[Federal Register Volume 78, Number 1 (Wednesday, January 2, 2013)]
[Notices]
[Pages 147-148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31547]
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DEPARTMENT OF THE TREASURY
Proposed Collections; Comment Requests
AGENCY: Departmental Offices; Department of the Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork burdens, invites the general public and
other Federal agencies to comment on revisions of an information
collection that are proposed for approval by the Office of Management
and Budget. The Office of International Affairs within the Department
of the Treasury is soliciting comments concerning Treasury
International Capital Forms CQ-1 and CQ-2, ``Financial and Commercial
Liabilities to, and Claims on, Unaffiliated Foreigners.''
DATES: Written comments should be received on or before March 4, 2013
to be assured of consideration.
ADDRESSES: Direct all written comments to Dwight Wolkow, International
Portfolio Investment Data Systems, Department of the Treasury, Room
5422, 1500 Pennsylvania Avenue NW., Washington DC 20220. In view of
possible delays in mail delivery, please also notify Mr. Wolkow by
email ([email protected]), fax (202-622-2009) or telephone
(202-622-1276).
FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and
instructions are available on the Treasury's TIC Web page for forms,
http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms.aspx. Requests for additional information should be directed to
Mr. Wolkow.
SUPPLEMENTARY INFORMATION:
Title: Treasury International Capital Form CQ-1, ``Financial
Liabilities to, and Claims on, Unaffiliated Foreigners;'' and Treasury
International Capital Form CQ-2, ``Commercial Liabilities to, and
Claims on, Unaffiliated Foreigners.''
OMB Number: 1505-0024.
Abstract: Forms CQ-1 and CQ-2 are part of the Treasury
International Capital (TIC) reporting system, which is required by law
(22 USC 286f; 22 USC 3103; EO 10033; 31 CFR 128), and is designed to
collect timely information on international portfolio capital
movements. Forms CQ-1 and CQ-2 are quarterly reports filed by
nonbanking and non-securities broker and dealer enterprises in the U.S.
to report their international portfolio transactions with unaffiliated
foreigners. This information is necessary for compiling the U.S.
balance of payments accounts and the U.S. international investment
position, and for use in formulating U.S. international financial and
monetary policies.
Current Actions: As a consequence of the recent global financial
crisis, international reporting standards for collecting and reporting
economic and financial data have been enhanced, especially regarding
each country's external claims and liabilities. TIC forms are
consequently revised to meet the new standards. (a) The ``who must
report'' section of the instructions is revised. Beginning with the
reports as of June 30, 2013, the types of organizations required to
file the TIC CQ-1 and CQ-2 reports (the TIC C reports) will include all
U.S. residents except U.S.-resident financial institutions. This means
that those financial institutions that previously reported on the TIC C
forms (they are all financial institutions except banks, other
depository institutions, bank and financial holding companies, and
brokers and dealers that already report on the TIC B forms; this group
includes, but is not limited to investment banks, insurance companies,
credit card issuers, money market funds, pension funds, private equity
funds, hedge funds, trusts, finance companies, mortgage companies,
commodity brokers and dealers, investment advisors and managers, loan
brokers), will instead begin reporting on the TIC B forms. As a result,
beginning with the reports as of June 30, 2013, the organizations
required to file the TIC B reports will include all types of U.S.-
resident financial institutions (including, but not limited to banks,
other depository institutions, brokers/dealers, bank/financial holding
companies, investment banks, insurance companies, credit card issuers,
money market funds, pension funds, private equity funds, hedge funds,
trusts, finance companies, mortgage companies, commodity brokers and
dealers, investment advisors and managers, loan brokers). This change
affecting many U.S.-resident financial institutions, from reporting on
the TIC C forms to reporting on the TIC B forms, is designed to improve
the coverage of international financial transactions and positions in
the U.S. balance of payments and in the U.S. international investment
position, and reflects the change in the international statistical
standards to include in portfolio investment (PI) most international
positions between financial institutions. All financial positions
between U.S. residents and foreign residents are either PI or direct
investment (DI), and all organizations with such positions (above the
amounts declared exempt in the reporting instructions), must report
them to either the TIC (which collects PI information) or BEA (which
collects DI information). (b) In ``Foreign Currency Items,'' which is
after the ``Grand Total'' row (9999-6) near the end of both Form CQ-1
and Form CQ-2, a new row has been added to collect information on
claims and liabilities ``Denominated in Swiss Francs.'' Data are
reportable in all six columns of the CQ-1 and all five columns of the
CQ-2. (c) After the ``Grand Total'' row (9999-6) near the end of both
Form CQ-1 and Form CQ-2, a new sub-section has been added called
``Remaining Maturities (claims).'' The new sub-section in the CQ-1 has
three rows labeled: ``Demand Deposits, Arrears, Resale Agreements Under
Continuing Contract, and Items With No Fixed Maturity;'' ``Maturing in
1 Year or Less;'' and ``Maturing In Over 1 Year.'' Data are reportable
in all six columns. The new sub-section in the CQ-2 has three rows
labeled: ``Items With No Fixed Maturity;'' ``Maturing in 1 Year or
Less;'' and ``Maturing In Over 1 Year.'' Data are reportable in all
five columns. (d) Just after the Grand Total row (9999-6) near the end
of both Form CQ-1 and Form CQ-2, the caption ``Section (B) Memorandum
Items:'' is replaced by `` ``Of Which'' Items:''. Just before
``Europe'' on page two of both forms, the caption ``Section A: Selected
Positions with Unaffiliated Foreigners:'' is deleted. (e) The
instructions for these forms add instructions for reporting on the new
rows described in (b) and (c) above. (f) The General Instructions have
been reorganized and contain new guidance on reporting accrued interest
and on where to report. (g) Several sections of the instructions,
including the glossary, incorporate changes to clarify the reporting
requirements, such as the consolidation/combination rules, valuation
rules, and reporting the location of foreign counterparties. (h) On all
TIC reporting forms, the list of countries for reporting the location
of
[[Page 148]]
foreign counterparties will be increased by six. This is the result of
deleting Netherlands Antilles (3720-6), removing ``Montenegro'' from
``Serbia and Montenegro (1321-8)'', and adding Kosovo (1347-1),
Montenegro (1362-5), Bonaire, Sint Eustatius and Saba (3616-1),
Cura[ccedil]ao (3618-8), St. Martin and St. Barthelemy (3647-1), Sint
Maarten (3619-6), and South Sudan (5339-2). (i) These changes will be
effective beginning with the reports as of June 30, 2013.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Forms CQ-1 and CQ-2 (1505-0024)
Estimated Number of Respondents: 204
Estimated Average Time per Respondent: Six and nine-tenths (6.9)
hours per respondent per filing. This average time varies from 13 hours
for the approximately 12 major data reporters to 6.5 hours for the
other reporters.
Estimated Total Annual Burden Hours: 5,616 hours, based on 4
reporting periods per year.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for Office of
Management and Budget approval. All comments will become a matter of
public record. The public is invited to submit written comments
concerning: (a) Whether Forms CQ-1 and CQ-2 are necessary for the
proper performance of the functions of the Office, including whether
the information will have practical uses; (b) the accuracy of the above
estimate of the burdens; (c) ways to enhance the quality, usefulness
and clarity of the information to be collected; (d) ways to minimize
the reporting and/or record keeping burdens on respondents, including
the use of information technologies to automate the collection of the
data; and (e) estimates of capital or start-up costs of operation,
maintenance and purchase of services to provide information.
Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 2012-31547 Filed 12-31-12; 8:45 am]
BILLING CODE 4810-25-P