[Federal Register Volume 63, Number 39 (Friday, February 27, 1998)]
[Notices]
[Pages 10025-10027]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-5043]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Submission to OMB Under 
Delegated Authority

Background

    Notice is hereby given of the final approval of proposed 
information collections by the Board of Governors of the Federal 
Reserve System (Board) under OMB delegated authority, as per 5 CFR 
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). The Federal Reserve may not conduct or sponsor, and the 
respondent is not required to respond to, an information collection 
that has been extended, revised, or implemented on or after October 1, 
1995, unless it displays a currently valid OMB control number.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. McLaughlin--Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829)
OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860)
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following reports:
1. Report titles: Uniform Application for Municipal Securities 
Principal or Municipal Securities Representative Associated with a Bank 
Municipal Securities Dealer; Uniform Termination Notice for Municipal 
Securities Principal or Municipal Securities Representative Associated 
with a Bank Municipal Securities Dealer
Agency form numbers: FR MSD-4, FR MSD-5
OMB Control numbers: 7100-0100, 7100-0101
Frequency: On occasion
Reporters: State member banks, bank holding companies, and foreign 
dealer banks engaging in activities as municipal securities dealers, 
and persons who are or seek to be associated with such dealers as 
municipal securities principals or representatives
Annual reporting hours: 369 (FR MSD-4), 94 (FR MSD-5)
Estimated average hours per response: 1.00 (FR MSD-4), 0.25 (FR MSD-5)
Number of respondents: 369 (FR MSD-4), 377 (FR MSD-5)
Small businesses are not affected.
    General description of reports: These information collections are 
mandatory (15 U.S.C. 78o-4, 78q, and 78u) and are given confidential 
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(6)). 
The collection of the data on the FR MSD-4 and FR MSD-5 is compiled in 
a ``system of records'' within the meaning of the Privacy Act (5 U.S.C. 
552a(a)(5)).
    Abstract: Rule G-7, ``Information Concerning Associated Persons,'' 
of the Municipal Securities Rulemaking Board (MSRB) requires a person 
who is or seeks to be associated with a municipal securities dealer to 
provide certain background information to the dealer, and conversely, 
requires the dealer to

[[Page 10026]]

