Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations, 47262-47264 [2019-19438]
Download as PDF
<![CDATA[
jbell on DSK3GLQ082PROD with NOTICES
47262
Federal Register / Vol. 84, No. 174 / Monday, September 9, 2019 / Notices
3:00 p.m. Members of the public who
wish to submit written statements in
connection with the meeting should
submit them by October 1, 2019.
ADDRESSES: The meeting will take place
in the Conference Center at the CFTC’s
headquarters, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
20581. You may submit public
comments, identified by ‘‘Global
Markets Advisory Committee,’’ by any
of the following methods:
• CFTC Website: https://
comments.cftc.gov. Follow the
instructions for submitting comments
through the Comments Online process
on the website.
• Mail: Christopher Kirkpatrick,
Secretary of the Commission,
Commodity Futures Trading
Commission, Three Lafayette Center,
1155 21st Street NW, Washington, DC
20581.
• Hand Delivery/Courier: Same as
Mail, above.
Any statements submitted in
connection with the committee meeting
will be made available to the public,
including publication on the CFTC
website, https://www.cftc.gov.
FOR FURTHER INFORMATION CONTACT:
Andre´e Goldsmith, GMAC Designated
Federal Officer, Commodity Futures
Trading Commission, Three Lafayette
Centre, 1155 21st Street NW,
Washington, DC 20581; (202) 418–6624.
SUPPLEMENTARY INFORMATION: The
meeting will be open to the public with
seating on a first-come, first-served
basis. Members of the public may also
listen to the meeting by telephone by
calling a domestic toll-free telephone or
international toll or toll-free number to
connect to a live, listen-only audio feed.
Call-in participants should be prepared
to provide their first name, last name,
and affiliation.
Domestic Toll Free: 1–877–951–7311.
International Toll and Toll Free: Will
be posted on the CFTC’s website, https://
www.cftc.gov, on the page for the
meeting, under Related Links.
Pass Code/Pin Code: 2665194.
The meeting agenda may change to
accommodate other GMAC priorities.
For agenda updates, please visit the
GMAC committee website at: https://
www.cftc.gov/About/CFTCCommittees/
GlobalMarketsAdvisory/gmac_
meetings.html.
After the meeting, a transcript of the
meeting will be published through a
link on the CFTC’s website at: https://
www.cftc.gov. All written submissions
provided to the CFTC in any form will
also be published on the CFTC’s
website. Persons requiring special
accommodations to attend the meeting
VerDate Sep<11>2014
20:43 Sep 06, 2019
Jkt 247001
because of a disability should notify the
contact person above.
(Authority: 5 U.S.C. App. 2.)
Dated: September 4, 2019.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019–19388 Filed 9–6–19; 8:45 am]
BILLING CODE 6351–01–P
COMMODITY FUTURES TRADING
COMMISSION
Fees for Reviews of the Rule
Enforcement Programs of Designated
Contract Markets and Registered
Futures Associations
Commodity Futures Trading
Commission.
ACTION: Notice of 2019 schedule of fees.
AGENCY:
The Commodity Futures
Trading Commission (‘‘CFTC’’ or
‘‘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 rule
enforcement programs, specifically
National Futures Association (‘‘NFA’’), a
registered futures association, and the
designated contract markets. Fees
collected from each self-regulatory
organization are deposited in the
Treasury of the United States as
miscellaneous receipts. The calculation
of the fee amounts charged for 2019 by
this notice is based upon an average of
actual program costs incurred during
fiscal year (‘‘FY’’) 2016, FY 2017, and
FY 2018.
DATES: Each self-regulatory organization
is required to remit electronically the
applicable fee on or before November 8,
2019.
FOR FURTHER INFORMATION CONTACT:
Anthony C. Thompson, Executive
Director, Commodity Futures Trading
Commission; (202) 418–5697; Three
Lafayette Centre, 1155 21st Street NW,
Washington, DC 20581. For information
on electronic payment, contact Jennifer
Fleming; (202) 418–5034; Three
Lafayette Centre, 1155 21st Street NW,
Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background Information
A. General
This notice relates to fees for the
Commission’s review of the rule
enforcement programs at the registered
futures associations 1 and designated
1 National Futures Association is the only
registered futures association.
