This ICR covers the Commodity Futures
Trading Commission (“Commission” or “CFTC”) amendments to its Form
8-R. The 8-R is the application form that individuals must use to
register with the Commission as an associated person of a
registrant, floor broker, or floor trader, or to be listed as a
principal of a registrant (collectively, “applicants”). 17 CFR
3.10(a)(2), 3.11(a), and 3.12(c). Form 8-R requests information
about the applicant that is necessary to assess the applicant’s
fitness to engage in business as a derivatives professional,
subject to regulation and oversight by the Commission. Individual
applicants have been required to use Form 8-R since 1977. Revision
of Registration Forms and Amendment of Related Rules, 42 FR 23988
(May 11, 1977) (Form 8-R replaced Forms 2-R, 4-R and 94). This ICR
also addresses the implications of the Form 3-R cancellation. With
regards to the Registration of Swap Dealers and Major Swap
Participants: Section 731(b) of the Dodd-Frank Act requires swap
dealers and major swap participants to register with the
Commission. Section 731(d) of the Dodd-Frank Act requires the
Commission to adopt rules for persons that are registered as swap
dealers or major swap participants. The Collections are in
connection with the registration process for registering swap
dealers and major swap participants. With regards to the
Alternative to Fingerprinting Requirement For Foreign Natural
Persons: the alternative to fingerprinting recognized the
limitations on usefulness of fingerprints of foreign nationals
while also ensuring the continued protection of market participants
and the public through submission of a certification to NFA
relating to the background check of the relevant foreign natural
person and maintainance of records relating thereto pursuant to
Commission regulation 3.21. The Commodity Futures Trading
Commission (“Commission” or “CFTC”) amended Form 7-R. Form 7-R is
the application form that entities must use to register with the
Commission as a futures commission merchant, retail foreign
exchange dealer, introducing broker, commodity trading advisor,
commodity pool operator, leverage transaction merchant, swap
dealer, major swap participant, or floor trader firm (collectively,
“applicants”). 17 CFR 3.10(a)(1), 3.11(a). Applicants have been
required to use Form 7-R since 1977. Revision of Registration Forms
and Amendment of Related Rules, 42 FR 23988 (May 11, 1977) (Form
7-R replaced Forms 1-R, 5-R and 6-R). Form 7-R requests information
about the applicant that is necessary to assess the applicant’s
fitness to engage in business in the registration categories
referenced above, subject to regulation and oversight by the
Commission. In connection with the revision of Form 7-R, the
Commission is making no change to the burden estimates of
collections 3038-0023 and 3038-0072 because the changes to Form
7-R, when considered together in the aggregate, do not result in
any net change to the information collection burdens associated
with the revised version of Form 7-R.
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.
Form 8-T Registration of Swap Dealers and Major Swap Participants
(2019) Joint 0023 and 0072 Final Supporting Statement for Form 7-R revisions.docx
Alternative to Figerprinting Requirement For Foreign Natural Persons