[Federal Register Volume 67, Number 77 (Monday, April 22, 2002)]
[Notices]
[Page 19619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-9603]



[[Page 19619]]

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DEPARTMENT OF THE TREASURY

Departmental Offices


Proposed Collection; Comment Request

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-1, Report by Depository Institutions, Brokers and 
Dealers of Customers' U.S. Dollar Claims on Foreigners.

DATES: Written comments should be received on or before June 21, 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 email ([email protected]), FAX (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:
    Title: Treasury International Capital Form BQ-1. Report by 
Depository Institutions, Brokers and Dealers of Customers' U.S. Dollar 
Claims on Foreigners.
    OMB Control Number: 1505-0016.
    Abstract: Form BQ-1 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 C.F.R. 128) and is designed to collect 
timely information on international portfolio capital movements. This 
quarterly report filed by depository institutions, brokers and dealers 
covers their U.S. customers' dollar claims vis-a-vis foreign residents. 
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) More claims of the domestic customers of depository 
institutions, brokers and dealers will be reportable. The title of the 
BQ-1 report is changed from ``Custody'' claims to ``Customers'' `` 
claims to reflect the fact that items other than traditional 
``custody'' items are included. Non-custody items will include offshore 
sweep agreements, loans of U.S. residents to foreigners that are 
serviced by the reporter, and loans of non-bank U.S. residents to 
managed foreign offices of the reporter. (c) 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. (d) In Form 
BQ-1, part I, Reporter's Own Claims, will be deleted. (e) In Form BQ-1, 
the memorandum row for IBF Assets will be deleted. (f) In Form BQ-1, a 
new column will be added for separate reporting of negotiable CDs and 
other short-term securities. (g) In Form BQ-1, a memorandum cell for 
commercial paper included in the other short-term securities column 
will be added. (h) In Form BQ-1, a memorandum row for claims of bank 
customers will be added. (i) 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-1 (1505-0016)
    Estimated Number of Respondents: 310.
    Estimated Average Time per Respondent: Two and two/tenths (2.2) 
hours per respondent per filing. This average time varies from 4 hours 
for the approximately 30 major reporters to 2 hours for the other 
reporters.
    Estimated Total Annual Burden Hours: 2,720 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 request for OMB approval. All 
comments will become a matter of public record. The public is invited 
to submit written comments concerning: whether Form BQ-1 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. 02-9603 Filed 4-19-02; 8:45 am]
BILLING CODE 4810-25-P