2016-13623

Federal Register, Volume 81 Issue 111 (Thursday, June 9, 2016)

[Federal Register Volume 81, Number 111 (Thursday, June 9, 2016)]

[Notices]

[Pages 37188-37191]

From the Federal Register Online via the Government Publishing Office [www.gpo.gov]

[FR Doc No: 2016-13623]

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COMMODITY FUTURES TRADING COMMISSION

Agency Information Collection Activities: Notice Requesting

Approval of New Collection, CFTC SmartCheck Annual Campaign Impact

Tracking Survey, 3038--NEW

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or

``Commission'') is announcing an opportunity for public comment on a

proposed collection of information by the agency. Under the Paperwork

Reduction Act (``PRA''), Federal agencies are required to publish

notice in the Federal Register concerning each proposed collection of

information and to allow 60 days for public comment. The CFTC's Office

of Customer Education and Outreach (OCEO) develops campaigns to change

customer behaviors, so that customers can better avoid fraud as defined

under the Commodities Exchange Act. The OCEO intends to survey the

public by identifying customers and determining if the CFTC's

SmartCheck\SM\ campaign is helping them to identify, avoid, and report

financial fraud.

DATES: Comments must be submitted on or before August 8, 2016.

ADDRESSES: You may submit comments, regarding the burden estimated or

any other aspect of the information collection, including suggestions

for reducing the burden. Please refer to this notice in any

correspondence. Comments, identified by ``CFTC SmartCheck Annual

Campaign Impact Tracking Survey,'' and Collection Number 3038--NEW may

be submitted by any of the following methods:

The Agency Web site, via its Comments Online process:

http://comments.cftc.gov. Follow the instructions for submitting

comments through the Web site.

Mail: Christopher Kirkpatrick, Secretary of the

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

Washington, DC 20581.

Hand delivery/Courier: Same as Mail above.

Federal eRulemaking Portal: http://www.regulations.gov/.

Follow the instructions for submitting comments.

Please submit your comments using only one method, and identify

that it is for the ``SmartCheck Campaign Annual Tracking Survey.''

All comments must be submitted in English, or if not, accompanied

by an English translation. Comments will be posted as received to

http://www.cftc.gov. You should submit only information that you wish

to make available publicly. If you wish the Commission to consider

information that you believe is exempt from disclosure under the

Freedom of Information Act, a petition for confidential treatment of

the exempt information may be submitted according to the procedures

established in Sec. 145.9 of the Commission's regulations.\1\

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\1\ 17 CFR 145.9.

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The Commission reserves the right, but shall have no obligation, to

review, pre-screen, filter, redact, refuse or remove any or all of your

submission from http://www.cftc.gov that it may deem to be

inappropriate for publication, such as obscene language. All

submissions that have been redacted or removed that contain comments on

the merits of the rulemaking will be retained in the public comment

file and will be considered as required under the Administrative

Procedure Act and other applicable laws, and may be accessible under

the Freedom of Information Act.

FOR FURTHER INFORMATION CONTACT: Nisha Smalls, Lead Customer Outreach

Specialist, 202-418-5000, [email protected], Office of Customer

Education and Outreach, Commodity Futures Trading Commission, Three

Lafayette Centre, 1151 21st Street NW., Washington, DC 20581.

SUPPLEMENTARY INFORMATION: Under the PRA, federal agencies must obtain

approval from the Office of Management and Budget (``OMB'') for each

collection of information they collect or sponsor. ``Collection of

information'' is defined in 44 U.S.C. 3502(3) as ``the obtaining,

causing to be obtained, soliciting . . . facts or opinions by or for an

agency, regardless of form or format [from] ten or more persons.'' An

agency may not conduct or sponsor, and a person is not required to

respond to, a collection of information unless it displays a valid OMB

control number. 44 U.S.C. 3506(c). The Commission is submitting this

collection of information to OMB for approval and assigning of a

collection number, pursuant to 5 CFR 1320.10.

Section 3506(c)(2)(A) of the PRA, 44 U.S.C. 3506(c)(2)(A), requires

federal agencies to provide a 60-day notice in the Federal Register for

each proposed collection of information before submitting the

collection to OMB for approval. Under OMB regulations, which implement

provisions of the PRA, certain ``facts or opinions submitted in

response to general solicitations of comments from the public,

published in the Federal Register or other publications,'' 5 CFR

1320.3(h)(4), or ``facts or opinions obtained or solicited at or in

connection with public hearings or meetings,'' 5 CFR 1320.3(h)(8), are

excluded from the OMB approval process.

