[Federal Register Volume 85, Number 122 (Wednesday, June 24, 2020)]
[Notices]
[Pages 37922-37923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13466]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Revise Collections, Comment Request: Adoption of Revised Registration 
Form 8-R

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or the 
``Commission'') is announcing an opportunity for public comment on the 
proposed revision to the collection of certain information by the 
Commission. Under the Paperwork Reduction Act (``PRA''), Federal 
agencies are required to publish notice in the Federal Register 
concerning each proposed collection of information and to allow 60 days 
for public comment. The Commission revised its Form 8-R, the 
application form that individuals use to register with the Commission 
or to be listed as a principal. This notice solicits comments on the 
PRA implications of the revisions to Form 8-R, including comments that 
address the burdens associated with the modified information collection 
requirements of the revised Form 8-R.

DATES: Comments must be submitted on or before August 24, 2020.

ADDRESSES: You may submit comments, identified by ``OMB control numbers 
3038-0023 and 3038-0072; Adoption of Revised Registration Form 8-R,'' 
by any of the following methods:
     The Commission's website, via its Comments Online process 
at http://comments.cftc.gov/. Follow the instructions for submitting 
comments through the website.
     Mail: Christopher J. Kirkpatrick, Secretary of the 
Commission, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW, Washington, DC 20581.
     Hand Delivery/Courier: Same as Mail above.
    Please submit your comments using only one method.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
http://www.cftc.gov. You should submit only information that you wish 
to make available publicly. If you wish the Commission to consider 
information that you believe is exempt from disclosure under the 
Freedom of Information Act, a petition for confidential treatment of 
the exempt information may be submitted according to the procedures 
established in Regulation 145.9.\1\
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    \1\ 17 CFR 145.9.
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    The Commission reserves the right, but shall have no obligation, to 
review, pre-screen, filter, redact, refuse or remove any or all of your 
submission from http://www.cftc.gov that it may deem to be 
inappropriate for publication, such as obscene language. All 
submissions that have been redacted or removed that contain comments on 
the merits of the information collection request will be retained in 
the public comment file and will be considered as required under the 
Administrative Procedure Act and other applicable laws, and may be 
accessible under the Freedom of Information Act.

FOR FURTHER INFORMATION CONTACT: Joshua Sterling, Director, (202) 418-
6700, [email protected]; Amanda Olear, Deputy Director, (202) 418-
5283, [email protected]; or Christopher Cummings, Special Counsel, (202) 
418-5445, [email protected], Division of Swap Dealer and Intermediary 
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, 
Washington, DC 20581.

SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501 et seq., 
Federal agencies must obtain approval from the Office of Management and 
Budget (``OMB'') for each collection of information they conduct or 
sponsor. ``Collection of Information'' is defined in 44 U.S.C. 3502(3) 
and 5 CFR 1320.3 and includes agency requests or requirements that 
members of the public submit reports, keep records, or provide 
information to a third party. Section 3506(c)(2)(A) of the PRA, 44 
U.S.C. 3506(c)(2)(A), requires Federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information before submitting the collection to OMB for approval. To 
comply with this requirement, the CFTC is publishing notice of the 
proposed revision to the collections of information listed below. 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 number.
    Titles: Registration Under the Commodity Exchange Act (OMB control 
number 3038-0023); Registration of Swap Dealers and Major Swap 
Participants (OMB control number 3038-0072). This is a request for 
extension and revision of these currently approved information 
collections.
    Abstract: The Commission recently revised its Form 8-R, the 
application form that individuals must use to register with the 
Commission as an associated person, floor broker, or floor trader, or 
to be listed as a principal. The collections of information related to 
Form 8-R were previously approved by OMB in accordance with the PRA and 
assigned OMB control numbers 3038-0023 and 3038-0072.

