Interest Rate Paid on Cash Deposited To Secure U.S. Immigration and Customs Enforcement Immigration Bonds, 32835 [2019-14497]
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Federal Register / Vol. 84, No. 131 / Tuesday, July 9, 2019 / Notices
khammond on DSKBBV9HB2PROD with NOTICES
(agencies) issued an interim final rule
amending the agencies’ regulations that
require swap dealers and security based
swap dealers (Swap Margin Rule) under
the agencies’ respective jurisdictions to
exchange margin with their
counterparties for swaps that are not
centrally cleared. Swaps entered into
before the effective dates of the Swap
Margin Rule are grandfathered by the
Swap Margin Rule until they expire
according to their terms. There are
currently financial services firms in the
United Kingdom (U.K.) that conduct
swap dealing activities subject to the
Swap Margin Rule. If the U.K.
withdraws from the European Union
(E.U.) without a negotiated agreement
between the U.K. and E.U., entities
located in the U.K. may not be
authorized to provide full-scope
financial services to swap
counterparties located in the E.U. The
agencies are addressing a scenario
whereby entities located in the U.K.
might transfer their existing swap
portfolios that face counterparties
located in the E.U. over to an affiliate or
other related establishment located
within the E.U. or the United States
(U.S.). These transfers, if carried out in
accordance with the conditions of the
interim final rule, will not trigger the
application of the Swap Margin Rule to
grandfathered swaps that were entered
into before the Swap Margin Rule’s
compliance dates.
The interim final rule distinguishes
transfers initiated by the financial entity
standing as the covered swap entity at
the completion of the transaction from
a transfer initiated by the covered swap
entity’s counterparty. In the case of
transfers initiated by the covered swap
entity’s counterparty, the counterparty
must make a representation to the
covered swap entity that the
counterparty carried out the swap in
accordance with both elements of the
purpose test.3 Twelve CFR 45.1(h)
specifies that transfers of legacy swaps
initiated by a covered swap entity’s
3 The purpose test requires that the financial
entity located in the U.K. arrange to make the
amendments to the non- cleared swap solely for the
purpose of transferring the non-cleared swap to an
affiliate or other related establishment that is
located in an E.U. Member State or the United
States. This purpose test also contains a
requirement that the transfer be made in connection
with the U.K. entity’s planning for the possibility
that the U.K. might exit the E.U. without a
negotiated agreement, or the U.K. entity’s response
to such an event.
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counterparty require a representation to
the covered swap entity that the
counterparty carried out the swap in
accordance with both elements of the
purpose test in order to remain outside
the scope of the Swap Margin. This
requirement constitutes a third party
disclosure under the PRA.
Estimated Number of Respondents:
10.
Estimated Burden per Response: 1
hour.
Total Estimated Burden: 10 hours.
Type of Review: Regular.
Affected Public: Individuals;
Businesses or other for-profit.
Frequency of Response: On occasion.
Comments submitted in response to
this notice will be summarized,
included in the request for OMB
approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’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;
(d) Ways to minimize the burden of
the 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.
Dated: July 2, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2019–14544 Filed 7–8–19; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Interest Rate Paid on Cash Deposited
To Secure U.S. Immigration and
Customs Enforcement Immigration
Bonds
Departmental Offices, Treasury.
Notice.
AGENCY:
ACTION:
For the period beginning July
1, 2019, and ending on September 30,
2019, the U.S. Immigration and Customs
SUMMARY:
PO 00000
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Fmt 4703
Sfmt 4703
32835
Enforcement Immigration Bond interest
rate is 2.37 per centum per annum.
Rates are applicable July 1, 2019
to September 30, 2019.
DATES:
Comments or inquiries may
be mailed to Will Walcutt, Supervisor,
Funds Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Services, Parkersburg, West Virginia
26106–1328.
