[Federal Register Volume 86, Number 223 (Tuesday, November 23, 2021)]
[Notices]
[Pages 66555-66556]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25505]


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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 extend for three years, without 
revision, the Semiannual Report of Derivatives Activity (FR 2436; OMB 
No. 7100-0286).

DATES: Comments must be submitted on or before January 24, 2022.

ADDRESSES: You may submit comments, identified by FR 2436, 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 or FR 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 confidential 
business information, identifying information, 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 for the Federal 
Reserve Board, 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 Paperwork Reduction Act (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.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement, and other documentation, will 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. Final 
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

[[Page 66556]]

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

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Semiannual Report of Derivatives Activity.
    Agency form number: FR 2436.
    OMB control number: 100-0286.
    Frequency: Semiannually.
    Respondents: U.S. dealers of over-the-counter (OTC) derivatives.
    Estimated number of respondents: 8.
    Estimated average hours per response: 236.
    Estimated annual burden hours: 3,776.
    General description of report: The FR 2436 collects derivatives 
market statistics from the eight largest U.S. dealers of OTC 
derivatives. Data are collected on the notional amounts and gross fair 
values of the volumes outstanding of broad categories of foreign 
exchange, interest rate, equity, commodity-linked, and credit default 
swap OTC derivatives contracts across a range of underlying currencies, 
interest rates, and equity markets.
    The FR 2436 is the U.S. portion of a global data collection 
conducted by central banks. The Bank for International Settlements 
(BIS), of which the Board is a member, compiles aggregate national data 
from each central bank to produce and publish global market statistics. 
The BIS survey has two parts: A Derivatives Outstanding survey and a 
Turnover (volume of transactions) survey. The FR 2436 fulfills the 
Derivatives Outstanding portion and complements the triennial Central 
Bank Survey of Foreign Exchange and Derivatives Market Activity (FR 
3036; OMB No. 7100-0285), which collects data on derivatives turnover 
for the Turnover portion of the survey.
    Legal authorization and confidentiality: The FR 2436 is authorized 
pursuant to sections 2A and 12A of the Federal Reserve Act (FRA). 
Section 2A of the FRA requires that the Board and the Federal Open 
Market Committee (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.\1\ 
Under section 12A of the FRA, the FOMC is required to implement 
regulations relating to the open market operations conducted by Federal 
Reserve Banks. Those transactions must be governed with a view to 
accommodating commerce and business and with regard to their bearing 
upon the general credit situation of the country.\2\ The Board and the 
FOMC use the information obtained from the FR 2436 to help fulfill 
these obligations. The FR 2436 is voluntary.
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    \1\ 12 U.S.C. 225a.
    \2\ 12 U.S.C. 263.
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    Aggregated FR 2436 data is compiled and forwarded to the BIS, which 
publishes global market statistics that are aggregates of national data 
from the Federal Reserve and other central banks. To the extent 
individual firm information collected on the FR 2436 constitutes 
nonpublic commercial or financial information, which is both 
customarily and actually treated as private by the respondent, it may 
be kept confidential under exemption 4 of the Freedom of Information 
Act, which exempts ``trade secrets and commercial or financial 
information obtained from a person and privileged or confidential.'' 
\3\ If it should be determined that any information collected on the FR 
2436 must be released, other than in the aggregate in ways that will 
not reveal the amounts reported by any one institution, respondents 
will be notified.
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    \3\ 5 U.S.C. 552(b)(4).
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    Consultation outside the agency: The Board and the Federal Reserve 
Bank of New York consult periodically with the BIS to remain consistent 
with international guidelines for collecting these data; currently no 
changes are needed.

    Board of Governors of the Federal Reserve System, November 17, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-25505 Filed 11-22-21; 8:45 am]
BILLING CODE 6210-01-P