[Federal Register Volume 67, Number 76 (Friday, April 19, 2002)]
[Notices]
[Pages 19470-19471]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-9604]


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DEPARTMENT OF THE TREASURY


Departmental Offices; Proposed Collections; Comment Requests

ACTION: Notice and request for comments.

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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 revisions of an information 
collection that are proposed for approval by the Office of Management 
and Budget. The Office of Program Services within the Department of the 
Treasury is soliciting comments concerning Treasury International 
Capital Form BQ-2, Part 1: Report of Foreign Currency Liabilities to, 
and Claims on, Foreigners of Depository Institutions, Brokers, Dealers, 
and Their Domestic Customers; Part 2: Report of Customers' Foreign 
Currency Liabilities to Foreigners.

DATES: Written comments should be received on or before June 18, 2002, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
5457 MT, 1500 Pennsylvania Avenue NW, Washington DC 20220. In view of 
delays in mail delivery due to recent events, please also notify Mr. 
Wolkow by e-mail ([email protected]), FAX

[[Page 19471]]

(202-622-7448) or telephone (202-622-1276).

FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and 
instructions are available on the Treasury's TIC Forms webpage, http://www.treas.gov/tic/forms.htm. Requests for additional information should 
be directed to Mr. Wolkow.

SUPPLEMENTARY INFORMATION:   
    Titles: Treasury International Capital Form BQ-2, Part 1: Report of 
Foreign Currency Liabilities to, and Claims on, Foreigners of 
Depository Institutions, Brokers, Dealers, and Their Domestic 
Customers; Part 2: Report of Customers' Foreign Currency Liabilities to 
Foreigners.
    OMB Control Number: 1505-0020.
    Abstract: Form BQ-2 is part of the Treasury International Capital 
(TIC) reporting system, which is required by law (22 U.S.C. 286f; 22 
U.S.C. 3103; E.O. 10033; 31 CFR 128) and is designed to collect timely 
information on international portfolio capital movements. Form BQ-2 is 
a quarterly report that covers the liabilities to and claims on 
foreigners of banks, other depository institutions, brokers and 
dealers, and their customers' claims and liabilities with foreigners, 
where all claims and liabilities are denominated in foreign currencies. 
This information is necessary for compiling the U.S. balance of 
payments accounts, for calculating the U.S. international investment 
position, and for formulating U.S. international financial and monetary 
policies.
    Current Actions: (a) Bank Holding Companies and Financial Holding 
Companies (BHCs/FHCs) will each consolidate the BHC/FHC and all 
subsidiaries, OTHER THAN banking or broker or dealer subsidiaries, and 
file TIC Form CQ-1 (banks and brokers and dealers will continue to file 
TIC-B series reports). This treatment is designed to reduce reporting 
burdens since the TIC C reports are less detailed and are filed only 
quarterly. (b) Depository institutions, brokers and dealers will report 
most cross-border positions with affiliated foreigners (including 
affiliates of parent organizations) exclusive of positions in the form 
of long-term securities or derivative contracts. (c) All reporters will 
have to report brokerage balances, according to a revised description 
of brokerage balances. (d) To eliminate double counting, all negotiable 
liabilities (certificates of deposit of any maturity and other short-
term negotiable securities) are to be reported as ``customers' '' items 
on Form BQ-2 and excluded from the reporter's own liabilities, even if 
the ``customer'' is the reporter. (e) More claims and liabilities of 
the domestic customers of depository institutions, brokers and dealers 
will be reportable. The title of the BQ-2 report is changed from 
``Custody'' claims and liabilities to ``Customers' '' claims and 
liabilities to reflect the fact that items other than traditional 
``custody'' items are included. Non-custody items will include offshore 
sweep agreements, loans to U.S. residents held at managed foreign 
offices, loans of foreigners to U.S. residents serviced by the 
reporter, and syndicated loans sold overseas for which the reporter was 
the lead in the syndicate. (f) The period of time a reporter has to 
submit reports once the exemption level is exceeded has been changed to 
the remainder of the current calendar year. (g) In Form BQ-2, a new 
column will be added for separate reporting of non-negotiable deposits 
held by foreigners. (h) In Form BQ-2, two memorandum cells will be 
added for negotiable CDs of foreigners. (i) In Form BQ-2, a memorandum 
cell will be added for nonnegotiable short-term securities held by 
foreigners. (j) In Form BQ-2, two new memorandum cells will be added 
for short-term securities of foreigners. (k) In Form BQ-2, a memorandum 
row for repurchase agreements and resale agreements will be added. (l) 
These changes will be effective as of February 28, 2003.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Form BQ-2 (1505-0020)
    Estimated Number of Respondents: 120.
    Estimated Average Time per Respondent: Six and one/quarter (6.25) 
hours per respondent per filing. This average time varies from 10 hours 
for the approximately 30 major reporters to 5 hours for the other 
reporters.
    Estimated Total Annual Burden Hours: 3,000 hours, based on four 
reporting periods per year.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the requests for OMB approval. 
All comments will become a matter of public record. The public is 
invited to submit written comments concerning: whether Form BQ-2 is 
necessary for the proper performance of the functions of the Office, 
including whether the information collected has practical uses; the 
accuracy of the above burden estimates; ways to enhance the quality, 
usefulness, and clarity of the information to be collected; ways to 
minimize the reporting and/or recordkeeping burdens on respondents, 
including the use of information technologies to automate the 
collection of the data; and estimates of capital or start-up costs of 
operation, maintenance, and purchases of services to provide 
information.

Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 02-9604 Filed 4-18-02; 8:45 am]
BILLING CODE 4810-25-P