81 FR 50692 - Agency Information Collection Activities Under OMB Review

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 81, Issue 148 (August 2, 2016)

Page Range		50692-50693
FR Document		2016-18212
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 Management and Budget (OMB) for review and comment. The ICR describes the nature of the information collection and its expected costs and burden.
Federal Register, Volume 81 Issue 148 (Tuesday, August 2, 2016)
[Federal Register Volume 81, Number 148 (Tuesday, August 2, 2016)]
[Notices]
[Pages 50692-50693]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-18212]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities Under OMB Review

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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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 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 September 1, 2016.

ADDRESSES: Comments regarding the burden estimated or any other aspect 
of the information collection, including suggestions for reducing the 
burden, may be submitted directly to the Office of Information and 
Regulatory Affairs (OIRA) in OMB, within 30 days of the notice's 
publication, by email at [email protected]. Please identify 
the comments by OMB Control No. 3038-0067. Please provide the 
Commission with a copy of all submitted comments at the address listed 
below. Please refer to OMB Reference No. 3038-0067, found on http://reginfo.gov. Comments may also be mailed to the Office of Information 
and Regulatory Affairs, Office of Management and Budget, Attention: 
Desk Officer for the Commodity Futures Trading Commission, 725 17th 
Street NW., Washington, DC 20503 or through the Agency's Web site at 
http://comments.cftc.gov. Follow the instructions for submitting 
comments through the Web site.
    Comments may also be mailed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 or by Hand 
Delivery/Courier at the same address.
    A copy of the supporting statements for the collection of 
information discussed above may be obtained by visiting http://
RegInfo.gov. 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.
    For Further Information or a Copy Contact: Sue McDonough, Counsel, 
Office of General Counsel, Commodity Futures Trading Commission, (202) 
418-5132; email: [email protected], and refer to OMB Control No. 
3038-0067.

SUPPLEMENTARY INFORMATION:
    Title: Part 162 Subpart C--Identity Theft Rule (OMB Control No. 
3038-0067). This is a request for extension of a currently approved 
information collection.
    Abstract: This collection of information is needed because under 
part 162 subpart C--Identify Theft, CFTC-regulated entities are 
required to develop and implement reasonable policies and procedures to 
identify, detect, and respond to relevant red flags (the Identity Theft 
Red Flags Rules) and, in the case of entities that issue credit or 
debit cards, to assess the validity of, and communicate with 
cardholders regarding, address changes. Section 162.30 includes the 
following information collection requirements for each CFTC-regulated 
entity that qualifies as a ``financial institution'' or ``creditor'' 
under part 162 subpart C and that offers or maintains covered accounts: 
(i) Creation and periodic updating of an identity theft prevention 
program (``Program'') that is approved by the board of directors, an 
appropriate committee thereof, or a designated senior management 
employee; (ii) periodic staff reporting to the board of directors on 
compliance with the Identity Theft Red Flags Rules and related 
guidelines; and (iii) training of staff to implement the Program. 
Section 162.32 includes the following information collection 
requirements for each CFTC-regulated entity that is a credit or debit 
card issuer: (i) Establishment of policies and procedures that assess 
the validity of a change of address notification if a request for an 
additional or replacement card on the account follows soon after the 
address change; and (ii) notification of a cardholder, before issuance 
of an additional or replacement card, at the previous address or 
through some other previously agreed-upon form of communication, or 
alternatively, assessment of the validity of the address change request 
through the entity's established policies and procedures. The 
Commission uses the collection of information to discharge its 
regulatory responsibilities to protect investors from the risks of 
identity theft.

[[Page 50693]]

