Treasury Foreign Currency (TFC) Forms FC-1, FC-2 & FC-3

Forms and Documents

Document	Type	Status	Availability
Form FC-3 Quarterly Consolidated Foreign Currency Report (FC-3)	Form	New	Available
Form FC-1 Weekly Consolidated Foreign Currency Report of Major Market Participants (FC-1)	Form	New	Available
Form FC-2 Monthly Consolidated Foreign Currency Report of Major Market Participants (FC-2)	Form	Modified	Available
1505-0010 Supporting Statement A&B 2017-11.docx	Supporting Statement A	Uploaded 2017-11-28	Available
31C.F.R.5315etal.txt	Supplementary Document	Uploaded 2006-11-08	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
229224	Quarterly Consolidated Foreign Currency Report (FC-3)	Form	New
229222	Weekly Consolidated Foreign Currency Report of Major Market Participants (FC-1)	Form	New
15070	Monthly Consolidated Foreign Currency Report of Major Market Participants (FC-2)	Form	Modified

ICR Details

OMB Control No: 1505-0010	ICR Reference No: 201711-1505-003
Status: Active	Previous ICR Reference No: 201405-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Treasury Foreign Currency (TFC) Forms FC-1, FC-2 & FC-3
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/21/2018
	Date Received in OIRA: 11/30/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2021	36 Months From Approved	02/28/2018
Responses	2,128	0	300
Time Burden (Hours)	4,208	0	1,080
Cost Burden (Dollars)	0	0	0

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Abstract: Completion of Foreign Currency Forms FC-1 (1505-0012), FC-2 (1505-0010), and FC-3 (1505-0014), to be filed by major market participants, is required under Title II of Public Law 93-110 (87 Stat. 352, 31 U.S.C. 5315), and implementing regulations. The data collected on Foreign Currency Forms FC-1, FC-2 and FC-3 are used in connection with supplemental information from other sources to better understand the sources and nature of mobile capital flows which can have a significant impact on the functioning of the international monetary system. Aggregate data from these forms are published quarterly in the “Foreign Currency Positions” section of the Treasury Bulletin. Data reported by individual firms may be made available to other Federal agencies and to the Federal Reserve District Banks. Data are made available to the Federal Reserve System for analysis of market forces to aid in the formulation and implementation of U.S. monetary policy and operations in foreign exchange markets. In addition, data reported by individual banks may be made available to the Federal Reserve Board insofar as authorized by Section 11(a) of the Federal Reserve Act, as amended (12 U.S.C. 248(a)(2)).

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Authorizing Statute(s): Statute at Large: 87 Stat. 352 Name of Statute: null
   US Code: 31 USC 5315 Name of Law: Title II of Public Law 93-110
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 26570	06/07/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 56325	11/28/2017
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Quarterly Consolidated Foreign Currency Report (FC-3)	FC-3	Quarterly Consolidated Foreign Currency Report
Weekly Consolidated Foreign Currency Report of Major Market Participants (FC-1)	FC-1	Weekly Consolidated Foreign Currency Report of Major Market Participants
Monthly Consolidated Foreign Currency Report of Major Market Participants (FC-2)	FC-2	Monthly Consolidated Foreign Currency Report of Major Market Participants

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,128	300	0	1,516	312	0
Annual Time Burden (Hours)	4,208	1,080	0	2,768	360	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increases in total burden hours of 208 hours for Form FC-1 and 216 hours for Form FC-2 are entirely the result of increases in the number of respondents. The decrease of 64 hours for Form FC-3 is entirely the result of a decrease in the number of respondents. The estimates of total burden hours currently carried in OMB's Information Collection Inventory are 1,040 for Form FC-1, 1,080 for FC-2, and 1,728 for FC-3. This ICR also shows an increase due to the consolidation of all three TFC forms into a single ICR. Currently, FC-1 and FC-3 are covered by separate ICRs (1505-0012 & 1505-0014, respectively). Upon approval of this consolidated ICR, those two OMB control numbers will be discontinued.

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Annual Cost to Federal Government: $80,675

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/30/2017

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