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07-4092

  • [Federal Register: August 21, 2007 (Volume 72, Number 161)]

    [Notices]

    [Page 46613-46614]

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

    [DOCID:fr21au07-50]

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    COMMODITY FUTURES TRADING COMMISSION

    Agency Information Collection Activities: Proposed Collection;

    Comment Request: Part 41, Relating to Security Futures Products

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.

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    SUMMARY: In compliance with the Paperwork Reduction Act (44 U.S.C. 3501

    et seq.), this notice announces that the CFTC is planning to submit the

    following proposed Information Collection Request (ICR) to the Office

    of Management and Budget (OMB): Part 41, Relating to Security Futures

    Products; OMB Control Number 3038-0059. Before submitting the ICR to

    OMB for review and approval, the CFTC is soliciting comments on

    specific aspects of the proposed information collection as described

    below.

    DATES: Comments must be submitted on or before October 22, 2007.

    ADDRESSES: Comments may be mailed to David Van Wagner, Chief Counsel,

    Division of Market Oversight, U.S. Commodity Futures Trading

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

    FOR FURTHER INFORMATION CONTACT: David Van Wagner (202) 418-5481; Fax:

    (202) 418-5277; e-mail: dvanwagner@cftc.gov.

    SUPPLEMENTARY INFORMATION:

    Affected Entities: Entities potentially affected by this action are

    businesses and other for-profit institutions.

    Title: Part 41, Relating to Security Futures Products.

    [[Page 46614]]

    Abstract: Section 4d(c) of the Commodity Exchange Act (CEA), 7

    U.S.C. 6d(c), requires the CFTC to consult with the SEC and issue such

    rules, regulations, or orders as are necessary to avoid duplicative or

    conflicting regulations applicable to firms that are fully registered

    with the SEC as brokers or dealers (broker-dealers) and the CFTC as

    futures commission merchants (FCMs) involving provisions of the CEA

    that pertain to the treatment of customer funds. The CFTC, jointly with

    the SEC, issued regulations requiring such dually-registered firms to

    make choices as to how its customers' transactions in security futures

    products (SFP) will be treated, either as securities transactions held

    in a securities account or as futures transactions held in a futures

    account. How an account is treated is important in the unlikely event

    of the insolvency of the firm. Securities accounts receive insurance

    protection under provisions of the Securities Investor Protection Act.

    By contrast, futures accounts are subject to the protections provided

    by the segregations requirements of the CEA.

    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. The OMB control numbers for the

    CFTC's regulations were published on December 30, 1981. See 46 FR 63035

    (Dec. 30, 1981). The OMB control number for the CFTC's rules relating

    to security futures products was published on August 23, 2001. See 66

    FR 44490 (Aug. 23, 2001).

    The Commission would like to solicit comments to:

    Evaluate 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;

    Evaluate 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;

    Enhance the quality, usefulness, and clarity of the

    information to be collected; and

    Minimize the burden of collection of information on those

    who are to respond, including through the use of appropriate automated

    electronic, mechanical, or other technological collection techniques or

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

    submission of responses.

    Burden Statement: The respondent burden for this collection is

    estimated to average .59 hours per response. These estimates include

    the time needed to review instructions; develop, acquire, install, and

    utilize technology and systems for the purposes of collecting,

    validating, and verifying information, processing and maintaining

    information and disclosing and providing information; adjust the

    existing ways to comply with any previously applicable instructions and

    requirements; train personnel to be able to respond to a collection of

    information; and transmit or otherwise disclose the information.

    Respondents/Affected Entities: 144.

    Estimated number of responses: 2,739.

    Estimated total annual burden on respondents: 1,620.48 hours.

    Frequency of collection: On occasion.

    Burden means the total time, effort, or financial resources

    expended by persons to generate, maintain, retain, disclose or provide

    information to or for a federal agency. This includes the time needed

    to review instructions; develop, acquire, install, and utilize

    technology and systems for the purposes of colleting, validating, and

    verifying information, processing and maintaining information and

    disclosing and providing information; adjust the existing ways to

    comply with any previously applicable instructions and requirements;

    train personnel to be able to respond to a collection of information;

    and transmit or otherwise disclose the information.

    Dated: August 15, 2007.

    David A. Stawick,

    Secretary of the Commission.

    [FR Doc. 07-4092 Filed 8-20-07; 8:45 am]

    BILLING CODE 6351-01-M

    Last Updated: August 21, 2007



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