. 3038–
0070). This is a request for comment on
a currently approved information
collection.
Abstract: The collection of
information is needed to ensure that
swap data repositories publicly
disseminate swap data as required by
the Commodity Exchange Act, as
amended by the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(‘‘Dodd-Frank Act’’). The Dodd-Frank
Act directed the CFTC to adopt rules
providing for the real-time public

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77438

Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices

reporting and dissemination of swap
data and rules for block trades.
On September 17, 2020, the
Commission adopted a rulemaking
amending its part 43 regulations.1 In the
release accompanying the Final Rule,
the Commission included some cost and
burden estimates that were not included
in the Proposal, including changes to
some of its previous estimates.2 The
Commission explains these cost and
burden estimates further below and
invites comment on any new or revised
estimates.
1. Amendments to Regulation 43.3
In the Proposal, the Commission
omitted the aggregate reporting burden
for proposed § 43.3 (as well as § 43.4)
and instead provided PRA estimates for
all of part 43. The Final Rule included
the estimated aggregate reporting
burden for § 43.3 as follows:
Estimated number of respondents:
1,729 SEFs, DCMs, and reporting
counterparties.
Estimated number of reports per
respondent: 2,998.
Average number of hours per report:
0.067.
Estimated gross annual reporting
burden: 725,696.
Existing § 43.3 requires reporting
counterparties to send swap reports to
swap data repositories (‘‘SDRs’’) as soon
as technologically practicable after
execution. The Commission did not
include any burden estimates in the
Proposal related to the modification or
maintenance of systems in order to be
in compliance with the proposed
1 The Commission proposed the amendments to
Part 43 in February 2020. Real-Time Public
Reporting Requirements, 85 FR 21516 (Apr. 17,
2020) (the ‘‘Proposal’’). The final rule was
published in the Federal Register on November 25,
2020 (the ‘‘Final Rule’’).
2 In the final rule, the Commission revised the
information collection to reflect the adoption of
amendments to part 43, including changes to reflect
adjustments that were made to the final rules in
response to comments on the Proposal (not relating
to PRA). In the Proposal, the Commission omitted
the aggregate reporting burden for proposed § 43.3
and § 43.4 in the preamble and instead provided
PRA estimates for all of part 43. In the final rule,
the Commission included PRA estimates for final
§ 43.3 and § 43.4 which are set forth below. In
addition, in the final rule, the Commission revised
the information collection to include burden
estimates for one-time costs that SDRs, SEFs, DCMs,
and reporting counterparties could incur to modify
their systems to adopt the changes to part 43, as
well as burden estimates for these entities to
perform any annual maintenance or adjustments to
reporting systems related to the changes. These
estimates are also set forth below. The Commission
did not include PRA estimates for all of part 43 in
the final rule as the final rule only affects PRA
estimates for § 43.3 and § 43.4. However, PRA
estimates for all of part 43 are included in the
supporting statement being filed with OMB in
connection with the final rule.

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amendments to § 43.3.3 However, for the
Final Rule, the Commission recognized
certain entities would incur start-up
costs to modify their reporting systems
and operational costs to maintain them
going forward to adopt the changes to
§ 43.3 4 in the Final Rule, as explained
below.
In the Final Rule, the Commission
estimated the cost for a reporting entity,
including designated contracts markets
(‘‘DCMs’’), derivatives clearing
organizations (‘‘DCOs’’), major swap
participants (‘‘MSPs’’), swap dealers
(‘‘SDs’’), non-SD/MSP/DCO
counterparties, and swap execution
facilities (‘‘SEFs’’), to modify their
systems and maintain those
modifications going forward to adopt
the Final Rule could range from $24,000
to $74,000 per entity. There are an
estimated 1,732 reporting entities, for a
total estimated cost of $84,868,000.5 As
described in the final rule, the estimated
cost range is based on a number of
assumptions that cover tasks required to
design, test, and implement an updated
data system based on the new swap data
elements contained in part 43.
In the Final Rule, the Commission
further estimated that the cost for an
SDR to modify their systems, including
their data reporting, ingestion, and
validation systems, and maintain those
modifications going forward may range
from $144,000 to $510,000 per SDR.
There are currently three SDRs, for an
estimated total cost of $981,000.6
2. Amendments to Regulation 43.4
In the Final Rule, the Commission
estimated that the amendments would
reduce the number of mirror swaps
SDRs would need to publicly
3 The supporting statement for part 43 submtted
for the Proposal only showed negative incremental
changes in Attachment A (e.g., showed a negative
adjustment of 30,300 responses and negative
2,030.10 burden hours).
4 The Commission did not include any burden
estimates in the final rule related to the
modification or maintenance of systems in order to
be in compliance with the amendments to § 43.4.
To avoid double-counting, the Commission
included the costs associated with updates to § 43.4
in the estimates for § 43.3, as they would be
captured in the costs of updating systems based on
the list of swap data elements in part 43. As noted
above, the Commission is soliciting comments on
the revised burden estimates for part 43 that are
being adopted in the final rule.
5 Based on the Commission’s eight years of
experience in administering the existing-real time
reporting regulation, the Commission believes that
the costs to reporting entities to implement the final
rule will be on the lower end of the range, closer
to $24,000 than to $74,000.
6 As described in the Final Rule, the estimated
cost ranges are based on a number of assumptions
that cover the set of tasks required for the SDR to
design, test, and implement an updated data system
based on the new swap data elements contained in
part 43.

