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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3038-0005
ICR Reference No:
202010-3038-001
Status:
Historical Active
Previous ICR Reference No:
201912-3038-001
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Rules Relating to the Operations and Activities of Commodity Pool Operators and Commodity trading Advisors and to Monthly Reporting by Futures Commission Merchants
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:
11/24/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/20/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2023
36 Months From Approved
03/31/2023
Responses
130,312
0
111,986
Time Burden (Hours)
432,347
0
354,367
Cost Burden (Dollars)
0
0
0
Abstract:
The disclosure, filing, and recordkeeping requirements within part 4 of the Commission’s regulations were established to assist customers, to facilitate the Commission and the National Futures Association (NFA) in monitoring compliance with the part 4 rules, and to enable the Commission to better monitor the market risks posed by the Commission’s registrants, particularly commodity pool operators (CPOs) and commodity trading advisors (CTAs). Commission regulation 4.13 provides exemptions from CPO registration to certain persons and their commodity pools meeting the relevant conditions thereunder; Commission regulation 4.13(b)(1) generally requires as a condition of this exemptive relief that persons seeking to operate as exempt CPOs file a notice with the Commission. Through a recently adopted Final Rule, 85 Fed. Reg. 40877 (July 8, 2020), the Commission amended this notice filing to include an additional mandatory representation: that, subject to limited exceptions, neither the person nor any of its principals has in their backgrounds a statutory disqualification under Section 8a(2) of the Commodity Exchange Act (CEA) that would require disclosure, if such person sought registration with the Commission. The Commission expects this amended notice filing requirement to apply to all persons wishing to claim an exemption under Commission regulation 4.13, as well as those currently relying on one. This amendment to the notice filing was necessary to eliminate the inconsistent treatment of exempt CPOs as compared to registered CPOs (and the principals thereof), whereby certain persons could avoid the CEA’s basic conduct requirements established for all persons registering as intermediaries with the Commission, by claiming an exemption from CPO registration instead.
Authorizing Statute(s):
US Code:
7 USC 6l, 6m, 6n, 6o
Name of Law: CEA
US Code:
7 USC 1a, 2, 12a, 23
Name of Law: CEA
US Code:
7 USC 6(c), 6b, 6c
Name of Law: CEA
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:
85 FR 47359
08/05/2020
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 66539
10/20/2020
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Commodity Pool Operator Annual Report
Part-4 Commodity Pool Operators and Commodity Trading Advisors
CTA-PR, CPO-PQR
CTA-PR
,
CPO-PQR
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
130,312
111,986
0
18,326
0
0
Annual Time Burden (Hours)
432,347
354,367
0
77,980
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:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Short Statement (provide a brief 1-2 sentence explanation when an existing collection is being amended that increases or decreases the current burden hours; and, amendment to the collection is made at the agency discretion or to adjust the existing burden hours numbers) (not applicable if change is due to a statutory requirement that specifically requires a change in the collection of information). NOTE: This is drawn from Question 15 of the Supporting Statement: The Commission recently adopted an additional representation in the notice filing under 17 CFR 4.13(b)(1) for claiming an exemption from commodity pool operator (CPO) registration. The figures represent updated estimates for respondents, responses, burden hours, and average responses to Part-4 Commodity Pool Operators and Commodity Trading Advisors IC in light of that amendment to Commission regulation 4.13 by the Final Rule: Amendments to Registration and Compliance Requirements for Commodity Pool Operators and Commodity Trading Advisors: Prohibiting Exemptions under Regulation 4.13 on Behalf of Persons Subject to Certain Statutory Disqualifications, 85 Fed. Reg. 40877 (July 8, 2020). Specifically, the burden hours are being adjusted to reflect the small increase in reporting burden persons filing a Commission regulation 4.13(b)(1) notice may incur as a result of the added representation. The Commission is additionally removing the reporting burden specified for Commission regulation 4.13(a)(5), which is already counted with all other notice filings in the calculation for Commission regulation 4.13(b)(1). Finally, the Commission is generally increasing the number of respondents under 17 CFR 4.13 provisions to better align with the number of exempt CPOs currently filing such notices with the Commission. Consequently, the Commission is increasing the number of respondents for the 17 CFR 4.13(b)(1) reporting burden, as well as for the recordkeeping burden associated with 17 CFR 4.13(c)(1)(i)-(ii). Additionally, these totals also include the proposed single burden hours estimate for Form CPO-PQR, required by 17 CFR 4.27, that the Commission submitted to OMB earlier this year in connection with the NPRM significantly simplifying that Form (85 FR 26378 (May 4, 2020)), and which the Commission intends to finalize later this year.
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
Agency Contact:
Herminio Castro 202 418-6705 hcastro@cftc.gov
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:
10/20/2020
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