[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Pages 63843-63846]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-26848]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities Under OMB Review
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: In compliance with the Paperwork Reduction Act of 1995 (PRA),
this notice announces that the Information Collection Request (``ICR'')
abstracted below has been forwarded to the Office of Management and
Budget (``OMB'') for review and comment. The ICR describes the nature
of the information collection and its expected costs and burdens.
DATES: Comments must be submitted on or before January 11, 2019.
ADDRESSES: Comments regarding the burden estimate 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 publication of
this notice by either of the methods specified below. Please identify
the comments by ``OMB Control Numbers 3038-0023 and 3038-0072.''
By email addressed to: [email protected]; or
By mail addressed to: 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.
A copy of all comments submitted to OIRA should be sent to the
Commodity Futures Trading Commission (``Commission'') by any of the
following methods. The copies should refer to
[[Page 63844]]
``OMB Control Numbers 3038-0023 and 3038-0072.''
By mail addressed to: Christopher Kirkpatrick, Secretary
of the Commission, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW, Washington, DC 20581;
By Hand Delivery/Courier to the same address; or
Through the Commission's website at http://comments.cftc.gov. Please follow the instructions for submitting
comments through the website.
Please submit your comments using only one method. 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
Sec. 145.9 of the Commission's regulations.\1\ 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 ICR 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.
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\1\ 17 CFR 145.9.
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A copy of the supporting statements for the collections of
information discussed herein may be obtained by visiting http://RegInfo.gov.
FOR FURTHER INFORMATION CONTACT: Christopher W. Cummings, Special
Counsel, (202) 418-5445, [email protected], Division of Swap Dealer
and Intermediary Oversight, Commodity Futures Trading Commission, 1155
21st Street NW, Washington, DC 20581, and refer to OMB Control Numbers
3038-0023 and 3038-0072.
SUPPLEMENTARY INFORMATION:
Titles: Registration Under the Commodity Exchange Act (OMB control
number 3038-0023); Registration of Swap Dealers and Major Swap
Participants (OMB control number 3038-0072). This is a request for
extension and revision of these currently approved information
collections.
Abstract: In Adoption of Revised Registration Form 8-R, 82 FR 19665
(Apr. 28, 2017), the Commission published a revised version of
Commission Form 8-R. The 8-R is the application form that individuals
must use to register with the Commission as an associated person, floor
broker, floor trader, floor trader order enterer, or to be listed as a
principal of a registrant. Separately, in Agency Information Collection
Activities: Proposed Collection Revision, Comment Request: Adoption of
Revised Registration Form 8-R and Cancellation of Form 3-R, 82 FR 19663
(Apr. 28, 2017) (``60-Day Notice''), the Commission addressed the PRA
implications of the revisions to Form 8-R. The 60-Day Notice also
addressed the PRA implications associated with formally cancelling
Commission Form 3-R, a separate registration form that became obsolete
after its function became available online and the Commission stopped
requiring its use. As indicated above, Form 8-R is covered by two OMB
control numbers. OMB control number 3038-0023 applies to Form 8-R in
connection with registering as a floor broker or floor trader, or
registering as an associated person of, or being listed as a principal
of, a futures commission merchant, retail foreign exchange dealer,
introducing broker, commodity trading advisor, commodity pool operator,
floor trader firm or leverage transaction merchant.\2\ OMB control
number 3038-0072 applies to Form 8-R in connection with applying to be
listed as a principal of a swap dealer or major swap participant.\3\ In
connection with the revision of Form 8-R, the Commission is amending
collections 3038-0023 and 3038-0072 to reflect a modest increase in the
information collection burdens associated with the new version of Form
8-R. The Commission did not amend Form 7-R or its current burden, which
is included as part of the overall burden estimates of collections
3038-0023 and 3038-0072.
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\2\ OMB control number 3038-0023 also covers Commission Forms 7-
R, 7-W and 8-T in connection with various registration activities
involving floor brokers, floor traders, futures commission
merchants, retail foreign exchange dealers, introducing brokers,
commodity trading advisors, commodity pool operators, floor trader
firms or leverage transaction merchants, and their principals and
associated persons, as applicable. Forms 7-R, 7-W and 8-T were not
amended in connection with the revision of Form 8-R.
\3\ OMB control number 3038-0072 also covers Commission Forms 7-
R, 7-W and 8-T in connection with various registration activities
involving swap dealers and major swap participants, and principals
thereof. Forms 7-R, 7-W and 8-T were not amended in connection with
the revision of Form 8-R.
