48264 Federal Register / Vol. 72, No. 163 / Thursday, August 23, 2007 / Notices 

order to avoid providing the Commission with nextday notice of its surrogate capital on deposit. 

7As noted above, the Commission may grant an 

exemption pursuant to Section 4(c)(1) of the Act, 7 

U.S.C. 6(c)(1), ‘‘[i]n order to promote responsible 

economic or financial innovation and fair 

competition.’’ Section 15(b) of the Act, 7 U.S.C. 

19(b), provides that the ‘‘Commission shall take into 

consideration the public interest to be protected by 

the antitrust laws and endeavor to take the least 

anticompetitive means of achieving the objectives 

of this chapter, as well as the policies and purposes 

of this chapter, in issuing any order * * *.’’

8The Commission notes that Section 15(a) of the 

Act, 7 U.S.C. 19(a), requires that the Commission, 

before issuing an order, consider the costs and 

benefits in light of considerations of protection of 

market participants and the public; considerations 

of the efficiency, competitiveness, and financial 

integrity of futures markets; considerations of price 

discovery; considerations of sound risk 

management practices; and other public interest 

considerations. 

1NFA is the only registered futures association. 

2See Section 237 of the Futures Trading Act of 

1982, 7 U.S.C. 16a and 31 U.S.C. 9701. For a 

broader discussion of the history of Commission 

Fees, see 52 FR 46070 (Dec. 4, 1987). 

CME shall be required to provide the 

Commission immediate notice of any 

deficiency in surrogate capital. 

• CME and CFETS shall be required 

to provide all large-trader reporting 

information at the same time and in the 

same format that CFETS would be 

required to provide if CFETS were 

registered as an FCM. CME and CFETS 

shall be required to act as agent for 

service of process regarding trading on 

CME for both CFETS members and 

customers of CFETS members. 

• CME shall not hold CFETS 

positions and associated funds in U.S. 

customer accounts segregated pursuant 

to section 4d of the Act, 7 U.S.C. 6d. 

• CME and CFETS shall be required 

to maintain records, in English, in the 

U.S., sufficient to permit the 

Commission to confirm compliance 

with any provision of any order issued 

by the Commission. CME and CFETS 

shall be required to make such records 

available to the Commission in the U.S. 

within 72 hours of any request. 

• CME and CFETS shall be required 

to comply with U.S. anti-money 

laundering requirements as determined 

by the U.S. Treasury. 

• CME and CFETS shall be required 

to accept joint and several liability in 

any Commission enforcement action 

relating to compliance with any order 

issued by the Commission. 

• CME and CFETS shall be required 

to file a report with the Commission 

providing statistics and analyzing issues 

(to be determined) within 18 months 

after issuance of any relief. 

II. Request for Comments 

The Commission requests public 

comment on any aspect of the Petition 

that commenters believe may raise 

issues under the CEA or Commission 

regulations. In particular, the 

Commission invites comment regarding: 

(1) Whether the proposed exemption is 

consistent with the requirements for 

relief set forth in section 4(c) of the Act, 

7 U.S.C. 6(c), including whether 

granting the exemption would be 

consistent with the public interest and 

the purposes of the CEA; (2) whether 

CME’s representations, as discussed 

above, if imposed as conditions of an 

order pursuant to section 4(c)(1), section 

6(c)(1), would provide adequate 

safeguards with respect to the U.S. 

clearing system in light of CFETS’

exemption from the FCM registration 

requirement; (3) whether an order 

granting the request for relief should 

include requirements different from or 

in addition to those discussed above; (4) 

whether an order granting the request 

for relief should exclude any one or 

more of the requirements discussed 

above; (5) any material adverse effects 

that granting the petition would have 

upon other derivatives clearing 

organizations, exchanges, or other 

Commission registrants from a 

competitive 7 or other perspective 8; and 

(6) any other issues relevant to this 

petition. 

