[Federal Register Volume 88, Number 245 (Friday, December 22, 2023)]
[Notices]
[Pages 88618-88619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-28246]


=======================================================================
-----------------------------------------------------------------------

FINANCIAL STABILITY OVERSIGHT COUNCIL


Agency Information Collection Activities; Continuing Collections; 
Comment Request; Designation of Financial Market Utilities

AGENCY: Financial Stability Oversight Council.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Financial Stability Oversight Council (the ``Council''), 
as part of its continuing effort to reduce paperwork and respondent 
burden, invites members of the public and affected agencies to comment 
on the continuing information collections listed below, as required by 
the Paperwork Reduction Act of 1995. The Council is soliciting comments 
concerning its collection of information related to its authority to 
designate financial market utilities as systemically important. Section 
804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(the ``Dodd-Frank Act'') provides the Council the authority to 
designate a financial market utility (``FMU'') that the Council 
determines is or is likely to become systemically important because the 
failure of or a disruption to the functioning of the FMU could create, 
or increase, the risk of significant liquidity or credit problems 
spreading among financial institutions or markets and thereby threaten 
the stability of the United States financial system.

DATES: Written comments must be received on or before February 20, 
2024.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposed collection according to the instructions below. All 
submissions must refer to the document title and docket number FSOC-
2023-0003.
    Electronic submission of comments. Interested persons may submit 
comments electronically through the Federal eRulemaking Portal at 
http://www.regulations.gov. Electronic submission of comments allows 
the commenter maximum time to prepare and submit a comment, ensures 
timely receipt, and enables the Council to make them available to the 
public. Comments submitted electronically through the http://www.regulations.gov website can be viewed by other commenters and 
interested members of the public. Commenters should follow the 
instructions provided on that site to submit comments electronically.
    Mail. Send comments to Financial Stability Oversight Council, 1500 
Pennsylvania Avenue NW, Washington, DC 20220.
    Public inspection of comments. All properly submitted comments will 
be available for inspection and downloading at http://www.regulations.gov.
    Additional instructions. In general, comments received, including 
attachments and other supporting materials, are part of the public 
record and are available to the public. Do not submit any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure.

FOR FURTHER INFORMATION CONTACT: Samantha MacInnis, Director of 
Operations, Financial Stability Oversight Council, U.S. Treasury 
Department, (202) 622-2354, [email protected]; Mark 
Schlegel, Senior Counsel, U.S. Treasury Department, (202) 622-1027, 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Designation of Financial Market Utilities.
    OMB Control Number: 1505-0239.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: On July 27, 2011, the Council published in the Federal 
Register a final rule (12 CFR part 1320) that describes the criteria 
that will inform the Council's designation of FMUs as systemically 
important under the Dodd-Frank Act and the processes and procedures 
established under the Dodd-Frank Act for any such designation. On July 
18, 2012, the Council designated eight FMUs as systemically important 
under title VIII of the Dodd-Frank Act.
    The collection of information under 12 CFR 1320.11 affords FMUs 
that are under consideration for designation, or rescission of 
designation, an

[[Page 88619]]

opportunity to submit written materials to the Council in support of, 
or in opposition to, designation or rescission of designation. The 
collection of information under 12 CFR 1320.12 affords FMUs an 
opportunity to contest a proposed determination of the Council by 
requesting a hearing and submitting written materials (or, at the sole 
discretion of the Council, oral testimony and oral argument). The 
collection of information in 12 CFR 1320.14 affords FMUs an opportunity 
to contest the Council's waiver or modification of the notice, hearing, 
or other requirements contained in 12 CFR 1320.11 and 1320.12 by 
requesting a hearing and submitting written materials (or, at the sole 
discretion of the Council, oral testimony and oral argument). The 
information collected from FMUs under 12 CFR 1320.20 will be used by 
the Council to determine whether to designate an additional FMU or to 
rescind the designation of a designated FMU.
    Form: None.
    Affected Public: Businesses or other for-profit and not-for-profit 
institutions.
    Estimated Number of Respondents: 9.\1\
---------------------------------------------------------------------------

    \1\ This estimate refers to the eight FMUs currently designated 
as systemically important under title VIII, as well as one 
additional respondent for purposes of illustrating the burden 
associated with 12 CFR 1320.11, 12 CFR 1320.12, and 12 CFR 1320.14.
---------------------------------------------------------------------------

    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 11.\2\
---------------------------------------------------------------------------

    \2\ This estimate refers to the eight FMUs currently designated 
as systemically important under title VIII, as well as three 
additional responses for purposes of illustrating the burden 
associated with 12 CFR 1320.11, 12 CFR 1320.12, and 12 CFR 1320.14.
---------------------------------------------------------------------------

    Estimated Time per Response: 50 hours, 20 hours, 10 hours, 10 
hours.\3\
---------------------------------------------------------------------------

    \3\ The hour estimates refer, respectively, to information 
collections for respondents associated with 12 CFR 1320.20, 12 CFR 
1320.11, 12 CFR 1320.12, and 12 CFR 1320.14.
---------------------------------------------------------------------------

    Estimated Total Annual Burden Hours: 440.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information has practical utility; (b) the accuracy of the agency's 
estimate of the burden of the collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information to be 
collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.
    Authority: Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).

    Dated: December 19, 2023.
Samantha MacInnis,
Director of Operations, Financial Stability Oversight Council.
[FR Doc. 2023-28246 Filed 12-21-23; 8:45 am]
BILLING CODE 4810-AK-P