    CFTC staff estimates of the hour burdens associated with section 
162.30 include the one-time burden of complying with this section for 
newly-formed CFTC-regulated entities, as well as the ongoing costs of 
compliance for all CFTC-regulated entities. With respect to the one-
time burden hours, staff estimates that each newly-formed financial 
institution or creditor would incur a burden of 2 hours to conduct an 
initial assessment of covered accounts. Staff estimates that 
approximately 572 CFTC-regulated financial institutions and creditors 
are newly formed each year, and the total estimated one-time burden to 
initially assess covered accounts is therefore 1,144 hours. Staff also 
estimates that each financial institution or creditor that maintains 
covered accounts would incur an additional initial burden of 29 hours 
to develop and obtain board approval of a Program and hours to train 
the staff of the financial institution or creditor. Staff estimates 
that approximately 47 \1\ CFTC-regulated financial institutions and 
creditors that maintain covered accounts are newly formed each year, 
and thus the total estimated one-time burden to develop and obtain 
board approval of a Program and train staff is 1,363 hours. Thus, the 
total initial estimated burden for all newly-formed CFTC-regulated 
entities is 2,507 hours (1,144 hours + 1,363 hours).
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    \1\ Based on a review of new registrations typically filed with 
the CFTC each year, CFTC staff estimates that approximately 6 
futures commission merchants (``FCMs''), 83 introducing brokers 
(``IBs''), 282 commodity trading advisors (``CTAs), and 198 
commodity pool operators (``CPOs'') are newly formed each year, for 
a total of 572 entities. CFTC staff also has observed that 
approximately 50 percent of all CPOs are dually registered as CTAs. 
With respect to RFEDs, CFTC staff has observed that all entities 
registering as RFEDs also register as FCMs. Based on these 
observation, CFTC has determined that the total number of newly-
formed financial institutions and creditors is 470 (569-99 CPOs that 
are also registered as CTAs). There were no newly registered RFEDs, 
SDs, or MSPs. Each of these 470 financial institutions or creditors 
would bear the initial one-time burden of compliance. Of the total 
470 newly-formed entities, staff estimates that all of the FCMs are 
likely to carry covered accounts, 10 percent of CTAs and CPOs are 
likely to carry covered accounts, and none of the IBs are likely to 
carry covered accounts, for a total of 47 newly-formed financial 
institutions or creditors carrying covered accounts that would be 
required to conduct an initial one-time burden of compliance with 
subpart C of part 162.
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    With respect to ongoing annual burden hours, CFTC staff estimates 
that each financial institution or creditor would incur a burden of 2 
hours to periodically assess whether it offers or maintains covered 
accounts. Staff estimates that there are approximately 3,956 CFTC-
regulated entities that are either financial institutions or creditors, 
and the total estimated annual burden to periodically assess covered 
accounts is therefore 7,912 hours. Staff also estimates that each 
financial institution or creditor that maintains covered accounts would 
incur an additional annual burden of 4 hours to prepare and present an 
annual report to the board and 2 hours to periodically review and 
update the Program. Staff estimates that there are approximately 47 
CFTC-regulated entities that are financial institutions or creditors 
that offer or maintain covered accounts, and thus the total estimated 
additional annual burden for these entities is 282 hours. Thus, the 
total ongoing annual estimated burden for all CFTC-regulated entities 
is 8,194 hours (7912 hours + 282 hours).
    The collections of information required by section 162.32 will 
apply only to CFTC-regulated entities that issue credit or debit cards. 
CFTC staff understands that CFTC-regulated entities generally do not 
issue credit or debit cards, but instead may partner with other 
entities, such as banks, that issue cards on their behalf. These other 
entities, which are not regulated by the CFTC, are already subject to 
substantially similar change of address obligations pursuant to other 
federal regulators' identity theft red flags rules. Therefore, staff 
does not expect that any CFTC-regulated entities will be subject to the 
information collection requirements of section 163.32, and accordingly, 
staff estimates that there is no hour burden related to section 162.32 
for CFTC-regulated entities.
    In total, CFTC staff estimates that the aggregate annual 
information collection burden of part 162 subpart C is 10,701 hours 
(2,507 hours + 8,194 hours). This estimate of burden hours is made 
solely for the purposes of the Paperwork Reduction Act and is not 
derived from a quantitative, comprehensive, or even representative 
survey or study of the burdens associated with Commission rules and 
forms. Compliance with part 162 subpart C, including compliance with 
the information collection requirements thereunder, is mandatory for 
each CFTC regulated entity that qualifies as a ``financial 
institution'' or ``creditor'' under part 162 subpart C (as discussed 
above, certain collections of information under part 162 subpart C are 
mandatory only for financial institutions or creditors that offer or 
maintain covered accounts).
    The Commission did not receive any comments on the 60-day Federal 
Register notice, 81 FR 35001, dated June 1, 2016.
    Estimated Number of Respondents: 4,622.
    Estimated Average Burden Hours per Respondent: 2.32.
    Estimated Total Annual Burden Hours: 10,723.\2\
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    \2\ This total annual burden hour reflects a slight increase in 
the estimated total annual burden hours to account for the average 
burden hours per respondent of 2.32 hours.
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    Frequency of Collection: Once.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

