Off-Exchange Foreign Currency Transactions

Forms and Documents

Document Name	Status
(2023) 30-day FR Notice - 3038-0062.pdf Supplementary Document	2023-12-22
(2023) 60-Day FRN 3038-0062.pdf Supplementary Document	2023-12-22
(2023) Supporting Statement 3038-0062 - final - 12-22-2023.docx Supporting Statement A	2023-12-22

IC Document Collections

IC ID	Document Title	Status
191703	Off-Exchange Foreign Currency Transactions	Modified

ICR Details

OMB Control No: 3038-0062	ICR Reference No: 202312-3038-007
Status: Received in OIRA	Previous ICR Reference No: 202012-3038-008
Agency/Subagency: CFTC	Agency Tracking No:
Title: Off-Exchange Foreign Currency Transactions
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 12/22/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/29/2024
Responses	1,195,859	38,801,982
Time Burden (Hours)	142,324	418,286
Cost Burden (Dollars)	0	0

---

Abstract: Part 5 of the Commodity Futures Trading Commissions (“Commission”) regulations under the Commodity Exchange Act (“CEA” or “Act”) 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. The Part 5 requirements fall into the following general categories: reporting, recordkeeping, and third-party disclosure requirements. Reporting and recordkeeping requirements are necessary to ensure that filers are meeting their obligations as registrants and to assist the Commission in monitoring compliance with Commission regulations. Third-party disclosure requirements were established to promote customer protection.

---

Authorizing Statute(s): PL: Pub.L. 110 - 246 122 Stat. 1651, 2189-220(2008) Name of Law: Food, Conservation and Energy Act of 2008
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

---

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:
	88 FR 71341	10/16/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 88590	12/22/2023
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
Off-Exchange Foreign Currency Transactions

---

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	1,195,859	38,801,982	0	0	-37,606,123	0
Annual Time Burden (Hours)	142,324	418,286	0	0	-275,962	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: No

Burden Reduction Due to:

Short Statement: The numbers in these estimates have been adjusted to account for a revised number of registrants in each registration category, and, in several instances, revisions to burden hour estimates. As a result of these changes, the number of responses, total burden hours, and associated costs have declined.

---

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.     Yes

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: 12/22/2023

---