[Federal Register Volume 87, Number 107 (Friday, June 3, 2022)]
[Notices]
[Pages 33789-33790]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11985]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Semiannual Report of Derivatives Activity (FR 2436; OMB No. 7100-0286).

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.
    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.

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. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal 
Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Collection title: Semiannual Report of Derivatives Activity.
    Collection identifier: FR 2436.
    OMB control number: 7100-0286.
    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

[[Page 33790]]

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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    Current actions: On November 23, 2021, the Board published a notice 
in the Federal Register (86 FR 66555) requesting public comment for 60 
days on the extension, without revision, of the Semiannual Report of 
Derivatives Activity. The comment period for this notice expired on 
January 24, 2022. The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, May 31, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-11985 Filed 6-2-22; 8:45 am]
BILLING CODE 6210-01-P