Source: https://regulations.justia.com/regulations/fedreg/2016/07/22/2016-17374.html
Timestamp: 2018-05-26 13:33:10
Document Index: 19327169

Matched Legal Cases: ['art 37', 'art 37', 'art 37', 'art 37', '§ 37', '§ 145', 'art 37', 'art 37', 'art 37', 'art 37', 'art 37', 'art 37', 'art 37', 'art 37', 'art 37', 'art 37']

Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0074, Core Principles and Other Requirements for Swap Execution Facilities, 47779-47781 [2016-17374] :: Commodity Futures Trading Commission :: Agencies And Commissions :: Regulation Tracker :: Justia
Justia Regulation Tracker Agencies And Commissions Commodity Futures Trading Commission Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0074, Core Principles and Other Requirements for Swap Execution Facilities, 47779-47781 [2016-17374]
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0074, Core Principles and Other Requirements for Swap Execution Facilities, 47779-47781 [2016-17374]
Download as PDF Federal Register / Vol. 81, No. 141 / Friday, July 22, 2016 / Notices 2. The action may result in authorizing small entities to provide the services to the Government. 3. There are no known regulatory alternatives which would accomplish the objectives of the Javits-WagnerO’Day Act (41 U.S.C. 8501–8506) in connection with the services deleted from the Procurement List. End of Certification Accordingly, the following services are deleted from the Procurement List: ehiers on DSK5VPTVN1PROD with NOTICES Services Service Types: Library Service Mandatory for: Travis Air Force Base, Travis Air Force Base, CA Beale Air Force Base, Beale Air Force Base, CA Mandatory Source(s) of Supply: PRIDE Industries, Roseville, CA Contracting Activity: Dept of the Air Force, FA7014 AFDW PK, Andrews AFB, MD Service Type: Family Housing Maintenance Service Mandatory for: Travis Air Force Base, Travis AFB, CA Mandatory Source(s) of Supply: PRIDE Industries, Roseville, CA Contracting Activity: Dept of the Air Force, FA7014 AFDW PK, Andrews AFB, MD Service Type: Baggage Inspection Service Mandatory for: Travis Air Force Base: Air Passenger Terminal, Travis Air Force Base, CA Mandatory Source(s) of Supply: PRIDE Industries, Roseville, CA Contracting Activity: Dept of the Air Force, FA7014 AFDW PK, Andrews AFB, MD Service Type: Furnishings Management Service Mandatory for: Travis Air Force Base, Travis Air Force Base, CA Mandatory Source(s) of Supply: Pacific Coast Community Services, Richmond, CA Contracting Activity: Dept of the Air Force, FA7014 AFDW PK, Andrews AFB, MD Service Type: Linen Service Mandatory for: Hickam Air Force Base, Hickam Air Force Base, HI Mandatory Source(s) of Supply: Network Enterprises, Inc., Honolulu, HI Contracting Activity: Dept of the Air Force, FA7014 AFDW PK, Andrews AFB, MD Service Type: Facilities Management Service Mandatory for: Television Audio Support Activity (TASA), McClellan AFB, CA Mandatory Source(s) of Supply: PRIDE Industries, Roseville, CA Contracting Activity: Dept of the Air Force, FA7014 AFDW PK, Andrews AFB, MD Service Type: Repair of Air Cargo Top & Side Nets Service Mandatory for: Travis Air Force Base, Travis AFB, CA Mandatory Source(s) of Supply: Fontana Resources at Work, Fontana, CA Contracting Activity: Dept of the Air Force, VerDate Sep<11>2014 15:19 Jul 21, 2016 Jkt 238001 FA7014 AFDW PK, Andrews AFB, MD Barry S. Lineback, Director, Business Operations. [FR Doc. 2016–17389 Filed 7–21–16; 8:45 am] BILLING CODE 6353–01–P COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Renew Collection 3038–0074, Core Principles and Other Requirements for Swap Execution Facilities Commodity Futures Trading Commission. ACTION: Notice. AGENCY: The Commodity Futures Trading Commission (Commission) is announcing an opportunity for public comment on the renewal of the collection of certain information by the agency. Under the Paperwork Reduction Act (PRA), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information and to allow 60 days for public comment. This notice solicits comments in connection with part 37 of the Commission’s regulations, which requires certain recordkeeping and reporting information collections for swap execution facilities (SEFs). DATES: Comments must be submitted on or before September 20, 2016. ADDRESSES: You may submit comments, identified by ‘‘Renewal of Collection Pertaining to Core Principles and Other Requirements for Swap Execution Facilities’’ by any of the following methods: • The Agency’s Web site, at http:// comments.cftc.gov/. Follow the instructions for submitting comments through the Web site. • 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. • Federal eRulemaking Portal: http:// www.regulations.gov/. Follow the instructions for submitting comments through the Portal. Please submit your comments using only one method. FOR FURTHER INFORMATION CONTACT: Steven A. Haidar, Attorney-Advisor, Division of Market Oversight, Commodity Futures Trading Commission, (202) 418–5611; email: SUMMARY: PO 00000 Frm 00034 Fmt 4703 Sfmt 4703 47779 shaidar@cftc.gov, and refer to OMB Control No. 3038–0074. SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. ‘‘Collection of Information’’ is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3 and includes agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires Federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information before submitting the collection to OMB for approval. To comply with this requirement, the Commission is publishing notice of the existing collections of information listed below. Title: Core Principles and Other Requirements for Swap Execution Facilities (OMB Control No. 3038– 0074). This is a request for extension of currently approved information collections. Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) added new section 5h to the Commodity Exchange Act (CEA) to impose requirements concerning the registration and operation of SEFs, which the Commission has incorporated in part 37 of its regulations.1 These information collections are needed for the Commission to ensure that SEFs (and entities applying for SEF registration) comply with these requirements. Among other requirements, part 37 of the Commission’s regulations imposes SEF registration requirements for a trading platform or system, obligates SEFs to provide transaction confirmations to swap counterparties, and requires SEFs to comply with 15 core principles.2 1 In general, this OMB control number covers the information collections in part 37 of the Commission’s regulations, including subpart A and the SEF core principles (i.e., subparts B and C). However, any information collections related to § 37.10 of the Commission’s regulations are subject to a separate information collection with OMB control number 3038–0099 (Process for a Swap Execution Facility or Designated Contract Market to Make a Swap Available to Trade). 2 These 15 core principles include: Enforcing rules; listing contracts for trading that are not readily susceptible to manipulation; monitoring trading to prevent market manipulation; obtaining information; adopting position limits or position accountability levels; adopting rules to enforce financial integrity of swaps transactions entered on or through the SEF; adopting rules to provide for the exercise of emergency authority, in consultation with the Commission; making public information E:\FR\FM\22JYN1.SGM Continued 22JYN1 47780 Federal Register / Vol. 81, No. 141 / Friday, July 22, 2016 / Notices With respect to these information collections, the Commission invites comments on: • Whether the collections of information are necessary for the proper performance of the functions of the Commission, including whether the information will have a practical use; • The accuracy of the Commission’s estimate of the burden of the collections of information, including the validity of the methodology and assumptions used; • Ways to enhance the quality, usefulness, and clarity of the information to be collected; and • Ways to minimize the burden of collection of information on those who are to respond, including through the use of appropriate automated electronic, mechanical, or other technological collection techniques or other forms of information technology; e.g., permitting electronic submission of responses. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to http:// www.cftc.gov. You should submit 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.3 The Commission reserves the right, but shall have no obligation, to review, pre-screen, filter, redact, refuse or remove any or all of your submission from http://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 Information Collection Request 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. Burden Statement: Part 37 of the Commission’s regulations result in information collection requirements within the meaning of the PRA. These regulations impose requirements concerning the registration and operation of SEFs, including requiring SEFs to continually be in compliance with 15 core principles. The Commission initially estimated that each respondent SEF would incur annually 308 burden hours in connection with collections of information and that there would be 35 SEF respondents for an aggregate of 10,780 annual burden hours.4 Based on the Commission’s observation of registered SEFs’ operations and compliance with part 37’s requirements, the Commission is increasing this estimate and now estimates that each respondent SEF would incur annually 1,000 burden hours. Additionally, the Commission notes that rather than the initial estimate of 35 SEFs, there currently are 22 SEFs registered with the Commission. The recurring annual burden hours for each SEF are increased as noted in the applicable table below. Furthermore, in its initial PRA analysis, the Commission did not explicitly distinguish the non-recurring burden hours related to the registration process from the Commission’s estimate of the recurring, annual burden hours, but rather provided an aggregated number.5 Based on the experience gained by the Commission during the SEF permanent registration review process, the Commission estimates that each SEF incurs approximately 300 nonrecurring burden hours in connection with completing the registration process. The non-recurring burden hours for each SEF are noted in the applicable table below. RECURRING ANNUAL BURDEN HOURS FOR SEFS Respondents/Affected Entities .............................................................................................................................................. Estimated number of respondents ........................................................................................................................................ Estimated annual burden hours per respondent SEF .......................................................................................................... Estimated total annual burden on respondents .................................................................................................................... Frequency of collection ......................................................................................................................................................... SEFs. 22.6 1000 burden hours. 