82 FR 43527 - Agency Information Collection Activities: Notice of Intent To Renew Collection Number 3038-0062, Off-Exchange Foreign Currency Transactions
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 82, Issue 179 (September 18, 2017)
Federal Register Volume 82, Issue 179 (September 18, 2017)
| Page Range | 43527-43528 | |
| FR Document | 2017-19749 |
[Federal Register Volume 82, Number 179 (Monday, September 18, 2017)] [Notices] [Pages 43527-43528] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-19749] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Renew Collection Number 3038-0062, Off-Exchange Foreign Currency Transactions AGENCY: Commodity Futures Trading Commission. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or ``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 provided for by part 5 of the Commission's regulations under the Commodity Exchange Act (``CEA'') relating to off-exchange foreign currency transactions. DATES: Comments must be submitted on or before November 17, 2017. ADDRESSES: You may submit comments, identified by ``Off-Exchange Foreign Currency Transactions,'' and Collection Number 3038-0062 by any of the following methods:The Agency's Web site, at 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, 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. Federal eRulemaking Portal: http://www.regulations.gov/. Follow the instructions for submitting comments through the Portal. 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 http://www.cftc.gov. FOR FURTHER INFORMATION CONTACT: Lauren Bennett, Special Counsel, 202- 418-5290, [email protected], Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission. SUPPLEMENTARY INFORMATION: Under the PRA, 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 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: Off-Exchange Foreign Currency Transactions (OMB Control No. 3038-0062). This is a request for an extension of a currently approved information collection. Abstract: Part 5 of the Commission's regulations under the CEA establishes rules applicable to retail foreign exchange dealers (``RFEDs''), futures commission merchants (``FCMs''), introducing brokers (``IBs''), commodity trading advisors (``CTAs''), and commodity pool operators (``CPOs'') engaged in the offer and sale of off-exchange forex contracts to retail customers. Specifically: Regulation 5.5 requires RFEDs, FCMs, and IBs to distribute risk disclosure statements to new retail forex customers. Regulation 5.6 requires RFEDs and FCMs to report any failures to maintain the minimum capital required by Commission regulations. Regulation 5.8 requires RFEDs and FCMs to calculate their total retail forex obligation. Regulation 5.10 requires RFEDs to maintain and preserve certain risk assessment documentation. Regulation 5.11(a)(1) requires RFEDs to submit certain risk assessment documentation to the Commission within 60 days of the effective date of their registration. Regulation 5.11(a)(2) requires RFEDs to submit certain financial documentation to the Commission within 105 calendar days of the end of each fiscal year. RFEDs must also submit additional information, if requested, regarding affiliates' financial impact on an RFED's organizational structure. Regulation 5.12(a) requires RFED applicants to submit a Form 1-FR-FCM concurrently with their registration application. Regulation 5.12(b) requires registered RFEDs to file a Form 1-FR-FCM on a monthly and annual basis. Regulation 5.12(g) states that, in the event that an RFED cannot file its Form 1-FR-FCM for any period within the time specified in Regulation 5.12(b), the RFED may file an application for an extension of time with its self-regulatory organization. Regulation 5.13(a) requires RFEDs and FCMs to provide monthly account statements to their customers. Regulation 5.13(b) requires RFEDs and FCMs to provide confirmation statements to their customers within one business day after the execution of any retail forex or forex option transaction. Regulation 5.14 requires RFEDs and FCMs to maintain current ledgers of each transaction affecting its asset, liability, income, expense and capital accounts. Regulation 5.18(g) requires each RFED, FCM, CPO, CTA, and IB subject [[Page 43528]] to part 5 to maintain a record of all communications received that give rise to possible violations of the Act, rules, regulations or orders thereunder related to their retail forex business. Regulation 5.18(i) requires each RFED and FCM to prepare and maintain on a quarterly basis a calculation of non-discretionary retail forex customer accounts open for any period of time during the quarter that were profitable, and the percentage of such accounts that were not profitable. Regulation 5.18(j) requires the CCO of each RFED and FCM to certify annually that the firm has in place processes to establish, maintain, review, modify and test policies and procedures reasonably designed to achieve compliance with the Act, rules, regulations and orders thereunder. Regulation 5.19 requires each RFED, FCM, CPO, CTA, and IB subject to part 5 to submit to the Commission copies of any dispositive or partially dispositive decision for which a notice of appeal has been filed in any material legal proceeding (1) to which the firm is a party to or to which its property or assets is subject with respect to retail forex transactions, or (2) instituted against any person who is a principal of the firm arising from conduct in such person's capacity as a principal of that firm. Regulation 5.20 requires RFEDs, FCMs and IBs to submit documentation requested pursuant to certain types of special calls by the Commission. Regulation 5.23 requires RFEDs, FCMs and IBs to notify the Commission regarding bulk transfers and bulk liquidations of customer accounts. The rules establish reporting and recordkeeping requirements that are necessary to implement the provisions of the Food, Conservation, and Energy Act of 2008 \1\ regarding off-exchange transactions in foreign currency with members of the public. The rules are intended to promote customer protection by providing safeguards against irresponsible or fraudulent business practices.