[Federal Register Volume 88, Number 221 (Friday, November 17, 2023)]
[Page 80284]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-25424]



Agency Information Collection Activities: Notice of Intent To 
Extend Collection 3038-0026, Gross Collection of Exchange-Set Margins 
for Omnibus Accounts

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


SUMMARY: The Commodity Futures Trading Commission (CFTC) 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 requirements relating to Gross 
Collection of Exchange-Set Margins for Omnibus Accounts.

DATES: Comments must be submitted on or before January 16, 2024.

ADDRESSES: You may submit comments, identified by OMB Control Number 
3038-0026, 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 Pai, Attorney Advisor, Market 
Participants Division, Commodity Futures Trading Commission, (646) 746-
9893; email: [email protected].

SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501 et seq., 
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(c) 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 CFTC 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.
    Title: Gross Collection of Exchange-Set Margins for Omnibus 
Accounts (OMB Control Number 3038-0026). This is a request for 
extension of a currently approved information collection.
    Abstract: Commission Regulation 1.58 requires that FCMs margin 
omnibus accounts on a gross, rather than a net, basis. The regulation 
provides that the carrying FCM need not collect margin for positions 
traded by a person through an omnibus account in excess of the amount 
that would be required if the same person, instead of trading through 
an omnibus account, maintained its own account with the carrying FCM. 
To prevent abuse of this exception to the regulation, a carrying FCM 
must maintain a written representation from the originating FCM or 
foreign broker that the particular positions held in the omnibus 
account are part of a hedge or spread transaction. This rule is 
promulgated pursuant to the Commission's rulemaking authority contained 
in Sections 4c, 4d, 4f, 4g and 8a of the Commodity Exchange Act, 7 
U.S.C. 6c, 6d, 6f, 6g and 12a (2000).
    With respect to the following 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 
     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 Section 145.9 of 
the Commission's regulations.\1\

    \1\ 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 any 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.
    Burden Statement: The Commission is revising its estimate of the 
burden due to the reduced number of futures commission merchants in the 
industry. The respondent burden for this collection is estimated to be 
as follows:
     Estimated number of respondents: 52.
     Total annual responses: 208.
     Estimated Total Annual Burden Hours: 17.
     Frequency of Collection: On occasion.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: November 14, 2023.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2023-25424 Filed 11-16-23; 8:45 am]