[Federal Register Volume 68, Number 195 (Wednesday, October 8, 2003)]
[Notices]
[Pages 58099-58100]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-25465]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: Background.
    On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act, as 
per 5 CFR 1320.16, to approve of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the OMB 83-I's supporting 
statements and approved collection of information instruments are 
placed into OMB's public docket files. 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.

Request for Comment on Information Collection Proposals.

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, along with an analysis of 
comments and recommendations received, will be submitted to the Board 
for final approval under OMB delegated authority. Comments are invited 
on the following:
    a. whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. the accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.

DATES: Comments must be submitted on or before December 8, 2003.

ADDRESSES: Comments may be mailed to Ms. Jennifer J. Johnson, 
Secretary, Board of Governors of the Federal Reserve System, 20th 
Street and Constitution Avenue, N.W., Washington, DC 20551. However, 
because paper mail in the Washington area and at the Board of Governors 
is subject to delay, please consider submitting your comments by e-mail 
to [email protected], or faxing them to the Office of 
the Secretary at 202-452-3819 or 202-452-3102. Members of the public 
may inspect comments in Room MP-500 between 9:00 a.m. and 5:00 p.m. on 
weekdays pursuant to 261.12, except as provided in 261.14, of the 
Board's Rules Regarding Availability of Information, 12 CFR 261.12 and 
261.14.
    A copy of the comments may also be submitted to the OMB desk 
officer for the Board: Joseph Lackey, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.
    Cindy Ayouch, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

Proposal to Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Reports:

    1. Report title: Semiannual Report of Derivatives Activity.
    Agency form number: FR 2436.
    OMB control number: 7100-0286.

[[Page 58100]]

    Frequency: Semiannual.
    Reporters: Large U.S. dealers of over-the-counter (OTC) 
derivatives.
    Annual reporting hours: 1,400.
    Estimated average hours per response: 100.
    Number of respondents: 7.
    General description of report: This information collection is 
voluntary (12 U.S.C. Sec. Sec.  248(a), 353-359, and 461) and is given 
confidential treatment (5 U.S.C. Sec.  552(b)(4)).
    Abstract: The FR 2436 collects derivatives market statistics from 
seven large U.S. dealers of over-the-counter (OTC) derivatives. Data 
are collected 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 
contracts across a range of underlying currencies, interest rates, and 
equity markets.
    This collection of information complements the ongoing triennial 
Survey of Foreign Exchange and Derivatives Market Activity (FR 3036; 
OMB No. 7100-0285). The FR 2436 collects similar data on the 
outstanding volume of derivatives, but not on derivatives turnover. As 
with the FR 3036, the Federal Reserve conducts this report in 
coordination with other central banks and forwards the aggregated data 
furnished by U.S. reporters to the Bank for International Settlements 
(BIS), which publishes global market statistics that are aggregations 
of national data.
    2. Report title: Domestic Branch Notification.
    Agency form number: FR 4001.
    OMB control number: 7100-0097.
    Frequency: On occasion.
    Reporters: State member banks.
    Annual reporting hours: 599 hours.
    Estimated average hours per response: 30 minutes for expedited 
notifications; 1 hour for nonexpedited notifications.
    Number of respondents: 474 expedited; 362 nonexpedited.
    General description of report: This information collection is 
mandatory (12 U.S.C. 321) and is not given confidential treatment.
    Abstract: The Federal Reserve System requires a state member bank 
to file a notification whenever it proposes to establish a domestic 
branch. There is no formal reporting form; banks notify the Federal 
Reserve by letter prior to making the proposed investment. The Federal 
Reserve uses the information to fulfill its statutory obligation to 
supervise state member banks.

Proposal to Approve Under OMB Delegated Authority the Implementation of 
the Following Survey:

    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.
    Reporters: Financial institutions that serve as intermediaries in 
the wholesale foreign exchange and derivatives market and dealers.
    Annual reporting hours: 3,945.
    Estimated average hours per response: Turnover survey: 51 hours; 
outstandings survey: 15 hours for FR 2436 reporters, 60 hours for non-
FR 2436 reporters.
    Number of respondents: 60.
    General description of report: This information collection is 
voluntary (12 U.S.C. 248(a), 353-359, and 461) and is given 
confidential treatment (5 U.S.C. Sec.  552(b)(4)).
    Abstract: The FR 3036 is the U.S. part of a global data collection 
that is conducted by central banks every three years. More than fifty 
central banks plan to conduct the survey in 2004. The Bank for 
International Settlements (BIS) compiles national data from each 
central bank to produce global market statistics.
    The Federal Reserve System and other government agencies use the 
survey to monitor activity in the foreign exchange and derivatives 
markets. Respondents use the published data to gauge their market 
share.

    Board of Governors of the Federal Reserve System, October 2, 
2003.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 03-25465 Filed 10-7-03; 8:45 am]
BILLING CODE 6210-01-S