Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 24973 

7SDs and MSPs are required to maintain all 

records of policies and procedures in accordance 

with Commission regulations 23.203 and, by 

extension, 1.31, including policies, procedures, and 

models used for eligible master netting agreements 

and custody agreements that prohibit custodian of 

margin from re-hypothecating, repledging, reusing, 

or otherwise transferring the funds held by the 

custodian. See 17 CFR 1.31 and 23.203. 1 17 CFR 145.9. 

retain written swap trading relationship 

documentation. The regulations also 

establish requirements for SDs and 

MSPs regarding swap confirmation, 

portfolio reconciliation, and portfolio 

compression. Under the regulations, 

SDs and MSPs are obligated to maintain 

records of the policies and procedures 

required by the rules.7

Confirmation, portfolio reconciliation, 

and portfolio compression are important 

post-trade processing mechanisms for 

reducing risk and improving operational 

efficiency. The information collection 

obligations imposed by the regulations 

are necessary to ensure that each SD and 

MSP maintains the required records of 

their business activities and an audit 

trail sufficient to conduct 

comprehensive and accurate trade 

reconstruction. The information 

collections contained in the regulations 

are also essential to ensuring that SDs 

and MSPs document their swaps, 

reconcile their swap portfolios to 

resolve discrepancies and disputes, and 

wholly or partially terminate some or all 

of their outstanding swaps through 

regular portfolio compression exercises. 

The collections of information are 

mandatory. 

On February 23, 2022, the 

Commission published in the Federal 

Register notice of the proposed 

extension of these information 

collections and provided 60 days for 

public comment on the proposed 

extension, 87 FR 10175 (‘‘60-Day 

Notice’’) The Commission did not 

receive any relevant comments on the 

60-Day Notice. 

Burden Statement: The Commission 

is revising its estimate of the burdens for 

the collections to reflect the current 

number of respondents and estimated 

burden hours. The respondent burdens 

for the collections are estimated to be as 

follows: 

• OMB Control No. 3038–0068 

(Confirmation, Portfolio 

Reconciliation, and Portfolio 

Compression Requirements for Swap 

Dealers and Major Swap Participants) 

Number of Registrants: 107. 

Estimated Average Burden Hours per 

Registrant: 1,274.5. 

Estimated Aggregate Burden Hours: 

136,371.5. 

Frequency of Recordkeeping: As 

applicable. 

• OMB Control No. 3038–0083 (Orderly 

Liquidation Termination Provision in 

Swap Trading Relationship 

Documentation for Swap Dealers and 

Major Swap Participants) 

Number of Registrants: 107. 

Estimated Average Burden Hours per 

Registrant: 270. 

Estimated Aggregate Burden Hours: 

28,890. 

Frequency of Recordkeeping: As 

applicable. 

• OMB Control No. 3038–0088 (Swap 

Trading Relationship Documentation 

Requirements for Swap Dealers and 

Major Swap Participants) 

Number of Registrants: 107. 

Estimated Average Burden Hours per 

Registrant: 6,284. 

Estimated Aggregate Burden Hours: 

672,388. 

Frequency of Recordkeeping: As 

applicable. 

There are no capital costs or operating 

and maintenance costs associated with 

this collection. 

(Authority: 44 U.S.C. 3501 et seq.) 

Dated: April 22, 2022. 

Robert Sidman, 

Deputy Secretary of the Commission. 

[FR Doc. 2022–09020 Filed 4–26–22; 8:45 am] 

BILLING CODE 6351–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

Agency Information Collection 

Activities Under OMB Review 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice. 

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 Information and Regulatory 

Affairs (‘‘OIRA’’), of 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 May 27, 2022. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be 

submitted within 30 days of this 

notice’s publication to OIRA, at https:// 

www.reginfo.gov/public/do/PRAMain. 

Please find this particular information 

collection by selecting ‘‘Currently under 

30-day Review—Open for Public 

Comments’’ or by using the website’s 

search function. Comments can be 

entered electronically by clicking on the 

‘‘comment’’ button next to the 

information collection on the ‘‘OIRA 

Information Collections Under Review’’ 

page, or the ‘‘View ICR—Agency 

Submission’’ page. A copy of the 

supporting statement for the collection 

of information discussed herein may be 

obtained by visiting https://

www.reginfo.gov/public/do/PRAMain. 

In addition to the submission of 

comments to https://Reginfo.gov as 

indicated above, a copy of all comments 

submitted to OIRA may also be 

submitted to the Commodity Futures 

Trading Commission (the 

‘‘Commission’’ or ‘‘CFTC’’) by clicking 

on the ‘‘Submit Comment’’ box next to 

the descriptive entry for OMB Control 

No. 3038–0075, at https://

comments.cftc.gov/FederalRegister/

PublicInfo.aspx. 

Or by either of the following methods: 

• Mail: Christopher Kirkpatrick, 

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. 

All comments must be submitted in 

English, or if not, accompanied by an 

English translation. Comments 

submitted to the Commission should 

include 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 § 145.9 

of the Commission’s regulations.1 The 

Commission reserves the right, but shall 

have no obligation, to review, prescreen, filter, redact, refuse or remove 

any or all of your submission from 

https://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. 

