80786 Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 

Federal Register (85 FR 51718) 

requesting public comment for 60 days 

on the extension, without revision, of 

the FR LL–12. The comment period for 

this notice expired on October 20, 2020. 

The Board did not receive any 

comments. 

Board of Governors of the Federal Reserve 

System, December 8, 2020. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2020–27369 Filed 12–11–20; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

Proposed Agency Information 

Collection Activities; Comment 

Request 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice, request for comment. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) invites 

comment on a proposal to extend for 

three years, with revision, the 

Government Securities Dealers Reports 

(FR 2004; OMB No. 7100–0003). 

DATES: Comments must be submitted on 

or before February 12, 2021. 

ADDRESSES: You may submit comments, 

identified by FR 2004, by any of the 

following methods: 

• Agency website: https://

www.federalreserve.gov/. Follow the 

instructions for submitting comments at 

https://www.federalreserve.gov/apps/ 

foia/proposedregs.aspx. 

• Email: regs.comments@

federalreserve.gov. Include the OMB 

number in the subject line of the 

message. 

• FAX: (202) 452–3819 or (202) 452– 

3102. 

• Mail: Ann E. Misback, Secretary, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551. 

All public comments are available 

from the Board’s website at https://

www.federalreserve.gov/apps/foia/ 

proposedregs.aspx as submitted, unless 

modified for technical reasons or to 

remove personally identifiable 

information at the commenter’s request. 

Accordingly, comments will not be 

edited to remove any identifying or 

contact information. Public comments 

may also be viewed electronically or in 

paper in Room 146, 1709 New York 

Avenue NW, Washington, DC 20006, 

between 9:00 a.m. and 5:00 p.m. on 

weekdays. For security reasons, the 

Board requires that visitors make an 

appointment to inspect comments. You 

may do so by calling (202) 452–3684. 

Upon arrival, visitors will be required to 

present valid government-issued photo 

identification and to submit to security 

screening in order to inspect and 

photocopy comments. 

Additionally, commenters may send a 

copy of their comments to the Office of 

Management and Budget (OMB) Desk 

Officer—Shagufta Ahmed—Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, New 

Executive Office Building, Room 10235, 

725 17th Street NW, Washington, DC 

20503, or by fax to (202) 395–6974. 

FOR FURTHER INFORMATION CONTACT: 

Federal Reserve Board Clearance 

Officer—Nuha Elmaghrabi—Office of 

the Chief Data Officer, Board of 

Governors of the Federal Reserve 

System, Washington, DC 20551, (202) 

452–3829. 

SUPPLEMENTARY INFORMATION: On June 

15, 1984, OMB delegated to the Board 

authority under the PRA to approve and 

assign OMB control numbers to 

collections of information conducted or 

sponsored by the Board. In exercising 

this delegated authority, the Board is 

directed to take every reasonable step to 

solicit comment. In determining 

whether to approve a collection of 

information, the Board will consider all 

comments received from the public and 

other agencies. 

A copy of the Paperwork Reduction 

Act (PRA) OMB submission, including 

the reporting form and instructions, 

supporting statement, and other 

documentation will be available at 

https://www.reginfo.gov/public/do/ 

PRAMain, if approved. These 

documents will also be made available 

on the Board’s public website at https:// 

www.federalreserve.gov/apps/ 

reportforms/review.aspx or may be 

requested from the agency clearance 

officer, whose name appears above. 

Request for Comment on Information 

Collection Proposal 

The Board invites public comment on 

the following information collection, 

which is being reviewed under 

authority delegated by the OMB under 

the PRA. Comments are invited on the 

following: 

a. Whether the proposed collection of 

information is necessary for the proper 

performance of the Board’s functions, 

including whether the information has 

practical utility; 

b. The accuracy of the Board’s 

estimate of the burden of the proposed 

information collection, including the 

validity of the methodology and 

assumptions used; 

c. Ways to enhance the quality, 

utility, and clarity of the information to 

be collected; 

d. Ways to minimize the burden of 

information collection on respondents, 

including through the use of automated 

collection techniques or other forms of 

information technology; and 

e. Estimates of capital or startup costs 

and costs of operation, maintenance, 

and purchase of services to provide 

information. 

At the end of the comment period, the 

comments and recommendations 

received will be analyzed to determine 

the extent to which the Board should 

modify the proposal. 

