Adoption of Revised Registration Form 8-R, 37880-37922 [2020-13465]

Download as PDF 37880 Federal Register / Vol. 85, No. 122 / Wednesday, June 24, 2020 / Notices inferred about whether a vessel is actively fishing, the type of gear being used, and the fisheries that are open. NMFS uses information from VMS to identify where vessels are operating, to organize patrols so as to increase the number of fishing vessels visually examined, or to focus examination of vessels of greatest concern, and as evidence in prosecutions. II. Method of Collection Automatic GPS position reporting starts after VMS transceiver installation and power activation on board the vessel. The unit is pre-configured and tested for NMFS VMS operations. The VMS unit is passive and automatic, requiring no reporting effort by the vessel operator. III. Data OMB Control Number: 0648–0445. Form Number(s): None. Type of Review: Regular submission (extension of a current information collection). Affected Public: Individuals or households; Business or other for-profit organizations. Estimated Number of Respondents: 550. Estimated Time per Response: VMS installation, maintenance, and troubleshooting, 12 hours. Estimated Total Annual Burden Hours: 2,476 hours. Estimated Total Annual Cost to Public: $812,668. Respondent’s Obligation: Required to Obtain or Retain Benefits. Legal Authority: 16 U.S.C.1801 et. seq.; 16 U.S.C. 773–773k. jbell on DSKJLSW7X2PROD with NOTICES IV. Request for Comments We are soliciting public comments to permit the Department/Bureau to: (a) Evaluate whether the proposed information collection is necessary for the proper functions of the Department, including whether the information will have practical utility; (b) Evaluate the accuracy of our estimate of the time and cost burden for this proposed collection, including the validity of the methodology and assumptions used; (c) Evaluate ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Minimize the reporting burden on those who are to respond, including the use of automated collection techniques or other forms of information technology. Comments that you submit in response to this notice are a matter of public record. We will include or summarize each comment in our request to OMB to approve this ICR. Before including your address, phone number, VerDate Sep<11>2014 18:20 Jun 23, 2020 Jkt 250001 email address, or other personal identifying information in your comment, you should be aware that your entire comment—including your personal identifying information—may be made publicly available at any time. While you may ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so. Sheleen Dumas, Department PRA Clearance Officer, Office of the Chief Information Officer, Commerce Department. [FR Doc. 2020–13527 Filed 6–23–20; 8:45 am] BILLING CODE 3510–22–P COMMODITY FUTURES TRADING COMMISSION RIN 3038–0023; 3038–0072 Adoption of Revised Registration Form 8–R Commodity Futures Trading Commission. ACTION: Notice. AGENCY: The Commodity Futures Trading Commission (the ‘‘Commission’’ or ‘‘CFTC’’) is revising its Form 8–R, the application form that individuals must use to register with the Commission as an associated person of a registrant, floor broker, or floor trader, or to be listed as a principal of a registrant (collectively, ‘‘applicants’’). These revisions, which are essentially technical and non-substantive in nature, have been adopted to assist the National Futures Association (‘‘NFA’’) in the performance of the registration functions authorized by the Commission, and in the implementation and operation of NFA’s program to register and regulate directly the associated persons sponsored by members of NFA. DATES: The new, revised version of Form 8–R shall come into effect (and the prior version shall cease to be in effect) when the NFA makes the new, revised version of the Form 8–R available on the NFA website for use by individual applicants. FOR FURTHER INFORMATION CONTACT: Joshua Sterling, Director, (202) 418– 6700, jsterling@cftc.gov; Amanda Olear, Deputy Director, (202) 418–5283, aolear@cftc.gov; or Christopher Cummings, Special Counsel, (202) 418– 5445, ccummings@cftc.gov, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, Washington, DC 20581. SUMMARY: PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 SUPPLEMENTARY INFORMATION: I. Background Form 8–R requests information about the applicant that can be used to assess the applicant’s fitness to engage in business as a derivatives professional. Form 8–R is a Commission form administered and used by NFA. Individuals acting in certain capacities in the markets regulated by the Commission must file a completed Form 8–R with NFA.1 These applicants include: associated persons of futures commission merchants, retail foreign exchange