Issued in Washington, DC, on August 8, 

2007 by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. E7–16641 Filed 8–22–07; 8:45 am] 

BILLING CODE 6351–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

Fees for Reviews of the Rule 

Enforcement Programs of Contract 

Markets and Registered Futures 

Associations 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Establish the FY 2007 schedule 

of fees. 

SUMMARY: The Commission charges fees 

to designated contract markets and 

registered futures associations to recover 

the costs incurred by the Commission in 

the operation of its program of oversight 

of self-regulatory organization (SRO) 

rule enforcement programs (17 CFR part 

1 Appendix B) (National Futures 

Association (NFA), a registered futures 

association, and the contract markets are 

referred to as SROs). The calculation of 

the fee amounts to be charged for FY 

2007 is based upon an average of actual 

program costs incurred during FY 2004, 

2005, and 2006, as explained below. 

The FY 2007 fee schedule is set forth in 

the SUPPLEMENTARY INFORMATION. 

Electronic payment of fees is required. 

DATES: Effective Dates: The FY 2007 fees 

for Commission oversight of each SRO 

rule enforcement program must be paid 

by each of the named SROs in the 

amount specified by no later than 

October 22, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Stacy Dean Yochum, Counsel to the 

Executive Director, Commodity Futures 

Trading Commission, (202) 418–5160, 

Three Lafayette Centre, 1155 21st Street, 

NW., Washington, DC 20581. For 

information on electronic payment, 

contact Adrienne Young-Burgess, Three 

Lafayette Centre, 1155 21st Street, NW., 

Washington, DC 20581, (202) 418–5196. 

SUPPLEMENTARY INFORMATION: 

I. General 

This notice relates to fees for the 

Commission’s review of the rule 

enforcement programs at the registered 

futures associations 1 and designated 

contract markets (DCM), which are 

referred to as SROs, regulated by the 

Commission. 

II. Schedule of Fees 

Fees for the Commission’s review of 

the rule enforcement programs at the 

registered futures associations and 

DCMs regulated by the Commission: 

Entity Fee 

amount 

Chicago Board of Trade ............. $72,547 

Chicago Mercantile Exchange .... 97,725 

New York Mercantile Exchange 59,604 

Kansas City Board of Trade ....... 10,799 

New York Board of Trade .......... 57,273 

Minneapolis Grain Exchange ..... 10,967 

HedgeStreet ................................ 2,736 

One Chicago ............................... 18,355 

Chicago Climate Futures Exchange .................................... 1,731 

EUREX ....................................... 2,523 

National Futures Association ...... 273,854 

Total ..................................... 608,114 

III. Background Information 

A. General 

The Commission recalculates the fees 

charged each year with the intention of 

recovering the costs of operating this 

Commission program.2 All costs are 

accounted for by the Commission’s 

Management Accounting Structure 

Codes (MASC) system, which records 

each employee’s time for each pay 

period. The fees are set each year based 


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Federal Register / Vol. 72, No. 163 / Thursday, August 23, 2007 / Notices 48265 

on direct program costs, plus an 

overhead factor. 

B. Overhead Rate 

The fees charged by the Commission 

to the SROs are designed to recover 

program costs, including direct labor 

costs and overhead. The overhead rate 

is calculated by dividing total 

Commission-wide overhead direct 

program labor costs into the total 

amount of the Commission-wide 

overhead pool. For this purpose, direct 

program labor costs are the salary costs 

of personnel working in all Commission 

programs. Overhead costs consist 

generally of the following Commissionwide costs: Indirect personnel costs 

(leave and benefits), rent, 

communications, contract services, 

utilities, equipment, and supplies. This 

formula has resulted in the following 

overhead rates for the most recent three 

years (rounded to the nearest whole 

percent): 109 percent for fiscal year 

2004, 109 percent for fiscal year 2005, 

and 109 percent for fiscal year 2006. 

