82 FR 26570 - Proposed Collections; Comment Requests

DEPARTMENT OF THE TREASURY

Federal Register Volume 82, Issue 108 (June 7, 2017)

The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on an information collection that is due for extension approval by the Office of Management and Budget. The Office of International Affairs of the Department of the Treasury is soliciting comments concerning extension without change of the following three related forms: Foreign Currency Form FC-1 (OMB No. 1505-0012), Weekly Consolidated Foreign Currency Report of Major Market Participants; Form FC-2 (OMB No. 1505-0010); Monthly Consolidated Foreign Currency Report of Major Market Participants; Form FC-3 (OMB No. 1505-0014), Quarterly Consolidated Foreign Currency Report. The reports are mandatory.

[Federal Register Volume 82, Number 108 (Wednesday, June 7, 2017)]
[Notices]
[Page 26570]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-11777]


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DEPARTMENT OF THE TREASURY


Proposed Collections; Comment Requests

AGENCY: Departmental Offices, Department of the Treasury.

SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork burdens, invites the general public and 
other Federal agencies to comment on an information collection that is 
due for extension approval by the Office of Management and Budget. The 
Office of International Affairs of the Department of the Treasury is 
soliciting comments concerning extension without change of the 
following three related forms: Foreign Currency Form FC-1 (OMB No. 
1505-0012), Weekly Consolidated Foreign Currency Report of Major Market 
Participants; Form FC-2 (OMB No. 1505-0010); Monthly Consolidated 
Foreign Currency Report of Major Market Participants; Form FC-3 (OMB 
No. 1505-0014), Quarterly Consolidated Foreign Currency Report. The 
reports are mandatory.

DATES: Written comments should be received on or before August 7, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to Emily Weis, Markets Room, 
Department of the Treasury, Room 1328, 1500 Pennsylvania Avenue NW., 
Washington DC 20220.

FOR FURTHER INFORMATION CONTACT:  Copies of the proposed forms and 
instructions are available on the Federal Reserve Bank of New York's 
Web site, in the section for Banking Reporting Forms and Instructions, 
on the Web pages for the TFC-1, TFC-2 and TFC-3 forms, for example at: 
https://www.newyorkfed.org/banking/reportingforms/TFC_1.html; https://www.newyorkfed.org/banking/reportingforms/TFC_2.html; and https://www.newyorkfed.org/banking/reportingforms/TFC_3.html. In view of 
possible delays in mail delivery, please also notify Ms. Weis by email 
([email protected]), FAX (202-622-2021) or telephone (202-622-
5513). Requests for additional information should be directed to Ms. 
Weis.

SUPPLEMENTARY INFORMATION: 
    Title: Weekly Consolidated Foreign Currency Report of Major Market 
Participants, Foreign Currency Form FC-1.
    OMB Control Number: 1505-0012.
    Title: Monthly Consolidated Foreign Currency Report of Major Market 
Participants, Foreign Currency Form FC-2.
    OMB Control Number: 1505-0010.
    Title: Quarterly Consolidated Foreign Currency Report, Foreign 
Currency Form FC-3.
    OMB Control Number: 1505-0014.
    Abstract: The filing of Foreign Currency Forms FC-1, FC-2, and FC-3 
is pursuant to (31 U.S.C. 5315, which directs the Secretary of the 
Treasury to prescribe regulations (31 CFR 128, Subpart C), requiring 
reports on foreign currency transactions conducted by a United States 
person or a foreign person controlled by a United States person. The 
forms collect data on the foreign exchange spot, forward, futures, and 
options markets from all significant market participants.
    Current Actions: No changes in the forms will be made. Two changes 
have been made in the instructions to provide additional clarity on who 
must file the reports. The changes will impact the instructions for all 
three of the forms. Specifically, (1) In section B, Who Must Report, 
the last sentence of the first paragraph now reads: ``The calculation 
of exposure against the Form FC-1 [FC-2, FC-3] reporting threshold 
should include foreign exchange contracts in all currencies and should 
not be limited to contracts in the indicated currencies on the Form FC-
1 [FC-2, FC-3].'' (2) In section C, Filing the Reports, the last 
sentence of paragraph C.1 now reads: ``The reporter is required to file 
the Form FC-1 [FC-2, FC-3] until the reporter's contracts have remained 
below the reporting threshold for all four quarters of a calendar 
year.''
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents:
    Foreign Currency Form FC-1: 30 respondents.
    Foreign Currency Form FC-2: 30 respondents.
    Foreign Currency Form FC-3: 53 respondents.
    Estimated Average Time per Response:
    Foreign Currency Form FC-1: 48 minutes (0.8 hours) per response.
    Foreign Currency Form FC-2: Three hours 36 minutes (3.6 hours) per 
response.
    Foreign Currency Form FC-3: Eight (8) hours per response.
    Estimated Total Annual Burden Hours:
    Foreign Currency Form FC-1: 1,248 hours, based on 52 reporting 
periods per year.
    Foreign Currency Form FC-2: 1,296 hours, based on 12 reporting 
periods per year.
    Foreign Currency Form FC-3: 1,696 hours, based on 4 reporting 
periods per year.
    Request For Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record. The public is invited to submit written comments 
concerning: (a) Whether Foreign Currency Forms FC-1, FC-2, and FC-3 are 
necessary for the proper performance of the functions of the Office, 
including whether the information will have practical uses; (b) the 
accuracy of the above estimates of the burdens; (c) ways to enhance the 
quality, usefulness and clarity of the information to be collected; (d) 
ways to minimize the reporting and/or record keeping burdens on 
respondents, including the use of information technologies to automate 
the collection of the data; and (e) estimates of capital or start-up 
costs of operation, maintenance and purchase of services to provide 
information.

Emily Weis,
Financial Analyst, Markets Room, U.S. Department of the Treasury.
[FR Doc. 2017-11777 Filed 6-6-17; 8:45 am]
BILLING CODE 4810-25-P