07-2527

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)]

[Notices]

[Page 28686-28687]

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

[DOCID:fr22my07-59]

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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.

ACTION: Notice.

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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

market manipulation.

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

[[Page 28687]]

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

FOR FURTHER INFORMATION CONTACT: Riva Adriance, (202) 418-5495; FAX

(202) 418-5527; e-mail: [email protected]

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

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 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--

Extension

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