22,000 hours.7 Once per trade day.8 NON-RECURRING ANNUAL BURDEN HOURS FOR SEFS ehiers on DSK5VPTVN1PROD with NOTICES Respondents/Affected Entities .............................................................................................................................................. Estimated number of respondents ........................................................................................................................................ Estimated annual burden hours per respondent SEF .......................................................................................................... Estimated total annual burden on respondents .................................................................................................................... Frequency of collection ......................................................................................................................................................... regarding prices and volume on a timely basis; maintaining records of all activities of the business of the contract market in a form and manner acceptable to the Commission for five years; avoiding rules that result in unreasonable restraints of trade or anticompetitive burden on trading; enforcing rules to minimize conflicts of interest in its decision-making process; maintaining adequate financial resources; establishing system safeguards; and designating a chief compliance officer. 3 17 CFR 145.9. 4 See 78 FR 33476, 33549. (35 SEFs × 308 burden hours = 10,780 hours per SEF). 5 See id. VerDate Sep<11>2014 15:19 Jul 21, 2016 Jkt 238001 6 In the part 37 final rule release, the Commission estimated that there would be 35 SEFs. See id. The Commission, however, notes that 22 SEFs are currently registered with the Commission. Accordingly, the revised aggregate burden hour estimate accounts for both the increased annual burden hours estimate to 1,000 hours per SEF as well as the decrease in the number of SEFs from 35 to 22. 7 1,000 average recurring burden hours per respondent SEF × 22 registered SEFs = 22,000 total burden hours for all registered SEFs. 8 The Commission notes that respondent SEFs also are required to provide 4 quarterly reports and PO 00000 Frm 00035 Fmt 4703 Sfmt 4703 SEFs. 4.9 300. 1,200.10 Initial registration. one annual report as part of their recurring information collection obligations. 9 Based on the number of applicants that have applied for permanent SEF registration since the Commission first granted permanent registration status to SEFs on January 22, 2016, the Commission expects to receive 4 applications per year for permanent SEF registration. 10 300 average initial burden hours per respondent SEF × 4 anticipated SEF applicants = 1,200 total burden hours incurred for all anticipated SEF applicants. E:\FR\FM\22JYN1.SGM 22JYN1 Federal Register / Vol. 81, No. 141 / Friday, July 22, 2016 / Notices Authority: 44 U.S.C. 3501 et seq. concern about consumer protections, the Bureau does not seek information that directly identifies an individual consumer. Dated: July 19, 2016. Robert N. Sidman, Deputy Secretary of the Commission. BILLING CODE 6351–01–P BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No. CFPB–2016–0026] RIN 3170–AA40 Request for Information on Payday Loans, Vehicle Title Loans, Installment Loans, and Open-End Lines of Credit Bureau of Consumer Financial Protection. ACTION: Request for information. AGENCY: Congress established the Bureau of Consumer Financial Protection (Bureau or CFPB) in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (DoddFrank Act). As set forth in section 1021 of the Dodd-Frank Act, the Bureau’s purpose is to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive. In discharging this obligation, the CFPB seeks feedback on practices and products that are related to but may not be addressed in the Bureau’s concurrently published Notice of Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans (Concurrent Proposal). Specifically, in this Request for Information (RFI), the Bureau seeks comment on: Potential consumer protection concerns with loans that fall outside the scope of the Bureau’s Concurrent Proposal but are designed to serve similar populations and needs as those loans covered by the proposal; and business practices concerning loans falling within the Bureau’s Concurrent Proposal’s coverage that raise potential consumer protection concerns that are not addressed by the Concurrent Proposal. The Bureau seeks comment from the public about these consumer lending practices to increase the Bureau’s understanding of and support for potential future efforts, including but not limited to future rulemakings, supervision, enforcement, or consumer education initiatives. Where the Bureau requests evidence, data, or other information regarding a particularly ehiers on DSK5VPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 15:19 Jul 21, 2016 Jkt 238001 Comments must be received on or before October 14, 2016. ADDRESSES: You may submit comments, identified by Docket No. CFPB–2016– 0026 or RIN 3170–AA40, by any of the following