Regulations Governing Bankruptcies of Commodity Brokers

ICR 201808-3038-005

OMB: 3038-0021

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2018-08-29
Supporting Statement A
2018-08-28
IC Document Collections
ICR Details
3038-0021 201808-3038-005
Active 201507-3038-010
CFTC
Regulations Governing Bankruptcies of Commodity Brokers
Revision of a currently approved collection   No
Regular
Approved without change 12/21/2018
Retrieve Notice of Action (NOA) 08/29/2018
  Inventory as of this Action Requested Previously Approved
12/31/2020 36 Months From Approved 12/31/2018
283,339 0 180,708
6,369 0 13,892
0 0 147,128

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.

US Code: 7 USC 24 Name of Law: Customer Property with Respect to Commodity Broker Debtors; Definitions
  
None

Not associated with rulemaking

  83 FR 29547 06/25/2018
83 FR 44029 08/29/2018
No

2
IC Title Form No. Form Name
Requirements Applicable to Single Respondents
Requirements Applicable to Multiple Respondents

  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
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
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).

$0
No
    No
    No
No
No
No
Uncollected
Gail Scott 202 418-5139 [email protected]

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
08/29/2018


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