Federal Register / Vol. 81, No. 20 / Monday, February 1, 2016 / Notices 5163 

1See Order, 77 FR at 75221–23. 

2The Commission bases this estimate on the total 

number of entities that are dually registered as 

broker-dealers and futures commission merchants. 

See Financial Data for FCMs as of July 31, 2015, 

Commodity Futures Trading Commission, available 

at http://www.cftc.gov/MarketReports/

FinancialDataforFCMs/index.htm. 

3Based on information that the Commission 

receives on a monthly basis, as well as current 

projections regarding the estimated increase in the 

number of customers per respondent, the 

Commission anticipates an average number of 

credit default swap customers to be 120 per 

respondent, 109 of which would be non-affiliates 

and 11 of which would be affiliates. The 

Commission notes that these estimates are based on 

current data and the current regulatory framework. 

Dated: January 25, 2016. 

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2016–01711 Filed 1–29–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Order Granting Conditional Exemptions 

Under the Securities Exchange Act of 

1934 in Connection with Portfolio 

Margining of Swaps and Security-Based 

Swaps; SEC File No. S7–13–12, OMB 

Control No. 3235–0698. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in the Order Granting 

Conditional Exemptions Under the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) in Connection with 

Portfolio Margining of Swaps and 

Security-Based Swaps, Exchange Act 

Release No. 68433 (Dec. 14, 2012), 77 

FR 75211 (Dec. 19, 2012) (‘‘Order’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

On December 14, 2012, the 

Commission found it necessary or 

appropriate in the public interest and 

consistent with the protection of 

investors to grant the conditional 

exemptions discussed in the Order. 

Among other things, the Order requires 

dually-registered broker-dealer and 

futures commission merchants (‘‘BD/

FCMs’’) that elect to offer a program to 

commingle and portfolio margin 

customer positions in credit default 

swaps (‘‘CDS’’) in customer accounts 

maintained in accordance with Section 

4d(f) of the Commodity Exchange Act 

(‘‘CEA’’) and rules thereunder, to obtain 

certain agreements and opinions from 

its customers regarding the applicable 

regulatory regime, and to make certain 

disclosures to its customers before 

receiving any money, securities, or 

property of a customer to margin, 

guarantee, or secure positions consisting 

of cleared CDS, which include both 

swaps and security-based swaps, under 

a program to commingle and portfolio 

margin CDS. The Order also requires 

BD/FCMs that elect to offer a program 

to commingle and portfolio margin CDS 

positions in customer accounts 

maintained in accordance with Section 

4d(f) of the CEA and rules thereunder, 

to maintain minimum margin levels 

using a margin methodology approved 

by the Commission or the Commission 

staff. 

When it adopted the Order, the 

Commission discussed the burden hours 

and costs associated with complying 

with certain provisions of the Order that 

contain ‘‘collection of information 

requirements’’ within the meaning of 

the PRA.1 The collection of information 

requirements are designed, among other 

things, to provide appropriate 

agreements, disclosures, and opinions to 

BD/FCM customers to clarify key 

aspects of the regulatory framework that 

will govern their participation in a 

program to commingle and portfolio 

margin CDS positions and to ensure that 

appropriate levels of margin are 

collected. Because the Order is still in 

effect, the Commission believes it is 

prudent to extend this collection of 

information. 

The Commission estimates that 45 

firms may seek to avail themselves of 

the conditional exemptive relief 

provided by the Order and therefore 

would be subject to the information 

collection.2 The Commission estimates 

that each of the 45 firms that may seek 

to avail themselves of the conditional 

exemptive relief provided by the Order 

would spend a total of 3,430 burden 

hours to comply with the existing 

collection of information, calculated as 

follows: (20 hours to develop a 

subordination agreement for each nonaffiliate cleared credit default swap 

customers in accordance with paragraph 

IV(b)(1)(ii) of the Order) × (109 nonaffiliate credit default swap customers 3) 

+ ((20 hours to develop a subordination 

agreement for each affiliate cleared 

credit default swap customers in 

accordance with paragraph IV(b)(2)(ii) 

of the Order) + (2 hours developing and 

reviewing the opinion required by 

paragraph IV(b)(2)(iii) of the Order)) × 

(11 affiliate credit default swap 

customers) + (1,000 hours to seek the 

Commission’s approval of margin 

methodologies under paragraph IV(b)(3) 

of the Order) + (8 hours to disclose 

information to customers under 

paragraph IV(b)(6) of the Order) = 3,430 

burden hours, or approximately 154,350 

burden hours in the aggregate, 

calculated as follows: (3,430 burden 

hours per firm) × (45 firms) = 154,350 

burden hours. Amortized over three 

years, the annualized burden hours 

would be 1,143 hours per firm, or a total 

of 51,450 for all 45 firms. 

The Commission further estimates 

that each respondent will incur a onetime cost of $8,000 in outside legal cost 

expenses per firm, calculated as follows: 

(200 hours to obtain opinions of counsel 

from affiliate cleared credit default swap 

customers under paragraph IV(b)(2)(iii) 

of the Order) × ($400 per hour for 

outside legal counsel) = $8,000, for an 

aggregate burden of $360,000, calculated 

as follows: ($8,000 in external legal 

costs per firm) × (45 firms) = $360,000. 

Amortized over three years, the 

annualized capital external cost would 

be $2,667 per firm, or a total of $120,000 

for all 45 firms. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be collected; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 


rmajette on DSK2TPTVN1PROD with NOTICES
5164 Federal Register / Vol. 81, No. 20 / Monday, February 1, 2016 / Notices 

Dated: January 25, 2016. 

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2016–01716 Filed 1–29–16; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF THE TREASURY 

Submission for OMB Review; 

Comment Request 

January 26, 2016. 

