Notice2023-15239
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
July 19, 2023
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 Reporting and Recordkeeping Requirements Associated with Regulation KK (FR KK; OMB No. 7100-0364).
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 137 (Wednesday, July 19, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 137 (Wednesday, July 19, 2023)]
[Notices]
[Pages 46163-46164]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-15239]
-----------------------------------------------------------------------
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
Reporting and Recordkeeping Requirements Associated with Regulation KK
(FR KK; OMB No. 7100-0364).
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, <a href="/cdn-cgi/l/email-protection#1779627f7639727b7a76707f6576757e5771657539707861"><span class="__cf_email__" data-cfemail="5739223f3679323b3a36303f2536353e1731253579303821">[email protected]</span></a>, (202)
452-3884.
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
[[Page 46164]]
(which contain more detailed information about the information
collections and burden estimates than this notice), 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/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</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: Reporting and Recordkeeping Requirements
Associated with Regulation KK.\1\
---------------------------------------------------------------------------
\1\ The Board has modified the title of this information
collection to reflect that the Board's Regulation KK does not
include any disclosure collections of information, as defined by the
Paperwork Reduction Act (PRA). Specifically, the Board has
determined that section 237.1(h), previously cleared as part of the
FR KK, no longer includes a disclosure collection of information,
because the conditions triggering the disclosure will not occur. In
addition, the Board has determined to omit from the FR KK the
following provisions of Regulation KK that were formerly referenced
in the clearance, because it has determined that they do not
constitute collections of information under the PRA: sections
237.1(d); 237.5(c)(2)(i); 237.8(c)(2); 237.8(d)(5), (12), and (13);
238.8(e); and 237.8(f)(2), (3), and (4).
---------------------------------------------------------------------------
Collection identifier: FR KK.
OMB control number: 7100-0364.
General description of collection: Pursuant to sections 731 and 764
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act), the Board, Office of the Comptroller of the Currency,
Federal Deposit Insurance Corporation, Farm Credit Administration, and
Federal Housing Finance Agency (collectively, the agencies) have
adopted regulations, including the Board's Regulation KK--Swaps Margin
and Swaps Push-Out (12 CFR part 237), establishing capital requirements
and initial and variation margin requirements for certain entities on
certain non-cleared swaps and non-cleared security-based swaps. These
regulations include reporting and recordkeeping requirements.\2\
---------------------------------------------------------------------------
\2\ See 80 FR 74839 (November 30, 2015); see also 79 FR 340
(January 3, 2014). The Board-specific rules have been codified in
Regulation KK.
---------------------------------------------------------------------------
Frequency: Event generated.
Respondents: Any swap entity \3\ that is a state member bank (as
defined in 12 CFR 208.2(g)), bank holding company (as defined in 12
U.S.C. 1841), savings and loan holding company (as defined in 12 U.S.C.
1467a), foreign banking organization (as defined in 12 CFR 211.21(o)),
foreign bank that does not operate an insured branch, state branch or
state agency of a foreign bank (as defined in 12 U.S.C. 3101(b)(11) and
(12)), or Edge or agreement corporation (as defined in 12 CFR
211.1(c)(2) and (3)), as well as any other entity determined to be a
covered swap entity by the Board.
---------------------------------------------------------------------------
\3\ A ``swap entity'' means a person that is registered with the
Commodity Futures Trading Commission as a swap dealer or major swap
participant pursuant to the Commodity Exchange Act of 1936, or a
person that is registered with the U.S. Securities and Exchange
Commission as a security-based swap dealer or a major security-based
swap participant pursuant to the Securities Exchange Act of 1934 (12
CFR 237.2).
---------------------------------------------------------------------------
Total estimated number of respondents: 1 for reporting
requirements, 41 for recordkeeping requirements.\4\
---------------------------------------------------------------------------
\4\ The burden table in the initial Federal Register notice
incorrectly stated that the estimated number of respondents for the
recordkeeping requirements is 1, and that the estimate has been
corrected to 41, given that the requirements are ongoing for firms
engaging in the activities covered by the regulation provisions at
issue.
---------------------------------------------------------------------------
Estimated average hours per response:
Reporting Sections 237.8(c) and 237.8(d)-240.
Reporting Section 237.8(f)(3)-50.
Reporting Section 237.9(e)-10.
Reporting Sections 237.22(a)(1) and 237.22(e) (Board only)-7.
Recordkeeping Section 237.2 (definition of ``eligible master netting
agreement,'' item 4)-1.
Recordkeeping Section 237.7(c)-100.
Recordkeeping Section 237.8(g)-2.
Recordkeeping Section 237.8(h)-20.
Recordkeeping Section 237.10-2.
Total estimated annual burden hours: 5,452.\5\
---------------------------------------------------------------------------
\5\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR KK.
---------------------------------------------------------------------------
Current actions: On March 1, 2023, the Board published a notice in
the Federal Register (88 FR 12936) requesting public comment for 60
days on the extension, without revision, of the FR KK. The comment
period for this notice expired on May 1, 2023. The Board did not
receive any comments relevant to this collection or to the PRA.
Board of Governors of the Federal Reserve System, July 13, 2023.
Erin Cayce,
Assistant Secretary of the Board.
[FR Doc. 2023-15239 Filed 7-18-23; 8:45 am]
BILLING CODE 6210-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on July 19, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.