2012-30227
Federal Register, Volume 77 Issue 242 (Monday, December 17, 2012)[Federal Register Volume 77, Number 242 (Monday, December 17, 2012)]
[Notices]
[Pages 74647-74652]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30227]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Proposed Collection,
Comment Request: Form TO, Annual Notice Filing for Counterparties to
Unreported Trade Options
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: The Commodity Futures Trading Commission (``Commission'' or
``CFTC'') is announcing an opportunity for public comment on the
proposed collection of certain information by the agency. Under the
Paperwork Reduction Act (``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 public comment. The Commission recently adopted a final rule and
interim final rule, as required by the Dodd-Frank Wall Street Reform
and Consumer Protection Act (``Dodd-Frank Act''), governing commodity
options. That rulemaking includes a requirement that counterparties to
unreported trade options must file an annual notice with the Commission
on new Form TO. This notice solicits comments on the reporting
requirement that would be imposed by Form TO.
DATES: Comments must be submitted on or before February 15, 2013.
ADDRESSES: You may submit comments, regarding the burden estimated or
any other aspect of the information collection, including suggestions
for reducing the burden. Please refer to ``Form TO, `Annual Notice
Filing for Counterparties to Unreported Trade Options''' in any
correspondence. Comments may be submitted by any of the following
methods:
Mail: Office of Information and Regulatory Affairs, Office
of Management and Budget, Attention: Desk Officer for CFTC, 725 17th
Street, Washington, DC 20503.
The Agency's Web site, at http://comments.cftc.gov/.
Follow the instructions for submitting comments through the Web site.
Mail: Sauntia S. Warfield, Assistant Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581.
Hand Delivery/Courier: Same as mail above.
Federal eRulemaking Portal: http://www.regulations.gov.
[[Page 74648]]
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
www.cftc.gov. 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\
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\1\ 17 CFR 145.9.
FOR FURTHER INFORMATION CONTACT: Donald Heitman, Senior Special
Counsel, (202) 418-5041, [email protected], Division of Market
Oversight, or David Aron, Counsel, (202) 418-6621, [email protected],
Office of the General Counsel, Commodity Futures Trading Commission,
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Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581
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 and
includes agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
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
concerning each proposed collection of information before submitting
the collection to OMB for approval. 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 control number. To
comply with this requirement, the CFTC is publishing the notice of the
proposed collection of information listed below.
Abstract: In accordance with section 721 of the Dodd-Frank Act, on
April 27, 2012, the Commission published a final and interim final rule
governing commodity options (``Commodity Options Rules'').\2\ The final
rule portion of that rulemaking adopted the Commission's proposal to
generally permit market participants to trade commodity options, which
are statutorily defined as swaps,\3\ subject to the same rules
applicable to every other swap. The interim final rule portion of the
rulemaking includes a trade option exemption for physically delivered
commodity options purchased by commercial users of the commodities
underlying the options (``Trade Option Interim Final Rule'' or ``Trade
Option IFR''), subject to certain conditions. Those conditions, which
include both recordkeeping and reporting obligations, are primarily
intended to preserve a level of market visibility for the Commission
while reducing the regulatory compliance burden for market
participants.
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\2\ 77 FR 25320, April 27, 2012.
\3\ See 7 U.S.C. 1a(47)(A)(i). Note that the swap definition
excludes options on futures (which must be traded on a designated
contract market (``DCM'') pursuant to part 33 of the Commission's
regulations) (see Commodity Exchange Act (``CEA'') section
1a(47)(B)(i), 7 U.S.C. 1a(47)(B)(i)), but it includes options on
physical commodities (whether or not traded on a DCM) (see CEA
section 1a(47)(A)(i), 7 U.S.C. 1a(47)(A)(i)). Other options excluded
from the statutory definition of swap are options on any security,
certificate of deposit, or group or index of securities, including
any interest therein or based on the value thereof, that are subject
to the Securities Act of 1933 and the Securities Exchange Act of
1934 (see CEA section 1a(47)(B)(iii), 7 U.S.C. 1a(47)(B)(iii)) and
foreign currency options entered into on a national securities
exchange registered pursuant to section 6(a) of the Securities
Exchange Act of 1934 (see CEA section 1a(47)(B)(iv), 7 U.S.C.
