81 FR 6339 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Fiduciary Activities
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 81, Issue 24 (February 5, 2016)
Office of the Comptroller of the Currency
Federal Register Volume 81, Issue 24 (February 5, 2016)
| Page Range | 6339-6340 | |
| FR Document | 2016-02207 |
[Federal Register Volume 81, Number 24 (Friday, February 5, 2016)] [Notices] [Pages 6339-6340] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-02207] [[Page 6339]] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Fiduciary Activities AGENCY: Office of the Comptroller of the Currency, Treasury (OCC). ACTION: Notice and request for comment. ----------------------------------------------------------------------- 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). An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. The OCC is soliciting comment concerning the renewal of its information collection titled, ``Fiduciary Activities.'' The OCC also is giving notice that it has sent the collection to OMB for review. DATES: You should submit written comments by March 7, 2016. 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: 1557-0140, 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 or, for persons who are deaf or hard of hearing, TTY, (202) 649-5597. Upon arrival, visitors will be required to present valid government-issued photo identification and 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 include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. Additionally, please send a copy of your comments by mail to: OCC Desk Officer, 1557-0140, U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503, or by email to: [email protected]. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, (202) 649-5490 or, 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., Washington, DC 20219. SUPPLEMENTARY INFORMATION: Pursuant to the PRA (44 U.S.C. 3501-3520), the OCC is requesting that OMB extend its approval of the following information collection: Title: Fiduciary Activities. OMB Control No.: 1557-0140. Description: The OCC regulates the fiduciary activities of national banks and federal savings associations (FSAs), including the administration of collective investment funds (CIFs), pursuant to 12 U.S.C. 92a and 12 U.S.C. 1464(n), respectively. Twelve CFR part 9 contains the regulations that national banks must follow when conducting fiduciary activities, and 12 CFR part 150 contains the regulations that FSAs must follow when conducting fiduciary activities. Regulations adopted by the former Office of Thrift Supervision, now recodified as OCC rules pursuant to Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act,\1\ have long required FSAs to comply with the requirements of the OCC's CIF regulation.\2\ Thus, 12 CFR 9.18 governs CIFs managed by both national banks and FSAs. --------------------------------------------------------------------------- \1\ 76 FR 48950 (August 9, 2011). \2\ See 12 CFR 150.260(b)(3). --------------------------------------------------------------------------- Twelve CFR 9.8 and 150.410-150.430 require that national banks and FSAs document the establishment and termination of each fiduciary account and maintain adequate records. Records must be retained for a period of three years from the later of the termination of the account or the termination of any litigation. The records must be separate and distinct from other records of the institution. Twelve CFR 9.9 and 12 CFR 150.480 require national banks and FSAs to note the results of an audit (including significant actions taken as a result of the audit) in the minutes of the board of directors. National banks and FSAs that adopt a continuous audit system must note the results of all discrete audits performed since the last audit report (including significant actions taken as a result of the audits) in the minutes of the board of directors at least once during each calendar year. Twelve CFR 9.17(a) and 150.530 require that a national bank or FSA seeking to surrender its fiduciary powers file with the OCC a certified copy of the resolution of its board of directors evidencing that intent. Twelve CFR 9.18(b)(1) (and 12 CFR 150.260 by cross-reference) require national banks and FSAs to establish and maintain each CIF in accordance with a written plan approved by the board of directors or a committee authorized by the board. The plan must include provisions relating to:Investment powers and policies with respect to the fund; Allocation of income, profits, and losses; Fees and expenses that will be charged to the fund and to participating accounts; Terms and conditions regarding admission and withdrawal of participating accounts; Audits of participating accounts; Basis and method of valuing assets in the fund; Expected frequency for income distribution to participating accounts; Minimum frequency for valuation of fund assets; Amount of time following a valuation date during which the valuation must be made; Bases upon which the institution may terminate the fund; and Any other matters necessary to define clearly the rights of participating accounts. Twelve CFR 9.18(b)(1) (and 150.260 by cross-reference) require that a national bank or FSA make a copy of any CIF plan available for public inspection at its main office and provide a copy of the plan to any person who requests it. Twelve CFR 9.18(b)(4)(iii)(E) (and 150.260 by cross-reference) require that national banks and FSAs adopt portfolio and issuer qualitative standards and concentration restrictions for short-term investment funds (STIFs), a type of CIF. Twelve CFR 9.18(b)(4)(iii)(F) (and 150.260 by cross-reference) require that national banks and FSAs adopt liquidity standards and include provisions that address contingency funding needs for STIFs. Twelve CFR 9.18(b)(4)(iii)(G) (and 150.260 by cross-reference) require that national banks and FSAs adopt shadow pricing procedures for STIFs that calculate the extent of difference, if any, of the mark- to-market net asset value [[Page 6340]] per participating interest from the STIF's amortized cost per participating interest, and to take certain actions if that difference exceeds $0.005 per participating interest. Twelve CFR 9.18(b)(4)(iii)(H) (and 150.260 by cross-reference) require that national banks and FSAs adopt, for STIFs, procedures for stress testing the STIF's ability to maintain a stable net asset value per