Proposal Under OMB Delegated 

Authority To Extend for Three Years, 

With Revision, the Following 

Information Collection 

Report title: Government Securities 

Dealers Reports: Weekly Report of 

Dealer Positions (FR 2004A), Weekly 

Report of Cumulative Dealer 

Transactions (FR 2004B), Weekly Report 

of Dealer Financing and Fails (FR 

2004C), Weekly Report of Specific 

Issues (FR 2004SI), Daily Report of 

Specific Issues (FR 2004SD), 

Supplement to the Daily Report of 

Specific Issues (FR 2004SD ad hoc), 

Daily Report of Dealer Activity in 

Treasury Financing (FR 2004WI), 

Settlement Cycle Report of Dealer Fails 

and Transaction Volumes: Class A (FR 

2004FA), Settlement Cycle Report of 

Dealer Fails and Transaction Volumes: 

Class B (FR 2004FB), Settlement Cycle 

Report of Dealer Fails and Transaction 

Volumes: Class C (FR 2004FC), and 

Settlement Cycle Report of Dealer Fails 

and Transaction Volumes (FR 2004FM). 

Agency form number: FR 2004. 

OMB control number: 7100–0003. 

Frequency: Weekly, daily, monthly. 

Respondents: Dealers in the U.S. 

government securities market. 

Estimated number of respondents: 24. 

Estimated average hours per response: 

FR 2004A, 3.0; FR 2004B, 3.7; FR 

2004C, 4.1; FR 2004SI, 2.2; FR 2004SD, 

2.2; FR 2004SD ad hoc, 2.0; FR 2004WI, 

1.0; FR 2004FA, 1.0; FR 2004FB, 1.0; FR 

2004FC, 1.0; and FR 2004FM, 1.5. 

Estimated annual burden hours: FR 

2004A, 3,744; FR 2004B, 4,618; FR 

2004C, 5,117; FR 2004SI, 2,746; FR 

2004SD, 2,112; FR 2004SD ad hoc, 

1,248; FR 2004WI, 3,840; FR 2004FA, 

288; FR 2004FB, 288; FR 2004FC, 288; 

FR 2004FM, 432. 

General description of report: The 

Federal Reserve Bank of New York 

(FRBNY), on behalf of the Federal 

Reserve System, collects data from 

primary dealers in the U.S. government 

securities market. Filing of these data is 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 80787 

1Additionally, depending upon the survey 

respondent, a more precise statute may authorize 

the data collection. For example, the Board is 

authorized to collect information from bank holding 

companies (and their subsidiaries) under section 

5(c) of the Bank Holding Company Act of 1956 (12 

U.S.C. 1844(c)) and from depository institutions 

under section 11(a) of the Federal Reserve Act (12 

U.S.C. 248(a)). 

2See 5 CFR 1320.8(b)(3)(iv). 

required to obtain the benefit of primary 

dealer status. The Federal Reserve uses 

these data to (1) monitor the condition 

of the U.S. government securities market 

in its Treasury market surveillance and 

analysis of the market and (2) assist and 

support the U.S. Department of the 

Treasury (Treasury) in its role as fiscal 

agent for Treasury financing operations. 

In addition, these data are used in the 

analysis of broad financial conditions 

and a range of financial stability issues. 

Proposed revisions: The Board 

proposes to revise several of the 

reporting forms, as follows: 

1. FR 2004A—Add two rows to collect 

data on gross positions for Treasury 

coupon bonds due in more than 11 

years but less than or equal to 21 years 

and Treasury coupon bonds due in more 

than 21 years, beginning with the July 

7, 2021, as of date. Also, delete an 

existing row to collect data on gross 

positions for Treasury coupons bonds 

‘‘due in more than 11 years.’’ 

Additionally, add a row to collect 

Federal Agency and GSE Residential 

Pass-through MBS TBAs separately from 

Specified pools. 

2. FR 2004B—Mirroring the changes 

on the FR 2004A, add two rows to 

collect data on outright transactions of 

Treasury coupon bonds due in more 

than 11 years but less than or equal to 

21 years and Treasury coupon bonds 

due in more than 21 years, and delete 

an existing row for Treasury coupon 

securities due in more than 11 years, 

beginning with the July 7, 2021, as of 

date. Additionally, add two rows to 

separately collect Federal Agency and 

GSE Residential Pass-through MBS 

TBAs transactions from Specified Pool 

transactions, with each further broken 

down into the existing cash/dollar roll 

splits. 

3. FR 2004C—For each asset category, 

add a split by clearing/settlement venue: 

Uncleared Bilateral—Specified and 

General; Cleared Bilateral—Specified, 

General, and Sponsored; GCF; and 

Triparty (excluding GCF). Add eighteen 

columns for current tenor breakdown to 

be applied to each column. Add five 

rows to capture securities financing 

activity for Federal Agency and GSE 

Residential MBS separately from 

Federal Agency and GSE Commercial 

MBS and to separate ‘‘Total Repo’’ from 

‘‘Total Other Financing Activity.’’ 

4. FR 2004SI—Add an additional row 

to separately collect transactions, net 

positions, financing arrangements, and 

settlement fails for the 20 year Treasury 

bond, beginning with the July 7, 2021, 

as of date. 

