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[Federal Register Volume 77, Number 142 (Tuesday, July 24, 2012)]
[Notices]
[Pages 43271-43274]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17919]

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COMMODITY FUTURES TRADING COMMISSION

Agency Information Collection Activities: Submission for OMB 
Emergency Review; Comment Request: Exemptive Order Regarding Compliance 
With Certain Swap Regulations

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (``Commission'' or 
``CFTC'') has submitted a request for review and approval of an 
information collection request (``ICR'') titled ``Exemptive Order 
Regarding Compliance with Certain Swap Regulations,'' utilizing 
emergency review procedures in accordance with the Paperwork Reduction 
Act of 1995 (``PRA''), 44 U.S.C. 3501 et seq., and Office of Management 
and Budget (``OMB'') regulation 5 CFR 1320.13. The Commission is 
requesting that this information collection be approved by August 8, 
2012. The Commission is initially requesting a six-month approval for 
this collection. The Commission plans to follow this emergency request 
with a request for a 3-year approval, through OMB's normal clearance 
procedures of OMB regulation 5 CFR 1320.10.

DATES: OMB approval has been requested by August 8, 2012. Comments must 
be submitted to OMB on or before August 23, 2012.

ADDRESSES: Submit written comments on the burden estimated or any other 
aspect of the proposed information collection to the Office of 
Information and Regulatory Affairs, Office of Management and Budget, 
Attention: Desk Officer for CFTC, 725 17th Street, Washington, DC 20503 
or via electronic mail to oira.submission@omb.eop.gov. Please refer to 
Comments Proposed New Information Collection--Exemptive Order Regarding 
Compliance with Certain Swap Regulations in any correspondence. 
Comments also may be submitted to the Commission 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: David A. Stawick, 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.
    Please submit your comments to the CFTC 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 
www.cftc.gov. 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 Sec.  145.9 
of the Commission's regulations.\1\
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    \1\ See 17 CFR 145.9.

FOR FURTHER INFORMATION CONTACT: Laura B. Badian, Counsel, at 202-418-
5969, lbadian@cftc.gov, Gail Scott, Counsel, at 202-418-5139, 
gscott@cftc.gov, Office of General Counsel, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, 
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DC 20581.

SUPPLEMENTARY INFORMATION: The Commission has submitted a request for 
review and approval of an ICR titled ``Exemptive Order Regarding 
Compliance with Certain Swap Regulations,'' utilizing emergency review 
procedures in accordance with the PRA, 44 U.S.C. 3501 et seq., and OMB 
regulation 5 CFR 1320.13. The Commission is initially requesting a six-
month approval for this collection. The Commission plans to follow this 
emergency request with a request for a 3-year approval, through OMB's 
normal clearance procedures of OMB regulation 5 CFR 1320.10.

I. Background on Proposed Information Collection Activities

A. Overview

    Title VII of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act''), Public Law 111-203, 124 Stat. 1376 
(2010) amended the Commodity Exchange Act (``CEA'') to establish a new 
statutory framework for swaps. To implement the Dodd-Frank Act, the 
Commission has promulgated, or proposed, rules and regulations pursuant 
to the various new provisions of the CEA, including those specifically 
applicable to swap dealers (``SDs'') and major swap participants 
(``MSPs''). The Dodd-Frank Act requires all swap dealers and major swap 
participants to be registered with the Commission. It contains 
definitions of ``swap,'' ``swap dealer'' and ``major swap participant'' 
but directs the Commission to adopt regulations that further define 
those terms. On May 23, 2012, the Commission adopted final regulations 
further defining the terms ``swap dealer'' and ``major swap 
participant.'' On July 10, 2012, the Commission adopted final 
regulations further defining the term ``swap'' and ``security-based 
swap'' in sections 712(d) and 721(c) of the Dodd-Frank Act (the 
``Products Definitions Final Rule'').\2\ Registration of SDs and MSPs 
will become mandatory on the later of the effective date or the 
compliance date of the Products Definitions Final Rule.
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    \2\ See CFTC and Securities and Exchange Commission (``SEC''), 
Further Definition of ``Swap,'' ``Security-Based Swap,'' and 
``Security-Based Swap Agreement''; Mixed Swaps; Security-Based Swap 
Agreement Recordkeeping (July 10, 2012), available at http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/federalregister071012c.pdf.
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    Recently, the Commission approved for publication a proposed 
interpretive guidance and policy statement (``Cross-Border Interpretive 
Guidance'') on the application of the CEA's swap provisions and the 
implementing Commission regulations to cross-border activities and 
transactions.\3\ The Commission is not expected to adopt the Cross-
Border Interpretive Guidance prior to the date that registration of SDs 
and MSPs become mandatory (i.e., the later of the effective date or 
compliance date) of the Products Definitions Final Rule.
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    \3\ See Cross-Border Application of Certain Swaps Provisions of 
the Commodity Exchange Act, 77 FR 41213, July 12, 2012. 
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    Because the Cross-Border Interpretive Guidance is not expected to 
be adopted before the date upon which each then existing SD and MSP 
must apply for registration, the Commission has proposed to provide 
temporary relief under the Exemptive Order Regarding Compliance with 
Certain Swap Regulations (``Exemptive Order'') pursuant to section 4(c) 
of the CEA.\4\ Specifically, the proposed relief would allow non-U.S. 
SDs and non-U.S. MSPs to delay compliance with certain Entity-Level 
Requirements (as defined in the Exemptive Order) of the CEA (and

