Federal Register / Vol. 87, No.

122 / Monday, June 27, 2022 / Notices 38259

DEPARTMENT OF THE TREASURY Estimated Number of Respondents: Email: [email protected].

50. Include docket number TREAS–DO–
Agency Information Collection Frequency of Response: 3 per year. 2002–0012 in the subject line of the
Activities; Proposed Collection; Estimated Total Number of Annual message.
Comment Request; Bureau of Responses: 150. All submissions should refer to
Engraving and Printing Features of Estimated Time per Response: 1 hour. docket number TREAS–DO–2022–0012.
Interest Survey for Banknote Estimated Total Annual Burden Please submit your comments using
Equipment Manufacturers Hours: 150. only one method, along with your full
Request for Comments: Comments name and mailing address. We will post
AGENCY: Bureau of Engraving and submitted in response to this notice will comments on www.regulations.gov and
Printing, Department of the Treasury. be summarized and included in the www.treasurydirect.gov. In general,
ACTION: Notice. request for Office of Management and comments received, including
Budget approval. All comments will attachments and other supporting
SUMMARY: The Department of the become a matter of public record. materials, are part of the public record
Treasury, as part of its continuing effort Comments are invited on: (a) whether and are available to the public. Do not
to reduce paperwork and respondent the collection of information is submit any information in your
burden, invites the general public and necessary for the proper performance of comments or supporting materials that
other federal agencies to comment on the functions of the agency, including you consider confidential or
the proposed information collections whether the information shall have inappropriate for public disclosure.
listed below, in accordance with the practical utility; (b) the accuracy of the FOR FURTHER INFORMATION CONTACT: Fred
Paperwork Reduction Act of 1995. agency’s estimate of the burden of the Pietrangeli, Director, Office of Debt
DATES: Written comments must be collection of information; (c) ways to Management, Office of the Assistant
received on or before August 26, 2022. enhance the quality, utility, and clarity Secretary for Financial Markets, at
ADDRESSES: Send comments regarding of the information to be collected; (d) [email protected] or
the burden estimate, or any other aspect ways to minimize the burden of the [email protected].
of the information collection, including collection of information on Questions about submitting comments
suggestions for reducing the burden, to respondents, including through the use should be directed to Lori Santamorena,
Crystal Johnson at Bureau of Engraving of technology; and (e) estimates of Government Securities Regulations
and Printing, BEP and CRM Customer capital or start-up costs and costs of Staff, at (202) 504–3632 or govsecreg@
Support, 14th and C Streets SW, operation, maintenance, and purchase fiscal.treasury.gov.
Washington, DC 20228 or by emailing of services required to provide SUPPLEMENTARY INFORMATION:
BEM_and_CRM_Customer_Support@ information.
bep.gov. Authority: 44 U.S.C. 3501 et seq. I. Background
FOR FURTHER INFORMATION CONTACT: Katherine A. Allen, Treasury, in consultation with other
Copies of the submissions may be BEP PRA Clearance Officer. members of the Inter-Agency Working
obtained from Crystal Johnson by Group on Treasury Market Surveillance
[FR Doc. 2022–13594 Filed 6–24–22; 8:45 am]
emailing BEM_and_CRM_Customer_ (IAWG),1 is exploring the possibility of
BILLING CODE 4840–01–P
[email protected], calling (202) 664– additional post-trade transparency of
3466, or viewing the entire information data for secondary market cash
collection request at www.reginfo.gov. DEPARTMENT OF THE TREASURY transactions of Treasury securities
SUPPLEMENTARY INFORMATION: (which we refer to as the ‘‘Treasury
[Docket No. TREAS–DO–2022–0012] securities market’’ in this request for
Title: Bureau of Engraving and
Printing Features of Interest Survey for information).2 Providing additional
Notice Seeking Public Comment on insight into these transactions may
Banknote Equipment Manufacturers. Additional Transparency for
OMB Control Number: 1520–NEW. enhance liquidity by fostering a greater
Secondary Market Transactions of understanding of market activity across
Type of Review: Request for a new Treasury Securities
OMB Control Number. market segments and supporting the
Description: The Bureau of Engraving AGENCY: Department of the Treasury. smooth functioning of the Treasury
and Printing Feature of Interest Survey ACTION:Notice and request for securities market. Additional
for Banknote Equipment Manufacturers information. transparency may also promote greater
(BEMs) is voluntarily completed by competition in the Treasury securities
BEM companies to inform BEP’s efforts SUMMARY: The Department of the
to develop features to be included in Treasury (Treasury) is seeking public 1 The IAWG members are Treasury, the Board of

