[Federal Register: October 26, 2007 (Volume 72, Number 207)]
[Notices]
[Page 60828-60829]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26oc07-40]
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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 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.
FOR FURTHER INFORMATION OR A COPY CONTACT: David Van Wagner, Commodity
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.
SUPPLEMENTARY INFORMATION:
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
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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
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Reporting:
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
SFPs.......................
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
data.......................
41.27(c) Rules prohibiting 1 1 1 4 4
exemptions.................
41.27(e) Rules permitting 1 1 1 4 4
exemptions.................
41.31 SFPCM designation (one 1 1 1 5 5
time only).................
41.32 SFPCM continuing 3 20 60 4 240
obligations................
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
Requirements...........
Recordkeeping:
41.41(a)(2) Handling of 60 1 60 4 240
customer accounts..........
Subtotal Recordkeeping 60 1 60 4 240
Requirements...........
Total Reporting and 144 .............. 2,739 0.592 1,620.48
Recordkeeping......
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[FR Doc. 07-5301 Filed 10-25-07; 8:45 am]
BILLING CODE 6351-01-M
Last Updated: October 26, 2007