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 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 81 / Wednesday, April 27, 2022 / Notices 24975 

20581; (202) 418–5086; email: mdarcy@

cftc.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Clearing Member Risk 

Management (OMB Control No. 3038– 

0094). This is a request for an extension 

of a currently approved information 

collection. 

Abstract: Section 3(b) of the 

Commodity Exchange Act (‘‘Act’’ or 

‘‘CEA’’) provides that one of the 

purposes of the Act is to ensure the 

financial integrity of all transactions 

subject to the Act and to avoid systemic 

risk. Section 8a(5) of the CEA authorizes 

the Commission to promulgate such 

regulations that it believes are 

reasonably necessary to effectuate any of 

the provisions or to accomplish any of 

the purposes of the CEA. Risk 

management systems are critical to the 

avoidance of systemic risk. 

Section 4s(j)(2) of the CEA requires 

each Swap Dealer (‘‘SD’’) and Major 

Swap Participant (‘‘MSP’’) to have risk 

management systems adequate for 

managing its business. Section 4s(j)(4) of 

the CEA requires each SD and MSP to 

have internal systems and procedures to 

perform any of the functions set forth in 

Section 4s. 

Section 4d of the CEA requires 

Futures Commission Merchants 

(‘‘FCMs’’) to register with the 

Commission. It further requires FCMs to 

segregate customer funds. Section 4f of 

the CEA requires FCMs to maintain 

certain levels of capital and Section 4g 

of the CEA establishes reporting and 

recordkeeping requirements for FCMs. 

Pursuant to these provisions, the 

Commission adopted Commission 

regulation 1.73 which applies to 

clearing members that are FCMs and 

Commission regulation 23.609 which 

applies to clearing members that are SDs 

or MSPs. These provisions require these 

clearing members to have procedures to 

limit the financial risks they incur as a 

result of clearing trades and liquid 

resources to meet the obligations that 

arise. The regulations require each 

clearing member to: (1) Establish credit 

and market risk-based limits based on 

position size, order size, margin 

requirements, or similar factors; (2) use 

automated means to screen orders for 

compliance with the risk-based limits; 

(3) monitor for adherence to the riskbased limits intra-day and overnight; (4) 

conduct stress tests of all positions in 

the proprietary account and all 

positions in any customer account that 

could pose material risk to the futures 

commission merchant at least once per 

week; (5) evaluate its ability to meet 

initial margin requirements at least once 

per week; (6) evaluate its ability to meet 

variation margin requirements in cash at 

least once per week; (7) evaluate its 

ability to liquidate the positions it clears 

in an orderly manner, and estimate the 

cost of the liquidation at least once per 

month; and (8) test all lines of credit at 

least once per quarter. 

Each of these items has been observed 

by Commission staff as an element of an 

existing sound risk management 

program at an SD, MSP, or FCM. The 

Commission regulations require each 

clearing member to establish written 

procedures to comply with this 

regulation and to keep records 

documenting its compliance. 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, and FCMs. 

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 9582 (‘‘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: 

Estimated Number of Respondents: 

167 (108 Clearing Member Swap Dealers 

and 59 Clearing Member Futures 

Commission Merchants). 

Estimated Average Burden Hours per 

Respondent: 504 hours. 

Estimated Total Annual Burden 

Hours: 84,168 hours. 

Frequency of Collection: 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: April 22, 2022. 

Robert Sidman, 

Deputy Secretary of the Commission. 

[FR Doc. 2022–09019 Filed 4–26–22; 8:45 am] 

BILLING CODE 6351–01–P 

DEPARTMENT OF EDUCATION 

National Assessment Governing Board 

National Assessment Governing 

Board; Meeting 

AGENCY: National Assessment 

Governing Board, Department of 

Education. 

ACTION: Notice of open and closed 

meetings. 

SUMMARY: This notice sets forth the 

agenda for the National Assessment 

Governing Board (hereafter referred to 

as Governing Board) meeting scheduled 

for May 12–13, 2022. This notice 

provides information about the meeting 

to members of the public who may be 

interested in attending and/or providing 

written comments related to the work of 

the Governing Board. Notice of this 

meeting is required under the Federal 

Advisory Committee Act (FACA). 

ADDRESSES: Westin Crystal City, 1800 

Richmond Highway, Arlington, VA 

22202. 

FOR FURTHER INFORMATION CONTACT: 

Munira Mwalimu, Executive Officer/ 

Designated Federal Official for the 

Governing Board, 800 North Capitol 

Street NW, Suite 825, Washington, DC 

20002, telephone: (202) 357–6906, fax: 

(202) 357–6945, email: 

Munira.Mwalimu@ed.gov. 

SUPPLEMENTARY INFORMATION: 

Statutory Authority and Function: 

The Governing Board is established 

under the National Assessment of 

Educational Progress Authorization Act, 

Title III of Public Law 107–279. 

Information on the Governing Board and 

its work can be found at www.nagb.gov. 

The Governing Board formulates 

policy for the National Assessment of 

Educational Progress (NAEP) 

administered by the National Center for 

Education Statistics (NCES). The 

Governing Board’s responsibilities 

include: (1) Selecting subject areas to be 

assessed; (2) developing assessment 

frameworks and specifications; (3) 

developing appropriate student 

achievement levels for each grade and 

subject tested; (4) developing standards 

and procedures for interstate and 

national comparisons; (5) improving the 

form and use of NAEP; (6) developing 

guidelines for reporting and 

disseminating results; and (7) releasing 

initial NAEP results to the public. 

Standing Committee Meetings 

The Governing Board’s standing 

committees will meet to conduct 

regularly scheduled work planned for 

this Quarterly Board Meeting and any 

items undertaken by committees for 


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