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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:
3038-0009
ICR Reference No:
202303-3038-002
Status:
Active
Previous ICR Reference No:
202012-3038-001
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Large Trader Reports
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
06/01/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/27/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2026
36 Months From Approved
05/31/2023
Responses
72,644
0
71,312
Time Burden (Hours)
18,512
0
18,138
Cost Burden (Dollars)
0
0
0
Abstract:
The Commission requests approval for the extension without change of OMB Clearance 3038-0009 (Large Trader Reports). Sections 4a(a)(2) and 4a(a)(5) of the Commodity Exchange Act (“CEA or “Act”) direct the Commission to concurrently establish speculative position limitations, as appropriate, on physical commodity futures contracts (specifically exempt and agricultural contracts) and swaps that are economically equivalent to those futures contracts. Section 4a of the CEA and the rules adopted thereunder are designed to prevent excessive speculation and manipulation in a manner, in the Commission’s discretion, that maximizes the goals of preserving market liquidity for bona fide hedgers while protecting the price discovery process. The reporting rules covered by OMB control number 3038-0009 are structured to ensure the Commission receives adequate information to carry out its market and financial surveillance programs. The reporting rules are implemented by the Commission partly pursuant to the authority of sections 4a, 4c(b), 4g, and 4i of the Act. Section 4a of the Act permits the Commission to set, approve exchange-set, and enforce speculative position limits. Section 4c(b) of the Act gives the Commission plenary authority to regulate transactions that involve commodity options. Section 4g of the Act imposes reporting and recordkeeping obligations on registered entities, and requires each registrant, whether a futures commission merchant (“FCM”), introducing broker, floor broker, or floor trader, to file such reports as the Commission may require on proprietary and customer positions executed on any board of trade in the United States or elsewhere. Lastly, section 4i of the Act requires the filing of such reports as the Commission may require when positions made or obtained on exchanges equal or exceed Commission-set levels. The requested information is essential to the staff’s review of submissions and the Commission’s oversight of the self-regulatory actions of designated contract markets, swap execution facilities, derivatives clearing organizations, and swap data repositories. The information collected is used primarily by Commission analysts for daily market surveillance and the enforcement of speculative position limits. The data also provides a basis for periodic Commission publications and is used by Commission economists and the public for research.
Authorizing Statute(s):
US Code:
7 USC 1a(14)
Name of Law: Exempt Markets
US Code:
7 USC 2(h)(7)
Name of Law: Exempt Markets
US Code:
7 USC 6a, 6c(b), 6g, 6i
Name of Law: Exempt Markets
US Code:
7 USC 1 et seq
Name of Law: Exempt Markets
US Code:
7 USC 5(b)
Name of Law: Exempt Markets
US Code:
7 USC 12a(5)
Name of Law: Exempt Markets
US Code:
7 USC 1a(11)
Name of Law: Exempt Markets
US Code:
7 USC 1a(10)
Name of Law: Exempt Markets
Citations for New Statutory Requirements:
US Code: 7 USC 12a(5) Name of Law: Exempt Markets
US Code: 7 USC 1a(11) Name of Law: Exempt Markets
US Code: 7 USC 1a(10) Name of Law: Exempt Markets
US Code: 7 USC 1a(12) Name of Law: Exempt Markets
US Code: 7 USC 5(b) Name of Law: Exempt Markets
US Code: 7 USC 6a, 6c(b), 6g, 6i, Name of Law: Exempt Markets
US Code: 7 USC 1 et seq Name of Law: Exempt Markets
US Code: 7 USC 2(h)(7) Name of Law: Exempt Markets
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 3720
01/20/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 18127
03/27/2023
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Large Trader Reports
40, 102
Identification of Special Accounts
,
Statement of Reporting Trader
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
72,644
71,312
0
0
1,332
0
Annual Time Burden (Hours)
18,512
18,138
0
0
374
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:
There are no program changes. For this renewal, the Commission has revised its burden estimates based on a review of the summary statistics regarding the previous year’s submissions of the required forms. As a result of this review, the Commission has updated the estimated number of respondents to 350 respondents (an increase from the prior clearance’s estimate of 344). As a result of this increase, the estimated number of burden hours for covered respondents has increased from 18,138 hours to 18,512 burden hours.
Annual Cost to Federal Government:
$2,062,500
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
Agency Contact:
Thuy Dinh 202 418-5128 tdinh@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:
03/27/2023
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