[Federal Register Volume 87, Number 101 (Wednesday, May 25, 2022)]
[Pages 31862-31863]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11253]



Agency Information Collection Activities: Notice of Intent To 
Extend Collection 3038-0078: Conflicts of Interest Policies and 
Procedures by Futures Commission Merchants and Introducing Brokers

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


SUMMARY: The Commodity Futures Trading Commission (``Commission'') is 
announcing an opportunity for public comment on the proposed renewal of 
a collection of certain 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, including each proposed extension of an existing 
collection of information, and to allow 60 days for public comment. 
This notice solicits comments on the collections of information 
mandated by a Commission regulation dealing with conflicts of interest 
policies and procedures by futures commission merchants and introducing 

DATES: Comments must be submitted on or before July 25, 2022.

ADDRESSES: You may submit comments, identified by ``OMB Control Number 
3038-0078'' by any of the following methods:
     The Agency's website, at https://comments.cftc.gov/. 
Follow the instructions for submitting comments through the website.
     Mail: Christopher Kirkpatrick, Secretary of the 
Commission, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW, Washington, DC 20581.
     Hand Delivery/Courier: Same as Mail above.
    Please submit your comments using only one method. All comments 
must be submitted in English, or if not, accompanied by an English 
translation. Comments will be posted as received to https://www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Andrew Chapin, Associate Chief 
Counsel, Market Participants Division, Commodity Futures Trading 
Commission, (202) 418-5465, email: [email protected]

SUPPLEMENTARY INFORMATION: Under the PRA,\1\ Federal agencies must 
obtain approval from the Office of Management and Budget (``OMB'') for 
each collection of information they conduct or sponsor. ``Collection of 
Information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3 and 
includes agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
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 
concerning each proposed collection of information, including each 
proposed extension of an existing collection of information, before 
submitting the collection to OMB for approval. To comply with this 
requirement, the Commission is publishing notice of the proposed 
collection of information listed below. 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.\2\

    \1\ 44 U.S.C. 3501 et seq.
    \2\ 44 U.S.C. 3512, 5 CFR 1320.5(b)(2)(i) and 1320.8 (b)(3)(vi).

    Title: Conflicts of Interest Policies and Procedures by Futures 
Commission Merchants and Introducing Brokers (OMB Control Nos. 3038-
0078). This is a request for an extension of currently approved 
information collection.
    Abstract: On April 3, 2012, the Commission adopted Commission 
regulation 1.71 (Conflicts of interest policies and procedures by 
futures commission merchants and introducing brokers) \3\ pursuant to 
sections 4d(c) \4\ of the Commodity Exchange Act (``CEA'').\5\ 
Commission regulation 1.71 generally requires that, among other things, 
generally that, among other things, futures commission merchants 
(``FCM'') \6\ and introducing brokers (``IB'') \7\ develop conflicts of 
interest procedures and disclosures, adopt and implement written 
policies and procedures reasonably designed to ensure compliance with 
their conflicts of interest and disclosure obligations, and maintain 
specified records related to those requirements.\8\ The Commission 
believes that the information collection obligations imposed by 
Commission regulation 1.71 are essential to (i) ensuring that FCMs and 
IBs develop and maintain the conflicts of interest systems, procedures 
and disclosures required by the CEA, and Commission regulations, and 
(ii) the effective evaluation of these registrants' actual compliance 
with the CEA and Commission regulations. 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.

    \3\ 17 CFR 1.71.
    \4\ 7 U.S.C. 6d(c).
    \5\ 77 FR 20198.
    \6\ For the definition of FCM, see section 1a(28) of the CEA and 
Commission regulation 1.3. 7 U.S.C. 1a(49) and 17 CFR 1.3.
    \7\ For the definitions of IB, see section 1a(31) of the CEA and 
Commission regulation 1.3. 7 U.S.C.
    1a(33) and 17 CFR 1.3.
    \8\ See 17 CFR 1.71.

    With respect to the collection of information, the Commission 
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 
     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 whoare 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

[[Page 31863]]

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.\9\

    \9\ 17 CFR 145.9.

    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 https://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 information collection request 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.
    Burden Statement: The Commission is revising its estimate of the 
burden for this collection to reflect the current number of 
respondents. The respondent burden for this collection is estimated to 
be as follows:
    Estimated Number of Respondents: 1,065.
    Estimated Average Burden Hours per Respondent: 44.5.
    Estimated Total Annual Burden Hours: 47,392.
    Frequency of Collection: As applicable.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: May 20, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-11253 Filed 5-24-22; 8:45 am]