Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices 78937 

8 Yen-denominated interest rate swaps are subject 

to the mandatory clearing requirement in both the 

U.S. and Japan. 9Exemptive Order Regarding Compliance With 

Certain Swap Regulations, 78 FR 43785 (Jul. 22, 

2013). 10http://www.cftc.gov/PressRoom/ 

SpeechesTestimony/opaomalia-29. 

11http://www.cftc.gov/PressRoom/ 

SpeechesTestimony/omaliastatement071213b. 

legal framework to be comparable to the U.S. 

framework. While the Commission has 

declined to provide even a partial 

comparability determination, at least in this 

instance the Commission has provided a 

reason: the differences in the scope of entities 

and products subject to the clearing 

requirement.8 Such treatment creates 

uncertainty and is contrary to increased 

global harmonization efforts. 

Third, in the Commission’s rush to meet 

the artificial deadline of December 21, 2013, 

as established in the Exemptive Order 

Regarding Compliance with Certain Swap 

Regulations (‘‘Exemptive Order’’),9 the 

Commission failed to complete an important 

piece of the cross-border regime, namely, 

supervisory memoranda of understanding 

(‘‘MOUs’’) between the Commission and 

fellow regulators. 

I have previously stated that these MOUs, 

if done right, can be a key part of the global 

harmonization effort because they provide 

mutually agreed-upon solutions for 

differences in regulatory regimes.10

Accordingly, I stated that the Commission 

should be able to review MOUs alongside the 

respective comparability determinations and 

vote on them at the same time. Without these 

MOUs, our fellow regulators are left 

wondering whether and how any differences, 

such as direct access to books and records, 

will be resolved. 

Finally, as I have consistently maintained, 

the substituted compliance process should 

allow other regulatory bodies to engage with 

the full Commission.11 While I am pleased 

that the Notices are being voted on by the 

Commission, the full Commission only 

gained access to the comment letters from 

foreign regulators on the Commission’s 

comparability determination draft proposals 

a few days ago. This is hardly a transparent 

process. 

Unclear Path Forward 

Looking forward to next steps, the 

Commission must provide answers to several 

outstanding questions regarding these 

comparability determinations. In doing so, 

the Commission must collaborate with 

foreign regulators to increase global 

harmonization. 

First, there is uncertainty surrounding the 

timing and outcome of the MOUs. Critical 

questions regarding information sharing, 

cooperation, supervision, and enforcement 

will remain unanswered until the 

Commission and our fellow regulators 

execute these MOUs. 

Second, the Commission has issued timelimited no-action relief for the swap data 

repository reporting requirements. These 

comparability determinations will be done as 

separate notices. However, the timing and 

process for these determinations remain 

uncertain. 

Third, the Commission has failed to 

provide clarity on the process for addressing 

the comparability determinations that it 

declined to undertake at this time. The 

Notices only state that the Commission may 

address these requests in a separate notice at 

a later date given further developments in the 

law and regulations of other jurisdictions. To 

promote certainty in the financial markets, 

the Commission must provide a clear path 

forward for market participants and foreign 

regulators. 

The following steps would be a better 

approach: (1) The Commission should extend 

the Exemptive Order to allow foreign 

regulators to further implement their 

regulatory regimes and coordinate with them 

to implement a harmonized substituted 

compliance process; (2) the Commission 

should implement a flexible, outcomes-based 

approach to the substituted compliance 

process and apply it similarly to all 

jurisdictions; and (3) the Commission should 

work closely with our fellow regulators to 

expeditiously implement MOUs that resolve 

regulatory differences and address regulatory 

oversight issues. 

Conclusion 

While I support the narrow comparability 

determinations that the Commission has 

made, it was my hope that the Commission 

would work with foreign regulators to 

implement a substituted compliance process 

that would increase the global harmonization 

effort. I am disappointed that the 

Commission has failed to implement such a 

process. 

I do believe that in the longer term, the 

swaps regulations of the major jurisdictions 

will converge. At this time, however, the 

Commission’s comparability determinations 

have done little to alleviate the burden of 

regulatory uncertainty and duplicative 

compliance with both U.S. and foreign 

regulations. 

The G–20 process delineated and put in 

place the swaps market reforms in G–20 

member nations. It is then no surprise that 

the Commission must learn to coordinate 

with foreign regulators to minimize 

confusion and disruption in bringing much 

needed clarity to the swaps market. For all 

these shortcomings, I respectfully dissent 

from the Commission’s approval of the 

Notices. 

