Registration under the Commodity Exchange Act

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Form 7-R Commodity Pool Operators and Commodity Trading Advisors: Amendments to Compliance Obligations	Form and Instruction	Modified	Available
(2019) 3038-0005 Supporting Statement.part 4 final rules.2019.11.26 (final).docx	Supporting Statement B	Uploaded 2019-12-10	Available
(2019) 3038-0023 Supporting Statement.part 4 final rules.2019.11.19 (final) (1).docx	Supporting Statement A	Uploaded 2020-03-05	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
220868	Alternative to Fingerprinting Requirement For Foreign Natural Persons		Modified
201477	Commodity Pool Operators and Commodity Trading Advisors: Amendments to Compliance Obligations	Form and Instruction	Modified

ICR Details

OMB Control No: 3038-0023	ICR Reference No: 201912-3038-002
Status: Historical Active	Previous ICR Reference No: 201906-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Registration under the Commodity Exchange Act
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 03/09/2020
	Date Received in OIRA: 12/10/2019
Terms of Clearance: CFTC added more information to the cost estimate.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2023	36 Months From Approved	08/31/2022
Responses	77,492	0	12,265
Time Burden (Hours)	7,469	0	7,735
Cost Burden (Dollars)	0	0	49,500

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Abstract: This ICR covers the Commodity Futures Trading Commission (“Commission” or “CFTC”) amendments to its Form 8-R. The 8-R is the application form that individuals must use to register with the Commission as an associated person of a registrant, floor broker, or floor trader, or to be listed as a principal of a registrant (collectively, “applicants”). 17 CFR 3.10(a)(2), 3.11(a), and 3.12(c). Form 8-R requests information about the applicant that is necessary to assess the applicant’s fitness to engage in business as a derivatives professional, subject to regulation and oversight by the Commission. Individual applicants have been required to use Form 8-R since 1977. Revision of Registration Forms and Amendment of Related Rules, 42 FR 23988 (May 11, 1977) (Form 8-R replaced Forms 2-R, 4-R and 94). This ICR also addresses the implications of the Form 3-R cancellation. With regards to the Alternative to Fingerprinting Requirement For Foreign Natural Persons: the alternative to fingerprinting recognized the limitations on usefulness of fingerprints of foreign nationals while also ensuring the continued protection of market participants and the public through submission of a certification to NFA relating to the background check of the relevant foreign natural person and maintainance of records relating thereto pursuant to Commission regulation 3.21. With regards to Commodity Pool Operators and Commodity Trading Advisors; Amendments to Compliance Obligations: This collection covers the Commodity Futures Trading Commission's data collection authority for CPO's and CTAs, that are consistent with the data collection required under Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, for entities registered with both the Commission and the Securities and Exchange Commission. The Commodity Futures Trading Commission (“Commission” or “CFTC”) amended Form 7-R. Form 7-R is the application form that entities must use to register with the Commission as a futures commission merchant, retail foreign exchange dealer, introducing broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, swap dealer, major swap participant, or floor trader firm (collectively, “applicants”). 17 CFR 3.10(a)(1), 3.11(a). Applicants have been required to use Form 7-R since 1977. Revision of Registration Forms and Amendment of Related Rules, 42 FR 23988 (May 11, 1977) (Form 7-R replaced Forms 1-R, 5-R and 6-R). Form 7-R requests information about the applicant that is necessary to assess the applicant’s fitness to engage in business in the registration categories referenced above, subject to regulation and oversight by the Commission. In connection with the revision of Form 7-R, the Commission is making no change to the burden estimates of collections 3038-0023 and 3038-0072 because the changes to Form 7-R, when considered together in the aggregate, do not result in any net change to the information collection burdens associated with the revised version of Form 7-R. The Commodity Futures Trading Commission (CFTC or Commission) has determined to adopt via final rulemaking two new exemptions and an exclusion that generally would provide relief from commodity pool operator (CPO) and/or commodity trading advisor (CTA) registration and compliance. Accordingly, the Commission is amending this information collection to reflect the deregistration of entities eligible for this new relief, who were previously subject to registration as CPOs and/or CTAs under the Commodity Exchange Act (CEA) and CFTC regulations. The Commission continues to project a decrease in the number of registrants consistent with the exclusion and exemptions adopted in this final rulemaking, and therefore, decreases in the respondents, responses, and overall burden of this information collection.

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Authorizing Statute(s): US Code: 7 USC 6e, 6f, 6k, 6m, 6n, 6s Name of Law: CEA
   US Code: 7 USC 12a Name of Law: CEA
   US Code: 7 USC 13c Name of Law: CEA
   PL: Pub.L. 110 - 246 122 Stat., 1651, 2189-2204 Name of Law: Food Conservation and Energy Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE76	Final or interim final rulemaking	84 FR 67343	12/10/2019

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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
Commodity Pool Operators and Commodity Trading Advisors: Amendments to Compliance Obligations	Form 8-R, Form 7-R	Firm Application ,   Individual Application
Alternative to Fingerprinting Requirement For Foreign Natural Persons

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ICR Summary of Burden

table that charts list 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	77,492	12,265	0	65,227	0	0
Annual Time Burden (Hours)	7,469	7,735	0	-266	0	0
Annual Cost Burden (Dollars)	0	49,500	0	-49,500	0	0

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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: Overall, the estimated burden hours are decreased due to a decrease in the number of persons expected to apply for and maintain registration as a result of the final rulemaking. The total number of registrants is expected to decrease from year to year, due to several factors, including, among other things, the adoption by the CFTC of regulations that provide additional exemptions and exclusions from the requirement to register as a CPO or CTA, and the industry trend away from open outcry trading to electronic trading.

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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.     Yes

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.     Yes

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: 12/10/2019

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