82 FR 56221 - Agency Information Collection Activities Under OMB Review

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 82, Issue 227 (November 28, 2017)

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 82, Number 227 (Tuesday, November 28, 2017)]
[Notices]
[Pages 56221-56222]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-25698]


=======================================================================
-----------------------------------------------------------------------

COMMODITY FUTURES TRADING COMMISSION


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 
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 December 28, 2017.

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 either of the following methods. Please identify the 
comments by OMB Control No. 3038-0091.
     By email addressed to: [email protected] or
     By mail addressed 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.
    A copy of all comments submitted to OIRA should be sent to the 
Commodity Futures Trading Commission (the ``Commission'') by either of 
the following methods. The copies should refer to ``OMB Control No. 
3038-0062.''
     By mail addressed to: Christopher Kirkpatrick, Secretary 
of the Commission, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581;
     By Hand Delivery/Courier to the same address; or
     Through the Commission's Web site at http://comments.cftc.gov. Please follow the instructions for submitting 
comments through the Web site.
    A copy of the supporting statements for the collection of 
information discussed herein 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. 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. 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 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.

FOR FURTHER INFORMATION CONTACT: Lauren Bennett, Special Counsel, 202-
418-5290, email: [email protected], Division of Swap Dealer and 
Intermediary Oversight, Commodity Futures Trading Commission and refer 
to OMB Control No. 3038-0062.

SUPPLEMENTARY INFORMATION: 
    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.

[[Page 56222]]

     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 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).
---------------------------------------------------------------------------

    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 September 18, 2017, 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, 82 FR 43527. The Commission 
received no relevant comments.
    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: November 22, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2017-25698 Filed 11-27-17; 8:45 am]
 BILLING CODE 6351-01-P