Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0067, Part 162 Subpart C-Identify Theft Red Flags, 35001-35003 [2016-12858]
Download as PDF
<![CDATA[
Federal Register / Vol. 81, No. 105 / Wednesday, June 1, 2016 / Notices
The Federal Government is
responsible for the management of the
Pacific halibut sport fishery off Alaska,
while the State of Alaska manages the
salmon sport fisheries (Chinook, coho,
sockeye, chum, and pink), as well as
several other saltwater sport fisheries.
The updated survey’s scope covers
marine sport fishing for Pacific halibut,
salmon, and other popular marine sport
species in Alaska (e.g., lingcod and
rockfish). The data collected from the
survey will be used to update estimates
of the demand for and value of marine
fishing to anglers and to analyze how
the type of fish caught, fishery
regulations, and other factors affect
fishing values and anglers’ decisions to
participate in Alaska marine fishing
activities. The economic information
provided from the survey will help
inform fishery managers about the
economic values of Alaska marine sport
fisheries and the changes to
participation in these fisheries with
proposed regulations.
sradovich on DSK3TPTVN1PROD with NOTICES
II. Method of Collection
Data will be collected through a
mixed mode mail-telephone survey. A
random sample of sport anglers who
have fished in Alaska will receive an
advance letter informing them that a
survey is on its way. A few days later
the initial questionnaire will arrive. In
subsequent weeks, a reminder postcard,
a reminder telephone call, and a second
questionnaire will be mailed to
respondents who have not completed
and returned the mail survey. The
reminder telephone calls will collect
information from individuals who have
not responded to the mail survey and
encourage them to complete and return
the survey.
III. Data
OMB Control Number: 0648–0639.
Form Number(s): None.
Type of Review: Regular
(reinstatement with changes).
Affected Public: Individuals or
households.
Estimated Number of Respondents:
3,000.
Estimated Time per Response: 30
minutes.
Estimated Total Annual Burden
Hours: 1,500 hours.
Estimated Total Annual Cost to
Public: $0 in recordkeeping/reporting
costs.
IV. Request for Comments
Comments are invited on: (a) Whether
the proposed collection of information
is necessary for the proper performance
of the functions of the agency, including
whether the information shall have
VerDate Sep<11>2014
21:59 May 31, 2016
Jkt 238001
practical utility; (b) the accuracy of the
agency’s estimate of the burden
(including hours and cost) of the
proposed collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology.
Comments submitted in response to
this notice will be summarized and/or
included in the request for OMB
approval of this information collection;
they also will become a matter of public
record.
Dated: May 26, 2016.
Sarah Brabson,
NOAA PRA Clearance Officer.
[FR Doc. 2016–12808 Filed 5–31–16; 8:45 am]
BILLING CODE 3510–22–P
COMMODITY FUTURES TRADING
COMMISSION
Agency Information Collection
Activities: Notice of Intent To Renew
Collection 3038–0067, Part 162 Subpart
C—Identify Theft Red Flags
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:
The Commodity Futures
Trading Commission (‘‘CFTC’’ or
‘‘Commission’’) is announcing an
opportunity for public comment on the
proposed renewal of a collection of
certain information by the agency.
Under the Paperwork Reduction Act
(‘‘PRA’’), 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. This notice solicits
comments on the duties of CFTC
registrants to design, develop and
implement reasonable policies and
procedures to identify relevant red flags
(the ‘‘Identity Theft Red Flags Rules’’),
and potentially to notify cardholders of
identity theft risks. Regulations in part
162 subpart C—Identify Theft Red Flags,
including the information collection
requirements thereunder, are designed
to better protect investors from the risks
of identity theft, and, in the case of
entities that issue credit or debit cards,
to assess the validity of, and
communicate with cardholders
regarding, address changes.
SUMMARY:
PO 00000
Frm 00033
Fmt 4703
Sfmt 4703
35001
Comments must be submitted on
or before August 1, 2016.
ADDRESSES: You may submit comments,
identified by ‘‘Part 162 Subpart C—
Identify Theft Red Flags; OMB Control
No. 3038–0067,’’ by any of the following
methods:
• The Agency’s Web site, at https://
comments.cftc.gov/. Follow the
instructions for submitting comments
through the Web site.
• Mail: Christopher 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.
• Federal eRulemaking Portal: https://
www.regulations.gov/. Follow the
instructions for submitting comments
through the Portal.
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 https://
www.cftc.gov.