dealers, introducing brokers, commodity trading advisors, commodity pool operators, and leverage transaction merchants; floor brokers; and floor traders.2 Additionally, any individual acting in the capacity as principal of a futures commission merchant, retail foreign exchange dealer, introducing broker, commodity trading advisor, commodity pool operator, swap dealer, major swap participant, floor trader or leverage transaction merchant also must file a completed Form 8–R.3 Lastly, individuals that enter orders for floor trader firms must file the Form 8–R as well.4 Individual applicants have been required to use Form 8–R since 1977.5 NFA is currently the only registered futures association authorized by the Commission in accordance with Section 17 of the Commodity Exchange Act (‘‘Act’’).6 Pursuant to Section 17(o) of the Act,7 Regulation 3.2,8 and a series of orders, the Commission delegated to NFA certain registration functions including, among other things, the processing of all Form 8–R filings.9 1 17 CFR 3.10(a)(2), 3.11(a), and 3.12(c). CFR 3.11(a); 3.12(c). 3 17 CFR 3.1(a); 3.10(a)(2); 3.11(a)(1). While ‘‘principal’’ is not technically a registration class and principals do not apply for registration, for purposes of this Notice, the Form 8–R filings by principals will be referred to with the other Form 8–R filings as ‘‘registration applications.’’ 4 17 CFR 3.11(a)(1). 5 Revision of Registration Forms and Amendment of Related Rules, 42 FR 23988 (May 11, 1977) (Form 8–R replaced Forms 2–R, 4–R and 94). 6 7 U.S.C. 21 (2012). 7 7 U.S.C. 21(o) (2012). 8 17 CFR 3.2. 9 See, e.g., Introducing Brokers and Associated Persons of Introducing Brokers; Authorization of National Futures Association to Perform Commission Registration Functions, 48 FR 35158 (Aug. 3, 1983); Performance of Registration Functions by National Futures Association, 49 FR 39593 (Oct. 9, 1984) (futures commission merchants, commodity pool operators, commodity trading advisors, and associated persons thereof); Performance of Registration Functions by National Futures Association; Delegation of Authority, 51 FR 34490 (Sept. 29, 1986) (floor brokers); Performance of Registration Functions by National Futures Association with Respect to Floor Traders and Floor Brokers, 58 FR 19657 (Apr. 15, 1993); and Performance of Registration Functions by National 2 17 E:\FR\FM\24JNN1.SGM 24JNN1 Federal Register / Vol. 85, No. 122 / Wednesday, June 24, 2020 / Notices Since the first delegation to NFA in 1984, NFA has developed substantial expertise in registration matters, including reviewing and processing completed Forms 8–R. In 2002, with the approval of the Commission, NFA replaced its paper-based registration system with an online registration system that utilizes, among other things, an electronic version of Form 8–R.10 II. Revisions to Commission Form 8–R NFA has requested that the Commission make several changes to Form 8–R.11 Upon consideration, the Commission is making all of the changes requested by NFA and revising and updating Form 8–R accordingly. In addition, the Commission is updating the Form 8–R Privacy Act and Paperwork Reduction Act Statements. The Form 8–R revisions are described below. In the ‘‘Completing the Proficiency Requirements Section’’ of the Form 8– R, the Commission is adding a paragraph that describes the obligation of an individual seeking approval as a swap associated person or as a soleproprietor swap firm to satisfy the Swaps Proficiency Requirements, and what constitutes satisfaction of those requirements. In the application itself, the Commission is adding a question that asks whether the applicant has completed the Swaps Proficiency Requirements within the past two jbell on DSKJLSW7X2PROD with NOTICES Futures Association with Respect to Swap Dealers and Major Swap Participants, 77 FR 2708 (Jan. 19, 2012). 10 Registration of Intermediaries, 67 FR 38869 (June 6, 2002). The transition to an online registration system has permitted greater efficiencies, including allowing individuals to update their existing Forms 8–R instead of completing a separate Form 3–R. To that end, in 2012, the Commission eliminated the requirement that registrants and individuals use Form 3–R to update information in their existing Form 7–R or 8– R, and provided that an update to a registrant’s online Form 7–R or 8–R would automatically create a record of changes equivalent to a completed Form 3–R. Registration of Intermediaries, 77 FR 51898 (Aug. 28, 2012); see also, Registration of Intermediaries, 76 FR 12888, 12891 (proposed Mar. 9, 2011). 