30-Day Federal Register Notice

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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:

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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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lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices
20581; (202) 418–5086; email: mdarcy@
cftc.gov.
SUPPLEMENTARY INFORMATION:
Title: Clearing Member Risk
Management (OMB Control No. 3038–
0094). This is a request for an extension
of a currently approved information
collection.
Abstract: Section 3(b) of the
Commodity Exchange Act (‘‘Act’’ or
‘‘CEA’’) provides that one of the
purposes of the Act is to ensure the
financial integrity of all transactions
subject to the Act and to avoid systemic
risk. Section 8a(5) of the CEA authorizes
the Commission to promulgate such
regulations that it believes are
reasonably necessary to effectuate any of
the provisions or to accomplish any of
the purposes of the CEA. Risk
management systems are critical to the
avoidance of systemic risk.
Section 4s(j)(2) of the CEA requires
each Swap Dealer (‘‘SD’’) and Major
Swap Participant (‘‘MSP’’) to have risk
management systems adequate for
managing its business. Section 4s(j)(4) of
the CEA requires each SD and MSP to
have internal systems and procedures to
perform any of the functions set forth in
Section 4s.
Section 4d of the CEA requires
Futures Commission Merchants
(‘‘FCMs’’) to register with the
Commission. It further requires FCMs to
segregate customer funds. Section 4f of
the CEA requires FCMs to maintain
certain levels of capital and Section 4g
of the CEA establishes reporting and
recordkeeping requirements for FCMs.
Pursuant to these provisions, the
Commission adopted Commission
regulation 1.73 which applies to
clearing members that are FCMs and
Commission regulation 23.609 which
applies to clearing members that are SDs
or MSPs. These provisions require these
clearing members to have procedures to
limit the financial risks they incur as a
result of clearing trades and liquid
resources to meet the obligations that
arise. The regulations require each
clearing member to: (1) Establish credit
and market risk-based limits based on
position size, order size, margin
requirements, or similar factors; (2) use
automated means to screen orders for
compliance with the risk-based limits;
(3) monitor for adherence to the riskbased limits intra-day and overnight; (4)
conduct stress tests of all positions in
the proprietary account and all
positions in any customer account that
could pose material risk to the futures
commission merchant at least once per
week; (5) evaluate its ability to meet
initial margin requirements at least once
per week; (6) evaluate its ability to meet

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variation margin requirements in cash at
least once per week; (7) evaluate its
ability to liquidate the positions it clears
in an orderly manner, and estimate the
cost of the liquidation at least once per
month; and (8) test all lines of credit at
least once per quarter.
Each of these items has been observed
by Commission staff as an element of an
existing sound risk management
program at an SD, MSP, or FCM. The
Commission regulations require each
clearing member to establish written
procedures to comply with this
regulation and to keep records
documenting its compliance. 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
efficient operation of trading venues
among SDs, MSPs, and FCMs.
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 9582 (‘‘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
burden hours. The respondent burden
for this collection is estimated to be as
follows:
Estimated Number of Respondents:
167 (108 Clearing Member Swap Dealers
and 59 Clearing Member Futures
Commission Merchants).
Estimated Average Burden Hours per
Respondent: 504 hours.
Estimated Total Annual Burden
Hours: 84,168 hours.
Frequency of Collection: As needed.
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. 2022–09019 Filed 4–26–22; 8:45 am]
BILLING CODE 6351–01–P

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24975

DEPARTMENT OF EDUCATION
National Assessment Governing Board
National Assessment Governing
Board; Meeting
National Assessment
Governing Board, Department of
Education.
ACTION: Notice of open and closed
meetings.
AGENCY:

This notice sets forth the
agenda for the National Assessment
Governing Board (hereafter referred to
as Governing Board) meeting scheduled
for May 12–13, 2022. This notice
provides information about the meeting
to members of the public who may be
interested in attending and/or providing
written comments related to the work of
the Governing Board. Notice of this
meeting is required under the Federal
Advisory Committee Act (FACA).
ADDRESSES: Westin Crystal City, 1800
Richmond Highway, Arlington, VA
22202.
FOR FURTHER INFORMATION CONTACT:
Munira Mwalimu, Executive Officer/
Designated Federal Official for the
Governing Board, 800 North Capitol
Street NW, Suite 825, Washington, DC
20002, telephone: (202) 357–6906, fax:
(202) 357–6945, email:
[email protected].
SUPPLEMENTARY INFORMATION:
Statutory Authority and Function:
The Governing Board is established
under the National Assessment of
Educational Progress Authorization Act,
Title III of Public Law 107–279.
Information on the Governing Board and
its work can be found at www.nagb.gov.
The Governing Board formulates
policy for the National Assessment of
Educational Progress (NAEP)
administered by the National Center for
Education Statistics (NCES). The
Governing Board’s responsibilities
include: (1) Selecting subject areas to be
assessed; (2) developing assessment
frameworks and specifications; (3)
developing appropriate student
achievement levels for each grade and
subject tested; (4) developing standards
and procedures for interstate and
national comparisons; (5) improving the
form and use of NAEP; (6) developing
guidelines for reporting and
disseminating results; and (7) releasing
initial NAEP results to the public.
SUMMARY:

Standing Committee Meetings
The Governing Board’s standing
committees will meet to conduct
regularly scheduled work planned for
this Quarterly Board Meeting and any
items undertaken by committees for

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