DATES:
Sue
McDonough, Office of General Counsel,
Commodity Futures Trading
Commission, 1155 21st Street NW.,
Washington, DC 20581; (202) 418–5132,
email: smcdonough@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
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 collection of
information listed below.
Title: Part 162 Subpart C—Identify
Theft Red Flags (OMB Control No.
3038–0067). This is a request for
extension of a currently approved
information collection.
Abstract: This collection of
information is needed because under
part 162 subpart C—Identify Theft,
CFTC-regulated entities are required to
develop and implement reasonable
policies and procedures to identify,
FOR FURTHER INFORMATION CONTACT:
E:\FR\FM\01JNN1.SGM
01JNN1
sradovich on DSK3TPTVN1PROD with NOTICES
35002
Federal Register / Vol. 81, No. 105 / Wednesday, June 1, 2016 / Notices
detect, and respond to relevant red flags
(the Identity Theft Red Flags Rules) and,
in the case of entities that issue credit
or debit cards, to assess the validity of,
and communicate with cardholders
regarding, address changes. Section
162.30 includes the following
information collection requirements for
each CFTC-regulated entity that
qualifies as a ‘‘financial institution’’ or
‘‘creditor’’ under and that offers or
maintains covered accounts: (i) Creation
and periodic updating of an identity
theft prevention program (‘‘Program’’)
that is approved by the board of
directors, an appropriate committee
thereof, or a designated senior
management employee; (ii) periodic
staff reporting to the board of directors
on compliance with the Identity Theft
Red Flags Rules and related guidelines;
and (iii) training of staff to implement
the Program. Section 162.32 includes
the following information collection
requirements for each CFTC-regulated
entity that is a credit or debit card
issuer: (i) Establishment of policies and
procedures that assess the validity of a
change of address notification if a
request for an additional or replacement
card on the account follows soon after
the address change; and (ii) notification
of a cardholder, before issuance of an
additional or replacement card, at the
previous address or through some other
previously agreed-upon form of
communication, or alternatively,
assessment of the validity of the address
change request through the entity’s
established policies and procedures.
The Commission uses the collection of
information to discharge its regulatory
responsibilities to protect investors from
the risks of identity theft.
With respect to the 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
CFTC, including whether the
information will have a practical use;
• The accuracy of the CFTC’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.
VerDate Sep<11>2014
21:59 May 31, 2016
Jkt 238001
You should submit only information
that you wish to make available
publicly. If you wish the CFTC 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 CFTC’s regulations.1
The CFTC reserves the right, but shall
have no obligation, to review, prescreen, filter, redact, refuse or remove
any or all of your submission from
https://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
ICR 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.
Burden Statement: CFTC staff
estimates of the hour burdens associated
with section 162.30 include the onetime burden of complying with this
section for newly-formed CFTCregulated entities, as well as the ongoing
costs of compliance for all CFTCregulated entities. With respect to the
one-time burden hours, staff estimates
that each newly-formed financial
institution or creditor would incur a
burden of 2 hours to conduct an initial
assessment of covered accounts. Staff
estimates that approximately 572 CFTCregulated financial institutions and
creditors are newly formed each year,
and the total estimated one-time burden
to initially assess covered accounts is
therefore 1,144 hours. Staff also
estimates that each financial institution
or creditor that maintains covered
accounts would incur an additional
initial burden of 29 hours to develop
and obtain board approval of a Program
and hours to train the staff of the
financial institution or creditor. Staff
estimates that approximately 47 2 CFTC1 17
CFR 145.9.
on a review of new registrations typically
filed with the CFTC each year, CFTC staff estimates
that approximately 6 futures commission merchants
(‘‘FCMs’’), 83 introducing brokers (‘‘IBs’’), 282
commodity trading advisors (‘‘CTAs’’), 198
commodity pool operators (‘‘CPOs’’), and 3 swap
dealers (‘‘SDs’’) are newly formed each year, for a
total of 572 entities. CFTC staff also has observed
that approximately 50 percent of all CPOs are
dually registered as CTAs, thus half of the 198 CPOs
or 99 CPOs are excluded from the calculation. With
respect to retail forex dealers (‘‘RFEDs’’), CFTC staff
has observed that all entities registering as RFEDs
also register as FCMs. Based on these observation,
CFTC has determined that the total number of
newly-formed financial institutions and creditors is
473 (572–99 CPOs that are also registered as CTAs).
There were no newly registered RFEDs or MSPs.
