Form TO, Annual Notice Filing for Counterparties to Unreported Trade Option

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Trade Options - PRA Supporting Statement Proposal.docx	Supporting Statement A	Uploaded 2015-05-06	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
216210	Trade Options; $1 Billion Notice and Alternative $1 Billion Notice		New
206275	Form TO, Annual Notice Filing for Counterparties to Unreported Trade Option		Modified

ICR Details

OMB Control No: 3038-0106	ICR Reference No: 201504-3038-001
Status: Historical Inactive	Previous ICR Reference No: 201303-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Form TO, Annual Notice Filing for Counterparties to Unreported Trade Option
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 05/13/2016
	Date Received in OIRA: 05/07/2015
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2016	36 Months From Approved	05/13/2016
Responses	3,000	0	3,000
Time Burden (Hours)	6,000	0	6,000
Cost Burden (Dollars)	546,000	0	546,000

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Abstract: The Commission proposes to amend § 32.3(b) by adding a requirement that Non-SD/MSP trade option counterparties must provide notice by email to DMO within 30 days after entering into trade options, whether reported or unreported, that have an aggregate notional value in excess of $1 billion in any calendar year (the "1 Billion Notice"). In the alternative, a Non-SD/MSP may provide notice by email to DMO that it reasonably expects to enter into trade options, whether reported or unreported, having an aggregate notional value in excess of $1 billion during any calendar year (the "Alternative Notice"). The proposed $1 Billion Notice would provide the Commission insight into the size of the market for unreported trade options and the identities of the most significant market players. Additionally, the $1 Billion Notice would help guide the Commission's efforts to collect additional information through its authority to obtain copies of books or records required to be kept pursuant to the CEA and the Commission's regulations should market circumstances dictate, and will help enable the Commission to determine whether these counterparties should be subject to more frequent and comprehensive reporting obligations in the future.

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Authorizing Statute(s): US Code: 7 USC 6c(b) Name of Law: Commodity Exchange Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
US Code: 7 USC 6c(b) Name of Law: Commodity Exchange Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE26	Proposed rulemaking	80 FR 26200	05/07/2015

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
Form TO, Annual Notice Filing for Counterparties to Unreported Trade Option
Trade Options; $1 Billion Notice and Alternative $1 Billion Notice

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The Commission is proposing to add the Notice Requirement for trade option counterparties that are Non-SD/MSPs, which requirement is considered to be a collection of information within the meaning of the PRA. The proposed rules will not result in the creation of any new information collection subject to OMB review or approval under the PRA, except for the annual Notice Requirement.

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Annual Cost to Federal Government: $182

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: 05/07/2015

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