PO 00000
Frm 00030
Fmt 4703
Sfmt 4703
contract markets (‘‘DCM’’), each of
which is a self-regulatory organization
(‘‘SRO’’) regulated by the Commission.
The Commission recalculates the fees
charged each year to cover the costs of
operating this Commission program.2
The fees are set each year based on
direct program costs, plus an overhead
factor. The Commission calculates
actual costs, then calculates an alternate
fee taking volume into account, and
then charges the lower of the two.3
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 generally
consist 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): 190 percent for FY 2016, and
175 percent for FY 2017, and 182
precent for FY 2018.
C. Conduct of SRO Rule Enforcement
Reviews
Under the formula adopted by the
Commission in 1993, the Commission
calculates the fee to recover the costs of
its rule enforcement reviews 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 year-to-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.
As noted above, adjustments to actual
costs may be made to relieve the burden
on an SRO with a disproportionately
2 See 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.
3 58 FR 42643, Aug. 11, 1993, and 17 CFR part
1, app. B.
E:\FR\FM\09SEN1.SGM
09SEN1
47263
Federal Register / Vol. 84, No. 174 / Monday, September 9, 2019 / Notices
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 is made 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 of the resulting fee for each
entity:
TABLE 1—SUMMARY OF DATA USED IN FEE CALCULATIONS
Actual total costs
FY 2016
FY 2017
FY 2018
3-Year
average
actual
costs
3-Year
average
volume
(%)
Adjusted
volume
costs
Refund
of over
payment
from FY
2018
2019
Assessed
fee
2019
Assessed
fee
CANTOR ...................................
CBOE Futures Ex .....................
CBOT ........................................
CME ..........................................
ERIS ..........................................
ICE Futures US .........................
MGE ..........................................
NASDAQ OMX–PBOT ..............
NODAL ......................................
NYMEX/COMEX .......................
North American Derivatives Exchange Inc .............................
OCX-One Chicago, LLC ...........
$
227,059
28,720
372,278
....................
386,719
14,314
....................
....................
242,792
$60,045
31,026
96,442
472,157
53,010
199,090
42,226
251,200
100,600
212,798
$56,551
16,033
2,296
235,127
33,170
50,096
438
109,413
33,162
3,397
$38,865.55
91,372.64
42,486.01
359,854.31
28,726.90
211,968.03
18,992.66
120,204.37
44,587.32
152,995.57
0.00
1.44
30.55
42.65
0.01
7.70
0.05
0.73
0.02
16.37
$19,433
54,354
204,602
435,963
14,423
152,203
9,816
64,470
22,396
174,773
$19,433
54,354
42,486
359,854
14,423
152,203
9,816
64,470
22,396
152,996
$(238)
(217)
(765)
(3,744)
(211)
(1,354)
(171)
(1,034)
(399)
(1,688)
$19,195
54,137
41,721
356,110
14,212
150,849
9,645
63,436
21,997
151,308
81,758
282
84,666
36,444
6,986
61,276
57,803.18
32,667.15
0.217
0.256
30,206
17,868
30,206
17,868
(347)
(165)
29,859
17,703
Subtotal ..............................
National Futures Association ....
1,353,922
282,405
1,639,704
660,710
607,946
507,673
1,200,524
483,595.99
....................
....................
1,200,504
....................
940,503
483,596
(10,333)
(5,240)
930,170
478,356
Total ............................
1,636,327
2,300,414
1,115,619
1,684,120
....................
....................
1,424,099
(15,573)
1,408,526
The FY 2019 fees reflect refunds of
overpayments that resulted from an
error regarding the amount of overhead
calculated in the FY 2018 fees. As a
result, the overhead factor was reduced
0.06 percent, the FY 2018 fees were
recalculated, and credits in the amount
of the overpayments were applied to the
FY 2019 fees.
