Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0054, Establishing Procedures To Implement the Notification Requirements for Entities Operating as Exempt Markets, 28686-28687 [07-2527]

Agencies

• Commodity Futures Trading Commission

[Federal Register Volume 72, Number 98 (Tuesday, May 22, 2007)]
[Notices]
[Pages 28686-28687]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-2527]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Renew Collection 3038-0054, Establishing Procedures To Implement the 
Notification Requirements for Entities Operating as Exempt Markets

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, and to allow 60 days for comment in response to the 
notice. This notice solicits comments on requirements relating to 
information collected to assist the Commission in the prevention of 
market manipulation.

DATES: Comments must be submitted on or before July 23, 2007.

ADDRESSES: Comments may be mailed to Riva Adriance, Division of Market 
Oversight, U.S. Commodity Futures

[[Page 28687]]

Trading Commission, 1155 21st Street NW., Washington, DC 20581.

FOR FURTHER INFORMATION CONTACT: Riva Adriance, (202) 418-5495; FAX 
(202) 418-5527; e-mail: rshiltz@cftc.gov.

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. 3502(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 350(c)(2)(A) of the PRA, 44 Section 3506(c)(2)(A), requires 
Federal Agencies to provide a 60-day notice in the Federal Register 
concerning each proposed collection of information, 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 of, 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 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology; e.g., permitting electronic 
submission of responses.

Establishing Procedures To Implement the Notification Requirements for 
Entities Operating as Exempt Markets OMB Control No. 3038-0054--
Extension

    Sections 2(h)(3) through (5) of the Commodity Exchange Act (Act) 
add exempt commercial markets as markets excluded from the Act's other 
requirements. The rules implement the qualifying conditions of the 
exemption. Rule 36.3(a) implements the notification requirements, and 
rule 36.3(b)(1) establishes information requirements for exempt 
commercial markets consistent with sections 2(h)(5)(B) of the Act. An 
exempt commercial markets consistent with section 2(h)(5)(B) of the 
Act. An exempt commercial market may provide the Commission with access 
to transactions conducted on the facility or it can satisfy its 
reporting requirements by complying with the Commissions's reporting 
requirements. The Act affirmatively vests the Commission's reporting 
requirements. The Act affirmatively vests the Commission with 
comprehensive antimanipulation enforcement authority over these trading 
facilities. The Commission is charged with monitoring these markets for 
manipulation and enforcing the antimanipuation provisions of the Act. 
The informational requirements imposed by proposed rules are designed 
to ensure that the Commission can effectively perform these functions. 
Section 5d of the Act establishes a category of market exempt from 
Commission oversight referred to as an ``exempt board of trade.'' Rule 
36.2 implements regulations that define those commodities that are 
eligible to trade on an exempt board of trade. Rule 36.2(b) implements 
the notification requirements of section 5d of the Act. Rule 36.2(b)(1) 
requires exempt boards of trade relying on this exemption to disclose 
to traders that the facility and trading on the facility is not 
regulated by the Commission. This requirement is necessary to make 
manifest the nature of the market and to avoid misleading the public.
    The Commission estimates the burden of this collection of 
information as follows:

Estimated Annual Reporting Burden

    Number of Respondents: 20.
    Total Annual Responses: 20.
    Total Annual Hours: 200.

    Dated: May 16, 2007.
Eileen A. Donovan,
Acting Secretary of the Commission.
[FR Doc. 07-2527 Filed 5-21-07; 8:45 am]
BILLING CODE 6351-01-M