[Federal Register Volume 67, Number 127 (Tuesday, July 2, 2002)]
[Notices]
[Pages 44498-44499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-16585]


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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 an information collection that is 
due for renewed 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 Forms CQ-
1 and CQ-2, Financial and Commercial Liabilities to, and Claims on, 
Unaffiliated Foreigners.

DATES: Written comments should be received on or before September 3, 
2002 to be assured of consideration.

ADDRESSES: Direct all written comments on international capital 
transactions and positions to: Department of the Treasury, ATTN: Dwight 
Wolkow, IP Room 4410 NY, 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-
622-1207) or telephone (202-622-1276).

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

SUPPLEMENTARY INFORMATION: Title: Treasury International Capital Form 
CQ-1, Financial Liabilities to, and Claims on, Foreigners; and Treasury 
International Capital Form CQ-2, Commercial Liabilities to, and Claims 
on, Unaffiliated Foreigners.
    OMB Number: 1505-0024
    Abstract: Forms CQ-1 and CQ-2 are part of the Treasury 
International Capital (TIC) reporting system, which is required by law 
(22 U.S.C. 286f; 22 USC 3103; EO 10033; 31 CFR 128), and is designed to 
collect timely information on international portfolio capital 
movements. Forms CQ-1 and CQ-2 are quarterly reports filed by 
nonbanking and non-securities broker and dealer enterprises in the U.S. 
to report their international portfolio transactions with unaffiliated 
foreigners. This information is necessary for compiling the U.S. 
balance of payments accounts, for calculating the U.S. international 
investment position, and for use in formulating U.S. international 
financial and monetary policies. Current Actions: (a) The exemption 
level for reporting positions will be raised from $10 million to $50 
million for Form CQ-1, and from $10 million to $25 million for Form CQ-
2; (b) 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; (c) For Bank Holding Companies and Financial 
Holding Companies (BHCs/FHCs), their insurance subsidiaries will 
continue to file TIC Form CQ-1 reports. (BHCs/FHCs and their other 
subsidiaries will continue to file TIC-B reports, according to the 
directions given in the instructions for the TIC B reports); (d) These 
proposed new C Forms and instructions will be effective as of March 31, 
2003; (e) The instructions include a more detailed description of the 
reporting of liabilities and loans placed overseas; (f) The 
instructions contain a more detailed description of the reporting of 
short-term securities (including negotiable CDs); (g) On the revised 
form, respondents will report brokerage balances. A revised description 
of brokerage balances is included in the instructions; (h) The revised 
forms each have four memorandum rows for reporting the amounts 
contained in the grand totals of each column that are denominated in 
U.S. dollars, Euros, Pound Sterling, and Yen; (i) Both of the revised 
forms collect data on remaining maturities of the amounts contained in 
the grand totals of the two liabilities columns on each form. The 
maturities are broken down into ten categories; previously, there were 
two categories. Reporting of maturities will only be required from 
large reporters (more than $1 billion in reportable liabilities on Form 
CQ-1); (j) In Form CQ-1, Part I, Financial Liabilities, the two columns 
are redefined for reporting of Short-term Negotiable Securities and 
Other Liabilities; (k) In Form CQ-1, Part II, Financial Claims, the 
currently reported two columns for dollar denominated and foreign 
currency denominated deposits have been combined, and the resulting 
three columns in the revised form capture the reporting of Non-

[[Page 44499]]

Negotiable Foreign Deposits, Negotiable CDs & All Short-term Negotiable 
Securities, and Other Claims; (l) In Form CQ-1, section B has been 
added to capture foreign affiliate positions (including those with 
affiliates of the reporter's parents) of insurance underwriting 
subsidiaries and financial intermediaries. Insurance underwriting 
subsidiaries of BHCs/FHCs will report positions vis a vis all foreign-
resident affiliates. Financial intermediaries will report positions vis 
a vis all foreign-resident affiliated financial intermediaries; (m) In 
Form CQ-1, three new memorandum rows have been added for reporting the 
amounts contained in the grand totals of certain columns that are 
Borrowings/Loans, Negotiable CDs, and Repurchases/Resale Agreements.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.

Forms CQ-1 and CQ-2 (1505-0024)

    Estimated Number of Respondents: 400
    Estimated Average Time per Respondent: Four and one/quarter (4.25) 
hours per respondent per filing. This average time varies from 4.5 
hours for the approximately 190 CQ-1 reporters to 4.0 hours for the 
approximately 210 CQ-2 reporters.
    Estimated Total Annual Burden Hours: 6,800 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 requests for OMB approval. 
All comments will become a matter of public record. The public is 
invited to submit written comments concerning: whether Forms CQ-1 and 
CQ-2 are 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. 02-16585 Filed 7-1-02; 8:45 am]
BILLING CODE 4810-25-P