11 Request from NFA to CFTC, dated February 14, 2020, which is on file with the Commission. VerDate Sep<11>2014 18:20 Jun 23, 2020 Jkt 250001 years.12 The Commission is making these changes to conform Form 8–R to the Swaps Proficiency Requirements in NFA Bylaw 301 and Compliance Rule 2–24,13 recently implemented by NFA pursuant to CEA section 17(j).14 The Commission believes that this question is a necessary addition to the form, as Form 8–R is a screening instrument assessing fitness of a swaps associated person, so this question only effectuates this new requirement, ensuring that it has been met.15 The revised Form 8–R also replaces the Federal Bureau of Investigation (‘‘FBI’’)-mandated disclosure for persons whose fingerprints are taken for purposes other than criminal justice with an updated version of that disclosure. In 2018, the FBI updated its Privacy Rights notice 16 and Privacy Act disclosure; 17 therefore, the Commission is making conforming changes to Form 8–R.18 In the ‘‘Definition of Terms’’ section, the Commission is revising the definition of ‘‘adversary action’’ to conform the definition to the way the term is used in the form’s ‘‘Disciplinary Information Section.’’ The Commission is revising this definition to make the 12 The Commission acknowledges that this requirement is not effective until January 31, 2021, so an applicant’s response, before that date, would not have an effect on meeting their fitness requirements. 13 Interpretive Notice 9075–NFA Bylaw 301 and Compliance Rule 2–24: Proficiency Requirements for Swap APs,’’ effective January 31, 2020, available at https://www.nfa.futures.org/rulebook/rules.aspx? Section=9&RuleID=9075. See generally section 17(p)(1) of the Act, 7 U.S.C. 21(p), which requires a futures association to establish training standards and proficiency testing for persons involved in the solicitation of swaps and their supervisors. 14 CEA section 17(j) (7 U.S.C. 21(j)) permits a registered futures association such as NFA to make rule changes effective ten days after receipt by the Commission of such changes, provided the Commission does not notify the registered futures association within that ten-day period that it intends to review the changes for approval. The Commission did not so notify NFA in this instance. 15 The Commission expects those individuals that meet this standard to still retain documentation of proof. 16 See, https://www.fbi.gov/file-repository/ compact-council-noncriminal-justice-applicantsprivacy-rights.pdf/view. 17 5 U.S.C. 552a. 18 28 CFR 16.30–34. PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 37881 use of the term ‘‘adversary action’’ in Form 8–R internally consistent. Finally, the words ‘‘entity’’ and ‘‘person’’ are underlined where they occur in the text to indicate that they are terms that are defined in the ‘‘Definition of Terms’’ section. A revised version of Form 8–R that incorporates the changes discussed above is attached as Appendix A to this Notice. III. Related Matters Paperwork Reduction Act. Recordkeeping or information collection requirements under the Paperwork Reduction Act (‘‘PRA’’) related to Form 8–R exist under current law. The titles for the existing information collections are ‘‘Registration Under the Commodity Exchange Act,’’ OMB control number 3038–0023, and ‘‘Registration of Swap Dealers and Major Swap Participants,’’ OMB control number 3038–0072. The preliminary view of the Commission is that the revisions to Form 8–R may modify the existing recordkeeping or information collection requirements under the PRA. To ensure compliance with the PRA, the Commission will publish in the Federal Register a separate notice and request for comment on the amended PRA burden associated with the revised Form 8–R.19 The Commission also will submit to OMB an information collection request to amend the information collection, in accordance with 44 U.S.C. 3506(c)(2)(A) and 5 CFR 1320.8(d). Issued by the Commission on June 18, 2020, in Washington, DC Robert Sidman, Deputy Secretary of the Commission. Note: The following appendices will not appear in the Code of Federal Regulations. Appendices to Adoption of Revised Registration Form 8–R—Form 8–R and Commission Voting Summary BILLING CODE 6351–01–P 19 The notice and request for comment on the amended PRA burden will also address reassigning from Form 3–R to Form 8–R the PRA burden associated with providing updated information on Form 8–R. 