60114 Federal Register / Vol. 77, No. 191 / Tuesday, October 2, 2012 / Notices 

2The term ‘‘swap’’ is defined in Commodity 

Exchange Act (‘‘CEA’’) section 1a(47), 7 U.S.C. 

1a(47). The term ‘‘security-based swap’’ is defined 

as an agreement, contract, or transaction that is a 

‘‘swap’’ (without regard to the exclusion from that 

definition for security-based swaps) and that also 

has certain characteristics specified in the DoddFrank Act. See section 3(a)(68) of the Securities 

Exchange Act of 1934, 15 U.S.C. 78c(a)(68). Thus, 

a determination regarding whether SVCs fall within 

the definition of a swap also is relevant to a 

determination of whether SVCs fall within the 

definition of the term ‘‘security-based swap.’’ 

3See section 719(d)(1)(B) of the Dodd-Frank Act. 

4See section 719(d)(1)(C) of the Dodd-Frank Act. 

5See Acceptance of Public Submissions 

Regarding the Study of Stable Value, 76 FR 53162 

(Aug. 25, 2011). 

6 Id. 

7The Commission and the CFTC have approved 

the final rules further defining the terms ‘‘swap’’ 

and ‘‘security-based swap’’ but did not address 

therein whether SVCs are swaps or SBSs. See 77 FR 

48208 (Aug. 13, 2012). 

8Question 4 in the request for comment related 

to the applicability and usefulness of the proposed 

rules further defining the terms ‘‘swap’’ and 

‘‘security-based swap’’ (‘‘Proposed Definitions’’): 

Are the proposed rules and the interpretive 

guidance set forth in the [Proposed Definitions] 

useful, appropriate, and sufficient for persons to 

consider when evaluating whether SVCs fall within 

the definition of a swap? If not, why not? Would 

SVCs satisfy the test for insurance provided in the 

[Proposed Definitions]? Why or why not? Is 

additional guidance necessary with regard to SVCs 

in this context? If so, what further guidance would 

be appropriate? Please explain. 

See Acceptance of Public Submissions Regarding 

the Study of Stable Value Contracts, supra note 5, 

at 53163. 

inappropriate for publication, including 

obscene language. All submissions that 

have been redacted or removed that 

contain comments on the merits of the 

rulemaking will be retained in the 

public comment file and will be 

considered as required under applicable 

laws, and may be accessible under the 

Freedom of Information Act. 

SEC 

Electronic Comments 

• Use the SEC’s Internet comment 

form (http://www.sec.gov/rules/other); 

• Send an email to rule-comments@

sec.gov. Please include File Number S7– 

32–11 on the subject line; or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov). Follow the 

instructions for submitting comments. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–32–11. This file number 

should be included on the subject line 

if email is used. To help us process and 

review your comments more efficiently, 

please use only one method. The SEC 

will post all comments on the SEC’s 

Internet web site (http://www.sec.gov/

rules/other). Comments will also be 

available for Web site viewing and 

printing in the SEC’s Public Reference 

Room, 100 F Street NE., Washington, DC 

20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

All comments received will be posted 

without change; the SEC does not edit 

personal identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

FOR FURTHER INFORMATION CONTACT: 

CFTC: Stephen A. Kane, Research 

Economist, Office of the Chief 

Economist, (202) 418–5911, skane@cftc.

gov; or David E. Aron, Counsel, Office 

of the General Counsel, (202) 418–6621, 

daron@cftc.gov, Commodity Futures 

Trading Commission, Three Lafayette 

Centre, 1155 21st Street NW., 

Washington, DC 20581; SEC: Donna 

Chambers, Senior Special Counsel, (202) 

551–5870, Division of Trading and 

Markets, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–8010. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 719(d)(1)(A) of the DoddFrank Act, the Commissions jointly 

must conduct a study to determine 

whether SVCs fall within the definition 

of a swap.2 Section 719(d)(1)(A) of the 

Dodd-Frank Act also requires the 

Commissions, in making such 

determination, jointly to consult with 

the Department of Labor, the 

Department of the Treasury, and the 

State entities that regulate the issuers of 

SVCs. 