[[Page 43272]]

Commission regulations promulgated thereunder), subject to specified 
conditions. Additionally, with respect to transaction-level 
requirements of the CEA (and Commission regulations promulgated 
thereunder), the relief would allow non-U.S. SDs and non-U.S. MSPs, as 
well as foreign branches of U.S. SDs and MSPs, to comply only with 
those requirements as may be required in the home jurisdiction of such 
non-U.S. SDs and non-U.S. MSPs (or in the case of foreign branches of a 
U.S. SD or U.S. MSP, the foreign location of the branch) for swaps with 
non-U.S. counterparties. This relief would become effective 
concurrently with the date upon which SDs and MSPs must first apply for 
registration and expire 12 months following the publication of the 
proposed Exemptive Order in the Federal Register. Finally, U.S. SDs and 
U.S. MSPs may delay compliance with certain entity-level requirements 
of the CEA (and Commission regulations promulgated thereunder) from the 
date upon which SDs and MSPs must apply for registration until January 
1, 2013.
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    \4\ See Exemptive Order Regarding Compliance with Certain Swap 
Regulations, 77 FR 41110, July 12, 2012. 
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    The conditions for relief set forth in the Exemptive Order, which 
are discussed below, have PRA implications.
    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 and includes agency 
requests or requirements that members of the public submit reports, 
keep records, or provide information to a third party. 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 control 
number. If adopted, the collection of information would be required in 
order for the registrant to rely on the exemptive relief. The 
Commission would protect proprietary information in accordance with the 
Freedom of Information Act and 17 CFR part 145, ``Commission Records 
and Information.'' In addition, Sec.  8(a)(1) of the Act strictly 
prohibits the Commission, unless specifically authorized by the Act, 
from making public ``data and information that would separately 
disclose the business transactions or market positions of any person 
and trade secrets or names of customers.'' \5\ The Commission is also 
required to protect certain information contained in a government 
system of records according to the Privacy Act of 1974, 5 U.S.C. 552a.
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    \5\ 7 U.S.C. 12(a)(1).
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B. Conditions to Relief

    Under the proposed Exemptive Order, a non-U.S. SD or non-U.S. MSP 
seeking relief from the specified Entity-Level Requirements must 
satisfy certain conditions. First, the non-U.S. person that is required 
to register as an SD or MSP must apply to become registered as such 
when registration is required. Second, within 60 days of applying for 
registration, the non-U.S. applicant would be required to submit to the 
National Futures Association (``NFA'') a compliance plan addressing how 
it plans to comply, in good faith, with all applicable requirements 
under the CEA and related rules and regulations upon the effective date 
of the Cross-Border Interpretive Guidance.
    At a minimum, such plan would provide, for each Entity-Level and 
Transaction-Level Requirement, a description of: (1) Whether the non-
U.S. SD or non-U.S. MSP plans to comply with each of the Entity-Level 
and Transaction-Level Requirements that are in effect at such time or 
plans to seek a comparability determination and rely on compliance with 
one or more of the requirements of the home jurisdiction, as 
applicable; and (2) to the extent that the non-U.S. SD or non-U.S. MSP 
would seek to comply with one or more of the requirement(s) of the home 
jurisdiction, a description of such requirement(s). Such person would 
be permitted to modify or alter the compliance plan as appropriate, 
provided that they submit any such amended plan to NFA.
    Additionally, a U.S. SD or U.S. MSP whose foreign branch seeks to 
rely on the exemptive relief with respect to swaps with non-U.S. 
counterparties must submit a compliance plan addressing how it plans to 
comply, in good faith, with all applicable Transaction-Level 
Requirements under the CEA upon the expiration of the proposed 
Exemptive Order.
    The Commission anticipates that compliance plans would be updated 
on a periodic basis as new regulations are adopted and come into 
effect. Such updates would be submitted to NFA. Any such submission 
would identify the name of the registrant, the fact that the submission 
is made in reliance upon and pursuant to the exemptive relief, and 
contact name and information.