1a(47)(B)(iv)). Note also that the Commission's regulations define a
commodity option transaction or commodity option as ``any
transaction or agreement in interstate commerce which is or is held
out to be of the character of, or is commonly known to the trade as,
an `option,' `privilege,' `indemnity,' `bid,' `offer,' `call,'
`put,' `advance guaranty' or `decline guaranty'.'' 17 CFR 1.3(hh).
For purposes of this release, the Commission uses the term
``commodity options'' to apply solely to commodity options not
excluded from the swap definition set forth in CEA section
1a(47)(A), 7 U.S.C. 1a(47)(A). The Commission recently published, in
conjunction with the Securities and Exchange Commission (``SEC'')
final rules to further define, among other things, the term
``swap.'' See Further Definition of ``Swap,'' ``Security-Based
Swap,'' and ``Security-Based Swap Agreement''; Mixed Swaps;
Security-Based Swap Agreement; Final Rule, 77 FR 48207, August 13,
2012 (``Product Definitions Final Rules''). The Product Definitions
Final Rules address the determination of whether a commodity option
or a transaction with optionality is subject to the swap definition
in the first instance. If a commodity option or a transaction with
optionality is excluded from the scope of the swap definition (for
example, if it is an excluded forward contract--see id. at 48227),
the commodity options rules, including the Form TO reporting
requirement, are not applicable.
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1. Recordkeeping Pursuant to Part 45 \4\
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\4\ The Commission recently adopted final swap data
recordkeeping and reporting rules as new part 45 of the Commission's
regulations. See Swap Data Recordkeeping and Reporting Requirements
77 FR 2136, Jan. 13, 2012. The information in this notice regarding
part 45 recordkeeping and reporting is provided as background, in
order to describe Form TO in context. However, this notice applies
only to Form TO. The PRA implications of the part 45 recordkeeping
and reporting requirements were analyzed as part of the part 45
rulemaking process and discussed in the final swap data
recordkeeping and reporting rules.
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The conditions set out in the Trade Option IFR include
recordkeeping requirements for any trade options activity, i.e., the
recordkeeping requirements of 17 CFR 45.2.\5\ Such records must be
maintained by all trade option participants pursuant to Sec. 45.2 and
made available to the Commission as specified therein.\6\ Section 45.2
applies different recordkeeping requirements, depending on the nature
of the counterparty. For example, if a trade option counterparty is a
swap dealer (``SD'') or major swap participant (``MSP''), it would be
subject to the comprehensive recordkeeping requirements of Sec.
45.2(a). If a counterparty is neither an SD nor an MSP, it would be
subject to the less stringent recordkeeping requirements of Sec.
45.2(b). The recordkeeping requirement is intended to ensure that trade
options market participants are able to provide pertinent information
regarding their trade options activity to the Commission, if requested.
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\5\ 17 CFR 45.2, id. at 2198.
\6\ 17 CFR 45.2(h) provides that:
[a]ll records required to be kept pursuant to this section [17
CFR 45.2] by any registrant or its affiliates or by any non-SD/MSP
counterparty subject to the jurisdiction of the Commission shall be
open to inspection upon request by any representative of the
Commission, the United States Department of Justice, or the [SEC],
or by any representative of a prudential regulator as authorized by
the Commission. Copies of all such records shall be provided, at the
expense of the entity or person required to keep the record, to any
representative of the Commission upon request. Copies of records
required to be kept by any registrant shall be provided either by
electronic means, in hard copy, or both, as requested by the
Commission, with the sole exception that copies of records
originally created and exclusively maintained in paper form may be
provided in hard copy only. Copies of records required to be kept by
any non-SD/MSP counterparty subject to the jurisdiction of the
Commission that is not a Commission registrant shall be provided in
the form, whether electronic or paper, in which the records are
kept.
