80 FR 79491 - Proposed Revisions to the FDIC's Rules and Regulations Requiring the Registration of Securities Transfer Agents
FEDERAL DEPOSIT INSURANCE CORPORATION Federal Register Volume 80, Issue 245 (December 22, 2015)
Federal Register Volume 80, Issue 245 (December 22, 2015)
| Page Range | 79491-79493 | |
| FR Document | 2015-31941 |
[Federal Register Volume 80, Number 245 (Tuesday, December 22, 2015)] [Proposed Rules] [Pages 79491-79493] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-31941] ======================================================================= ----------------------------------------------------------------------- FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 341 RIN 3064-AE41 Proposed Revisions to the FDIC's Rules and Regulations Requiring the Registration of Securities Transfer Agents AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Notice of proposed rulemaking. ----------------------------------------------------------------------- SUMMARY: The FDIC is proposing to amend its regulations requiring insured State nonmember banks, or subsidiaries of such banks, that act as transfer agents for qualifying securities under section 12 of the Securities Exchange Act of 1934 ('34 Act) to register with the FDIC. First, the proposed amendments would require insured State savings associations and subsidiaries of such State savings associations that act as transfer agents for qualifying securities to register with the FDIC, similar to the registration requirements applicable to insured State nonmember banks and subsidiaries of such banks. Second, the proposed amendments would revise the definition of qualifying securities to reflect statutory changes to the '34 Act made by the Jumpstart Our Business Startups Act (JOBS Act). The proposed amendments are consistent with the FDIC's continuing review of its regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996. DATES: Comments must be received by February 22, 2016. ADDRESSES: You may submit comments, identified by RIN 3064-AE41, by any of the following methods:Agency Web site: http://www.fdic.gov/regulations/laws/federal/. Follow instructions for submitting comments on the Agency Web site. Email: [email protected]. Include the RIN 3064-AE41 on the subject line of the message. Mail: Robert E. Feldman, Executive Secretary, Attention: Comments, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. Hand Delivery: Comments may be hand-delivered to the guard station at the rear of the 550 17th Street Building (located on F Street) on business days between 7:00 a.m. and 5:00 p.m. Public Inspection: All comments received must include the agency name and RIN for this rulemaking. All comments received will be posted without change to http://www.fdic.gov/regulations/laws/federal/, including any personal information provided. Paper copies of public comments may be ordered from the FDIC Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226 by telephone at 1 (877) 275-3342 or 1 (703) 562-2200. FOR FURTHER INFORMATION CONTACT: Judy Gross, Senior Policy Analyst, (202) 898-7074, [email protected]; or Rachel Ackmann, Counsel, (202) 898-6858, [email protected]. SUPPLEMENTARY INFORMATION: I. Background The '34 Act provides that an entity must register as a transfer agent if it functions as a transfer agent with respect to any security registered under section 12 of the '34 Act (Section 12) or if it would be required to be registered except for the exemption from registration provided by Section 12(g)(2)(B) or Section 12(g)(2)(G).\1\ A transfer agent registers by filing an application for registration with the appropriate regulatory agency.\2\ Prior to the enactment of the Dodd- Frank Wall Street Reform and Consumer Protection Act \3\ (Dodd-Frank Act), the FDIC was the appropriate regulatory agency only for a state- chartered (State) insured bank that is not a member of the Federal Reserve System and a subsidiary of any such bank, and the Office of Thrift Supervision (OTS) was the appropriate regulatory agency for a State or federal savings association.\4\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78q-1(c)(1). \2\ 15 U.S.C. 78q-1(c)(2). \3\ Public Law 111-203 (2010). \4\ 15 U.S.C. 78c. Additionally, the FDIC has authority to make such rules and regulations as may be necessary to implement the provisions in the '34 Act related to the registration of transfer agents of any institution for which it is the appropriate regulatory agency. 15 U.S.C. 78w(a). --------------------------------------------------------------------------- In 2010, the Dodd-Frank Act provided for a substantial reorganization of the regulation of State and Federal savings associations and their holding companies. On July 21, 2011, (the ``transfer date'' established by section 311 of the Dodd-Frank Act), the powers, duties, and functions formerly assigned to, or performed by, the OTS were transferred to (i) the FDIC, as to State savings associations; (ii) the Office of the Comptroller of the Currency (OCC), as to Federal savings associations; and (iii) the Board of Governors of the Federal Reserve System, as to savings and loan holding companies. The Dodd-Frank Act also amended the '34 Act to define the FDIC as the appropriate regulatory agency for insured State savings associations, and subsidiaries thereof, along with insured State nonmember banks, and subsidiaries thereof.