Notice2022-11985
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
June 3, 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, without revision, the Semiannual Report of Derivatives Activity (FR 2436; OMB No. 7100-0286).
Full Text
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<title>Federal Register, Volume 87 Issue 107 (Friday, June 3, 2022)</title>
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[Federal Register Volume 87, Number 107 (Friday, June 3, 2022)]
[Notices]
[Pages 33789-33790]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11985]
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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, without revision, the
Semiannual Report of Derivatives Activity (FR 2436; OMB No. 7100-0286).
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
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, Without Revision, of the Following Information Collection
Collection title: Semiannual Report of Derivatives Activity.
Collection identifier: FR 2436.
OMB control number: 7100-0286.
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
[[Page 33790]]
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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Current actions: On November 23, 2021, the Board published a notice
in the Federal Register (86 FR 66555) requesting public comment for 60
days on the extension, without revision, of the Semiannual Report of
Derivatives Activity. The comment period for this notice expired on
January 24, 2022. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, May 31, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-11985 Filed 6-2-22; 8:45 am]
BILLING CODE 6210-01-P
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