Title: CFTC SmartCheck Annual Campaign Impact Tracking Survey (OMB

Control No. 3038--NEW). This is a request for approval of a new

collection.

Abstract: In 2010, the Dodd-Frank Act \2\ expanded the Commission's

authority to, among other matters related to regulatory oversight,

establish funding of consumer education initiatives under its new

Whistleblower authority.\3\ Under this new authority, the Commission

established an Office of Customer Education and Outreach (``OCEO'') to,

among other efforts, survey the public regarding consumer education

initiatives.\4\ This notice announces a public survey. This survey will

include screening questions to identify the correct respondents and

questions to determine if the CFTC's SmartCheck\SM\ campaign is helping

[[Page 37189]]

customers identify, avoid, and report financial fraud.

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\2\ See Dodd-Frank Wall Street Reform and Consumer Protection

Act, Public Law 111-203, 124 Stat. 1376 (2010). The text of the

Dodd-Frank Act may be accessed at http://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm.

\3\ See 7 U.S.C. 26.

\4\ See 17 CFR 165.12.

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The OCEO will use the information collected in the survey to refine

the methods used to inform the public about how to best detect and

report financial fraud. This will be done by creating a final summary

report that includes key findings from the survey.

Findings from the summary report will be used to directionally

inform the outreach efforts that the CFTC undertakes concerning helping

customers avoid financial fraud.

The survey will be administered using an online survey tool. The

online modality approach will allow presentation of test material to

participants in a more convenient and time-efficient manner than other

collection methods such as mall intercepts. The online method also

allows for a quicker turnaround for data collection. No other

collection methods will be used.

With respect to the 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, 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

automated electronic, mechanical, or other technological collection

techniques or other forms of information technology; e.g., permitting

electronic submission of responses.

You should submit only information that you wish to make available

publicly. If you wish the Commission to consider information that you

believe is exempt from disclosure under the Freedom of Information Act,

a petition for confidential treatment of the exempt information may be

submitted according to the procedures established in Sec. 145.9 of the

Commission's regulations.\5\

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\5\ 17 CFR 145.9.

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Burden Statement: The screening questions will take about 1 minute

to complete. It is anticipated that 4,000 people will be screened. The

survey will take about 15 minutes. The cost of the screener survey will

be approximately $3,125, which equates to $46.85 per burden hour. 2,000

people will take the 15 minute survey. The cost of the full survey will

be approximately $46,875, which equates to $93.75 per burden hour.

Based on these assumptions, the total burden hours will be 566.7 hours.

The Commission estimates the average burden of this collection of

information as follows:

Estimated Annual Reporting Burden Hours

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Annual

reporting Frequency Hours per report Total

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17 CFR 165.12.................... 4,000 1 response per 1 minute per 4,000 66.7 hours, total burden.

respondent. response.

17 CFR 165.12.................... 2,000 1 response per 15 minutes per 2,000 500 hours, burden hour.

respondent. response.

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The proposed survey questions appear below:

CFTC SmartCheck Annual Campaign Impact Tracking Survey

CFTC TARGET = Age 50-65; HH income 60k+; Answers 1 or 2 for question 1;

Invests in 2 or more products in question 2

Screener

1. When it comes to family and personal investments like stocks,

mutual funds, or other trading products, how likely are you to be

involved in making decisions for your household?

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1................................ Very likely.

2................................ Somewhat likely.

3................................ Not too likely.

4................................ Not at all likely.

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2. Below is a list of financial products. Please select all that

you currently are invested in or have invested in.

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1................................ Stocks or shares.

2................................ Precious metals like gold or silver.

3................................ Foreign currency trading (FOREX).

4................................ Any type of futures or options.

5................................ None of these [Single Punch (SP)].

6................................ Don't know [SP].

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Survey

[GRID, SP ACROSS]

Please answer yes or no to each of the following questions.

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Yes No

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1 2

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3..................................... Have you read, seen, or heard

anything about the Commodity

Futures Trading Commission

(CFTC)?