II. Purpose and Proposed Use of Information Collected

    The proposed information collection ensures that non-U.S. persons 
claiming the exemption would be actively and demonstrably considering 
and planning for compliance with the Entity-Level and Transaction-Level 
Requirements under the CEA, as may be applicable. In addition, the 
proposed information collection ensures that foreign branches of U.S. 
SDs and U.S. MSPs claiming the exemption with respect to Transaction-
Level Requirements under the CEA are similarly making a good-faith 
effort to comply with these requirements.
    Because the Commission's proposed Cross-Border Interpretive 
Guidance is not expected to be adopted before the date upon which each 
then existing SD and MSP must apply for registration, the Commission 
has proposed to provide temporary relief for certain cross-border 
activities and transactions under the Exemptive Order pursuant to 
section 4(c) of the CEA.\6\ The Commission requested OMB approval under 
the PRA emergency clearance process for the subject information 
collection because the exemptive relief process is essential to the 
mission of the agency and must be in place well before the date the 
registration requirements for SDs and MSPs under other Dodd-Frank Act 
implementing regulations become mandatory. Approval through the normal 
clearance procedures would prevent the Commission from collecting the 
subject information and providing for the temporary relief. Therefore, 
the agency cannot reasonably comply with the normal clearance 
procedures under 5 CFR Part 1320 because public harm is reasonably 
likely to result if normal clearance procedures are followed, and the 
use of normal clearance procedures is reasonably likely to prevent or 
disrupt the collection of information.
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    \6\ See Exemptive Order Regarding Compliance with Certain Swap 
Regulations, 77 FR 41110, July 12, 2012.
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III. Burden Statement

    The Commission estimates that 60 to 125 SDs and MSPs (including 40 
to 80 non-U.S. SDs and MSPs and 20 to 45 U.S. SDs and MSPs) will submit 
initial compliance plans. The Commission further estimates that, on 
average, between 60 and 125 SDs and MSPs (including 40 to 80 non-U.S. 
SDs and MSPs and 20 to 45 U.S. SDs and MSPs) will prepare and submit 
one amendment annually.
    The Commission anticipates that compliance plans would be updated 
on a periodic basis as new regulations (including in foreign 
jurisdictions) are adopted and come into effect. It is possible that 
one or more amendments will be submitted within the same year as the 
initial compliance plan, but it is difficult to predict when new 
regulations (including in foreign

[[Page 43273]]

jurisdictions) will be adopted and become effective. The Commission is 
therefore providing estimates based on an initial submission and one 
amendment on the assumption that one amendment will be filed in the 
same year as the initial submission.
    The respondent burden hour costs for this collection for non-U.S. 
SDs and MSPs is estimated on average to be $31,190 per submission of an 
initial compliance plan (rounded to the nearest dollar), and an 
additional $31,190 per amendment. The aggregate cost burden for non-
U.S. SDs and MSPs (which the Commission estimates to be 40 to 80 non-
U.S. SDs/MSPs) is estimated to be approximately $1,247,600 to 
$2,495,200 for initial plans and $1,247,600 to $2,495,200 for 
amendments.
    The respondent burden hour costs for this collection for U.S. SDs 
and MSPs is estimated on average to be $18,714 per submission of an 
initial compliance plan and an additional $18,714 per amendment. The 
aggregate cost burden for U.S. SDs and MSPs (which the Commission 
estimates to be 20 to 45 U.S. SDs/MSPs) is estimated to be 
approximately $374,280 to $842,130 for initial plans and $374,280 to 
$842,130 for amendments.
    The aggregate cost burden for all SDs and MSPs (both U.S. and non-
U.S., which the Commission estimates to be 60 to125 SDs/MSPs) is 
estimated to be approximately $1,621,880 to $3,337,330 for initial 
compliance plans and $1,621,880 to $3,337,330 for amendments. The 
aggregate cost burden for all SDs and MSPs (both U.S. and non-U.S.) for 
both initial compliance plans and one amendment is estimated to be 
approximately $3,243,760 to $6,674,660.
    The Commission estimates the average burden of this collection of 
information as follows:

                                                          Itemized Burden Hours and Cost Table
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                                                                                                                                         Aggregate cost
                                    Number of                         Aggregate number      Average                                     burden (Based on
                                   registrants      Number of plans    of  responses       number of      Cost burden     Cost burden   Min-Max Range in
                                   estimated to     per registrant      (Column 1 x        hours per       per hour        per plan        Column 3 x
                                   submit plans                          Column 2)         response                                         Column 6)
                                1................  2...............  3................               4               5               6  7
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1. Initial Submission by a non- 40 to 80 non-U.S.  1...............  40 to 80.........      \8\ \9\ 70    \10\ $445.57    \11\ $31,190  $1,247,600 to
 U.S. SD or MSP.                 SDs and MSPs \7\.                                                                                       $2,495,200.
2. Amended Submission by a non- 40 to 80 non-U.S.  1 (assumes that   40 to 80.........    \13\ \14\ 70     \15\ 445.57     \16\ 31,190  $1,247,600 to
 U.S. SD or MSP.                 SDs and MSPs.      on average,                                                                          $2,495,200.
                                                    each non-U.S.
                                                    applicant will
                                                    prepare and
                                                    submit one
                                                    amendment
                                                    annually) \12\.
3. Initial Submission by a      20 to 45 U.S. SDs  1...............  20 to 45.........    \18\ \19\ 42     \20\ 445.57     \21\ 18,714  $374,280 to
 U.S. SD or MSP.                 and MSPs \17\.                                                                                          $842,130.
4. Amended Submission by a      20 to 45 U.S. SDs  1 (assumes that   20 to 45.........    \23\ \24\ 42     \25\ 445.57     \26\ 18,714  $374,280 to
 U.S. SD or MSP.                 and MSPs.          on average,                                                                          $842,130.
                                                    each U.S.
                                                    applicant will
                                                    prepare and
                                                    submit one
                                                    amendment
                                                    annually) \22\.
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\7\ The Commission currently estimates that approximately 125 entities will be covered by the definitions of the terms ``swap dealer'' and ``major swap
  participant.'' See Further Definition of ``Swap Dealer,'' ``Security-Based Swap Dealer,'' ``Major Swap Participant,'' ``Major Security-Based Swap
  Participant'' and ``Eligible Contract Participant''; Final Rule, 77 FR 30596, 30713 (May 23, 2012). However, not all of these entities are eligible
  for or will seek exemptive relief. Although there is significant uncertainty in the number of swap entities that will seek to register as SDs and
  MSPs, as well as the number of swap entities that will submit a compliance plan in order to obtain exemptive relief, the Commission believes it is
  reasonable to estimate that between 40 and 80 non-U.S. SDs and MSPs will submit compliance plans.
\8\ This estimate is based on the hourly cost of personnel that are capable of evaluating both Commission and home country regulations in light of the