\2\ --------------------------------------------------------------------------- \1\ Public Law 110-246, 122 Stat. 1651, 2189-220 (2008). \2\ See Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries, 75 FR 55410, 55416 (Sept. 10, 2010). --------------------------------------------------------------------------- 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. 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.\3\ --------------------------------------------------------------------------- \3\ 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 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 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 affected registrants and revised burden estimates. Accordingly, the respondent burden for this collection is estimated to be as follows: Number of Registrants: 169. Estimated Average Burden Hours per Registrant: 777. Estimated Aggregate Burden Hours: 131,259. Frequency of Recordkeeping: As applicable. Authority: 44 U.S.C. 3501 et seq. Dated: September 12, 2017. Robert N. Sidman, Deputy Secretary of the Commission. [FR Doc. 2017-19749 Filed 9-15-17; 8:45 am] BILLING CODE 6351-01-P
![Federal Register / Vol. 82, No. 179 / Monday, September 18, 2017 / Notices 43527
Assessment and Fishery Evaluation Comments must be submitted on
DATES: Abstract: Part 5 of the Commission’s
document, future meeting planning, and or before November 17, 2017. regulations under the CEA establishes
administrative items. Public comment ADDRESSES: You may submit comments, rules applicable to retail foreign
may be taken at the discretion of the identified by ‘‘Off-Exchange Foreign exchange dealers (‘‘RFEDs’’), futures
CPSMT Chair. Currency Transactions,’’ and Collection commission merchants (‘‘FCMs’’),
Although non-emergency issues not Number 3038–0062 by any of the introducing brokers (‘‘IBs’’), commodity
contained in the meeting agenda may be following methods: trading advisors (‘‘CTAs’’), and
discussed, those issues may not be the • The Agency’s Web site, at http:// commodity pool operators (‘‘CPOs’’)
subject of formal action during this comments.cftc.gov/. Follow the engaged in the offer and sale of off-
meeting. Action will be restricted to instructions for submitting comments exchange forex contracts to retail
those issues specifically listed in this through the Web site. customers. Specifically:
document and any issues arising after • Mail: Christopher Kirkpatrick, • Regulation 5.5 requires RFEDs,
publication of this document that Secretary of the Commission, FCMs, and IBs to distribute risk
require emergency action under section Commodity Futures Trading disclosure statements to new retail forex
305(c) of the Magnuson-Stevens Fishery Commission, Three Lafayette Centre, customers.
Conservation and Management Act, 1155 21st Street NW., Washington, DC • Regulation 5.6 requires RFEDs and
provided the public has been notified of 20581. FCMs to report any failures to maintain
the intent to take final action to address • Hand Delivery/Courier: Same as the minimum capital required by
the emergency. mail above. Please submit your Commission regulations.
Special Accommodations comments using only one method. • Regulation 5.8 requires RFEDs and
• Federal eRulemaking Portal: http:// FCMs to calculate their total retail forex
This meeting is physically accessible www.regulations.gov/. Follow the obligation.
to people with disabilities. Requests for instructions for submitting comments • Regulation 5.10 requires RFEDs to
sign language interpretation or other through the Portal. maintain and preserve certain risk
auxiliary aids should be directed to Mr. Please submit your comments using assessment documentation.
Dale Sweetnam; email: dale.sweetnam@ only one method. • Regulation 5.11(a)(1) requires
noaa.gov; phone: (858) 546–7170 at least All comments must be submitted in RFEDs to submit certain risk assessment
10 days prior to the meeting date. English, or if not, accompanied by an documentation to the Commission
Dated: September 13, 2017. English translation. Comments will be within 60 days of the effective date of
Tracey L. Thompson, posted as received to http:// their registration.
Acting Deputy Director, Office of Sustainable www.cftc.gov. • Regulation 5.11(a)(2) requires
Fisheries, National Marine Fisheries Service. RFEDs to submit certain financial
FOR FURTHER INFORMATION CONTACT:
documentation to the Commission
[FR Doc. 2017–19746 Filed 9–15–17; 8:45 am] Lauren Bennett, Special Counsel, 202–
within 105 calendar days of the end of
BILLING CODE 3510–22–P 418–5290, lbennett@cftc.gov, Division of
each fiscal year. RFEDs must also
Swap Dealer and Intermediary
submit additional information, if
Oversight, Commodity Futures Trading
requested, regarding affiliates’ financial
COMMODITY FUTURES TRADING Commission.
impact on an RFED’s organizational
COMMISSION SUPPLEMENTARY INFORMATION: Under the structure.