The Department of the Treasury will 

submit the following information 

collection requests to the Office of 

Management and Budget (OMB) for 

review and clearance in accordance 

with the Paperwork Reduction Act of 

1995, Public Law 104–13, on or after the 

date of publication of this notice. 

DATES: Comments should be received on 

or before March 2, 2016 to be assured 

of consideration. 

ADDRESSES: Send comments regarding 

the burden estimates, or any other 

aspect of the information collections, 

including suggestions for reducing the 

burden, to (1) Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Attention: 

Desk Officer for Treasury, New 

Executive Office Building, Room 10235, 

Washington, DC 20503, or email at 

OIRA_Submission@OMB.EOP.gov and 

(2) Treasury PRA Clearance Officer, 

1750 Pennsylvania Ave. NW., Suite 

8117, Washington, DC 20220, or email 

at PRA@treasury.gov. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submissions may be 

obtained by emailing PRA@treasury.gov, 

calling (202) 622–1295, or viewing the 

entire information collection request at 

www.reginfo.gov. 

Internal Revenue Service (IRS) 

OMB Control Number: 1545–0166. 

Type of Review: Extension of a 

currently approved collection. 

Title: Recapture of Investment Credit. 

Abstract: Form 4255 is used to figure 

the increase in tax for the recapture of 

investment credit claimed and for the 

recapture of a qualifying therapeutic 

discovery project grant. 

Affected Public: Businesses or other 

for-profits. 

Estimated Total Annual Burden 

Hours: 129,492. 

OMB Control Number: 1545–0195. 

Type of Review: Extension of a 

currently approved collection. 

Title: Election to Postpone 

Determination as to Whether the 

Presumption Applies that an activity is 

engaged in for profit. 

Abstract: Section 183 of the Internal 

Revenue Code allows taxpayers to elect 

to postpone a determination as to 

whether an activity is entered into for 

profit or is in the nature of a 

nondeductible hobby. The election is 

made on Form 5213. 

Affected Public: Businesses or other 

for-profits; Individuals. 

Estimated Total Annual Burden 

Hours: 2,762. 

OMB Control Number: 1545–1837. 

Type of Review: Extension of a 

currently approved collection. 

Title: Revenue Procedure 2003–36, 

Industry Issue Resolution Program. 

Abstract: Rev. Proc. 2003–36 

describes procedures for business 

taxpayers, industry associations, and 

other interested parties to submit issues 

for consideration under the Internal 

Revenue Service’s Industry Issue 

Resolution (IIR) Program. The objective 

of the IIR Program is to identify 

frequently disputed or burdensome tax 

issues that are common to a significant 

number of business taxpayers that may 

be resolved through published or other 

administrative guidance. 

Affected Public: Businesses or other 

for-profits. 

Estimated Average Annual Burden 

per Response: 40 hours. 

Estimated Total Annual Burden 

Hours: 2,000. 

Brenda Simms, 

Treasury PRA Clearance Officer. 

[FR Doc. 2016–01710 Filed 1–29–16; 8:45 am] 

BILLING CODE 4810–01–P 

DEPARTMENT OF THE TREASURY 

Proposed Collection; Comment 

Request 

AGENCY: Departmental Offices, Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: The Department of the 

Treasury, as part of its continuing effort 

to reduce paperwork and respondent 

burden, invites the general public and 

other Federal agencies to comment on 

an extension of an existing information 

collection, as required by the Paperwork 

Reduction Act of 1995, Public Law 104– 

13 (44 U.S.C. 3506(c)(2)(A)). Currently, 

the Office of the Fiscal Assistant 

Secretary, within the Department of the 

Treasury, is soliciting comments 

concerning grants to states for lowincome housing projects in lieu of tax 

credits. 

DATES: Written comments should be 

received on or before April 1, 2016 to 

be assured of consideration. 

ADDRESSES: Send comments regarding 

the burden estimate, or any other aspect 

of the information collection, including 

suggestions for reducing the burden, to 

Sustanchia Gladden, Department of the 

Treasury, 1500 Pennsylvania Avenue 

NW., Room 1050, Washington, DC 

20020 or to Sustanchia.Gladden@

treasury.gov. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information 

should be directed to Sustanchia 

Gladden, Department of the Treasury, 

1500 Pennsylvania Avenue NW., Room 

1050, Washington, DC 20020 or to 

Sustanchia.Gladden@treasury.gov. 

SUPPLEMENTARY INFORMATION: 

OMB Control Number: 1505–0218. 

Title: Grants to States for Low-Income 

Housing Projects in lieu of Tax Credits. 

Abstract: Authorized under the 

American Recovery and Reinvestment 

Act (ARRA) (Pub. L. 111–5), the 

Department of the Treasury 

implemented several provisions of the 

Act, more specifically Division B—Tax, 

Unemployment, Health, State Fiscal 

Relief, and Other Provisions. Among 

these components is a program which 

requires Treasury to make payments, in 

lieu of a tax credit, to state housing 

credit agencies. State housing credit 

agencies use the funds to make 

subawards to finance the construction 

or acquisition and rehabilitation of 

qualified low-income buildings. The 

collection of information from the 

agencies is necessary to properly 

monitor compliance with program 

requirements. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: State, Local, or Tribal 

Governments. 

Estimated Number of Respondents: 

55. 

Estimated Annual Hours per 

Response: 0.5 hours. 

Estimated Total Annual Burden 

Hours: 57. 

Request for Comment: Comments 

submitted in response to this notice will 

be summarized and included in the 

request for Office of Management and 

Budget approval. Comments may 

become a matter of public record. The 

public is invited to submit comments 

concerning: (a) Whether the collection 

of information is necessary for the 

proper performance of the functions of 

the agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the collection of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

the use of automated collection 


rmajette on DSK2TPTVN1PROD with NOTICES