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Wednesday, June 24, 2020 / Notices 37922 Federal Register / Vol. 85, No. 122 / Wednesday, June 24, 2020 / Notices Appendix 1—Commission Voting Summary On this matter, Chairman Tarbert and Commissioners Quintenz, Behnam, Stump, and Berkovitz voted in the affirmative. No Commissioner voted in the negative. [FR Doc. 2020–13465 Filed 6–23–20; 8:45 am] BILLING CODE 6351–01–C COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Revise Collections, Comment Request: Adoption of Revised Registration Form 8–R Commodity Futures Trading Commission. ACTION: Notice. AGENCY: The Commodity Futures Trading Commission (‘‘CFTC’’ or the ‘‘Commission’’) is announcing an opportunity for public comment on the proposed revision to the collection of certain information by the Commission. Under the Paperwork Reduction Act (‘‘PRA’’), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information and to allow 60 days for public comment. The Commission revised its Form 8–R, the application form that individuals use to register with the Commission or to be listed as a principal. This notice solicits comments on the PRA implications of the revisions to Form 8–R, including comments that address the burdens associated with the modified information collection requirements of the revised Form 8–R. DATES: Comments must be submitted on or before August 24, 2020. ADDRESSES: You may submit comments, identified by ‘‘OMB control numbers 3038–0023 and 3038–0072; Adoption of Revised Registration Form 8–R,’’ by any of the following methods: • The Commission’s website, via its Comments Online process at http:// comments.cftc.gov/. Follow the instructions for submitting comments through the website. • Mail: Christopher J. 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. 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 jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:20 Jun 23, 2020 Jkt 250001 posted as received to http:// 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 Regulation 145.9.1 The Commission reserves the right, but shall have no obligation, to review, pre-screen, filter, redact, refuse or remove any or all of your submission from http://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 information collection request 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. FOR FURTHER INFORMATION CONTACT: Joshua Sterling, Director, (202) 418– 6700, jsterling@cftc.gov; Amanda Olear, Deputy Director, (202) 418–5283, aolear@cftc.gov; or Christopher Cummings, Special Counsel, (202) 418– 5445, ccummings@cftc.gov, Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, Washington, DC 20581. Under the PRA, 44 U.S.C. 3501 et seq., 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 revision to the collections of information listed below. 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 number. SUPPLEMENTARY INFORMATION: 1 17 PO 00000 CFR 145.9. Frm 00103 Fmt 4703 Sfmt 4703 Titles: Registration Under the Commodity Exchange Act (OMB control number 3038–0023); Registration of Swap Dealers and Major Swap Participants (OMB control number 3038–0072). This is a request for extension and revision of these currently approved information collections. Abstract: The Commission recently revised its Form 8–R, the application form that individuals must use to register with the Commission as an associated person, floor broker, or floor trader, or to be listed as a principal. The collections of information related to Form 8–R were previously approved by OMB in accordance with the PRA and assigned OMB control numbers 3038– 0023 and 3038–0072. Form 8–R Revision The revised Form 8–R contains several changes that increase the existing information collection burden, currently 1 hour, associated with Form 8–R. The Commission estimates that the changes, which are discussed below, when considered together in aggregate add a total of 0.1 burden hours to the information collection burdens associated with Form 8–R. First, in the ‘‘Completing the Proficiency Requirements Section,’’ a new paragraph is added describing the obligation of an individual seeking approval as a swap associated person or as a sole-proprietor swap firm to satisfy the Swaps Proficiency Requirements (recently implemented by NFA with the Commission’s approval 2), and what constitutes satisfaction of those requirements. Second, in the application itself, a new question is added asking whether the applicant has completed the Swaps Proficiency Requirements within the past two years. The revised Form 8–R also contains several changes that do not alter the information collection burdens associated with Form 8–R. First, the revised form replaces the FBI-mandated disclosure, for persons whose fingerprints are taken for purposes other than criminal justice, with an updated version of that disclosure. Second, in the ‘‘Definition of Terms’’ section, the definition of ‘‘adversary action’’ is revised to conform the definition to the way the term is used in the form’s ‘‘Disciplinary Information Section.’’ Finally, the words ‘‘entity’’ and ‘‘person’’ are underlined where they occur in the text to indicate that these 2 See, NFA Interpretive Notice entitled ‘‘NFA Bylaw 301 And Compliance Rule 2–24: Proficiency Requirements for Swap APs,’’ effective January 31, 2020. E:\FR\FM\24JNN1.SGM 24JNN1

