[Federal Register: August 21, 2007 (Volume 72, Number 161)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Proposed Collection;
Comment Request: Part 41, Relating to Security Futures Products
AGENCY: Commodity Futures Trading Commission.
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
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]
Affected Entities: Entities potentially affected by this action are
businesses and other for-profit institutions.
Title: Part 41, Relating to Security Futures Products.
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
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