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

    Dated: July 27, 2016.
Christopher J. Kirkpatrick,
Secretary of the Commission.
[FR Doc. 2016-18212 Filed 8-1-16; 8:45 am]
 BILLING CODE 6351-01-P
50692 Federal Register / Vol. 81, No. 148 / Tuesday, August 2, 2016 / Notices

requirements of this exception are Authority: 44 U.S.C. 3501 et seq. English translation. Comments will be
satisfied (including policies and Dated: July 27, 2016. posted as received to http://
procedures ensuring that they are in Christopher J. Kirkpatrick, www.cftc.gov.
compliance). Based upon the above, the Secretary of the Commission. For Further Information or a Copy
estimated hour burden for collection is [FR Doc. 2016–18213 Filed 8–1–16; 8:45 am] Contact: Sue McDonough, Counsel,
calculated as follows: Office of General Counsel, Commodity
BILLING CODE 6351–01–P
Estimated Number of Respondents Futures Trading Commission, (202)
per Year: 54. 418–5132; email: smcdonough@cftc.gov,
Estimated Burden Hours per and refer to OMB Control No. 3038–
COMMODITY FUTURES TRADING
Registrant: 10. 0067.
Estimated Total Annual Burden COMMISSION
Hours: 540. Agency Information Collection SUPPLEMENTARY INFORMATION:
Frequency of Collection: Once; As Activities Under OMB Review Title: Part 162 Subpart C—Identity
needed. Theft Rule (OMB Control No. 3038–
• Burden Statement—Information AGENCY: Commodity Futures Trading 0067). This is a request for extension of
Collection for Non-Segregation Commission. a currently approved information
Jurisdictions: The Commission currently ACTION: Notice. collection.
estimates that there are between five
and ten jurisdictions for which the first SUMMARY: In compliance with the Abstract: This collection of
two conditions specified above for non- Paperwork Reduction Act of 1995 information is needed because under
segregation jurisdictions are satisfied (PRA), this notice announces that the part 162 subpart C—Identify Theft,
and where Foreign Consolidated Information Collection Request (ICR) CFTC-regulated entities are required to
Subsidiaries and foreign branches of abstracted below has been forwarded to develop and implement reasonable
U.S. CSEs that are subject to the the Office of Management and Budget policies and procedures to identify,
Commission’s margin rules may engage (OMB) for review and comment. The detect, and respond to relevant red flags
in swaps, or for purposes of the PRA ICR describes the nature of the (the Identity Theft Red Flags Rules) and,
estimate, an average of 7.5 non- information collection and its expected in the case of entities that issue credit
segregation jurisdictions. The costs and burden. or debit cards, to assess the validity of,
Commission estimates that DATES: Comments must be submitted on and communicate with cardholders
approximately 12 Foreign Consolidated or before September 1, 2016. regarding, address changes. Section
Subsidiaries and foreign branches of ADDRESSES: Comments regarding the 162.30 includes the following
U.S. CSEs may rely on section 23.160(e) burden estimated or any other aspect of information collection requirements for
of the Final Rule in some or all of these the information collection, including each CFTC-regulated entity that
jurisdiction(s). The Commission suggestions for reducing the burden, qualifies as a ‘‘financial institution’’ or
estimates that each Foreign may be submitted directly to the Office ‘‘creditor’’ under part 162 subpart C and
Consolidated Subsidiary or foreign of Information and Regulatory Affairs that offers or maintains covered
branch of a U.S. CSE relying on this (OIRA) in OMB, within 30 days of the accounts: (i) Creation and periodic
provision would incur an average of 20 notice’s publication, by email at updating of an identity theft prevention
annual burden hours to maintain books OIRAsubmissions@omb.eop.gov. Please program (‘‘Program’’) that is approved
and records properly documenting that identify the comments by OMB Control by the board of directors, an appropriate
all of the requirements of this provision No. 3038–0067. Please provide the committee thereof, or a designated
are satisfied (including policies and Commission with a copy of all senior management employee; (ii)
procedures ensuring that they are in submitted comments at the address periodic staff reporting to the board of
compliance) with respect to each listed below. Please refer to OMB directors on compliance with the
jurisdiction as to which they rely on the Reference No. 3038–0067, found on Identity Theft Red Flags Rules and
special provision. Thus, based on the http://reginfo.gov. Comments may also related guidelines; and (iii) training of
average of 7.5 non-segregation be mailed to the Office of Information staff to implement the Program. Section
jurisdictions, the Commission estimates and Regulatory Affairs, Office of 162.32 includes the following
that each of the approximately 12 Management and Budget, Attention: information collection requirements for
Foreign Consolidated Subsidiaries and Desk Officer for the Commodity Futures each CFTC-regulated entity that is a
foreign branches of U.S. CSEs that may Trading Commission, 725 17th Street credit or debit card issuer: (i)
rely on this provision will incur an NW., Washington, DC 20503 or through Establishment of policies and
estimated 150 average burden hours per the Agency’s Web site at http:// procedures that assess the validity of a
year (i.e., 20 average burden hours per comments.cftc.gov. Follow the change of address notification if a
jurisdiction multiplied by 7.5). Based instructions for submitting comments request for an additional or replacement
upon the above, the estimated hour through the Web site. card on the account follows soon after
burden for collection is calculated as Comments may also be mailed to: the address change; and (ii) notification
follows: Christopher Kirkpatrick, Secretary of the of a cardholder, before issuance of an
Estimated Number of Respondents Commission, Commodity Futures additional or replacement card, at the
per Year: 12. Trading Commission, Three Lafayette previous address or through some other
Estimated Burden Hours per Centre, 1155 21st Street NW., previously agreed-upon form of
Washington, DC 20581 or by Hand communication, or alternatively,
mstockstill on DSK3G9T082PROD with NOTICES

