Information Gathering Practices of the Commodity Futures Trading Commission

GGD-77-52: Published: May 26, 1977. Publicly Released: May 26, 1977.

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The Commodity Futures Trading Commission (CFTC) does not have a formal program prescribing the procedures and critical management controls necessary for initiating, developing, and reassessing the reporting and recordkeeping requirements of an effective information-gathering program.

CFTC's regulatory role requires an effective information-gathering process to prevent respondents from compiling and submitting data that do not achieve the desired objectives. CFTC does not have a formal information-gathering program, but it has begun to design an integrated system for collecting, processing, and disseminating information. CFTC is also presently reassessing some of its 14 forms, which require information from participants in the commodity futures trading industry on an ad hoc basis. CFTC needs a formal information-gathering program, incorporating the management controls needed for developing reasonable reporting and recordkeeping requirements and for periodically reassessing their usefulness. A formal program clearly defining organizational duties and responsibilities would make certain that the management controls are applied on a uniform basis.

Recommendation for Executive Action

  1. Status: Closed

    Comments: Please call 202/512-6100 for additional information.

    Recommendation: The CFTC should develop a formal information-gathering program that incorporates essential management controls and that clearly defines duties and responsibilities of CFTC organizations involved in the management of information collection. CFTC should also reconsider its position that reporting requirements adopted to implement its regulatory judgments are not subject to GAO clearance.

    Agency Affected:

 

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