4..................................... Have you read, seen, or heard

anything about CFTC SmartCheck,

a campaign that promotes expert

tools and resources to check

the background of financial

professionals, learn how to

avoid investment fraud, and

report suspicious activity?

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5..................................... Have you read, seen, or heard

anything about SmartCheck.gov,

a Web site that links to

databases which allow investors

to check the background of

financial professionals?

6..................................... Have you read, seen, or heard

anything about Investor.gov, a

Web site that allows you to

check the background of

investment adviser

representatives and firms?

7..................................... Have you read, seen, or heard

anything about BrokerCheck.org,

a Web site that allows you to

check the background of brokers

who sell stocks, bonds, mutual

funds and other securities?

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[GRID, SP ACROSS. RANDOMIZE GRID ROWS]

Below are a number of actions that you may or may not be likely to

complete. Please indicate how likely or unlikely you are to complete

the actions using the scale below.

If you were considering investing with someone you had not invested

with before, how likely are you to:

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Not likely or

Very likely Somewhat likely unlikely Not too likely Not at all likely

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1 2 3 4 5

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8................................ Review performance history.

9................................ Talk to references and/or past

clients.

10............................... Confirm certifications and/or

education.

11............................... Perform a general Internet search.

12............................... Check disciplinary history with an

official financial regulator.

13............................... Check licensing and/or registration

status with an official financial

regulator.

14............................... Personally interview.

15............................... Check job affiliations with an

official financial regulator.

16............................... None of these/don't know [SP].

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[SP]

17. Generally speaking, how concerned are you about unknowingly

being part of a fraudulent investment?

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1................................ Very concerned.

2................................ Somewhat concerned.

3................................ Not too concerned.

4................................ Not at all concerned.

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[SP]

18. If you suspected an investment you were aware of was

fraudulent, how likely would you be to report it to a government

financial agency such as the U.S. Commodity Futures Trading Commission

(CFTC) or the U.S. Securities and Exchange Commission (SEC)?

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1................................ Very likely.

2................................ Somewhat likely.

3................................ Not too likely.

4................................ Not at all likely.

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[SP]

19. If you became aware that an investment you were already a part

of was fraudulent, how likely would you be to report it to a government

financial agency such as the U.S. Commodity Futures Trading Commission

(CFTC) or the U.S. Securities and Exchange Commission (SEC)?

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1................................ Very likely.

2................................ Somewhat likely.

3................................ Not too likely.

4................................ Not at all likely.

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[MP; RANDOMIZE LEAVING LAST 1 AT THE END]

20. Which, if any, of the following do you think are potential

signs of investment fraud? If the person selling the investment . . .

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1................................ said the investment has a guaranteed

rate of return.

2................................ said s/he has a special credential,

so they can be trusted.

3................................ said that many of your friends have

already invested in the opportunity.

4................................ was willing to charge you half of the

regular commission.

5................................ said the opportunity was closing

soon, so it was important to act

quickly.

6................................ None of these [SP].

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[GRID, SP ACROSS. RANDOMIZE GRID ROWS]

Below are a number of statements with which you may or may not

agree. Please indicate how much you agree or disagree with each

statement.

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Neither agree nor

Strongly disagree Somewhat disagree disagree Somewhat agree Strongly agree

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1 2 3 4 5

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21.................................... It is important to know the

common signs of fraud when

investing.

22.................................... The government reviews and

investigates all alleged

reports of investment fraud.

23.................................... I know where to go to report

suspected or known incidents of

investment fraud.

24.................................... I know where to go to check the

background of a financial

professional.

25.................................... Before I invest, it is important

to check the registration and/

or licensing status of a

financial professional.

26.................................... Each year, it is important to

check the registration and/or

licensing of a financial

professional with whom I

invest.

27.................................... Before I invest, it is important

to check the disciplinary

history of a financial

professional.

28.................................... Each year, it is important to

check the disciplinary history

of a financial professional.

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Authority: 44 U.S.C. 3501 et seq.

Dated: June 3, 2016.

Robert N. Sidman,

Deputy Secretary of the Commission.

[FR Doc. 2016-13623 Filed 6-8-16; 8:45 am]

BILLING CODE 6351-01-P

 

Last Updated: June 9, 2016