If the Commissions determine that 

SVCs fall within the definition of a 

swap, they jointly must determine if an 

exemption for SVCs from the definition 

of a swap is appropriate and in the 

public interest and issue regulations 

implementing such determination.3

Until the effective date of any such 

regulations, and notwithstanding any 

other provision of Title VII of the DoddFrank Act, the Title VII requirements 

will not apply to SVCs.4

On August 18, 2011, the Commissions 

requested comment regarding the study 

of SVCs required by Section 719(d) of 

the Dodd-Frank Act.5 Specifically, the 

request for comment included 29 

questions and encouraged commenters 

to provide additional relevant 

information beyond that specified in the 

questions. The Commissions originally 

requested that comments be received by 

September 26, 2011.6

Given the regulatory developments 

since the initial request for comment 

was issued, specifically the adoption of 

final rules further defining the terms 

‘‘swap’’ and ‘‘security-based swap,’’ 7

the Commissions believe that it would 

be appropriate to solicit additional 

public comments on the study of SVCs 

required by Section 719(d) of the DoddFrank Act. Accordingly, the 

Commissions are reopening the public 

comment period for 30 days. The 

Commissions are reopening the 

comment period for the limited purpose 

of soliciting additional or updated 

comments regarding the impact of the 

final rules further defining the terms 

‘‘swap’’ and ‘‘security-based swap’’ on 

the SVC study.8 The Commissions have 

received and reviewed the comments 

previously submitted in response to the 

initial request for comment. 

Commenters do not need to resubmit 

comments that have already been 

provided. 

By the Commodity Futures Trading 

Commission. 

Dated: September 26, 2012. 

Sauntia S. Warfield, 

Assistant Secretary. 

By the Securities and Exchange 

Commission. 

Dated: September 26, 2012. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–24179 Filed 10–1–12; 8:45 am] 

BILLING CODE 6351–01–P; 8011–P 

COMMODITY FUTURES TRADING 

COMMISSION 

Agency Information Collection 

Activities Under OMB Review 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice of intent to renew. 

SUMMARY: The Commodity Futures 

Trading Commission (CFTC) is 

announcing an opportunity for public 

comment on the proposed collection of 

certain information by the agency. 

Under the Paperwork Reduction Act (44 

U.S.C. 3501 et seq.), Federal agencies 

are required to publish notice in the 

Federal Register concerning each 

proposed collection of information, 

including each proposed extension of an 

existing collection of information, and 

to allow 60 days for public comment in 

response to the notice. This notice 

solicits comments on collections of 

information provided for by the 

Disclosure and Retention of Certain 

Information Related to Cleared Swaps, 

Customer Collateral. 

DATES: Comments must be submitted on 

or before December 3, 2012. 


wreier-aviles on DSK5TPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 191 / Tuesday, October 2, 2012 / Notices 60115 

ADDRESSES: Send comments regarding 

the burden estimated or any other 

aspect of the information collection, 

including suggestions for reducing the 

burden, to the addresses below. Please 

refer to OMB Control No. 3038–0091 in 

any correspondence. 

Martin B. White, Office of the General 

Counsel, Commodity Futures Trading 

Commission, 1155 21st Street NW., 

Washington, DC 20581; and 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Attention: Desk Officer for 

CFTC, 725 17th Street, Washington, 

DC 20503. 

Comments may also be submitted by 

any of the following methods: 

The agency’s Web site, at http:// 

comments.cftc.gov. Follow the 

instructions for submitting comments 

through the Web site. 

Mail: Sauntia S. Warfield, Assistant 

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. 

Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

Please submit your comments using 

only one method and identity that it is 

for the renewal of 3038–0091. 

All comments must be submitted in 

English, or if not, accompanied by an 

English translation. Comments will be 

posted as received to www.cftc.gov. You 

should submit 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. See 17 

CFR 145.9. 

FOR FURTHER INFORMATION CONTACT: 

Martin B. White, Office of the General 

Counsel, Commodity Futures Trading 

Commission, 1155 21st Street NW., 

Washington, DC 20581, (202) 418–5129; 

Fax: (202) 418–5567; email: 

mwhite@cftc.gov and refer to OMB 

Control No. 3038–0091. 

SUPPLEMENTARY INFORMATION: Title: 

Disclosure and Retention of Certain 

Information Related to Cleared Swaps, 

Customer Collateral (OMB Control No. 

3038–0091). This is a request for 

extension of a currently approved 

information collection. Abstract: Under 

the PRA, 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(c) and include agency requests 

or requirements that members of the 

public submit reports, keep records, or 

provide information to a third party. 

Section 350(c)(2)(A) of the PRA, 44 

Section 3506(c)(2)(A), requires Federal 

Agencies to provide a 60-day notice in 

the Federal Register concerning each 

proposed collection of information, 

including each proposed extension of an 

existing collection of information, 

before submitting the collection to OMB 

to approve. To comply with this 

requirement, the CFTC is publishing 

notice of the proposed collection of the 

information below. 

With respect to the following 

collection of information, the CFTC 

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 minimize the burden of 

collection of information on those who 

are to respond, including through the 

use of appropriate electronic, 

mechanical, or other technological 

collection techniques or other forms of 

information technology; e.g., permitting 

electronic submission of responses. 

Disclosure and Retention of Certain 

Information Related to Cleared Swaps, 

Customer Collateral. OMB Control No. 

3038–0091—Extension 

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. The OMB control 

numbers for the CFTC’s regulations 

were published on December 30, 1981. 

