[Federal Register Volume 83, Number 166 (Monday, August 27, 2018)]
[Notices]
[Pages 43663-43664]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18532]



[[Page 43663]]

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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities Under OMB Review

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: 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 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 September 26, 2018.

ADDRESSES: Comments regarding the burden estimated or any other aspect 
of the information collection, including suggestions for reducing the 
burden, may be submitted directly to the Office of Information and 
Regulatory Affairs (OIRA) in OMB, within 30 days of this notice's 
publication, by either of the following methods. Please identify the 
comments by ``OMB Control No. 3038-0092.''
    <bullet> By email addressed to: <a href="/cdn-cgi/l/email-protection#4807011a093b3d2a25213b3b2127263b0827252a662d2738662f273e"><span class="__cf_email__" data-cfemail="da9593889ba9afb8b7b3a9a9b3b5b4a99ab5b7b8f4bfb5aaf4bdb5ac">[email protected]</span></a>, or
    <bullet> By mail addressed to: the Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for the Commodity Futures Trading Commission, 725 17th Street 
NW, Washington, DC 20503.
    A copy of all comments submitted to OIRA should be sent to the 
Commodity Futures Trading Commission (the ``Commission'') by either of 
the following methods. The copies should refer to ``OMB Control No. 
3038-0092.''
    <bullet> Through the Commission's website at http://comments.cftc.gov. Follow the instructions for submitting comments 
through the website.
    <bullet> By mail addressed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW, Washington, DC 20581; or
    <bullet> By Hand Delivery/Courier to the same address.
    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. 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 
Sec.  145.9 of the Commission's regulations.\1\ The Commission reserves 
the right, but shall have no obligation, to review, pre-screen, filter, 
redact or remove any or all of your submission from http://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.
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    \1\ 17 CFR 145.9.
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    A copy of the supporting statements for the collection of 
information discussed herein may be obtained by visiting http://RegInfo.gov.

FOR FURTHER INFORMATION CONTACT: Christopher Hower, Special Counsel, 
Division of Clearing and Risk, Commodity Futures Trading Commission, 
(202) 418-6703; email: <a href="/cdn-cgi/l/email-protection#eb8883849c8e99ab888d9f88c58c849d"><span class="__cf_email__" data-cfemail="accfc4c3dbc9deeccfcad8cf82cbc3da">[email protected]</span></a>, and refer to OMB Control No. 
3038-0092.

SUPPLEMENTARY INFORMATION: 
    Title: Customer Clearing Documentation and Timing of Acceptance for 
Clearing (OMB Control No. 3038-0092). This is a request for extension 
of a currently approved information collection.
    Abstract: Section 4d(c) of the CEA, as amended by the Dodd-Frank 
Act, directs the Commission to require futures commission merchants to 
implement conflict of interest procedures that address such issues the 
Commission determines to be appropriate. Similarly, section 4s(j)(5), 
as added by the Dodd-Frank Act, requires swap dealers and major swap 
participants to implement conflict of interest procedures that address 
such issues the Commission determines to be appropriate. Section 
4s(j)(5) also requires swap dealers and major swap participants to 
ensure that any persons providing clearing activities or making 
determinations as to accepting clearing customers are separated by 
appropriate informational partitions from persons whose involvement in 
pricing, trading, or clearing activities might bias their judgment or 
contravene the core principle of open access. Section 4s(j)(6) of the 
CEA prohibits a swap dealer and major swap participant from adopting 
any process or taking any action that results in any unreasonable 
restraint on trade or imposes any material anticompetitive burden on 
trading or clearing, unless necessary or appropriate to achieve the 
purposes of the Act. Section 2(h)(1)(B)(ii) of the CEA requires that 
derivatives clearing organization rules provide for the non-
discriminatory clearing of swaps executed bilaterally or through an 
unaffiliated designated contract market or swap execution facility.
    Pursuant to these provisions, the Commission adopted Sec.  
1.71(d)(1) relating to FCMs and Sec.  23.605(d)(1) relating to swap 
dealers and major swap participants. These regulations prohibit swap 
dealers and major swap participants from interfering or attempting to 
influence the decisions of affiliated FCMs with regard to the provision 
of clearing services and activities and prohibit FCMs from permitting 
them to do so. Also, Sec.  23.607 prohibits a swap dealer and major 
swap participant from adopting any process or taking any action that 
results in any unreasonable restraint on trade or imposes any material 
anticompetitive burden on trading or clearing, unless necessary or 
appropriate to achieve the purposes of the Act. Additionally, Sec.  
39.12(b)(2) requires that derivatives clearing organization rules 
provide for the non-discriminatory clearing of swaps executed 
bilaterally or through an unaffiliated designated contract market or 
swap execution facility. Sections 1.71(f) and 23.605(f) provide that 
records be maintained pursuant to Commission Regulation 1.31.
    As discussed further below, the additional information collection 
burden arising from the proposed regulations primarily is restricted to 
the costs associated with the affected registrants' obligation to 
maintain records related to clearing documentation between the customer 
and the customer's clearing member.
    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, FCMs, and 
DCOs.
    Burden Statement: The Commission is revising its estimate of the 
burden for this collection, which include 101 Swap Dealers, Major Swap 
Participants, 65 Futures Commission Merchants and 16 Derivatives 
Clearing Organizations. The respondent burden for this collection is 
estimated to be as follows:
    Estimated Number of Respondents: 182.

[[Page 43664]]

    Estimated Average Burden Hours per Respondent: 18.1 hours.
    Estimated Total Annual Burden Hours: 3,296 hours.
    Frequency of Collection: Daily, annually, or 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: August 22, 2018.
Christopher Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2018-18532 Filed 8-24-18; 8:45 am]
BILLING CODE 6351-01-P


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