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2. Reporting Pursuant to Part 45
In addition to part 45 recordkeeping (which applies in some form to
all trade options and trade option participants), the interim final
rule requires certain trade options to be reported pursuant to part
45's reporting provisions.\7\ Under the interim final rule, the
determination as to whether a trade option is required to be reported
pursuant to part 45 is based on the parties to the trade option and
whether or not they have previously reported swaps pursuant to part 45.
Specifically, if any trade option involves at least one counterparty
(whether as buyer or seller) that has (1) become obligated to comply
with the reporting requirements of part 45, (2) as a reporting party,
(3) during the twelve month period preceding the date on which the
trade option is entered into, (4) in connection with any non-trade
option swap trading activity, then such
[[Page 74649]]
trade option must also be reported pursuant to the reporting
requirements of part 45. If only one counterparty to a trade option has
previously complied with the part 45 reporting provisions, as described
above, then that counterparty shall be the part 45 reporting entity for
the trade option. If both counterparties have previously complied with
the part 45 reporting provisions, as described above, then the part 45
rules for determining the reporting party will apply.\8\
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\7\ See 17 CFR 45.3-45.5, 77 FR at 2199-2204.
\8\ See 77 FR 25327, April 27, 2012, and 17 CFR 45.8.
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By applying the part 45 reporting requirements to trade options in
this manner, the Commission will obtain greater transparency and
improved oversight of the swaps markets, both of which are primary
statutory objectives of Title VII of the Dodd-Frank Act.
The Commission believes, however, that greater transparency
regarding the trade options market must be balanced against the burdens
of frequent and near-instantaneous reporting required under part 45 of
the Commission's regulations on counterparties who are not otherwise
obligated to report because they do not have other reportable swap
activity. Accordingly, if neither counterparty to a trade option
already is complying with the reporting requirements of part 45 as a
reporting party in connection with its non-trade option swap trading
activities as described above,\9\ then such trade option is not
required to be reported pursuant to the reporting requirements of part
45.\10\
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\9\ That is, neither counterparty to the trade option has
previously reported, as the reporting party, non-trade option swap
trading activity during the twelve months preceding the date on
which the trade option is entered into.
\10\ By taking this approach, the Commission ensures that no
market participant is compelled to comply with part 45's reporting
requirements based solely on its trade options activity.
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3. Annual Notice Filing Alternative to Part 45 Reporting: Form TO
To the extent that neither counterparty to a trade option has
previously submitted reports to a swap data repository (``SDR'') as a
result of its swap trading activities as described above, the
Commission recognizes that requiring these entities to report trade
options to an SDR under part 45 of the Commission's regulations solely
with respect to their trade options activity would be costly and time
consuming. As an alternative, the Trade Option IFR requires any
counterparty to an otherwise unreported trade option to submit an
annual filing to the Commission for the purpose of providing notice
that it has entered into one or more unreported trade options in the
prior calendar year. Unlike with trade options subject to the part 45
reporting requirement, wherein only one counterparty to the trade
option reports the transaction to an SDR, the notice filing requirement
applies to both counterparties to an unreported trade option. Because
the purpose of the notice filing requirement is to identify to the
Commission those market participants engaging in unreported trade
options, the notice filing requirement applies whether or not such
counterparty has also been a non-reporting counterparty to a reported
trade option in the twelve months preceding the date on which the
unreported trade option was entered into. Market participants will
satisfy the annual notice filing requirement by completing and
submitting a new Commission form, Form TO, by March 1 following the end
of any calendar year during which the market participant entered into
one or more unreported trade options.
Form TO requires an unreported trade option counterparty to: (1)
Provide name and contact information, (2) identify the categories of
commodities (agricultural, metals, energy, or other) underlying one or
more unreported trade options which it entered into during the prior
calendar year, and (3) for each commodity category, estimate the
approximate aggregate value of the underlying physical commodities that
it either delivered or received in connection with the exercise of
unreported trade options during the prior calendar year. For the
purposes of item (3), a reporting counterparty should not include the
value of commodities that were the subject of trade options that
remained open at the end of the calendar year or the value of any trade
options that expired unexercised during the prior calendar year.
