Commodity Futures Trading Commission.
In compliance with the Paperwork Reduction Act, 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.
Comments must be submitted on or before March 22, 2013.
Send comments regarding the burden estimated or any other aspect of the information collection described in this Notice, including suggestions for reducing the burden, to the addresses below. Please refer to OMB Control No. 3038-NEW, Form TO in any correspondence. Submit comments to: Office of Information and Regulatory Affairs, Office of Management and Budget, by the following method:
Mail: Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for CFTC, 725 17th Street NW., Washington, DC 20503.
Commodity Futures Trading Commission (“CFTC”), by any of the following methods:
Agency Web Site: http://comments.cftc.gov. Follow the instructions for submitting comments through the Web site.
Mail: Melissa Jurgens, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581.
Hand Delivery/Courier: Same address as for “Mail,” above.
Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
Instructions: Please submit your comments to both OMB and CFTC (for CFTC, use only one of the methods listed above), and identify all comments as pertaining to OMB Control No. 3038-NEW, Form TO.
All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received, without change, to 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 § 145.9 of the Commission's regulations.
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FOR FURTHER INFORMATION CONTACT:
Donald Heitman, Division of Market Oversight, email@example.com, (202) 418-5041, FAX: (202) 418-5507; or David Aron, Office of the General Counsel, firstname.lastname@example.org, (202) 418-6621, FAX: (202) 418-5702; Commodity Futures Trading Commission, 1155 21st Street NW., Washington, DC 20581, and refer to OMB Control No. 3038-NEW, Form TO.
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Title: Form TO, Annual Notice Filing for Counterparties to Unreported Trade Options (OMB Control No. 3038-NEW, Form TO). This is a request for approval of a new collection of information.
Abstract: In accordance with section 721 of the Dodd-Frank Act, on April 27, 2012, the Commission published a final and interim final rule governing commodity options (“Commodity Options Rules”).
The final rule portion of that rulemaking adopted the Commission's proposal to generally permit market participants to trade commodity options, which are statutorily defined as swaps,
subject to the same rules applicable to every other swap. The interim final rule portion of the rulemaking includes a trade option exemption for physically delivered commodity options purchased by commercial users of the commodities underlying the options (“Trade Option Interim Final Rule” or “Trade Option IFR”), subject to certain conditions. Those conditions, which include both recordkeeping and reporting obligations, are primarily intended to preserve a level of market visibility for the Commission while reducing the regulatory compliance burden for market participants. The requirement to file Form TO constitutes the collection of information within the meaning of the Paperwork Reduction Act of 1995. 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 Form TO filing requirement was promulgated last year in the Commodity Options Rules, and the associated collection of information is now being submitted to OMB. The Federal Register notice for the 60-day comment period on this request for approval of a new collection of information was published on December 17, 2012.
That notice included a description of the content of Form TO and when a person would be required to file Form TO.
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Burden statement: The Commission estimates the burden of this collection of information as follows:
Estimated Annual Reporting Burden Hours and Burden Hour Costs
|17 CFR||Annual number of
respondents||Frequency of response per
respondent||Hours per response
and cost||Total annual responses||Total hours cost|
|Part 32, Appendix A, Form TO||100||Annually||2 hours at $200 per response 5||100 (one form per otherwise unreported trade option participant)||$20,000 (100 responses times 2 hours per response, based on $100/hour).|
(Authority: 44 U.S.C. 3501 et seq.)
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Dated: February 13, 2013.
Melissa D. Jurgens,
Secretary of the Commission.
[FR Doc. 2013-03792 Filed 2-19-13; 8:45 am]
BILLING CODE 6351-01-P