comment on additional post-trade Governors of the Federal Reserve System (Federal

future Federal Reserve Note (FRN) Reserve Board), the Federal Reserve Bank of New
redesigns. The survey gives BEM transparency of data regarding York (FRBNY), the Securities and Exchange
companies the opportunity to comment secondary market transactions of Commission (SEC), and the Commodity Futures
whether proposed features and/or FRN Treasury securities, including potential Trading Commission (CFTC).
2 In addition, at the November 2021 U.S. Treasury
redesigns (a.k.a. Features of Interest) can benefits and risks of several examples of
Market Conference, Treasury Under Secretary for
be detected, validated, transported, and potential ways to build on existing Domestic Finance Nellie Liang highlighted past
stored by their products. Banknote public transparency. improvements in data quality and transparency and
Equipment Manufacturers (BEMs) are DATES: Comments are due by August 26, noted Treasury ‘‘will consider ways to improve
jspears on DSK121TN23PROD with NOTICES1

2022. transparency about transactions, such as providing

companies that produce any type of data at a higher frequency, building on lessons
equipment that handles banknotes for ADDRESSES: You may submit comments learned from the recent expanded reporting of
commercial purposes involving accept/ using any of the following methods: weekly volumes and recognizing investors’ needs to
reject decisions for FRNs. Federal eRulemaking Portal: be able to transact quickly in large quantities.’’
Remarks by Under Secretary for Domestic Finance
Form: None. www.regulations.gov. Follow the Nellie Liang at the 2021 Treasury Market
Affected Public: Businesses or other instructions on the website for Conference’’ (Nov. 17, 2021), available at https://
for profits. submitting comments. home.treasury.gov/news/press-releases/jy0491.

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 38260 Federal Register / Vol. 87, No. 122 / Monday, June 27, 2022 / Notices