Pursuant to the interim final rule, Form TO is a mandatory annual
filing requirement. The form must be submitted to the Commission no
later than March 1 for the prior calendar year. For example, if a
market participant enters into one or more unreported trade options
between January 1, 2013 and December 31, 2013 (the first calendar year
for which a Form TO will be due to the Commission is 2013), the market
participant must submit a completed Form TO to the Commission on or
before March 1, 2014. Form TO is set out in the Trade Option IFR as
Appendix A to part 32 of the Commission's regulations.\11\ A copy of
Form TO is also appended to this notice. Form TO will be available
electronically on the Commission's Web site at least ninety days before
the first compliance date for filing the form, March 1, 2014. The Form
TO filing requirement is intended to provide the Commission a minimally
intrusive level of visibility into the unreported trade options market,
to guide the Commission's efforts to collect additional information
through its authority to obtain copies of books or records required to
be kept pursuant to the Act \12\ should market circumstances dictate,
and to enable the Commission to determine whether these counterparties
should be subject to more frequent and comprehensive reporting
obligations in the future.
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\11\ See 77 FR 25320 at 25340-43.
\12\ See 17 CFR 1.31(a)(2) and 17 CFR 45.2(h).
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The Trade Option IFR notice specifically requested comments on
trade option reporting and/or notice filing requirements.\13\ Those
comments may be found on the Commission's Web site, www.cftc.gov, at
http://comments.cftc.gov/PublicComments/CommentList.aspx?id=1196. All
comments received in response to the Trade Option IFR notice regarding
Form TO will be considered, along with the comments received in
response to this notice, in determining the Commission's final action
on Form TO.
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\13\ See 77 FR 25320 at 25328.
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If the Commission obtains information required to be kept through
this collection, it would protect proprietary information in accordance
with the Freedom of Information Act and 17 CFR part 145, ``Commission
Records and Information.'' In addition, Sec. 8(a)(1) of the Act
strictly prohibits the Commission, unless specifically authorized by
the Act, from making public ``data and information that would
separately disclose the business transactions or market positions of
any person and trade secrets or names of customers.'' \14\ The
Commission is also required to protect certain information contained in
a government system of records according to the Privacy Act of 1974, 5
U.S.C. 552a.
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\14\ 7 U.S.C. 12(a)(1).
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Burden Statement: The respondent burden for this collection is
estimated to be 2 hours per response. These estimates include the time
to: (1) Review the commodity categories that were the subject of
unreported trade options during the prior calendar year (including a
review of counterparties to such transactions to determine which trade
options were otherwise unreported); (2) estimate the value of
commodities actually delivered or
[[Page 74650]]
received pursuant to trade options in each category; and (3) prepare
and file Form TO electronically through the Commission's web-based Form
TO. The Commission estimates the average burden of this collection of
information as follows:
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\15\ The Commission estimates that entities will spend $100 per
hour. The $100 per hour estimate was used as the average hourly wage
rate in the PRA section of the Internal Business Conduct Standards
for Swap Dealers and Major Swap Participants final rule (See 77 FR
20128, 20194) and the wage rate for CCOs under the DCO final rules
(See 76 FR 69344, 69428). As the Commission explained in the
Internal Business Conduct Standards final rule, the estimate of $100
per hour was based on recent Bureau of Labor Statistics findings,
including the mean hourly wage of an employee under occupation code
23-1011, ``Lawyers,'' that is employed by the ``Securities and
Commodity Contracts Intermediation and Brokerage Industry,'' which
is $85.20. The mean hourly wage of an employee under occupation code
11-3031, ``Financial Manager,'' in the same industry is $80.90.
Additionally, SIFMA's ``Report on Management & Professional Earnings
in the Securities Industry--2011'' estimates the average wage of a
compliance attorney at $96.42 and a compliance specialist in the
U.S. at $74.85 per hour. As in those rules, the Commission is using
a $100 per hour wage rate in calculating the cost burdens imposed by
this collection of information and requests comment on the accuracy
of its estimate.