Agencies

[Federal Register Volume 85, Number 122 (Wednesday, June 24, 2020)]
[Notices]
[Pages 37880-37922]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13465]


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COMMODITY FUTURES TRADING COMMISSION

RIN 3038-0023; 3038-0072


Adoption of Revised Registration Form 8-R

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (the ``Commission'' 
or ``CFTC'') is revising its Form 8-R, the application form that 
individuals must use to register with the Commission as an associated 
person of a registrant, floor broker, or floor trader, or to be listed 
as a principal of a registrant (collectively, ``applicants''). These 
revisions, which are essentially technical and non-substantive in 
nature, have been adopted to assist the National Futures Association 
(``NFA'') in the performance of the registration functions authorized 
by the Commission, and in the implementation and operation of NFA's 
program to register and regulate directly the associated persons 
sponsored by members of NFA.

DATES: The new, revised version of Form 8-R shall come into effect (and 
the prior version shall cease to be in effect) when the NFA makes the 
new, revised version of the Form 8-R available on the NFA website for 
use by individual applicants.

FOR FURTHER INFORMATION CONTACT: Joshua Sterling, Director, (202) 418-
6700, [email protected]; Amanda Olear, Deputy Director, (202) 418-
5283, [email protected]; or Christopher Cummings, Special Counsel, (202) 
418-5445, [email protected], Division of Swap Dealer and Intermediary 
Oversight, Commodity Futures Trading Commission, 1155 21st Street NW, 
Washington, DC 20581.

SUPPLEMENTARY INFORMATION:

I. Background

    Form 8-R requests information about the applicant that can be used 
to assess the applicant's fitness to engage in business as a 
derivatives professional. Form 8-R is a Commission form administered 
and used by NFA. Individuals acting in certain capacities in the 
markets regulated by the Commission must file a completed Form 8-R with 
NFA.\1\ These applicants include: associated persons of futures 
commission merchants, retail foreign exchange dealers, introducing 
brokers, commodity trading advisors, commodity pool operators, and 
leverage transaction merchants; floor brokers; and floor traders.\2\ 
Additionally, any individual acting in the capacity as principal of a 
futures commission merchant, retail foreign exchange dealer, 
introducing broker, commodity trading advisor, commodity pool operator, 
swap dealer, major swap participant, floor trader or leverage 
transaction merchant also must file a completed Form 8-R.\3\ Lastly, 
individuals that enter orders for floor trader firms must file the Form 
8-R as well.\4\ Individual applicants have been required to use Form 8-
R since 1977.\5\
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    \1\ 17 CFR 3.10(a)(2), 3.11(a), and 3.12(c).
    \2\ 17 CFR 3.11(a); 3.12(c).
    \3\ 17 CFR 3.1(a); 3.10(a)(2); 3.11(a)(1). While ``principal'' 
is not technically a registration class and principals do not apply 
for registration, for purposes of this Notice, the Form 8-R filings 
by principals will be referred to with the other Form 8-R filings as 
``registration applications.''
    \4\ 17 CFR 3.11(a)(1).
    \5\ Revision of Registration Forms and Amendment of Related 
Rules, 42 FR 23988 (May 11, 1977) (Form 8-R replaced Forms 2-R, 4-R 
and 94).
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    NFA is currently the only registered futures association authorized 
by the Commission in accordance with Section 17 of the Commodity 
Exchange Act (``Act'').\6\ Pursuant to Section 17(o) of the Act,\7\ 
Regulation 3.2,\8\ and a series of orders, the Commission delegated to 
NFA certain registration functions including, among other things, the 
processing of all Form 8-R filings.\9\