market. However, based on the vital Treasury market segments, including release of weekly aggregates provides
roles and unique structure of the cash, funding, and derivatives. helpful information without negative
Treasury securities market, careful In referring to the March 2020 public implications for liquidity, and that
consideration is necessary regarding release of the TRACE Treasury further transparency could be beneficial.
how much and in what form Aggregate Statistics, the Staff Progress Since receiving the TRACE data,
information should be made available, Report noted that ‘‘given the positive Treasury has coordinated with other
so that market participants are not feedback received on the release of this IAWG members and FINRA to
disincentivized from providing liquidity data, and the lack of negative market understand how to improve the quality
and one group of participants is not feedback, it is consistent with prior of the TRACE data, principally to better
unduly favored over another. principles to explore increasing inform the official sector, but also in
Specifically, consideration is necessary transparency further.’’ 5 consideration of potential additional
given characteristics of the Treasury Timeline of Treasury TRACE Data public transparency. FINRA has taken
market structure that differ from other Dissemination and Improving Data several actions to improve the quality
fixed-income markets, such as Quality and coverage of the TRACE data,
differences in market segmentation, including requiring large alternative
overall volumes, individual trades sizes, Beginning in 2017, the Financial
Industry Regulatory Authority (FINRA) trading systems (ATS) to identify non-
types of market participants, and FINRA member subscribers (such as
methods of execution. Treasury is required its members to report Treasury
secondary market transactions through principal trading firms) on transaction
interested in hearing from the public on reports,11 clarifying the exclusion of
the potential benefits and risks of its Trade Reporting and Compliance
Engine (TRACE) and shared this data auction transactions,12 and requiring
several examples of potential ways to FINRA members to separately report
build on existing public transparency. with Treasury, the Federal Reserve
Board, FRBNY, the SEC, and the CFTC.6 transactions that occur within discrete
IAWG Workstreams In 2018, Treasury conducted trading sessions on ATSs, thereby more
This request for information regarding extensive market outreach and analysis clearly identifying who is trading with
additional post-trade transparency for to better understand the potential whom in certain instances.13
secondary market cash transactions of benefits and risks of additional public In addition, in consultation with
Treasury securities is part of the transparency for Treasury securities Treasury, FINRA solicited comments in
ongoing work of the IAWG to strengthen TRACE transaction data.7 December 2020 on potential
the resilience of the Treasury market Informed by that effort, FINRA, in enhancements to the transaction data
across all segments, including cash, consultation with Treasury and with the reported to TRACE.14 The potential
futures, and financing. As the deepest approval of the SEC,8 began publicly changes to TRACE reporting of Treasury
and most liquid financial market in the releasing weekly aggregate volumes, securities transactions would (1) require
world, the Treasury market serves referred to as ‘‘TRACE Treasury more granular timestamps where
several key functions, including Aggregate Statistics,’’ in March 2020 applicable, (2) shorten the reporting
enabling the financing of the federal based on security type, interdealer or timeframe from end-of-day to within 60
government at the least cost, providing dealer-to-customer venue, remaining minutes in most cases, (3) standardize
a safe and liquid asset to support the term to maturity, and whether the price reporting, including separating
flow of capital and credit to households securities were the most recently ATS fees, and (4) introduce new
and businesses, and facilitating the auctioned (on-the-runs) or were more modifiers to identify non-ATS venues,
implementation of monetary policy. To seasoned (off-the-runs).9 The following methods of execution, trading units
support these functions and to improve year, enhancements were made to the within a firm executing a trade, multi-
Treasury market resilience, the IAWG’s weekly aggregates, specifically releasing leg trading strategies, and methods used
work has been organized into five historical data since January 2019 and to clear and settle transactions.15
workstreams: improving resilience of incorporating the 20-year sector to Furthermore, in October 2021 the
market intermediation; improving data accommodate the re-introduction of the Federal Reserve Board adopted a
quality and availability; evaluating 20-year nominal coupon bond.10 Market proposal to require certain depository
expanded central clearing; enhancing feedback has indicated the current institutions to report Treasury securities
trading venue transparency and transactions to TRACE beginning in
oversight; and assessing effects of fund 5 Id.
September 2022.16 Reporting by
leverage and liquidity risk management 6 FINRA Regulatory Notice 16–39, available at

practices.3 As outlined in the November https://www.finra.org/sites/default/files/notice_

11 Effective April 1, 2019, large alternative trading
doc_file_ref/Regulatory-Notice-16-39.pdf.
2021 Staff Progress Report (Staff 7 ‘‘Remarks of Deputy Secretary Justin Muzinich systems were required to identify non-FINRA
Progress Report), IAWG staffs proposed at the 2019 US Treasury Market Structure member subscriber counterparties in TRACE reports
‘‘transparency that fosters public Conference’’ (Sept. 23, 2019), available at https:// to be used for regulatory purposes and not made
home.treasury.gov/news/press-releases/sm782. public. See FINRA Regulatory Notice 18–34,
confidence, fair trading, and a liquid available at https://www.finra.org/rules-guidance/
8 ‘‘Order Approving Proposed Rule Change To
market’’ as a principle to guide public notices/18-34.
Allow FINRA To Publish or Distribute Aggregated
policy decisions in the Treasury Transaction Information and Statistics on U.S.
12 FINRA TRACE Trade Reporting Notice U.S.

securities market, and created a Treasury Securities,’’ available at https:// Treasury Securities Auction Awards, available at
workstream on improving data quality www.finra.org/sites/default/files/2019-12/SR- https://www.finra.org/sites/default/files/notice_
FINRA-2019-028-Approval-Order.pdf. doc_file_ref/Trade-Reporting-Notice-010919.pdf.
and availability.4 The Staff Progress 13 Effective April 12, 2019, a temporary
9 ‘‘Now Available—Weekly Aggregated Reports
Report described variations in data exemption expired that permitted aggregate
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and Statistics for U.S. Treasury Securities’’ (Mar.

