[Federal Register Volume 78, Number 2 (Thursday, January 3, 2013)]
[Notices]
[Pages 339-341]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31564]


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DEPARTMENT OF THE TREASURY


Proposed Collections; Comment Requests

AGENCY: Departmental Offices; Department of the Treasury.

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 the revisions of the 
Treasury International Capital (TIC) Forms BC, BL-1, BL-2, BQ-1, BQ-2, 
and BQ-3 (called the ``TIC B forms'').

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 Forms Web page, 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:
    Titles: Treasury International Capital (TIC) Form BC ``Monthly 
Report of U.S. Dollar Claims of Depository Institutions, Bank Holding 
Companies/Financial Holding Companies, Brokers, and Dealers on 
Foreigners;'' TIC BL-1 ``Monthly Report of U.S. Dollar Liabilities of 
Depository Institutions, Bank Holding Companies/Financial Holding 
Companies, Brokers, and Dealers to Foreign Residents;'' TIC BL-2 
``Monthly Report of Customers' U.S. Dollar Liabilities to Foreigners;'' 
TIC BQ-1 ``Quarterly Report of Customers' U.S. Dollar Claims on 
Foreigners;'' TIC BQ-2 ``Part 1: Quarterly Report of Foreign Currency 
Liabilities and Claims of Depository Institutions, Bank Holding 
Companies/Financial Holding Companies, Brokers and Dealers, and of 
Their Domestic Customers Visa-A-Vis Foreigners'' and ``Part 2: The 
Report of Customers' Foreign Currency Liabilities to Foreigners;'' and 
TIC BQ-3 ``Quarterly Report of Maturities of Selected Liabilities of 
Depository Institutions, Bank Holding Companies/Financial Holding 
Companies, Brokers, and Dealers to Foreigners.''
    OMB Numbers: 1505-0017 (TIC BC), 1505-0019 (TIC BL-1), 1505-0018 
(TIC BL-2), 1505-0016 (TIC BQ-1), 1505-0020 (TIC BQ-2), and 1505-0189 
(TIC BQ-3).
    Abstract: Forms BC, BL-1, BL-2, BQ-1, BQ-2, BQ-3 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; E.O. 10033; 31 CFR 
128) and are designed to collect timely information on international 
portfolio capital movements. These forms are filed by all U.S.-resident 
banks, other depository institutions, brokers and dealers, and Bank 
Holding Companies/Financial Holding Companies (BHC/FHC). On the monthly 
forms, these organizations report their own claims on (BC), their own 
liabilities to (BL-1), and their U.S. customers' liabilities to (BL-2) 
foreign residents, denominated in U.S. dollars. On the quarterly forms, 
these organizations report their U.S.-resident customers' U.S. dollar 
claims on foreign residents (BQ-1), and their own and their domestic 
customers' claims and liabilities with foreign residents, where all 
claims and liabilities are denominated in foreign currencies (BQ-2). On 
the quarterly BQ-3 form, these organizations report the remaining 
maturities of all their own U.S. dollar and foreign currency 
liabilities (excluding securities) to foreign residents. 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

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external claims and liabilities. TIC forms are consequently revised to 
reflect the new standards. Provided below is a list of the revisions to 
reporting forms and instructions, effective beginning with reports as 
of June 30, 2013.
    The following changes apply to all TIC B forms:
    (a) The ``who must report'' section of the instructions is revised. 
Beginning with the reports as of June 30, 2013, the organizations 
required to file the TIC B forms 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). More 
specifically, all financial institutions that previously filed TIC C 
forms (form CQ-1 and form CQ-2) will file TIC B forms beginning with 
the reports as of June 30, 2013. Those financial institutions changing 
from filing the TIC C forms to filing the TIC B forms will not be 
required to file the TIC C forms after the reports as of May 31, 2013. 
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 transactions and 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) The instructions for these forms have been updated to add 
guidance for reporting on the new ``of which'' rows described in (g) 
through (l) below and the new section and columns described in (l). (c) 
The General Instructions have been reorganized and contain new guidance 
on reporting accrued interest and insurance/reinsurance business, and 
on where to report. (d) 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.
    (e) Except for the TIC BQ-3, the list of countries for reporting 
the location of 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). (f) These changes 
(a) through (l) will be effective beginning with the reports as of June 
30, 2013.

(g) Changes to Form BC

    1. As a result of the action in (a) above, the title of Form BC is 
changed to ``Report of U.S. Dollar Claims of Financial Institutions on 
Foreign Residents.''
    2. In the ``of which'' items at the end of the form, a new row has 
been added to collect ``Claims on Foreign-Resident Non-Bank Financial 
Institutions.'' Data are reportable in columns 4, 5, 6, 8 and 9.
    3. In the ``of which'' items at the end of the form, a new row has 
been added to collect ``Unpaid Insurance Claims.'' Data are reportable 
in columns 3, 5, 6 and 8.

(h) Changes to Form BL-1

    1. As a result of the action in (a) above, the title of Form BL-1 
is changed to ``Report of U.S. Dollar Liabilities of Financial 
Institutions to Foreign Residents.''
    2. In the ``of which'' items at the end of the form, a new row has 
been added to collect ``Liabilities to Foreign-Resident Non-Bank 
Financial Institutions.'' Data are reportable in columns 5 through 9.
    3. In the ``of which'' items at the end of the form, a new row has 
been added to collect ``Unpaid Insurance Claims and Prepaid Insurance 
Premiums.'' Data are reportable in columns 2, 4, 6, 7 and 8.