You can download this notice at the
following internet addresses: https://
www.treasury.gov or https://
www.federalregister.gov.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Ryan Hanna, Manager, Funds
Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Service, Parkersburg, West Virginia
261006–1328, (304) 480–5120; Will
Walcutt, Supervisor, Funds
Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Services, Parkersburg, West Virginia
26106–1328, (304) 480–5117.
Federal
law requires that interest payments on
cash deposited to secure immigration
bonds shall be ‘‘at a rate determined by
the Secretary of the Treasury, except
that in no case shall the interest rate
exceed 3 per centum per annum.’’ 8
U.S.C. 1363(a). Related Federal
regulations state that ‘‘Interest on cash
deposited to secure immigration bonds
will be at the rate as determined by the
Secretary of the Treasury, but in no case
will exceed 3 per centum per annum or
be less than zero.’’ 8 CFR 293.2.
Treasury has determined that interest on
the bonds will vary quarterly and will
accrue during each calendar quarter at
a rate equal to the lesser of the average
of the bond equivalent rates on 91-day
Treasury bills auctioned during the
preceding calendar quarter, or 3 per
centum per annum, but in no case less
than zero. [FR Doc. 2015–18545] In
addition to this Notice, Treasury posts
the current quarterly rate in Table 2b—
Interest Rates for Specific Legislation on
the TreasuryDirect website.
SUPPLEMENTARY INFORMATION:
Gary Grippo,
Deputy Assistant Secretary for Public
Finance.
[FR Doc. 2019–14497 Filed 7–8–19; 8:45 am]
BILLING CODE 4810–25–P
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]]>Agencies
[Federal Register Volume 84, Number 131 (Tuesday, July 9, 2019)]
[Notices]
[Page 32835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14497]
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DEPARTMENT OF THE TREASURY
Interest Rate Paid on Cash Deposited To Secure U.S. Immigration
and Customs Enforcement Immigration Bonds
AGENCY: Departmental Offices, Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: For the period beginning July 1, 2019, and ending on September
30, 2019, the U.S. Immigration and Customs Enforcement Immigration Bond
interest rate is 2.37 per centum per annum.
DATES: Rates are applicable July 1, 2019 to September 30, 2019.
ADDRESSES: Comments or inquiries may be mailed to Will Walcutt,
Supervisor, Funds Management Branch, Funds Management Division, Fiscal
Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia
26106-1328.
You can download this notice at the following internet addresses:
https://www.treasury.gov or https://www.federalregister.gov.
FOR FURTHER INFORMATION CONTACT: Ryan Hanna, Manager, Funds Management
Branch, Funds Management Division, Fiscal Accounting, Bureau of the
Fiscal Service, Parkersburg, West Virginia 261006-1328, (304) 480-5120;
Will Walcutt, Supervisor, Funds Management Branch, Funds Management
Division, Fiscal Accounting, Bureau of the Fiscal Services,
Parkersburg, West Virginia 26106-1328, (304) 480-5117.
SUPPLEMENTARY INFORMATION: Federal law requires that interest payments
on cash deposited to secure immigration bonds shall be ``at a rate
determined by the Secretary of the Treasury, except that in no case
shall the interest rate exceed 3 per centum per annum.'' 8 U.S.C.
1363(a). Related Federal regulations state that ``Interest on cash
deposited to secure immigration bonds will be at the rate as determined
by the Secretary of the Treasury, but in no case will exceed 3 per
centum per annum or be less than zero.'' 8 CFR 293.2. Treasury has
determined that interest on the bonds will vary quarterly and will
accrue during each calendar quarter at a rate equal to the lesser of
the average of the bond equivalent rates on 91-day Treasury bills
auctioned during the preceding calendar quarter, or 3 per centum per
annum, but in no case less than zero. [FR Doc. 2015-18545] In addition
to this Notice, Treasury posts the current quarterly rate in Table 2b--
Interest Rates for Specific Legislation on the TreasuryDirect website.
Gary Grippo,
Deputy Assistant Secretary for Public Finance.
[FR Doc. 2019-14497 Filed 7-8-19; 8:45 am]
BILLING CODE 4810-25-P
