[Federal Register Volume 87, Number 126 (Friday, July 1, 2022)]
[Pages 39505-39506]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-14086]



Agency Information Collection Activities Under OMB Review

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


SUMMARY: In compliance with the Paperwork Reduction Act of 1995 
(``PRA''), this notice announces that the Information Collection 
Request (``ICR'') abstracted below has been forwarded to the Office of 
Information and Regulatory Affairs (``OIRA''), of 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.

DATES: Comments must be submitted on or before August 1, 2022.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be submitted within 30 days of this 
notice's publication to OIRA, at https://www.reginfo.gov/public/do/PRAMain. Please find this particular information collection by 
selecting ``Currently under 30-day Review--Open for Public Comments'' 
or by using the website's search function. Comments can be entered 
electronically by clicking on the ``comment'' button next to the 
information collection on the ``OIRA Information Collections Under 
Review'' page, or the ``View ICR--Agency Submission'' page. A copy of 
the supporting statement for the collection of information discussed 
herein may be obtained by visiting https://www.reginfo.gov/public/do/PRAMain.
    In addition to the submission of comments to https://Reginfo.gov as 
indicated above, a copy of all comments submitted to OIRA may also be 
submitted to the Commodity Futures Trading Commission (the 
``Commission'' or ``CFTC'') by clicking on the ``Submit Comment'' box 
next to the descriptive entry for OMB Control No. 3038-0024, at https://comments.cftc.gov/FederalRegister/PublicInfo.aspx.
    Or by either of the following methods:
     Mail: Christopher Kirkpatrick, Secretary of the 
Commission, Commodity Futures Trading Commission, Three Lafayette 

[[Page 39506]]

1155 21st Street NW, Washington, DC 20581.
     Hand Delivery/Courier: Same as Mail above.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments submitted to the Commission should 
include 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\ 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 ICR 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.

    \1\ 17 CFR 145.9.

FOR FURTHER INFORMATION CONTACT: Jennifer Bauer, Special Counsel, 
Market Participants Division, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581; 
(202) 418-5472; email: [email protected]

    Title: Regulations and Forms Pertaining to the Financial Integrity 
of the Marketplace (OMB Control No. 3038-0024). This is a request for 
an extension of a currently approved information collection.
    Abstract: The Commission is the independent federal regulatory 
agency charged with providing various forms of customer protection so 
that users of the commodity markets can be assured of the financial 
integrity of the markets and the intermediaries that they employ in 
their trading activities. Part 1 of the Commission's regulations 
requires, among other things, that commodity brokers--known as futures 
commission merchants (``FCMs''), or Introducing Brokers (``IBs''), 
comply with certain minimum financial requirements. In order to monitor 
compliance with these financial standards, the Commission has required 
FCMs and IBs to file financial reports with the Commission and with the 
designated self-regulatory organization of which they are members as 
well as to report to the Commission should certain financial 
requirements drop below prescribed minimums.
    In 2008, the U.S. Congress passed the Food, Conservation, and 
Energy Act of 2008, Public Law 110-246, 122 Stat. 1651, 2189-2204 
(2008), also known as the Farm Bill. The Farm Bill provided the 
Commission with new authority with regard to the regulation of off-
exchange retail forex transactions. Among other things, it directed the 
Commission to draft rules effectuating registration provisions for a 
new category of registrant--the retail foreign exchange dealer 
(``RFED''). Under the terms of the legislation, RFEDs are subject to 
the same capital requirements as FCMs that are engaged in retail forex 
transactions, and, therefore, subject to the same reporting 
requirements. Accordingly, this collection was amended to reflect the 
financial reporting requirements of the new category of registrant, 
    In 2010, the U.S. Congress passed the Wall Street Reform and 
Consumer Protection Act (the ``Dodd-Frank Act''), Public Law 111-203, 
124 Stat. 1376 (2010), giving the Commission the authority to regulate 
certain swap markets and participants in those markets. Section 731 of 
the Dodd-Frank Act, amended the Commodity Exchange Act (``CEA''), 7 
U.S.C. 1 et seq., to add, as section 4s(e) thereof, provisions 
concerning the setting of capital and initial and variation margin 
requirements for swap dealers (``SDs'') and major swap participants 
(``MSPs''). In 2016 and 2020 respectively, the Commission finalized the 
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap 
Participants rule and the Capital Requirements for Swap Dealers and 
Major Swap Participants rule to implement those requirements. 
Specifically, such rules include financial reporting and recordkeeping, 
as well as application processes for model approval for both capital 
and margin models for SDs and MSPs that do not have a prudential 
regulator (``Covered Swap Entities'' or ``CSEs'').
    Separately, in 2013, the Commission finalized rules in an effort to 
prevent unauthorized usage of customer funds by FCMs and RFEDs. The 
final rules included modifications to the reporting requirements 
required by the Commission which resulted in changes to the financial 
statements filed by FCMs and RFEDs, and made some of the recordkeeping 
requirements already contained in this OMB Collection Number 3038-0024 
into reporting requirements. These rules added additional recordkeeping 
requirements by FCMs to assure the segregation of customer funds. This 
collection, OMB Control No. 3038-0024, is needed for the Commission to 
continue its financial monitoring of its registrants.
    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. On April 29, 2022, the Commission 
published in the Federal Register notice of the proposed extension of 
this information collection and provided 60 days for public comment on 
the proposed extension, 87 FR 25468 (``60-Day Notice''). The Commission 
did not receive any relevant comments on the 60-Day Notice.
    Burden Statement: The Commission is revising its estimate of the 
burden for this collection to reflect the current number of respondents 
and estimated burden hours. The Commission is revising its estimate of 
the burden for this collection for approximately 61 FCMs and RFEDs, 53 
CSEs and 1,019 IBs. The respondent burden for this collection is 
estimated to be as follows:
    Estimated Number of Respondents: 1,133.
    Estimated Average Burden Hours per Respondent: 251 hours.\2\

    \2\ Rounded off from 250.7714033.

    Estimated Total Annual Burden Hours: 284,124 hours.\3\

    \3\ This figure is derived from 250.7714033 (burden hours per 
respondent) x 1,133 respondents = 284,124.

    Frequency of Collection: At various intervals.\4\

    \4\ For example, FCMs have both daily and monthly financial 
reporting obligations, annual certified financial and compliance 
report obligations, and periodic notice requirements.

    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: June 27, 2022.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2022-14086 Filed 6-30-22; 8:45 am]