(i) Changes to Form BL-2

    1. As a result of the action in (a) above, the title of Form BL-2 
is changed to ``Report of Customers' U.S. Dollar Liabilities to Foreign 
Residents.''
    2. In the memorandum section at the end of the current form, the 
eight rows are changed to eight ``of which'' rows that have the same 
eleven columns as do the other rows in the form. The first, fourth and 
fifth ``Of Which'' rows (8102-7, 8144-2, 8146-9) are unchanged and data 
are reportable in column 10. In the second ``of which'' item for 
``Total U.S.--Resident Bank Debt; Loans to Banks'' (8141-8), data are 
reportable in columns 3, 6, 9 and10. This item previously collected 
data for only the ``Grand Total'' column (Column 10).
    3. In the ``of which'' item at the end of the form for ``Total 
U.S.--Resident Bank Debt; Short-Term Negotiable Securities Issued by 
Banks'' (8142-6), data are reportable in columns 2, 5, 8 and10. This 
item previously collected data for only the ``Grand Total'' column 
(Column 10).
    4. The sixth row of the ``of which'' items, that was previously 
labeled ``Liabilities of Other U.S. Debtor Sectors,'' is now labeled 
``Liabilities of U.S.-Resident Non-Bank Financial Institutions 
(NBFIs)'' and a new code has been added in the code column. Data are 
reportable only in column 10. Previously, there was no data collected 
on this row.
    5. The seventh row (8150-3), which was previously labeled ``Other 
short-term negotiable securities'' is now labeled ``Short-term 
Negotiable Securities issued by NBFIs.'' Data are reportable only in 
columns 2, 5, 8 and 10. This item previously collected data for only 
the ``Grand Total'' column (Column 10).
    6. The eighth row (8155-8), which was previously labeled ``Loans to 
Others,'' is now labeled ``Loans to NBFIs.'' Data are reportable only 
in columns 3, 6, 9 and 10. This item previously collected data for only 
the ``Grand Total'' column (Column 10).

(j) Changes to Form BQ-1

    1. As a result of the action in (a) above, the title of Form BQ-1 
is changed to ``Report of Customers' U.S. Dollar Claims on Foreign 
Residents.''
    2. In the ``of which'' items at the end of the form, a new row has 
been added to collect ''Claims of U.S.-Resident Non-Bank Financial 
Institutions.'' Data are reportable in columns 1, 2, 3, 4 and 5.

(k) Changes to Form BQ-2

    1. As a result of the action in (a) above, the title caption of 
Form BQ-2, Part I, is changed to ``Report of Foreign Currency 
Liabilities and Claims of U.S. Financial Institutions, and of their 
Domestic Customers' Foreign Currency Claims with Foreign Residents'' 
and the title caption of Part II is changed to ``Report of Customers' 
Foreign Currency Liabilities to Foreign Residents.''
    2. In the ``of which'' items at the end of the form, a new row has 
been added to collect claims and liabilities denominated in Swiss 
francs. Data are reportable in columns 1 through 6.

[[Page 341]]

    3. In the ``of which'' items at the end of the form, a new row has 
been added to collect ``Unpaid Insurance Claims and Prepaid Insurance 
Premiums.'' Data are reportable in columns 2 and 4.
    4. In the ``of which'' items at the end of the form, a new row has 
been added to collect ``Claims on/Liabilities to Foreign-Resident 
Banks.'' Data are reportable in columns 1 through 7.
    5. In the ``of which'' items at the end of the form, a new row has 
been added to collect ''Claims on/Liabilities to Foreign-Resident Non-
Bank Financial Institutions.'' Data are reportable in columns 1 through 
7.

(l) Changes to Form BQ-3

    1. The name of the form is changed to ``Report of Maturities of 
Selected Claims and Liabilities of Financial Institutions with Foreign 
Residents''. This and the following revisions of the form respond to 
the changes in (a) above and to international reporting standards 
calling for reporting of maturities of claims and liabilities.
    2. The title ``Part 1: Liabilities to Foreign Residents--Remaining 
Maturities'' is added at the top of page 2 to describe the existing 
one-half page table that collects information on liabilities.
    3. A new section is added on page 2 of the form entitled ``Part 2: 
Claims on Foreign Residents--Remaining Maturities'' that collects 
information on claims. The new section 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.'' The new section has four columns for data 
entry with the following titles: column 1 is ``Non-Negotiable Foreign 
Deposits & Brokerage Balances [reported on BC (col. 1) & BQ-2, Part 1 
(col. 3)];'' column 2 is ``Resale Agreements & Other Claims [reported 
on BC (cols. 3, 5) & BQ-2, Part 1 (col. 4)];'' column 3 is ``Loan 
Claims Excluding Resale Agreements [reported on BC (cols. 3, 5) & BQ-2, 
Part 1 (col. 4)];'' and column 4 is ``Grand Total [sum of columns 1-
3].''
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Forms BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3.
    Estimated Number of Respondents: BC, 302; BL-1, 348; BL-2, 80; BQ-
1, 77; BQ-2, 149 and BQ-3, 117.
    Estimated Average Time per Respondent per Filing: BC, 9.9 hours; 
BL-1, 7.1 hours; BL-2, 8.25 hours; BQ-1, 3.1 hours; BQ-2, 6.6 hours; 
and BQ-3, 4.0 hours. The average time varies, and is estimated to be 
generally twice as many hours for major data reporters as for other 
reporters.
    Estimated Total Annual Burden Hours: BC, 35,856 hours for 12 
reports per year; BL-1, 29,484 hours for 12 reports per year; BL-2, 
7,920 hours for 12 reports per year; BQ-1, 963 hours for 4 reports per 
year, BQ-2, 3,938 hours for 4 reports per year, and BQ-3, 1,872 hours 
for 4 reports 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 BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3 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. 2012-31564 Filed 1-2-13; 8:45 am]
BILLING CODE 4810-25-P