There's the traditional manual page for mtmfs, and there's mention of local Time Machine snapshots in the manual page for tmutil, but here – running release candidate build 16A319 of Mac OS X 10.12 (macOS Sierra) with a MacBookPro11,2 notebook:
	
		
	
		
			
		
		
	
				
			- no local snapshots
- unless I'm missing something, nothing relevant in the Time Machine pane of System Preferences.
		Code:
	
	sh-3.2$ date ; sw_vers ; uname -a
Sun 18 Sep 2016 15:03:19 BST
ProductName:    Mac OS X
ProductVersion:    10.12
BuildVersion:    16A319
Darwin momh167-gjp4-macbookpro112-sierra.local 16.0.0 Darwin Kernel Version 16.0.0: Mon Aug 29 17:56:20 PDT 2016; root:xnu-3789.1.32~3/RELEASE_X86_64 x86_64
sh-3.2$ apropos mtmfs
mtmfs(8)                 - Mobile Time Machine file system daemon
sh-3.2$ which mtmfs
sh-3.2$ man mtmfs
sh-3.2$ man tmutil
sh-3.2$ ls -ahl /
total 189
drwxr-xr-x   35 root          wheel   1.2K 18 Sep 10:49 .
drwxr-xr-x   35 root          wheel   1.2K 18 Sep 10:49 ..
-rw-rw-r--    1 root          admin   6.0K 16 Sep 01:21 .DS_Store
d--x--x--x    9 root          wheel   306B 17 Sep 17:22 .DocumentRevisions-V100
drwxr-xr-x@   3 root          wheel   102B 17 Sep 01:27 .PKInstallSandboxManager-SystemSoftware
drwx------    5 grahamperrin  staff   170B  8 Sep 16:39 .Spotlight-V100
drwxrwxrwt@   3 grahamperrin  staff   102B  9 Sep 00:36 .TemporaryItems
d-wx-wx-wt    2 grahamperrin  staff    68B  9 Sep 00:39 .Trashes
-rw-r--r--@   1 grahamperrin  staff     0B  8 Sep 16:39 .com.apple.timemachine.donotpresent
----------    1 root          admin     0B 30 Jul 20:32 .file
drwx------  169 grahamperrin  staff   5.6K 18 Sep 13:55 .fseventsd
-rw-------    1 root          wheel    64K  8 Sep 16:58 .hotfiles.btree
drwxr-xr-x@   2 root          wheel    68B 14 Sep 22:03 .vol
drwxrwxr-x+  40 root          admin   1.3K 18 Sep 12:07 Applications
drwxrwxr-x   11 root          admin   374B 16 Sep 01:20 Incompatible Software
drwxr-xr-x+  59 root          wheel   2.0K 18 Sep 10:49 Library
drwxr-xr-x@   2 root          wheel    68B 14 Sep 22:03 Network
drwxr-xr-x@   4 root          wheel   136B 14 Sep 21:54 System
drwxr-xr-x    6 root          admin   204B 14 Sep 22:03 Users
drwxr-xr-x@   7 root          wheel   238B 18 Sep 13:07 Volumes
drwxr-xr-x@  38 root          wheel   1.3K  2 Sep 05:30 bin
drwxrwxr-t@   2 root          admin    68B 14 Sep 22:03 cores
dr-xr-xr-x    3 root          wheel   4.4K 17 Sep 17:21 dev
lrwxr-xr-x@   1 root          wheel    11B 14 Sep 22:00 etc -> private/etc
dr-xr-xr-x    2 root          wheel     1B 18 Sep 10:55 home
-rw-r--r--@   1 root          wheel   313B 31 Jul 03:00 installer.failurerequests
dr-xr-xr-x    2 root          wheel     1B 18 Sep 10:55 net
drwxr-xr-x    4 root          wheel   136B 18 Sep 10:55 opt
drwxr-xr-x@   6 root          wheel   204B 14 Sep 22:03 private
drwxr-xr-x@  63 root          wheel   2.1K 14 Sep 22:01 sbin
lrwxr-xr-x@   1 root          wheel    11B 14 Sep 22:00 tmp -> private/tmp
drwxr-xr-x@  11 root          wheel   374B 16 Sep 01:38 usr
lrwxr-xr-x@   1 root          wheel    11B 14 Sep 22:01 var -> private/var
sh-3.2$