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I. Commission Form 8-R
The Commission made three substantive changes to the Form 8-R that
increased the existing information collection burden under the PRA: Two
new questions were added to the ``Fingerprint Card Information''
section; a new question was added to the section titled ``Disciplinary
Information--Regulatory Disclosures;'' and, lastly, one of the
questions in the section titled ``Disciplinary Information--Financial
Disclosures'' was expanded. Additionally, the revised Form 8-R also
contains several other substantive modifications, as well as numerous
grammatical, organizational and formatting changes.\4\ These other
changes, whether considered individually or in aggregate, do not alter
the information collection burdens for Form 8-R. All of the changes to
Commission Form 8-R that are summarized above are discussed in detail
in the 60-Day Notice.
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\4\ The Commission has recently made a series of additional non-
substantive changes to Form 8-R. The FBI Privacy Act Statement and
the Noncriminal Justice Applicant's Privacy Rights Disclosure are
added to Form 8-R. Both sets of disclosures are related to the
preexisting requirement that applicants have their fingerprints
taken in connection with registration. Also, there are several
grammatical changes and changes to specific verbiage, none of which
are substantive.
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The collections of information related to Form 8-R were previously
approved by OMB in accordance with the PRA under OMB control numbers
3038-0023 and 3038-0072. In the 60-Day Notice, the Commission addressed
the PRA implications of the changes to Commission Form 8-R.
Specifically, the Commission estimated that the three substantive
changes to Form 8-R discussed above together add 0.1 hours to the
existing information collection burden associated with Form 8-R,
currently 0.8 hours, resulting in a new collection burden of 0.9 hours
for Form 8-R, subject to the additional change to the collection burden
discussed below. The information requested in Form 8-R is necessary to
assess the applicant's fitness to engage in business as a derivatives
professional, subject to regulation and oversight by the Commission. An
agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid OMB control number. As noted below, the Commission requested
comments on the changes to Form 8-R.
[[Page 63845]]
II. Commission Form 3-R
Firms and individuals historically were required to use Form 3-R to
update or change the registration information that they previously
supplied on either a Form 7-R or 8-R. The Commission no longer requires
firms and individuals to use Form 3-R. Updating registration
information is now accomplished online, directly via electronic
versions of Commission Forms 7-R or 8-R. In light of the obsolescence
of Form 3-R, the Commission proposed in the 60-Day Notice to formally
cancel the 3-R for PRA purposes, and to reassign to Forms 7-R and 8-R
the information collection burdens that had been associated with Form
3-R.
The collection of information related to Form 3-R was previously
approved by OMB in accordance with the PRA under OMB control number
3038-0023. The information collection burden associated with Form 3-R
is 0.1 hours. In reassigning that burden to Forms 7-R and 8-R, the
Commission believes that an additional 0.1 hours should be assigned to
the Form 7-R and 8-R.\5\ The reassignment of the information collection
burden for the Form 3-R simply reallocates a portion of the existing
information collection burden within OMB control number 3038-0023, but
it does not increase or decrease the total information collection
burden under that control number. Accordingly, the information
collection burden for Form 8-R under OMB control number 3038-0023 is
1.0 hour, which consists of the previous estimate of 0.8 hours, plus an
additional 0.1 hours associated with the amendments to the 8-R, and
plus an additional 0.1 hours associated with the functionality that
previously could be attributed to Form 3-R.
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\5\ The Commission anticipates revising its Form 7-R in the
immediate future. The PRA implications of the amendments to Form 7-R
for OMB control numbers 3038-0023 and 3038-0072, including
accounting for burden hours associated with former Form 3-R, will be
addressed at that time.
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OMB control number 3038-0072 previously did not account for the
burden hours associated with Form 3-R. The information collection
burden for Form 8-R under OMB control number 3038-0072 should be
modified to address the fact that the functionality of former Form 3-R
now exists in the electronic version of Form 8-R. The Commission
believes that the burden hours for Form 8-R should be increased by 0.1
hours under OMB control number 3038-0072 as well. Accordingly, the
information collection burden for Form 8-R under OMB control number
3038-0072 is 1.0 hour, which consists of the previous estimate of 0.8
hours, plus an additional 0.1 hours associated with the amendments to
the 8-R, and plus an additional 0.1 hours associated with the
functionality that previously could be attributed to Form 3-R.
III. Comments
In the 60-Day Notice, the Commission requested comments on, among
other things, its estimates regarding the modified information
collection burdens associated with the amendments to Form 8-R and the
cancellation of Form 3-R. The Commission did not receive any comments
that addressed any of its estimates or any other aspect of the
information collection.
Burden statement: As explained above, the Commission believes that
the revisions to Form 8-R increase the information collection burdens
for that form under OMB control numbers 3038-0023 and 3038-0072.