quality and availability for various 10, 2020), available at https://www.finra.org/filing- reporting for certain ATS transactions. See FINRA
reporting/trace/now-available-weekly-aggregated- Regulatory Notice 19–03, available https://
3 Id. reports-and-statistics-us-treasury. www.finra.org/rules-guidance/notices/19-03.
10 ‘‘Enhancements to Weekly Aggregated Reports 14 FINRA Regulatory Notice 20–43, available at
4 ‘‘Recent Disruptions and Potential Reforms in

the U.S. Treasury Market: A Staff Progress Report’’ and Statistics for U.S. Treasury Securities’’ (Apr. 29, https://www.finra.org/sites/default/files/2020-12/
(Nov. 8, 2021), available at https:// 2021), available at https://www.finra.org/filing- Regulatory-Notice-20-43.pdf.
15 Id.
home.treasury.gov/system/files/136/IAWG- reporting/trace/enhancements-weekly-aggregated-
Treasury-Report.pdf. reports-statistics-us-treasury-securities. 16 86 FR 59716 (Oct. 28, 2021).

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 Federal Register / Vol. 87, No. 122 / Monday, June 27, 2022 / Notices 38261

depository institutions will fill a key of the day. As stated above, FINRA’s intermediaries to engage in large
gap in the current TRACE data. recent proposal would reduce this institutional risk transfer in the
timeframe to 60 minutes. In some Treasury securities market, in particular
Recent FINRA Actions
instances, transactions may be reported for off-the-run Treasury securities. This
Regarding data quality, in May 2022 late or revised after the reporting could in turn adversely affect market
FINRA filed with the SEC a proposal to timeframe. The current weekly aggregate liquidity including, but not limited to,
amend its rules for reporting statistics are released with a lag of two bid-ask spread and depth of market and
transactions to TRACE, requiring that business days to incorporate most of ultimately Treasury’s debt issuance
(1) timestamps for most electronic these late or revised transactions. costs.
transactions are reported at the finest However, after the weekly aggregate In contrast, other market participants
increment captured by the execution statistics are published, they are not have cited the benefits of additional
system, and (2) transactions are amended to incorporate additional late transparency, including post-trade data
generally reported as soon as practicable transactions or revisions. If transaction for use in transaction cost analysis and
but no later than 60 minutes.17 data were released with a shorter delay, for greater visibility into intermediation
Regarding additional transparency, additional consideration would need to patterns, which could help inform
also in May 2022, the FINRA Board of be given to the potential effects or investor decisions around capital
Governors approved the submission to treatment of late or revised transactions. allocation to various segments of the
the SEC of a proposal to publish Another consideration when Treasury securities market.
aggregated transaction information on evaluating the benefits and risks of Please include in your comments: (1)
Treasury securities more frequently, in additional transparency is measuring any data or reasons related to your
response to a request from Treasury.18 liquidity. One common definition of views, including examples; (2) any
II. Solicitation for Comments liquidity in the Treasury securities alternative approaches and options that
market is the ability to both transact should be considered; and (3) any
Treasury is seeking public comment continuously and trade in large specific recommendations regarding the
on additional post-trade transparency in appropriate form for publicly released
quantities at minimal cost.20 Measuring
the Treasury securities market, transaction information. Where
liquidity generally relies on observing a
including potential benefits and risks of appropriate, please distinguish between
collection of price and quantity metrics,
several options to build on existing the different Treasury security types
such as the quoted spread between bid
public transparency. (i.e., fixed-rate nominal coupons, bills,
Any additional transparency should and offer prices, the depth of resting
orders in a central-limit order book, the TIPS, FRNs, and STRIPS),
take into consideration the differences