\5\ --------------------------------------------------------------------------- \5\ Public Law 111-203, Section 376(a) (2010). --------------------------------------------------------------------------- In 2012, the JOBS Act increased the thresholds at which securities must be registered under Section 12(g)(1) with the Securities and Exchange Commission (SEC).\6\ As amended by the JOBS Act, Section 12(g)(1) generally requires securities' issuers to register their securities when the issuer has total assets exceeding $10,000,000 and a class of equity security (other than an exempted security) held of record by either-- (i) 2,000 persons or (ii) 500 persons who are not accredited investors (as such term is defined by the SEC).\7\ --------------------------------------------------------------------------- \6\ Public Law 112-106 (2012). \7\ 15 U.S.C. 78l(g)(1)(A). --------------------------------------------------------------------------- The JOBS Act also amended Section 12(g)(1) to provide that in the case of an issuer that is a bank or a bank holding company, the issuer's securities must be registered when the issuer has total assets exceeding $10,000,000 and a class of equity security (other than an exempted security) held of record by 2,000 or more persons.\8\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78l(g)(1)(B). --------------------------------------------------------------------------- Part 341 of the FDIC's regulations (part 341) implements Section 12 of the '34 Act by requiring State nonmember banks and subsidiaries thereof that are [[Page 79492]] transfer agents of qualifying securities to register with the FDIC.\9\ (Part 341 does not currently include requirements for State savings associations or their subsidiaries.) Part 341 defines ``qualifying securities'' as securities registered on a national securities exchange; or securities issued by a company or bank with 500 or more shareholders and $1 million or more in total assets, except for securities exempted from registration with the SEC by Section 12(g)(2) (C, D, E, F and H).\10\ The second prong of the definition of qualifying securities, regarding securities issued by a company or bank with 500 or more shareholders and $1 million or more in total assets, is derived from the statutory requirements in Section 12(g)(1) for registering securities with the SEC.\11\ As a result of the amendments to the '34 Act made by the Dodd-Frank Act and the JOBS Act, the current exclusion of State savings associations and subsidiaries thereof and the regulatory definition of qualifying securities currently found in part 341 is inconsistent with the statutory threshold for registration requirements now provided in Section 12(g)(1). --------------------------------------------------------------------------- \9\ 12 CFR part 341. \10\ 12 CFR 341.2. \11\ 15 U.S.C. 78l. --------------------------------------------------------------------------- The OTS did not issue a rule regarding the registration of securities transfer agents. Instead, the OTS issued a memorandum to covered financial institutions informing such institutions that because of statutory changes in the Financial Services Regulatory Relief Act of 2006,\12\ savings and loan associations, their subsidiaries, and savings and loan holding companies should register as transfer agents with the OTS rather than the SEC.\13\ Therefore, this proposed rule would not rescind any regulation issued by the OTS that was transferred to the FDIC following the transfer date. --------------------------------------------------------------------------- \12\ Public Law 109-301 (2006). \13\ OTS CEO Memorandum Number 258 (July 27, 2007), available at http://www.occ.gov/static/news-issuances/ots/ceo-memos/ots-ceo-memo-258.pdf. --------------------------------------------------------------------------- II. Description of the Proposed Rule a. Section 341.1 Scope The proposed rule is part of the FDIC's continuing efforts to enact rule changes required by the Dodd-Frank Act and more recent statutory changes, such as the JOBS Act, and would make it clear that part 341 would apply to insured State nonmember banks, insured State savings associations, and the subsidiaries of such institutions. Expanding the scope of part 341 to include State savings associations is consistent with provisions of the Dodd-Frank Act and serves to increase regulatory consistency for all FDIC-supervised institutions. To that end, the proposed rule would define the term ``covered institution'' to include an insured State nonmember bank, an insured State savings