Regulations Governing Bankruptcies of Commodity Brokers

Forms and Documents

Document	Type	Status	Availability
30-day Notice 8-29-2018.pdf	Supplementary Document	Uploaded 2018-08-29	Repair queued
Supporting Statement Bankruptcies 0021 FINAL (2018).docx	Supporting Statement A	Uploaded 2018-08-28	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
29044	Requirements Applicable to Single Respondents		Modified
232836	Requirements Applicable to Multiple Respondents		New

ICR Details

OMB Control No: 3038-0021	ICR Reference No: 201808-3038-005
Status: Active	Previous ICR Reference No: 201507-3038-010
Agency/Subagency: CFTC	Agency Tracking No:
Title: Regulations Governing Bankruptcies of Commodity Brokers
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/21/2018
	Date Received in OIRA: 08/29/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2020	36 Months From Approved	12/31/2018
Responses	283,339	0	180,708
Time Burden (Hours)	6,369	0	13,892
Cost Burden (Dollars)	0	0	147,128

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Abstract: This collection of information involves recordkeeping and notice requirements in the Commodity Futures Trading Commission's ("CFTC's") bankruptcy rules for commodity broker liquidations, 17 CFR Part 190 ("Part 190"). These rules apply to liquidations under Chapter 7, Subchapter IV of the Bankruptcy Code, 11 U.S.C. §§ 761 et seq. The CFTC promulgated Part 190 pursuant to the authority of 7 U.S.C. § 24. The information collection requirements of Part 190 are intended to facilitate the effective, efficient, and fair conduct of liquidation proceedings for commodity brokers and to protect the interests of customers in these proceedings both directly and by facilitating the participation of the CFTC in such proceedings.

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Authorizing Statute(s): US Code: 7 USC 24 Name of Law: Customer Property with Respect to Commodity Broker Debtors; Definitions
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 29547	06/25/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 44029	08/29/2018
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Requirements Applicable to Single Respondents
Requirements Applicable to Multiple Respondents

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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	283,339	180,708	0	102,631	0	0
Annual Time Burden (Hours)	6,369	13,892	0	-7,523	0	0
Annual Cost Burden (Dollars)	0	147,128	0	-147,128	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: While a commodity broker liquidation has not occurred in the past three years, the Commission took the conservative approach of maintaining the assumption contained in the previous renewal of this information collection that, on average, a commodity broker liquidation would occur every three years. The Commission also has retained, with one minor exception, the burden hour estimates set forth in the previous collection as there have been no interim experiences nor are there any currently apparent circumstances that would warrant altering those estimates. The Commission no longer assigned burden hours to the discretionary notice that a Trustee may provide to customers in an involuntary commodity broker liquidation pursuant to Commission regulation 190.02(b)(3). There have been no involuntary commodity broker liquidations and none are anticipated. Accordingly, continuing to assign burden hours to this involuntary requirements would inappropriately inflate the burden hours for this information collection. Also, the Commission is setting forth a new information collection under OMB Control No. 3038-0021 to separately account for third party disclosure requirements provided for in Commission regulations 190.06(d) and 190.06(c) which are applicable on a regular basis to multiple respondents (i.e., multiple futures commission merchants).

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? No

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: 08/29/2018

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