2 Based
PO 00000
Frm 00034
Fmt 4703
Sfmt 4703
regulated financial institutions and
creditors that maintain covered
accounts are newly formed each year,
and thus the total estimated one-time
burden to develop and obtain board
approval of a Program and train staff is
1,363 hours. Thus, the total initial
estimated burden for all newly-formed
CFTC-regulated entities is 2,507 hours
(1,144 hours + 1,363 hours).
With respect to ongoing annual
burden hours, CFTC staff estimates that
each financial institution or creditor
would incur a burden of 2 hours to
periodically assess whether it offers or
maintains covered accounts. Staff
estimates that there are approximately
3,956 CFTC-regulated entities that are
either financial institutions or creditors,
and the total estimated annual burden to
periodically assess covered accounts is
therefore 7,912 hours. Staff also
estimates that each financial institution
or creditor that maintains covered
accounts would incur an additional
annual burden of 4 hours to prepare and
present an annual report to the board
and 2 hours to periodically review and
update the Program. Staff estimates that
there are approximately 47 CFTCregulated entities that are financial
institutions or creditors that offer or
maintain covered accounts, and thus the
total estimated additional annual
burden for these entities is 282 hours.
Thus, the total ongoing annual
estimated burden for all CFTC-regulated
entities is 8,194 hours (7912 hours + 282
hours).
The collections of information
required by section 162.32 will apply
only to CFTC-regulated entities that
issue credit or debit cards. CFTC staff
understands that CFTC-regulated
entities generally do not issue credit or
debit cards, but instead may partner
with other entities, such as banks, that
issue cards on their behalf. These other
entities, which are not regulated by the
CFTC, are already subject to
substantially similar change of address
obligations pursuant to other federal
regulators’ identity theft red flags rules.
Therefore, staff does not expect that any
CFTC-regulated entities will be subject
to the information collection
requirements of section 163.32, and
Each of these 473 financial institutions or creditors
would bear the initial one-time burden of
compliance.
Of the total 473 newly-formed entities, staff
estimates that all of the FCMs are likely to carry
covered accounts, 10 percent of CTAs and CPOs are
likely to carry covered accounts, and none of the
IBs are likely to carry covered accounts, for a total
of 44 newly-formed financial institutions or
creditors (6 FCMs, 38 CPOS and CTAs, and 3 SDs)
carrying covered accounts that would be required
to conduct an initial one-time burden of compliance
with subpart C of part 162.
E:\FR\FM\01JNN1.SGM
01JNN1
Federal Register / Vol. 81, No. 105 / Wednesday, June 1, 2016 / Notices
accordingly, staff estimates that there is
no hour burden related to section 162.32
for CFTC-regulated entities.
In total, CFTC staff estimates that the
aggregate annual information collection
burden of part 162 subpart C—Identity
Theft is 10,701 hours (2,507 hours +
8,194 hours). Compliance with part 162
subpart C—Identity Theft, including
compliance with the information
collection requirements thereunder, is
mandatory for each CFTC regulated
entity that qualifies as a ‘‘financial
institution’’ or ‘‘creditor’’ under Part 162
Subpart C—Identity Theft (as discussed
above, certain collections of information
under Part 162 Subpart C—Identity
Theft are mandatory only for financial
institutions or creditors that offer or
maintain covered accounts).
Frequency of collection: Ongoing.
There are no capital costs or operating
and maintenance costs associated with
this collection.
Authority: 44 U.S.C. 3501 et seq.
Dated: May 26, 2016.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2016–12858 Filed 5–31–16; 8:45 am]
BILLING CODE 6351–01–P
DEPARTMENT OF DEFENSE
Office of the Secretary
[Docket ID: DoD–2015–OS–0097]
Submission for OMB Review;
Comment Request
ACTION:
Notice.
The Department of Defense
has submitted to OMB for clearance, the
following proposal for collection of
information under the provisions of the
Paperwork Reduction Act.
DATES: Consideration will be given to all
comments received by July 1, 2016.
FOR FURTHER INFORMATION CONTACT: Fred
Licari, 571–372–0493.
SUPPLEMENTARY INFORMATION:
Title, Associated Form and OMB
Number: Collection of Required Data
Elements to Verify Eligibility; OMB
Control Number 0704–0545.
Type of Request: Extension
Number of Respondents: 1,000,000.
Responses per Respondent: 1.
Annual Responses: 1,000,000.
Average Burden per Response: 5
minutes.
Annual Burden Hours: 83,333.