association, and the subsidiaries of such institutions. b. Section 341.2 Definitions The proposed rule would reconcile the regulatory definition of qualifying securities with the statutory amendments to the '34 Act required by the JOBS Act. The proposed rule would define qualifying securities as (1) securities registered on a national securities exchange pursuant to Section 12(b) (15 U.S.C. 78l(b)) or (2) securities required to be registered under Section 12(g)(1) (15 U.S.C. 78l(g)(1)), except for securities exempted from registration with the SEC by Section 12(g)(2) (C, D, E, F, and H). As such, securities exempted from registration with the SEC by sections 12(g)(2)(B) and (G) of the '34 Act would be included in the definition of qualifying securities. (Section 12(g)(2)(B) of the '34 Act includes securities issued by an investment company registered pursuant to section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8), and Section 12(g)(2)(G) refers to securities of certain insurance companies.) Therefore, the proposed definition of qualifying securities would include: (a) Securities registered on a national securities exchange; (b) securities issued by (1) a company with total assets in excess of $10 million and a class of equity securities (other than exempted securities) held of record by either: (i) 2,000 persons, or (ii) 500 persons who are not accredited investors or (2) a bank with total assets exceeding $10 million and a class of equity securities (other than exempted securities) held of record by 2,000 or more persons; (c) securities issued by investment companies registered pursuant to section 15 U.S.C. 80a-8; and (d) securities issued by insurance companies exempt from registration under Section 12(g)(2)(G). The proposed definition of ``qualifying securities'' would cite to Section 12(g)(1) instead of reciting specific quantitative standards to ensure that the FDIC's regulations remain consistent with any future statutory changes to Section 12(g)(1) . c. Section 341.7 Delegations of Authority The proposed rule would remove the delegations of authorities related to the registration of securities transfer agents from the rule. In the past, the FDIC has taken steps to remove delegations of authority from its regulations in order to provide the agency greater flexibility in the decision-making process.\14\ The proposed removal of the delegations of authority from the regulation would not change the existing delegation; it would simply move the delegation from the FDIC's regulations. Interested parties may access the FDIC's current delegations of authority on the agency's Web site, at www.fdic.gov. --------------------------------------------------------------------------- \14\ 67 FR 79246 (Dec. 27, 2002). --------------------------------------------------------------------------- d. Technical Corrections The proposed rule would also make certain technical corrections to part 341, such as revising outdated citations and updating the name of the FDIC division granted delegated authority to act on disclosure matters. III. Request for Comment The FDIC invites comment on all aspects of the proposed rule. Specifically, should the rule include the definition of ``qualifying securities'' instead of referring to the exemptions in the `34 Act? IV. Regulatory Analyses A. Paperwork Reduction Act In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the agencies may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number.\15\ The FDIC has reviewed the proposed rule and determined that it would not introduce any new collection of information pursuant to the PRA. --------------------------------------------------------------------------- \15\ 44 U.S.C. 3501-3521. The current OMB Control Numbers for state nonmember banks filing the transfer agent registration and amendment form is OMB Control No: 3064-0026. The current OMB Control Numbers for state savings associations filing the transfer agent registration and amendment form is OMB Control No: 3064-0027. --------------------------------------------------------------------------- B. Regulatory Flexibility Act Analysis The Regulatory Flexibility Act, 5 U.S.C. 601 et seq. (RFA), requires an agency, in connection with a proposed rule, to prepare an Initial Regulatory Flexibility Analysis describing the impact of the proposed rule on small entities (defined by the Small Business Administration for purposes of the RFA to include banking entities with total assets of $550 million or less) or to certify that the proposed rule would not have a significant economic impact on a substantial number of small entities. For the reasons provided below, the FDIC certifies that the proposed rule would not have a significant economic [[Page 79493]] impact on a substantial number of small entities. Accordingly, an initial regulatory flexibility analysis is not required. The proposed rule would not affect a substantial number of small entities.