[FR Doc. 2013–30980 Filed 12–26–13; 8:45 am] 

BILLING CODE 6351–01–P 

CORPORATION FOR NATIONAL AND 

COMMUNITY SERVICE 

Proposed Information Collection; 

Comment Request 

AGENCY: Corporation for National and 

Community Service. 

ACTION: Notice. 

SUMMARY: The Corporation for National 

and Community Service (CNCS), as part 

of its continuing effort to reduce 

paperwork and respondent burden, 

conducts a pre-clearance consultation 

program to provide the general public 

and federal agencies with an 

opportunity to comment on proposed 

and/or continuing collections of 

information in accordance with the 

Paperwork Reduction Act of 1995 

(PRA95) (44 U.S.C. Sec. 3506(c)(2)(A)). 

This program helps to ensure that 

requested data can be provided in the 

desired format, reporting burden (time 

and financial resources) is minimized, 

collection instruments are clearly 

understood, and the impact of collection 

requirement on respondents can be 

properly assessed. 

Currently, CNCS is soliciting 

comments concerning its new 

AmeriCorps VISTA Sponsor 

Recruitment Practices Survey. 

AmeriCorps VISTA sponsor 

organizations will provide information 

about their approach to VISTA member 

recruitment in order for CNCS to design 

recruitment strategies and materials for 

the VISTA program. Completion of this 

information collection is not required to 

be considered for or to obtain grant 

funding support. 

Copies of the information collection 

request can be obtained by contacting 

the office listed in the Addresses section 

of this notice. 

DATES: Written comments must be 

submitted to the individual and office 

listed in the ADDRESSES section by 

February 25, 2014. 

ADDRESSES: You may submit comments, 

identified by the title of the information 

collection activity, by any of the 

following methods: 

(1) By mail sent to: Corporation for 

National and Community Service, 

AmeriCorps VISTA; Elizabeth 

Matthews, Outreach Specialist, 9110B; 

1201 New York Avenue NW., 

Washington, DC 20525. 

(2) By hand delivery or by courier to 

the CNCS mailroom at Room 8100 at the 

mail address given in paragraph (1) 

above, between 9:00 a.m. and 4:00 p.m. 

Eastern Time, Monday through Friday, 

except Federal holidays. 

(3) Electronically through 

www.regulations.gov. 

Individuals who use a 

telecommunications device for the deaf 

(TTY–TDD) may call 1–800–833–3722 

between 8:00 a.m. and 8:00 p.m. Eastern 

Time, Monday through Friday. 

FOR FURTHER INFORMATION CONTACT: 

Elizabeth Matthews, (202–606–6774) or 

by email at ematthews@cns.gov. 

SUPPLEMENTARY INFORMATION: CNCS is 

particularly interested in comments 

that: 

• Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of the 


tkelley on DSK3SPTVN1PROD with NOTICES
78938 Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices 

functions of CNCS, including whether 

the information will have practical 

utility; 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the 

methodology and assumptions used; 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• Minimize the burden of the 

collection of information on those who 

are expected to respond, including the 

use of appropriate automated, 

electronic, mechanical, or other 

technological collection techniques or 

other forms of information technology 

(e.g., permitting electronic submissions 

of responses). 

Background 

AmeriCorps VISTA sponsor 

organizations will provide information 

about their approach to VISTA member 

recruitment in order for CNCS to design 

recruitment strategies and materials for 

the VISTA program. The information 

will be collected through the tool, 

SurveyGizmo, which will be delivered 

electronically through an email. 

Current Action 

This is a new information collection 

request. CNCS would like to submit 

AmeriCorps VISTA Sponsor 

Recruitment Practices Survey. 

AmeriCorps VISTA sponsor 

organizations will provide information 

about their approach to VISTA member 

recruitment in order for CNCS to design 

recruitment strategies and materials for 

the VISTA program. Completion of this 

information collection is not required to 

be considered for or to obtain grant 

funding support. 

The information collection will 

otherwise be used in the same manner 

as the existing application. CNCS also 

seeks to continue using the current 

application until the revised application 

is approved by OMB. 

Type of Review: New. 

Agency: Corporation for National and 

Community Service. 

Title: AmeriCorps VISTA Sponsor 

Recruitment Practices Survey. 