Needs and Uses: The information
collection requirement is necessary for
the Government to verify whether or not
an individual was impacted by the OPM
sradovich on DSK3TPTVN1PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
21:59 May 31, 2016
Jkt 238001
cybersecurity incident involving
background investigation records and to
send a letter confirming status as
‘‘impacted’’ or ‘‘not impacted’’ by this
incident. Once the minimally required
information has been input into the
OPM secure portal, it will be compared
to an electronic master file and
verification will be accomplished
electronically. After the Government has
validated the individual’s status, the
DoD Defense Manpower Data Center
(DMDC) will generate and mail a
response letter. This letter will either
confirm eligibility and contain a PIN for
impacted individuals, or confirm that
the individual was not impacted by this
cybersecurity incident.
Affected Public: Individuals or
households.
Frequency: On occasion.
Respondent’s Obligation: Required to
obtain or retain benefits.
OMB Desk Officer: Ms. Jasmeet
Seehra.
Comments and recommendations on
the proposed information collection
should be emailed to Ms. Jasmeet
Seehra, DoD Desk Officer, at
Oira_submission@omb.eop.gov. Please
identify the proposed information
collection by DoD Desk Officer and the
Docket ID number and title of the
information collection.
You may also submit comments and
recommendations, identified by Docket
ID number and title, by the following
method:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Instructions: All submissions received
must include the agency name, Docket
ID number and title for this Federal
Register document. The general policy
for comments and other submissions
from members of the public is to make
these submissions available for public
viewing on the Internet at https://
www.regulations.gov as they are
received without change, including any
personal identifiers or contact
information.
DoD Clearance Officer: Mr. Frederick
Licari.
Written requests for copies of the
information collection proposal should
be sent to Mr. Licari at WHS/ESD
Directives Division, 4800 Mark Center
Drive, East Tower, Suite 02G09,
Alexandria, VA 22350–3100.
Dated: May 26, 2016.
Aaron Siegel,
Alternate OSD Federal Register Liaison
Officer, Department of Defense.
[FR Doc. 2016–12855 Filed 5–31–16; 8:45 am]
BILLING CODE 5001–06–P
PO 00000
Frm 00035
Fmt 4703
Sfmt 4703
35003
DEPARTMENT OF EDUCATION
Privacy Act of 1974; Computer
Matching Program Between the
Department of Education and the
Department of Veterans Affairs
Department of Education.
Notice.
AGENCY:
ACTION:
This document provides
notice of the continuation of the
computer matching program between
the Department of Education (ED)
(recipient agency) and the Department
of Veterans Affairs (VA) (source agency).
The continuation is effective on the date
in paragraph 5 of this notice.
SUPPLEMENTARY INFORMATION: In
accordance with the Privacy Act of
1974, as amended (5 U.S.C. 552a), the
following information is provided:
1. Names of Participating Agencies.
ED and VA.
2. Purpose of the Match.
The purpose of this matching program
is to assist the Secretary of Education
with verification of a veteran’s status
during the review of applications for
financial assistance under title IV of the
Higher Education Act of 1965, as
amended (HEA).
The Secretary of Education is
authorized by the HEA to administer the
title IV programs and to enforce the
terms and conditions of the HEA.
Section 480(c)(1) of the HEA defines
the term ‘‘veteran’’ to mean ‘‘any
individual who (A) has engaged in the
active duty in the United States Army,
Navy, Air Force, Marines, or Coast
Guard; and (B) was released under a
condition other than dishonorable.’’ (20
U.S.C. 1087vv(c)(1)). Under section
480(d)(1)(D) of the HEA, an applicant
who is a veteran (as defined in section
480(c)(1)) is considered an independent
student for purposes of title IV, HEA
program assistance eligibility, and
therefore does not have to provide
parental income and asset information
to apply for title IV, HEA program
assistance. (20 U.S.C. 1087vv(d)(1)(D)).
3. Authority for Conducting the
Matching Program.
ED is authorized to participate in the
matching program under sections
480(c)(1) and 480(d)(1)(D) of the HEA
(20 U.S.C. 1087vv(c)(1) and (d)(1)(D)).
VA is authorized to participate in the
matching program under 38 U.S.C. 523.
4. Categories of Records and
Individuals Covered by the Match.
