Treasury Seeks Comments On Foreign Currency Forms.

The Treasury, as part of a paperwork reduction effort, has asked for public comment on Foreign Currency Forms FC-1, "Weekly Consolidated Foreign Currency Report of Major Market Participants," FC-2, "Monthly Consolidated Foreign Currency Report of Major Market Participants," and FC-3, "Quarterly Consolidated Foreign Currency Report." Comments are due by August 12, 1996, and should be sent to T. Ashby McCown, Office of International Financial Analysis, Department of the Treasury, Room 5124, 1500 Pennsylvania Ave., NW, Washington, DC 20220.

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DEPARTMENT OF TREASURY

[1] PROPOSED COLLECTION: COMMENT REQUEST

[2] ACTION: Notice and request for comments.

[3] SUMMARY: 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 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.

[4] DATES: Written comments should be received on or before August 12, 1996 to be assured of consideration.

[5] ADDRESS: Direct all written comments to T. Ashby McCown, Director, Office of International Financial Analysis, Department of the Treasury 1500 Pennsylvania Avenue, N.W., Room 5124, Washington, D.C. 20220, Telephone (202) 622-2250.

[6] 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:

[7] Title: Weekly Consolidated Foreign Currency Report of Major Market Participants, Foreign Currency Form FC-1.

[8] OMB Number: 1505-0012.

[9] Title: Monthly Consolidated Foreign Currency Report of Major Market Participants, Foreign Currency Form FC-2.

[10] OMB Number: 1505-0010.

[11] Title: Quarterly Consolidated Foreign Currency Report, Foreign Currency Form FC-3.

[12] OMB Number: 1505-0014.

[13] Abstract: Foreign Currency Forms FC-1, FC-2, and FC-3 are required by law, Public Law 93-110 (31 U.S.C. 5315 and 5321(a)(3)), which directs the Secretary of the Treasury to prescribe regulations requiring 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 F-3 are contained in Title 31 Part 128 of the Code of Federal Regulations (31 C.F.R. 128) which were published in the Federal Register on November 2, 1993 (58 F.R. 58494-58497).

[14] Current Actions: Minor changes made to instructions for FC-1, FC-2, and FC-3.

[15] Type of Review: Extension.

[16] Affected Public: Business or other for-profit.

[17] Estimated Number of Respondents:

Foreign Currency Form FC-1: 37 respondents

Foreign Currency Form FC-2: 7 respondents

Foreign Currency Form FC-3: 60 respondents

Estimated Time Per Respondent:

Foreign Currency Form FC-1: One (1) hour per respondent per

Foreign Currency Form FC-2: Four (4) hours per respondent per

Foreign Currency Form FC-3: Eight (8) hours per respondent per

[18] Estimated Total Annual Burden Hours:

Foreign Currency Form FC-1: 1,924 hours, based on 52 reporting

Foreign Currency Form FC-2: 336 hours, based on 12 reporting

Foreign Currency Form FC-3: 1,920 hours, based on 4 reporting

[19] 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: (a) whether Foreign Currency Forms FC-1, FC- 2, FC-3 are necessary for the proper performance of the functions of the Office, 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.

Dated: June 10, 1996.

T. Ashby McCown,

[FR Doc. 96-15101 Filed 6-13-96; 8:45 am]