27044 Federal Register / Vol. 82, No. 112 / Tuesday, June 13, 2017 / Notices 

1See 17 CFR 1.8. 

2A copy of Breakaway’s submission may be 

found at: http://www.cftc.gov/LawRegulation/

DoddFrankAct/Dodd-FrankFinalRules/index.htm. 

3 15 U.S.C. 78 et seq. 

4See Further Definition of ‘‘Swap,’’ ‘‘SecurityBased Swap,’’ and ‘‘Security-Based Swap 

Agreement’’; Mixed Swaps; Security-Based Swap 

Agreement Recordkeeping, 77 FR 48207 (Aug. 13, 

2012) (‘‘Product Definitions Adopting Release’’). 

5See Dodd-Frank Act, Public Law 111–203, 124 

Stat. 1376 (2010). All references to ‘‘Title VII’’ in 

this statement shall refer to Title VII of the DoddFrank Act, which established a comprehensive new 

regulatory framework for swaps and security-based 

swaps. 

6Paragraph (e)(5) of SEC Rule 3a68–2 contains 

identical language (other than reversing the 

references to the two commissions). See 17 CFR 

240.3a68–2. 

7Commission staff has consulted and coordinated 

with SEC staff and understands that the SEC will 

be issuing a separate statement on this matter. 

8As we and the SEC explained when we jointly 

adopted Commission regulation 1.8 in 2012 (as well 

as the corresponding rule under the Exchange Act), 

the purpose of Commission regulation 1.8 is to 

‘‘afford market participants with the opportunity to 

obtain greater certainty from the Commissions 

regarding the regulatory status of particular Title VII 

instruments under the Dodd-Frank Act. This 

provision should decrease the possibility that 

market participants inadvertently might fail to meet 

the regulatory requirements applicable to a 

particular Title VII instrument.’’ See Product 

Definitions Adopting Release, 77 FR at 48295. We 

and the SEC also noted our belief that ‘‘it is 

essential that the characterization of an instrument 

be established prior to any party engaging in the 

transactions so that the appropriate regulatory 

schemes apply.’’ See Product Definitions Adopting 

Release, 77 FR at 48297. 

makers, including enterprises and end 

consumers? 

Instructions for Commenters: NTIA 

invites comment on the full range of 

issues that may be presented by this 

inquiry, including issues that are not 

specifically raised in the above 

questions. Commenters are encouraged 

to address any or all of the above 

questions. Comments that contain 

references to studies, research, and 

other empirical data that are not widely 

published should include copies of the 

referenced materials with the submitted 

comments. 

Comments submitted by email should 

be machine-readable and should not be 

copy-protected. Comments submitted by 

mail may be in hard copy (paper) or 

electronic (on CD–ROM or disk). 

Responders should include the name of 

the person or organization filing the 

comment, as well as a page number on 

each page of their submissions. All 

comments received are a part of the 

public record and will generally be 

posted on the NTIA Web site, https://

www.ntia.doc.gov, without change. All 

personal identifying information (for 

example, name, address) voluntarily 

submitted by the commenter may be 

publicly accessible. Do not submit 

confidential business information or 

otherwise sensitive or protected 

information. NTIA will accept 

anonymous comments. 

Dated: June 8, 2017. 

Leonard Bechtel, 

Chief Financial Officer and Director of 

Administration, Performing the NonExclusive Duties of the Assistant Secretary 

for Communications and Information, 

National Telecommunications and 

Information Administration. 

[FR Doc. 2017–12192 Filed 6–12–17; 8:45 am] 

BILLING CODE 3510–60–P 

COMMODITY FUTURES TRADING 

COMMISSION 

Commission Statement Concerning a 

Request for an Interpretation as to 

Whether a Particular Agreement Is a 

Swap, Security-Based Swap, or Mixed 

Swap 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Commission statement. 

SUMMARY: The Commodity Futures 

Trading Commission (the 

‘‘Commission’’) is publishing this 

statement concerning a request for an 

interpretation as to whether a particular 

agreement is a swap, security-based 

swap, or mixed swap. 

FOR FURTHER INFORMATION CONTACT: 

Eileen T. Flaherty, Director, (202) 418– 

5326, eflaherty@cftc.gov; Frank 

Fisanich, Chief Counsel, (202) 418– 

5949, ffisanich@cftc.gov; or Jacob 

Chachkin, Special Counsel, (202) 418– 

5496, jchachkin@cftc.gov, Division of 

Swap Dealer and Intermediary 

Oversight, Commodity Futures Trading 

Commission, 1155 21st Street NW., 

Washington, DC 20581. 