An example of how the fee is
calculated for one exchange, the
Chicago Board of Trade, is set forth
here:
a. Actual three-year average costs =
$42,486.
b. The alternative computation is: (.5)
($42,486) + (.5) (.305465) ($1,200,524) =
$204,602.
c. The fee is the lesser of a. or b.; in
this case $42,486.
d. The refund for overpayment of
$765.00 is applied, bringing the fee to
$41,721.
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 2016 through 2018 was $483,596.
The fee to be paid by the NFA for the
current fiscal year is $483,596.
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 are
as follows:
TABLE 2—SCHEDULE OF FEES
jbell on DSK3GLQ082PROD with NOTICES
3-Year
average
actual costs
CANTOR ..................................................
CBOE Futures Ex ....................................
CBOT .......................................................
CME .........................................................
ERIS .........................................................
ICE Futures US ........................................
MGE .........................................................
NASDAQ OMX–PBOT .............................
NODAL .....................................................
NYMEX/COMEX ......................................
North American Derivatives Exchange
Inc .........................................................
VerDate Sep<11>2014
20:43 Sep 06, 2019
Jkt 247001
3-Year
average
volume
(%)
Adjusted
volume
costs
2019
Assessed
fee
Refund of
over payment
from FY 2018
2019
Assessed
fee
$38,865.55
91,372.64
42,486.01
359,854.31
28,726.90
211,968.03
18,992.66
120,204.37
44,587.32
152,995.57
0.00
1.44
30.55
42.65
0.01
7.70
0.05
0.73
0.02
16.37
$19,433
54,354
204,602
435,963
14,423
152,203
9,816
64,470
22,396
174,773
$19,433
54,354
42,486
359,854
14,423
152,203
9,816
64,470
22,396
152,996
$(238)
(217)
(765)
(3,744)
(211)
(1,354)
(171)
(1,034)
(399)
(1,688)
$19,195
54,137
41,721
356,110
14,212
150,849
9,645
63,436
21,997
151,308
57,803.18
0.217
30,206
30,206
(347)
29,859
PO 00000
Frm 00031
Fmt 4703
Sfmt 4703
E:\FR\FM\09SEN1.SGM
09SEN1
47264
Federal Register / Vol. 84, No. 174 / Monday, September 9, 2019 / Notices
TABLE 2—SCHEDULE OF FEES—Continued
3-Year
average
volume
(%)
3-Year
average
actual costs
2019
Assessed
fee
Refund of
over payment
from FY 2018
2019
Assessed
fee
OCX-One Chicago, LLC ..........................
32,667.15
0.256
17,868
17,868
(165)
17,703
Subtotal .............................................
National Futures Association ...................
1,200,524
483,595.99
........................
........................
1,200,504
........................
........................
483,596
(10,333)
(5,240)
930,170
478,356
Total ...........................................
1,684,120
........................
........................
1,424,099
(15,573)
1,408,526
III. 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 Jennifer Fleming at (202)
418–5034 or jfleming@cftc.gov, or see
the CFTC website at https://
www.cftc.gov, specifically, https://
www.cftc.gov/cftc/cftcelectronic
payments.htm. Fees collected from each
self-regulatory organization shall be
deposited in the Treasury of the United
States as miscellaneous receipts. See 7
U.S.C. 16a.
Issued in Washington, DC, on this 4th day
of September, 2019, by the Commission.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019–19438 Filed 9–6–19; 8:45 am]
BILLING CODE 6351–01–P
BUREAU OF CONSUMER FINANCIAL
PROTECTION
[Docket No. CFPB–2019–0050]
Agency Information Collection
Activities: Comment Request
Bureau of Consumer Financial
Protection.
ACTION: Notice and request for comment.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995
(PRA), the Bureau of Consumer
Financial Protection (Bureau) is
requesting to renew the Office of
Management and Budget (OMB)
approval for an existing information
collection titled, ‘‘Truth in Savings
(Regulation DD) 12 CFR 1030.’’