methods: • Email: FederalRegisterComments@ cfpb.gov. Include Docket No. CFPB– 2016–0026 or RIN 3170–AA40 in the subject line of the email. • Electronic: http:// www.regulations.gov. Follow the instructions for submitting comments. • Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552. • Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street NE., Washington, DC 20002. Instructions: Because paper mail in the Washington, DC area and at the Bureau is subject to delay, commenters are encouraged to submit comments electronically. In general, all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public inspection and copying at 1275 First Street NE., Washington, DC 20002, on official business days between the hours of 10 a.m. and 5 p.m. eastern time. You can make an appointment to inspect the documents by telephoning (202) 435–7275. All comments, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Sensitive personal information, such as account numbers or Social Security numbers, should not be included. Comments will not be edited to remove any identifying or contact information. FOR FURTHER INFORMATION CONTACT: For general inquiries, submission process questions, or any additional information, please contact Monica Jackson, Office of the Executive Secretary, at 202–435–7275. DATES: [FR Doc. 2016–17374 Filed 7–21–16; 8:45 am] Authority: 12 U.S.C. 5511(c). Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (DoddFrank Act) that established the Bureau, part of the Bureau’s mission is to empower consumers to take control over their economic lives. Section 1021(c)(3) of the Dodd-Frank Act provides that one of the primary functions of the Bureau is collecting, researching, monitoring, SUPPLEMENTARY INFORMATION: PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 47781 and publishing information relevant to the function of markets for consumer financial products and services.1 Specifically section 1022(c)(1) directs the Bureau to monitor for risks to consumers in the offering or provision of consumer financial products or services in order to support its rulemaking and other functions.2 Moreover, the Bureau is charged with using its rulemaking, supervision, and enforcement authorities under Federal consumer financial law to prevent unfair, deceptive, or abusive acts or practices in the consumer financial services markets.3 In discharging these obligations, the Bureau has studied certain types of loans made to consumers facing liquidity shortfalls, including payday loans, vehicle title loans, and certain types of installment loans. The Bureau also has conducted supervisory examinations of payday lenders and pursued public law enforcement actions against creditors making payday loans, vehicle title loans, and similar forms of credit. The Bureau is concerned that lenders that make these loans have developed business models that deviate substantially from the practices in other credit markets by failing to assess consumers’ ability to repay their loans and by engaging in harmful practices in the course of seeking to withdraw payments from consumers’ accounts. The Bureau believes that there may be a high likelihood of consumer harm in connection with these covered loans because many consumers struggle to repay their loans. In particular, many consumers who take out covered loans appear to lack the ability to repay them and face one of three options when an unaffordable loan payment is due: Take out additional covered loans, default on the covered loan, or make the payment on the covered loan and fail to meet other major financial obligations or basic living expenses. Many lenders may seek to obtain repayment of covered loans directly from consumers’ accounts. The Bureau is concerned that consumers may be subject to multiple fees and other harms when lenders make repeated unsuccessful attempts to withdraw funds from consumers’ accounts. The Concurrent Proposal generally would cover two categories of loans. First, the proposal generally would cover loans with a term of 45 days or less or loans with multiple advances if each advance is required to be repaid within 45 days. Second, the proposal 1 12 U.S.C. 5511(c)(3). U.S.C. 5512(c)(1). 3 12 U.S.C. 5511(b)(2). 2 12 E:\FR\FM\22JYN1.SGM 22JYN1
[Pages 47779-47781]
[FR Doc No: 2016-17374]
Renew Collection 3038-0074, Core Principles and Other Requirements for
in connection with part 37 of the Commission's regulations, which
requires certain recordkeeping and reporting information collections
for swap execution facilities (SEFs).
DATES: Comments must be submitted on or before September 20, 2016.
Collection Pertaining to Core Principles and Other Requirements for
Swap Execution Facilities'' by any of the following methods:
FOR FURTHER INFORMATION CONTACT: Steven A. Haidar, Attorney-Advisor,
(202) 418-5611; email: shaidar@cftc.gov, and refer to OMB Control No.
3038-0074.
Title: Core Principles and Other Requirements for Swap Execution
Facilities (OMB Control No. 3038-0074). This is a request for extension
of currently approved information collections.
Consumer Protection Act (Dodd-Frank Act) added new section 5h to the
Commodity Exchange Act (CEA) to impose requirements concerning the
registration and operation of SEFs, which the Commission has
incorporated in part 37 of its regulations.\1\ These information
collections are needed for the Commission to ensure that SEFs (and
entities applying for SEF registration) comply with these requirements.
