Regulation of Domestic Exchange-Traded Options

ICR 202407-3038-004

OMB: 3038-0007

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2024-10-25
Supporting Statement A
2024-10-25
Supplementary Document
2024-10-21
IC Document Collections
IC ID
Document
Title
Status
29011
Modified
ICR Details
3038-0007 202407-3038-004
Received in OIRA 202110-3038-002
CFTC
Regulation of Domestic Exchange-Traded Options
Extension without change of a currently approved collection   No
Regular 10/25/2024
  Requested Previously Approved
36 Months From Approved 01/31/2025
114,028 128,992
33,619 38,030
0 0

The Commodity Futures Trading Commission (“Commission”) has promulgated Commission Regulations 33.7 and 33.8, respectively, which require futures commission merchants (“FCMs”) and introducing brokers (“IBs”): (1) to provide retail (i.e., non-eligible contract participant) customers with, and retain, standard risk disclosure statements concerning the risk of trading certain domestic exchange-traded commodity options; and (2) to retain all related promotional material and the source of authority for information contained therein. These requirements help assure that these customers are not fraudulently induced to invest in these commodity options by persons who misrepresent the risks of such transactions. The recordkeeping requirements assist the Commission and the National Futures Association (“NFA”) in verifying registrants’ compliance with their disclosure obligations and ensuring that related promotional material is not fraudulent or misleading.

US Code: 7 USC 1a Name of Law: CEA
   US Code: 7 USC 4 Name of Law: CEA
   US Code: 7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g Name of Law: CEA
   US Code: 7 USC 6h, 6i, 6j, 6k, 6l, 6m, 6n, 6o Name of Law: CEA
   US Code: 7 USC 7, 7a, 7b Name of Law: CEA
   US Code: 7 USC 8 Name of Law: CEA
   US Code: 7 USC 9 Name of Law: CEA
   US Code: 7 USC 11 Name of Law: CEA
   US Code: 7 USC 12a, 12c Name of Law: CEA
   US Code: 7 USC 13a, 13a-1, 13b Name of Law: CEA
   US Code: 7 USC 19 Name of Law: CEA
   US Code: 7 USC 21 Name of Law: CEA
   US Code: 7 USC 2 Name of Law: CEA
  
None

Not associated with rulemaking

  89 FR 65606 08/12/2024
89 FR 85174 10/25/2024
No

1
IC Title Form No. Form Name
Regulation of Domestic Exchange-Traded Options

  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 114,028 128,992 0 0 -14,964 0
Annual Time Burden (Hours) 33,619 38,030 0 0 -4,411 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
As a result of industry consolidation and other factors, the current number of CFTC registrants who are FCMs or IBs (and, thus, the estimated number of respondents subject to this collection) has decreased from 1,112 to 983. While the total number of FCM respondents increased from 61 to 62, the total number of IB respondents decreased from 1,051 to 921. These changes have yielded an overall decrease in the total number of respondents. The estimated burden hours per registrant has not changed. Accordingly, as shown in Attachment A, the reduction in the estimated number of respondents yields a reduction in total burden hours for this collection from 38,030 to 33,619.

$0
No
    No
    No
No
Yes
No
No
Kenny Wright 202 326-2907 kwright@ftc.gov

  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:
 
 
 
 
 
 
 
    (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.
10/25/2024


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