DATES: Written comments are
encouraged and must be received on or
before November 8, 2019 to be assured
of consideration.
SUMMARY:
jbell on DSK3GLQ082PROD with NOTICES
Adjusted
volume
costs
You may submit comments,
identified by the title of the information
collection, OMB Control Number (see
below), and docket number (see above),
by any of the following methods:
ADDRESSES:
VerDate Sep<11>2014
20:43 Sep 06, 2019
Jkt 247001
• Electronic: Go to https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email: PRA_Comments@cfpb.gov.
Include Docket No. CFPB–2019–0050 in
the subject line of the message.
• Mail: Comment Intake, Bureau of
Consumer Financial Protection
(Attention: PRA Office), 1700 G Street
NW, Washington, DC 20552.
• Hand Delivery/Courier: Comment
Intake, Bureau of Consumer Financial
Protection (Attention: PRA Office), 1700
G Street NW, Washington, DC 20552.
Please note that comments submitted
after the comment period will not be
accepted. In general, all comments
received will become public records,
including any personal information
provided. Sensitive personal
information, such as account numbers
or Social Security numbers, should not
be included.
FOR FURTHER INFORMATION CONTACT:
Documentation prepared in support of
this information collection request is
available at www.regulations.gov.
Requests for additional information
should be directed to Darrin King, PRA
Officer, at (202) 435–9575 or email:
CFPB_PRA@cfpb.gov. If you require this
document in an alternative electronic
format, please contact CFPB_
Accessibility@cfpb.gov. Please do not
submit comments to these email boxes.
SUPPLEMENTARY INFORMATION:
Title of Collection: Truth in Savings
(Regulation DD) 12 CFR 1030.
OMB Control Number: 3170–0004.
Type of Review: Extension without
change of a currently approved
collection.
Affected Public: Private Sector.
Estimated Number of Annual
Respondents: 144.
Estimated Total Annual Burden
Hours: 625,187.1
1 The Bureau shares supervisory authority for
Regulation DD with the Federal Reserve Board (12
CFR 1030, OMB No. 7100–0271), the Department of
Treasury’s Office of the Comptroller of the Currency
(12 CFR 1030, OMB No. 1557–0176), and the
Federal Deposit Insurance Corporation (12 CFR 230,
OMB No. 3064–0084). The total estimated burden
for all agencies is 749,982 hours for a total of 5,457
respondents.
PO 00000
Frm 00032
Fmt 4703
Sfmt 9990
Abstract: Consumers rely on the
disclosures required by the Truth in
Savings Act (TISA) and Regulation DD
to facilitate informed decision-making
regarding deposit accounts offered at
depository institutions. Without this
information, consumers would be
severely hindered in their ability to
assess the true costs and terms of the
deposit accounts offered. Federal
agencies and private litigants use the
records to ascertain whether accurate
and complete disclosures of depository
accounts have been provided to
consumers. This information also
provides the primary evidence of law
violations in TISA enforcement actions
brought by the Bureau. Without the
Regulation DD recordkeeping
requirement, the Bureau’s ability to
enforce TISA would be significantly
impaired. This is a routine renewal of
an existing information collection. The
Bureau is not proposing any policy
changed pursuant to this notice.
Request For Comments: Comments
are invited on: (a) Whether the
collection of information is necessary
for the proper performance of the
functions of the Bureau, including
whether the information will have
practical utility; (b) The accuracy of the
Bureau’s estimate of the burden of the
collection of information, including the
validity of the methods and the
assumptions used; (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. All comments will become a
matter of public record.
Dated: September 4, 2019.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of
Consumer Financial Protection.
