Source: https://www.federalregister.gov/documents/2017/07/13/2017-14647/agency-information-collection-activities-under-omb-review
Timestamp: 2017-08-16 18:36:14
Document Index: 109533625

Matched Legal Cases: ['art 43', 'art 43', 'art 43', 'art 43', 'art 43', 'art 43', 'art 43', 'art 43']

A Notice by the Commodity Futures Trading Commission on 07/13/2017
Comments must be submitted on or before August 14, 2017.
32345-32346 (2 pages)
https://www.federalregister.gov/d/2017-14647 https://www.federalregister.gov/d/2017-14647
Comments regarding the burden estimated or any other aspect of the information collection, including suggestions for reducing the burden, may be submitted directly to the Office of Information and Regulatory Affairs (OIRA) in OMB, within 30 days of the notice's publication, by email at OIRAsubmissions@omb.eop.gov. Please identify the comments by OMB Control No. 3038-0070. Please provide the Commission with a copy of all submitted documents at the address listed below. Please refer to OMB Control No. 3038-0070, found on http://reginfo.gov. Comments may also be mailed to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for the Commodity Futures Trading Commission, 725 17th Street NW., Washington, DC 20503. You may also submit comments, identified by “Renewal of Collection Pertaining to Real-Time Public Reporting and Block Trade,” to the Commission by any of the following methods:
John W. Dunfee, Assistant General Counsel, Office of General Counsel, Commodity Futures Trading Commission, (202) 418-5396; email: jdunfee@cftc.gov, and refer to OMB Control No. 3038-0070.
Burden Statement: Part 43 of the Commission's regulations results in three information collection requirements within the meaning of the PRA.[1] The first collection of information requirement under part 43 imposes a reporting requirement on registered swap execution facilities (“SEFs”) or designated contract markets (“DCMs”) when a swap is executed on a trading facility or on the parties to a swap transaction when the swap is executed bilaterally. The second collection of information requirement under part 43 of the Commission's regulations creates a public dissemination requirement on registered swap data repositories (“SDRs”). The third collection of information requirement imposes a recordkeeping requirement for SEFs, DCMs, SDRs and any reporting party (as such term is defined in part 43 of the Commission's regulations).
The Commission notes that rather than the initial estimate of 40 SEFs, there currently are 25 SEFs either registered with the Commission or with registration pending.[2] The Commission notes that rather than the initial estimate of 18 DCMs, there currently are 15 DCMs registered with the Commission.[3] The Commission notes that rather than the initial estimate of 15 SDRs, there currently are 4 SDRs registered with the Commission.[4] Based on the experience gained by the Commission with regard to SDRs, the Commission estimates that rather than the initial estimate of 750 reporting parties who are not swap dealers (“SDs”) or major swap participants (“MSPs”), and who contract with third parties to satisfy their reporting obligations, there are 496 such reporting Start Printed Page 32346parties.[5] The Commission estimates that rather than the initial estimate of 250 reporting parties who are not swap dealers (“SDs”) or major swap participants (“MSPs”), and who satisfy their reporting obligations themselves, there are 207 such reporting parties.[6] The burden hours for each entity category based upon these new estimates are noted in the applicable table below.
Estimated total annual burden on respondents: 52,000 hours.7
Estimated total annual burden on respondents: 31,200 hours.8
Estimated total annual burden on respondents: 27,600 hours.9
Estimated total annual burden on respondents: 10,912 hours.10
Estimated total annual burden on respondents: 139,932 hours.11
In addition to the above burden hours for compliance with part 43 obligations generally, the Commission determined that certain market participants would incur burden hours associated with the masking of the geographic detail of the underlying assets to a swap in the other commodity asset class, and with the election to have a swap transaction treated as a block trade or large notional off-facility swap.[12] The Commission initially estimated that respondent SDRs would incur an aggregate of 833 annual burden hours in connection with the masking of geographic detail of the underlying assets to a swap in the other commodity asset class.[13] Based on the Commission's observation of registered SDRs' operations and compliance with part 43's requirements, the Commission is increasing this estimate and now estimates that SDRs will incur an aggregate of 3,307 annual burden hours in connection with the masking of geographic detail of the underlying assets to a swap in the other commodity asset class.[14]
The Commission initially estimated that market participants would incur an aggregate of 2,167 annual burden hours in connection with the election to have a swap transaction treated as a block trade.[15] Based on the Commission's observation of market participants' compliance with part 43's requirements, the Commission is increasing this estimate and now estimates that market participants will incur an aggregate of 3,648 annual burden hours in connection with the election to have a swap transaction treated as a block trade.[16]
The Commission initially estimated that market participants would incur an aggregate of 2,255 annual burden hours in connection with the election to have a swap transaction treated as a large notional off-facility swap.[17] Based on the Commission's observation of market participants' compliance with part 43's requirements, the Commission is increasing this estimate and now estimates that market participants will incur an aggregate of 77,230 annual burden hours in connection with the election to have a swap transaction treated as a large notional off-facility swap.[18]
1. See 77 FR 1182, 1229; 78 FR 32866, 32913.
2. See 77 FR at 1229.
4. See 77 FR at 1230.
6. See 77 FR at 1230.
7. 2,080 average recurring burden hours per respondent SEF × 25 registered SEFs = 52,000 total burden hours for all registered SEFs.
8. 2,080 average recurring burden hours per respondent DCM × 15 registered DCMs = 31,200 total burden hours for all registered DCMs.
9. 6,900 average recurring burden hours per respondent SDR × 4 registered SDRs = 27,600 total burden hours for all registered SDRs.
10. 22 average recurring burden hours per respondent × 496 respondents = 10,912 total burden hours for all respondents.
11. 676 average recurring burden hours per respondent × 207 respondents = 139,932 total burden hours for all respondents.
12. See 78 FR 32866, 32913.
13. See 78 FR 32866, 32915 (50,000 other commodity swaps with masked locations × 0.0167 hours (one minute) of burden per response = 833 total burden hours).
14. 198,022 other commodity swaps with masked locations × 0.0167 hours (one minute) of burden per response = 3,307 total annual burden hours.
15. See 78 FR 32866, 32913-14 (125,000 elections by SDs/MSPs + 5,000 elections by nonSDs/MSPs = 130,000 total annual elections. 130,000 elections × 0.0167 hours (one minute) of burden per response = 2,167 total annual burden hours).
16. 218,428 block trades × 0.0167 hours (one minute) of burden per response = 3,648 total annual burden hours.
17. See 78 FR 32866, 32914 (62,500 elections by SDs/MSPs + 5,000 elections by nonSDs/MSPs = 63,000 total annual elections. 67,500 elections × 0.0334 hours (two minutes) of burden per response = 2,255 total annual burden hours).
18. 2,312,265 large notional off-facility swaps × 0.0334 hours (two minutes) of burden per response = 77,230 total annual burden hours.
[FR Doc. 2017-14647 Filed 7-12-17; 8:45 am]