replenishment rate of central-limit book characteristics (e.g., on-the-run, off-the-
among security types and trading
orders, or the price impact in response run, etc.), and market segments (e.g.,
venues. For example, on-the-run fixed-
to large net flows. Treasury is also interdealer, dealer-to-customer, etc.).
rate nominal Treasury securities are
interested in additional perspectives on We also welcome comments on any
actively traded, accounting for an
how best to measure liquidity in the aspect of additional post-trade
average of about 60% of the weekly
volume for all Treasury securities,19 Treasury securities market and how transparency not addressed in this
with a significant portion occurring on liquidity is likely to change with request for information.
electronic interdealer platforms. In additional transparency of transactions. 1. Benefits and Risks of Additional
contrast, other Treasury securities, More generally, Treasury seeks
Public Transparency in the Treasury
including off-the-run fixed-rate nominal feedback on security characteristics,
Securities Market
securities, are more often traded market structure features, and other
factors when considering additional 1.1 What are the main benefits of
between dealers and customers, in additional transparency of data
larger individual trade sizes, and are transparency, as well as specific
recommendations to help ensure the regarding transactions in the Treasury
more likely to use voice-based methods securities market? Please elaborate on
or electronic request-for-quote. In public release of information
appropriately balances the benefits and the benefits. How should the benefits be
addition, further differences exist
risks. measured?
between fixed-rate nominal coupons, 1.2 What are the main risks of
bills, floating rate notes (FRN), Treasury Responses to the following topics will
help inform Treasury’s policy additional transparency of data
inflation-protected securities (TIPS), regarding transactions in the Treasury
and STRIPS (Separate Trading of perspectives on additional post-trade
data transparency regarding the securities market? Please elaborate on
Registered Interest and Principal of the risks. How should the risks be
Securities). Treasury securities market. Historically,
Treasury has taken a gradual approach measured?
Other considerations for the design of 1.3 In what ways would additional
additional transparency include the to additional public transparency based
on feedback from a range of Treasury transparency further increase public
timing of reporting of transactions to
market participants, including both confidence in the Treasury securities
TRACE and the potential for subsequent
intermediaries and end-user investors. market?
revisions to reports. Under current 1.4 What types of market
FINRA rules, FINRA members must Some market participants have
expressed concerns regarding the effect participants would benefit from
generally report transactions by the end additional transparency? Would some
of additional transparency on the
17 https://www.finra.org/sites/default/files/2022- potential willingness and ability of market participants derive greater
benefit from additional transparency
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05/SR-FINRA-2022-013.pdf.
18 ‘‘May 2022 Board Update’’ (May 20, 2022), 20 For a discussion of measuring liquidity, see relative to others? If yes, please
available at https://www.finra.org/about/ ‘‘Joint Staff Report: The U.S. Treasury Market on elaborate on the types of market
governance/finra-board-governors/meetings/ October 15, 2014’’ (July 13, 2015), available at participants and the specific benefits.
update-finra-board-governors-post-meeting-May- https://home.treasury.gov/system/files/276/joint- 1.5 What types of market
2022. staff-report-the-us-treasury-market-on-10-15-
19 Treasury staff calculations based on the 2014.pdf, and ‘‘Notice Seeking Public Comment on
participants would be harmed more
publicly available TRACE Treasury Aggregate the Evolution of the Treasury Market Structure,’’ 81 from additional transparency? Would
Statistics for 2021. FR 3928 (Jan. 22, 2016). some market participants derive greater

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 38262 Federal Register / Vol. 87, No. 122 / Monday, June 27, 2022 / Notices

