[Federal Register Volume 86, Number 12 (Thursday, January 21, 2021)]
[Notices]
[Pages 6329-6330]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01217]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to implement the Treasury Securities and 
Agency Debt and Mortgage-Backed Securities Reporting Requirements (FR 
2956; OMB No. 7100-NEW).

DATES: Comments must be submitted on or before March 22, 2021.

ADDRESSES: You may submit comments, identified by FR 2956, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and 
Budget, New Executive Office Building, Room 10235, 725 17th Street NW, 
Washington, DC 20503, or by fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. In 
exercising this delegated authority, the Board is directed to take 
every reasonable step to solicit comment. In determining whether to 
approve a collection of information, the Board will consider all 
comments received from the public and other agencies.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made 
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations

[[Page 6330]]

received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Implement the Following 
Information Collection

    Report title: Treasury Securities and Agency Debt and Mortgage-
Backed Securities Reporting Requirements.
    Agency form number: FR 2956.
    OMB control number: 7100-NEW.
    Frequency: Daily.
    Respondents: Depository institutions that meet the reporting 
thresholds and daily transact in trading of marketable U.S. Treasury 
securities and the trading of the debt and mortgage-backed securities 
issued by agencies.
    Estimated number of respondents: Treasury securities, 10; Agency 
debt and mortgage-backed securities, 12.
    Estimated average hours per response: 3.
    Estimated annual burden hours: 16,500.
    General description of report: The proposed FR 2956 would collect 
detailed data on depository institutions' daily transactions of 
marketable U.S. Treasury securities and of the debt and mortgage-backed 
securities (MBS) issued by U.S. federal government agencies including 
government-sponsored enterprises (agencies). The report would have two 
parts: Part 1 would collect data on transactions in U.S. Treasury debt, 
and Part 2 would collect transactions in debt and MBS issued by 
agencies. Depository institutions subject to reporting under Parts 1 
and 2 of the FR 2956 collection would be required to report all the 
transaction details, information, and fields as described in the 
applicable Trade Reporting and Compliance Engine (TRACE) technical 
documentation, FAQs, and guides located at https://www.finra.org/filing-reporting/trace/documentation. This information would include, 
but is not limited to, the Committee on Uniform Securities 
Identification Procedures (CUSIP) number or similar identifier, the 
transaction size (volume), price of the transaction, date of trade 
execution, time of execution, and date of settlement. The Board is 
proposing to implement the FR 2956 in 2021.
    Every national bank, state member bank, state non-member bank, 
savings association, or U.S. branch and agency of a foreign bank filing 
a Notice of Government Securities Broker or Government Dealer 
Activities Form (From G-FIN; OMB No. 7100-0224) with average daily 
transaction volumes of over $100 million, for U.S. Treasury debt, or 
over $50 million, for agency-issued debt and MBS, during the prior 
fiscal year would be subject to the proposed reporting requirements. 
Depository institutions subject to the reporting requirements of the 
proposed FR 2956 would electronically report transactions through the 
Board's data collection vendor, the Financial Industry Regulatory 
Authority (FINRA), utilizing its Trade Reporting and Compliance Engine 
(TRACE).
    Legal authorization and confidentiality: The FR 2956 is authorized 
by sections 2A and 11 of the Federal Reserve Act (``FRA''). Section 2A 
of the FRA requires that the Board and the FOMC maintain long-run 
growth of the monetary and credit aggregates commensurate with the 
economy's long run potential to increase production, so as to promote 
effectively the goals of maximum employment, stable prices, and 
moderate long-term interest rates. Section 11 of the FRA authorizes the 
Board to require reports from depository institutions as it may deem 
necessary and authorizes the Board to prescribe reports of liabilities 
and assets from insured depository institutions to enable the Board to 
discharge its responsibility to monitor and control monetary and credit 
aggregates. The obligation to respond to the FR 2956 would be 
mandatory. The information collected through the FR 2956 would not be 
considered confidential.
    Consultation outside the agency: As part of an interagency 
workgroup, the Board has consulted with the U.S. Treasury Department, 
the U.S. Securities and Exchange Commission, the Commodity and Futures 
Trading Commission, and FINRA on this collection.

    Board of Governors of the Federal Reserve System, January 14, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-01217 Filed 1-19-21; 8:45 am]
BILLING CODE 6210-01-P