Reporting and Disclosure Requirements Associated with the Policy on Payments System Risk (PSR Policy)

Forms and Documents

Document Name	Status
FR4102.PSR-Policy.200707.omb.doc Supporting Statement A	2007-08-21

IC Document Collections

IC ID	Document Title	Status
181722	Biennial review and report Other-Discription of information collection	New
181721	Initial self-assessment Other-Discription of information collection	New

ICR Details

OMB Control No: 7100-0315	ICR Reference No: 200708-7100-005
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR 4102
Title: Reporting and Disclosure Requirements Associated with the Policy on Payments System Risk (PSR Policy)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/21/2007
	Date Received in OIRA: 08/21/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2010	36 Months From Approved
Responses	6	0	0
Time Burden (Hours)	1,140	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Reserve adopted several revisions to Part I of its PSR Policy addressing risk management in payments and settlement systems. Specifically, the Federal Reserve (1) incorporated into the PSR Policy the Recommendations for Central Counterparties (CCP) as the Federal Reserve’s minimum standards for central counterparties, (2) clarified the purpose of Part I of the policy and revised its scope with regard to central counterparties, and (3) established an expectation that systemically important systems (subject to the Federal Reserve Board’s authority) disclose publicly self-assessments against the Core Principles, Recommendations for Securities Settlement Systems, or Recommendations for CCP, as appropriate, demonstrating the extent to which these systems meet the principles or minimum standards.

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Authorizing Statute(s): US Code: 12 USC 248(i) & (j), 342, 248(o), 360 Name of Law: Federal Reserve Act
   US Code: 12 USC 4008(c)(1) Name of Law: Expedited Funds Availability Act
  

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:
	71 FR 36800	06/28/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 2518	01/19/2007
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Biennial review and report
Initial self-assessment

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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	6	0	0	6	0	0
Annual Time Burden (Hours)	1,140	0	0	1,140	0	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: New information collection

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Annual Cost to Federal Government: $0

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

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: 08/21/2007

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