PRA, Federal agencies must obtain • Regulation 5.12(a) requires RFED
Agency Information Collection approval from the Office of Management
Activities: Notice of Intent To Renew applicants to submit a Form 1–FR–FCM
and Budget (OMB) for each collection of concurrently with their registration
Collection Number 3038–0062, Off- information they conduct or sponsor.
Exchange Foreign Currency application.
Transactions
‘‘Collection of Information’’ is defined • Regulation 5.12(b) requires
in 44 U.S.C. 3502(3) and 5 CFR 1320.3 registered RFEDs to file a Form 1–FR–
AGENCY: Commodity Futures Trading and includes agency requests or FCM on a monthly and annual basis.
Commission. requirements that members of the public • Regulation 5.12(g) states that, in the
ACTION: Notice. submit reports, keep records, or provide event that an RFED cannot file its Form
information to a third party. Section 1–FR–FCM for any period within the
SUMMARY: The Commodity Futures 3506(c)(2)(A) of the PRA, 44 U.S.C. time specified in Regulation 5.12(b), the
Trading Commission (‘‘CFTC’’ or 3506(c)(2)(A), requires Federal agencies RFED may file an application for an
‘‘Commission’’) is announcing an to provide a 60-day notice in the extension of time with its self-regulatory
opportunity for public comment on the Federal Register concerning each organization.
proposed renewal of a collection of proposed collection of information • Regulation 5.13(a) requires RFEDs
certain information by the agency. before submitting the collection to OMB and FCMs to provide monthly account
Under the Paperwork Reduction Act for approval. To comply with this statements to their customers.
(‘‘PRA’’), Federal agencies are required requirement, the CFTC is publishing • Regulation 5.13(b) requires RFEDs
to publish notice in the Federal Register notice of the proposed collection of and FCMs to provide confirmation
concerning each proposed collection of information listed below. An agency statements to their customers within
information, including each proposed may not conduct or sponsor, and a one business day after the execution of
extension of an existing collection of person is not required to respond to, a any retail forex or forex option
information, and to allow 60 days for collection of information unless it
sradovich on DSKBBY8HB2PROD with NOTICES
transaction.
public comment. This notice solicits displays a currently valid OMB control • Regulation 5.14 requires RFEDs and
comments on the collections of number. FCMs to maintain current ledgers of
information provided for by part 5 of the Title: Off-Exchange Foreign Currency each transaction affecting its asset,
Commission’s regulations under the Transactions (OMB Control No. 3038– liability, income, expense and capital
Commodity Exchange Act (‘‘CEA’’) 0062). This is a request for an extension accounts.
relating to off-exchange foreign currency of a currently approved information • Regulation 5.18(g) requires each
transactions. collection. RFED, FCM, CPO, CTA, and IB subject
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![43528 Federal Register / Vol. 82, No. 179 / Monday, September 18, 2017 / Notices
to part 5 to maintain a record of all collection of information, including the DEPARTMENT OF DEFENSE
communications received that give rise validity of the methodology and
to possible violations of the Act, rules, assumptions used; Department of the Air Force
regulations or orders thereunder related • Ways to enhance the quality,
to their retail forex business. usefulness, and clarity of the Air University Board of Visitors
• Regulation 5.18(i) requires each information to be collected; and Meeting
RFED and FCM to prepare and maintain • Ways to minimize the burden of AGENCY: Air University Board of
on a quarterly basis a calculation of non- collection of information on those who Visitors, Department of Air Force.
discretionary retail forex customer are to respond, including through the
accounts open for any period of time ACTION: Notice of meeting.
