Regulations Governing Bankruptcies of Commodity Brokers

Forms and Documents

Document Name	Status
(2020) Supporting Statement Bankruptcies 0021-final rule (2).docx Supporting Statement A	2021-07-14

IC Document Collections

IC ID	Document Title	Status
29044	Requirements Applicable to Single Respondents	Modified
232836	Requirements Applicable to Multiple Respondents	Modified

ICR Details

OMB Control No: 3038-0021	ICR Reference No: 202107-3038-002
Status: Received in OIRA	Previous ICR Reference No: 202103-3038-006
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	Date Submitted to OIRA: 07/14/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2021
Responses	762,000	286,684
Time Burden (Hours)	18,212	6,606
Cost Burden (Dollars)	0	0

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Abstract: This collection of information involves recordkeeping and notice requirements in the Commodity Futures Trading Commission's ("CFTC's") bankruptcy rules for commodity broker liquidations, 17 CFR Part 190 ("Part 190"). These rules apply to liquidations under Chapter 7, Subchapter IV of the Bankruptcy Code, 11 U.S.C. §§ 761 et seq. The CFTC promulgated Part 190 pursuant to the authority of 7 U.S.C. § 24. The information collection requirements of Part 190 are intended to facilitate the effective, efficient, and fair conduct of liquidation proceedings for commodity brokers and to protect the interests of customers in these proceedings both directly and by facilitating the participation of the CFTC in such proceedings.

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Authorizing Statute(s): US Code: 7 USC 12a Name of Law: Rules and Regulations
   US Code: 7 USC 24 Name of Law: Customer Property with Respect to Commodity Broker Debtors; Definitions
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE67	Final or interim final rulemaking	86 FR 19324	04/13/2021

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Requirements Applicable to Multiple Respondents
Requirements Applicable to Single Respondents

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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	762,000	286,684	0	475,316	0	0
Annual Time Burden (Hours)	18,212	6,606	0	11,606	0	0
Annual Cost Burden (Dollars)	0	0	0	0	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: Changes based on comprehensive reconsideration and revision of Part 190.

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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]? No

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: 07/14/2021

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