Font Size: AAA // Print // Bookmark


  • Federal Register, Volume 77 Issue 31 (Wednesday, February 15, 2012)[Federal Register Volume 77, Number 31 (Wednesday, February 15, 2012)]


    [Pages 8817-8818]

    From the Federal Register Online via the Government Printing Office []

    [FR Doc No: 2012-2068]




    Agency Information Collection Activities; Proposed Collection,

    Comment Request

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Notice.


    SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or

    ``Commission'') seeks public comment on the collection of certain

    information by the Commission under section 745 of the Wall Street

    Reform and Consumer Protection Act (``Dodd-Frank Act''). The Paperwork

    Reduction Act (``PRA'') requires federal agencies to publish a notice

    in the Federal Register concerning each proposed collection of

    information and to allow 60 days for public comment. Section 745

    requires the Commission to seek public comment for not less than 30

    days with respect to certain industry filings. This notice solicits

    comments on the provisions of the Commission's final rulemaking on

    ``Provisions Common to Registered Entities'' under which the Commission

    would collect comments on the industry filings by publication of

    documents related to the filings and a request for comments on the

    Commission's public Web site.\1\


    \1\ 76 FR 44776, July 27, 2011.


    DATES: Comments must be submitted on or before April 2, 2012.

    ADDRESSES: You may submit comments, identified by ``Part 40 Notice and

    Comment Collection,'' by any of the following methods:

    Agency Web site, via its Comments Online process: Follow the instructions for submitting comments

    through the Web site.

    Mail: Send to David A. Stawick, Secretary, Commodity

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

    Hand delivery/Courier: Same as Mail above.

    Federal eRulemaking Portal: Follow the instructions for submitting comments.

    All comments must be submitted in English, or if not, accompanied

    by an English translation. Comments will be posted as received to You should submit only information that you wish

    to make available publicly. If you wish the Commission to consider

    information that 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 set forth in

    Sec. 145.9 of the Commission's regulations.\2\


    \2\ Commission regulations referred to herein are found at 17

    CFR Ch. 1 (2010). Commission regulations are accessible on the

    Commission's Web site,


    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 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

    rulemaking 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



    Deputy Director, Division of Market Oversight, Commodity Futures

    Trading Commission, (202) 418-5119 or Mathew T.

    Hargrow, Attorney, Office of the General Counsel, (202) 418-5267,

    SUPPLEMENTARY INFORMATION: Under the PRA, federal agencies must obtain

    approval from the Office of Management and Budget (``OMB'') for each

    collection of information they collect or sponsor. ``Collection of

    information'' is defined in 44 U.S.C. 3502(3) as ``the obtaining,

    causing to be obtained, soliciting * * * facts or opinions by or for

    any agency, regardless of form or format [from] ten or more persons.''

    An agency may not conduct or sponsor, and a person is not required to

    respond to, a collection of information unless it displays a valid OMB

    control number. Section 3506(c)(2)(A) of the PRA, 44 U.S.C.

    3506(c)(2)(A), requires federal agencies to provide a 60-day notice in

    the Federal Register for each proposed collection of information before

    submitting the collection to OMB for approval. Under OMB regulations,

    which implement provisions of the PRA, certain ``facts or opinions that

    are submitted in response to a general solicitation of comments from

    the public, published in the Federal Register or other publications,''

    5 CFR 1320.3(h)(4), or ``facts or opinions obtained or solicited at or

    in connection with public hearings or meetings,'' 5 CFR 1320.3(h)(8),

    are excluded from the OMB approval process.

    In the Commission's final rulemaking on provisions common to

    registered entities,\3\ the Commission seeks to implement section 745

    of the Dodd-Frank Act,\4\ which amends Section 5c the Commodity

    Exchange Act (CEA) \5\ to enhance compliance by registered entities.

    This section permits a registered entity to elect to list for trading

    or accept for clearing any new contract or other instrument, or elect

    to approve and implement any new rule or rule amendment by providing to

    the Commission a written certification that the new contract,

    instrument, rule, or rule amendment complies with the CEA. Such rules

    or rule amendments become effective after ten (10) business days,

    unless the Commission notifies the registered entity that it is staying

    the certification because there exist novel or complex issues that

    require additional time to analyze, an inadequate explanation by the

    submitting registered entity, or a potential inconsistency with the

    CEA. Pursuant to section 745 and the final amendments to part 40 of the

    Commission's regulations,\6\ the Commission will provide a not less

    than a 30-day comment period when it determines that the rule or rule

    amendment will be stayed. Pursuant to the final rules, the Commission

    will provide notice of the stay and the request for comment on its Web

    site, as well as specify the manner in which the public may submit



    \3\ 75 FR 67282, Nov. 2, 2010.

    \4\ Public Law 111-203, 124 Stat. 1376 (2010).

    \5\ 7 U.S.C. 7a.

    \6\ 75 FR 67282, 67296 (Nov. 2, 2010).

    \7\ Id.


    The Commission initially estimated that approximately 45 entities

    would be affected by the rule certification procedures.\8\ The initial

    estimate determined that these 45 entities would each have

    approximately 120 responses per year for a total of 5,400 responses.\9\

    The Commission has amended these numbers in the final rule such that

    the estimated number of respondents is increased to 70 entities, the

    average annual responses by each respondent is decreased to 100. These

    numbers are based upon comments received regarding the proposed rules

    as well as changes made by the Commission to streamline the product

    certification process for certain swap contracts. The Commission

    anticipates that the

    [[Page 8818]]

    mandatory responses to the new collection will take approximate 2 hours

    per response.

    The Commission cannot determine with precision how many of the

    7,000 responses it expects to receive will be stayed and subject to the

    notice and comment requirements of section 745 and the part 40

    regulations. The Commission anticipates that only a small fraction of

    these responses would be stayed and subject to a request for comment

    via Web site notice, and that each of the stayed rules or rule

    amendments typically will receive not more than 20 comments, a

    conservative number based on Commission history with industry filings.


    \8\ Id. at 67290.

    \9\ Id.

    Issued by the Commission this 24th day of January, 2012.

    David Stawick,

    Secretary of the Commission.

    [FR Doc. 2012-2068 Filed 2-14-12; 8:45 am]


    Last Updated: February 15, 2012