[Federal Register Volume 73, Number 106 (Monday, June 2, 2008)]
[Notices]
[Pages 31543-31544]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-12163]


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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 the revision of an information 
collection that is 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 Form D, Report of Holdings of, and Transactions 
in, Financial Derivatives Contracts with Foreign Residents.

DATES: Written comments should be received on or before August 1, 2008 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
5422, 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 (202-622-2009) or telephone 
(202-622-1276).

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

SUPPLEMENTARY INFORMATION: Title: Treasury International Capital Form 
D, Report of Holdings of, and Transactions in, Financial Derivatives 
Contracts with Foreign Residents.
    OMB Control Number: 1505-0199.
    Abstract: Form D 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) for the purpose of providing 
timely information on international capital movements other than direct 
investment by U.S. persons. Form D is a quarterly report used to cover 
holdings and transactions in derivatives contracts undertaken between 
foreign resident counterparties and major U.S.-resident participants in 
derivatives markets. This information is necessary for compiling the 
U.S. balance of payments and international investment position 
accounts, and for formulating U.S. international financial and monetary 
policies.

[[Page 31544]]

    Current Actions: (a) In Part 1 of Form D, eliminate memo line M.3 
(code 86054); (b) collect additional information on equity and credit 
derivatives, under line 3 in Part 1 of Form D, on the following three 
new rows--line 3.a (Equity Contracts), line 3.b (Credit Derivative 
Contracts), and line 3.c (Other Contracts); (c) in the instructions, 
eliminate the choice that allowed netting of fair values by deleting 
the second sentence of the second paragraph of section I.E (accounting 
issues); (d) in order to reduce overall burden, the threshold for 
reporting will be changed as follows: (1) If the total notional value 
of worldwide holdings of derivatives (including contracts with U.S. and 
foreign residents, measured on a consolidated-worldwide accounting 
basis' for the reporter's own account and the accounts of the 
reporter's customers exceeds $400 billion at the end of the calendar 
quarter being reported, then the reporter should submit TIC Form D for 
that calendar quarter, the remaining quarters of the same calendar year 
and for the following calendar year, (2) in addition, if at any time 
the amount reported by a TIC D reporter for Grand Total Net Settlements 
(Part 1, Column 3, Row 7) exceeds $400 million (either a positive or 
negative value), the TIC Form D must be submitted for the following two 
calendar years, even if outstanding worldwide notional values fall 
below the $400 billion level. For example, the 2009 reporting panel 
will therefore be determined by outstanding notional values as well as 
by data previously reported on Form D. If a reporter's outstanding 
notional values are below $400 billion, the reporter must continue to 
file the TIC D report if the Grand Total Net Settlements (Part 1, 
Column 3, Row 7) exceeded $400 million in any quarter during the 
preceding two calendar years; and (e) these changes will be effective 
beginning with the reports as of March 31, 2009.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for profit organizations.
    Form D (1505-0199)
    Estimated Number of Respondents: 35.
    Estimated Average Time per Respondent: Thirty (30) hours per 
respondent per filing, effective with the report as of March 2009. 
Estimated Total Annual Burden Hours: 4,300 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 Form D is necessary for the proper performance 
of the functions of the Office of International Affairs, 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. E8-12163 Filed 5-30-08; 8:45 am]
BILLING CODE 4810-25-P