Notice2022-07213
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
April 6, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Central Bank Survey of Foreign Exchange and Derivatives Market Activity (FR 3036; OMB No. 7100-0285). The revisions are applicable as of April 2022.
Full Text
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<title>Federal Register, Volume 87 Issue 66 (Wednesday, April 6, 2022)</title>
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[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19928-19929]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07213]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Central Bank Survey of Foreign Exchange and Derivatives Market Activity
(FR 3036; OMB No. 7100-0285). The revisions are applicable as of April
2022.
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.
Office of Management and Budget (OMB) Desk Officer for the Federal
[[Page 19929]]
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.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Report title: Central Bank Survey of Foreign Exchange and
Derivatives Market Activity.
Agency form number: FR 3036.
OMB control number: 7100-0285.
Effective Date: April 2022.
Frequency: Triennially.
Respondents: Commercial banks, brokers and dealers, and U.S.
offices of foreign banking organizations with dealing operations in the
U.S.
Estimated number of respondents: 21.
Estimated average hours per response: 65.
Estimated annual burden hours: 1,365.
General description of report: The Board is a member of the Bank
for International Settlements (BIS), which compiles aggregate national
data from each central bank to produce and publish global market
statistics. The FR 3036 is a component of the U.S. portion of a global
data collection (the BIS survey) that is conducted by central banks
once every three years and captures information relating to the volume
of foreign exchange (FX) transactions. Currently, more than 50 central
banks plan to conduct the BIS survey in 2022. Aggregated data from the
FR 3036 is compiled and forwarded to the BIS, which uses the data to
produce and publish these statistics.
Legal authorization and confidentiality: The FR 3036 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 3036 to help fulfill
these obligations. The FR 3036 is voluntary.
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\1\ 12 U.S.C. 225a.
\2\ 12 U.S.C. 263.
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Individual firm information collected on the FR 3036 is considered
confidential to the extent it constitutes nonpublic commercial or
financial information, which is both customarily and actually treated
as private by the respondent. Therefore, this information 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 3036 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. Aggregated FR 3036 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.
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\3\ 5 U.S.C. 552(b)(4).
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Current actions: On November 23, 2021, the Board published a notice
in the Federal Register (86 FR 66560) requesting public comment for 60
days on the extension, with revision, of the Central Bank Survey of
Foreign Exchange and Derivatives Market Activity. The maturity bands on
the FR 3036 have been revised by replacing the existing ``seven days or
less'' category with two categories: ``one day'' and ``over one day and
up to seven days.'' A new item was added: ``of which back-to-back
trades'' under the total for spot instruments. New items ``of which
back-to-back trades'' and ``of which compression trades'' were also
added for several instrument totals: Outright forwards (Table A2), FX
swaps (Table A2), currency swaps (Table A5), over-the-counter (OTC)
options (Table A5), FX contracts (Table A5), other products (Table A5
and Table B2), forward rate agreements (Table B1), overnight indexed
swaps (Table B1), other swaps (Table B1), total OTC options (Table B2),
and total interest rate contracts (Table B2). The Board also added a
more significant addition in the form of a new Settlement of FX
Transactions schedule (Table A7, Settlement of Foreign Exchange
Transactions) to collect information on FX settlement, including a
breakdown by counterparty sector, currency pair, and settlement method.
The comment period for this notice expired on January 24, 2022. The
Board did not receive any comments. The revisions will be implemented
as proposed.
Board of Governors of the Federal Reserve System, April 1, 2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-07213 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P
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