[Federal Register Volume 63, Number 133 (Monday, July 13, 1998)]
[Notices]
[Pages 37622-37623]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-18480]


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DEPARTMENT OF THE TREASURY


Departmental Offices; Proposed Collection; Comment Request

ACTION: Notice and request for comments.

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SUMMARY: .

DATES: The Department of the Treasury, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to comment on continuing information 
collections, as required by the Paperwork Reduction Act of 1995, Public 
Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Office of 
International Financial Analysis within the Department of the Treasury 
is soliciting comments concerning Revisions to Foreign Currency Forms 
FC-1 (OMB No. 1505-0012) Weekly Consolidated Foreign Currency Report of 
Major Market Participants, FC-2 (OMB No. 1505-0010) Monthly 
Consolidated Foreign Currency Report of Major Market Participants, and 
FC-3 (OMB No. 1505-0014) Quarterly Consolidated Foreign Currency 
Report. The reports are mandatory.

DATES: Written comments should be received on or before September 11, 
1998 to be assured of consideration.

ADDRESSES: Direct all written comments to T. Ashby McCown, Director, 
Office of International Financial Analysis, Department of the Treasury 
1500 Pennsylvania Avenue, N.W., Room 5453, Washington, D.C. 20220, 
Telephone (202) 622-2250.

FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the forms and 
instructions should be directed to T. Ashby McCown, director, Office of 
International Financial Analysis, Department of the Treasury, 
Washington, D.C. 20220. Telephone (202) 622-2250, FAX (202) 622-0607.

SUPPLEMENTARY INFORMATION:

    Title: Weekly Consolidated Foreign Currency Report of major market 
Participants, Foreign Currency Form FC-1.
    OMB Number: 1505-0012.
    Title: Monthly Consolidated Foreign Currency Report of Major Market 
Participants, Foreign Currency Form FC-2.
    OMB Number: 1505-0010.
    Title: Quarterly Consolidated Foreign Currency Report, Foreign 
Currency Form FC-3.
    OMB Number: 1505-0014.
    Abstract: Foreign Currency Forms FC-1, FC-2, and FC-3 are required 
by Public Law 93-110 (31 U.S.C. 5313 and 5321 (a)(3)), which directs 
the Secretary of the Treasury to prescribe regulations reports on 
foreign currency transactions conducted by a United States person or 
foreign person controlled by a United States person. The regulations 
governing forms FC-1, FC-2, and FC-3 are contained in Title 31 part 128 
of the Code of Federal Regulations (31 CFR 128) which were published in 
the Federal Register on November 2, 1993 (58 FR 58494-58497).
    Current Actions: The proposed revisions in the forms and 
instructions are prompted by the introduction of the new European 
currency, the Euro, on January 1, 1999, and by the anticipated 
discontinuation of the Federal Financial Institutions Examination 
Council (FFIEC) report 035, `'Monthly Consolidated Foreign Currency 
Report of Banks in the United States,'' currently filed by banks and 
banking institutions in lieu of forms FC-2 and FC-3. Several modest 
changes and clarifications in the forms and instructions for reports 
FC-1, FC-2, and FC-3 are proposed as part of these revision requests.
    1. An increase in the exemption level of the FC-3, from $1 billion 
to $5 billion equivalent in foreign exchange contracts on the last 
business day of any quarter of the previous year, is being proposed. It 
is estimated that the overall number of respondents filing FC-2, FC-3 
or FFIEC 035 reports will decline by over 40%.
    2. Columns for the U.S. dollar and Euro currencies have been added 
to the face of each form FC-1, FC-2, and FC-3; and to the Options 
Addenda on forms FC-2 and FC-3. Special instructions for reporting the 
Euro currency have been included in Section E. Definitions, Specified 
Currencies of FC-1, FC-2, and FC-3. We anticipate that the current high 
level of German mark contracts reported will be replaced by reported 
Euro contracts. The proposal to maintain a column on the forms for mark 
contracts gives respondents the option to report such contracts either 
as German marks or as Euros.
    3. Columns for ``All Other combined [currencies] (excludes US$ and 
currencies in columns 1-5) in US$ equivalent' have been removed from 
forms FC-2 and FC-3 and their Options Addenda.
    4. The requirement to report the ``Memorandum-Cross Currency 
Interest Rate Swaps'' has been removed from forms FC-2 and FC-3.
    5. The exemption level for reporting on the Options Addendum has 
been raised from $100 million to $500 million on forms FC-2 and FC-3. 
In addition, the exemption level for reporting ``Net Options Position, 
Delta Equivalent Value Long or (Short)'' has been raised from $100 
million to $500 million on form FC-1.
    6. The requirement to report the ``Currency Code'' and ``Net Delta 
Equivalent Value'' of the two largest currencies on the form FC-2 
Options Addendum has been removed.
    7. A requirement to report all foreign currency denominated assets 
and all foreign currency denominated liabilities has been added to 
forms FC-2 and FC-3. This replaces a requirement to report foreign 
currency denominated non-capital assets and non-capital liabilities on 
forms FC-2 and FC-3; and a requirement to report the foreign currency 
denominated ``Net Capital Asset (Liability) Position'' on form FC-2.
    Type of Review: Revision.

[[Page 37623]]

    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents:

Foreign Currency Form FC-1: 35 respondents
Foreign Currency Form FC-2: 35 respondents
Foreign Currency Form FC-3: 66 respondents

    Estimated Time Per Respondent:

Foreign Currency Form FC-1: One (1) hour per respondent per response
Foreign Currency Form FC-2: Four (4) hours per respondent per response
Foreign Currency Form FC-3: Eight (8) hours per respondent per response

    Estimated Total Annual Burden Hours:

Foreign Currency Form FC-1: 1,820 hours, based on 52 reporting periods 
per year.
Foreign Currency Form FC-2: 1,680 hours, based on 12 reporting periods 
per year.
Foreign Currency Form FC-3: 2,112 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 OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (1) Whether Foreign Currency Forms FC-1, FC-2, FC-3 are necessary 
for the proper performance of the functions of the Department of the 
Treasury, including whether the information has practical uses; (b) the 
accuracy of the agency's estimate of the burden of the collection of 
information; (c) ways to enhance the quality, utility, and clarity of 
the information to be collected; and (d) ways to minimize the burden of 
the collection of information on respondents, including the use of 
automated collection techniques or other forms of information 
technology.
T. Ashby McCown,
Director, Office of International Financial Anaysis.
[FR Doc. 98-18480 Filed 7-10-98; 8:45 am]
BILLING CODE 4810-25-M