[Federal Register Volume 74, Number 229 (Tuesday, December 1, 2009)]
[Notices]
[Pages 62885-62886]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-28648]


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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 an information collection that is 
due for extension approval by the Office of Management and Budget. The 
Office of International Monetary and Financial Policy within the 
Department of the Treasury is soliciting comments concerning Revision 
of Foreign Currency Form FC-1 (OMB No. 1505-0012) Weekly Consolidated 
Foreign Currency Report of Major Market Participants, Revision of Form 
FC-2 (OMB No. 1505-0010) Monthly Consolidated Foreign Currency Report 
of Major Market Participants, and Extension without change of Form FC-3 
(OMB No. 1505-0014) Quarterly Consolidated Foreign Currency Report. The 
reports are mandatory.

DATES: Written comments should be received on or before February 1, 
2010.

ADDRESSES: Direct all written comments to Timothy D. Dulaney, Office of 
International Monetary and Financial Policy, Market Room, Department of 
the Treasury, 15th Street and Pennsylvania Avenue, NW., Washington, DC 
20220. In view of possible delays in mail delivery, please also notify 
Mr. Dulaney by e-mail ([email protected]), FAX (202-622-2021) or 
telephone (202-622-3121).

FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and 
instructions are available on the Federal Reserve Bank of New York's 
Web site, in the section for Banking Reporting Forms and Instructions, 
on the Web pages for the TFC-1 and TFC-2 forms, for example at: http://www.ny.frb.org/banking/reportingforms/TFC_1.html. Requests for 
additional information should be directed to Mr. Dulaney.

SUPPLEMENTARY INFORMATION:
    Title: Weekly Consolidated Foreign Currency Report of Major Market 
Participants, Foreign Currency Form FC-1.
    OMB Control Number: 1505-0012.
    Title: Monthly Consolidated Foreign Currency Report of Major Market 
Participants, Foreign Currency Form FC-2.
    OMB Control Number: 1505-0010.
    Title: Quarterly Consolidated Foreign Currency Report, Foreign 
Currency Form FC-3.
    OMB Control Number: 1505-0014.
    Abstract: The filing of Foreign Currency Forms FC-1, FC-2, and FC-3 
is required by law (31 U.S.C. 5315, 31 CFR 128, Subpart C), which 
directs the Secretary of the Treasury to prescribe regulations 
requiring reports on foreign currency transactions conducted by a 
United States person or a foreign person controlled by a United States 
person. The forms collect data on the foreign exchange spot, forward, 
futures, and options markets from all significant market participants. 
Current Actions: Two changes are proposed for FC-1, FC-2 and the 
Instructions to reduce reporting burden and improve the accuracy of the 
reports. (1) Eliminate the reporting of Net Reported Dealer position on 
the two forms. This would remove row 4 (six cell) from FC-1 and row 9 
from FC 2 (6 cells), leading to a significant reduction in reporting 
burden. (2) Add some clarifying language to the reporting instructions 
on the treatment of cross-currency interest rate swaps. This would be 
beneficial to both preparers of the forms and to users of the data.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents:
    Foreign Currency Form FC-1: 22 respondents.
    Foreign Currency Form FC-2: 22 respondents.
    Foreign Currency Form FC-3: 38 respondents.
    Estimated Average Time Per Response:
    Foreign Currency Form FC-1: 48 minutes (0.8 hours) per response.
    Foreign Currency Form FC-2: 3 hours 36 minutes (3.6 hours) per 
response.
    Foreign Currency Form FC-3: Eight (8) hours per response.
    Estimated Total Annual Burden Hours:
    Foreign Currency Form FC-1: 915 hours, based on 52 reporting 
periods per year.
    Foreign Currency Form FC-2: 950 hours, based on 12 reporting period 
per year.
    Foreign Currency Form FC-3: 1,216 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 Foreign Currency Forms FC-1, FC-2, and FC-3 are 
necessary for the proper

[[Page 62886]]

performance of the functions of the Office, including whether the 
information will have practical uses; (b) the accuracy of the above 
estimates 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.

Timothy D. Dulaney,
Office of International Monetary and Financial Policy, Market Room, 
U.S. Department of the Treasury.
[FR Doc. E9-28648 Filed 11-30-09; 8:45 am]
BILLING CODE 4811-37-P