See 46 FR 63035 (Dec. 30, 1981). The 

Federal Register notice with a 60-day 

comment period soliciting comments on 

this collection of information was 

published on December 29, 2012 (73 FR 

81916). 

Burden statement: Section 22.2(g) 

requires each futures commission 

merchant (FCM) with Cleared Swaps 

Customer Accounts to compute daily 

the amount of Cleared Swaps Customer 

Collateral on deposit in Cleared Swaps 

Customer Accounts, the amount of such 

collateral required to be on deposit in 

such accounts and the amount of the 

FCM’s residual financial interest in such 

accounts. Section 22.5(a) requires an 

FCM or derivatives clearing 

organization (DCO) to obtain, from each 

depository with which it deposits 

cleared swaps customer funds, a letter 

acknowledging that such funds belong 

to the Cleared Swaps Customers of the 

FCM, and not the FCM itself or any 

other person. Section 22.11 requires 

each FCM that intermediates cleared 

swaps for customers on or subject to the 

rules of a DCO, whether directly as a 

clearing member or indirectly through a 

Collecting FCM, to provide the DCO or 

the Collecting FCM, as appropriate, with 

information sufficient to identify each 

customer of the FCM whose swaps are 

cleared by the FCM. Section 22.11 also 

requires the FCM, at least once daily, to 

provide the DCO or the Collecting FCM, 

as appropriate, with information 

sufficient to identify each customer’s 

portfolio of rights and obligations 

arising out of cleared swaps 

intermediated by the FCM. Section 

22.12 requires that each Collecting FCM 

and DCO, on a daily basis, calculate, 

based on information received pursuant 

to section 22.11 and on information 

generated and used in the ordinary 

course of business by the Collecting 

FCM or DCO, and record certain 

information about the amount of 

collateral required for each Cleared 

Swaps Customer and the sum of these 

amounts. Section 22.16 requires that 

each FCM who has Cleared Swaps 

Customers disclose to each of such 

customers the governing provisions, as 

established by DCO rules or customer 

agreements between collecting and 

depositing FCMs, relating to use of 

customer collateral, transfer, 

neutralization of the risks, or liquidation 

of cleared swaps in the event of a 

default by a Depositing FCM relating to 

a Cleared Swaps Customer Account. 

The Commission estimates the 

average burden of this collection of 

information as follows: 

The recordkeeping and disclosure 

requirements of sections 22.2(g) and 

22.11 are expected to apply to 

approximately 100 entities on a daily 

basis. The recordkeeping requirement of 

section 22.5 is expected to apply to 

approximately 100 entities on an 

approximately annual basis. Based on 

experience with analogous 

recordkeeping and disclosure 

requirements for FCMs in futures 

transactions, the recordkeeping and 

disclosure required by section 22.2(g) is 

expected to require about 100 hours 

annually per entity, for a total burden of 

approximately 10,000 hours. 

The disclosure required by section 

22.11 involves information that FCMs 

that intermediate swaps generate and 


wreier-aviles on DSK5TPTVN1PROD with NOTICES
60116 Federal Register / Vol. 77, No. 191 / Tuesday, October 2, 2012 / Notices 

use in the usual and customary ordinary 

course of their business. It is expected 

that the required disclosure will be 

performed using automated data 

systems that FCMs maintain and use in 

the usual and customary ordinary 

course of their business but that certain 

additional functionality will need to be 

added to these systems to perform the 

required disclosure. Because of the 

novel character of proposed section 

22.11, it is not possible to make a 

precise estimate of the paperwork 

burden. The necessary modifications to, 

and maintenance of, systems may 

require a range of between 20 and 40 

hours of work annually. 

The recordkeeping required by 

section 22.12 involves information that 

Collecting FCMs and DCOs will receive 

pursuant to section 22.11 or that they 

generate and use in the usual and 

customary ordinary course of their 

business. It is expected that the required 

recordkeeping will be performed using 

automated data systems that Collecting 

FCMs and DCOs maintain and use in 

the usual and customary ordinary 

course of their business but that certain 

additional functionality will need to be 

added to these systems to perform the 

required disclosure. Because of the 

novel character of section 22.12, it is not 

possible to make a precise estimate of 

the paperwork burden. The necessary 

modifications to, and maintenance of, 

systems may require a range of between 

20 and 40 hours of work annually. It is 

expected that the required 

recordkeeping will be performed by 

approximately 100 entities. The total 

annual burden for section 22.11 

therefore is estimated at 2,000 to 4,000 

hours. 