Form 8-R Revision

    The revised Form 8-R contains several changes that increase the 
existing information collection burden, currently 1 hour, associated 
with Form 8-R. The Commission estimates that the changes, which are 
discussed below, when considered together in aggregate add a total of 
0.1 burden hours to the information collection burdens associated with 
Form 8-R.
    First, in the ``Completing the Proficiency Requirements Section,'' 
a new paragraph is added describing the obligation of an individual 
seeking approval as a swap associated person or as a sole-proprietor 
swap firm to satisfy the Swaps Proficiency Requirements (recently 
implemented by NFA with the Commission's approval \2\), and what 
constitutes satisfaction of those requirements. Second, in the 
application itself, a new question is added asking whether the 
applicant has completed the Swaps Proficiency Requirements within the 
past two years.
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    \2\ See, NFA Interpretive Notice entitled ``NFA Bylaw 301 And 
Compliance Rule 2-24: Proficiency Requirements for Swap APs,'' 
effective January 31, 2020.
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    The revised Form 8-R also contains several changes that do not 
alter the information collection burdens associated with Form 8-R. 
First, the revised form replaces the FBI-mandated disclosure, for 
persons whose fingerprints are taken for purposes other than criminal 
justice, with an updated version of that disclosure. Second, in the 
``Definition of Terms'' section, the definition of ``adversary action'' 
is revised to conform the definition to the way the term is used in the 
form's ``Disciplinary Information Section.'' Finally, the words 
``entity'' and ``person'' are underlined where they occur in the text 
to indicate that these

[[Page 37923]]

are terms that are defined in the ``Definition of Terms'' section.

Invitation To Comment

    With respect to the information collections discussed above, the 
CFTC invites comments on:
     Whether the proposed revision to the collection of 
information is necessary for the proper performance of the functions of 
the Commission, including whether the information will have a practical 
use;
    1. The accuracy of the Commission's estimate of the burden of the 
proposed revision to the collection of information, including the 
validity of the methodology and assumptions used;
    2. Ways to enhance the quality, usefulness, and clarity of the 
information to be collected; and
    3. Ways to minimize the burden of collection of information on 
those who are to respond, including through the further use of 
appropriate automated electronic, mechanical, or other technological 
collection techniques or other forms of information technology; e.g., 
permitting electronic submission of responses.
    Burden Statement: As explained above, the Commission believes that 
the revisions to Form 8-R increase the information collection burdens 
associated with that Form under OMB control numbers 3038-0023 and 3038-
0072.

OMB Control Number 3038-0023

    The Commission estimates that as a result of the revisions to Form 
8-R, the burden of the collection of information under OMB control 
number 3038-0023 will be:
    Respondents/Affected Entities: (1) Users of Form 8R, specifically 
futures commission merchants, retail foreign exchange dealers, 
introducing brokers, commodity trading advisors, commodity pool 
operators, floor trader firms, and leverage transaction merchants; and 
(2) users of Form 8-R, specifically (i) associated persons of futures 
commission merchants, retail foreign exchange dealers, introducing 
brokers, commodity trading advisors, commodity pool operators, and 
leverage transaction merchants; floor brokers; (ii) principals of 
futures commission merchants, retail foreign exchange dealers, 
introducing brokers, commodity trading advisors, commodity pool 
operators, floor trader firms, or leverage transaction merchants; (iii) 
floor brokers; (iv) floor traders; and (v) floor trader order enterers.
    Estimated number of respondents: 78,055.
    Estimated total annual burden on respondents: 7,856 hours.
    Frequency of collection: Periodically.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

OMB Control Number 3038-0072

    The Commission further estimates that as a result of the revisions 
to Form 8-R, the burden of the collection of information under OMB 
control number 3038-0072 will be:
    Respondents/Affected Entities: (1) Users of Form 8-R, specifically 
swap dealers and major swap participants; and (2) users of Form 8-R, 
specifically principals of swap dealers and of major swap participants.
    Estimated number of respondents: 772.
    Estimated total annual burden on respondents: 683 hours.
    Frequency of collection: Periodically.
    There are no capital costs or operating and maintenance costs 
associated with this collection.

(Authority: 44 U.S.C. 3501 et seq.)

    Dated: June 18, 2020.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2020-13466 Filed 6-23-20; 8:45 am]
BILLING CODE 6351-01-P