ED will provide the Social Security
number and other identifying
information of each applicant for
financial assistance under title IV of the
HEA who indicates veteran status. This
information will be disclosed from the
SUMMARY:
E:\FR\FM\01JNN1.SGM
01JNN1
]]>Agencies
[Federal Register Volume 81, Number 105 (Wednesday, June 1, 2016)]
[Notices]
[Pages 35001-35003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12858]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
Agency Information Collection Activities: Notice of Intent To
Renew Collection 3038-0067, Part 162 Subpart C--Identify Theft Red
Flags
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or
``Commission'') is announcing an opportunity for public comment on the
proposed renewal of a collection of certain information by the agency.
Under the Paperwork Reduction Act (``PRA''), 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. This notice solicits comments on the duties of CFTC
registrants to design, develop and implement reasonable policies and
procedures to identify relevant red flags (the ``Identity Theft Red
Flags Rules''), and potentially to notify cardholders of identity theft
risks. Regulations in part 162 subpart C--Identify Theft Red Flags,
including the information collection requirements thereunder, are
designed to better protect investors from the risks of identity theft,
and, in the case of entities that issue credit or debit cards, to
assess the validity of, and communicate with cardholders regarding,
address changes.
DATES: Comments must be submitted on or before August 1, 2016.
ADDRESSES: You may submit comments, identified by ``Part 162 Subpart
C--Identify Theft Red Flags; OMB Control No. 3038-0067,'' by any of the
following methods:
The Agency's Web site, at https://comments.cftc.gov/.
Follow the instructions for submitting comments through the Web site.
Mail: Christopher 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.
Federal eRulemaking Portal: https://www.regulations.gov/.
Follow the instructions for submitting comments through the Portal.
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
https://www.cftc.gov.
FOR FURTHER INFORMATION CONTACT: Sue McDonough, Office of General
Counsel, Commodity Futures Trading Commission, 1155 21st Street NW.,
Washington, DC 20581; (202) 418-5132, email: smcdonough@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 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 collection of information
listed below.
Title: Part 162 Subpart C--Identify Theft Red Flags (OMB Control
No. 3038-0067). This is a request for extension of a currently approved
information collection.
Abstract: This collection of information is needed because under
part 162 subpart C--Identify Theft, CFTC-regulated entities are
required to develop and implement reasonable policies and procedures to
identify,
[[Page 35002]]
detect, and respond to relevant red flags (the Identity Theft Red Flags
Rules) and, in the case of entities that issue credit or debit cards,
to assess the validity of, and communicate with cardholders regarding,
address changes. Section 162.30 includes the following information
collection requirements for each CFTC-regulated entity that qualifies
as a ``financial institution'' or ``creditor'' under and that offers or
maintains covered accounts: (i) Creation and periodic updating of an
identity theft prevention program (``Program'') that is approved by the
board of directors, an appropriate committee thereof, or a designated
senior management employee; (ii) periodic staff reporting to the board
of directors on compliance with the Identity Theft Red Flags Rules and
related guidelines; and (iii) training of staff to implement the
Program. Section 162.32 includes the following information collection
requirements for each CFTC-regulated entity that is a credit or debit
card issuer: (i) Establishment of policies and procedures that assess
the validity of a change of address notification if a request for an
additional or replacement card on the account follows soon after the
address change; and (ii) notification of a cardholder, before issuance
of an additional or replacement card, at the previous address or
through some other previously agreed-upon form of communication, or
alternatively, assessment of the validity of the address change request
through the entity's established policies and procedures. The
Commission uses the collection of information to discharge its
regulatory responsibilities to protect investors from the risks of
identity theft.
With respect to the 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 CFTC,
including whether the information will have a practical use;
The accuracy of the CFTC'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.
You should submit only information that you wish to make available
publicly. If you wish the CFTC 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 Sec. 145.9 of the
CFTC's regulations.\1\
---------------------------------------------------------------------------
\1\ 17 CFR 145.9.
---------------------------------------------------------------------------
The CFTC reserves the right, but shall have no obligation, to
review, pre-screen, filter, redact, refuse or remove any or all of your
submission from https://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 ICR 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.
Burden Statement: CFTC staff estimates of the hour burdens
associated with section 162.30 include the one-time burden of complying
with this section for newly-formed CFTC-regulated entities, as well as
the ongoing costs of compliance for all CFTC-regulated entities. With
respect to the one-time burden hours, staff estimates that each newly-
formed financial institution or creditor would incur a burden of 2
hours to conduct an initial assessment of covered accounts. Staff
estimates that approximately 572 CFTC-regulated financial institutions
and creditors are newly formed each year, and the total estimated one-
time burden to initially assess covered accounts is therefore 1,144
hours. Staff also estimates that each financial institution or creditor
that maintains covered accounts would incur an additional initial
burden of 29 hours to develop and obtain board approval of a Program
and hours to train the staff of the financial institution or creditor.
