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Federal Register / Vol. 86, No. 2 / Tuesday, January 5, 2021 / Rules and Regulations reason, the Commission finds that it is unnecessary to publish notice of these amendments under section 553b3B
of the APA.
For the same reason, the Commission also finds good cause to dispense with the 30-day delayed effective date requirement under section 553d3 of the APA.16 Accordingly, the amendments will be effective immediately upon publication in the Federal Register.
B. Regulatory Flexibility Act The Regulatory Flexibility Act 17
requires federal agencies to consider whether the rules they propose will have a significant economic impact on a substantial number of small entities and, if so, to provide a regulatory flexibility analysis regarding the economic impact on those entities.
Because, as discussed above, the Commission is not required to publish a notice of proposed rulemaking for this rule, a regulatory flexibility analysis is not required.18
C. Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA 19 imposes certain requirements on Federal agencies, including the Commission, in connection with their conducting or sponsoring any collection of information, as defined by the PRA. The Commission may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid Office of Management and Budget control number.
Because it maintains the status quo under 23.502, this final rulemaking will not impose any new recordkeeping or information collection requirements, or other collections of information.
D. Consideration of Costs and Benefits Section 15a of the CEA 20 requires the Commission to consider the costs and benefits of its actions before
promulgating a regulation under the CEA. Section 15a further specifies that the costs and benefits shall be evaluated in light of five broad areas of market and public concern: 1 Protection of market participants and the public; 2
efficiency, competitiveness and financial integrity of futures markets; 3
price discovery; 4 sound risk management practices; and 5 other public interest considerations. The Commission considers the costs and benefits resulting from its discretionary determinations with respect to the section 15a factors.
This Interim Final Rule does not impose any substantive regulatory obligations on any person. Rather, the Commission is adopting technical amendments to part 23 of its regulations to maintain the status quo for portfolio reconciliation requirements under 23.502 and ensure that SDs and MSPs can continue to engage in their required portfolio reconciliation exercises without disruption, as discussed above.
Accordingly, relative to the status quo baseline there are no material, quantifiable costs or benefits associated with this rulemaking. This Interim Final Rule does not impact the efficiency, competitiveness, and financial integrity of the futures markets because this Interim Final Rule is nothing more than a technical, administrative action that moves specific requirements from part 45 of the Commissions regulations to part 23.
E. Antitrust Laws Section 15b of the CEA 21 requires the Commission to take into consideration the public interest to be protected by the antitrust laws and endeavor to take the least anticompetitive means of achieving the objectives of the CEA as well as the policies and purposes of the CEA, in issuing any order or adopting any Commission rule or regulation including any exemption under section 4c or 4cb, or in requiring or
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approving any bylaw, rule, or regulation of a contract market or registered futures association established pursuant to section 17 of the CEA.
The Commission believes that the public interest to be protected by the antitrust laws is the promotion of competition. The Commission has considered this Interim Final Rule to determine whether it is anticompetitive and has identified no anticompetitive effects. Having done so, it also has not identified any less anticompetitive means of achieving the purposes of the CEA.
List of Subjects in 17 CFR Part 23
Authority delegations Government agencies, Commodity futures, Reporting and recordkeeping requirements.
For the reasons stated in the preamble, the Commodity Futures Trading Commission amends 17 CFR
part 23 as set forth below:
PART 23SWAP DEALERS AND
MAJOR SWAP PARTICIPANTS
1. The authority citation for part 23
continues to read as follows:

Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b 1, 6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21.
Section 23.160 also issued under 7 U.S.C.
2i; Sec. 721b, Pub. L. 111203, 124 Stat.
1641 2010.

2. In 23.500, revise paragraph g to read as follows:

23.500

Definitions.

g Material terms means the minimum primary economic terms as defined in appendix 1 of subpart I of part 23 of this chapter.

3. Add Appendix 1 to subpart I of part 23 to read as follows:
Part 23, Subpart I, Appendix 1

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EXHIBIT AMINIMUM PRIMARY ECONOMIC TERMS DATACREDIT SWAPS AND EQUITY SWAPS
Data categories and fields for all swaps
Comment
Asset Class
The Unique Swap Identifier for the swap

Field values: Credit, equity, FX, interest rates, other commodities.
The USI is a unique identifier assigned to all swap transactions which identifies the transaction the swap and its counterparties uniquely throughout its duration.
As provided in 45.6, or substitute identifier for a natural person.
Yes/No.

The Legal Entity Identifier of the reporting counterparty
An indication of whether the reporting counterparty is a derivatives clearing organization with respect to the swap.
The Legal Entity Identifier of the non-reporting party
The Unique Product Identifier assigned to the swap
confusion regarding SD and MSP portfolio reconciliation requirements.
16 5 U.S.C. 553d3.

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As provided in 45.6, or substitute identifier for a natural person.
As provided in 45.7.

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20 7

18 See
U.S.C. 601 et seq.
5 U.S.C. 603a.
19 44 U.S.C. 3501 et seq.

21 7

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U.S.C. 19a.
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