harm from additional transparency released. Please comment on the 5.3 How should additional
relative to others? If yes, please benefits and risks of this example. transparency vary, if at all, based on (a)
elaborate on the types of market 4.2 Example B. Adding to Example security type (i.e., fixed-rate nominal
participants and the specific harms. A, transaction-level details could be coupons, bills, FRNs, TIPS, and
1.6 In what form (e.g., granularity of released for on-the-run nominal STRIPS), (b) on-the-run or off-the-run
data, aggregation of data, frequency of coupons. Please comment on the status, (c) maturity, or (d) other security
release, time of day, data format, etc.) benefits and risks of this example, characteristics including, but not
would public release of Treasury including whether transactions above a limited to, average trading volumes or
securities transactions market data best certain dollar value should disclose the trade size?
balance the potential benefits and actual trade size or be subject to caps or 5.4 What pricing information would
harms? Please elaborate. additional delays. What specific caps or be the most beneficial to release, such
2. Considerations for Additional Public delays would be preferable, if any? as end-of-day prices, volume-weighted
Transparency as it Relates to Market 4.3 Example C. Adding to Example average prices, or transaction-level
Resilience B, transaction-level details could be prices? What pricing information would
released for every Treasury security. be most harmful to release? Please
2.1 How would additional Please comment on the benefits and explain your reasoning and how such
transparency improve Treasury risks of this example, including whether information would be of use.
securities market resilience? volume caps or delays should be 5.5 If price information is aggregated
2.2 Please provide specific tailored to different segments based on for release, how should the pricing
examples, if applicable, of how the different liquidity characteristics of information be calculated, such as for a
additional transparency would have Treasury securities in those segments. weighted average? Is there a certain time
helped improve or hurt market 4.4 Are there other examples that of day that prices should be captured, or
resilience during recent periods of Treasury should consider, or is there a certain time range to calculate
market volatility such as the October modifications to Examples A, B, and C? averages (e.g., volume-weighted prices
2014 flash rally, the September 2019 Please elaborate. by tenor from 9 a.m. to 3.30 p.m.)? Is
repo market pressures, and the March there a preference for yield or price or
4.5 In addition to the examples
2020 COVID–19 pandemic-related some other pricing convention? Please
above, what are your views on
dislocations.21 be specific by security type.
providing transaction-level data with
3. Considerations for Additional Public anonymized participant identification, 5.6 What types of transactions (e.g.,
Transparency as it Relates to Market with a significant lag, that could either swap box, basis, affiliate, and others)
Liquidity be available to the public or only be should be identified separately due to a
3.1 How would you define liquidity available to academic institutions for different pricing convention that could
in the Treasury securities market? the purpose of research? result in prices appearing to be different
3.2 What data or metrics should be 4.6 Please indicate which of the from the prevailing market price if not
used to measure liquidity in the above examples you most prefer, or if properly identified? How should these
Treasury securities market? you prefer an outcome not represented trades be identified and represented in
3.3 How could additional in these examples. Please elaborate. the data for public dissemination? What
transparency incentivize intermediation 4.7 What are the potential benefits is your view on including indicators for
or otherwise improve Treasury and risks of gradually phasing in transactions using a different pricing
securities market liquidity, if at all? additional transparency over time? methodology? Should the pricing of
Please provide specific examples of how What lessons can be drawn about different types of transactions be
additional transparency could improve phasing from the implementation of converted to comparable prices? Please
market liquidity. additional transparency in other elaborate on the benefits and risks.
3.4 How could additional markets? What would be your 6. Other Trade Characteristics
transparency disincentivize recommendation for a phase-in
intermediation or otherwise impair schedule? 6.1 What additional trade details
Treasury securities market liquidity, if should be released, such as counterparty
5. Volumes and Price Considerations types, whether a trade occurs on an
at all? and Scope ATS, the type of trading venue or venue
4. Examples of Additional Transparency 5.1 Please describe how volume data name, the trade direction (buy or sell),
Note the examples presented in this could be adjusted for large trade sizes if the trading protocol (e.g., request-for-
section are designed to illustrate a range the data is publicly disseminated. For quote, central limit order book, etc.), or
of possible degrees of transparency to example, should large trades be any other details that may be
better understand market participants excluded from aggregates, or large considered? What are the benefits and
views on the benefits and risks of volumes capped if provided at a risks of releasing such additional
additional transparency. These transaction level as is done for information?
illustrative examples are not the only transparency of certain other fixed- 6.2 The current release provides
options for levels of transparency. If income securities? If so, please elaborate volume aggregates. How do your views
market participants have other views, on how this should be different for on- change on what, if any, trade details
please elaborate. the-run versus off-the-run securities, should be released if the data is
4.1 Example A. For each individual security type, or maturity segment. disseminated at the transaction level?
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CUSIP, daily average prices, trade 5.2 Pre- and post-auction when- 6.3 When a trade involves two or
count, and traded volumes could be issued volumes through the end of the more reporting counterparties, should
auction day are currently excluded from the transaction reports be matched and
21 See ‘‘Recent Disruptions and Potential Reforms
the weekly data release. What are your consolidated before dissemination so
in the U.S. Treasury Market: A Staff Progress
Report’’ (Nov. 8, 2021), available at https://
views on continuing to exclude this data that a trade is only reported once?
home.treasury.gov/system/files/136/IAWG- or separately identifying pre- or post- Should only one side of each trade be
Treasury-Report.pdf. auction when-issued volumes? released? What should be done for a

