Extension without change of a currently approved collection
No
Regular
10/25/2024
Requested
Previously Approved
36 Months From Approved
01/31/2025
114,028
128,992
33,619
38,030
0
0
The Commodity Futures Trading
Commission (“Commission”) has promulgated Commission Regulations
33.7 and 33.8, respectively, which require futures commission
merchants (“FCMs”) and introducing brokers (“IBs”): (1) to provide
retail (i.e., non-eligible contract participant) customers with,
and retain, standard risk disclosure statements concerning the risk
of trading certain domestic exchange-traded commodity options; and
(2) to retain all related promotional material and the source of
authority for information contained therein. These requirements
help assure that these customers are not fraudulently induced to
invest in these commodity options by persons who misrepresent the
risks of such transactions. The recordkeeping requirements assist
the Commission and the National Futures Association (“NFA”) in
verifying registrants’ compliance with their disclosure obligations
and ensuring that related promotional material is not fraudulent or
misleading.
As a result of industry
consolidation and other factors, the current number of CFTC
registrants who are FCMs or IBs (and, thus, the estimated number of
respondents subject to this collection) has decreased from 1,112 to
983. While the total number of FCM respondents increased from 61 to
62, the total number of IB respondents decreased from 1,051 to 921.
These changes have yielded an overall decrease in the total number
of respondents. The estimated burden hours per registrant has not
changed. Accordingly, as shown in Attachment A, the reduction in
the estimated number of respondents yields a reduction in total
burden hours for this collection from 38,030 to 33,619.
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.