Agency Information Collection Activities: Notice of Intent to Renew Collection 3038-0016, Compliance With Requirements for Designation as a Contract Market

AGENCY:

Commodity Futures Trading Commission.

ACTION:

Notice.

SUMMARY:

The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501, et seq., Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment in response to the notice. This notice solicits comments on compliance for requirements for designation as a contract market.

DATES:

Comments must be submitted on or before February 13, 2001.

ADDRESSES:

Comments may be mailed to Lamont L. Reese, Division of Economic Analysis, U.S. Commodity Futures Trading Commission, 1155 21st Street, NW, Washington, DC 20581.

FOR FURTHER INFORMATION CONTACT:

Lamont L. Reese (202) 418-5310; FAX: (202) 418-5527; email: Ireese@cftc.gov.

SUPPLEMENT 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 USC 3502(3) and 5 CFR 1320.3(c) and includes agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of the PRA, 44 USC 3506(c)(2)(A), requires Federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, the CFTC is publishing notice of the proposed collection of information listed below.

With respect to the following collection of information, the CFTC invites comments on:

• Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information will have a practical use;
• The accuracy of the Commission's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used;
• Ways to enhance the quality, 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.

Compliance with Requirements for Designation as a Contract Market, OMB control number 3038-0016—Extension

Under Commission Rules 1.50 and 5.2, contract markets must demonstrate that they continue to meet the designation requirements contained in the Commodity Exchange Act, 7 U.S.C. 1, et seq., and that contract markets, prior to listing trading months for a then-dormant contract, submit a justification showing that the terms and conditions of the contract are in conformance with current commercial practices and that the contract can be expected to serve an economic purpose. These rules are promulgated pursuant to the Commission's rulemaking authority contained in Sections 5 and 5a of the Commodity Exchange Act, 7 U.S.C. 7 and 7a (1994).

The Commission estimates the burden of this collection of information as follows:

There are no capital costs or operating and maintenance costs associated with this collection.

This estimate is based on the number of requests or such letters in the last three years. Although the burden varies with the type, size, and complexity of the request submitted, such request may involve analytical work and analysis, as well as the work of drafting the request itself.