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)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
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.
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
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
Trading Commission, 1155 21st Street NW., Washington, DC 20581.
FOR FURTHER INFORMATION CONTACT: Riva Adriance, (202) 418-5495; FAX
(202) 418-5527; e-mail: firstname.lastname@example.org.
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
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--
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