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Since the first delegation to NFA in 1984, NFA has developed 
substantial expertise in registration matters, including reviewing and 
processing completed Forms 8-R. In 2002, with the approval of the 
Commission, NFA replaced its paper-based registration system with an 
online registration system that utilizes, among other things, an 
electronic version of Form 8-R.\10\
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    \6\ 7 U.S.C. 21 (2012).
    \7\ 7 U.S.C. 21(o) (2012).
    \8\ 17 CFR 3.2.
    \9\ See, e.g., Introducing Brokers and Associated Persons of 
Introducing Brokers; Authorization of National Futures Association 
to Perform Commission Registration Functions, 48 FR 35158 (Aug. 3, 
1983); Performance of Registration Functions by National Futures 
Association, 49 FR 39593 (Oct. 9, 1984) (futures commission 
merchants, commodity pool operators, commodity trading advisors, and 
associated persons thereof); Performance of Registration Functions 
by National Futures Association; Delegation of Authority, 51 FR 
34490 (Sept. 29, 1986) (floor brokers); Performance of Registration 
Functions by National Futures Association with Respect to Floor 
Traders and Floor Brokers, 58 FR 19657 (Apr. 15, 1993); and 
Performance of Registration Functions by National Futures 
Association with Respect to Swap Dealers and Major Swap 
Participants, 77 FR 2708 (Jan. 19, 2012).
    \10\ Registration of Intermediaries, 67 FR 38869 (June 6, 2002). 
The transition to an online registration system has permitted 
greater efficiencies, including allowing individuals to update their 
existing Forms 8-R instead of completing a separate Form 3-R. To 
that end, in 2012, the Commission eliminated the requirement that 
registrants and individuals use Form 3-R to update information in 
their existing Form 7-R or 8-R, and provided that an update to a 
registrant's online Form 7-R or 8-R would automatically create a 
record of changes equivalent to a completed Form 3-R. Registration 
of Intermediaries, 77 FR 51898 (Aug. 28, 2012); see also, 
Registration of Intermediaries, 76 FR 12888, 12891 (proposed Mar. 9, 
2011).
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II. Revisions to Commission Form 8-R