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 Federal Register / Vol. 87, No. 122 / Monday, June 27, 2022 / Notices 38263

trade with multiple counterparties (a so- The UCR Audit Subcommittee Chair will how to contact operators to remedy the
called ‘‘one-to-many’’ trade)? welcome attendees, call the meeting to problem.
6.4 Should trades in different market order, call roll for the Audit VIII. State Compliance Review Program—
Subcommittee, confirm whether a UCR Audit Subcommittee Chair and
segments or on different venues be
quorum is present, and facilitate self- UCR Depository Manager
displayed differently? For example, the introductions.
interdealer market often operates on a The UCR Audit Subcommittee Chair and
II. Verification of Publication of Meeting the UCR Depository Manager will lead a
microsecond level, often through Notice—UCR Executive Director
automated trading on electronic discussion on program objectives and
The UCR Executive Director will verify the states scheduled for review in 2022.
centralized order books. In contrast, the publication of the meeting notice on the
dealer-to-customer market, while UCR website and distribution to the UCR IX. Open Discussion Regarding Ways and
utilizing electronic trading more than in contact list via email followed by the Means to Increase UCR Registration
subsequent publication of the notice in Percentages—UCR Audit Subcommittee
the past, still exhibits a significant
the Federal Register. Chair and UCR Audit Subcommittee
amount of manual or voice-based trades. Vice-Chair
Should these transactions be treated or III. Review and Approval of Subcommittee
Agenda and Setting of Ground Rules— The UCR Audit Subcommittee Chair and
displayed differently, and if so, why and UCR Audit Subcommittee Vice-Chair
UCR Audit Subcommittee Chair
in what way? For Discussion and Possible Audit will lead a discussion to share state
7. Late Transactions and Revisions Subcommittee Action—The agenda will resources (auditors and other contacts),
be reviewed, and the Subcommittee will leveraging partner relationships, auditing
7.1 How should late transactions consider adoption. tools and other ideas to increase UCR
and revisions be addressed in the Ground Rules registration percentages to promote
publicly disseminated data? ➢ Subcommittee action only to be taken in improving fairness within the industry.
7.2 To what extent should the designated areas on the agenda. X. Maximizing the Value of the Should Have
volume of late transactions and IV. Review and Approval of Subcommittee Been (SHB) and Enforcement Efficiency
revisions influence dissemination Minutes from the April 14, 2022 Tools—UCR Audit Subcommittee Chair,
timing? Meeting—UCR Audit Subcommittee UCR Audit Subcommittee Vice-Chair
Chair and DSL Transportation Services, Inc.
Brian Smith, For Discussion and Possible Subcommittee (DSL)
Deputy Assistant Secretary for Federal Action—Draft minutes from the April 14, The UCR Audit Subcommittee Chair, UCR
Finance. 2022 Subcommittee meeting via Audit Subcommittee Vice-Chair and DSL
teleconference will be reviewed. The will provide an update on the value
[FR Doc. 2022–13540 Filed 6–24–22; 8:45 am]
Subcommittee will consider action to
BILLING CODE 4810–AK–P achieved by utilizing the Shadow
approve.
MCMIS and other tools in the National
V. Additional Compliance Evaluation Tools Registration System (NRS). The
for the Annual State Audit Progress discussion will highlight the financial
Report—UCR Audit Subcommittee Chair value to the states by vetting businesses
