[Federal Register: October 26, 2007 (Volume 72, Number 207)]


[Page 60828-60829]

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





Agency Information Collection Activities: Proposed Collection;

Comment Request: Part 41 Relating to Security Futures Products

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


SUMMARY: In compliance with the Paperwork Reduction Act (44 U.S.C. 3501

et seq.), this notice announces that the Information Collection Request

(ICR) abstracted below has been forwarded to the Office of Management

and Budget (OMB) for review and comment. The ICR describes the nature

of the information collection and its expected costs and burden; it

includes the actual data collection instruments [if any].

DATES: Comments must be submitted on or before November 26, 2007.


Futures Trading Commission, Division of Market Oversight, 202-418-5481,

fax 202-418-5527, E-mail [email protected], and refer to OMB Control

No. 3038-0059.


Title: Part 41 Relating to Security Futures Products (OMB Control

No. 3038-0059). This is a request for extension of a currently approved

information collection.

Abstract: Section 4d(c) of the Commodity Exchange Act (EAC), 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. Only securities accounts receive

insurance protection under provisions of the Securities Investor

Protection Act. By contrast, only futures accounts are subject to the

protections provided by the segregation requirements of the CEA.

As 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 Federal Register notice with a 60-day comment

period soliciting comments on this collection of information was

published on August 21, 2007 (72 FR 46613).

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.

Send comments regarding the burden estimated or any other aspect of

the information collection, including suggestions for reducing the

burden, to the addresses listed below. Please refer to OMB Control No.

3038-0059 in any correspondence.

David Van Wagner, Chief Counsel, Division of Market Oversight, U.S.

Commodity Futures Trading Commission, 1155 21st Street, NW.,

Washington, DC 20581, and Office of Information and Regulatory Affairs,

Office of Management and Budget, Attention: Desk Officer for CFTC, 725

17th Street, Washington, DC 20503.

Dated: October 22, 2007.

David A. Stawick,

Secretary of the Commission.

[[Page 60829]]

Part 41--Security Futures Products OMB Collection No. 3038-0059


Estimated Estimated

Number of Reports Estimated total number

respondents or annually by Total annual average number of hours of

recordkeepers each responses of hours per annual burden

per year respondent response in fiscal year



41.3 Application for 5 1 5 25,000 125

exemption by intermediaries

41.23(a)(1)-(5) Listing of 3 20 60 4 240


41.23(a)(6) and 41.24(a)(5). 3 25 75 .033 2.48

41.25(a)(1) Reporting of 3 20 60 1 60


41.27(c) Rules prohibiting 1 1 1 4 4


41.27(e) Rules permitting 1 1 1 4 4


41.31 SFPCM designation (one 1 1 1 5 5

time only).................

41.32 SFPCM continuing 3 20 60 4 240


41.33 Application for 1 1 1 40 40

exemption by SFPCM.........

41.41 FCM/B-D disclosure.... 60 40 2,400 .25 600

41.49 Margin rule changes... 3 5 15 4 60

Subtotal Reporting 84 .............. 2,679 .............. 1,380.48



41.41(a)(2) Handling of 60 1 60 4 240

customer accounts..........

Subtotal Recordkeeping 60 1 60 4 240


Total Reporting and 144 .............. 2,739 0.592 1,620.48



[FR Doc. 07-5301 Filed 10-25-07; 8:45 am]


Last Updated: October 26, 2007