    NFA has requested that the Commission make several changes to Form 
8-R.\11\ Upon consideration, the Commission is making all of the 
changes requested by NFA and revising and updating Form 8-R 
accordingly. In addition, the Commission is updating the Form 8-R 
Privacy Act and Paperwork Reduction Act Statements. The Form 8-R 
revisions are described below.
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    \11\ Request from NFA to CFTC, dated February 14, 2020, which is 
on file with the Commission.
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    In the ``Completing the Proficiency Requirements Section'' of the 
Form 8-R, the Commission is adding a paragraph that describes the 
obligation of an individual seeking approval as a swap associated 
person or as a sole-proprietor swap firm to satisfy the Swaps 
Proficiency Requirements, and what constitutes satisfaction of those 
requirements. In the application itself, the Commission is adding a 
question that asks whether the applicant has completed the Swaps 
Proficiency Requirements within the past two years.\12\ The Commission 
is making these changes to conform Form 8-R to the Swaps Proficiency 
Requirements in NFA Bylaw 301 and Compliance Rule 2-24,\13\ recently 
implemented by NFA pursuant to CEA section 17(j).\14\ The Commission 
believes that this question is a necessary addition to the form, as 
Form 8-R is a screening instrument assessing fitness of a swaps 
associated person, so this question only effectuates this new 
requirement, ensuring that it has been met.\15\
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    \12\ The Commission acknowledges that this requirement is not 
effective until January 31, 2021, so an applicant's response, before 
that date, would not have an effect on meeting their fitness 
requirements.
    \13\ Interpretive Notice 9075-NFA Bylaw 301 and Compliance Rule 
2-24: Proficiency Requirements for Swap APs,'' effective January 31, 
2020, available at https://www.nfa.futures.org/rulebook/rules.aspx?Section=9&RuleID=9075. See generally section 17(p)(1) of 
the Act, 7 U.S.C. 21(p), which requires a futures association to 
establish training standards and proficiency testing for persons 
involved in the solicitation of swaps and their supervisors.
    \14\ CEA section 17(j) (7 U.S.C. 21(j)) permits a registered 
futures association such as NFA to make rule changes effective ten 
days after receipt by the Commission of such changes, provided the 
Commission does not notify the registered futures association within 
that ten-day period that it intends to review the changes for 
approval. The Commission did not so notify NFA in this instance.
    \15\ The Commission expects those individuals that meet this 
standard to still retain documentation of proof.
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    The revised Form 8-R also replaces the Federal Bureau of 
Investigation (``FBI'')-mandated disclosure for persons whose 
fingerprints are taken for purposes other than criminal justice with an 
updated version of that disclosure. In 2018, the FBI updated its 
Privacy Rights notice \16\ and Privacy Act disclosure; \17\ therefore, 
the Commission is making conforming changes to Form 8-R.\18\
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    \16\ See, https://www.fbi.gov/file-repository/compact-council-noncriminal-justice-applicants-privacy-rights.pdf/view.
    \17\ 5 U.S.C. 552a.
    \18\ 28 CFR 16.30-34.
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    In the ``Definition of Terms'' section, the Commission is revising 
the definition of ``adversary action'' to conform the definition to the 
way the term is used in the form's ``Disciplinary Information 
Section.'' The Commission is revising this definition to make the use 
of the term ``adversary action'' in Form 8-R internally consistent.
    Finally, the words ``entity'' and ``person'' are underlined where 
they occur in the text to indicate that they are terms that are defined 
in the ``Definition of Terms'' section.
    A revised version of Form 8-R that incorporates the changes 
discussed above is attached as Appendix A to this Notice.

III. Related Matters

    Paperwork Reduction Act. Recordkeeping or information collection 
requirements under the Paperwork Reduction Act (``PRA'') related to 
Form 8-R exist under current law. The titles for the existing 
information collections are ``Registration Under the Commodity Exchange 
Act,'' OMB control number 3038-0023, and ``Registration of Swap Dealers 
and Major Swap Participants,'' OMB control number 3038-0072. The 
preliminary view of the Commission is that the revisions to Form 8-R 
may modify the existing recordkeeping or information collection 
requirements under the PRA. To ensure compliance with the PRA, the 
Commission will publish in the Federal Register a separate notice and 
request for comment on the amended PRA burden associated with the 
revised Form 8-R.\19\ The Commission also will submit to OMB an 
information collection request to amend the information collection, in 
accordance with 44 U.S.C. 3506(c)(2)(A) and 5 CFR 1320.8(d).
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    \19\ The notice and request for comment on the amended PRA 
burden will also address reassigning from Form 3-R to Form 8-R the 
PRA burden associated with providing updated information on Form 8-
R.

    Issued by the Commission on June 18, 2020, in Washington, DC
Robert Sidman,
Deputy Secretary of the Commission.

    Note: The following appendices will not appear in the Code of 
Federal Regulations.

Appendices to Adoption of Revised Registration Form 8-R--Form 8-R and 
Commission Voting Summary

BILLING CODE 6351-01-P

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Appendix 1--Commission Voting Summary

    On this matter, Chairman Tarbert and Commissioners Quintenz, 
Behnam, Stump, and Berkovitz voted in the affirmative. No 
Commissioner voted in the negative.

[FR Doc. 2020-13465 Filed 6-23-20; 8:45 am]
BILLING CODE 6351-01-C