Federal Register: February 27, 1998 (Volume 63, Number 39)NoticesPage 10025-10027From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr27fe98-109

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. 98-5043Filed2-26-98; 8:45 amBILLING CODE 6210-01-F