SUPPLEMENTARY INFORMATION: 

Statement 

On February 7, 2017, Commission 

staff received a letter from Breakaway 

Courier Corporation (‘‘Breakaway’’), 

through its counsel, requesting a joint 

interpretation from the Commission and 

the Securities and Exchange 

Commission (‘‘SEC’’, and, together with 

the Commission, the ‘‘Commissions’’) 

pursuant to Commission regulation 1.8 

as to whether a particular agreement is 

a swap, security-based swap, or mixed 

swap.1 Breakaway’s request relates to a 

contract labeled as a Reinsurance 

Participation Agreement (‘‘RPA’’), 

which it has previously executed with 

Applied Underwriters Captive Risk 

Assurance Company, Inc. (‘‘AUCRA’’).2

According to Breakaway’s submission, it 

entered into two RPAs with AUCRA, 

one of which has a stated effective date 

of July 1, 2009, and the other of July 1, 

2012. 

The Commission and the SEC jointly 

adopted Commission regulation 1.8 and 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) 3 Rule 3a68–2 in 

2012 4 pursuant to Section 712(d)(4) of 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act (‘‘Dodd-Frank 

Act’’).5 The rules established a process 

for parties to request a joint 

interpretation as to whether a particular 

agreement, contract, or transaction (or 

class thereof) is a swap, security-based 

swap, or mixed swap. Among other 

things, the rules set forth the 

information required to be included in 

a request and a process for withdrawing 

a request. Commission regulation 1.8 

also includes requirements governing 

the manner and timing by which the 

two agencies must act after the receipt 

of a complete submission under the 

rule, if they determine to issue such 

joint interpretation. In addition, 

paragraph (e)(5) of Commission 

regulation 1.8 provides that ‘‘[i]f the 

Commission and the [SEC] do not issue 

a joint interpretation within the time 

period described in paragraph (e)(1) or 

(e)(3) [of the rule], each of the 

Commission and the [SEC] shall 

publicly provide the reasons for not 

issuing such a joint interpretation 

within the applicable timeframes.’’ 6

Pursuant to paragraph (e)(5) of 

Commission regulation 1.8, the 

Commission is declining to issue a joint 

interpretation with the SEC in 

connection with Breakaway’s request.7

The Commission understands that the 

status of the RPAs is already subject to 

ongoing private litigation and that the 

petitioners’ request may bear directly on 

that litigation. We believe that the 

Commission regulation 1.8 process is 

not an appropriate vehicle for litigants 

such as Breakaway to obtain the views 

of the Commission in connection with 

issues in ongoing litigation, and we 

therefore decline Breakaway’s request 

that we state an interpretive position as 

to the proper characterization of the 

RPAs.8

Issued in Washington, DC, on June 7, 2017, 

by the Commission. 

Christopher J. Kirkpatrick, 

Secretary of the Commission. 

Note: The following appendix will not 

appear in the Code of Federal Regulations. 


nlaroche on DSK30NT082PROD with NOTICES
Federal Register / Vol. 82, No. 112 / Tuesday, June 13, 2017 / Notices 27045 

Appendix to Commission Statement 

Concerning a Request Made Pursuant to 

Commission Regulation 1.8— 

Commission Voting Summary 

On this matter, Acting Chairman Giancarlo 

and Commissioner Bowen voted in the 

affirmative. No Commissioner voted in the 

negative. 

[FR Doc. 2017–12141 Filed 6–12–17; 8:45 am] 

BILLING CODE 6351–01–P 

CONSUMER PRODUCT SAFETY 

COMMISSION 

Commission Agenda and Priorities; 

Notice of Hearing 

AGENCY: U.S. Consumer Product Safety 

Commission. 

ACTION: Notice of public hearing. 

SUMMARY: The U.S. Consumer Product 

Safety Commission (Commission) will 

conduct a public hearing to receive 

views from all interested parties about 

the Commission’s agenda and priorities 

for fiscal year 2018, which begins on 

October 1, 2017, and for fiscal year 

2019, which begins on October 1, 2018. 

We invite members of the public to 

participate. Written comments and oral 

presentations concerning the 

Commission’s agenda and priorities for 

fiscal years 2018 and 2019 will become 

part of the public record. 

DATES: The hearing will begin at 10 a.m. 

on July 26, 2017, and will conclude the 

same day. Requests to make oral 

presentations and the written text of any 

oral presentations must be received by 

the Office of the Secretary not later than 

5 p.m. Eastern Daylight Time (EDT) on 

July 12, 2017. The Commission will 

accept written comments as well. These 

also must be received by the Office of 

the Secretary not later than 5 p.m. EDT 

on July 12, 2017. 

ADDRESSES: The hearing will be in the 

Hearing Room, 4th Floor of the Bethesda 

Towers Building, 4330 East-West 

Highway, Bethesda, MD 20814. 

Requests to make oral presentations, 

and texts of oral presentations and 

written comments should be captioned, 

‘‘Agenda and Priorities FY 2018 and/or 

2019,’’ and sent by electronic mail 

(email) to: cpsc-os@cpsc.gov, or mailed 

or delivered to the Office of the 

Secretary, U.S. Consumer Product 

Safety Commission, 4330 East-West 

Highway, Bethesda, MD 20814. 

Requests and written comments must be 

received no later than 5 p.m. EDT on 

July 12, 2017. 

