Notice2023-28246
Agency Information Collection Activities; Continuing Collections; Comment Request; Designation of Financial Market Utilities
Primary source
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Published
December 22, 2023
Issuing agencies
Financial Stability Oversight Council
Abstract
The Financial Stability Oversight Council (the "Council"), as part of its continuing effort to reduce paperwork and respondent burden, invites members of the public and affected agencies to comment on the continuing information collections listed below, as required by the Paperwork Reduction Act of 1995. The Council is soliciting comments concerning its collection of information related to its authority to designate financial market utilities as systemically important. Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") provides the Council the authority to designate a financial market utility ("FMU") that the Council determines is or is likely to become systemically important because the failure of or a disruption to the functioning of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system.
Full Text
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<title>Federal Register, Volume 88 Issue 245 (Friday, December 22, 2023)</title>
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[Federal Register Volume 88, Number 245 (Friday, December 22, 2023)]
[Notices]
[Pages 88618-88619]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28246]
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FINANCIAL STABILITY OVERSIGHT COUNCIL
Agency Information Collection Activities; Continuing Collections;
Comment Request; Designation of Financial Market Utilities
AGENCY: Financial Stability Oversight Council.
ACTION: Notice and request for comments.
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SUMMARY: The Financial Stability Oversight Council (the ``Council''),
as part of its continuing effort to reduce paperwork and respondent
burden, invites members of the public and affected agencies to comment
on the continuing information collections listed below, as required by
the Paperwork Reduction Act of 1995. The Council is soliciting comments
concerning its collection of information related to its authority to
designate financial market utilities as systemically important. Section
804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the ``Dodd-Frank Act'') provides the Council the authority to
designate a financial market utility (``FMU'') that the Council
determines is or is likely to become systemically important because the
failure of or a disruption to the functioning of the FMU could create,
or increase, the risk of significant liquidity or credit problems
spreading among financial institutions or markets and thereby threaten
the stability of the United States financial system.
DATES: Written comments must be received on or before February 20,
2024.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposed collection according to the instructions below. All
submissions must refer to the document title and docket number FSOC-
2023-0003.
Electronic submission of comments. Interested persons may submit
comments electronically through the Federal eRulemaking Portal at
<a href="http://www.regulations.gov">http://www.regulations.gov</a>. Electronic submission of comments allows
the commenter maximum time to prepare and submit a comment, ensures
timely receipt, and enables the Council to make them available to the
public. Comments submitted electronically through the <a href="http://www.regulations.gov">http://www.regulations.gov</a> website can be viewed by other commenters and
interested members of the public. Commenters should follow the
instructions provided on that site to submit comments electronically.
Mail. Send comments to Financial Stability Oversight Council, 1500
Pennsylvania Avenue NW, Washington, DC 20220.
Public inspection of comments. All properly submitted comments will
be available for inspection and downloading at <a href="http://www.regulations.gov">http://www.regulations.gov</a>.
Additional instructions. In general, comments received, including
attachments and other supporting materials, are part of the public
record and are available to the public. Do not submit any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
FOR FURTHER INFORMATION CONTACT: Samantha MacInnis, Director of
Operations, Financial Stability Oversight Council, U.S. Treasury
Department, (202) 622-2354, <a href="/cdn-cgi/l/email-protection#f5a69498949b819d94dbb89496bc9b9b9c86b5818790948680878cdb929a83"><span class="__cf_email__" data-cfemail="683b090509061c00094625090b210606011b281c1a0d091b1d1a11460f071e">[email protected]</span></a>; Mark
Schlegel, Senior Counsel, U.S. Treasury Department, (202) 622-1027,
<a href="/cdn-cgi/l/email-protection#e0ad81928bceb383888c8587858ca09492858193959299ce878f96"><span class="__cf_email__" data-cfemail="307d51425b1e6353585c5557555c7044425551434542491e575f46">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Designation of Financial Market Utilities.
OMB Control Number: 1505-0239.
Type of Review: Extension without change of a currently approved
collection.
Description: On July 27, 2011, the Council published in the Federal
Register a final rule (12 CFR part 1320) that describes the criteria
that will inform the Council's designation of FMUs as systemically
important under the Dodd-Frank Act and the processes and procedures
established under the Dodd-Frank Act for any such designation. On July
18, 2012, the Council designated eight FMUs as systemically important
under title VIII of the Dodd-Frank Act.
The collection of information under 12 CFR 1320.11 affords FMUs
that are under consideration for designation, or rescission of
designation, an
[[Page 88619]]
opportunity to submit written materials to the Council in support of,
or in opposition to, designation or rescission of designation. The
collection of information under 12 CFR 1320.12 affords FMUs an
opportunity to contest a proposed determination of the Council by
requesting a hearing and submitting written materials (or, at the sole
discretion of the Council, oral testimony and oral argument). The
collection of information in 12 CFR 1320.14 affords FMUs an opportunity
to contest the Council's waiver or modification of the notice, hearing,
or other requirements contained in 12 CFR 1320.11 and 1320.12 by
requesting a hearing and submitting written materials (or, at the sole
discretion of the Council, oral testimony and oral argument). The
information collected from FMUs under 12 CFR 1320.20 will be used by
the Council to determine whether to designate an additional FMU or to
rescind the designation of a designated FMU.
Form: None.
Affected Public: Businesses or other for-profit and not-for-profit
institutions.
Estimated Number of Respondents: 9.\1\
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\1\ This estimate refers to the eight FMUs currently designated
as systemically important under title VIII, as well as one
additional respondent for purposes of illustrating the burden
associated with 12 CFR 1320.11, 12 CFR 1320.12, and 12 CFR 1320.14.
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Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 11.\2\
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\2\ This estimate refers to the eight FMUs currently designated
as systemically important under title VIII, as well as three
additional responses for purposes of illustrating the burden
associated with 12 CFR 1320.11, 12 CFR 1320.12, and 12 CFR 1320.14.
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Estimated Time per Response: 50 hours, 20 hours, 10 hours, 10
hours.\3\
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\3\ The hour estimates refer, respectively, to information
collections for respondents associated with 12 CFR 1320.20, 12 CFR
1320.11, 12 CFR 1320.12, and 12 CFR 1320.14.
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Estimated Total Annual Burden Hours: 440.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information has practical utility; (b) the accuracy of the agency's
estimate of the burden of the collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Authority: Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).
Dated: December 19, 2023.
Samantha MacInnis,
Director of Operations, Financial Stability Oversight Council.
[FR Doc. 2023-28246 Filed 12-21-23; 8:45 am]
BILLING CODE 4810-AK-P
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