  non-U.S. persons' operations. Although different registrants may choose to staff preparation of the compliance plan with different personnel,
  Commission staff estimates that, on average, an initial compliance plan could be prepared and submitted with 70 hours of attorney time, as follows: 10
  hours for a senior attorney at $830/hour, 30 hours for a mid-level attorney at $418/hour, and 30 hours for a junior attorney at $345/hour. The total
  cost of a submission, rounded to the nearest dollar, is estimated to be $31,190. To estimate the hourly cost of senior and junior-level attorney time,
  Commission staff consulted with a law firm that has substantial expertise in advising clients on similar regulations. For the hourly cost of the mid-
  level attorney, Commission staff reviewed data contained in Securities Industry and Financial Markets Association (``SIFMA''), Report on Management
  and Professional Earnings in the Securities Industry, Oct. 2011, for New York, and adjusted by a factor for overhead and other benefits, which the
  Commission has estimated to be 1.3.
\9\ The aggregate hourly burden for initial submissions (Column 3 x Column 4) would be 2,800 to 5,600 hours.
\10\ See note 8, supra.
\11\ See note 8, supra.
\12\ The Commission anticipates that compliance plans would be updated on a periodic basis as new regulations (including in foreign jurisdictions) are
  adopted and come into effect. It is possible that one or more amendments will be submitted within the same year as the initial compliance plan, but it
  is difficult to predict when new regulations (including in foreign jurisdictions) will be adopted and become effective. The Commission is therefore
  providing estimates based on an initial submission and one amendment on the assumption that one amendment will be filed in the same year as the
  initial submission.
\13\ The Commission estimates that in most cases the cost of submitting a revised plan or plans will be the same as the cost of preparing and submitting
  the initial plan. See supra note 8 for additional information.
\14\ The aggregate hourly burden for amended submissions (Column 3 x Column 4) would be 2,800 to 5,600 hours.
\15\ See note 8, supra.
\16\ See note 8, supra.
\17\ Although there is significant uncertainty in the number of swap entities that will seek to register as SDs and MSPs, as well as the number of swap
  entities that will submit a compliance plan in order to obtain exemptive relief, the Commission estimates that 20 to 45 U.S. SDs or U.S. MSPs whose
  foreign branch seeks to rely on the exemptive relief with respect to swaps with non-U.S. counterparties will submit a compliance plan.
\18\ This estimate is based on the hourly cost of personnel that are capable of evaluating both Commission and home country regulations in light of the
  U.S. persons' foreign branch operations. Although different registrants may choose to staff preparation of the compliance plan with different
  personnel, Commission staff estimates that, on average, an initial compliance plan could be prepared and submitted by U.S. SDs and MSPs with 42 hours
  of attorney time, as follows: 6 hours for a senior attorney at $830/hour, 18 hours for a mid-level attorney at $418/hour, and 18 hours for a junior
  attorney at $345/hour. The total dollar cost of a submission is estimated to be $18,714, at a blended hourly rate of $445.57 per hour. To estimate the
  hourly cost of senior and junior-level attorney time, Commission staff consulted with a law firm that has substantial expertise in advising clients on
  similar regulations. For the hourly cost of the mid-level attorney, Commission staff reviewed data contained in Securities Industry and Financial
  Markets Association (``SIFMA''), Report on Management and Professional Earnings in the Securities Industry, Oct. 2011, for New York, and adjusted by a
  factor for overhead and other benefits, which the Commission has estimated to be 1.3.
\19\ The aggregate hourly burden for initial submissions (Column 3 x Column 4) would be 840 to 1,890 hours.
\20\ See note 18, supra.
\21\ See note 18, supra.

