[Federal Register Volume 78, Number 2 (Thursday, January 3, 2013)]
[Notices]
[Pages 339-341]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31564]
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DEPARTMENT OF THE TREASURY
Proposed Collections; Comment Requests
AGENCY: Departmental Offices; Department of the Treasury.
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 the revisions of the
Treasury International Capital (TIC) Forms BC, BL-1, BL-2, BQ-1, BQ-2,
and BQ-3 (called the ``TIC B forms'').
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 Forms Web page, 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:
Titles: Treasury International Capital (TIC) Form BC ``Monthly
Report of U.S. Dollar Claims of Depository Institutions, Bank Holding
Companies/Financial Holding Companies, Brokers, and Dealers on
Foreigners;'' TIC BL-1 ``Monthly Report of U.S. Dollar Liabilities of
Depository Institutions, Bank Holding Companies/Financial Holding
Companies, Brokers, and Dealers to Foreign Residents;'' TIC BL-2
``Monthly Report of Customers' U.S. Dollar Liabilities to Foreigners;''
TIC BQ-1 ``Quarterly Report of Customers' U.S. Dollar Claims on
Foreigners;'' TIC BQ-2 ``Part 1: Quarterly Report of Foreign Currency
Liabilities and Claims of Depository Institutions, Bank Holding
Companies/Financial Holding Companies, Brokers and Dealers, and of
Their Domestic Customers Visa-A-Vis Foreigners'' and ``Part 2: The
Report of Customers' Foreign Currency Liabilities to Foreigners;'' and
TIC BQ-3 ``Quarterly Report of Maturities of Selected Liabilities of
Depository Institutions, Bank Holding Companies/Financial Holding
Companies, Brokers, and Dealers to Foreigners.''
OMB Numbers: 1505-0017 (TIC BC), 1505-0019 (TIC BL-1), 1505-0018
(TIC BL-2), 1505-0016 (TIC BQ-1), 1505-0020 (TIC BQ-2), and 1505-0189
(TIC BQ-3).
Abstract: Forms BC, BL-1, BL-2, BQ-1, BQ-2, BQ-3 are part of the
Treasury International Capital (TIC) reporting system, which is
required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 CFR
128) and are designed to collect timely information on international
portfolio capital movements. These forms are filed by all U.S.-resident
banks, other depository institutions, brokers and dealers, and Bank
Holding Companies/Financial Holding Companies (BHC/FHC). On the monthly
forms, these organizations report their own claims on (BC), their own
liabilities to (BL-1), and their U.S. customers' liabilities to (BL-2)
foreign residents, denominated in U.S. dollars. On the quarterly forms,
these organizations report their U.S.-resident customers' U.S. dollar
claims on foreign residents (BQ-1), and their own and their domestic
customers' claims and liabilities with foreign residents, where all
claims and liabilities are denominated in foreign currencies (BQ-2). On
the quarterly BQ-3 form, these organizations report the remaining
maturities of all their own U.S. dollar and foreign currency
liabilities (excluding securities) to foreign residents. 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
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external claims and liabilities. TIC forms are consequently revised to
reflect the new standards. Provided below is a list of the revisions to
reporting forms and instructions, effective beginning with reports as
of June 30, 2013.
The following changes apply to all TIC B forms:
(a) The ``who must report'' section of the instructions is revised.
Beginning with the reports as of June 30, 2013, the organizations
required to file the TIC B forms 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). More
specifically, all financial institutions that previously filed TIC C
forms (form CQ-1 and form CQ-2) will file TIC B forms beginning with
the reports as of June 30, 2013. Those financial institutions changing
from filing the TIC C forms to filing the TIC B forms will not be
required to file the TIC C forms after the reports as of May 31, 2013.
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 transactions and 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) The instructions for these forms have been updated to add
guidance for reporting on the new ``of which'' rows described in (g)
through (l) below and the new section and columns described in (l). (c)
The General Instructions have been reorganized and contain new guidance
on reporting accrued interest and insurance/reinsurance business, and
on where to report. (d) 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.
(e) Except for the TIC BQ-3, the list of countries for reporting
the location of 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). (f) These changes
(a) through (l) will be effective beginning with the reports as of June
30, 2013.
(g) Changes to Form BC
1. As a result of the action in (a) above, the title of Form BC is
changed to ``Report of U.S. Dollar Claims of Financial Institutions on
Foreign Residents.''
2. In the ``of which'' items at the end of the form, a new row has
been added to collect ``Claims on Foreign-Resident Non-Bank Financial
Institutions.'' Data are reportable in columns 4, 5, 6, 8 and 9.
3. In the ``of which'' items at the end of the form, a new row has
been added to collect ``Unpaid Insurance Claims.'' Data are reportable
in columns 3, 5, 6 and 8.
(h) Changes to Form BL-1
1. As a result of the action in (a) above, the title of Form BL-1
is changed to ``Report of U.S. Dollar Liabilities of Financial
Institutions to Foreign Residents.''
2. In the ``of which'' items at the end of the form, a new row has
been added to collect ``Liabilities to Foreign-Resident Non-Bank
Financial Institutions.'' Data are reportable in columns 5 through 9.
3. In the ``of which'' items at the end of the form, a new row has
been added to collect ``Unpaid Insurance Claims and Prepaid Insurance
Premiums.'' Data are reportable in columns 2, 4, 6, 7 and 8.
(i) Changes to Form BL-2
1. As a result of the action in (a) above, the title of Form BL-2
is changed to ``Report of Customers' U.S. Dollar Liabilities to Foreign
Residents.''