Section 22.16 would apply to the 

same estimated 100 entities as sections 

22.2(g), 22.5(a), and 22.11. The required 

disclosure would have to be made once 

each time a swaps customer begins to be 

cleared through a particular DCO or 

collecting FCM and each time a DCO or 

collecting FCM through which a 

customer’s swaps are cleared changes it 

polices on the matters covered by the 

disclosure. It is expected that each 

disclosure would require about 0.2 

hours of staff time by staff. It is 

uncertain what average number of 

swaps customers FCMs will have, and 

what average number of disclosures will 

be required for each customer annually. 

Assuming an average of 500 customers 

per FCM and two disclosures per 

customer per year, the estimated total 

annual burden would be 200 hours. 

There are estimated to be no capital 

costs or operating and maintenance 

costs associated with this collection. 

Dated September 26, 2012. 

Sauntia S. Warfield, 

Assistant Secretary of the Commission. 

[FR Doc. 2012–24131 Filed 10–1–12; 8:45 am] 

BILLING CODE 6351–01–P 

DEPARTMENT OF EDUCATION 

Notice of Proposed Information 

Collection Requests; State Plan for 

Vocational Rehabilitation Services and 

Supplement for Supported 

Employment Services 

SUMMARY: The Rehabilitation Act of 

1973, as amended (the Act), requires 

each state to submit to the 

Commissioner of the Rehabilitation 

Services Administration a State Plan for 

the Vocational Rehabilitation (VR) 

Services program and the State 

Supported Employment (SE) Services 

program that meets the requirements of 

Sections 101(a) and 625 of the Act. 

DATES: Interested persons are invited to 

submit comments on or before 

December 3, 2012. 

ADDRESSES: Comments submitted in 

response to this notice should be 

submitted electronically through the 

Federal eRulemaking Portal at http:// 

www.regulations.gov by selecting 

Docket ID number ED–2012–OSERS– 

0031 or via postal mail, commercial 

delivery, or hand delivery. Please note 

that comments submitted by fax or 

email and those submitted after the 

comment period will not be accepted. 

Written requests for information or 

comments submitted by postal mail or 

delivery should be addressed to the 

Director of the Information Collection 

Clearance Division, U.S. Department of 

Education, 400 Maryland Avenue SW., 

LBJ, Room 2E117, Washington, DC 

20202–4537. 

Individuals who use a 

telecommunications device for the deaf 

(TDD) may call the Federal Information 

Relay Service (FIRS) at 1–800–877– 

8339. 

SUPPLEMENTARY INFORMATION: Section 

3506 of the Paperwork Reduction Act of 

1995 (44 U.S.C. Chapter 35) requires 

that Federal agencies provide interested 

parties an early opportunity to comment 

on information collection requests. The 

Director, Information Collection 

Clearance Division, Privacy, Information 

and Records Management Services, 

Office of Management, publishes this 

notice containing proposed information 

collection requests at the beginning of 

the Departmental review of the 

information collection. The Department 

of Education is especially interested in 

public comment addressing the 

following issues: (1) Is this collection 

necessary to the proper functions of the 

Department; (2) will this information be 

processed and used in a timely manner; 

(3) is the estimate of burden accurate; 

(4) how might the Department enhance 

the quality, utility, and clarity of the 

information to be collected; and (5) how 

might the Department minimize the 

burden of this collection on the 

respondents, including through the use 

of information technology. Please note 

that written comments received in 

response to this notice will be 

considered public records. 

Title of Collection: State Plan for 

Vocational Rehabilitation Services and 

Supplement for Supported Employment 

Services. 

OMB Control Number: 1820–0500. 

Type of Review: Extension. 

Total Estimated Number of Annual 

Responses: 80. 

Total Estimated Number of Annual 

Burden Hours: 1,002,000. 

Abstract: The approved VR State Plan 

and SE supplement form the basis upon 

which a state participates in programs 

under Title I and Title VI, Part B of the 

Act and receives federal funds. Program 

funding is contingent on Departmental 

approval of the State Plan and its 

supplement. 

Dated: September 27, 2012. 

Darrin A. King, 

Director, Information Collection Clearance 

Division, Privacy, Information and Records 

Management Services, Office of Management. 

[FR Doc. 2012–24225 Filed 10–1–12; 8:45 am] 

BILLING CODE 4000–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

[EPA–HQ–ORD–2012–0718; FRL–9736–4] 

Human Studies Review Board; 

Notification of a Public Meeting 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Notice. 

SUMMARY: The EPA Office of the Science 

Advisor announces a public meeting of 

the Human Studies Review Board to 

advise the Agency on the EPA scientific 

and ethical reviews of research with 

human subjects. 

DATES: This public meeting will be held 

on November 1, 2012, from 

approximately 1 p.m. to approximately 

4:30 p.m. Eastern Time. Comments may 

be submitted on or before noon (Eastern 

Time) on Thursday, October 25, 2012. 

ADDRESSES: Submit your written 

comments, identified by Docket ID No. 


wreier-aviles on DSK5TPTVN1PROD with NOTICES