[[Page 43274]]

 
\22\ The Commission anticipates that compliance plans would be updated on a periodic basis as new regulations (including in foreign jurisdictions) are
  adopted and come into effect. It is possible that one or more amendments will be submitted within the same year as the initial compliance plan, but it
  is difficult to predict when new regulations (including in foreign jurisdictions) will be adopted and become effective. The Commission is therefore
  providing estimates based on an initial submission and one amendment on the assumption that one amendment will be filed in the same year as the
  initial submission.
\23\ The Commission estimates that in most cases the cost of submitting a revised plan or plans will be the same as the cost of preparing and submitting
  the initial plan. See supra note 18 for additional information.
\24\ The aggregate hourly burden for amended submissions (Column 3 x Column 4) would be 840 to 1,890 hours.
\25\ The Commission estimates that in most cases the cost of submitting a revised plan or plans will be the same as the cost of preparing and submitting
  the initial plan. See note 18, supra.
\26\ The Commission estimates that in most cases the cost of submitting a revised plan or plans will be the same as the cost of preparing and submitting
  the initial plan. See note 18, supra.

                                                      Total Aggregate Burden Hours and Costs Table
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                                                                             Total hours,                                                Total costs,
                                   Aggregate hours,    Aggregate hours,       initial and      Aggregate costs,    Aggregate costs,       initial and
                                     initial plan        amended plan        amended plans       initial plan        amended plan        amended plans
                                                                            (Columns 1 + 2)                                             (Columns 4 + 5)
                                  1.................  2.................  3.................  4.................  5.................  6
--------------------------------------------------------------------------------------------------------------------------------------------------------
1. Non-U.S. SDs and MSPs........  2,800 to 5,600 hrs  2,800 to 5,600 hrs  5,600 to 11,200     $1,247,600 to       $1,247,600 to       $2,495,200 to
                                                                           hrs.                $2,495,200.         $2,495,200.         $4,990,400.
2. U.S. SD or MSP...............  840 to 1,890 hrs..  840 to 1,890 hrs..  1,680 to 3,780 hrs  $374,280 to         $374,280 to         $748,560 to
                                                                                               $842,130.           $842,130.           $1,684,260.
3. All SDs and MSPs (Rows 1 + 2)  3,640 to 7,490 hrs  3,640 to 7,490 hrs  7,280 to 14,980     $1,621,880 to       $1,621,880 to       $3,243,760 to
                                                                           hrs.                $3,337,330.         $3,337,330.         $6,674,660.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Initial Compliance Plan--Cost Burden Estimates for non-U.S. SDs and 
MSPs:
    Estimated number of respondents/affected entities: 40 to 80.
    Estimated number of responses per entity: 1.
    Estimated aggregate number of responses: 40 to 80.
    Estimated total average burden hour per respondent: 70 hours.
    Estimated total average burden hour cost burden for all 
respondents: $1,247,600 to $2,495,200 (average of $1,871,400).
    Amended Compliance Plan--Cost Burden Estimates for non-U.S. SDs and 
MSPs:
    Estimated number of respondents/affected entities: 40 to 80.
    Estimated number of amended plans per registrant: 1 annually.
    Estimated aggregate number of responses: 40 to 80.
    Estimated total average burden hour per respondent: 70 hours.
    Estimated total average burden hour cost burden for all 
respondents: $1,247,600 to $2,495,200 (average of $1,871,400).
    Initial Compliance Plan--Cost Burden Estimates for U.S. SDs and 
MSPs:
    Estimated number of respondents/affected entities: 20 to 45.
    Estimated number of responses per entity: 1.
    Estimated aggregate number of responses: 20 to 45.
    Estimated total average burden hour per respondent: 42 hours.
    Estimated total average burden hour cost for all respondents: 
$374,280 to $842,130 (average of $608,205).
    Amended Compliance Plan--Cost Burden Estimates for U.S. SDs and 
MSPs:
    Estimated number of respondents/affected entities: 20 to 45.
    Estimated number of amended plans per registrant: 1 annually.
    Estimated aggregate number of responses: 20 to 45.
    Estimated total average burden hour per respondent: 42 hours.
    Estimated total average burden hour cost burden for all 
respondents: $374,280 to $842,130 (average of $608,205).
    Aggregate Burden Hours and Costs for all SDs and MSPs (U.S. and 
non-U.S.):
    Estimated number of respondents/affected entities: 60 to 125
    Estimated number of plans per registrant: initial and one amended 
(estimates are provided based on the assumption that one amendment will 
be filed in the same year as the initial submission).
    Estimated aggregate hourly burden (initial plans): 3,640 to 7,490 
hrs.
    Estimated aggregate hourly burden (amendments): 3,640 to 7,490 hrs
    Estimated aggregate hourly burden (initial plans and one 
amendment): 7,280 to 14,980 hours.
    Estimated aggregate costs (initial plan): $1,621,880 to $3,337,330.
    Estimated aggregate costs (amendments): $1,621,880 to $3,337,330.
    Estimated aggregate costs (initial plans and one amendment): 
$3,243,760 to $6,674,660 (average of $4,959,210).
    Frequency of collection (for all of the above categories): 
Occasional.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

IV. Request for Public Comments

    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section by August 23, 2012. The OMB is particularly 
interested in comments that:
     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 
automated electronic, mechanical, or other technological collection 
techniques or other forms of information technology; e.g., permitting 
electronic submission of responses.

    Dated: July 18, 2012.
David Stawick,
Secretary of the Commission.
[FR Doc. 2012-17919 Filed 7-23-12; 8:45 am]
BILLING CODE 6351-01-P
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