These overhead rates are applied to the 

direct labor costs to calculate the costs 

of oversight of SRO rule enforcement 

programs. 

C. Conduct of SRO Rule Enforcement 

Reviews 

Under the formula adopted in 1993 

(58 FR 42643, Aug. 11, 1993), which 

appears at 17 CFR Part 1 Appendix B, 

the Commission calculates the fee to 

recover the costs of its rule enforcement 

review and examinations, based on the 

three-year average of the actual cost of 

performing such reviews and 

examinations at each SRO. The cost of 

operation of the Commission’s SRO 

oversight program varies from SRO to 

SRO, according to the size and 

complexity of each SRO’s program. The 

three-year averaging computation 

method is intended to smooth out yearto-year variations in cost. Timing of the 

Commission’s reviews and 

examinations may affect costs-a review 

or examination may span two fiscal 

years and reviews and examinations are 

not conducted at each SRO each year. 

Adjustments to actual costs may be 

made to relieve the burden on an SRO 

with a disproportionately large share of 

program costs. 

The Commission’s formula provides 

for a reduction in the assessed fee if an 

SRO has a smaller percentage of United 

States industry contract volume than its 

percentage of overall Commission 

oversight program costs. This 

adjustment reduces the costs so that, as 

a percentage of total Commission SRO 

oversight program costs, they are in line 

with the pro rata percentage for that 

SRO of United States industry-wide 

contract volume. 

The calculation made is as follows: 

The fee required to be paid to the 

Commission by each DCM is equal to 

the lesser of actual costs based on the 

three-year historical average of costs for 

that DCM or one-half of average costs 

incurred by the Commission for each 

DCM for the most recent three years, 

plus a pro rata share (based on average 

trading volume for the most recent three 

years) of the aggregate of average annual 

costs of all DCMs for the most recent 

three years. The formula for calculating 

the second factor is: 0.5a + 0.5 vt = 

current fee. In this formula, ‘‘a’’ equals 

the average annual costs, ‘‘v’’ equals the 

percentage of total volume across DCMs 

over the last three years, and ‘‘t’’ equals 

the average annual costs for all DCMs. 

NFA has no contracts traded; hence, its 

fee is based simply on costs for the most 

recent three fiscal years. 

This table summarizes the data used 

in the calculations and the resulting fee 

for each entity: 

3-year average 

actual costs 

3-year percent 

of volume 

(percent) 

Calculated 

2006 fee 

Chicago Board of Trade ...................................................................................... $72,547 34.1011 $72,547 

Chicago Mercantile Exchange ............................................................................. 97,725 52.8310 97,725 

New York Mercantile Exchange .......................................................................... 73,089 10.4640 59,604 

Kansas City Board of Trade ................................................................................ 20,685 0.2071 10,799 

New York Board of Trade .................................................................................... 106,219 1.8893 57,273 

Minneapolis Grain Exchange ............................................................................... 21,490 0.1006 10,967 

HedgeStreet ......................................................................................................... 5,413 0.0137 2,736 

One Chicago ........................................................................................................ 35,695 0.2300 18,355 

Chicago Climate Futures Exchange .................................................................... 3,461 0.0002 1,731 

EUREX ................................................................................................................. 4,403 0.1460 2,523 

Subtotal ................................................................................................................ 440,729 ................................ 334,260 

National Futures Association ............................................................................... 273,854 ................................ 273,854 

Total .............................................................................................................. 706,718 ................................ 608,114 

An example of how the fee is 

calculated for one exchange, the 

Minneapolis Grain Exchange, is set forth 

here: 

a. Actual three-year average costs 

equal $21,490 

b. The alternative computation is: 

(.5) ($21,490) + (.5) (.001006) ($) = 

$10,967. 

c. The fee is the lesser of a or b; in 

this case $10,967. 

