[Federal Register Volume 88, Number 40 (Wednesday, March 1, 2023)]
[Notices]
[Pages 12936-12937]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-04137]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Reporting and Recordkeeping Requirements Associated with
Regulation KK (FR KK; OMB No. 7100-0364).
DATES: Comments must be submitted on or before May 1, 2023.
ADDRESSES: You may submit comments, identified by FR KK, 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: [email protected]. Include the OMB
number or FR number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St 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 confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St NW, Washington, DC 20551, between 9 a.m. and 5 p.m.
on
[[Page 12937]]
weekdays, except for Federal holidays. 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 for the Federal
Reserve Board, 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, [email protected], (202)
452-3884.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (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.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board's public
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose
name appears above. Final versions of these documents will be made
available at https://www.reginfo.gov/public/do/PRAMain, if approved.
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,
Without Revision, the Following Information Collection
Collection title: Reporting and Recordkeeping Requirements
Associated with Regulation KK.\1\
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\1\ The Board has modified the title of this information
collection to reflect that the Board's Regulation KK does not
include any disclosure collections of information, as defined by the
Paperwork Reduction Act (PRA). Specifically, the Board has
determined that section 237.1(h), previously cleared as part of the
FR KK, no longer includes a disclosure collection of information,
because the conditions triggering the disclosure will not occur. In
addition, the Board has determined to omit from the FR KK the
following provisions of Regulation KK that were formerly referenced
in the clearance, because it has determined that they do not
constitute collections of information under the PRA: sections
237.1(d); 237.5(c)(2)(i); 237.8(c)(2); 237.8(d)(5), (12), and (13);
238.8(e); and 237.8(f)(2), (3), and (4).
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Collection identifier: FR KK.
OMB control number: 7100-0364.
General description of collection: Pursuant to sections 731 and 764
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act), the Board, Office of the Comptroller of the Currency (OCC),
Federal Deposit Insurance Corporation (FDIC), Farm Credit
Administration (FCA), and Federal Housing Finance Agency (FHFA)
(collectively, the agencies) have adopted regulations, including the
Board's Regulation KK--Swaps Margin and Swaps Push-out (12 CFR part
237), establishing capital requirements and initial and variation
margin requirements for certain entities on all non-cleared swaps and
non-cleared security-based swaps. These regulations include reporting
and recordkeeping requirements.\2\
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\2\ See 80 FR 74839 (November 30, 2015); see also 79 FR 340
(January 3, 2014). The Board specific rules have been codified in
Regulation KK.
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Frequency: Annual, event generated.
Respondents: Any swap entity \3\ that is a state member bank (as
defined in 12 CFR 208.2(g)), bank holding company (as defined in 12
U.S.C. 1841), savings and loan holding company (as defined in 12 U.S.C.
1467a), foreign banking organization (as defined in 12 CFR 211.21(o)),
foreign bank that does not operate an insured branch, state branch or
state agency of a foreign bank (as defined in 12 U.S.C. 3101(b)(11) and
(12)), or Edge or agreement corporation (as defined in 12 CFR
211.1(c)(2) and (3)), as well as any other entity determined to be a
covered swap entity by the Board.
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\3\ A ``swap entity'' means a person that is registered with the
Commodity Futures Trading Commission (CFTC) as a swap dealer or
major swap participant pursuant to the Commodity Exchange Act of
1936 (Commodity Exchange Act), or a person that is registered with
the U.S. Securities and Exchange Commission (SEC) as a security-
based swap dealer or a major security-based swap participant
pursuant to the Securities Exchange Act of 1934 (Securities Exchange
Act). 12 CFR 237.2.
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Total estimated number of respondents: 1.
Estimated average hours per response:
Reporting Sections 237.8(c) and 237.8(d)-240.
Reporting Section 237.8(f)(3)-50.
Reporting Section 237.9(e)-10.
Reporting Sections 237.22(a)(1) and 237.22(e) (Board only)-7.
Recordkeeping Sections 237.2 (definition of ``eligible master
netting agreement,'' item 4), 237.8(g), and 237.10-5.
Recordkeeping Section 237.7(c)-100.
Recordkeeping Section 237.8(h)-20.
Total estimated annual burden hours: 452.\4\
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\4\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR KK.
Board of Governors of the Federal Reserve System, February 23,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-04137 Filed 2-28-23; 8:45 am]
BILLING CODE 6210-01-P