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[Federal Register: June 27, 2005 (Volume 70, Number 122)]
[Notices]
[Page 36929-36930]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27jn05-38]

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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Rules Relating to
Regulation of Domestic Exchange-Traded Options

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing
an opportunity for public comment on the proposed collection of certain
information by the agency. Under the Paperwork Reduction Act of 1995
(PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish
notice in the Federal Register concerning each proposed collection of
information, including each proposed extension of an existing
collection of information, and to allow 60 days for public comment in
response to the notice. This notice solicits comments on rules related
to risk disclosure concerning exchanged traded commodity options.

DATES: Comments must be submitted on or before August 26, 2005.

ADDRESSES: Comments may be mailed to Lawrence B. Patent, Division of
Clearing and Intermediary Oversight, U.S. Commodity Futures Trading
Commission, 115 21st Street, NW., Washington, DC 20581.

FOR FURTHER INFORMATION CONTACT: Lawrence B. Patent, (202) 418-5439;
FAX: (202) 418-5536; e-mail: [email protected].

SUPPLEMENTARY INFORMATION: Under the PRA, 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. 3502a(3) and 5 CFR 1320.3(c) 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 formation, including each
proposed extension of an existing collection of information, before
submitting the collection to OMB for approval. To comply with this
requirement, the CFTC is publishing notice of the proposed collection
of information listed below.
    With respect to the following collection of information, the CFTC
invites comments on:
    • Whether the proposed collection of information is
necessary for the proper performance of the functions of the
Commission, including whether the information will have a practical
use;
    • The accuracy of the Commission's estimate of the burden of
the proposed collection of information, including the validity of the
methodology and assumptions used;
    • Ways to enhance the quality, usefulness, and clarity of
the information to be collected; and
    • Ways to minimize the burden of collection of information
on those who are to respond, including through the use of appropriate
automated electronic, mechanical, or other technological collection
techniques or other forms of information technology; e.g., permitting
electronic submission of responses.
Rules Relating to Regulation of Domestic Exchange-Traded Options, OMB
control number 3038-0007--Extension
    The rules require futures commission merchants and introducing
broker: (1) to provide their customers with standard risk disclosure
statements concerning the risk of trading commodity interests; and (2)
to retain all promotional material and the source of authority for
information contained therein. The purpose of these rules is to ensure
that customers are advised of the risks of trading commodity interests
and to avoid fraud and misrepresentation. This information collection
contains the recordkeeping and reporting requirements needed to ensure
regulatory compliance with Commission rules relating to this issue.
    The Commission estimates the burden of this collection of
information as follows:

                                                            ESTIMATED ANNUAL REPORTING BURDEN
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                                                                Estimated no. of                                          estimated      estimated total
                                                                 respondents or   reports annually    total annual     average number    number of hours
                          REGULATION                              recordkeepers        by each          responses       of hours per    of annual burden
                                                                    per year         respondent                           response       in fiscal year
--------------------------------------------------------------------------------------------------------------------------------------------------------
REPORTING
    38.3, 38.4, 40.2 and 40.3 (PROCEDURE FOR DESIGNATION OR                15.00              2.00             30.00             25.00            750.00
     SELF-CERTIFICATION)......................................
    33.7--(RISK DISCLOSURE)...................................            175.00            115.00         20,125.00              0.08          1,610.00
                                                               -------------------
        SUBTOTAL (REPORTING REQUIREMENTS).....................            190.00  ................         20,155.00  ................          2,360.00
RECORDKEEPING
    33.8--(RETENTION OF PROMOTIONAL MATERIAL).................            225.00              1.00            225.00             25.00          5,625.00
                                                               -------------------
        SUBTOTAL (RECORDKEEPING REQUIREMENTS).................  ................  ................  ................  ................  ................
                                                               ===================
        GRAND TOTAL (REPORTING AND RECORDKEEPING).............            415.00  ................         20,380.00  ................          7,985.00
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[[Page 36930]]

    There are no capital costs or operating and maintenance costs
associated with this collection.

    Dated: June 21, 2005.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 05-12622 Filed 6-24-05; 8:45 am]

BILLING CODE 6351-01-M
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