\16\ Currently only 17 entities are registered with the FDIC as registered transfer agents. Additionally, the FDIC has not received any new registrations for several years. In fact, over the last 10 years, 18 entities have deregistered as transfer agents (the most recent deregistration was in 2014). Furthermore, if any currently registered transfer agent does not meet the threshold requirements, it could deregister if the proposed rule were adopted as a final rule. Therefore, the proposed rule would likely reduce burden on small entities by increasing the number of entities that could deregister with the FDIC. As such, the proposed rule would not have a significant economic impact on a substantial number of small entities. --------------------------------------------------------------------------- \16\ In 2010, the OTS estimated that 5 savings associations would be required to register as transfer agents. 75 FR 22184 (2010). --------------------------------------------------------------------------- C. Plain Language Section 722 of the Gramm-Leach-Bliley Act requires the FDIC to use plain language in all proposed and final rules published after January 1, 2000. The FDIC invites comment on how to make this proposed rule easier to understand. For example: Has the FDIC organized the material to suit your needs? If not, how could the FDIC present the rule more clearly? Are the requirements in the rule clearly stated? If not, how could the rule be more clearly stated? Do the regulations contain technical language or jargon that is not clear? If so, which language requires clarification? Would a different format (grouping and order of sections, use of headings, paragraphing) make the regulation easier to understand? If so, what changes would achieve that? Is this section format adequate? If not, which of the sections should be changed and how? What other changes can the FDIC incorporate to make the regulation easier to understand? List of Subjects in 12 CFR Part 341 Banks, banking, Reporting and recordkeeping requirements, Savings associations, Securities. Federal Deposit Insurance Corporation 12 CFR Chapter III Authority and Issuance For the reasons stated in the preamble, the Federal Deposit Insurance Corporation proposes to amend part 341 of chapter III of title 12, Code of Federal Regulations as follows: PART 341--Registration of Securities Transfer Agents 0 1. The authority citation for part 341 continues to read as follows: Authority: Secs. 2, 3, 17, 17A and 23(a), Securities Exchange Act of 1934, as amended (15 U.S.C. 78b, 78c, 78q, 78q-1 and 78w(a)). 0 2. Revise Sec. 341.1 to read as follows: Sec. 341.1 Scope. This part is issued by the Federal Deposit Insurance Corporation (the FDIC) under sections 2, 3(a)(34)(B), 17, 17A and 23(a) of the Securities Exchange Act of 1934 (the Act), as amended (15 U.S.C. 78b, 78c(a)(34)(B), 78q, 78q-1 and 78w(a)) and applies to all insured State nonmember banks, insured State savings associations, or subsidiaries of such institutions, that act as transfer agents for securities registered under section 12 of the Act (15 U.S.C. 78l), or for securities exempt from registration under subsections (g)(2)(B) or (g)(2)(G) of section 12 (15 U.S.C. 781(g)(2)(B) and (G)) (securities of investment companies, including mutual funds, and certain insurance companies). Such securities are qualifying securities for purposes of this part. 0 3. Amend Sec. 341.2 by revising paragraphs (h) and (i) to read as follows: Sec. 341.2 Definitions. * * * * * (h) The term covered institution means an insured State nonmember bank, an insured State savings association, and any subsidiary of such institutions. (i) The term qualifying securities means: (1) Securities registered on a national securities exchange (15 U.S.C. 78l(b)); or (2) Securities required to be registered under section 12(g)(1) of the Act (15 U.S.C. 78l(g)(1)), except for securities exempted from registration with the SEC by section 12(g)(2) (C, D, E, F, and H) of the Act. 0 4. Amend Sec. 341.3 by revising paragraph (a) and the last sentence in paragraph (c) to read as follows: Sec. 341.3 Registration as securities transfer agent. (a) Requirement for registration. Any covered institution that performs any of the functions of a transfer agent as described in Sec. 341.2(a) with respect to qualifying securities shall register with the FDIC in the manner indicated in this section. * * * * * (c) * * * Form TA-1 may be completed electronically and is available from the FDIC at www.fdic.gov or the Federal Financial Institutions Examination Council at www.ffiec.gov, or upon request, from the Director, Division of Risk Management Supervision (RMS), FDIC, Washington, DC 20429. 0 5. Amend Sec. 341.5 by revising the last sentence in paragraph (b) to read as follows: Sec. 341.5 Withdrawal from registration. * * * * * (b) * * * A Request for Deregistration form is available electronically from www.fdic.gov or by request from the Director, Division of Risk Management Supervision (RMS), FDIC, Washington, DC 20429. * * * * * Sec. 341.7 [Removed] 0 6. Remove Sec. 341.7. By order of the Board of Directors. Dated at Washington, DC, this 15th day of December, 2015. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2015-31941 Filed 12-21-15; 8:45 am] BILLING CODE 6714-01-P
