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: [email protected]

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