FOR FURTHER INFORMATION CONTACT: 

Christopher Cummings, Special 

Counsel, Market Participants Division, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street NW, Washington, DC 


lotter on DSK11XQN23PROD with NOTICES1
24974 Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 

1 17 CFR 145.9. 

20581; (202) 418–5445; email: 

ccummings@cftc.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Protection of Collateral of 

Counterparties to Uncleared Swaps; 

Treatment of Securities in a Portfolio 

Margining Account in a Commodity 

Broker Bankruptcy (OMB Control No. 

3038–0075). This is a request for an 

extension of a currently approved 

information collection. 

Abstract: Section 4s(l) of the 

Commodity Exchange Act requires swap 

dealers (‘‘SDs’’) and major swap 

participants (‘‘MSPs’’) to notify 

uncleared swap counterparties that they 

have the right to request that property 

provided as margin be segregated, and 

to report quarterly to counterparties 

who have not requested segregated 

accounts that the back office procedures 

of the swap dealer or major swap 

participant with respect to margin and 

collateral comply with the parties’ 

agreement. Regulations 23.701 and 

23.704 establish reporting requirements 

that are mandated by Section 4s(l) and, 

thus, are necessary to implement the 

objectives of Section 4s(l). Regulation 

23.701 requires that the SD or MSP 

notify the counterparty at the beginning 

of the swap trading relationship of the 

counterparty’s right to require 

segregation of initial margin, and to 

permit the counterparty to change that 

election by written notice to the SD or 

MSP. Regulation 23.704 requires that, in 

certain circumstances, an SD or MSP 

must report to the counterparty, on a 

quarterly basis, that the back office 

procedures of the swap dealer or major 

swap participant relating to margin and 

collateral requirements are in 

compliance with the agreement of the 

counterparties. The data required to be 

compiled and maintained pursuant to 

Regulations 23.701 and 23.704 would be 

used by uncleared swap counterparties 

(and, in some instances, the CFTC and 

self-regulatory organizations). 

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 OMB 

control number. On February 22, 2022, 

the Commission published in the 

Federal Register notice of the proposed 

extension of this information collection 

and provided 60 days for public 

comment on the proposed extension, 87 

FR 9583 (‘‘60-Day Notice’’). The 

Commission did not receive any 

relevant comments on the 60-Day 

Notice. 

Burden Statement: The Commission 

is revising its estimate of the burden for 

this collection to reflect the current 

number of respondents and estimated 

burden hours. The respondent burden 

for this collection is estimated to be as 

follows: 

• Regulation 23.701: 

Estimated Number of Respondents: 

108. 

Estimated Average Burden Hours per 

Respondent: 600 hours. 

Estimated Total Annual Burden 

Hours: 64,800 hours. 

Frequency of Collection: Beginning of 

the swap trading relationship with a 

counterparty. 

• Regulation 23.704: 

Estimated Number of Respondents: 

108. 

Estimated Average Burden Hours per 

Respondent: 806 hours. 

Estimated Total Annual Burden 

Hours: 87,048 hours. 

Frequency of Collection: Quarterly (4 

times per year). 

• Total Annual Burden for the 

Collection: 151,848 hours. 

There are no capital costs or operating 

and maintenance costs associated with 

this collection. 

(Authority: 44 U.S.C. 3501 et seq.) 

Dated: April 22, 2022. 

Robert Sidman, 

Deputy Secretary of the Commission. 

[FR Doc. 2022–09021 Filed 4–26–22; 8:45 am] 

BILLING CODE 6351–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

Agency Information Collection 

Activities Under OMB Review 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice. 

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 Information and Regulatory 

Affairs (‘‘OIRA’’), of 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 May 27, 2022. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be 

submitted within 30 days of this 

notice’s publication to OIRA, at https:// 

www.reginfo.gov/public/do/PRAMain. 

Please find this particular information 

collection by selecting ‘‘Currently under 

30-day Review—Open for Public 

Comments’’ or by using the website’s 

search function. Comments can be 

entered electronically by clicking on the 

‘‘comment’’ button next to the 

information collection on the ‘‘OIRA 

Information Collections Under Review’’ 

page, or the ‘‘View ICR—Agency 

Submission’’ page. A copy of the 

supporting statement for the collection 

of information discussed herein may be 

obtained by visiting https://

www.reginfo.gov/public/do/PRAMain. 

In addition to the submission of 

comments to https://Reginfo.gov as 

indicated above, a copy of all comments 

submitted to OIRA may also be 

submitted to the Commodity Futures 

Trading Commission (the 

‘‘Commission’’ or ‘‘CFTC’’) by clicking 

on the ‘‘Submit Comment’’ box next to 

the descriptive entry for OMB Control 

No. 3038–0094, at https://

comments.cftc.gov/FederalRegister/ 

PublicInfo.aspx. 

Or by either of the following methods: 

• Mail: Christopher Kirkpatrick, 

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. 

All comments must be submitted in 

English, or if not, accompanied by an 

English translation. Comments 

submitted to the Commission should 

include 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 § 145.9 

of the Commission’s regulations.1 The 

Commission reserves the right, but shall 

have no obligation, to review, prescreen, filter, redact, refuse or remove 

any or all of your submission from 

https://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. 

FOR FURTHER INFORMATION CONTACT: 

Melissa A. D’Arcy, Special Counsel, 

Division of Clearing and Risk, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street NW, Washington, DC 


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