Registrant: 150.
Estimated Total Annual Burden Delivery/Courier at the same address. assessment of the validity of the address
Hours: 1,800 hours. A copy of the supporting statements change request through the entity’s
Frequency of Collection: Once; As for the collection of information established policies and procedures.
needed. discussed above may be obtained by The Commission uses the collection of
There are no capital costs or operating visiting http://RegInfo.gov. All information to discharge its regulatory
and maintenance costs associated with comments must be submitted in responsibilities to protect investors from
this collection. English, or if not, accompanied by an the risks of identity theft.

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Federal Register / Vol. 81, No. 148 / Tuesday, August 2, 2016 / Notices 50693

CFTC staff estimates of the hour periodically assess covered accounts is Estimated Average Burden Hours per
burdens associated with section 162.30 therefore 7,912 hours. Staff also Respondent: 2.32.
include the one-time burden of estimates that each financial institution Estimated Total Annual Burden
complying with this section for newly- or creditor that maintains covered Hours: 10,723.2
formed CFTC-regulated entities, as well accounts would incur an additional Frequency of Collection: Once.
as the ongoing costs of compliance for annual burden of 4 hours to prepare and There are no capital costs or operating
all CFTC-regulated entities. With present an annual report to the board and maintenance costs associated with
respect to the one-time burden hours, and 2 hours to periodically review and this collection.
staff estimates that each newly-formed update the Program. Staff estimates that Authority: 44 U.S.C. 3501 et seq.
financial institution or creditor would there are approximately 47 CFTC-
Dated: July 27, 2016.
incur a burden of 2 hours to conduct an regulated entities that are financial
initial assessment of covered accounts. Christopher J. Kirkpatrick,
institutions or creditors that offer or
Staff estimates that approximately 572 maintain covered accounts, and thus the Secretary of the Commission.
CFTC-regulated financial institutions total estimated additional annual [FR Doc. 2016–18212 Filed 8–1–16; 8:45 am]
and creditors are newly formed each burden for these entities is 282 hours. BILLING CODE 6351–01–P
year, and the total estimated one-time Thus, the total ongoing annual
burden to initially assess covered estimated burden for all CFTC-regulated
accounts is therefore 1,144 hours. Staff entities is 8,194 hours (7912 hours + 282 DEPARTMENT OF ENERGY
also estimates that each financial hours).
institution or creditor that maintains The collections of information Environmental Management Site-
covered accounts would incur an required by section 162.32 will apply Specific Advisory Board, Paducah
additional initial burden of 29 hours to only to CFTC-regulated entities that AGENCY: Department of Energy (DOE).
develop and obtain board approval of a issue credit or debit cards. CFTC staff
Program and hours to train the staff of ACTION: Notice of open meeting.
understands that CFTC-regulated
the financial institution or creditor. Staff entities generally do not issue credit or SUMMARY: This notice announces a
estimates that approximately 47 1 CFTC- debit cards, but instead may partner meeting of the Environmental
regulated financial institutions and with other entities, such as banks, that Management Site-Specific Advisory
creditors that maintain covered issue cards on their behalf. These other Board (EM SSAB), Paducah. The
accounts are newly formed each year, entities, which are not regulated by the Federal Advisory Committee Act (Pub.
and thus the total estimated one-time CFTC, are already subject to L. 92–463, 86 Stat. 770) requires that
burden to develop and obtain board substantially similar change of address public notice of this meeting be
approval of a Program and train staff is obligations pursuant to other federal announced in the Federal Register.
1,363 hours. Thus, the total initial regulators’ identity theft red flags rules.
estimated burden for all newly-formed DATES: Thursday, August 18, 2016, 6:00
Therefore, staff does not expect that any p.m.
CFTC-regulated entities is 2,507 hours CFTC-regulated entities will be subject