[FR Doc. 2019–19385 Filed 9–6–19; 8:45 am]
BILLING CODE 4810–AM–P
E:\FR\FM\09SEN1.SGM
09SEN1
]]>Agencies
[Federal Register Volume 84, Number 174 (Monday, September 9, 2019)]
[Notices]
[Pages 47262-47264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19438]
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
Fees for Reviews of the Rule Enforcement Programs of Designated
Contract Markets and Registered Futures Associations
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of 2019 schedule of fees.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (``CFTC'' or
``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 rule enforcement programs, specifically
National Futures Association (``NFA''), a registered futures
association, and the designated contract markets. Fees collected from
each self-regulatory organization are deposited in the Treasury of the
United States as miscellaneous receipts. The calculation of the fee
amounts charged for 2019 by this notice is based upon an average of
actual program costs incurred during fiscal year (``FY'') 2016, FY
2017, and FY 2018.
DATES: Each self-regulatory organization is required to remit
electronically the applicable fee on or before November 8, 2019.
FOR FURTHER INFORMATION CONTACT: Anthony C. Thompson, Executive
Director, Commodity Futures Trading Commission; (202) 418-5697; Three
Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. For
information on electronic payment, contact Jennifer Fleming; (202) 418-
5034; Three Lafayette Centre, 1155 21st Street NW, Washington, DC
20581.
SUPPLEMENTARY INFORMATION:
I. Background Information
A. 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''), each of which is a self-
regulatory organization (``SRO'') regulated by the Commission. The
Commission recalculates the fees charged each year to cover the costs
of operating this Commission program.\2\ The fees are set each year
based on direct program costs, plus an overhead factor. The Commission
calculates actual costs, then calculates an alternate fee taking volume
into account, and then charges the lower of the two.\3\
---------------------------------------------------------------------------
\1\ National Futures Association is the only registered futures
association.
\2\ See 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.
\3\ 58 FR 42643, Aug. 11, 1993, and 17 CFR part 1, app. B.
---------------------------------------------------------------------------
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 generally consist of the following Commission-wide 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): 190 percent for FY 2016,
and 175 percent for FY 2017, and 182 precent for FY 2018.
C. Conduct of SRO Rule Enforcement Reviews
Under the formula adopted by the Commission in 1993, the Commission
calculates the fee to recover the costs of its rule enforcement reviews
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 year-
to-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.
As noted above, adjustments to actual costs may be made to relieve
the burden on an SRO with a disproportionately
[[Page 47263]]
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 is made 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 of the resulting fee for each entity:
Table 1--Summary of Data Used in Fee Calculations
--------------------------------------------------------------------------------------------------------------------------------------------------------
Actual total costs Refund of
--------------------------------------- 3-Year 3-Year Adjusted 2019 over 2019
average average volume Assessed payment Assessed
FY 2016 FY 2017 FY 2018 actual volume (%) costs fee from FY fee
costs 2018
--------------------------------------------------------------------------------------------------------------------------------------------------------
CANTOR............................. $ $60,045 $56,551 $38,865.55 0.00 $19,433 $19,433 $(238) $19,195
CBOE Futures Ex.................... 227,059 31,026 16,033 91,372.64 1.44 54,354 54,354 (217) 54,137
CBOT............................... 28,720 96,442 2,296 42,486.01 30.55 204,602 42,486 (765) 41,721
CME................................ 372,278 472,157 235,127 359,854.31 42.65 435,963 359,854 (3,744) 356,110
ERIS............................... ........... 53,010 33,170 28,726.90 0.01 14,423 14,423 (211) 14,212
ICE Futures US..................... 386,719 199,090 50,096 211,968.03 7.70 152,203 152,203 (1,354) 150,849
MGE................................ 14,314 42,226 438 18,992.66 0.05 9,816 9,816 (171) 9,645
NASDAQ OMX-PBOT.................... ........... 251,200 109,413 120,204.37 0.73 64,470 64,470 (1,034) 63,436
NODAL.............................. ........... 100,600 33,162 44,587.32 0.02 22,396 22,396 (399) 21,997
NYMEX/COMEX........................ 242,792 212,798 3,397 152,995.57 16.37 174,773 152,996 (1,688) 151,308
North American Derivatives Exchange 81,758 84,666 6,986 57,803.18 0.217 30,206 30,206 (347) 29,859
Inc...............................