2. In the memorandum section at the end of the current form, the
eight rows are changed to eight ``of which'' rows that have the same
eleven columns as do the other rows in the form. The first, fourth and
fifth ``Of Which'' rows (8102-7, 8144-2, 8146-9) are unchanged and data
are reportable in column 10. In the second ``of which'' item for
``Total U.S.--Resident Bank Debt; Loans to Banks'' (8141-8), data are
reportable in columns 3, 6, 9 and10. This item previously collected
data for only the ``Grand Total'' column (Column 10).
3. In the ``of which'' item at the end of the form for ``Total
U.S.--Resident Bank Debt; Short-Term Negotiable Securities Issued by
Banks'' (8142-6), data are reportable in columns 2, 5, 8 and10. This
item previously collected data for only the ``Grand Total'' column
(Column 10).
4. The sixth row of the ``of which'' items, that was previously
labeled ``Liabilities of Other U.S. Debtor Sectors,'' is now labeled
``Liabilities of U.S.-Resident Non-Bank Financial Institutions
(NBFIs)'' and a new code has been added in the code column. Data are
reportable only in column 10. Previously, there was no data collected
on this row.
5. The seventh row (8150-3), which was previously labeled ``Other
short-term negotiable securities'' is now labeled ``Short-term
Negotiable Securities issued by NBFIs.'' Data are reportable only in
columns 2, 5, 8 and 10. This item previously collected data for only
the ``Grand Total'' column (Column 10).
6. The eighth row (8155-8), which was previously labeled ``Loans to
Others,'' is now labeled ``Loans to NBFIs.'' Data are reportable only
in columns 3, 6, 9 and 10. This item previously collected data for only
the ``Grand Total'' column (Column 10).
(j) Changes to Form BQ-1
1. As a result of the action in (a) above, the title of Form BQ-1
is changed to ``Report of Customers' U.S. Dollar Claims on Foreign
Residents.''
2. In the ``of which'' items at the end of the form, a new row has
been added to collect ''Claims of U.S.-Resident Non-Bank Financial
Institutions.'' Data are reportable in columns 1, 2, 3, 4 and 5.
(k) Changes to Form BQ-2
1. As a result of the action in (a) above, the title caption of
Form BQ-2, Part I, is changed to ``Report of Foreign Currency
Liabilities and Claims of U.S. Financial Institutions, and of their
Domestic Customers' Foreign Currency Claims with Foreign Residents''
and the title caption of Part II is changed to ``Report of Customers'
Foreign Currency Liabilities to Foreign Residents.''
2. In the ``of which'' items at the end of the form, a new row has
been added to collect claims and liabilities denominated in Swiss
francs. Data are reportable in columns 1 through 6.
[[Page 341]]
3. In the ``of which'' items at the end of the form, a new row has
been added to collect ``Unpaid Insurance Claims and Prepaid Insurance
Premiums.'' Data are reportable in columns 2 and 4.
4. In the ``of which'' items at the end of the form, a new row has
been added to collect ``Claims on/Liabilities to Foreign-Resident
Banks.'' Data are reportable in columns 1 through 7.
5. In the ``of which'' items at the end of the form, a new row has
been added to collect ''Claims on/Liabilities to Foreign-Resident Non-
Bank Financial Institutions.'' Data are reportable in columns 1 through
7.
(l) Changes to Form BQ-3
1. The name of the form is changed to ``Report of Maturities of
Selected Claims and Liabilities of Financial Institutions with Foreign
Residents''. This and the following revisions of the form respond to
the changes in (a) above and to international reporting standards
calling for reporting of maturities of claims and liabilities.
2. The title ``Part 1: Liabilities to Foreign Residents--Remaining
Maturities'' is added at the top of page 2 to describe the existing
one-half page table that collects information on liabilities.
3. A new section is added on page 2 of the form entitled ``Part 2:
Claims on Foreign Residents--Remaining Maturities'' that collects
information on claims. The new section 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.'' The new section has four columns for data
entry with the following titles: column 1 is ``Non-Negotiable Foreign
Deposits & Brokerage Balances [reported on BC (col. 1) & BQ-2, Part 1
(col. 3)];'' column 2 is ``Resale Agreements & Other Claims [reported
on BC (cols. 3, 5) & BQ-2, Part 1 (col. 4)];'' column 3 is ``Loan
Claims Excluding Resale Agreements [reported on BC (cols. 3, 5) & BQ-2,
Part 1 (col. 4)];'' and column 4 is ``Grand Total [sum of columns 1-
3].''
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Forms BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3.
Estimated Number of Respondents: BC, 302; BL-1, 348; BL-2, 80; BQ-
1, 77; BQ-2, 149 and BQ-3, 117.
Estimated Average Time per Respondent per Filing: BC, 9.9 hours;
BL-1, 7.1 hours; BL-2, 8.25 hours; BQ-1, 3.1 hours; BQ-2, 6.6 hours;
and BQ-3, 4.0 hours. The average time varies, and is estimated to be
generally twice as many hours for major data reporters as for other
reporters.
Estimated Total Annual Burden Hours: BC, 35,856 hours for 12
reports per year; BL-1, 29,484 hours for 12 reports per year; BL-2,
7,920 hours for 12 reports per year; BQ-1, 963 hours for 4 reports per
year, BQ-2, 3,938 hours for 4 reports per year, and BQ-3, 1,872 hours
for 4 reports 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 BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3 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. 2012-31564 Filed 1-2-13; 8:45 am]
BILLING CODE 4810-25-P