Large Trader Reports

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 40 Large Trader Reports	Form	Modified	Missing upstream
(2020) Position Limits Adopting Release PRA Supporting Statement.docx	Supporting Statement A	Uploaded 2020-12-14	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
29017	Large Trader Reports	Form	Modified

ICR Details

OMB Control No: 3038-0009	ICR Reference No: 202012-3038-001
Status: Received in OIRA	Previous ICR Reference No: 201906-3038-008
Agency/Subagency: CFTC	Agency Tracking No:
Title: Large Trader Reports
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 01/14/2021

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	05/31/2022
Responses	71,312	74,418
Time Burden (Hours)	18,138	19,676
Cost Burden (Dollars)	0	0

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Abstract: Sections 4a(a)(2) and 4a(a)(5) of the Commodity Exchane Act (“CEA or “Act”) directthe Commission establish concurrently, speculative position limitations, as appropriate, on physical commodity futures contracts (specifically exempt and agricultural contracts) and swaps that are economically equivalent to those futures contracts. Section 4a of the CEA and the rules adopted thereunder are designed to prevent excessive speculation and manipulation in a manner, in the Commission’s discretion, that maximizes the goals of preserving market liquidity for bona fide hedgers while protecting the price discovery process. In particular, the Commission is moving from OMB control number 3038-0009 to OMB control number 3038-0013 the burdens related to collections of information under part 19 (Reports by Persons Holding Bona Fide Hedge Positions and By Merchants and Dealers in Cotton) related to position limit requirements. Other than moving the existing aforementioned collections of information under part 19 from OMB control number 3038-0009 to OMB control number 3038-0013, the final rule does not make any other substantive changes to OMB control number 3038-0009 for the purposes of the Paperwork Reduction Act. The existing reporting rules covered by OMB control number 3038-0009 are structured to ensure the Commission receives adequate information to carry out its market and financial surveillance programs. The reporting rules are implemented by the Commission partly pursuant to the authority of sections 4a, 4c(b), 4g, and 4i of the Act. Section 4a of the Act permits the Commission to set, approve exchange-set, and enforce speculative position limits. Section 4c(b) of the Act gives the Commission plenary authority to regulate transactions that involve commodity options. Section 4g of the Act imposes reporting and recordkeeping obligations on registered entities, and requires each registrant, whether a futures commission merchant (“FCM”), introducing broker, floor broker, or floor trader, to file such reports as the Commission may require on proprietary and customer positions executed on any board of trade in the United States or elsewhere. Lastly, section 4i of the Act requires the filing of such reports as the Commission may require when positions made or obtained on exchanges equal or exceed Commission-set levels. The requested information is essential to the staff’s review of submissions and the Commission’s oversight of the self-regulatory actions of designated contract markets, swap execution facilities, derivatives clearing organizations, and swap data repositories. The information collected is used primarily by Commission analysts for daily market surveillance and the enforcement of speculative position limits. The data also provides a basis for periodic Commission publications and is used by Commission economists and the public for research.

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Authorizing Statute(s): US Code: 7 USC 1a(14) Name of Law: Exempt Markets
   US Code: 7 USC 2(h)(7) Name of Law: Exempt Markets
   US Code: 7 USC 6a, 6c(b), 6g, 6i Name of Law: Exempt Markets
   US Code: 7 USC 1 et seq Name of Law: Exempt Markets
   US Code: 7 USC 5(b) Name of Law: Exempt Markets
   US Code: 7 USC 12a(5) Name of Law: Exempt Markets
   US Code: 7 USC 1a(11) Name of Law: Exempt Markets
   US Code: 7 USC 1a(10) Name of Law: Exempt Markets
  

Citations for New Statutory Requirements: US Code: 7 USC 6a, 6c(b), 6g, 6i, Name of Law: Exempt Markets
US Code: 7 USC 1 et seq Name of Law: Exempt Markets
US Code: 7 USC 2(h)(7) Name of Law: Exempt Markets
US Code: 7 USC 12a(5) Name of Law: Exempt Markets
US Code: 7 USC 1a(11) Name of Law: Exempt Markets
US Code: 7 USC 1a(10) Name of Law: Exempt Markets
US Code: 7 USC 1a(12) Name of Law: Exempt Markets
US Code: 7 USC 5(b) Name of Law: Exempt Markets

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AD99	Final or interim final rulemaking	86 FR 3236	01/14/2021

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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: 1

table that charts list of burden

IC Title	Form No.	Form Name
Large Trader Reports	40, 102	Statement of Reporting Trader ,   Identification of Special Accounts

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ICR Summary of Burden

table that charts list of burden

	Total Request	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	71,312	74,418	0	-3,106	0	0
Annual Time Burden (Hours)	18,138	19,676	0	-1,538	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Changing Regulations

Short Statement: Changes are due to amendments to part 19 to remove reporting obligations associated with Form 204 and Parts I and II of Form 304 (“Series ’04 reports”). To effect these changes to traders’ reporting obligations, the Commission would eliminate (i) existing § 19.00(a)(1), which requires the applicable persons to file a Form 204; and (ii) existing § 19.01, which among other things, sets forth the cash-market information required to be submitted on the Forms 204 and 304.

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Annual Cost to Federal Government: $3,675,000

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? No

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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: 01/14/2021

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