2017-25698
Federal Register, Volume 82 Issue 227 (Tuesday, November 28, 2017)
[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)]
[Notices]
[Pages 56221-56222]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25698]
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COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities Under OMB Review
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
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SUMMARY: In compliance with the Paperwork Reduction Act of 1995
(``PRA''), this notice announces that the Information Collection
Request (``ICR'') abstracted below has been forwarded to the Office of
Management and Budget (``OMB'') for review and comment. The ICR
describes the nature of the information collection and its expected
costs and burden.
DATES: Comments must be submitted on or before December 28, 2017.
ADDRESSES: Comments regarding the burden estimated or any other aspect
of the information collection, including suggestions for reducing the
burden, may be submitted directly to the Office of Information and
Regulatory Affairs (``OIRA'') in OMB, within 30 days of the notice's
publication, by either of the following methods. Please identify the
comments by OMB Control No. 3038-0091.
By email addressed to: [email protected] or
By mail addressed to: The Office of Information and
Regulatory Affairs, Office of Management and Budget, Attention Desk
Officer for the Commodity Futures Trading Commission, 725 17th Street
NW., Washington, DC 20503.
A copy of all comments submitted to OIRA should be sent to the
Commodity Futures Trading Commission (the ``Commission'') by either of
the following methods. The copies should refer to ``OMB Control No.
3038-0062.''
By mail addressed to: Christopher Kirkpatrick, Secretary
of the Commission, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581;
By Hand Delivery/Courier to the same address; or
Through the Commission's Web site at http://comments.cftc.gov. Please follow the instructions for submitting
comments through the Web site.
A copy of the supporting statements for the collection of
information discussed herein may be obtained by visiting http://RegInfo.gov.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments will be posted as received to
http://www.cftc.gov. You should submit only information that you wish
to make available publicly. If you wish the Commission to consider
information that you believe is exempt from disclosure under the
Freedom of Information Act, a petition for confidential treatment of
the exempt information may be submitted according to the procedures
established in Sec. 145.9 of the Commission's regulations. The
Commission reserves the right, but shall have no obligation, to review,
pre-screen, filter, redact, refuse or remove any or all of your
submission from http://www.cftc.gov that it may deem to be
inappropriate for publication, such as obscene language. All
submissions that have been redacted or removed that contain comments on
the merits of the ICR will be retained in the public comment file and
will be considered as required under the Administrative Procedure Act
and other applicable laws, and may be accessible under the Freedom of
Information Act.
FOR FURTHER INFORMATION CONTACT: Lauren Bennett, Special Counsel, 202-
418-5290, email: [email protected], Division of Swap Dealer and
Intermediary Oversight, Commodity Futures Trading Commission and refer
to OMB Control No. 3038-0062.
SUPPLEMENTARY INFORMATION:
Title: Off-Exchange Foreign Currency Transactions (OMB Control No.
3038-0062). This is a request for an extension of a currently approved
information collection.
Abstract: Part 5 of the Commission's regulations under the CEA
establishes rules applicable to retail foreign exchange dealers
(``RFEDs''), futures commission merchants (``FCMs''), introducing
brokers (``IBs''), commodity trading advisors (``CTAs''), and commodity
pool operators (``CPOs'') engaged in the offer and sale of off-exchange
forex contracts to retail customers. Specifically:
Regulation 5.5 requires RFEDs, FCMs, and IBs to distribute
risk disclosure statements to new retail forex customers.
Regulation 5.6 requires RFEDs and FCMs to report any
failures to maintain the minimum capital required by Commission
regulations.
Regulation 5.8 requires RFEDs and FCMs to calculate their
total retail forex obligation.
Regulation 5.10 requires RFEDs to maintain and preserve
certain risk assessment documentation.
Regulation 5.11(a)(1) requires RFEDs to submit certain
risk assessment documentation to the Commission within 60 days of the
effective date of their registration.
Regulation 5.11(a)(2) requires RFEDs to submit certain
financial documentation to the Commission within 105 calendar days of
the end of each fiscal year. RFEDs must also submit additional
information, if requested, regarding affiliates' financial impact on an
RFED's organizational structure.
Regulation 5.12(a) requires RFED applicants to submit a
Form 1-FR-FCM concurrently with their registration application.
[[Page 56222]]
Regulation 5.12(b) requires registered RFEDs to file a
Form 1-FR-FCM on a monthly and annual basis.
Regulation 5.12(g) states that, in the event that an RFED
cannot file its Form 1-FR-FCM for any period within the time specified
in Regulation 5.12(b), the RFED may file an application for an
extension of time with its self-regulatory organization.
Regulation 5.13(a) requires RFEDs and FCMs to provide
monthly account statements to their customers.
Regulation 5.13(b) requires RFEDs and FCMs to provide
confirmation statements to their customers within one business day
after the execution of any retail forex or forex option transaction.
Regulation 5.14 requires RFEDs and FCMs to maintain
current ledgers of each transaction affecting its asset, liability,
income, expense and capital accounts.
Regulation 5.18(g) requires each RFED, FCM, CPO, CTA, and
IB subject to Part 5 to maintain a record of all communications
received that give rise to possible violations of the Act, rules,
regulations or orders thereunder related to their retail forex
business.
Regulation 5.18(i) requires each RFED and FCM to prepare
and maintain on a quarterly basis a calculation of non-discretionary
retail forex customer accounts open for any period of time during the
quarter that were profitable, and the percentage of such accounts that
were not profitable.
Regulation 5.18(j) requires the CCO of each RFED and FCM
to certify annually that the firm has in place processes to establish,
maintain, review, modify and test policies and procedures reasonably
designed to achieve compliance with the Act, rules, regulations and
orders thereunder.
Regulation 5.19 requires each RFED, FCM, CPO, CTA, and IB
subject to Part 5 to submit to the Commission copies of any dispositive
or partially dispositive decision for which a notice of appeal has been
filed in any material legal proceeding (1) to which the firm is a party
to or to which its property or assets is subject with respect to retail
forex transactions, or (2) instituted against any person who is a
principal of the firm arising from conduct in such person's capacity as
a principal of that firm.
Regulation 5.20 requires RFEDs, FCMs and IBs to submit
documentation requested pursuant to certain types of special calls by
the Commission.
Regulation 5.23 requires RFEDs, FCMs and IBs to notify the
Commission regarding bulk transfers and bulk liquidations of customer
accounts.
The rules establish reporting and recordkeeping requirements that
are necessary to implement the provisions of the Food, Conservation,
and Energy Act of 2008 \1\ regarding off-exchange transactions in
foreign currency with members of the public. The rules are intended to
promote customer protection by providing safeguards against
irresponsible or fraudulent business practices.\2\
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\1\ Public Law 110-246, 122 Stat. 1651, 2189-220 (2008).
\2\ See Regulation of Off-Exchange Retail Foreign Exchange
Transactions and Intermediaries, 75 FR 55410, 55416 (Sept. 10,
2010).
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An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB control number. On September 18, 2017, the
Commission published in the Federal Register notice of the proposed
extension of this information collection and provided 60 days for
public comment on the proposed extension, 82 FR 43527. The Commission
received no relevant comments.
Burden Statement: The Commission is revising its estimate of the
burden for this collection to reflect the current number of affected
registrants and revised burden estimates. Accordingly, the respondent
burden for this collection is estimated to be as follows:
Number of Registrants: 169.
Estimated Average Burden Hours per Registrant: 777.
Estimated Aggregate Burden Hours: 131,259.
Frequency of Recordkeeping: As applicable.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: November 22, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2017-25698 Filed 11-27-17; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: November 28, 2017