Notice2021-25505
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 23, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Semiannual Report of Derivatives Activity (FR 2436; OMB No. 7100-0286).
Full Text
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<title>Federal Register, Volume 86 Issue 223 (Tuesday, November 23, 2021)</title>
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[Federal Register Volume 86, Number 223 (Tuesday, November 23, 2021)]
[Notices]
[Pages 66555-66556]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-25505]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Semiannual Report of Derivatives Activity (FR 2436; OMB
No. 7100-0286).
DATES: Comments must be submitted on or before January 24, 2022.
ADDRESSES: You may submit comments, identified by FR 2436, by any of
the following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#3e4c5b594d105d5153535b504a4d7e585b5a5b4c5f524c5b4d5b4c485b10595148"><span class="__cf_email__" data-cfemail="4d3f282a3e632e2220202823393e0d2b2829283f2c213f283e283f3b28632a223b">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
146, 1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m.
and 5:00 p.m. on weekdays. For security reasons, the Board requires
that visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested
from the agency clearance officer, whose name appears above. Final
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
[[Page 66556]]
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Report title: Semiannual Report of Derivatives Activity.
Agency form number: FR 2436.
OMB control number: 100-0286.
Frequency: Semiannually.
Respondents: U.S. dealers of over-the-counter (OTC) derivatives.
Estimated number of respondents: 8.
Estimated average hours per response: 236.
Estimated annual burden hours: 3,776.
General description of report: The FR 2436 collects derivatives
market statistics from the eight largest U.S. dealers of OTC
derivatives. Data are collected on the notional amounts and gross fair
values of the volumes outstanding of broad categories of foreign
exchange, interest rate, equity, commodity-linked, and credit default
swap OTC derivatives contracts across a range of underlying currencies,
interest rates, and equity markets.
The FR 2436 is the U.S. portion of a global data collection
conducted by central banks. The Bank for International Settlements
(BIS), of which the Board is a member, compiles aggregate national data
from each central bank to produce and publish global market statistics.
The BIS survey has two parts: A Derivatives Outstanding survey and a
Turnover (volume of transactions) survey. The FR 2436 fulfills the
Derivatives Outstanding portion and complements the triennial Central
Bank Survey of Foreign Exchange and Derivatives Market Activity (FR
3036; OMB No. 7100-0285), which collects data on derivatives turnover
for the Turnover portion of the survey.
Legal authorization and confidentiality: The FR 2436 is authorized
pursuant to sections 2A and 12A of the Federal Reserve Act (FRA).
Section 2A of the FRA requires that the Board and the Federal Open
Market Committee (FOMC) maintain long-run growth of the monetary and
credit aggregates commensurate with the economy's long run potential to
increase production, so as to promote effectively the goals of maximum
employment, stable prices, and moderate long-term interest rates.\1\
Under section 12A of the FRA, the FOMC is required to implement
regulations relating to the open market operations conducted by Federal
Reserve Banks. Those transactions must be governed with a view to
accommodating commerce and business and with regard to their bearing
upon the general credit situation of the country.\2\ The Board and the
FOMC use the information obtained from the FR 2436 to help fulfill
these obligations. The FR 2436 is voluntary.
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\1\ 12 U.S.C. 225a.
\2\ 12 U.S.C. 263.
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Aggregated FR 2436 data is compiled and forwarded to the BIS, which
publishes global market statistics that are aggregates of national data
from the Federal Reserve and other central banks. To the extent
individual firm information collected on the FR 2436 constitutes
nonpublic commercial or financial information, which is both
customarily and actually treated as private by the respondent, it may
be kept confidential under exemption 4 of the Freedom of Information
Act, which exempts ``trade secrets and commercial or financial
information obtained from a person and privileged or confidential.''
\3\ If it should be determined that any information collected on the FR
2436 must be released, other than in the aggregate in ways that will
not reveal the amounts reported by any one institution, respondents
will be notified.
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\3\ 5 U.S.C. 552(b)(4).
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Consultation outside the agency: The Board and the Federal Reserve
Bank of New York consult periodically with the BIS to remain consistent
with international guidelines for collecting these data; currently no
changes are needed.
Board of Governors of the Federal Reserve System, November 17,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-25505 Filed 11-22-21; 8:45 am]
BILLING CODE 6210-01-P
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