OCX-One Chicago, LLC............... 282 36,444 61,276 32,667.15 0.256 17,868 17,868 (165) 17,703
--------------------------------------------------------------------------------------------------------------------
Subtotal....................... 1,353,922 1,639,704 607,946 1,200,524 ........... 1,200,504 940,503 (10,333) 930,170
National Futures Association....... 282,405 660,710 507,673 483,595.99 ........... ........... 483,596 (5,240) 478,356
--------------------------------------------------------------------------------------------------------------------
Total...................... 1,636,327 2,300,414 1,115,619 1,684,120 ........... ........... 1,424,099 (15,573) 1,408,526
--------------------------------------------------------------------------------------------------------------------------------------------------------
The FY 2019 fees reflect refunds of overpayments that resulted from
an error regarding the amount of overhead calculated in the FY 2018
fees. As a result, the overhead factor was reduced 0.06 percent, the FY
2018 fees were recalculated, and credits in the amount of the
overpayments were applied to the FY 2019 fees.
An example of how the fee is calculated for one exchange, the
Chicago Board of Trade, is set forth here:
a. Actual three-year average costs = $42,486.
b. The alternative computation is: (.5) ($42,486) + (.5) (.305465)
($1,200,524) = $204,602.
c. The fee is the lesser of a. or b.; in this case $42,486.
d. The refund for overpayment of $765.00 is applied, bringing the
fee to $41,721.
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 2016 through 2018 was $483,596. The fee to be paid by the NFA for
the current fiscal year is $483,596.
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 are as follows:
Table 2--Schedule of Fees
--------------------------------------------------------------------------------------------------------------------------------------------------------
Refund of over
3-Year average 3-Year average Adjusted 2019 Assessed payment from 2019 Assessed
actual costs volume (%) volume costs fee FY 2018 fee
--------------------------------------------------------------------------------------------------------------------------------------------------------
CANTOR.................................................. $38,865.55 0.00 $19,433 $19,433 $(238) $19,195
CBOE Futures Ex......................................... 91,372.64 1.44 54,354 54,354 (217) 54,137
CBOT.................................................... 42,486.01 30.55 204,602 42,486 (765) 41,721
CME..................................................... 359,854.31 42.65 435,963 359,854 (3,744) 356,110
ERIS.................................................... 28,726.90 0.01 14,423 14,423 (211) 14,212
ICE Futures US.......................................... 211,968.03 7.70 152,203 152,203 (1,354) 150,849
MGE..................................................... 18,992.66 0.05 9,816 9,816 (171) 9,645
NASDAQ OMX-PBOT......................................... 120,204.37 0.73 64,470 64,470 (1,034) 63,436
NODAL................................................... 44,587.32 0.02 22,396 22,396 (399) 21,997
NYMEX/COMEX............................................. 152,995.57 16.37 174,773 152,996 (1,688) 151,308
North American Derivatives Exchange Inc................. 57,803.18 0.217 30,206 30,206 (347) 29,859
[[Page 47264]]
OCX-One Chicago, LLC.................................... 32,667.15 0.256 17,868 17,868 (165) 17,703
-----------------------------------------------------------------------------------------------
Subtotal............................................ 1,200,524 .............. 1,200,504 .............. (10,333) 930,170
National Futures Association............................ 483,595.99 .............. .............. 483,596 (5,240) 478,356
-----------------------------------------------------------------------------------------------
Total........................................... 1,684,120 .............. .............. 1,424,099 (15,573) 1,408,526
--------------------------------------------------------------------------------------------------------------------------------------------------------
III. 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
Jennifer Fleming at (202) 418-5034 or [email protected], or see the
CFTC website at https://www.cftc.gov, specifically, https://www.cftc.gov/cftc/cftcelectronicpayments.htm. Fees collected from each self-
regulatory organization shall be deposited in the Treasury of the
United States as miscellaneous receipts. See 7 U.S.C. 16a.
Issued in Washington, DC, on this 4th day of September, 2019, by
the Commission.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2019-19438 Filed 9-6-19; 8:45 am]
BILLING CODE 6351-01-P
