[Federal Register Volume 78, Number 1 (Wednesday, January 2, 2013)]
[Notices]
[Pages 147-148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31547]


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DEPARTMENT OF THE TREASURY


Proposed Collections; Comment Requests

AGENCY: Departmental Offices; Department of the Treasury.

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 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 March 4, 2013 
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 
email ([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 Web page for forms, 
http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms.aspx. 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, Unaffiliated 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 USC 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 and the U.S. international investment 
position, and for use in formulating U.S. international financial and 
monetary policies.
    Current Actions: As a consequence of the recent global financial 
crisis, international reporting standards for collecting and reporting 
economic and financial data have been enhanced, especially regarding 
each country's external claims and liabilities. TIC forms are 
consequently revised to meet the new standards. (a) The ``who must 
report'' section of the instructions is revised. Beginning with the 
reports as of June 30, 2013, the types of organizations required to 
file the TIC CQ-1 and CQ-2 reports (the TIC C reports) will include all 
U.S. residents except U.S.-resident financial institutions. This means 
that those financial institutions that previously reported on the TIC C 
forms (they are all financial institutions except banks, other 
depository institutions, bank and financial holding companies, and 
brokers and dealers that already report on the TIC B forms; this group 
includes, but is not limited to investment banks, insurance companies, 
credit card issuers, money market funds, pension funds, private equity 
funds, hedge funds, trusts, finance companies, mortgage companies, 
commodity brokers and dealers, investment advisors and managers, loan 
brokers), will instead begin reporting on the TIC B forms. As a result, 
beginning with the reports as of June 30, 2013, the organizations 
required to file the TIC B reports will include all types of U.S.-
resident financial institutions (including, but not limited to banks, 
other depository institutions, brokers/dealers, bank/financial holding 
companies, investment banks, insurance companies, credit card issuers, 
money market funds, pension funds, private equity funds, hedge funds, 
trusts, finance companies, mortgage companies, commodity brokers and 
dealers, investment advisors and managers, loan brokers). This change 
affecting many U.S.-resident financial institutions, from reporting on 
the TIC C forms to reporting on the TIC B forms, is designed to improve 
the coverage of international financial transactions and positions in 
the U.S. balance of payments and in the U.S. international investment 
position, and reflects the change in the international statistical 
standards to include in portfolio investment (PI) most international 
positions between financial institutions. All financial positions 
between U.S. residents and foreign residents are either PI or direct 
investment (DI), and all organizations with such positions (above the 
amounts declared exempt in the reporting instructions), must report 
them to either the TIC (which collects PI information) or BEA (which 
collects DI information). (b) In ``Foreign Currency Items,'' which is 
after the ``Grand Total'' row (9999-6) near the end of both Form CQ-1 
and Form CQ-2, a new row has been added to collect information on 
claims and liabilities ``Denominated in Swiss Francs.'' Data are 
reportable in all six columns of the CQ-1 and all five columns of the 
CQ-2. (c) After the ``Grand Total'' row (9999-6) near the end of both 
Form CQ-1 and Form CQ-2, a new sub-section has been added called 
``Remaining Maturities (claims).'' The new sub-section in the CQ-1 has 
three rows labeled: ``Demand Deposits, Arrears, Resale Agreements Under 
Continuing Contract, and Items With No Fixed Maturity;'' ``Maturing in 
1 Year or Less;'' and ``Maturing In Over 1 Year.'' Data are reportable 
in all six columns. The new sub-section in the CQ-2 has three rows 
labeled: ``Items With No Fixed Maturity;'' ``Maturing in 1 Year or 
Less;'' and ``Maturing In Over 1 Year.'' Data are reportable in all 
five columns. (d) Just after the Grand Total row (9999-6) near the end 
of both Form CQ-1 and Form CQ-2, the caption ``Section (B) Memorandum 
Items:'' is replaced by `` ``Of Which'' Items:''. Just before 
``Europe'' on page two of both forms, the caption ``Section A: Selected 
Positions with Unaffiliated Foreigners:'' is deleted. (e) The 
instructions for these forms add instructions for reporting on the new 
rows described in (b) and (c) above. (f) The General Instructions have 
been reorganized and contain new guidance on reporting accrued interest 
and on where to report. (g) Several sections of the instructions, 
including the glossary, incorporate changes to clarify the reporting 
requirements, such as the consolidation/combination rules, valuation 
rules, and reporting the location of foreign counterparties. (h) On all 
TIC reporting forms, the list of countries for reporting the location 
of

[[Page 148]]

foreign counterparties will be increased by six. This is the result of 
deleting Netherlands Antilles (3720-6), removing ``Montenegro'' from 
``Serbia and Montenegro (1321-8)'', and adding Kosovo (1347-1), 
Montenegro (1362-5), Bonaire, Sint Eustatius and Saba (3616-1), 
Cura[ccedil]ao (3618-8), St. Martin and St. Barthelemy (3647-1), Sint 
Maarten (3619-6), and South Sudan (5339-2). (i) These changes will be 
effective beginning with the reports as of June 30, 2013.
    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: 204
    Estimated Average Time per Respondent: Six and nine-tenths (6.9) 
hours per respondent per filing. This average time varies from 13 hours 
for the approximately 12 major data reporters to 6.5 hours for the 
other reporters.
    Estimated Total Annual Burden Hours: 5,616 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. 2012-31547 Filed 12-31-12; 8:45 am]
BILLING CODE 4810-25-P