Estimated Annual Reporting Burden Hours and Burden Hour Costs
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Annual number Frequency of Hours per
17 CFR of response per response and Total annual Total hours
respondents respondent cost responses cost
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Part 32, Appendix A, Form TO 100 Annually....... 2 hours at $200 100 (one form $20,000 (100
per per otherwise responses
response.\15\ unreported times 2 hours
trade option per response,
participant). based on $100/
hour.)
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Respondents/Affected Entities: 100.
Estimated average number of responses: 100 (one form per year).
Estimated total average annual burden on respondents: 2 hours.
Frequency of collection: Annually.
Average total cost: $20,000.
There are no capital costs or operating and maintenance costs
associated with this collection. The Commission believes that, as part
of customary and usual business practices, all respondents already
create and store basic information on what they purchased or received
and how much it cost.
The Commission 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, 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
automated electronic, mechanical, or other technological collection
techniques or other forms of information technology; e.g., permitting
electronic submission of responses.
Appendix
[GRAPHIC] [TIFF OMITTED] TN17DE12.000
NOTICE: Failure to file a report required by the Commodity Exchange
Act (``CEA'' or the ``Act'') \17\ and the regulations thereunder,\18\
or the filing of a report with the Commodity Futures Trading Commission
(``CFTC'' or ``Commission'') that includes a false, misleading or
fraudulent statement or omits material facts that are required to be
reported therein or are necessary to make the report not misleading,
may (a) constitute a violation of section 6(c)(2) of the Act (7 USC 9,
15), section 9(a)(3) of the Act (7 USC 13(a)(3)), and/or section 1001
of Title 18, Crimes and Criminal Procedure (18 USC 1001) and (b) result
in punishment by fine or imprisonment, or both.
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\16\ A trade option is generally a commodity option purchased by
a commercial party that, upon exercise, results in the sale of a
physical commodity for immediate (spot) or deferred (forward)
shipment or delivery. See CFTC regulation 32.3(a) (17 CFR 32.3(a))
for more details. An unreported trade option is a trade option that
is not required to be reported to a swap data repository by either
counterparty pursuant to CFTC regulation 32.3(b)(1) and part 45 of
the Commission's regulations (17 CFR 32.3(b)(1); 17 CFR part 45).
\17\ 7 U.S.C. section 1, et seq.
\18\ Unless otherwise noted, the rules and regulations
referenced in this notice are found in chapter 1 of title 17 of the
Code of Federal Regulations; 17 CFR Chapter 1 et seq.
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PRIVACY ACT NOTICE
The Commission's authority for soliciting this information is
granted in sections 4c(b) and 8 of the CEA and related regulations
(see, e.g., 17 CFR Sec. 32.3(b)). The information solicited from
entities and individuals engaged in activities covered by the CEA is
[[Page 74651]]
required to be provided to the CFTC, and failure to comply may result
in the imposition of criminal or administrative sanctions (see, e.g., 7
U.S.C. Sec. Sec. 9 and 13a-1, and/or 18 U.S.C. 1001). The information
requested is most commonly used in the Commission's market and trade
practice surveillance activities to provide information concerning the
size and composition of the commodity derivatives markets. The
requested information may be used by the Commission in the conduct of
investigations and litigation and, in limited circumstances, may be
made public on an aggregate basis in accordance with provisions of the
CEA and other applicable laws. It may also be disclosed to other
government agencies to meet responsibilities assigned to them by law.
The information will be maintained in, and any additional disclosures
will be made in accordance with, the CFTC System of Records Notices,
available on www.cftc.gov. \19\
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\19\ Note that, under the Paperwork Reduction Act, 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
control number from the Office of Management and Budget.
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GENERAL INSTRUCTIONS
Who Must File a Form TO--17 CFR Sec. 32.3(b)(2) requires every
counterparty to an unreported trade option to submit an annual filing
to the Commission for the purpose of providing notice that it has
entered into one or more unreported trade options in the prior calendar
year. As noted above, an unreported trade option is a trade option that
is not required to be reported to a swap data repository by either
counterparty pursuant to CFTC regulation 32.3(b)(1) and part 45 of the
Commission's regulations.