Additionally, the Commission believes that reassigning to Form 8-R the
information collection burden formerly associated with Commission Form
3-R reallocates the existing information collection burdens within OMB
control number 3038-0023, and therefore does not alter the total
information collection burden under that control number. Lastly, the
Commission believes that updating the information collection burden
under OMB control number 3038-0072 to account for the fact that the
functionality of former Form 3-R is included in Form 8-R, will cause an
additional modest increase in the information collection burden under
that control number.
The Commission estimates the burden of this collection of
information under OMB control number 3038-0023 to be:
Respondents/affected entities: Users of Form 8-R, specifically (i)
associated persons of futures commission merchants, retail foreign
exchange dealers, introducing brokers, commodity trading advisors,
commodity pool operators, and leverage transaction merchants; (ii)
principals of futures commission merchants, retail foreign exchange
dealers, introducing brokers, commodity trading advisors, commodity
pool operators, floor trader firms, or leverage transaction merchants;
(iii) floor brokers; (iv) floor traders; and (v) floor trader order
enterers.
Estimated number of respondents: 78,055.\6\
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\6\ The revisions to Form 8-R do not change the estimated number
of respondents. However, regarding the estimated number of
respondents for OMB Control No. 3038-0023, the estimate in the 60-
Day Notice incorrectly stated that there were 78,109 respondents,
which was the total number of responses. The correct estimate at
that time was 77,857. An additional 198 respondents were added under
ICR Ref. No. 201604-3038-003, related to changes made by the
Alternative to Fingerprinting Requirement For Foreign Natural
Persons final rule. As a result, the total estimated number of
respondents currently is 78,055.
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Estimated total annual burden on respondents: 7,735 hours.\7\
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\7\ Regarding the estimated total annual burden hours on
respondents, the estimate in 60-Day Notice was 7,210, which
consisted of the previous burden of 7,030 (from ICR Ref. No. 201412-
3038-002), which was temporarily rounded down to 7,000 for the
purposes of calculating the burden associated with Form 8-R, plus an
additional 210 hours attributable to the revisions to Form 8-R. The
30-day notice eliminates the temporary rounding utilized in the 60-
day notice and adds the 30 burden hours back into the total. The 30-
day notice also includes an additional 495 hours that were added to
the collection under ICR Ref. No. 201604-3038-003, related to
changes made by the Alternative to Fingerprinting Requirement For
Foreign Natural Persons final rule. As a result, the estimated total
annual burden on respondents currently is 7,735. This estimate
includes the collection burdens associated with Forms 7-R, 7-W, 8-R
and 8-T, based on the historical practice of the Commission of
addressing the burden estimates in aggregate, rather than separately
on a form-by-form basis, for all of the registration forms: Forms 7-
R, 7-W, 8-R, and 8-W.
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Frequency of collection: Periodically.
There are no capital costs or operating and maintenance costs
associated with this collection.
The Commission estimates the burden of this collection of
information under OMB control number 3038-0072 to be:
Respondents/affected entities: Users of Form 8-R, specifically
principals of swap dealers and of major swap participants.
Estimated number of respondents: 772.\8\
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\8\ Regarding the estimated number of respondents for OMB
Control No. 3038-0072, the estimate in 60-Day Notice was 770. An
additional 2 respondents were added to the collection under ICR Ref.
No. 201603-3038-006, related to changes made by the Alternative to
Fingerprinting Requirement For Foreign Natural Persons final rule.
As a result, the total estimated number of respondents currently is
772. The revisions to Form 8-R do not change the estimated number of
respondents.
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Estimated total annual burden on respondents: 672 hours.\9\
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\9\ Regarding the estimated total annual burden on respondents,
the estimate in 60-Day Notice was 648, which consisted of the
previous burden of 629 (from ICR Ref. No. 201512-3038-015), plus an
additional 19 hours attributable to the revisions to Form 8-R. An
additional 5 hours were added under ICR Ref. No. 201603-3038-006,
related to changes made by the Alternative to Fingerprinting
Requirement For Foreign Natural Persons final rule. Also, an
additional 19 hours are being added to account for the functionality
in the Form 8-R that previously could have been attributed to the
now-obsolete Form 3-R. As a result, the estimated total annual
burden on respondents currently is 672. This estimate includes the
collection burdens associated with Forms 7-R, 7-W, 8-R and 8-T,
based on the historical practice of the Commission of addressing the
burden estimates in aggregate, rather than separately on a form-by-
form basis, for all of the registration forms: Forms 7-R, 7-W, 8-R,
and 8-W.
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[[Page 63846]]
Frequency of collection: Periodically.
There are no capital costs or operating and maintenance costs
associated with this collection.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: December 6, 2018.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2018-26848 Filed 12-11-18; 8:45 am]
BILLING CODE 6351-01-P