2016-13623
Federal Register, Volume 81 Issue 111 (Thursday, June 9, 2016)
[Federal Register Volume 81, Number 111 (Thursday, June 9, 2016)]
[Notices]
[Pages 37188-37191]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-13623]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice Requesting
Approval of New Collection, CFTC SmartCheck Annual Campaign Impact
Tracking Survey, 3038--NEW
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or
``Commission'') is announcing an opportunity for public comment on a
proposed collection of information by the agency. Under the Paperwork
Reduction Act (``PRA''), 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 CFTC's Office
of Customer Education and Outreach (OCEO) develops campaigns to change
customer behaviors, so that customers can better avoid fraud as defined
under the Commodities Exchange Act. The OCEO intends to survey the
public by identifying customers and determining if the CFTC's
SmartCheck\SM\ campaign is helping them to identify, avoid, and report
financial fraud.
DATES: Comments must be submitted on or before August 8, 2016.
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 this notice in any
correspondence. Comments, identified by ``CFTC SmartCheck Annual
Campaign Impact Tracking Survey,'' and Collection Number 3038--NEW may
be submitted by any of the following methods:
The Agency Web site, via its Comments Online process:
http://comments.cftc.gov. Follow the instructions for submitting
comments through the Web site.
Mail: Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures Trading Commission, 1155 21st Street NW.,
Washington, DC 20581.
Hand delivery/Courier: Same as Mail above.
Federal eRulemaking Portal: http://www.regulations.gov/.
Follow the instructions for submitting comments.
Please submit your comments using only one method, and identify
that it is for the ``SmartCheck Campaign Annual Tracking Survey.''
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments will be posted as received to
http://www.cftc.gov. You should submit only information that you wish
to make available publicly. 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.
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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 http://www.cftc.gov 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 Act.
FOR FURTHER INFORMATION CONTACT: Nisha Smalls, Lead Customer Outreach
Specialist, 202-418-5000, [email protected], Office of Customer
Education and Outreach, Commodity Futures Trading Commission, Three
Lafayette Centre, 1151 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 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 an
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. 44 U.S.C. 3506(c). The Commission is submitting this
collection of information to OMB for approval and assigning of a
collection number, pursuant to 5 CFR 1320.10.
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 submitted in
response to general solicitations 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.
Title: CFTC SmartCheck Annual Campaign Impact Tracking Survey (OMB
Control No. 3038--NEW). This is a request for approval of a new
collection.
Abstract: In 2010, the Dodd-Frank Act \2\ expanded the Commission's
authority to, among other matters related to regulatory oversight,
establish funding of consumer education initiatives under its new
Whistleblower authority.\3\ Under this new authority, the Commission
established an Office of Customer Education and Outreach (``OCEO'') to,
among other efforts, survey the public regarding consumer education
initiatives.\4\ This notice announces a public survey. This survey will
include screening questions to identify the correct respondents and
questions to determine if the CFTC's SmartCheck\SM\ campaign is helping
[[Page 37189]]
customers identify, avoid, and report financial fraud.
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\2\ See Dodd-Frank Wall Street Reform and Consumer Protection
Act, Public Law 111-203, 124 Stat. 1376 (2010). The text of the
Dodd-Frank Act may be accessed at http://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm.
\3\ See 7 U.S.C. 26.
\4\ See 17 CFR 165.12.
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The OCEO will use the information collected in the survey to refine
the methods used to inform the public about how to best detect and
report financial fraud. This will be done by creating a final summary
report that includes key findings from the survey.
Findings from the summary report will be used to directionally
inform the outreach efforts that the CFTC undertakes concerning helping
customers avoid financial fraud.
The survey will be administered using an online survey tool. The
online modality approach will allow presentation of test material to
participants in a more convenient and time-efficient manner than other
collection methods such as mall intercepts. The online method also
allows for a quicker turnaround for data collection. No other
collection methods will be used.
With respect to the 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, 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.
You should submit only information that you wish to make available
publicly. 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.\5\
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\5\ 17 CFR 145.9.
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Burden Statement: The screening questions will take about 1 minute
to complete. It is anticipated that 4,000 people will be screened. The
survey will take about 15 minutes. The cost of the screener survey will
be approximately $3,125, which equates to $46.85 per burden hour. 2,000
people will take the 15 minute survey. The cost of the full survey will
be approximately $46,875, which equates to $93.75 per burden hour.
Based on these assumptions, the total burden hours will be 566.7 hours.
The Commission estimates the average burden of this collection of
information as follows:
Estimated Annual Reporting Burden Hours
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Annual
reporting Frequency Hours per report Total
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17 CFR 165.12.................... 4,000 1 response per 1 minute per 4,000 66.7 hours, total burden.
respondent. response.
17 CFR 165.12.................... 2,000 1 response per 15 minutes per 2,000 500 hours, burden hour.
respondent. response.