When to file--Form TO is an annual filing requirement due to the
Commission no later than March 1 for the prior calendar year. For
example, if a market participant enters into one or more unreported
trade options between January 1, 2013 and December 31, 2013, the market
participant must submit a completed Form TO to the Commission on or
before March 1, 2014.
Where to file--Generally, Form TO should be submitted via the
CFTC's web based Form TO submission process at http://www.cftc.gov/, or
as otherwise instructed by the Commission or its designee. If
submission through the web-based Form TO is impossible, the reporting
counterparty shall contact the Commission at [[email protected]] or
202-418-5000 for further instructions.
What to File--All reporting counterparties filing a Form TO must
complete all questions.
Signature--Each Form TO submitted to the Commission must be signed
or otherwise authenticated by either (1) the reporting counterparty
submitting the form or (2) an individual that is duly authorized by the
reporting counterparty to provide the information and representations
contained in the form.
CFTC FORM TO
Name and Contact Information for Reporting Counterparty:
1. Reporting Counterparty
Name and Address (including City, State, Country, Zip/Postal Code):
Reporting Counterparty Web site (if any):
Reporting Counterparty Unique Identifier (if any):
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[square] Legal Entity Identifier
``LEI'' (if any)
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[square] National Futures
Association ID Number (if any)
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[square] Other Party Identifier
(Please Specify)
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2. Reporting Counterparty Contact Person \20\
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\20\ This should be an individual able to answer specific
questions about the reporting counterparty's unreported trade
options activity if contacted by Commission staff.
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Name and Job Title and/or Relationship with Reporting Counterparty:
Phone Number and Email Address:
Commodity Category Indication:
3. In the prior calendar year, the Reporting Counterparty entered
into one or more unreported trade options in the following commodity
categories:
Agricultural \21\............................. [square] [square]
YES NO.
Metals \22\................................... [square] [square]
YES NO.
Energy \23\................................... [square] [square]
YES NO.
Other (Please Specify).................... [square] [square]
YES NO.
Approximate Size of Unreported Trade Options Exercised in the Prior
Calendar Year:
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\21\ Agricultural commodity is defined in the Commission's
regulations at 17 CFR 1.3(zz).
\22\ Including, but not limited to, gold, silver, platinum,
palladium, copper, aluminum, and rare earth metals.
\23\ Including, but not limited to, petroleum products, natural
gas, and electricity.
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4. Please indicate, by commodity category, the approximate total
value (quantity received/delivered multiplied by price paid/received)
of physical commodities that the reporting counterparty purchased and/
or delivered in connection with the exercise of unreported trade
options in the prior calendar year: \24\
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\24\ For the purposes of answering this question, a reporting
counterparty should not include the value of commodities that were
the subject of trade options that remained open at the end of the
prior calendar year or any trade options that expired unexercised
during the prior calendar year.
[[Page 74652]]
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Agricultural.................... [square] None..... [square] Under [square] $10M to [square] Over
$10M. $100M. $100M
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Metals.......................... [square] None..... [square] Under [square] $10M to [square] Over
$10M. $100M. $100M
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Energy.......................... [square] None..... [square] Under [square] $10M to [square] Over
$10M. $100M. $100M
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Other....................... [square] None..... [square] Under [square] $10M to [square] Over
$10M. $100M. $100M
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Signature/Authentication, Name, and Date
[square] By checking this box and submitting this Form TO (or by
clicking ``submit,'' ``send,'' or any other analogous transmission
command if transmitting electronically), I certify that I am duly
authorized by the reporting counterparty identified below to provide
the information and representations submitted on this Form TO, and that
the information and representations are true and correct.
Reporting Counterparty Authorized Representative (Name and
Position):
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(Name)
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(Position)
Submitted on behalf of:
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(Reporting Counterparty)
Date of Submission:
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Dated: December 11, 2012.
Sauntia S. Warfield,
Assistant Secretary of the Commission.
[FR Doc. 2012-30227 Filed 12-14-12; 8:45 am]
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