Agency Forms Under Review

FEDERAL RESERVE SYSTEM

Agency Forms Under Review

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice.

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BACKGROUND: On June 15, 1984, the Office of Management and Budget (OMB)

delegated to the Board of Governors of the Federal Reserve System

(Board) its approval authority under the Paperwork Reduction Act of

1980, as per 5 CFR 1320.9, to approve of and assign OMB control numbers

to collection of information requests and requirements conducted or

sponsored by the Board under conditions set forth in 5 CFR 1320.9.

Board-approved collections of information will be incorporated into the

official OMB inventory of currently approved collections of

information. A copy of the SF 83 and supporting statement and the

approved collection of information instrument(s) will be placed into

OMB's public docket files. The following forms, which are being handled

under this delegated authority, have received initial Board approval

and are hereby published for comment. At the end of the comment period,

the proposed information collection, along with an analysis of comments

and recommendations received, will be submitted to the Board for final

approval under OMB delegated authority.

DATES: Comments must be submitted on or before July 5, 1994. This

shortened comment period is due to the fact that all thirty-nine

primary dealers have consulted with Federal Reserve staff regarding

these changes and have implemented all of the necessary programming

changes.

ADDRESSES: Comments, which should refer to the OMB Docket number (or

Agency form number in the case of a new information collection that has

not yet been assigned an OMB number), should be addressed to Mr.

William W. Wiles, Secretary, Board of Governors of the Federal Reserve

System, 20th and C Streets, NW., Washington, DC 20551, or delivered to

the Board's mail room between 8:45 a.m. and 5:15 p.m., and to the

security control room outside of those hours. Both the mail room and

the security control room are accessible from the courtyard entrance on

20th Street between Constitution Avenue and C Street, NW. Comments

received may be inspected in room B-1122 between 9:00 a.m. and 5:00

p.m., except as provided in Sec. 261.8 of the Board's Rules Regarding

Availability of Information, 12 CFR 261.8(a).

A copy of the comments may also be submitted to the OMB desk

officer for the Board: Milo Sunderhauf, Office of Information and

Regulatory Affairs, Office of Management and Budget, New Executive

Office Building, Room 3208, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form, the

request for clearance (SF 83), supporting statement, instructions, and

other documents that will be placed into OMB's public docket files once

approved may be requested from the agency clearance officer, whose name

appears below. Mary M. McLaughlin, Federal Reserve Board Clearance

Officer (202-452-3829), Division of Research and Statistics, Board of

Governors of the Federal Reserve System, Washington, DC 20551. For the

hearing impaired only, Telecommunications Device for the Deaf (TDD)

Dorothea Thompson (202-452-3544), Board of Governors of the Federal

Reserve System, Washington, DC 20551.

Proposal to Approve Under OMB Delegated Authority the Extension, with

Revision, of the Following Report(s):

1. Report title: Government Securities Dealers Reports.

Agency form number: FR 2004A, B, C, and WI.

OMB Docket number: 7100-0003.

Frequency: Weekly and on occasion.

Reporters: Primary dealers in U.S. government securities.

Annual reporting hours: 11,544.

Estimated average hours per response: 1.

Number of respondents: 39.

Small businesses are not affected.

General description of report: This information collection is

voluntary [12 U.S.C. 248(a)(2), 353-359a, and 461] and is given

confidential treatment [5 U.S.C. 552(b)(4)].

This group of reports (the ``FR 2004 series'') is used to collect

data on positions, transactions and financing activity from U.S.

government securities dealers. Data needs with respect to the FR 2004

series have changed in light of the Joint Report on the Government

Securities Market submitted to the Congress in January 1992 by the

Federal Reserve, the U.S. Treasury Department, and the Securities and

Exchange Commission. Based on that report, significant changes to the

FR 2004 series of reports have been recommended. A summary of those

changes follows.

For the Weekly Report of Dealer Positions (FR 2004A):

Money market instruments and the addendum section are

eliminated.

Pass-through mortgage-backed securities and all other

mortgage-backed securities are combined into one category.

Federal agency securities are combined into one maturity

category and two maturity categories of Treasury securities are

eliminated.

Option positions are reduced to long and short categories

rather than purchased and sold calls, purchased and sold puts.

Forward positions are reported with immediate positions

under the title ``outright positions''. For the Weekly Report of

Cumulative Transactions (FR 2004B):

The addendum section is eliminated and the Treasury,

agency and mortgage-backed categories are abbreviated as on the

proposed revised FR 2004A.

``Buys'' and ``Sells'' categories are combined.

Primary Dealers are combined with ``customers'' (now

called ``with others'') rather than brokers, and the ``all other''

category is eliminated.

Forward transactions are reported with immediate positions

under the title ``outright transactions''.

For the Weekly Report of Dealer Financing (FR 2004C):

Customer categories are eliminated.

Term agreements are reduced to one category.

The categories ``cash collateral'' and ``securities and

LC's'' are eliminated and replaced by securities received as pledge or

pledged.

Fails are condensed on the proposed report.

For the Daily Report of Dealer Positions in Treasury Financings (FR

2004WI):

Gross long and short positions are replaced by purchases

and sales.

Net financing commitments are added.

For the new Report of Specific Issues (FR 2004SI):

This is an entirely new report that is similar to the

addendum sections of the current FR 2004A and B, except that it

incorporates financing and fails. It is designed to collect information

on specific Treasury securities for market surveillance purposes. It

will be collected weekly on a routine basis. Also, the Federal Reserve

will have the authority to call for reporting of any issue daily, on an

as-needed basis.

For the Report of Suggested Evidence of Accuracy (FR 2004B.1):

Eliminated.

Board of Governors of the Federal Reserve System, June 21, 1994.

William W. Wiles,

Secretary of the Board.

[FR Doc. 94-15442 Filed 6-24-94; 8:45am]

BILLING CODE 6210-01-P