80 FR 12261 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Recordkeeping Requirements for Securities Transactions

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 80, Issue 44 (March 6, 2015)

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning its information collection titled, ``Recordkeeping Requirements for Securities Transactions.''

[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)]
[Notices]
[Pages 12261-12262]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05154]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Recordkeeping Requirements for Securities 
Transactions

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995 (PRA). In accordance with the requirements of the PRA, the OCC may 
not conduct or sponsor, and the respondent is not required to respond 
to, an information collection unless it displays a currently valid 
Office of Management and Budget (OMB) control number. The OCC is 
soliciting comment concerning its information collection titled, 
``Recordkeeping Requirements for Securities Transactions.''

DATES: You should submit comments by May 5, 2015.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0142, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to [email protected]. 
You may personally inspect and photocopy comments at the OCC, 400 7th 
Street SW., Washington, DC 20219. For security reasons, the OCC 
requires that visitors make an appointment to inspect comments. You may 
do so by calling (202) 649-6700. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments. All comments received, including attachments and other 
supporting materials, are part of the public record and subject to 
public disclosure. Do not enclose any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.

FOR FURTHER INFORMATION CONTACT: Mary H. Gottlieb, OCC Clearance 
Officer, (202) 649-5490, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597, Legislative and Regulatory Activities Division, 
Office of the Comptroller of the Currency, 400 7th Street SW., Suite 
3E-218, Mail Stop 9W-11, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval 
of the following information collection:
    Title: Recordkeeping Requirements for Securities Transactions--12 
CFR parts 12 and 151.
    OMB Number: 1557-0142.
    Description: The information collection requirements in 12 CFR 
parts 12 and 151 are required to ensure that national banks and Federal 
savings associations comply with securities laws and to improve the 
protections afforded to persons who purchase and sell securities 
through these financial institutions. Parts 12 and 151 establish 
recordkeeping and confirmation requirements applicable to certain 
securities transactions effected by national banks or Federal savings 
associations for customers. The transaction confirmation information 
required by these regulations ensures that customers receive a record 
of each securities transaction and that financial institutions and the 
OCC have the records necessary to monitor compliance with securities 
laws and regulations. The OCC uses the required information in the 
course of its examinations to evaluate, among other things, an 
institution's compliance with the antifraud provisions of the Federal 
securities laws.
    The information collection requirements contained in 12 CFR parts 
12 and 151 are as follows:
     12 CFR 12.3 requires a national bank effecting securities 
transactions for customers to maintain records for at least three 
years. The records required by this section must clearly and accurately 
reflect the information required and provide an adequate basis for the 
audit of the information.
     12 CFR 151.50 requires a Federal savings association 
effecting securities transactions for customers to maintain records for 
at least three years. 12 CFR 151.60 provides that the records required 
by 12 CFR 151.50 must clearly and accurately reflect the information 
required and provide an adequate basis for audit of the information.
     12 CFR 12.4 requires a national bank to give or send to 
the customer a written notification of the transaction or a copy of the 
registered broker/dealer confirmation relating to the transaction at or 
before completion of the securities transaction and establishes minimum 
disclosures needed for a customer's securities transactions.
     12 CFR 151.70, 151.80 and 151.90 establish the minimum 
disclosures required for a Federal savings association's confirmation 
of a customer's securities transactions.
     12 CFR 151.90 requires a Federal savings association to 
provide its customers with a written notice of each securities 
transaction, which it must give or send to the customer at or before 
the completion of the securities transaction.
     12 CFR 12.5(a), (b), (c), and (e) describe notification 
procedures that a national bank may elect to use, as an alternative to 
complying with Sec.  12.4, to notify customers of transactions in which 
the bank does not exercise investment discretion, trust transactions, 
agency transactions, and certain periodic plan transactions.
     12 CFR 151.100 describes notification procedures that a 
Federal savings association may use, as an alternative to complying 
with 12 CFR 151.70, 151.80 or 151.90, for an account in which the 
savings association does not exercise investment discretion, trust 
transactions, agency transactions, certain periodic plan transactions, 
collective investment fund transactions, and money market funds.
     12 CFR 12.7(a)(1) through (a)(3) require national banks to 
maintain and adhere to policies and procedures that assign 
responsibility for supervision of employees who perform securities 
trading functions, provide for the fair

[[Page 12262]]

and equitable allocation of securities and prices to accounts, and 
provide for crossing of buy and sell orders on a fair and equitable 
basis.
     12 CFR 151.140 requires Federal savings associations to 
adopt written policies and procedures dealing with the functions 
involved in effecting securities transactions on behalf of customers. 
These policies and procedures must assign responsibility for the 
supervision of employees who perform securities trading functions, 
provide for the fair and equitable allocation of securities prices to 
accounts, and provide for crossing of buy and sell orders on a fair and 
equitable basis.
     12 CFR 12.7(a)(4) requires certain national bank officers 
and employees involved in the securities trading process to report to 
the bank all personal transactions in securities made by them or on 
their behalf in which they have a beneficial interest.
     12 CFR 151.150 requires certain Federal savings 
association officers and employees to report personal transactions they 
make or that are made on their behalf in which they have a beneficial 
interest.
     12 CFR 12.8 requires a national bank seeking a waiver of 
one or more of the requirements of Sec. Sec.  12.2 through 12.7 to file 
a written request for waiver with the OCC.
    Type of Review: Regular.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 399.
    Estimated Frequency of Response: On occasion.
    Estimated Total Annual Burden: 2,315 hours.
    Comments submitted in response to this notice will be summarized 
and included in the request for OMB approval. All comments will 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 start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

     Dated: March 2, 2015.
 Stuart E. Feldstein,
Director, Legislative and Regulatory Activities Division.
[FR Doc. 2015-05154 Filed 3-5-15; 8:45 am]
 BILLING CODE 4810-33-P