(1,144 hours + 1,363 hours). ADDRESSES: Barkley Centre, 111
to the information collection
With respect to ongoing annual Memorial Drive, Paducah, Kentucky
requirements of section 163.32, and
burden hours, CFTC staff estimates that 42001.
accordingly, staff estimates that there is
each financial institution or creditor FOR FURTHER INFORMATION CONTACT:
no hour burden related to section 162.32
would incur a burden of 2 hours to Jennifer Woodard, Deputy Designated
for CFTC-regulated entities.
periodically assess whether it offers or Federal Officer, Department of Energy
maintains covered accounts. Staff In total, CFTC staff estimates that the
aggregate annual information collection Paducah Site Office, Post Office Box
estimates that there are approximately 1410, MS–103, Paducah, Kentucky
3,956 CFTC-regulated entities that are burden of part 162 subpart C is 10,701
hours (2,507 hours + 8,194 hours). This 42001, (270) 441–6825.
either financial institutions or creditors,
estimate of burden hours is made solely SUPPLEMENTARY INFORMATION: Purpose of
and the total estimated annual burden to
for the purposes of the Paperwork the Board: The purpose of the Board is
1 Based on a review of new registrations typically Reduction Act and is not derived from to make recommendations to DOE–EM
filed with the CFTC each year, CFTC staff estimates a quantitative, comprehensive, or even and site management in the areas of
that approximately 6 futures commission merchants representative survey or study of the environmental restoration, waste
(‘‘FCMs’’), 83 introducing brokers (‘‘IBs’’), 282 burdens associated with Commission management and related activities.
commodity trading advisors (‘‘CTAs), and 198
commodity pool operators (‘‘CPOs’’) are newly rules and forms. Compliance with part Tentative Agenda:
formed each year, for a total of 572 entities. CFTC 162 subpart C, including compliance • Call to Order, Introductions, Review
staff also has observed that approximately 50 with the information collection of Agenda
percent of all CPOs are dually registered as CTAs. requirements thereunder, is mandatory • Administrative Issues
With respect to RFEDs, CFTC staff has observed that
for each CFTC regulated entity that • Public Comments (15 minutes)
all entities registering as RFEDs also register as
FCMs. Based on these observation, CFTC has qualifies as a ‘‘financial institution’’ or • Adjourn
determined that the total number of newly-formed ‘‘creditor’’ under part 162 subpart C (as Breaks taken as appropriate.
financial institutions and creditors is 470 (569–99 discussed above, certain collections of Public Participation: The EM SSAB,
CPOs that are also registered as CTAs). There were Paducah, welcomes the attendance of
no newly registered RFEDs, SDs, or MSPs. Each of information under part 162 subpart C
these 470 financial institutions or creditors would are mandatory only for financial the public at its advisory committee
bear the initial one-time burden of compliance. Of institutions or creditors that offer or meetings and will make every effort to
mstockstill on DSK3G9T082PROD with NOTICES

the total 470 newly-formed entities, staff estimates maintain covered accounts). accommodate persons with physical
that all of the FCMs are likely to carry covered disabilities or special needs. If you
accounts, 10 percent of CTAs and CPOs are likely The Commission did not receive any
to carry covered accounts, and none of the IBs are comments on the 60-day Federal require special accommodations due to
likely to carry covered accounts, for a total of 47 Register notice, 81 FR 35001, dated June
newly-formed financial institutions or creditors 2 This total annual burden hour reflects a slight

carrying covered accounts that would be required
1, 2016. increase in the estimated total annual burden hours
to conduct an initial one-time burden of compliance Estimated Number of Respondents: to account for the average burden hours per
with subpart C of part 162. 4,622. respondent of 2.32 hours.

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Document Created: 2016-08-02 01:47:53
Document Modified: 2016-08-02 01:47:53
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice.
Dates		Comments must be submitted on or before September 1, 2016.
FR Citation		81 FR 50692