Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices 77435 

1The Commission proposed the amendments to 

Part 45 in February 2020. Swap Data Recordkeeping 

and Reporting Requirements, 75 FR 21578 (Apr. 17, 

2020) (the ‘‘Proposal’’). The final rule was 

published in the Federal Register on November 25, 

2020. 

2The PRA section of the Proposal included onetime and ongoing burden hour estimates for entities 

to modify their systems. The associated cost 

estimates referenced above were included in the 

related Supporting Statement filed with OMB for 

the Proposal. 

3Hourly wage rates for this aspect came from the 

Software Developers and Programmers category of 

the May 2019 National Occupational Employment 

and Wage Estimates Report produced by the U.S. 

Bureau of Labor Statistics, available at https://

www.bls.gov/oes/current/oes_nat.htm. The 25th 

percentile was used for the low range and the 90th 

percentile was used for the upper range ($36.89 and 

$78.06, respectively). Each number was multiplied 

by an adjustment factor of 1.3 for overhead and 

Continued 

orders on CORE from China. CORE 

produced in Guatemala is not 

circumventing the orders; July 6, 2020. 

A–570–028: Hydrofluorocarbon Blends 

From f China 

Commerce determined not to include 

hydrofluorocarbon (HFC) components 

from China (R–32, R–125, R–143a) 

imported into the United States for 

further processing into HFC blends 

within the scope of the AD order on 

HFC blends from China; August 13, 

2020. 

Notification to Interested Parties 

Interested parties are invited to 

comment on the completeness of this 

list of completed scope inquiries and 

anti-circumvention determinations 

made during the period July 1, 2020, 

through September 30, 2020. Any 

comments should be submitted to the 

Deputy Assistant Secretary for AD/CVD 

Operations, Enforcement and 

Compliance, International Trade 

Administration, 1401 Constitution 

Avenue NW, APO/Dockets Unit, Room 

18022, Washington, DC 20230. 

This notice is published in 

accordance with 19 CFR 351.225(o). 

Dated: November 25, 2020. 

James Maeder, 

Deputy Assistant Secretary for Antidumping 

and Countervailing Duty Operations. 

[FR Doc. 2020–26582 Filed 12–1–20; 8:45 am] 

BILLING CODE 3510–DS–P 

COMMODITY FUTURES TRADING 

COMMISSION 

Agency Information Collection 

Activities: Proposed Revised 

Collection, Comment Request: ‘‘Swap 

Data Recordkeeping and Reporting 

Requirements’’ 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice. 

SUMMARY: 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 swap 

data recordkeeping and reporting. 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 ‘‘Swap Data 

Recordkeeping and Reporting 

Requirements, OMB Control No. 3038– 

0096,’’ by any of the following methods: 

• The Agency’s website, at http://

comments.cftc.gov/. Follow the 

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: 

mtente@cftc.gov, and refer to OMB 

Control No. 3038–0096. 

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: Swap Data Recordkeeping and 

Reporting Requirements (OMB Control 

No. 3038–0096). This is a request for 

comment on a currently approved 

information collection. 

Abstract: The collection of 

information is needed to ensure that the 

CFTC and other regulators have access 

to swap data as required by the 

Commodity Exchange Act, as amended 

by the Dodd-Frank Wall Street Reform 

and Consumer Protection Act (‘‘DoddFrank Act’’). The Dodd-Frank Act 

directed the CFTC to adopt rules 

providing for the reporting of data 

relating to swaps. 

On September 17, 2020, the 

Commission adopted a rulemaking 

amending its part 45 regulations.1 In the 

release accompanying the final rule, the 

Commission included some estimated 

costs and burdens that were not 

included in the proposal and made 

corrections to some of its previous 

estimates. The Commission explains 

these cost and burden estimates below 

and invites comment on any new or 

revised estimates. 

1. Amendments to Regulation 45.3 

Amended § 45.3 creates costs for swap 

data repositories (‘‘SDRs’’), swap 

execution facilities (‘‘SEFs’’), designated 

contract markets (‘‘DCMs’’), and 

reporting counterparties to update 

systems for reporting required swap 

creation data reports. For the proposal, 

the Commission estimated SDRs, SEFs, 

DCMs, and reporting counterparties 

would incur a one-time initial burden of 

10 hours per entity to modify their 

systems to adopt the changes, for a total 

estimated hours burden of 17,320 hours. 

