[Federal Register Volume 75, Number 223 (Friday, November 19, 2010)]
[Notices]
[Pages 70910-70911]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29232]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities Under OMB Review: 
Proposed Collection; Comment Request: Part 41 Relating to Security 
Futures Products

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 
et seq.), this notice announces that the Information Collection Request 
(ICR) abstracted below has been forwarded to the Office of Management 
and Budget (OMB) for review and comment. The ICR describes the nature 
of the information collection and its expected costs and burden.

DATES: Comments must be submitted on or before December 20, 2010.

FOR FURTHER INFORMATION OR A COPY CONTACT: David Steinberg, Commodity 
Futures Trading Commission, 202-418-5102, FAX: 202-418-5527, e-mail: 
[email protected], and refer to OMB Control No. 3038-0059.

SUPPLEMENTARY INFORMATION:
    Title: Part 41 Relating to Security Futures Products (OMB Control 
No. 3038-0059). This is a request for extension of a currently approved 
information collection.
    Abstract: Section 4d(c) of the Commodity Exchange Act (CEA), 7 
U.S.C. 6d(c), requires the CFTC to consult with the SEC and issue such 
rules, regulations, or orders as are necessary to avoid duplicative or 
conflicting regulations applicable to firms that are fully registered 
with the SEC as brokers or dealers (broker-dealers) and the CFTC as 
futures commission merchants (FCMs) involving provisions of the CEA 
that pertain to the treatment of customer funds. The CFTC, jointly with 
the SEC, issued regulations requiring such dually-registered firms to 
make choices as to how its customers' transactions in security futures 
products (SFP) will be treated, either as securities transactions held 
in a securities account or as futures transactions held in a futures 
account. How an account is treated is important in the unlikely event 
of the insolvency of the firm. Only securities accounts receive 
insurance protection under provisions of the Securities Investor 
Protection Act. By contrast, only futures accounts are subject to the 
protections provided by the segregation requirements of the CEA.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a 
currently valid OMB control number. The OMB control numbers for the 
CFTC's regulations were published on December 30, 1981. See 46 FR 63035 
(Dec. 30, 1981). The Federal Register notice with a 60-day comment 
period soliciting comments on this collection of information was 
published on September 16, 2010 (75 FR 56511).
    Burden Statement: The respondent burden for this collection is 
estimated to average .59 hours per response. These estimates include 
the time needed to review instructions; develop, acquire, install, and 
utilize technology and systems for the purposes of collecting, 
validating, and verifying information, processing and maintaining 
information and disclosing and providing information; adjust the 
existing ways to comply with any previously applicable instructions and 
requirements; train personnel to be able to respond to a collection of 
information; and transmit or otherwise disclose the information.
    Respondents/Affected Entities: 147.
    Estimated number of responses: 2,739.90.
    Estimated total annual burden on respondents: 1,624.08 hours.
    Frequency of collection: On occasion.
    Send comments regarding the burden estimated or any other aspect of 
the information collection, including suggestions for reducing the 
burden, to the addresses listed below. Please refer to OMB Control No. 
3038-0059 in any correspondence.
    David Steinberg, Special Counsel, Division of Market Oversight, 
U.S. Commodity Futures Trading Commission, 1155 21st Street, NW., 
Washington, DC 20581, and Office of Information and Regulatory Affairs, 
Office of Management and Budget, Attention: Desk Officer for CFTC, 725 
17th Street, Washington, DC 20503.

    Dated: November 15, 2010.
Sauntia S. Warfield,
Assistant Secretary of the Commission.

                                       Part 41--Security Futures Products
                                       [OMB Collection 3038-0059]
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                                     Estimated                                                       Estimated
                                     number of        Reports                        Estimated     total number
                                  respondents or    annually by    Total annual   average number    of hours of
                                   recordkeepers       each          responses     of hours per    annual burden
                                     per year       respondent                       response     in fiscal year
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Reporting:
    41.3 Application for                       5            1               5         25,000              125
     exemption by intermediaries
    41.23(a)(1)-(5) Listing of                 3           20              60              4              240
     SFPs.......................
    41.23(a)(6) and 41.24(a)(5).               3           25              75               .033            2.48
    41.23(a)(7) and 41.24(a)(6).               3             .30             .90           4                3.6
    41.23(a)(1) Reporting of                   3           20              60              1               60
     data.......................
    41.27(c) Rules prohibiting                 1            1               1              4                4
     exemptions.................
    41.27(e) Rules permitting                  1            1               1              4                4
     exemptions.................
    41.31 SFPCM designation (one               1            1               1              5                5
     time only).................
    41.32 SFPCM continuing                     3           20              60              4              240
     obligations................
    41.33 Application for                      1            1               1             40               40
     exemption by SFPCM.........
    41.41 FCM/B-D disclosure....              60           40           2,400               .25           600
    41.49 Margin rule changes...               3            5              15              4               60
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[[Page 70911]]

 
        Subtotal Reporting                    87  ..............        2,679.90  ..............        1,384.08
         Requirements...........
Recordkeeping:
    41.41(a)(2) Handling of                   60            1              60              4              240
     customer accounts..........
        Subtotal Recordkeeping                60            1              60              4              240
         Requirements...........
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        Total Reporting and                  147  ..............        2,739.90           0.592        1,624.08
         Recordkeeping..........
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[FR Doc. 2010-29232 Filed 11-18-10; 8:45 am]
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