As noted above, the alternative 

calculation based on contracts traded is 

not applicable to NFA because it is not 

a DCM and has no contracts traded. The 

Commission’s average annual cost for 

conducting oversight review of the NFA 

rule enforcement program during fiscal 

years 2004 through 2006 was $273,854 

(one-third of $821,561). The fee to be 

paid by the NFA for the current fiscal 

year is $273,854. 

Payment Method 

The Debt Collection Improvement Act 

(DCIA) requires deposits of fees owed to 

the government by electronic transfer of 

funds (see 31 U.S.C. 3720). For 

information about electronic payments, 

please contact Adrienne Young-Burgess 

at (202) 418–5196 or aburgess@cftc.gov, 

or see the CFTC Web site at http:// 

www.cftc.gov, specifically, http:// 

www.cftc.gov/cftc/ 

cftcelectronicpayments.htm. 

Regulatory Flexibility Act 

The Regulatory Flexibility Act, 5 

U.S.C. 601, et seq., requires agencies to 

consider the impact of rules on small 

business. The fees implemented in this 

release affect contract markets and 

registered futures associations. The 

Commission has previously determined 

that contract markets and registered 

futures associations are not ‘‘small 

entities’’ for purposes of the Regulatory 

Flexibility Act. Accordingly, the Acting 

Chairman, on behalf of the Commission, 

certifies pursuant to 5 U.S.C. 605(b) that 


ebenthall on PRODPC61 with NOTICES
48266 Federal Register / Vol. 72, No. 163 / Thursday, August 23, 2007 / Notices 

the fees implemented here will not have 

a significant economic impact on a 

substantial number of small entities. 

Issued in Washington, DC on August 17, 

2007, by the Commission. 

David Stawick, 

Secretary of the Commission. 

[FR Doc. E7–16705 Filed 8–22–07; 8:45 am] 

BILLING CODE 6351–01–P 

CORPORATION FOR NATIONAL AND 

COMMUNITY SERVICE 

Information Collection; Submission for 

OMB Review; Comment Request 

AGENCY: Corporation for National and 

Community Service. 

ACTION: Notice. 

SUMMARY: The Corporation for National 

and Community Service (hereinafter the 

‘‘Corporation’’), has submitted a public 

information collection request (ICR) 

entitled Learn and Serve America 

Program and Performance Reporting 

System to the Office of Management and 

Budget (OMB) for review and approval 

in accordance with the Paperwork 

Reduction Act of 1995 (Pub. L. 104–13), 

(44 U.S.C. Chapter 35). A copy of the 

ICR, with applicable supporting 

documentation, may be obtained by 

calling the Corporation for National and 

Community Service, Kimberly Spring, 

202–606–6629 (kspring@cns.gov). 

Individuals who use a 

telecommunications device for the deaf 

(TTY–TDD) may call (202) 565–2799 

between 8:30 a.m. and 5 p.m. Eastern 

time, Monday through Friday. 

ADDRESSES: Comments may be 

submitted, identified by the title of the 

information collection activity, to the 

Office of information and Regulatory 

Affairs, Attn: Ms. Katherine Astrich, 

OMB Desk Office for the Corporation for 

National and Community Service, by 

any of the following two methods 

within 30 days from the date of 

publication in this Federal Register. 

(1) By fax to: (202) 395–6974, 

Attention: Ms. Katherine Astrich, OMB 

Desk Officer for the Corporation for 

National and Community Service; and 

(2) Electronically by e-mail to: 

Katherine_T._Astrich@omb.eop.gov. 

SUPPLEMENTARY INFORMATION: The OMB 

is particularly interested in comments 

which: 

• Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of the 

functions of the Corporation, including 

whether the information will have 

practical utility; 

• Evaluate the accuracy of the 

Corporation’s estimate of the burden of 

the proposed collection of information, 

including the validity of the 

methodology and assumptions used; 

• Propose ways to enhance the 

quality, utility and clarity of the 

information to be collected; and 

• Propose ways to minimize the 

burden of the collection of information 

on those who are to respond, including 

the use of appropriate automated, 

electronic, mechanical, or other 

technological collection techniques or 

other forms of information technology, 

e.g., permitting electronic submissions 

of responses. 