FOR FURTHER INFORMATION CONTACT: For 

information about the hearing, or to 

request an opportunity to make an oral 

presentation, please send an email, call, 

or write Todd A. Stevenson, Office of 

the Secretary, U.S. Consumer Product 

Safety Commission, 4330 East-West 

Highway, Bethesda, MD 20814; email: 

cpsc-os@cpsc.gov; telephone: (301) 504– 

7923; facsimile: (301) 504–0127. An 

electronic copy of the CPSC’s budget 

request for fiscal year 2018 and the 

CPSC’s 2016–2020 Strategic Plan can be 

found at: www.cpsc.gov/about-cpsc/ 

agency-reports/performance-andbudget. 

SUPPLEMENTARY INFORMATION: 

I. Background 

Section 4(j) of the Consumer Product 

Safety Act (CPSA) (15 U.S.C. 2053(j)) 

requires the Commission to establish an 

agenda for action under the laws the 

Commission administers, and to the 

extent feasible, select priorities for 

action at least 30 days before the 

beginning of each fiscal year. Section 

4(j) of the CPSA provides further that 

before establishing its agenda and 

priorities, the Commission conduct a 

public hearing and provide an 

opportunity for the submission of 

comments. 

II. Oral Presentations and Submission 

of Written Comments 

The Commission is in the process of 

preparing the agency’s fiscal year 2018 

Operating Plan and fiscal year 2019 

Congressional Budget Request. Fiscal 

year 2018 begins on October 1, 2017, 

and fiscal year 2019 begins on October 

1, 2018. Through this notice, the 

Commission invites the public to 

comment on the following questions: 

1. What are the priorities the 

Commission should consider 

emphasizing and dedicating resources 

toward in the fiscal year 2018 Operating 

Plan and/or the fiscal year 2019 

Congressional Budget Request? 

2. What activities should the 

Commission consider deemphasizing in 

the fiscal year 2018 Operating Plan and/ 

or the fiscal year 2019 Congressional 

Budget Request? 

3. What retrospective review of rules 

should the Commission consider in the 

fiscal year 2018 Operating Plan and/or 

the fiscal year 2019 Congressional 

Budget Request, consistent with the 

Plan for Retrospective Review of 

Existing Rules adopted by the 

Commission on April 1, 2016? 

4. The CPSC’s programs will align 

with the strategic goals outlined in the 

CPSC’s 2016- 2020 Strategic Plan. The 

CPSC’s fiscal year 2018 Budget Request, 

submitted to Congress on May 23, 2017, 

is based on four agency priorities: (1) 

Focusing the agency’s resources on the 

highest-priority consumer product 

safety risks; (2) continuing to support 

import surveillance by incrementally 

developing the Risk Assessment 

Methodology (RAM) system to identify 

and stop noncompliant imported 

products from entering the U.S. 

marketplace; (3) emphasizing outreach 

and education by engaging all 

stakeholders through forums and 

workshops; and (4) expanding the 

sources and types of data analysis used 

to identify and assess product safety 

risks and inform compliance decisions. 

The Commission requests comments on 

the priorities as presented in the FY 

2018 Budget Request. The CPSC’s 

Budget Request for fiscal year 2018 can 

be found at: www.cpsc.gov/about-cpsc/ 

agency-reports/performance-andbudget. The Commission also requests 

comments on whether the Commission 

should consider making any changes or 

adjustments to the agency’s proposed or 

ongoing safety standards activities, 

regulation and enforcement efforts in 

fiscal years 2018 and 2019, keeping in 

mind the CPSC’s existing policy on 

establishing priorities for Commission 

action (16 CFR 1009.8). Comments are 

welcome on whether particular action 

items should be higher priority than 

others, should not be included, or 

should be added to the fiscal year 2018 

and/or fiscal year 2019 agendas. 

Persons who desire to make oral 

presentations at the hearing on July 26, 

2017 should send an email, call, or 

write Todd A. Stevenson, Office of the 

Secretary, U.S. Consumer Product 

Safety Commission, 4330 East-West 

Highway, Bethesda, MD 20814; email: 

cpsc-os@cpsc.gov; telephone: (301) 504– 

7923; facsimile (301) 504–0127 not later 

than 5 p.m. EDT on July 12, 2017. 

Requests to make oral presentations and 

texts of the presentation must be 

received not later than 5 p.m. EDT on 

July 12, 2017. Presentations should be 

limited to approximately 10 minutes. 

The Commission reserves the right to 

impose further time limitations on all 

presentations and further restrictions to 

avoid duplication of presentations. 

If you do not want to make an oral 

presentation, but would like to provide 

written comments, you may do so. 

Please submit written comments in the 

manner described in the previous 

paragraph. Written comments must be 

received no later than 5 p.m. EDT on 

July 12, 2017. 

Dated: June 7, 2017. 

Todd A. Stevenson, 

Secretary, U.S. Consumer Product Safety 

Commission. 

[FR Doc. 2017–12069 Filed 6–12–17; 8:45 am] 

BILLING CODE 6355–01–P 


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