[Federal Register Volume 63, Number 39 (Friday, February 27, 1998)]
[Notices]
[Pages 10025-10027]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-5043]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Submission to OMB Under
Delegated Authority
Background
Notice is hereby given of the final approval of proposed
information collections by the Board of Governors of the Federal
Reserve System (Board) under OMB delegated authority, as per 5 CFR
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the
Public). The Federal Reserve may not conduct or sponsor, and the
respondent is not required to respond to, an information collection
that has been extended, revised, or implemented on or after October 1,
1995, unless it displays a currently valid OMB control number.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. McLaughlin--Division of
Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202-452-3829)
OMB Desk Officer--Alexander T. Hunt--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503 (202-395-7860)
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following reports:
1. Report titles: Uniform Application for Municipal Securities
Principal or Municipal Securities Representative Associated with a Bank
Municipal Securities Dealer; Uniform Termination Notice for Municipal
Securities Principal or Municipal Securities Representative Associated
with a Bank Municipal Securities Dealer
Agency form numbers: FR MSD-4, FR MSD-5
OMB Control numbers: 7100-0100, 7100-0101
Frequency: On occasion
Reporters: State member banks, bank holding companies, and foreign
dealer banks engaging in activities as municipal securities dealers,
and persons who are or seek to be associated with such dealers as
municipal securities principals or representatives
Annual reporting hours: 369 (FR MSD-4), 94 (FR MSD-5)
Estimated average hours per response: 1.00 (FR MSD-4), 0.25 (FR MSD-5)
Number of respondents: 369 (FR MSD-4), 377 (FR MSD-5)
Small businesses are not affected.
General description of reports: These information collections are
mandatory (15 U.S.C. 78o-4, 78q, and 78u) and are given confidential
treatment under the Freedom of Information Act (5 U.S.C. 552(b)(6)).
The collection of the data on the FR MSD-4 and FR MSD-5 is compiled in
a ``system of records'' within the meaning of the Privacy Act (5 U.S.C.
552a(a)(5)).
Abstract: Rule G-7, ``Information Concerning Associated Persons,''
of the Municipal Securities Rulemaking Board (MSRB) requires a person
who is or seeks to be associated with a municipal securities dealer to
provide certain background information to the dealer, and conversely,
requires the dealer to
[[Page 10026]]
obtain such information. The FR MSD-4 collects information, such as
personal history and professional qualifications, on an employee whom
the dealer wishes to assume the duties of a municipal securities
principal or representative. The FR MSD-5 collects the date of, and the
reason for termination of, such an employee and whether there occurred
any investigations or actions by agencies or securities industry self
regulating organizations (SROs) involving the associated person during
the period of employment.
The FR MSD-4 instructions were revised as follows:
1. References to the rules and regulations of the Board, the Office
of the Comptroller of the Currency (OCC) and the Federal Deposit
Insurance Corporation (FDIC) in instruction 2 were removed;
2. Text was added to instruction 3.a that ``a State branch or
agency of a foreign bank'' must file with the Federal Reserve;
3. A filing deadline was added to instruction 5; and 4. a
grandfather clause (instruction 15) was removed.
The FR MSD-5 was revised by adding to instruction 3.a that ``a
State branch or agency of a foreign bank'' must file with the Federal
Reserve. These revisions ensure conformity with reporting forms issued
by the OCC and the FDIC and do not change the information collected.
Final approval under OMB delegated authority of the extension for
three years, without revision, of the following report:
1. Report title: Transfer Agent Registration and Amendment Form
Agency form number: FR TA-1
OMB Control number: 7100-0099
Frequency: on occasion
Reporters: State member banks and their subsidiaries, bank holding
companies, and certain nondeposit trust company subsidiaries of bank
holding companies who are, or wish to register as, transfer agents
Annual reporting hours: 28
Estimated average hours per response: 1.25 (registrations); 0.17
(amendments)
Number of respondents: 41
Small businesses are not affected.
General description of report: This information collection is
mandatory (sections 17A(c), 17(a), and 23(a) of the Securities Exchange
Act, as amended (15 USC Secs. 78q-1(c)(1) and (2), 78q(a)(3), and
78w(a)(1)) and is not given confidential treatment.
Abstract: The Securities Exchange Act requires any person acting as
a transfer agent to register and to amend registration information as
it changes. State member banks and their subsidiaries, bank holding
companies, and certain nondeposit trust company subsidiaries of bank
holding companies register with the Federal Reserve by submitting Form
TA-1. The information collected includes the company name, all business
addresses, and several questions about the registrant's proposed
activities as a transfer agent. The Federal Reserve uses the
information, which is available to the public upon request, to act upon
registration applications and to aid in performing supervisory duties.
