Core Principles & Other Requirements for DCMs

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2024 Supporting Statement 3038-0052 3038-0074 (COI NPRM).docx	Supporting Statement A	Uploaded 2024-03-19	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
29100	Part 38 - Designated Contract Markets		Unchanged
264426	Requirements for DCM Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation		New
219525	System Safeguards Testing Requirements		Unchanged
209110	Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations		Unchanged

ICR Details

OMB Control No: 3038-0052	ICR Reference No: 202401-3038-004
Status: Historical Inactive	Previous ICR Reference No: 202207-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Core Principles & Other Requirements for DCMs
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 05/17/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 03/19/2024
Terms of Clearance: Pre-approval is contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise, this collection must be re-submitted to OMB for review.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2027	36 Months From Approved	09/30/2025
Responses	633	0	297
Time Burden (Hours)	12,890	0	10,494
Cost Burden (Dollars)	0	0	0

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Abstract: The Commodity Futures Trading Commission (Commission or CFTC) is proposing amendments to its regulations for designated contract markets (DCMs) and swap execution facilities (SEFs) that would establish conflict of interest requirements with respect to market regulation functions as well as related governance standards. The proposed amendments include requirements for identifying, managing, and resolving conflicts of interest, and structural governance requirements to ensure that DCM and SEF governing bodies adequately incorporate an independent perspective. The proposed amendments also address additional governance and disciplinary requirements including, among other items: board of director composition and minimum fitness standards; limitations on the use and disclosure by employees and certain others of material non-public information; requirements relating to Chief Regulatory Officers, Chief Compliance Officers, and Regulatory Oversight Committees; and notification of certain changes in the ownership or corporate or organizational structure of a DCM or SEF. The proposed amendments would change parts 37 and 38 of the Commission regulations.

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Authorizing Statute(s): US Code: 7 USC 6k, 6l, 6m, 6n 6o 6p 6r 6s Name of Law: CEA
   US Code: 7 USC 7, 7a-s, 7b, 7b-1, 7b-3 Name of Law: CEA
   US Code: 7 USC 8, 9, 10a, 12, 12a, 12c, 15 Name of Law: CEA
   US Code: 7 USC 13a, 13a-1, 15, 16, 16a, 19 Name of Law: CEA
   US Code: 7 USC 21, 23, 24 Name of Law: CEA
   US Code: 7 USC 1a, 2 Name of Law: CEA
   US Code: 7 USC 6, 6a, 6c, 6d, 6f, 6g, 6i, 6j Name of Law: CEA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AF29	Proposed rulemaking	89 FR 19646	03/19/2024

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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: 4

table that charts list of burden

IC Title	Form No.	Form Name
Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations
Part 38 - Designated Contract Markets
Requirements for DCM Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation
System Safeguards Testing Requirements

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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	633	297	0	336	0	0
Annual Time Burden (Hours)	12,890	10,494	0	2,396	0	0
Annual Cost Burden (Dollars)	0	0	0	0	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: No

Burden Reduction Due to:

Short Statement: The Commission is proposing regulations that would include new reporting and recordkeeping requirements. Accordingly, the Commission proposes to add a new IC titled "Requirements for DCM Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation," which entails a total of 2,396 burden hours. This yields an overall increase for the burden hours under this Collection from 10,494 to 12,890.

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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]? Yes

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: 03/19/2024

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