Among other requirements, part 37 of the Commission's regulations
imposes SEF registration requirements for a trading platform or system,
obligates SEFs to provide transaction confirmations to swap
counterparties, and requires SEFs to comply with 15 core principles.\2\
\1\ In general, this OMB control number covers the information
collections in part 37 of the Commission's regulations, including
subpart A and the SEF core principles (i.e., subparts B and C).
However, any information collections related to Sec.  37.10 of the
Commission's regulations are subject to a separate information
collection with OMB control number 3038-0099 (Process for a Swap
Execution Facility or Designated Contract Market to Make a Swap
Available to Trade).
\2\ These 15 core principles include: Enforcing rules; listing
contracts for trading that are not readily susceptible to
manipulation; monitoring trading to prevent market manipulation;
obtaining information; adopting position limits or position
accountability levels; adopting rules to enforce financial integrity
of swaps transactions entered on or through the SEF; adopting rules
to provide for the exercise of emergency authority, in consultation
with the Commission; making public information regarding prices and
volume on a timely basis; maintaining records of all activities of
the business of the contract market in a form and manner acceptable
to the Commission for five years; avoiding rules that result in
unreasonable restraints of trade or anticompetitive burden on
trading; enforcing rules to minimize conflicts of interest in its
decision-making process; maintaining adequate financial resources;
establishing system safeguards; and designating a chief compliance
established in Sec.  145.9 of the Commission's regulations.\3\
\3\ 17 CFR 145.9.
Burden Statement: Part 37 of the Commission's regulations result in
information collection requirements within the meaning of the PRA.
These regulations impose requirements concerning the registration and
operation of SEFs, including requiring SEFs to continually be in
compliance with 15 core principles. The Commission initially estimated
that each respondent SEF would incur annually 308 burden hours in
connection with collections of information and that there would be 35
SEF respondents for an aggregate of 10,780 annual burden hours.\4\
Based on the Commission's observation of registered SEFs' operations
and compliance with part 37's requirements, the Commission is
increasing this estimate and now estimates that each respondent SEF
would incur annually 1,000 burden hours. Additionally, the Commission
notes that rather than the initial estimate of 35 SEFs, there currently
are 22 SEFs registered with the Commission. The recurring annual burden
hours for each SEF are increased as noted in the applicable table
\4\ See 78 FR 33476, 33549. (35 SEFs x 308 burden hours = 10,780
hours per SEF).
Furthermore, in its initial PRA analysis, the Commission did not
explicitly distinguish the non-recurring burden hours related to the
registration process from the Commission's estimate of the recurring,
annual burden hours, but rather provided an aggregated number.\5\ Based
on the experience gained by the Commission during the SEF permanent
registration review process, the Commission estimates that each SEF
incurs approximately 300 non-recurring burden hours in connection with
completing the registration process. The non-recurring burden hours for
each SEF are noted in the applicable table below.
\6\ In the part 37 final rule release, the Commission estimated
that there would be 35 SEFs. See id. The Commission, however, notes
that 22 SEFs are currently registered with the Commission.
Accordingly, the revised aggregate burden hour estimate accounts for
both the increased annual burden hours estimate to 1,000 hours per
SEF as well as the decrease in the number of SEFs from 35 to 22.
\7\ 1,000 average recurring burden hours per respondent SEF x 22
registered SEFs = 22,000 total burden hours for all registered SEFs.
\8\ The Commission notes that respondent SEFs also are required
to provide 4 quarterly reports and one annual report as part of
their recurring information collection obligations.
\9\ Based on the number of applicants that have applied for
permanent SEF registration since the Commission first granted
permanent registration status to SEFs on January 22, 2016, the
Commission expects to receive 4 applications per year for permanent
SEF registration.
\10\ 300 average initial burden hours per respondent SEF x 4
anticipated SEF applicants = 1,200 total burden hours incurred for
all anticipated SEF applicants.
Respondents/Affected Entities..............  SEFs.
Estimated number of respondents............  22.\6\
Estimated annual burden hours per            1000 burden hours.
respondent SEF.
Estimated total annual burden on             22,000 hours.\7\
Frequency of collection....................  Once per trade day.\8\
Estimated number of respondents............  4.\9\
Estimated annual burden hours per            300.
Estimated total annual burden on             1,200.\10\
Frequency of collection....................  Initial registration.