[Federal Register Volume 88, Number 137 (Wednesday, July 19, 2023)]
[Notices]
[Pages 46163-46164]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-15239]


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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 
Reporting and Recordkeeping Requirements Associated with Regulation KK 
(FR KK; OMB No. 7100-0364).

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, [email protected], (202) 
452-3884.
    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

[[Page 46164]]

(which contain more detailed information about the information 
collections and burden estimates than this notice), 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/reportingforms/home/review 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: Reporting and Recordkeeping Requirements 
Associated with Regulation KK.\1\
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    \1\ The Board has modified the title of this information 
collection to reflect that the Board's Regulation KK does not 
include any disclosure collections of information, as defined by the 
Paperwork Reduction Act (PRA). Specifically, the Board has 
determined that section 237.1(h), previously cleared as part of the 
FR KK, no longer includes a disclosure collection of information, 
because the conditions triggering the disclosure will not occur. In 
addition, the Board has determined to omit from the FR KK the 
following provisions of Regulation KK that were formerly referenced 
in the clearance, because it has determined that they do not 
constitute collections of information under the PRA: sections 
237.1(d); 237.5(c)(2)(i); 237.8(c)(2); 237.8(d)(5), (12), and (13); 
238.8(e); and 237.8(f)(2), (3), and (4).
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    Collection identifier: FR KK.
    OMB control number: 7100-0364.
    General description of collection: Pursuant to sections 731 and 764 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act), the Board, Office of the Comptroller of the Currency, 
Federal Deposit Insurance Corporation, Farm Credit Administration, and 
Federal Housing Finance Agency (collectively, the agencies) have 
adopted regulations, including the Board's Regulation KK--Swaps Margin 
and Swaps Push-Out (12 CFR part 237), establishing capital requirements 
and initial and variation margin requirements for certain entities on 
certain non-cleared swaps and non-cleared security-based swaps. These 
regulations include reporting and recordkeeping requirements.\2\
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    \2\ See 80 FR 74839 (November 30, 2015); see also 79 FR 340 
(January 3, 2014). The Board-specific rules have been codified in 
Regulation KK.
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    Frequency: Event generated.
    Respondents: Any swap entity \3\ that is a state member bank (as 
defined in 12 CFR 208.2(g)), bank holding company (as defined in 12 
U.S.C. 1841), savings and loan holding company (as defined in 12 U.S.C. 
1467a), foreign banking organization (as defined in 12 CFR 211.21(o)), 
foreign bank that does not operate an insured branch, state branch or 
state agency of a foreign bank (as defined in 12 U.S.C. 3101(b)(11) and 
(12)), or Edge or agreement corporation (as defined in 12 CFR 
211.1(c)(2) and (3)), as well as any other entity determined to be a 
covered swap entity by the Board.
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    \3\ A ``swap entity'' means a person that is registered with the 
Commodity Futures Trading Commission as a swap dealer or major swap 
participant pursuant to the Commodity Exchange Act of 1936, or a 
person that is registered with the U.S. Securities and Exchange 
Commission as a security-based swap dealer or a major security-based 
swap participant pursuant to the Securities Exchange Act of 1934 (12 
CFR 237.2).
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    Total estimated number of respondents: 1 for reporting 
requirements, 41 for recordkeeping requirements.\4\
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    \4\ The burden table in the initial Federal Register notice 
incorrectly stated that the estimated number of respondents for the 
recordkeeping requirements is 1, and that the estimate has been 
corrected to 41, given that the requirements are ongoing for firms 
engaging in the activities covered by the regulation provisions at 
issue.
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    Estimated average hours per response:

Reporting Sections 237.8(c) and 237.8(d)-240.
Reporting Section 237.8(f)(3)-50.
Reporting Section 237.9(e)-10.
Reporting Sections 237.22(a)(1) and 237.22(e) (Board only)-7.
Recordkeeping Section 237.2 (definition of ``eligible master netting 
agreement,'' item 4)-1.
Recordkeeping Section 237.7(c)-100.
Recordkeeping Section 237.8(g)-2.
Recordkeeping Section 237.8(h)-20.
Recordkeeping Section 237.10-2.
    Total estimated annual burden hours: 5,452.\5\
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    \5\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR KK.
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    Current actions: On March 1, 2023, the Board published a notice in 
the Federal Register (88 FR 12936) requesting public comment for 60 
days on the extension, without revision, of the FR KK. The comment 
period for this notice expired on May 1, 2023. The Board did not 
receive any comments relevant to this collection or to the PRA.

    Board of Governors of the Federal Reserve System, July 13, 2023.
Erin Cayce,
Assistant Secretary of the Board.
[FR Doc. 2023-15239 Filed 7-18-23; 8:45 am]
BILLING CODE 6210-01-P