use of appropriate automated electronic,
during the quarter that were profitable, mechanical, or other technological Under the provisions of the Federal
and the percentage of such accounts that collection techniques or other forms of Advisory Committee Act of 1972 (5
were not profitable. information technology; e.g., permitting U.S.C., Appendix, as amended), the
• Regulation 5.18(j) requires the CCO electronic submission of responses. Government in the Sunshine Act of
of each RFED and FCM to certify All comments must be submitted in 1976 (5 U.S.C. 552b, as amended), and
annually that the firm has in place English, or if not, accompanied by an 41 CFR 102–3.150, the Department of
processes to establish, maintain, review, English translation. Comments will be Defense announces that the Air
modify and test policies and procedures posted as received to http:// University Board of Visitors’ fall
reasonably designed to achieve www.cftc.gov. You should submit only meeting will take place on Monday, 13
compliance with the Act, rules, information that you wish to make November 2017, from 8:00 a.m. to
regulations and orders thereunder. available publicly. If you wish the
• Regulation 5.19 requires each approximately 5 p.m. and Tuesday, 14
Commission to consider information November, 2017, from 7:30 a.m. to
RFED, FCM, CPO, CTA, and IB subject
that you believe is exempt from approximately 3:00 p.m. Central
to part 5 to submit to the Commission
disclosure under the Freedom of Standard Time. The meeting will be
copies of any dispositive or partially
Information Act, a petition for held in the Air University Commander’s
dispositive decision for which a notice
confidential treatment of the exempt Conference Room located in Building
of appeal has been filed in any material
information may be submitted according 800 at Maxwell Air force Base, AL. The
legal proceeding (1) to which the firm is
to the procedures established in § 145.9 purpose of this meeting is to provide
a party to or to which its property or
of the Commission’s regulations.3 independent advice and
assets is subject with respect to retail
forex transactions, or (2) instituted The Commission reserves the right, recommendations on matters pertaining
against any person who is a principal of but shall have no obligation, to review, to the educational, doctrinal, and
the firm arising from conduct in such pre-screen, filter, redact, refuse or research policies and activities of Air
person’s capacity as a principal of that remove any or all of your submission University.
firm. from http://www.cftc.gov that it may The agenda will include topics
• Regulation 5.20 requires RFEDs, deem to be inappropriate for relating to the policies, programs, and
FCMs and IBs to submit documentation publication, such as obscene language. initiatives of Air University educational
requested pursuant to certain types of All submissions that have been redacted programs and will include an out brief
special calls by the Commission. or removed that contain comments on from the Air Force Institute of
• Regulation 5.23 requires RFEDs, the merits of the Information Collection Technology and Community College of
FCMs and IBs to notify the Commission Request will be retained in the public the Air Force Subcommittees.
regarding bulk transfers and bulk comment file and will be considered as Pursuant to 5 U.S.C. 552b, as
liquidations of customer accounts. required under the Administrative amended, and 41 CFR 102–3.155 all
The rules establish reporting and Procedure Act and other applicable sessions of the Air University Board of
recordkeeping requirements that are laws, and may be accessible under the Visitors’ meetings’ will be open to the
necessary to implement the provisions Freedom of Information Act. public. Any member of the public
of the Food, Conservation, and Energy Burden Statement: The Commission wishing to provide input to the Air
Act of 2008 1 regarding off-exchange is revising its estimate of the burden for University Board of Visitors’ should
transactions in foreign currency with this collection to reflect the current submit a written statement in
members of the public. The rules are number of affected registrants and accordance with 41 CFR 102–3.140(c)
intended to promote customer revised burden estimates. Accordingly, and section 10(a)(3) of the Federal
protection by providing safeguards the respondent burden for this Advisory Committee Act and the
against irresponsible or fraudulent collection is estimated to be as follows: procedures described in this paragraph.
business practices.2 Number of Registrants: 169. Written statements can be submitted to
With respect to the collection of Estimated Average Burden Hours per the Designated Federal Officer at the
information, the CFTC invites Registrant: 777. address detailed below at any time.
comments on: Estimated Aggregate Burden Hours: Statements being submitted in
• Whether the proposed collection of 131,259. response to the agenda mentioned in
information is necessary for the proper Frequency of Recordkeeping: As this notice must be received by the
performance of the functions of the applicable. Designated Federal Officer at the
Commission, including whether the Authority: 44 U.S.C. 3501 et seq. address listed below at least ten
information will have a practical use; calendar days prior to the meeting
sradovich on DSKBBY8HB2PROD with NOTICES
• The accuracy of the Commission’s Dated: September 12, 2017.
which is the subject of this notice.
estimate of the burden of the proposed Robert N. Sidman, Written statements received after this
Deputy Secretary of the Commission. date may not be provided to or
1 Public Law 110–246, 122 Stat. 1651, 2189–220
[FR Doc. 2017–19749 Filed 9–15–17; 8:45 am] considered by the Air University Board
(2008).
2 See Regulation of Off-Exchange Retail Foreign
BILLING CODE 6351–01–P of Visitors until its next meeting. The
Exchange Transactions and Intermediaries, 75 FR Designated Federal Officer will review
55410, 55416 (Sept. 10, 2010). 3 17 CFR 145.9. all timely submissions with the Air
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Document Created: 2017-09-16 00:51:42
Document Modified: 2017-09-16 00:51:42
| 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 November 17, 2017. | |
| Contact | Lauren Bennett, Special Counsel, 202- 418-5290, [email protected], Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission. | |
| FR Citation | 82 FR 43527 |
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