[Federal Register Volume 70, Number 140 (Friday, July 22, 2005)]
[Notices]
[Pages 42408-42409]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-14462]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Departmental Offices: Proposed Collections: Comment Requests

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 International Affairs 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 20, 
2005 to be assured of consideration.

ADDRESSES: Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
4410-1440NYA, 1500 Pennsylvania Avenue NW., Washington DC 20220. In 
view of possible delays in mail delivery, please also notify Mr. Wolkow 
by e-mail ([email protected]), Fax

[[Page 42409]]

(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 Web page 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 U.S.C. 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 and the U.S. international investment 
position, and for use in formulating U.S. international financial and 
monetary policies.
    Current Actions: (a) In Form CQ-1, eliminate section B, which 
captures foreign affiliate positions of insurance underwriting 
subsidiaries and financial intermediaries; (b) For Form CQ-2, shorten 
the submission date for filing from 45 days to no later than 30 
calendar days following the report as-of date. This action is necessary 
to make that information timely enough for use with all other quarterly 
TIC data; (c) The list for reporting the location of foreign 
counterparties on all TIC reporting forms will be increased to a total 
of roughly 245 countries and other areas. This longer list is 
essentially the same as the lists used for years in the TIC benchmark 
and annual reports, and thus will establish a uniform list of 
countries/areas consistent across all TIC reporting forms. Comments 
from TIC respondents indicate that their modern computerized database 
systems can easily produce all TIC reports for this longer list of 
countries/areas. This change will apply to the monthly and quarterly B-
forms, C-forms, Form D and Form S and will allow the semiannual B-forms 
to be eliminated (see action b below). This action is expected to 
result in an overall reduction in burden for TIC respondents as a 
whole, as well as satisfying Treasury's need for more timely 
information on a larger number of countries. Comments from TIC 
respondents indicate that the combination of the longer uniform country 
list and the virtual elimination of rows for ``other countries'' will 
reduce significantly the total burden from all TIC reports, including 
the burdens of cross-checking information, responding to inquiries from 
data compilers, and making revisions to data reports; and (d) these 
changes will be effective beginning with the reports as of June 30, 
2006.
    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 respondents to 4.0 hours for the 
approximately 210 CQ-2 respondents.
    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 request for Office of 
Management and Budget approval. All comments will become a matter of 
public record. The public is invited to submit written comments 
concerning: (a) Whether Forms CQ-1 and CQ-2 are necessary for the 
proper performance of the functions of the Office, including whether 
the information will have practical uses; (b) the accuracy of the above 
estimate of the burdens; (c) ways to enhance the quality, usefulness 
and clarity of the information to be collected; (d) ways to minimize 
the reporting and/or record keeping burdens on respondents, including 
the use of information technologies to automate the collection of the 
data; and (e) estimates of capital or start-up costs of operation, 
maintenance and purchase of services to provide information.

Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 05-14462 Filed 7-21-05; 8:45 am]
BILLING CODE 4810-25-P