Part 41 - Security Futures Products

Forms and Documents

Document Name	Status
(2020)-3038-0059 Renewal - 30 Day Notice - 10-28-20.docx.pdf Supplementary Document	2020-10-28
60-Day Federal Register Notice -3038-0059.pdf Supplementary Document	2020-10-27
(2020) 3038-0059-Supporting Statement - October 2020 - final.docx Supporting Statement A	2020-10-27

IC Document Collections

IC ID	Document Title	Status
29113	Part 41 - Security Futures Products	Modified

ICR Details

OMB Control No: 3038-0059	ICR Reference No: 202010-3038-006
Status: Active	Previous ICR Reference No: 201709-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Part 41 - Security Futures Products
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: 12/09/2020
	Date Received in OIRA: 10/28/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2023	36 Months From Approved	12/31/2020
Responses	506	0	943
Time Burden (Hours)	529	0	1,482
Cost Burden (Dollars)	0	0	0

---

Abstract: Section 4d(c) of the Commodity Exchange Act (“CEA”), 7 U.S.C. 6d(c), requires the CFTC to consult with the Securities and Exchange Commission (“SEC”) and issue such rules, regulations, or orders as are necessary to avoid duplicative or conflicting regulations applicable to firms that are fully registered with the SEC as brokers or dealers and the CFTC as futures commission merchants involving provisions of the CEA that pertain to the treatment of customer funds. The CFTC, jointly with the SEC, issued regulations requiring such dually-registered firms to make choices as to how its customers’ transactions in security futures products will be treated, either as securities transactions held in a securities account or as futures transactions held in a futures account. How an account is treated is important in the unlikely event of the insolvency of the firm. Only securities accounts receive insurance protection under provisions of the Securities Investor Protection Act. By contrast, only futures accounts are subject to the protections provided by the segregation requirements of the CEA.

---

Authorizing Statute(s): US Code: 7 USC 1a, 2, 6f, 6j, 7a-2,12a, Name of Law: Commodity Exchange Act
   US Code: 15 USC 78g(c)(2) Name of Law: Securities Exchanges
  

Citations for New Statutory Requirements: US Code: 7 USC 1a, 2, 6f, 6j, 7a-2, 12a Name of Law: Commodity Exchange Act

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 50805	08/18/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 68311	10/28/2020
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Part 41 - Security Futures Products

---

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	506	943	0	-437	0	0
Annual Time Burden (Hours)	529	1,482	0	-953	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The adjustments are based on the Commission’s experience from approximately the past 10 years of receiving product and rule submissions pursuant to §§ 41.23 and 41.24. The revisions reflect a reduction in the average number of product filings received by the Commission annually during this time frame from 146 to 60, a reduction in the number of rule filings received annually from eight to six, and a reduction in the number of respondents submitting the product and rule filings from three to one.

---

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

---

Common Form ICR:  No

---

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: 10/28/2020

---