30-Day Federal Register Notice

Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices

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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,
SDs and MSPs are obligated to maintain
records of the policies and procedures
required by the rules.7
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 SD and
MSP 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 also essential to ensuring that SDs
and MSPs 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.
On February 23, 2022, the
Commission published in the Federal
Register notice of the proposed
extension of these information
collections and provided 60 days for
public comment on the proposed
extension, 87 FR 10175 (‘‘60-Day
Notice’’) The Commission did not
receive any relevant comments on the
60-Day Notice.
Burden Statement: The Commission
is revising its estimate of the burdens for
the collections to reflect the current
number of respondents and estimated
burden hours. The respondent burdens
for the collections are 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: 107.
Estimated Average Burden Hours per
Registrant: 1,274.5.
Estimated Aggregate Burden Hours:
136,371.5.
Frequency of Recordkeeping: As
applicable.
7 SDs and MSPs are required to maintain all
records of policies and procedures in accordance
with Commission regulations 23.203 and, by
extension, 1.31, including policies, procedures, and
models used for eligible master netting agreements
and custody agreements that prohibit custodian of
margin from re-hypothecating, repledging, reusing,
or otherwise transferring the funds held by the
custodian. See 17 CFR 1.31 and 23.203.

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• OMB Control No. 3038–0083 (Orderly
Liquidation Termination Provision in
Swap Trading Relationship
Documentation for Swap Dealers and
Major Swap Participants)
Number of Registrants: 107.
Estimated Average Burden Hours per
Registrant: 270.
Estimated Aggregate Burden Hours:
28,890.
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: 107.
Estimated Average Burden Hours per
Registrant: 6,284.
Estimated Aggregate Burden Hours:
672,388.
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: April 22, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022–09020 Filed 4–26–22; 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 May 27, 2022.
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
SUMMARY:

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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.
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. 3038–0075, 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:
Christopher Cummings, Special
Counsel, Market Participants Division,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
1 17

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24974

Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices

20581; (202) 418–5445; email:
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Protection of Collateral of
Counterparties to Uncleared Swaps;
Treatment of Securities in a Portfolio
Margining Account in a Commodity
Broker Bankruptcy (OMB Control No.
3038–0075). This is a request for an
extension of a currently approved
information collection.
Abstract: Section 4s(l) of the
Commodity Exchange Act requires swap
dealers (‘‘SDs’’) and major swap
participants (‘‘MSPs’’) to notify
uncleared swap counterparties that they
have the right to request that property
provided as margin be segregated, and
to report quarterly to counterparties
who have not requested segregated
accounts that the back office procedures
of the swap dealer or major swap
participant with respect to margin and
collateral comply with the parties’
agreement. Regulations 23.701 and
23.704 establish reporting requirements
that are mandated by Section 4s(l) and,
thus, are necessary to implement the
objectives of Section 4s(l). Regulation
23.701 requires that the SD or MSP
notify the counterparty at the beginning
of the swap trading relationship of the
counterparty’s right to require
segregation of initial margin, and to
permit the counterparty to change that
election by written notice to the SD or
MSP. Regulation 23.704 requires that, in
certain circumstances, an SD or MSP
must report to the counterparty, on a
quarterly basis, that the back office
procedures of the swap dealer or major
swap participant relating to margin and
collateral requirements are in
compliance with the agreement of the
counterparties. The data required to be
compiled and maintained pursuant to
Regulations 23.701 and 23.704 would be
used by uncleared swap counterparties
(and, in some instances, the CFTC and
self-regulatory organizations).
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 February 22, 2022,
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, 87
FR 9583 (‘‘60-Day Notice’’). The
Commission did not receive any
relevant comments on the 60-Day
Notice.
Burden Statement: The Commission
is revising its estimate of the burden for
this collection to reflect the current
number of respondents and estimated

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burden hours. The respondent burden
for this collection is estimated to be as
follows:
• Regulation 23.701:
Estimated Number of Respondents:
108.
Estimated Average Burden Hours per
Respondent: 600 hours.
Estimated Total Annual Burden
Hours: 64,800 hours.
Frequency of Collection: Beginning of
the swap trading relationship with a
counterparty.
• Regulation 23.704:
Estimated Number of Respondents:
108.
Estimated Average Burden Hours per
Respondent: 806 hours.
Estimated Total Annual Burden
Hours: 87,048 hours.
Frequency of Collection: Quarterly (4
times per year).
• Total Annual Burden for the
Collection: 151,848 hours.
There are no capital costs or operating
and maintenance costs associated with
this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: April 22, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022–09021 Filed 4–26–22; 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 May 27, 2022.
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
SUMMARY:

PO 00000

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Fmt 4703

Sfmt 4703

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.
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. 3038–0094, 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:
Melissa A. D’Arcy, Special Counsel,
Division of Clearing and Risk,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
1 17

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CFR 145.9.

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