The cost per entity was estimated to be 

$722.30 for a total cost across entities of 

$1,251,024. The Commission 

additionally estimated 5 hours per 

entity annually to perform any needed 

maintenance or adjustments to reporting 

systems, at a cost of $361.15 per entity 

and $625,512 across entities.2 The 

Commission re-evaluated the analysis in 

the final rule and instead used a wage 

estimate of between $48 and $101 3 per 

77436 Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices 

benefits (rounded to the nearest whole dollar) 

which is in line with adjustment factors the CFTC 

has used for similar purposes in other final rules 

adopted under the Dodd-Frank Act. See, e.g., 77 FR 

at 2173 (using an adjustment factor of 1.3 for 

overhead and other benefits). These estimates are 

intended to capture and reflect U.S. developer 

hourly rates market participants are likely to pay 

when complying with the changes. Individual 

entities may, based on their circumstances, incur 

costs substantially greater or less than the estimated 

averages. 

4The lower estimate of $144,000 represents 3,000 

working hours at the $48 rate. The higher estimate 

of $1,010,000 represents 10,000 working hours at 

the $101 rate. The PRA section of the final rule 

incorrectly stated that the $1,010,000 estimate at the 

higher end of the range was based on 5,000 working 

hours. However, in response to a comment 

indicating that the commenter expected its costs to 

be 8,000 to 10,000 developer hours, the 

Commission expanded the range of potential costs 

per SDR to between $144,000 and $1,010,000 for 

PRA purposes. 

5The lower estimate of $24,000 represents 500 

working hours at the $48 rate. The higher estimate 

of $73,225 represents 725 working hours at the $101 

rate. 

hour and revised its estimate of the onetime initial cost per SDR to be in a range 

of $144,000 to $1,010,000 for PRA 

purposes, based on 3,000 to 10,000 

hours of work per SDR.4 Using these 

revised estimates, the Commission 

estimated an average estimated cost of 

$577,000 per SDR to update their 

systems, or estimated capital/start-up 

costs of $1,731,000 across all 3 SDRs. 

With regard to reporting entities, the 

PRA section of the proposal 

inadvertently did not include any 

estimates of initial costs to update 

systems for SEFs, DCMs, and reporting 

counterparties. In the final rule, the 

Commission estimated that SEFs, DCMs, 

and reporting counterparties will incur 

a one-time initial cost per reporting 

entity in a range of $24,000 to $73,225 

per reporting entity, with each reporting 

entity spending approximately 500 to 

725 hours on the updates.5 Rather than 

base the Commission’s PRA estimates of 

the total upfront implementation cost 

for reporting entities on arithmetic 

averages, the Commission recognized 

that reporting entities are already 

subject to existing swaps data reporting 

and recordkeeping obligations pursuant 

to Part 45, so it is likely that reporting 

entities will only need to reprogram 

their existing reporting systems, instead 

of building new reporting systems, to 

comply with the final rule. Furthermore, 

through the Commission’s eight years of 

experience in administering Part 45, the 

Commission believes that the 1,732 

reporting entities are a relatively 

consistent group, such that most entities 

that are currently reporting entities 

under Part 45 will continue to be 

reporting entities under the final rule, 

and few entities that are not currently 

reporting entities under Part 45 will 

become reporting entities under the 

final rule. Because most reporting 

entities will only need to reprogram 

their existing reporting systems, the 

Commission believes that the upfront 

cost to reporting entities to implement 

the final rule will be on the lower end 

of the range, closer to $24,000 than to 

$73,225. Therefore, the Commission 

based its PRA estimates on a more 

realistic split of 90%/10% between 

existing reporting entities and new 

reporting entities, which resulted in a 

weighted average cost of $28,923 per 

reporting entity ($24,000 * 0.9 + $73,225 

* 0.1), or a total upfront implementation 

cost of $50,094,636 for the 1,732 

reporting entities. 

Together, the Commission estimated 

the total aggregate upfront 

implementation cost in the final rule to 

be $51,825,636 ($50,094,636 for 

reporting entities and $1,731,000 for 

SDRs). The Commission does not expect 

any ongoing costs for SDRs or reporting 

entities after the initial builds. 