5. FR 2004SD—Add an additional row 

to separately collect transactions, net 

positions, financing arrangements, and 

settlement fails for the 20 year Treasury 

bond, beginning with the July 7, 2021, 

as of date. 

6. FR 2004WI—Add a row to 

separately collect data on net positions, 

forward financing commitments, and 

outright transactions for new or reopened 20 year Treasury bonds trading 

in the when-issued market, beginning 

with the July 7, 2021, as of date. 

7. FR 2004FA—The FHLMC and 

FNMA implemented the Single Security 

Initiative in June 2019. This action 

created a new uniform mortgage-backed 

security (UMBS) to be issued and 

guaranteed by either FNMA or FHLMC, 

to be backed by fixed-rate 30-, 20-, 

15-, or 10-year single-family mortgage 

loans. To reflect this structural market 

change, modify the column headings for 

columns 1 and 2 for all sections of the 

report form from ‘‘FNMA’’ to ‘‘FNMA/ 

FHLMC UMBS,’’ beginning with the 

July 2021 as of date. Modify the column 

headings for columns 3 and 4 for all 

sections of the report form from 

‘‘FHLMC’’ to ‘‘FHLMC (non-UMBS),’’ 

beginning with the July 2021 as of date. 

8. FR 2004FB—Mirroring the changes 

on the FR 2004FA, modify the column 

headings for columns 1 and 2 for all 

sections of the report form from 

‘‘FNMA’’ to ‘‘FNMA/FHLMC UMBS,’’ 

effective with the July 2021 as of date. 

Modify the column headings for 

columns 3 and 4 for all sections of the 

report form from ‘‘FHLMC’’ to ‘‘FHLMC 

(non-UMBS),’’ beginning with the July 

2021 as of date. 

9. FR 2004FM—Modify the column 

headings for columns 1 and 2 for all 

sections of the report form from 

‘‘FNMA’’ to ‘‘FNMA/FHLMC UMBS,’’ 

beginning with the July 30, 2021, as of 

date. Modify the column headings for 

columns 3 and 4 for all sections of the 

report form from ‘‘FHLMC’’ to ‘‘FHLMC 

(non-UMBS),’’ beginning with the July 

30, 2021, as of date. 

10. Revise the instructions to provide 

additional guidance on report 

consolidation rules for primary dealers 

when the legal entity serving as a 

primary dealer is a branch or agency of 

an FBO. 

Legal authorization and 

confidentiality: The information 

collected on the FR 2004 series of 

reports is generally authorized under 

sections 2A, 12A(c), 14, and 15 of the 

Federal Reserve Act. Section 2A 

requires that the Board and the Federal 

Open Market Committee ‘‘maintain long 

run growth of the monetary and credit 

aggregates commensurate with the 

economy’s long run potential to increase 

production, so as to promote effectively 

the goals of maximum employment, 

stable prices, and moderate long-term 

interest rates’’ (12 U.S.C. 225a). Section 

12A(c) further provides that the time, 

character, and volume of open market 

operations ‘‘shall be governed with a 

view to accommodating commerce and 

business and with regard to their 

bearing upon the general credit situation 

of the country’’ (12 U.S.C. 263(c)). 

Additionally, section 14 authorizes the 

Federal Reserve Banks to engage in open 

market operations (12 U.S.C. 353–359). 

Finally, section 15 permits the Federal 

Reserve Banks, at the direction of the 

Secretary of the Treasury, to act as fiscal 

agents of the United States (12 U.S.C. 

391). The Board has implicit authority 

to collect data to carry out the 

requirements of the foregoing statutory 

provisions.1 Filing the FR 2004 series is 

a condition of obtaining and retaining 

primary dealer status. Thus, the 

obligation to respond is ‘‘required to 

obtain or retain a benefit’’ because being 

a primary dealer allows a firm to act as 

a trading counterparty of the FRBNY in 

the implementation of its monetary 

policy.2

While aggregate data from certain of 

the forms in the FR 2004 series will be 

published, individually identifying 

information may be kept confidential 

under exemption 4 and, in certain 

circumstances, exemption 8 of the 

Freedom of Information Act (FOIA) (5 

U.S.C. 552(b)(4) and (b)(8)). Individual 

respondent data collected through the 

FR 2004 may be considered confidential 

pursuant to FOIA exemption 4 to the 

extent these responses contain 

nonpublic commercial or financial 

information, which is both customarily 

and actually treated as private by the 

respondent. Moreover, to the extent that 

the information is ‘‘contained in or 

related to examination, operating, or 

condition reports prepared by, on behalf 

of, or for the use of [the Board],’’ the 

information may be withheld by the 

Board under FOIA exemption 8. 

Board of Governors of the Federal Reserve 

System, December 8, 2020. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2020–27373 Filed 12–11–20; 8:45 am] 

BILLING CODE 6210–01–P 


jbell on DSKJLSW7X2PROD with NOTICES