Final approval under OMB delegated authority of the implementation
of the following reports:
1. Report title: Central Bank Survey of Foreign Exchange and
Derivatives Market Activity
Agency form number: FR 3036
OMB Control number: 7100-0285
Frequency: one-time survey
Reporters: The turnover portion of the survey includes all financial
institutions that are significant dealers in the foreign exchange
market in the United States. The derivatives outstanding portion of the
survey covers a smaller set of firms because market making in
derivatives markets is more concentrated.
Effective Date: Turnover survey: April 1-30, 1998; Derivatives
outstanding survey: June 30, 1998.
Annual reporting hours: 8,187
Estimated average hours per response: Pre-survey questionnaire: 5
minutes; Turnover survey: 50 hours; Derivatives outstanding survey: 15
hours for FR 2436 respondents (there are proposed to be thirteen), 60
hours for others
Number of respondents: Pre-survey questionnaire and turnover survey:
144; Derivatives outstanding survey: 26.
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 248(a)(2), 353-359, and 3105(c)) and is given
confidential treatment (5 U.S.C. 552(b)(4)).
Abstract: The Central Bank Survey of Foreign Exchange and
Derivatives Market Activity is part of an ongoing triennial series. The
data from the survey provide information about the size and structure
of the global markets for foreign exchange and financial derivatives
transactions. The Federal Reserve is one of forty-four central banks
conducting surveys. Aggregate results from each central bank's survey
will be provided to the Bank for International Settlements, which will
compile global market statistics. The survey will be conducted by the
Federal Reserve Bank of New York.
The survey has two parts, a turnover survey and a survey of
outstanding derivatives contracts. The changes from the 1995 survey are
intended to reduce the reporting burden. The most significant revisions
are those made to the derivatives outstandings part of the survey to
align it with the Semiannual Report of Derivatives Activity (FR 2436)
which is discussed below.
2. Report title: Semiannual Report of Derivatives Activity
Agency form number: FR 2436
OMB Control number: 7100-0286
Effective Date: June 30, 1998
Frequency: semiannual
Reporters: large U.S. dealers of over-the-counter (OTC) derivatives
Annual reporting hours: 2,600
Estimated average hours per response: 100
Number of respondents: 13
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. 248(a), 353-359, and 461) and will be given
confidential treatment (5 U.S.C. 552(b)(4)).
Abstract: The FR 2436 will collect derivatives market statistics
from a sample of thirteen large U.S. dealers of OTC derivatives. The
report will collect information on notional amounts and gross market
values of the volumes outstanding of broad categories of foreign
exchange, interest rate, equity- and commodity-linked over-the-counter
derivatives instruments across a range of underlying currencies,
interest rates, and equity markets.
This collection of information will complement the ongoing
triennial Survey of Foreign Exchange and Derivatives Market Activity
(FR 3036) and will be implemented concurrently with the 1998 FR 3036.
The FR 2436 will collect similar data on the outstanding volume of
derivatives, but not on derivatives turnover. As with the FR 3036, the
Federal Reserve will conduct this report in coordination with other
central banks and will forward the aggregated data furnished by U.S.
reporters to the Bank for International Settlements, which will publish
global market statistics that are aggregations of national data.
3. Report title: 1998 Survey of Consumer Finance
Agency form number: FR 3059
OMB Control number: 7100-0287
Effective Date: June 1, 1998
Frequency: One-time survey
Reporters: U.S. families
Annual reporting hours: 6,900
Estimated average hours per response: 1.5
Number of respondents: 4,600
Small businesses are not affected.
General description of report: This information collection is
voluntary (12 U.S.C. Secs. 225a, 1821, 1828(c), 1842, and
[[Page 10027]]
1843) and is given confidential treatment (5 U.S.C. 552(b)(6)).
Abstract: The 1998 Survey of Consumer Finances is the sixth
triennial Survey of Consumer Finance since 1983, the beginning of the
current series. This survey is the only source of representative
information on the structure of U.S. families' finances. The survey, to
be conducted between June and December 1998, will collect data on the
assets, debts, income, work history, pension rights, use of financial
services, and attitudes of a sample of U.S. families.
Board of Governors of the Federal Reserve System, February 23,
1998.
William W. Wiles,
Secretary of the Board.
[FR Doc. 98-5043 Filed 2-26-98; 8:45 am]
BILLING CODE 6210-01-F