OMB Number: None. 

Agency Number: None. 

Affected Public: AmeriCorps VISTA 

sponsor organizations. Sponsor 

organizations direct the VISTA project, 

supervise the AmeriCorps VISTA 

members, and provide necessary 

administrative support to complete the 

goals and objectives of the project. 

Total Respondents: 1,800. 

Frequency: Once per respondent. 

Average Time Per Response: Averages 

10 minutes. 

Estimated Total Burden Hours: 18,000 

hours. 

Total Burden Cost (capital/startup): 

None. 

Total Burden Cost (operating/ 

maintenance): None. 

Comments submitted in response to 

this notice will be summarized and/or 

included in the request for Office of 

Management and Budget approval of the 

information collection request; they will 

also become a matter of public record. 

Dated: December 19, 2013. 

Mary Strasser, 

Director, AmeriCorps VISTA. 

[FR Doc. 2013–30921 Filed 12–26–13; 8:45 am] 

BILLING CODE 6050–28–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

[Docket ID: DoD–2013–OS–0233] 

Proposed Collection; Comment 

Request 

AGENCY: Office of the Secretary of 

Defense, DoD. 

ACTION: Notice and request for 

comments. 

SUMMARY: In compliance with Section 

3506(c)(2)(A) of the Paperwork 

Reduction Act of 1995, and as part of an 

effort to streamline the process to seek 

feedback from the public on service 

delivery, the Department of Defense 

announces a proposed generic 

information collection and seeks public 

comment on the provisions thereof. 

Comments are invited on: (a) Whether 

the proposed collection of information 

is necessary for the proper performance 

of the functions of the agency, including 

whether the information shall have 

practical utility; (b) the accuracy of the 

agency’s estimate of the burden of the 

proposed information collection; (c) 

ways to enhance the quality, utility, and 

clarity of the information to be 

collected; and (d) ways to minimize the 

burden of the information collection on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

DATES: Consideration will be given to all 

comments received by February 25, 

2014. 

ADDRESSES: You may submit comments, 

identified by docket number and title, 

by any of the following methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Mail: Federal Docket Management 

System Office, 4800 Mark Center Drive, 

East Tower, Suite 02G09, Alexandria, 

VA 22350–3100. 

Instructions: All submissions received 

must include the agency name, docket 

number and title for this Federal 

Register document. The general policy 

for comments and other submissions 

from members of the public is to make 

these submissions available for public 

viewing on the Internet at http://

www.regulations.gov as they are 

received without change, including any 

personal identifiers or contact 

information. 

FOR FURTHER INFORMATION CONTACT: To 

request more information on this 

proposed information collection or to 

obtain a copy of the proposal and 

associated collection instruments, 

please write to the Information 

Management Division, ATTN: Public 

Collections Team, 4800 Mark Center 

Drive, East Tower, Suite 02G09, 

Alexandria, VA 22350–3100. 

SUPPLEMENTARY INFORMATION: 

Title; Associated Form; and OMB 

Number: Office of the Secretary of 

Defense Generic Clearance; OMB 

Control Number 0704–TBD. 

Needs and Uses: The proposed 

information collection activity provides 

a means to garner qualitative customer 

and stakeholder feedback in an efficient, 

timely manner, in accordance with the 

Administration’s commitment to 

improving service delivery. By 

qualitative feedback we mean 

information that provides useful 

insights on perceptions and opinions, 

but are not statistical surveys that yield 

quantitative results that can be 

generalized to the population of study. 

This feedback will provide insights into 

customer or stakeholder perceptions, 

experiences and expectations, provide 

an early warning of issues with service, 

or focus attention on areas where 

communication, training or changes in 

operations might improve delivery of 

products or services. These collections 

will allow for ongoing, collaborative and 

actionable communications between the 

Agency and its customers and 

stakeholders. It will also allow feedback 

to contribute directly to the 

improvement of program management. 

Responses will be assessed to plan 

and inform efforts to improve or 

maintain the quality of service offered to 

the public. If this information is not 

collected, vital feedback from customers 

and stakeholders on the Agency’s 

services will be unavailable. 

Affected Public: Individuals or 

Households; Business or Other ForProfit; Not-For-Profit Institutions; 

Farms; Federal Government; State, 

Local, or Tribal Government. 


tkelley on DSK3SPTVN1PROD with NOTICES