Regulation of Domestic Exchange-Traded Options

Forms and Documents

Document Name	Status
2024 30-Day FRN 3038-0007 (89 FR 85174).pdf Supplementary Document	2024-10-25
2024 Supporting Statement 3038-0007.docx Supporting Statement A	2024-10-25
2024 60-Day FRN 3038-0007 (89 FR 65606).pdf Supplementary Document	2024-10-21

IC Document Collections

IC ID	Document Title	Status
29011	Regulation of Domestic Exchange-Traded Options	Modified

ICR Details

OMB Control No: 3038-0007	ICR Reference No: 202407-3038-004
Status: Received in OIRA	Previous ICR Reference No: 202110-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Regulation of Domestic Exchange-Traded Options
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/25/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2025
Responses	114,028	128,992
Time Burden (Hours)	33,619	38,030
Cost Burden (Dollars)	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 7 USC 1a Name of Law: CEA
   US Code: 7 USC 4 Name of Law: CEA
   US Code: 7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g Name of Law: CEA
   US Code: 7 USC 6h, 6i, 6j, 6k, 6l, 6m, 6n, 6o Name of Law: CEA
   US Code: 7 USC 7, 7a, 7b Name of Law: CEA
   US Code: 7 USC 8 Name of Law: CEA
   US Code: 7 USC 9 Name of Law: CEA
   US Code: 7 USC 11 Name of Law: CEA
   US Code: 7 USC 12a, 12c Name of Law: CEA
   US Code: 7 USC 13a, 13a-1, 13b Name of Law: CEA
   US Code: 7 USC 19 Name of Law: CEA
   US Code: 7 USC 21 Name of Law: CEA
   US Code: 7 USC 2 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 65606	08/12/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 85174	10/25/2024
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Regulation of Domestic Exchange-Traded Options

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ICR Summary 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	114,028	128,992	0	0	-14,964	0
Annual Time Burden (Hours)	33,619	38,030	0	0	-4,411	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: No

Burden Reduction Due to:

Short Statement: 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.

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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: 10/25/2024

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