Comments 

A 60-day public comment Notice was 

published in the Federal Register on 

May 2, 2007. This comment period 

ended on July 2, 2007. Comments 

received included requests for 

additional directions and response 

options; clarification of questions on 

participant race and ethnicity; and the 

addition of questions specific to training 

and technical assistance activities. The 

collection system has been modified to 

address these comments. 

Description: The Corporation is 

seeking the renewal of the Learn and 

Serve America Program and 

Performance Reporting System, also 

known as LASSIE. The system includes 

the Program and Performance 

Measurement Report, which is 

completed annually by any institution 

that receives Learn and Serve grant 

funds. The Report is administered 

through a web-based system and 

collects information on the 

characteristics of reporting institutions, 

numbers and types of program 

participants and program partners, 

service activities, and institutional 

supports for service-learning. There are 

three parallel versions of the Report to 

accommodate differences in 

terminology and institutional structure 

among K–12, higher education, and 

community-based grant recipients. 

Type of Review: Renewal. 

Agency: Corporation for National and 

Community Service. 

Title: Learn and Serve America 

Program and Performance Reporting 

System. 

OMB Number: 3045–0095. 

Affected Public: Learn and Serve 

America Grantees and Subgrantees. 

Number of Respondents: 2,100. 

Frequency: Annually. 

Average Time per Response: 1/4 hour 

for grantees and 1 hour for subgrantees. 

Estimated Total Burden Hours: 2025. 

Total Burden Cost (capital/startup): 

None. 

Total Burden Cost (operating/ 

maintenance): None. 

Dated: August 14, 2007. 

Robert Grimm, 

Director, Department of Research and Policy 

Development. 

[FR Doc. E7–16689 Filed 8–22–07; 8:45 am] 

BILLING CODE 6050–$$–P 

CORPORATION FOR NATIONAL AND 

COMMUNITY SERVICE 

Information Collection; Submission for 

OMB Review, Comment Request 

AGENCY: Corporation for National and 

Community Service. 

ACTION: Notice. 

SUMMARY: The Corporation for National 

and Community Service (hereinafter the 

‘‘Corporation’’) has submitted a public 

information collection request (ICR) 

entitled the Evaluation of Youth Corps: 

18-Month Follow-up Survey to the 

Office of Management and Budget 

(OMB) for review and approval in 

accordance with the Paperwork 

Reduction Act of 1995, Public Law 104–

13 (44 U.S.C. Chapter 35). Copies of this 

ICR, with applicable supporting 

documentation, may be obtained by 

calling the Corporation for National and 

Community Service, Ms. Lillian Dote at 

(202) 606–6984. Individuals who use a 

telecommunications device for the deaf 

(TTY–TDD) may call (202) 606–3472 

between 8:30 a.m. and 5 p.m. eastern 

time, Monday through Friday. 

ADDRESSES: Comments may be 

submitted, identified by the title of the 

information collection activity, to the 

Office of Information and Regulatory 

Affairs, OMB Desk Officer for the 

Corporation for National and 

Community Service, by the following 

method, within 30 days from the date of 

publication in this Federal Register: 

(1) By fax to: (202) 395–6974, 

Attention: Ms. Katherine Astrich, OMB 

Desk Officer for the Corporation for 

National and Community Service. 

(2) Electronically by e-mail to: 

Katherine_T._Astrich@omb.eop.gov. 

SUPPLEMENTARY INFORMATION: The OMB 

is particularly interested in comments 

which: 

• Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of the 

functions of the Corporation, including 

whether the information will have 

practical utility; 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the 

methodology and assumptions used; 


ebenthall on PRODPC61 with NOTICES