![Federal Register / Vol. 80, No. 245 / Tuesday, December 22, 2015 / Proposed Rules 79491
Rice Inspection Handbook for reflect statutory changes to the ’34 Act the appropriate regulatory agency only
determining the various grading factors. made by the Jumpstart Our Business for a state-chartered (State) insured bank
GIPSA inspects shipments of rice in Startups Act (JOBS Act). The proposed that is not a member of the Federal
accordance with AMA standards to amendments are consistent with the Reserve System and a subsidiary of any
establish the grade of the rice and issues FDIC’s continuing review of its such bank, and the Office of Thrift
inspection certificates for each regulations under the Economic Growth Supervision (OTS) was the appropriate
shipment. GIPSA-issued certificates and Regulatory Paperwork Reduction regulatory agency for a State or federal
describing the quality and condition of Act of 1996. savings association.4
graded rice are accepted as prima facie DATES: Comments must be received by In 2010, the Dodd-Frank Act provided
evidence in all Federal courts. U. S. rice February 22, 2016. for a substantial reorganization of the
standards and the affiliated grading and ADDRESSES: You may submit comments, regulation of State and Federal savings
testing services offered by GIPSA verify identified by RIN 3064–AE41, by any of associations and their holding
that a seller’s rice meets specified the following methods: companies. On July 21, 2011, (the
requirements, and ensure that customers • Agency Web site: http://www.fdic. ‘‘transfer date’’ established by section
receive the quality of rice they gov/regulations/laws/federal/. Follow 311 of the Dodd-Frank Act), the powers,
purchased. In addition to Federal usage, instructions for submitting comments duties, and functions formerly assigned
the rice standards are applied by one on the Agency Web site. to, or performed by, the OTS were
State and one private cooperator. • Email: Comments@fdic.gov. Include transferred to (i) the FDIC, as to State
In order for U. S. standards and the RIN 3064–AE41 on the subject line savings associations; (ii) the Office of
grading procedures for Rough Rice, of the message. the Comptroller of the Currency (OCC),
Brown Rice for Processing, and Milled • Mail: Robert E. Feldman, Executive as to Federal savings associations; and
Rice to remain relevant, GIPSA is Secretary, Attention: Comments, Federal (iii) the Board of Governors of the
issuing this request for information to Deposit Insurance Corporation, 550 17th Federal Reserve System, as to savings
invite interested parties to submit Street NW., Washington, DC 20429. and loan holding companies. The Dodd-
comments, ideas, and suggestions on all • Hand Delivery: Comments may be Frank Act also amended the ’34 Act to
aspects of the U. S. Standards for Rice hand-delivered to the guard station at define the FDIC as the appropriate
and inspection procedures. the rear of the 550 17th Street Building regulatory agency for insured State
Authority: 7 U.S.C. 1621–1627
(located on F Street) on business days savings associations, and subsidiaries
between 7:00 a.m. and 5:00 p.m. thereof, along with insured State
Larry Mitchell, Public Inspection: All comments nonmember banks, and subsidiaries
Administrator, Grain Inspection, Packers and received must include the agency name thereof.5
Stockyards Administration. and RIN for this rulemaking. All In 2012, the JOBS Act increased the
[FR Doc. 2015–32181 Filed 12–21–15; 8:45 am] comments received will be posted thresholds at which securities must be
BILLING CODE 3410–KD–P without change to http://www.fdic.gov/ registered under Section 12(g)(1) with
regulations/laws/federal/, including any the Securities and Exchange
personal information provided. Paper Commission (SEC).6 As amended by the
FEDERAL DEPOSIT INSURANCE copies of public comments may be JOBS Act, Section 12(g)(1) generally
CORPORATION ordered from the FDIC Public requires securities’ issuers to register
Information Center, 3501 North Fairfax their securities when the issuer has total
12 CFR Part 341 Drive, Room E–1002, Arlington, VA assets exceeding $10,000,000 and a class
22226 by telephone at 1 (877) 275–3342 of equity security (other than an
RIN 3064–AE41 or 1 (703) 562–2200. exempted security) held of record by
Proposed Revisions to the FDIC’s FOR FURTHER INFORMATION CONTACT: Judy either— (i) 2,000 persons or (ii) 500
Rules and Regulations Requiring the Gross, Senior Policy Analyst, (202) 898– persons who are not accredited
Registration of Securities Transfer 7074, jugross@fdic.gov; or Rachel investors (as such term is defined by the
Agents Ackmann, Counsel, (202) 898–6858, SEC).7
rackmann@fdic.gov. The JOBS Act also amended Section
