Regulations Governing Bankruptcies of Commodity Brokers

Forms and Documents

Document Name	Status
60-day FRN (12-29-2011).pdf Supplementary Document	2012-01-27
(2012) PRA Collection 3038-0021 - Supporting Statement.docx Supporting Statement A	2012-01-27

IC Document Collections

IC ID	Document Title	Status
29044	Regulations Governing Bankruptcies of Commodity Brokers	Modified

ICR Details

OMB Control No: 3038-0021	ICR Reference No: 201112-3038-007
Status: Historical Active	Previous ICR Reference No: 200810-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Regulations Governing Bankruptcies of Commodity Brokers
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/03/2012
	Date Received in OIRA: 01/30/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2015	36 Months From Approved	08/31/2012
Responses	283,500	0	4,942
Time Burden (Hours)	13,892	0	247
Cost Burden (Dollars)	147,420	0	0

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Abstract: The rule requires (1) futures commission merchants (FCMs) to provide customers with a standard disclosure statement describing the treatment in bankruptcy of any non-cash property deposited as margin; and (2) FCMs to disclose to the Commission certain post-bankruptcy transfers.

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Authorizing Statute(s): US Code: 7 USC 7, 7a, 12, 19, 23, 24 Name of Law: Bankruptcy Rules
   US Code: 11 USC 362, 546, 548, 556; 761-766 Name of Law: Bamlri[tcu Rules
   US Code: 7 USC 1a, 2, 4a, 6c, d, g Name of Law: Bankruptcy Rules
  

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:
	76 FR 81916	12/29/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 13101	03/05/2012
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
Regulations Governing Bankruptcies of Commodity Brokers

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ICR Summary of Burden

	Total Approved	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	283,500	4,942	0	278,558	0	0
Annual Time Burden (Hours)	13,892	247	0	13,645	0	0
Annual Cost Burden (Dollars)	147,420	0	0	147,420	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: Based on a reevaluation of the application of the PRA to the Commission's Part 190 rules, the Commission determined that it was necessary to estimate an information collection burden for a number of rules for which no burden had been estimated previously. This relates to disclosure and recordkeeping requirements for trustees in commodity broker liquidation proceedings in bankruptcy court. In addition, for certain disclosure rules applying to futures commission merchants outside of bankruptcy, the Commission updated its estimates of numbers of respondents, responses, and hours per response.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

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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: 01/30/2012

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