Conflict of Interest Policies and Procedures by Future Commission Merchants and introducing Brokers

Forms and Documents

Document	Type	Status	Availability
3038-0078-Final Rule.pdf	Supplementary Document	Uploaded 2012-04-03	Available
PRA FINAL RULES Supptg Statmt (3038-0078)- FCM and IB Conflicts (FINAL).doc	Supporting Statement A	Uploaded 2012-02-23	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
195305	Conflict of Interest Polocies and Procedures by Futures Commission Merchants and introducting Brokers		Modified

ICR Details

OMB Control No: 3038-0078	ICR Reference No: 201202-3038-006
Status: Historical Active	Previous ICR Reference No: 201011-3038-006
Agency/Subagency: CFTC	Agency Tracking No:
Title: Conflict of Interest Policies and Procedures by Future Commission Merchants and introducing Brokers
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/01/2013
	Date Received in OIRA: 07/20/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/29/2016	36 Months From Approved
Responses	155,144	0	0
Time Burden (Hours)	80,278	0	0
Cost Burden (Dollars)	8,027,800	0	0

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Abstract: The Commodity Exchange Act, as amended by the Dodd-Frank Act, requires futures commission merchants (FCMs) and introducing brokers (IBs) to implement specified conflicts of interest systems and procedures. The proposed regulation would require FCMs and IBs to develop written conflicts of interest procedures and disclosures and to maintain related records. The information collected would be used by the Commission to evaluate the completeness and effectiveness of those procedures and disclosures.

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Authorizing Statute(s): PL: Pub.L. 11 - 203 124 stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat 1376 (2010) Name of Law: Dodd - Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AC96	Final or interim final rulemaking	77 FR 20128	04/03/2012

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 70881	11/19/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 20128	04/03/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Conflict of Interest Polocies and Procedures by Futures Commission Merchants and introducting Brokers

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	155,144	0	155,144	0	0	0
Annual Time Burden (Hours)	80,278	0	80,278	0	0	0
Annual Cost Burden (Dollars)	8,027,800	0	8,027,800	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/20/2012

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