participating interest and provide for reporting the results. Twelve CFR 9.18(b)(4)(iii)(I) (and 150.260 by cross-reference) require that national banks and FSAs adopt, for STIFs, procedures that require a national bank or FSA to disclose to the OCC and to STIF participants within five business days after each calendar month-end the following information about the fund: total assets under management; mark-to-market and amortized cost net asset values; dollar- weighted average portfolio maturity; dollar-weighted average portfolio life maturity as of the last business day of the prior calendar month; and certain other security-level information for each security held. Twelve CFR 9.18(b)(4)(iii)(J) (and 150.260 by cross-reference) require that national banks and FSAs adopt, for STIFs, procedures that require a national bank or FSA that manages a STIF to notify the OCC prior to or within one business day thereafter of certain events. Twelve CFR 9.18(b)(4)(iii)(K) (and 150.260 by cross-reference) require that national banks and FSAs adopt, for STIFs, certain procedures in the event that the STIF has repriced its net asset value below $0.995 per participating interest. Twelve CFR 9.18(b)(4)(iii)(L) (and 150.260 by cross-reference) require that national banks and FSAs adopt, for STIFs, procedures for initiating liquidation of a STIF upon the suspension or limitation of withdrawals as a result of redemptions. Twelve CFR 9.18(b)(6)(ii) (and 150.260 by cross-reference) require, for CIFs, that national banks and FSAs, at least once during each 12- month period, prepare a financial report of the fund based on the audit required by 12 CFR 9.18(b)(6)(i). The report must disclose the fund's fees and expenses in a manner consistent with applicable state law in the state in which the national bank or FSA maintains the fund and must contain: A list of investments in the fund showing the cost and current market value of each investment; A statement covering the period after the previous report showing the following (organized by type of investment): [cir] A summary of purchases (with costs); [cir] A summary of sales (with profit or loss and any investment change); [cir] Income and disbursements; and [cir] An appropriate notation of any investments in default. Twelve CFR 9.18(b)(6)(iv) (and 150.260 by cross-reference) require that a national bank or FSA managing a CIF provide a copy of the financial report, or provide notice that a copy of the report is available upon request without charge, to each person who ordinarily would receive a regular periodic accounting with respect to each participating account. The national bank or FSA may provide a copy to prospective customers. In addition, the national bank or FSA must provide a copy of the report upon request to any person for a reasonable charge. Twelve CFR 9.18(c)(5) (and 150.260 by cross-reference) require that, for special exemption CIFs, national banks and FSAs must submit to the OCC a written plan that sets forth: The reason the proposed fund requires a special exemption; The provisions of the fund that are inconsistent with 12 CFR 9.18(a) and (b); The provisions of 12 CFR 9.18(b) for which the national bank or FSA seeks an exemption; and The manner in which the proposed fund addresses the rights and interests of participating accounts. Type of Review: Regular. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 398. Frequency of Response: On occasion. Estimated Total Annual Burden: 109,320 hours. The OCC published a notice for 60 days of comment regarding the collection on November 20, 2015, 80 FR 72784. No comments were received. Comments continue to be solicited 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: February 1, 2016. Mary H. Gottlieb, Regulatory Specialist, Legislative and Regulatory Activities Division. [FR Doc. 2016-02207 Filed 2-4-16; 8:45 am] BILLING CODE 4810-33-P
![6340 Federal Register / Vol. 81, No. 24 / Friday, February 5, 2016 / Notices
per participating interest from the following (organized by type of (e) Estimates of capital or start-up
STIF’s amortized cost per participating investment): costs and costs of operation,
interest, and to take certain actions if Æ A summary of purchases (with maintenance, and purchase of services
that difference exceeds $0.005 per costs); to provide information.
participating interest. Æ A summary of sales (with profit or Dated: February 1, 2016.
Twelve CFR 9.18(b)(4)(iii)(H) (and loss and any investment change); Mary H. Gottlieb,
150.260 by cross-reference) require that Æ Income and disbursements; and
Regulatory Specialist, Legislative and
national banks and FSAs adopt, for Æ An appropriate notation of any
Regulatory Activities Division.
STIFs, procedures for stress testing the investments in default.
[FR Doc. 2016–02207 Filed 2–4–16; 8:45 am]
STIF’s ability to maintain a stable net Twelve CFR 9.18(b)(6)(iv) (and
BILLING CODE 4810–33–P
asset value per participating interest and 150.260 by cross-reference) require that
provide for reporting the results. a national bank or FSA managing a CIF
Twelve CFR 9.18(b)(4)(iii)(I) (and provide a copy of the financial report,
DEPARTMENT OF THE TREASURY
150.260 by cross-reference) require that or provide notice that a copy of the
national banks and FSAs adopt, for report is available upon request without Office of the Comptroller of the
STIFs, procedures that require a charge, to each person who ordinarily Currency
national bank or FSA to disclose to the would receive a regular periodic
OCC and to STIF participants within accounting with respect to each Agency Information Collection
five business days after each calendar participating account. The national bank Activities: Information Collection
month-end the following information or FSA may provide a copy to Renewal; Submission for OMB Review;
about the fund: total assets under prospective customers. In addition, the Identity Theft Red Flags and Address
management; mark-to-market and national bank or FSA must provide a Discrepancies Under the Fair and
amortized cost net asset values; dollar- copy of the report upon request to any Accurate Credit Transactions Act of
weighted average portfolio maturity; person for a reasonable charge. 2003
dollar-weighted average portfolio life Twelve CFR 9.18(c)(5) (and 150.260
by cross-reference) require that, for AGENCY: Office of the Comptroller of the
maturity as of the last business day of Currency, Treasury (OCC).