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The proposed survey questions appear below:
CFTC SmartCheck Annual Campaign Impact Tracking Survey
CFTC TARGET = Age 50-65; HH income 60k+; Answers 1 or 2 for question 1;
Invests in 2 or more products in question 2
Screener
1. When it comes to family and personal investments like stocks,
mutual funds, or other trading products, how likely are you to be
involved in making decisions for your household?
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1................................ Very likely.
2................................ Somewhat likely.
3................................ Not too likely.
4................................ Not at all likely.
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2. Below is a list of financial products. Please select all that
you currently are invested in or have invested in.
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1................................ Stocks or shares.
2................................ Precious metals like gold or silver.
3................................ Foreign currency trading (FOREX).
4................................ Any type of futures or options.
5................................ None of these [Single Punch (SP)].
6................................ Don't know [SP].
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Survey
[GRID, SP ACROSS]
Please answer yes or no to each of the following questions.
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Yes No
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1 2
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3..................................... Have you read, seen, or heard
anything about the Commodity
Futures Trading Commission
(CFTC)?
4..................................... Have you read, seen, or heard
anything about CFTC SmartCheck,
a campaign that promotes expert
tools and resources to check
the background of financial
professionals, learn how to
avoid investment fraud, and
report suspicious activity?
[[Page 37190]]
5..................................... Have you read, seen, or heard
anything about SmartCheck.gov,
a Web site that links to
databases which allow investors
to check the background of
financial professionals?
6..................................... Have you read, seen, or heard
anything about Investor.gov, a
Web site that allows you to
check the background of
investment adviser
representatives and firms?
7..................................... Have you read, seen, or heard
anything about BrokerCheck.org,
a Web site that allows you to
check the background of brokers
who sell stocks, bonds, mutual
funds and other securities?
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[GRID, SP ACROSS. RANDOMIZE GRID ROWS]
Below are a number of actions that you may or may not be likely to
complete. Please indicate how likely or unlikely you are to complete
the actions using the scale below.
If you were considering investing with someone you had not invested
with before, how likely are you to:
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Not likely or
Very likely Somewhat likely unlikely Not too likely Not at all likely
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1 2 3 4 5
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8................................ Review performance history.
9................................ Talk to references and/or past
clients.
10............................... Confirm certifications and/or
education.
11............................... Perform a general Internet search.
12............................... Check disciplinary history with an
official financial regulator.
13............................... Check licensing and/or registration
status with an official financial
regulator.
14............................... Personally interview.
15............................... Check job affiliations with an
official financial regulator.
16............................... None of these/don't know [SP].
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[SP]
17. Generally speaking, how concerned are you about unknowingly
being part of a fraudulent investment?
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1................................ Very concerned.
2................................ Somewhat concerned.
3................................ Not too concerned.
4................................ Not at all concerned.
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[SP]
18. If you suspected an investment you were aware of was
fraudulent, how likely would you be to report it to a government
financial agency such as the U.S. Commodity Futures Trading Commission
(CFTC) or the U.S. Securities and Exchange Commission (SEC)?
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1................................ Very likely.
2................................ Somewhat likely.
3................................ Not too likely.
4................................ Not at all likely.
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[SP]
19. If you became aware that an investment you were already a part
of was fraudulent, how likely would you be to report it to a government
financial agency such as the U.S. Commodity Futures Trading Commission
(CFTC) or the U.S. Securities and Exchange Commission (SEC)?
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1................................ Very likely.
2................................ Somewhat likely.
3................................ Not too likely.
4................................ Not at all likely.
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[MP; RANDOMIZE LEAVING LAST 1 AT THE END]
20. Which, if any, of the following do you think are potential
signs of investment fraud? If the person selling the investment . . .
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1................................ said the investment has a guaranteed
rate of return.
2................................ said s/he has a special credential,
so they can be trusted.
3................................ said that many of your friends have
already invested in the opportunity.
4................................ was willing to charge you half of the
regular commission.
5................................ said the opportunity was closing
soon, so it was important to act
quickly.
6................................ None of these [SP].
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[GRID, SP ACROSS. RANDOMIZE GRID ROWS]
Below are a number of statements with which you may or may not
agree. Please indicate how much you agree or disagree with each
statement.
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Neither agree nor
Strongly disagree Somewhat disagree disagree Somewhat agree Strongly agree
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1 2 3 4 5
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21.................................... It is important to know the
common signs of fraud when
investing.
22.................................... The government reviews and
investigates all alleged
reports of investment fraud.
23.................................... I know where to go to report
suspected or known incidents of
investment fraud.
24.................................... I know where to go to check the
background of a financial
professional.
25.................................... Before I invest, it is important
to check the registration and/
or licensing status of a
financial professional.
26.................................... Each year, it is important to
check the registration and/or
licensing of a financial
professional with whom I
invest.
27.................................... Before I invest, it is important
to check the disciplinary
history of a financial
professional.
28.................................... Each year, it is important to
check the disciplinary history
of a financial professional.
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Authority: 44 U.S.C. 3501 et seq.
Dated: June 3, 2016.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2016-13623 Filed 6-8-16; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: June 9, 2016