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disseminate by 100 reports per each
SDR, for an aggregate burden hour
reduction of 20.10 hours. In addition,
the Commission estimated that the
aggregate reporting burden total for
§ 43.4, as adjusted for the reduction in
reporting by SDRs of mirror swaps, is as
follows:
Estimated number of respondents: 3.
Estimated number of reports per
respondent: 1,499,900.
Average number of hours per report:
0.009.
Estimated gross annual reporting
burden: 40,497.
The Commission did not include any
burden estimates in the Proposal related
to the modification or maintenance of
systems in order to be in compliance
with the proposed amendments to
§ 43.4. To avoid double-counting, the
Commission included the costs
associated with updates to § 43.4 in the
estimates for § 43.3 discussed above, as
they would be captured in the costs of
updating systems based on the list of
swap data elements in part 43.
The Commission is soliciting
comments on the above burden
estimates for part 43, including the
estimated costs related to the
modification or maintenance of systems
in order to be in compliance with the
amendments to § 43.3 that are being
adopted in the Final Rule, in this
separate 60-day notice being published
in the Federal Register.
With respect to the collection of
information, the Commission 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 electronic, 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 CFTC to
consider information that you believe is
exempt from disclosure under the
Freedom of Information Act (‘‘FOIA’’), a
petition for confidential treatment of the
exempt information may be submitted

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Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices
according to the procedures established
in § 145.9 of the CFTC’s regulations.7
The CFTC reserves the right, but shall
have no obligation, to review, prescreen, 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 FOIA.
Burden Statement: Provisions of
CFTC Regulations 43.3, 43.4, and 43.6
result in information collection
requirements within the meaning of the
PRA. With respect to the ongoing
reporting and recordkeeping burdens
associated with swaps, the CFTC
believes that SDs, MSPs, SEFs, DCMs,
DCOs, and non-SD/MSP/DCO
counterparties incur an annual timeburden of 771,831 hours. This timeburden represents a proportion of the
burden respondents incur to operate
and maintain their swap data
recordkeeping and reporting systems.
Respondents/Affected Entities: SDs,
MSPs, and other counterparties to a
7 17

CFR 145.9.

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swap transaction (i.e., non-SD/MSP/
DCO counterparties).
Estimated number of respondents:
1,732.
Estimated average burden hours per
respondent: 445.
Estimated total annual burden hours
on respondents: 771,831 hours.
Frequency of collection: Ongoing.
Capital or Operating and
Maintenance Costs: $85,849,000.8
(Authority: 44 U.S.C. 3501 et seq.)

77439

DEPARTMENT OF DEFENSE
Office of the Secretary
[Transmittal No. 20–43]

Arms Sales Notification
Defense Security Cooperation
Agency, Department of Defense.

AGENCY:
ACTION:

Arms sales notice.

Dated: November 27, 2020.
Robert Sidman,
Deputy Secretary of the Commission.

SUMMARY:

[FR Doc. 2020–26557 Filed 12–1–20; 8:45 am]

FOR FURTHER INFORMATION CONTACT:

BILLING CODE 6351–01–P

Karma Job at [email protected]
or (703) 697–8976.

8 In the Proposal, the Commission omitted the
aggregate reporting burden for proposed § 43.3 and
§ 43.4 in the preamble and instead provided PRA
estimates for all of part 43. In the final rule, the
Commission included PRA estimates for final § 43.3
and § 43.4 because these are the only sections of
part 43 affected by the final rulemaking.
Attachment A to the supporting statement for the
Proposal only showed the changes in the burden
estimates for § 43.3 and § 43.4 for the Proposal. For
the Final Rule, the Commission revised Attachment
A to the supporting statement that was filed with
OMB to include aggregate burden estimates for all
requirements in the collection. The estimates in the
supporting statements for the Final Rule are
consistent with the estimates shown in the Burden
Statement above (e.g., the supporting statement for
the Final Rule reflects that there are 1,732
respondents and that the total annual number of
burden hours across all respondents is 771,831.)

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The Department of Defense is
publishing the unclassified text of an
arms sales notification.

This
36(b)(1) arms sales notification is
published to fulfill the requirements of
section 155 of Public Law 104–164
dated July 21, 1996. The following is a
copy of a letter to the Speaker of the
House of Representatives, Transmittal
20–43 with attached Policy Justification
and Sensitivity of Technology.

SUPPLEMENTARY INFORMATION:

Dated: November 25, 2020.
Kayyonne T. Marston,
Alternate OSD Federal Register Liaison
Officer, Department of Defense.
BILLING CODE 5001–06–P

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