Staff estimates that approximately 47 \2\ CFTC-regulated financial
institutions and creditors that maintain covered accounts are newly
formed each year, and thus the total estimated one-time burden to
develop and obtain board approval of a Program and train staff is 1,363
hours. Thus, the total initial estimated burden for all newly-formed
CFTC-regulated entities is 2,507 hours (1,144 hours + 1,363 hours).
---------------------------------------------------------------------------
\2\ Based on a review of new registrations typically filed with
the CFTC each year, CFTC staff estimates that approximately 6
futures commission merchants (``FCMs''), 83 introducing brokers
(``IBs''), 282 commodity trading advisors (``CTAs''), 198 commodity
pool operators (``CPOs''), and 3 swap dealers (``SDs'') are newly
formed each year, for a total of 572 entities. CFTC staff also has
observed that approximately 50 percent of all CPOs are dually
registered as CTAs, thus half of the 198 CPOs or 99 CPOs are
excluded from the calculation. With respect to retail forex dealers
(``RFEDs''), CFTC staff has observed that all entities registering
as RFEDs also register as FCMs. Based on these observation, CFTC has
determined that the total number of newly-formed financial
institutions and creditors is 473 (572-99 CPOs that are also
registered as CTAs). There were no newly registered RFEDs or MSPs.
Each of these 473 financial institutions or creditors would bear the
initial one-time burden of compliance.
Of the total 473 newly-formed entities, staff estimates that all
of the FCMs are likely to carry covered accounts, 10 percent of CTAs
and CPOs are likely to carry covered accounts, and none of the IBs
are likely to carry covered accounts, for a total of 44 newly-formed
financial institutions or creditors (6 FCMs, 38 CPOS and CTAs, and 3
SDs) carrying covered accounts that would be required to conduct an
initial one-time burden of compliance with subpart C of part 162.
---------------------------------------------------------------------------
With respect to ongoing annual burden hours, CFTC staff estimates
that each financial institution or creditor would incur a burden of 2
hours to periodically assess whether it offers or maintains covered
accounts. Staff estimates that there are approximately 3,956 CFTC-
regulated entities that are either financial institutions or creditors,
and the total estimated annual burden to periodically assess covered
accounts is therefore 7,912 hours. Staff also estimates that each
financial institution or creditor that maintains covered accounts would
incur an additional annual burden of 4 hours to prepare and present an
annual report to the board and 2 hours to periodically review and
update the Program. Staff estimates that there are approximately 47
CFTC-regulated entities that are financial institutions or creditors
that offer or maintain covered accounts, and thus the total estimated
additional annual burden for these entities is 282 hours. Thus, the
total ongoing annual estimated burden for all CFTC-regulated entities
is 8,194 hours (7912 hours + 282 hours).
The collections of information required by section 162.32 will
apply only to CFTC-regulated entities that issue credit or debit cards.
CFTC staff understands that CFTC-regulated entities generally do not
issue credit or debit cards, but instead may partner with other
entities, such as banks, that issue cards on their behalf. These other
entities, which are not regulated by the CFTC, are already subject to
substantially similar change of address obligations pursuant to other
federal regulators' identity theft red flags rules. Therefore, staff
does not expect that any CFTC-regulated entities will be subject to the
information collection requirements of section 163.32, and
[[Page 35003]]
accordingly, staff estimates that there is no hour burden related to
section 162.32 for CFTC-regulated entities.
In total, CFTC staff estimates that the aggregate annual
information collection burden of part 162 subpart C--Identity Theft is
10,701 hours (2,507 hours + 8,194 hours). Compliance with part 162
subpart C--Identity Theft, including compliance with the information
collection requirements thereunder, is mandatory for each CFTC
regulated entity that qualifies as a ``financial institution'' or
``creditor'' under Part 162 Subpart C--Identity Theft (as discussed
above, certain collections of information under Part 162 Subpart C--
Identity Theft are mandatory only for financial institutions or
creditors that offer or maintain covered accounts).
Frequency of collection: Ongoing. There are no capital costs or
operating and maintenance costs associated with this collection.
Authority: 44 U.S.C. 3501 et seq.
Dated: May 26, 2016.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2016-12858 Filed 5-31-16; 8:45 am]
BILLING CODE 6351-01-P
