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07-2527

  • Commodity Futures Trading Commission Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0054, Establishing Procedures To Implement the Notification Requirements for Entities Operating as Exempt Markets[Federal Register: May 22, 2007 (Volume 72, Number 98)]

    [Notices]

    [Page 28686-28687]

    From the Federal Register Online via GPO Access [wais.access.gpo.gov]

    [DOCID:fr22my07-59]

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    COMMODITY FUTURES TRADING COMMISSION

    Agency Information Collection Activities: Notice of Intent To

    Renew Collection 3038-0054, Establishing Procedures To Implement the

    Notification Requirements for Entities Operating as Exempt Markets

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.

    -----------------------------------------------------------------------

    SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing

    an opportunity for public comment on the proposed collection of certain

    information by the agency. Under the Paperwork Reduction Act of 1995

    (PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish

    notice in the Federal Register concerning each proposed collection of

    information, and to allow 60 days for comment in response to the

    notice. This notice solicits comments on requirements relating to

    information collected to assist the Commission in the prevention of

    market manipulation.

    DATES: Comments must be submitted on or before July 23, 2007.

    ADDRESSES: Comments may be mailed to Riva Adriance, Division of Market

    Oversight, U.S. Commodity Futures

    [[Page 28687]]

    Trading Commission, 1155 21st Street NW., Washington, DC 20581.

    FOR FURTHER INFORMATION CONTACT: Riva Adriance, (202) 418-5495; FAX

    (202) 418-5527; e-mail: rshiltz@cftc.gov.

    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(c) and

    includes agency requests or requirements that members of the public

    submit reports, keep records, or provide information to a third party.

    Section 350(c)(2)(A) of the PRA, 44 Section 3506(c)(2)(A), requires

    Federal Agencies to provide a 60-day notice in the Federal Register

    concerning each proposed collection of information, including each

    proposed extension of an existing collection of information, before

    submitting the collection to OMB for approval. To comply with this

    requirement, the CFTC is publishing notice of the proposed collection

    of information listed below.

    With respect to the following collection of information, the CFTC

    invites comments on:

    Whether the proposed collection of information is

    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 proposed collection of information, including the validity of the

    methodology and assumptions used;

    Ways to enhance the quality of, 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

    electronic, mechanical, or other technological collection techniques or

    other forms of information technology; e.g., permitting electronic

    submission of responses.

    Establishing Procedures To Implement the Notification Requirements for

    Entities Operating as Exempt Markets OMB Control No. 3038-0054--

    Extension

    Sections 2(h)(3) through (5) of the Commodity Exchange Act (Act)

    add exempt commercial markets as markets excluded from the Act's other

    requirements. The rules implement the qualifying conditions of the

    exemption. Rule 36.3(a) implements the notification requirements, and

    rule 36.3(b)(1) establishes information requirements for exempt

    commercial markets consistent with sections 2(h)(5)(B) of the Act. An

    exempt commercial markets consistent with section 2(h)(5)(B) of the

    Act. An exempt commercial market may provide the Commission with access

    to transactions conducted on the facility or it can satisfy its

    reporting requirements by complying with the Commissions's reporting

    requirements. The Act affirmatively vests the Commission's reporting

    requirements. The Act affirmatively vests the Commission with

    comprehensive antimanipulation enforcement authority over these trading

    facilities. The Commission is charged with monitoring these markets for

    manipulation and enforcing the antimanipuation provisions of the Act.

    The informational requirements imposed by proposed rules are designed

    to ensure that the Commission can effectively perform these functions.

    Section 5d of the Act establishes a category of market exempt from

    Commission oversight referred to as an ``exempt board of trade.'' Rule

    36.2 implements regulations that define those commodities that are

    eligible to trade on an exempt board of trade. Rule 36.2(b) implements

    the notification requirements of section 5d of the Act. Rule 36.2(b)(1)

    requires exempt boards of trade relying on this exemption to disclose

    to traders that the facility and trading on the facility is not

    regulated by the Commission. This requirement is necessary to make

    manifest the nature of the market and to avoid misleading the public.

    The Commission estimates the burden of this collection of

    information as follows:

    Estimated Annual Reporting Burden

    Number of Respondents: 20.

    Total Annual Responses: 20.

    Total Annual Hours: 200.

    Dated: May 16, 2007.

    Eileen A. Donovan,

    Acting Secretary of the Commission.

    [FR Doc. 07-2527 Filed 5-21-07; 8:45 am]

    BILLING CODE 6351-01-M

    Updated May 22, 2007

    Last Updated: June 29, 2007



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