FR 2021-01839

The document under discussion is a notice published by the Commodity Futures Trading Commission (CFTC), which invites public comments on the renewal of an information collection under the whistleblower provision of the Commodity Exchange Act. The notice clearly states that comments must be submitted by March 1, 2021, and it includes details about how interested parties can submit their feedback.

General Summary

This notice is part of routine regulatory activities that ensure compliance with the Paperwork Reduction Act of 1995. The CFTC is seeking to renew the information collection related to two specific forms: Form TCR and Form WB-APP. These forms are pivotal in collecting data concerning violations of the Commodity Exchange Act and whistleblower claims. Notably, the document presents an estimate of 900 respondents per year, with each respondent spending approximately half an hour, totalling 450 hours annually dedicated to this task.

Significant Issues and Concerns

One major issue with the document is the complexity of the regulatory language, which could hinder the general public's understanding and limit engagement. Legal terminologies and procedural instructions might discourage those who are not familiar with legal or regulatory frameworks from participating in the commenting process.

The instructions for submitting comments are quite detailed and involve multiple steps, potentially discouraging public participation further. It's also noteworthy that the document requires submissions to both the Office of Information and Regulatory Affairs (OIRA) and the CFTC, which could create confusion among potential respondents.

Additionally, the document does not provide detailed information about the specific costs related to this collection, making it difficult to evaluate whether there is potential for wasteful spending. The estimated number of respondents and burden hours per respondent are also presented without detailed explanations, leaving room for questions regarding the accuracy or methodology behind these estimates.

Impact on the Public and Stakeholders

For the general public, this notice signifies an opportunity to engage in government regulatory processes by providing feedback on the information collection activity. However, the complexity and procedural hurdles might act as barriers to effective participation.

For specific stakeholders, such as legal practitioners, companies potentially involved in commodity futures, and whistleblowers, this renewal process could have a significant impact. It ensures continued compliance and enforcement of regulatory standards and maintains a framework for whistleblowers to report violations and potentially receive awards for their contributions.

The notice is designed to maintain transparency and accountability within financial markets, but the absence of clarity regarding the financial beneficiaries of whistleblower provisions and potential costs raises concerns about transparency. Stakeholders may also be affected by the perceived redundancy and complexity in the commenting process, which might discourage fruitful engagement.

Overall, while the renewal of this collection effort is essential for regulatory compliance and the promotion of accountability via whistleblowers, the issues identified highlight the need for clearer, more accessible communication to facilitate public and stakeholder participation.