AGENCY: Federal Deposit Insurance SUPPLEMENTARY INFORMATION: 12(g)(1) to provide that in the case of an
Corporation (FDIC). issuer that is a bank or a bank holding
ACTION: Notice of proposed rulemaking. I. Background
company, the issuer’s securities must be
The ’34 Act provides that an entity registered when the issuer has total
SUMMARY: The FDIC is proposing to must register as a transfer agent if it assets exceeding $10,000,000 and a class
amend its regulations requiring insured functions as a transfer agent with of equity security (other than an
State nonmember banks, or subsidiaries respect to any security registered under exempted security) held of record by
of such banks, that act as transfer agents section 12 of the ’34 Act (Section 12) or 2,000 or more persons.8
for qualifying securities under section if it would be required to be registered Part 341 of the FDIC’s regulations
12 of the Securities Exchange Act of except for the exemption from (part 341) implements Section 12 of the
1934 (’34 Act) to register with the FDIC. registration provided by Section ’34 Act by requiring State nonmember
First, the proposed amendments would 12(g)(2)(B) or Section 12(g)(2)(G).1 A banks and subsidiaries thereof that are
require insured State savings transfer agent registers by filing an
associations and subsidiaries of such application for registration with the 4 15 U.S.C. 78c. Additionally, the FDIC has
rmajette on DSK2TPTVN1PROD with PROPOSALS
State savings associations that act as appropriate regulatory agency.2 Prior to authority to make such rules and regulations as may
transfer agents for qualifying securities the enactment of the Dodd-Frank Wall be necessary to implement the provisions in the ’34
to register with the FDIC, similar to the Act related to the registration of transfer agents of
Street Reform and Consumer Protection any institution for which it is the appropriate
registration requirements applicable to Act 3 (Dodd-Frank Act), the FDIC was regulatory agency. 15 U.S.C. 78w(a).
insured State nonmember banks and 5 Public Law 111–203, Section 376(a) (2010).
subsidiaries of such banks. Second, the 1 15U.S.C. 78q–1(c)(1). 6 Public Law 112–106 (2012).
proposed amendments would revise the 2 15U.S.C. 78q–1(c)(2). 7 15 U.S.C. 78l(g)(1)(A).
definition of qualifying securities to 3 Public Law 111–203 (2010). 8 15 U.S.C. 78l(g)(1)(B).
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![Federal Register / Vol. 80, No. 245 / Tuesday, December 22, 2015 / Proposed Rules 79493
impact on a substantial number of small Federal Deposit Insurance Corporation the functions of a transfer agent as
entities. Accordingly, an initial 12 CFR Chapter III described in § 341.2(a) with respect to
regulatory flexibility analysis is not qualifying securities shall register with
required. Authority and Issuance the FDIC in the manner indicated in this
The proposed rule would not affect a For the reasons stated in the section.
substantial number of small entities.16 preamble, the Federal Deposit Insurance * * * * *
Currently only 17 entities are registered Corporation proposes to amend part 341 (c) * * * Form TA–1 may be
with the FDIC as registered transfer of chapter III of title 12, Code of Federal completed electronically and is
agents. Additionally, the FDIC has not Regulations as follows: available from the FDIC at www.fdic.gov
received any new registrations for or the Federal Financial Institutions
PART 341—Registration of Securities Examination Council at www.ffiec.gov,
several years. In fact, over the last 10 Transfer Agents
years, 18 entities have deregistered as or upon request, from the Director,
transfer agents (the most recent Division of Risk Management
■ 1. The authority citation for part 341
deregistration was in 2014). Supervision (RMS), FDIC, Washington,
continues to read as follows:
DC 20429.
Furthermore, if any currently registered Authority: Secs. 2, 3, 17, 17A and 23(a), ■ 5. Amend § 341.5 by revising the last
transfer agent does not meet the Securities Exchange Act of 1934, as amended sentence in paragraph (b) to read as
threshold requirements, it could (15 U.S.C. 78b, 78c, 78q, 78q–1 and 78w(a)). follows:
deregister if the proposed rule were ■ 2. Revise § 341.1 to read as follows:
adopted as a final rule. Therefore, the § 341.5 Withdrawal from registration.
§ 341.1 Scope.
proposed rule would likely reduce * * * * *
burden on small entities by increasing This part is issued by the Federal (b) * * * A Request for Deregistration
the number of entities that could Deposit Insurance Corporation (the form is available electronically from
deregister with the FDIC. As such, the FDIC) under sections 2, 3(a)(34)(B), 17, www.fdic.gov or by request from the
proposed rule would not have a 17A and 23(a) of the Securities Director, Division of Risk Management
significant economic impact on a Exchange Act of 1934 (the Act), as Supervision (RMS), FDIC, Washington,
amended (15 U.S.C. 78b, 78c(a)(34)(B), DC 20429.
substantial number of small entities.