2. Amendments to Regulation 45.4 

The Commission amended § 45.4, 

which requires reporting counterparties 

to report data to SDRs when swap terms 

change and daily swap valuation data. 

The PRA section of the Proposal 

estimated that proposed § 45.4 would 

apply to 1,705 respondents, with 97,341 

reports per respondent, .004 average 

hours per report, and a gross annual 

reporting burden of 664,479 hours. In 

the final rule, the Commission 

expanded the daily valuation data 

reporting requirement for SD/MSP 

reporting counterparties to report 

margin and collateral data in addition to 

valuation data. This is a change from the 

Proposal, in which the Commission 

proposed requiring derivatives clearing 

organization (‘‘DCO’’) counterparties to 

report the information as well. The 

frequency of the report will not change 

for SD/MSP reporting counterparties, 

but the Commission estimated SD/MSP/ 

DCO reporting counterparties would 

require more time to prepare each 

report. However, since all of this 

information is reported electronically, 

the Commission expected the increase 

per report to be small, from .003 to .004 

hours per report. Since the Commission 

is not requiring DCO reporting 

counterparties to report the information, 

the Commission revised its estimate to 

.0035 hours per report. As a result, in 

the final rule the aggregate burden 

under § 45.4 was estimated to apply to 

1,705 respondents, with 97,341 reports 

per respondent, .0035 average hours per 

report, and a gross annual reporting 

burden of 581,419 hours. 

Amended § 45.4 creates costs for 

SDRs and reporting counterparties to 

update systems for reporting required 

swap continuation data. For the 

proposal, the Commission estimated 

SDRs and reporting counterparties 

would incur a one-time initial burden of 

10 hours per entity to modify their 

systems to adopt the changes to § 45.4, 

for a total estimated hours burden of 

17,050 hours. The cost per entity was 

estimated to be $722.30 for a total cost 

across entities of $1,231,522. The 

Commission additionally estimated 5 

hours per entity annually to perform 

any needed maintenance or adjustments 

to reporting systems, at a cost of $361.15 

per entity and $615,761 across entities. 

However, the Commission re-evaluated 

the analysis for the final rule and 

realized that since the costs relate to 

reporting certain swap data elements, 

they are covered in the start-up and 

initial costs for § 45.3 described above. 

To avoid double-counting, the 

Commission removed the estimates for 

§ 45.4. 

2. Amendments to Regulation 45.5 

Amended § 45.5 creates costs for 

entities that were previously required to 

generate Unique Swap Identifiers 

(‘‘USIs’’) to update their systems to 

generate Uniform Transaction 

Identifiers (‘‘UTIs’’). The PRA section of 

the Proposal estimated that SDRs and 

reporting counterparties required to 

generate UTIs would incur a one-time 

initial burden of 1 hour per entity to 

modify their systems to adopt the 

changes to § 45.5, for a total estimated 

hours burden of 940 hours. The 

Commission additionally estimated 1 

hour per entity annually to perform any 

needed maintenance or adjustments to 

reporting systems. The related 

Supporting Statement filed with OMB 

for the Proposal estimated that the cost 

per entity for the one-time initial burden 

would be $72.23 for a total cost across 

entities of $67,896, and an additional 

cost of $72 per entity and $67,680 across 

entities annually to perform any needed 

maintenance or adjustments to reporting 

systems. The PRA section of the final 

rule did not make any changes to the 

Commission’s burden hour estimates for 

SDRs and reporting counterparties to 

modify their systems to adopt the 

changes to final § 45.5 in connection 

with either its estimates of either the 

one-time initial burden estimate or the 

burden of ongoing maintenance or 

adjustments to reporting systems. The 

final rule also did not change the 

estimated cost per entity of $72.23 per 

entity or a total cost across entities of 

$67,896 in connection with the 

Commission’s estimate of the one-time 

Federal Register / Vol. 85, No. 232 / Wednesday, December 2, 2020 / Notices 77437 

6 17 CFR 145.9. 

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, 

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’’ 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice. 

SUMMARY: 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 

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: 

mtente@cftc.gov, 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