Registration under the Commodity Exchange Act

ICR 201810-3038-002

OMB: 3038-0023

Federal Form Document

ICR Details
3038-0023 201810-3038-002
Historical Inactive 201604-3038-003
CFTC
Registration under the Commodity Exchange Act
Revision of a currently approved collection   No
Regular
Comment filed on proposed rule and continue 12/03/2018
Retrieve Notice of Action (NOA) 10/18/2018
OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. 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. If applicable, the agency shall also include in the final rule submission any revised burden estimates and describe what brought about any change in estimate between the proposed and final rules. The next submission to OMB must include the draft final rule.
  Inventory as of this Action Requested Previously Approved
06/30/2019 36 Months From Approved 06/30/2019
78,307 0 78,307
7,525 0 7,525
49,500 0 49,500

A. Commodity Pool Operators and Commodity Trading Advisors; Persons engaging in specified activities involving some or all commodity interests are required pursuant to the Commodity Exchange Act and or the Commission’s regulations to register with the Commission in certain registration categories. These include registration as a futures commission merchant, retail foreign exchange dealer, introducing broker, commodity pool operator (CPO), commodity trading advisor (CTA), swap dealer, major swap participant, leverage transaction merchant, floor broker, and floor trader. The CEA empowers the Commission with the authority to deny, revoke, or condition registration of CPOs and CTAs, among others, and to exclude any entity from the definition of CPO or CTA. The registration application, Forms 7-R and 8-R, which must be updated as necessary, requires information about an applicant’s or registrant’s disciplinary history, so that the person’s fitness for registration may be evaluated. In addition, basic identifying information is required so that a database will be available to current and prospective customers, the public and news media. The Commission has determined to propose via rulemaking several new exemptions and an exclusion that generally would provide relief from CPO and/or CTA registration and compliance. Accordingly, the Commission is also proposing to adjust the number of registrants in this information collection, to reflect the deregistration, as CPOs or CTAs, of persons or entities that may qualify for the proposed exemptions and exclusion. B. Alternative to Fingerprinting Requirement For Foreign Natural Persons: the final rule generally codifies DSIO Staff Letters 12-49 and 13-29. The Commission believes the final rule, in providing certainty to market participants by way of Commission regulation, makes the commodity interest markets it oversees more liquid, competitive, and accessible by enabling foreign natural persons to demonstrate that they meet the minimum standards for fitness and competency without undue burden. The alternative to fingerprinting removes an impediment to participation in United States’ markets by certain foreign natural persons, recognizing the limitations on usefulness of fingerprints of foreign nationals while also ensuring the continued protection of market participants and the public. One of the requirements of the final rule is that those availing themselves of it submit a certification to NFA relating to the background check of the relevant foreign natural person and maintain records relating thereto pursuant to Commission regulation 3.21.

US Code: 7 USC 6e, 6f, 6k, 6l, 6m, 6n Name of Law: CEA
   US Code: 7 USC 12a Name of Law: CEA
   US Code: 7 USC 13c Name of Law: CEA
  
None

3038-AE76 Proposed rulemaking 83 FR 52902 10/18/2018

No

No
Yes
Changing Regulations
The Commission is proposing to amend this collection to reflect the deregistration of entities and persons currently subject to registration as CPOs and/or CTAs under the CEA and the Commission’s regulations, due to their qualifying for and claiming of several new registration exemptions and an exclusion for CPOs and/or CTAs that the Commission is also proposing in the referenced NPRM.

$0
No
    Yes
    Yes
No
Yes
No
Uncollected
Herminio Castro 202 418-6705 [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.
10/18/2018


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