Federal Register / Vol. 77, No. 142 / Tuesday, July 24, 2012 / Notices 43271 

1See 17 CFR 145.9. 

2See 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/federalregister

071012c.pdf. 

3See Cross-Border Application of Certain Swaps 

Provisions of the Commodity Exchange Act, 77 FR 

41213, July 12, 2012. 

4See Exemptive Order Regarding Compliance 

with Certain Swap Regulations, 77 FR 41110, July 

12, 2012. 

availability of the affected marine 

mammal stock for subsistence uses. No 

injury, serious injury, or mortality of 

affected species is anticipated. 

Dated: July 17, 2012. 

Wanda Cain, 

Acting Director, Office of Protected Resources, 

National Marine Fisheries Service. 

[FR Doc. 2012–17970 Filed 7–23–12; 8:45 am] 

BILLING CODE 3510–22–P 

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. 

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 § 145.9 

of the Commission’s regulations.1

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, 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 sixmonth 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 DoddFrank 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. 

Recently, the Commission approved 

for publication a proposed interpretive 

guidance and policy statement (‘‘CrossBorder 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. 

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 EntityLevel Requirements (as defined in the 

Exemptive Order) of the CEA (and 


sroberts on DSK5SPTVN1PROD with NOTICES
43272 Federal Register / Vol. 77, No. 142 / Tuesday, July 24, 2012 / Notices 

5 7 U.S.C. 12(a)(1). 

6See Exemptive Order Regarding Compliance 

with Certain Swap Regulations, 77 FR 41110, July 

12, 2012. 

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. 

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, 

§ 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. 

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 TransactionLevel 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. 

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 


sroberts on DSK5SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 142 / Tuesday, July 24, 2012 / Notices 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

Number of registrants 

estimated to submit 

plans 

Number of plans 

per registrant 

Aggregate 

number of 

responses 

(Column 1 × 

Column 2) 

Average 

number of 

hours per 

response 

Cost burden 

per hour 

Cost burden 

per plan 

Aggregate 

cost burden 

(Based on Min-Max 

Range in Column 3 × 

Column 6) 

1 2 3 4 5 6 7 

1. Initial Submission 

by a non-U.S. SD or 

MSP.

40 to 80 non-U.S. 

SDs and MSPs 7.

1 ................................ 40 to 80 .......... 8 9 70 10 $445.57 11 $31,190 $1,247,600 to 

$2,495,200. 

2. Amended Submission by a non-U.S. 

SD or MSP.

40 to 80 non-U.S. 

SDs and MSPs.

1 (assumes that on 

average, each nonU.S. applicant will 

prepare and submit 

one amendment 

annually) 12.

40 to 80 .......... 13 14 70 15 445.57 16 31,190 $1,247,600 to 

$2,495,200. 

3. Initial Submission 

by a U.S. SD or 

MSP.

20 to 45 U.S. SDs 

and MSPs 17.

1 ................................ 20 to 45 .......... 18 19 42 20 445.57 21 18,714 $374,280 to 

$842,130. 

4. Amended Submission by a U.S. SD 

or MSP.

20 to 45 U.S. SDs 

and MSPs.

1 (assumes that on 

average, each U.S. 

applicant will prepare and submit 

one amendment 

annually) 22.

20 to 45 .......... 23 24 42 25 445.57 26 18,714 $374,280 to 

$842,130. 

7The 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. 8This 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. 9The aggregate hourly burden for initial submissions (Column 3 × Column 4) would be 2,800 to 5,600 hours. 10See note 8, supra. 11See note 8, supra. 12The 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. 13The 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. 14The aggregate hourly burden for amended submissions (Column 3 × Column 4) would be 2,800 to 5,600 hours. 15See note 8, supra. 16See note 8, supra. 17Although 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. 18This 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. 19The aggregate hourly burden for initial submissions (Column 3 × Column 4) would be 840 to 1,890 hours. 20See note 18, supra. 21See note 18, supra. 


sroberts on DSK5SPTVN1PROD with NOTICES
43274 Federal Register / Vol. 77, No. 142 / Tuesday, July 24, 2012 / Notices 

22The 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. 23The 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. 24The aggregate hourly burden for amended submissions (Column 3 × Column 4) would be 840 to 1,890 hours. 25The 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. 26The 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

Aggregate hours, 

initial plan 

Aggregate hours, 

amended plan 

Total hours, initial 

and amended plans 

(Columns 1 + 2) 

Aggregate costs, 

initial plan 

Aggregate costs, 

amended plan 

Total costs, initial 

and amended plans 

(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 hrs $1,247,600 to 

$2,495,200.

$1,247,600 to 

$2,495,200.

$2,495,200 to 

$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 

$842,130.

$374,280 to 

$842,130.

$748,560 to 

$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 hrs $1,621,880 to 

$3,337,330.

$1,621,880 to 

$3,337,330.

$3,243,760 to 

$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 

COMMODITY FUTURES TRADING 

COMMISSION 

Notice of Sunshine Act Meetings 

AGENCY HOLDING THE MEETING: 

Commodity Futures Trading 

Commission. 

TIME AND DATE: 10 a.m., Friday August 

3, 2012. 

PLACE: 1155 21st St., NW., Washington, 

DC, 9th Floor Commission Conference 

Room. 

STATUS: Closed. 

MATTERS TO BE CONSIDERED: Surveillance 

and Enforcement Matters. In the event 


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