the prior calendar month; and certain special exemption CIFs, national banks
and FSAs must submit to the OCC a ACTION: Notice and request for comment.
other security-level information for each
security held. written plan that sets forth: SUMMARY: The OCC, as part of its
Twelve CFR 9.18(b)(4)(iii)(J) (and • The reason the proposed fund continuing effort to reduce paperwork
150.260 by cross-reference) require that requires a special exemption; and respondent burden, invites the
national banks and FSAs adopt, for • The provisions of the fund that are general public and other Federal
STIFs, procedures that require a inconsistent with 12 CFR 9.18(a) and agencies to take this opportunity to
national bank or FSA that manages a (b); comment on a continuing information
• The provisions of 12 CFR 9.18(b) for
STIF to notify the OCC prior to or collection, as required by the Paperwork
which the national bank or FSA seeks
within one business day thereafter of Reduction Act of 1995 (PRA).
an exemption; and An agency may not conduct or
certain events.
• The manner in which the proposed sponsor, and a respondent is not
Twelve CFR 9.18(b)(4)(iii)(K) (and
fund addresses the rights and interests required to respond to, an information
150.260 by cross-reference) require that
of participating accounts. collection unless it displays a currently
national banks and FSAs adopt, for Type of Review: Regular.
STIFs, certain procedures in the event valid OMB control number.
Affected Public: Businesses or other The OCC is soliciting comment
that the STIF has repriced its net asset for-profit.
value below $0.995 per participating concerning the renewal of its
Estimated Number of Respondents:
interest. information collection titled, ‘‘Identity
398.
Twelve CFR 9.18(b)(4)(iii)(L) (and Theft Red Flags and Address
Frequency of Response: On occasion.
150.260 by cross-reference) require that Estimated Total Annual Burden: Discrepancies under the Fair and
national banks and FSAs adopt, for 109,320 hours. Accurate Credit Transactions Act of
STIFs, procedures for initiating The OCC published a notice for 60 2003.’’ The OCC also is giving notice
liquidation of a STIF upon the days of comment regarding the that it has sent the collection to OMB for
suspension or limitation of withdrawals collection on November 20, 2015, 80 FR review.
as a result of redemptions. 72784. No comments were received. DATES: Comments must be received by
Twelve CFR 9.18(b)(6)(ii) (and Comments continue to be solicited on: March 7, 2016.
150.260 by cross-reference) require, for (a) Whether the collection of ADDRESSES: Because paper mail in the
CIFs, that national banks and FSAs, at information is necessary for the proper Washington, DC area and at the OCC is
least once during each 12-month period, performance of the functions of the subject to delay, commenters are
prepare a financial report of the fund OCC, including whether the information encouraged to submit comments by
based on the audit required by 12 CFR has practical utility; email, if possible. Comments may be
9.18(b)(6)(i). The report must disclose (b) The accuracy of the OCC’s sent to: Legislative and Regulatory
the fund’s fees and expenses in a estimate of the burden of the collection Activities Division, Office of the
manner consistent with applicable state of information; Comptroller of the Currency, Attention:
mstockstill on DSK4VPTVN1PROD with NOTICES
law in the state in which the national (c) Ways to enhance the quality, 1557–0237, 400 7th Street SW., Suite
bank or FSA maintains the fund and utility, and clarity of the information to 3E–218, mail stop 9W–11, Washington,
must contain: be collected; DC 20219. In addition, comments may
• A list of investments in the fund (d) Ways to minimize the burden of be sent by fax to (571) 465–4326 or by
showing the cost and current market the collection on respondents, including electronic mail to prainfo@occ.treas.gov.
value of each investment; through the use of automated collection You may personally inspect and
• A statement covering the period techniques or other forms of information photocopy comments at the OCC, 400
after the previous report showing the technology; and 7th Street SW., Washington, DC 20219.
VerDate Sep<11>2014 18:22 Feb 04, 2016 Jkt 238001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 E:\FR\FM\05FEN1.SGM 05FEN1](https://thefederalregister.org/doc/81_FR_6363/page/2.svg)
Document Created: 2016-02-05 00:16:56
Document Modified: 2016-02-05 00:16:56
| 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 | Notices | |
| Action | Notice and request for comment. | |
| Dates | You should submit written comments by March 7, 2016. | |
| Contact | Shaquita Merritt, Clearance Officer, (202) 649-5490 or, 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., Washington, DC 20219. | |
| FR Citation | 81 FR 6339 |
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