obtain such information. The FR MSD-4 collects information, such as 
personal history and professional qualifications, on an employee whom 
the dealer wishes to assume the duties of a municipal securities 
principal or representative. The FR MSD-5 collects the date of, and the 
reason for termination of, such an employee and whether there occurred 
any investigations or actions by agencies or securities industry self 
regulating organizations (SROs) involving the associated person during 
the period of employment.
    The FR MSD-4 instructions were revised as follows:
    1. References to the rules and regulations of the Board, the Office 
of the Comptroller of the Currency (OCC) and the Federal Deposit 
Insurance Corporation (FDIC) in instruction 2 were removed;
    2. Text was added to instruction 3.a that ``a State branch or 
agency of a foreign bank'' must file with the Federal Reserve;
    3. A filing deadline was added to instruction 5; and 4. a 
grandfather clause (instruction 15) was removed.
    The FR MSD-5 was revised by adding to instruction 3.a that ``a 
State branch or agency of a foreign bank'' must file with the Federal 
Reserve. These revisions ensure conformity with reporting forms issued 
by the OCC and the FDIC and do not change the information collected.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
1. Report title: Transfer Agent Registration and Amendment Form
Agency form number: FR TA-1
OMB Control number: 7100-0099
Frequency: on occasion
Reporters: State member banks and their subsidiaries, bank holding 
companies, and certain nondeposit trust company subsidiaries of bank 
holding companies who are, or wish to register as, transfer agents
Annual reporting hours: 28
Estimated average hours per response: 1.25 (registrations); 0.17 
(amendments)
Number of respondents: 41
Small businesses are not affected.
    General description of report: This information collection is 
mandatory (sections 17A(c), 17(a), and 23(a) of the Securities Exchange 
Act, as amended (15 USC Secs. 78q-1(c)(1) and (2), 78q(a)(3), and 
78w(a)(1)) and is not given confidential treatment.
    Abstract: The Securities Exchange Act requires any person acting as 
a transfer agent to register and to amend registration information as 
it changes. State member banks and their subsidiaries, bank holding 
companies, and certain nondeposit trust company subsidiaries of bank 
holding companies register with the Federal Reserve by submitting Form 
TA-1. The information collected includes the company name, all business 
addresses, and several questions about the registrant's proposed 
activities as a transfer agent. The Federal Reserve uses the 
information, which is available to the public upon request, to act upon 
registration applications and to aid in performing supervisory duties.
    Final approval under OMB delegated authority of the implementation 
of the following reports:
1. Report title: Central Bank Survey of Foreign Exchange and 
Derivatives Market Activity
Agency form number: FR 3036
OMB Control number: 7100-0285
Frequency: one-time survey
Reporters: The turnover portion of the survey includes all financial 
institutions that are significant dealers in the foreign exchange 
market in the United States. The derivatives outstanding portion of the 
survey covers a smaller set of firms because market making in 
derivatives markets is more concentrated.
Effective Date: Turnover survey: April 1-30, 1998; Derivatives 
outstanding survey: June 30, 1998.
Annual reporting hours: 8,187
Estimated average hours per response: Pre-survey questionnaire: 5 
minutes; Turnover survey: 50 hours; Derivatives outstanding survey: 15 
hours for FR 2436 respondents (there are proposed to be thirteen), 60 
hours for others
Number of respondents: Pre-survey questionnaire and turnover survey: 
144; Derivatives outstanding survey: 26.
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(a)(2), 353-359, and 3105(c)) and is given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The Central Bank Survey of Foreign Exchange and 
Derivatives Market Activity is part of an ongoing triennial series. The 
data from the survey provide information about the size and structure 
of the global markets for foreign exchange and financial derivatives 
transactions. The Federal Reserve is one of forty-four central banks 
conducting surveys. Aggregate results from each central bank's survey 
will be provided to the Bank for International Settlements, which will 
compile global market statistics. The survey will be conducted by the 
Federal Reserve Bank of New York.
    The survey has two parts, a turnover survey and a survey of 
outstanding derivatives contracts. The changes from the 1995 survey are 
intended to reduce the reporting burden. The most significant revisions 
are those made to the derivatives outstandings part of the survey to 
align it with the Semiannual Report of Derivatives Activity (FR 2436) 
which is discussed below.
2. Report title: Semiannual Report of Derivatives Activity
Agency form number: FR 2436
OMB Control number: 7100-0286
Effective Date: June 30, 1998
Frequency: semiannual
Reporters: large U.S. dealers of over-the-counter (OTC) derivatives
Annual reporting hours: 2,600
Estimated average hours per response: 100
Number of respondents: 13
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(a), 353-359, and 461) and will be given 
confidential treatment (5 U.S.C. 552(b)(4)).
    Abstract: The FR 2436 will collect derivatives market statistics 
from a sample of thirteen large U.S. dealers of OTC derivatives. The 
report will collect information on notional amounts and gross market 
values of the volumes outstanding of broad categories of foreign 
exchange, interest rate, equity- and commodity-linked over-the-counter 
derivatives instruments across a range of underlying currencies, 
interest rates, and equity markets.
    This collection of information will complement the ongoing 
triennial Survey of Foreign Exchange and Derivatives Market Activity 
(FR 3036) and will be implemented concurrently with the 1998 FR 3036. 
The FR 2436 will collect similar data on the outstanding volume of 
derivatives, but not on derivatives turnover. As with the FR 3036, the 
Federal Reserve will conduct this report in coordination with other 
central banks and will forward the aggregated data furnished by U.S. 
reporters to the Bank for International Settlements, which will publish 
global market statistics that are aggregations of national data.
3. Report title: 1998 Survey of Consumer Finance
Agency form number: FR 3059
OMB Control number: 7100-0287
Effective Date: June 1, 1998
Frequency: One-time survey
Reporters: U.S. families
Annual reporting hours: 6,900
Estimated average hours per response: 1.5
Number of respondents: 4,600
Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. Secs.  225a, 1821, 1828(c), 1842, and

[[Page 10027]]

1843) and is given confidential treatment (5 U.S.C. 552(b)(6)).
    Abstract: The 1998 Survey of Consumer Finances is the sixth 
triennial Survey of Consumer Finance since 1983, the beginning of the 
current series. This survey is the only source of representative 
information on the structure of U.S. families' finances. The survey, to 
be conducted between June and December 1998, will collect data on the 
assets, debts, income, work history, pension rights, use of financial 
services, and attitudes of a sample of U.S. families.
    Board of Governors of the Federal Reserve System, February 23, 
1998.
William W. Wiles,
Secretary of the Board.
[FR Doc. 98-5043 Filed 2-26-98; 8:45 am]
BILLING CODE 6210-01-F