78q, 78q–1 and 78w(a)) and applies to
C. Plain Language all insured State nonmember banks, * * * * *
insured State savings associations, or § 341.7 [Removed]
Section 722 of the Gramm-Leach- subsidiaries of such institutions, that act
Bliley Act requires the FDIC to use plain ■ 6. Remove § 341.7.
as transfer agents for securities
language in all proposed and final rules registered under section 12 of the Act By order of the Board of Directors.
published after January 1, 2000. The (15 U.S.C. 78l), or for securities exempt Dated at Washington, DC, this 15th day of
FDIC invites comment on how to make from registration under subsections December, 2015.
this proposed rule easier to understand. (g)(2)(B) or (g)(2)(G) of section 12 (15 Federal Deposit Insurance Corporation.
For example: U.S.C. 781(g)(2)(B) and (G)) (securities Robert E. Feldman,
• Has the FDIC organized the material of investment companies, including Executive Secretary.
to suit your needs? If not, how could the mutual funds, and certain insurance [FR Doc. 2015–31941 Filed 12–21–15; 8:45 am]
FDIC present the rule more clearly? companies). Such securities are BILLING CODE 6714–01–P
qualifying securities for purposes of this
• Are the requirements in the rule
part.
clearly stated? If not, how could the rule ■ 3. Amend § 341.2 by revising
be more clearly stated? DEPARTMENT OF HEALTH AND
paragraphs (h) and (i) to read as follows: HUMAN SERVICES
• Do the regulations contain technical
language or jargon that is not clear? If § 341.2 Definitions.
Food and Drug Administration
so, which language requires * * * * *
clarification? (h) The term covered institution 21 CFR Part 878
means an insured State nonmember
• Would a different format (grouping [Docket No. FDA–2015–N–1765]
bank, an insured State savings
and order of sections, use of headings, association, and any subsidiary of such
paragraphing) make the regulation RIN 0910–AH14
institutions.
easier to understand? If so, what (i) The term qualifying securities General and Plastic Surgery Devices:
changes would achieve that? means: Restricted Sale, Distribution, and Use
• Is this section format adequate? If (1) Securities registered on a national of Sunlamp Products
not, which of the sections should be securities exchange (15 U.S.C. 78l(b)); or
changed and how? (2) Securities required to be registered AGENCY: Food and Drug Administration,
under section 12(g)(1) of the Act (15 HHS.
• What other changes can the FDIC ACTION: Proposed rule.
U.S.C. 78l(g)(1)), except for securities
incorporate to make the regulation
exempted from registration with the
easier to understand? SUMMARY: The Food and Drug
SEC by section 12(g)(2) (C, D, E, F, and
Administration (FDA or the Agency) is
List of Subjects in 12 CFR Part 341 H) of the Act.
rmajette on DSK2TPTVN1PROD with PROPOSALS
■ 4. Amend § 341.3 by revising
proposing to establish device
Banks, banking, Reporting and paragraph (a) and the last sentence in restrictions for sunlamp products,
recordkeeping requirements, Savings paragraph (c) to read as follows: which would restrict their use to
associations, Securities. individuals age 18 and older, require
§ 341.3 Registration as securities transfer prospective users to sign a risk
16 In
agent. acknowledgement certification before
2010, the OTS estimated that 5 savings
associations would be required to register as (a) Requirement for registration. Any use, and require the provision of user
transfer agents. 75 FR 22184 (2010). covered institution that performs any of manuals.
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Document Created: 2015-12-22 02:31:09
Document Modified: 2015-12-22 02:31:09
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Proposed Rules | |
| Action | Notice of proposed rulemaking. | |
| Dates | Comments must be received by February 22, 2016. | |
| Contact | Judy Gross, Senior Policy Analyst, (202) 898-7074, [email protected]; or Rachel Ackmann, Counsel, (202) 898-6858, [email protected] | |
| FR Citation | 80 FR 79491 | |
| RIN Number | 3064-AE41 | |
| CFR Associated | Banks; Banking; Reporting and Recordkeeping Requirements; Savings Associations and Securities |
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