UNIFIED CARRIER REGISTRATION For Discussion and Possible Subcommittee
PLAN for UCR compliance, commercial
Action—The UCR Audit Subcommittee
registration, IFTA, intrastate, and
Chair will lead a discussion regarding
Sunshine Act; Meeting the current evaluation process for the interstate operating authority.
participating states’ audit programs as XI. Future Virtual Audit Training Sessions
TIME AND DATE: June 30, 2022, 12 p.m. required by the UCR Agreement. The for State Auditors—UCR Audit
to 2 p.m., Eastern time. Subcommittee will discuss options to Subcommittee Chair, UCR Audit
PLACE: This meeting will be accessible require states to review and close all Subcommittee Vice-Chair and DSL
via conference call and via Zoom bracket 5 and 6 unregistered motor The UCR Audit Subcommittee Chair, UCR
Meeting and Screenshare. Any carriers. The Subcommittee may take Audit Subcommittee Vice-Chair and DSL
action to approve and recommend to the will lead a discussion regarding the
interested person may call (i) 1–929– UCR Board such requirement as value of providing a series of 30-minute
205–6099 (US Toll) or 1–669–900–6833 discussed by the Subcommittee. virtual audit training sessions.
(US Toll) or (ii) 1–877–853–5247 (US VI. Potential revisions to the UCR
Toll Free) or 1–888–788–0099 (US Toll XII. Future Audit Subcommittee Meetings—
Handbook—UCR Audit Subcommittee UCR Audit Subcommittee Chair and
Free), Meeting ID: 984 5137 4096, to Chair and UCR Executive Director UCR Audit Subcommittee Vice-Chair
listen and participate in this meeting. For Discussion and Possible Subcommittee The UCR Audit Subcommittee Chair and
The website to participate via Zoom Action—The UCR Audit Subcommittee UCR Audit Subcommittee Vice-Chair will
Meeting and Screenshare is https:// Chair and UCR Executive Director will lead a discussion regarding future virtual and
kellen.zoom.us/meeting/register/ lead a discussion regarding potential
in-person meetings.
tJwpcuirqT8qE9JrExdxhInvTjO-4LtN_ revisions and clarifications to the
language in the UCR Handbook XIII. Other Items—UCR Audit Subcommittee
WZV. Chair
pertaining to the usage of the term
STATUS: This meeting will be open to the ‘‘operated’’ as it relates to a motor carrier The UCR Audit Subcommittee Chair will
public. beginning operations. An update on call for any other items Subcommittee
MATTERS TO BE CONSIDERED: The Unified other proposed revisions to the UCR members would like to discuss.
Carrier Registration Plan Audit Handbook will also be presented and XIV. Adjournment—UCR Audit
discussed. The Subcommittee may take Subcommittee Chair
Subcommittee (the ‘‘Subcommittee’’)
action to approve proposed revisions to The UCR Audit Subcommittee Chair will
will continue its work in developing the UCR Handbook and recommend the adjourn the meeting.
and implementing the Unified Carrier
jspears on DSK121TN23PROD with NOTICES1

revisions to the UCR Board.

Registration Plan and Agreement. The VII. Motor Carriers Operating Without an The agenda will be available no later
subject matter of this meeting will Active USDOT Number—UCR Audit than 5 p.m. Eastern time, June 22, 2022
include: Subcommittee Vice-Chair at: https://plan.ucr.gov.
The UCR Audit Subcommittee Vice-Chair
Proposed Agenda CONTACT PERSON FOR MORE INFORMATION:
will lead a discussion on how often a 49
I. Call to Order—UCR Audit Subcommittee CFR Section 392.9b (Prohibited Elizabeth Leaman, Chair, Unified
Chair Transportation) violation occurs and Carrier Registration Plan Board of

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