[Federal Register Volume 83, Number 31 (Wednesday, February 14, 2018)]
[Notices]
[Pages 6735-6737]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-02954]
-----------------------------------------------------------------------
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
[[Page 6736]]
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 April 16, 2018
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:
& Treasury International Capital (TIC) Form BC ``Monthly Report of
U.S. Dollar Claims of Financial Institutions on Foreign Residents;''
TIC BL-1 ``Monthly Report of U.S. Dollar Liabilities of Financial
Institutions to Foreign Residents;'' TIC BL-2 ``Monthly Report of
Customers' U.S. Dollar Liabilities to Foreign Residents;'' TIC BQ-1
``Quarterly Report of Customers' U.S. Dollar Claims on Foreign
Residents;'' TIC BQ-2 ``Part 1: Quarterly Report of Foreign Currency
Liabilities and Claims of Financial Institutions and of their Domestic
Customers' Foreign Currency Claims with Foreign Residents'' and ``Part
2: the Report of Customers' Foreign Currency Liabilities to Foreign
Residents;'' and TIC BQ-3 ``Quarterly Report of Maturities of Selected
Liabilities and Claims of Financial Institutions with Foreign
Residents.''
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
financial institutions. 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 and claims (excluding securities) with 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: (a) No changes to the Forms are proposed. The
following are all changes in the instructions. (b) Electronic filing of
all TIC B reports (BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3) will be
mandatory. More specifically in the instructions, Section I.F.1,
``Submission of Reports'', now indicates that the TIC B reports must be
submitted electronically by using the Federal Reserve System's
``Reporting Central'' electronic submission system. It is easy to use,
secure, provides confirmation of the receipt of the data, and performs
a number of validity checks of your file format. The TIC B reports can
no longer be filed by mail or Fax and can no longer be reported on
computer or other paper. In order to ensure access to Reporting Central
is established prior to submission of TIC B reports as of June 30,
2018, respondents are strongly encouraged to contact the Federal
Reserve Bank of New York at 212-720- 6300 as soon as possible for more
information on how to establish a Reporting Central account. (c) The
``Who Must Report'' section of the instructions is updated to list out
separately Trustees of Collateralized Loan Obligations (CLOs). (d)
Sections IV.A and VII.A, ``What to Report'', have been updated to
indicate that liabilities of U.S. residents to foreign residents from
loan syndications or from loans and loan participations that are pooled
into foreign Collateralized Loan Obligations (CLOs) should be reported
by the U.S. Trustee of the foreign CLOs on the TIC BL-2 and TIC BQ-2
reports. (e) Sections IV.B and VII.B, ``Column Definitions'', have been
updated to indicate that liabilities of U.S. residents to foreign
residents from loan syndications or from loans and loan participations
that are pooled into foreign Collateralized Loan Obligations (CLOs)
should be reported by the U.S. Trustee of the foreign CLOs as ``Other
Custody Liabilities'' on the BL-2 and BQ-2 reports. (f) The glossaries
for all Treasury International Capital (``TIC'') reports are
consolidated into a single document which will provide more consistency
across the TIC system. As a result, the TIC B reporting instructions
will not include a glossary but will point to the separate consolidated
TIC Glossary document on the Treasury website. (g) A new glossary entry
provides a definition for ``U.S. CLO Trustee''. In addition, the
glossary entries for ``Administrative Agent'' and ``Loan Servicing
Arrangements, Loan Servicer'' now include information on the reporting
requirements of U.S. CLO Trustees. (h) A new flowchart in Section IX
``Appendix'' clarifies the reporting treatment for loans to U.S.
residents when the loans are pooled into foreign CLOs. (i) These
changes will be effective beginning with the TIC B reports as of June
30, 2018, and afterwards.
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, 385; BL-1, 378; BL-2, 103; BQ-
1, 100; BQ-2, 199 and BQ-3, 154.
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, 45,738 hours for 12
reports per year; BL-1, 32,206 hours for 12 reports per year; BL-2,
10,197 hours for 12 reports per year; BQ-1, 240 hours for 4 reports per
year, BQ-2, 5,254 hours for 4 reports per year; and BQ-3, 2,464 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
[[Page 6737]]
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. 2018-02954 Filed 2-13-18; 8:45 am]
BILLING CODE 4810-25-P