82 FR 3315 - Agency Information Collection Activities: Proposed Collection Renewals; Comment Request (3064-0006, & -0184)
FEDERAL DEPOSIT INSURANCE CORPORATION Federal Register Volume 82, Issue 7 (January 11, 2017)
Federal Register Volume 82, Issue 7 (January 11, 2017)
| Page Range | 3315-3319 | |
| FR Document | 2017-00361 |
[Federal Register Volume 82, Number 7 (Wednesday, January 11, 2017)] [Notices] [Pages 3315-3319] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-00361] ======================================================================= ----------------------------------------------------------------------- FEDERAL DEPOSIT INSURANCE CORPORATION Agency Information Collection Activities: Proposed Collection Renewals; Comment Request (3064-0006, & -0184) AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Notice and request for comment. ----------------------------------------------------------------------- SUMMARY: The FDIC, 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 the renewal of existing information collections, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comment on renewal of the information collections described below. DATES: Comments must be submitted on or before March 13, 2017. ADDRESSES: Interested parties are invited to submit written comments to the FDIC by any of the following methods:http://www.FDIC.gov/regulations/laws/federal/notices.html. Email: [email protected]. Include the name and number of the collection in the subject line of the message. Mail: Jennifer Jones (202-898-6768), Counsel, MB-3105, 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 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m. All comments should refer to the relevant OMB control number. A copy of the comments may also be submitted to the OMB desk officer for the FDIC: Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Jennifer Jones, at the FDIC address above. SUPPLEMENTARY INFORMATION: Proposal to renew the following currently approved collections of information: 1. Title: Interagency Biographical and Financial Report. OMB Number: 3064-0006. Form Number: Interagency Biographical and Financial Report. Affected Public: Insured State Nonmember Banks and State Savings Associations. [[Page 3316]] Burden Estimate -------------------------------------------------------------------------------------------------------------------------------------------------------- Estimated Estimated Estimated time Total annual Type of burden number of number of per response Frequency of response estimated respondents responses (hours) burden (hours) -------------------------------------------------------------------------------------------------------------------------------------------------------- Interagency Biographical and Reporting............. 574 1 4 On Occasion........... 2,296 Financial Report. -------------------------------------------------------------------------------------------------------------------------------------------------------- General Description of Collection: The Report is submitted to the FDIC by: (1) Each individual director, officer or individual or group of shareholders acting in concert that will own or control 10% or more, of a proposed or operating depository institution applying for FDIC deposit insurance; (2) a person proposing to acquire control of an insured state nonmember bank or state savings association (FDIC- supervised institution); (3) each proposed new director or proposed new chief executive officer of an FDIC-supervised institution which has undergone a change in control within the preceding twelve months; and (4) each proposed new director or senior executive officer of an FDIC- supervised institution that is not in compliance with the applicable capital requirements or is otherwise in a troubled condition. The information is used by the FDIC to make an evaluation of the general character and financial condition of individuals who will be involved in the management or control of financial institutions, as required by statute. In order to lessen the burden on applicants, the FDIC cooperates with the other federal banking agencies to the maximum extent possible in processing the various applications. Notably, the Interagency Biographical and Financial Report will be amended to remove all references to the Office of Thrift Supervision as it appears on the form as well as changing the term ``thrift'' to ``savings association.'' These changes are technical and non-substantive in nature. 2. Title: Prohibitions and Restrictions on Proprietary Trading and Certain Interests In and Relationships With, Hedge Funds and Private Equity Funds. OMB Number: 3064-0184. Form Number: None. Affected Public: Insured state nonmember banks not under a holding company; state savings associations and state savings banks not under a holding company; subsidiaries of state nonmember banks, state savings associations, and state savings banks not under a holding company; and foreign banks having an insured branch and their branches and agencies. Burden Estimate ---------------------------------------------------------------------------------------------------------------- Total annual Estimated Estimated Frequency of estimated Type of burden number of hours per response burden respondents response (hours) ---------------------------------------------------------------------------------------------------------------- IMPLEMENTATION: Sec. 351.12(e).......... Reporting....... 1 50 1 50 --------------------------------------------------------------- Total Reporting....... ................ .............. .............. .............. 50 Sec. 351.3(d)(3)........ Recordkeeping... 1 3 1 3 Sec. 351.4(b)(3)(i)(A).. Recordkeeping... 1 2 4 8 Sec. 351.11(a)(2)....... Recordkeeping... 1 10 1 10 Sec. 351.20(b).......... Recordkeeping... 1 795 1 795 Sec. 351.20(e).......... Recordkeeping... 1 200 1 200 Sec. 351.20(f)(1)....... Recordkeeping... 1 8 1 8 Sec. 351.20(f)(2)....... Recordkeeping... 1 100 1 100 --------------------------------------------------------------- Total Recordkeeping... ................ .............. .............. .............. 1,124 Sec. 351.11(a)(8)(i).... Disclosure...... 1 0.1 26 3 --------------------------------------------------------------- Total Disclosure...... ................ .............. .............. .............. 3 --------------------------------------------------------------- TOTAL IMPLEMENTATION.. ................ .............. .............. .............. 1,177 ONGOING: Sec. 351.12(e).......... Reporting....... 23 20 10 4,600 --------------------------------------------------------------- Total Reporting....... ................ .............. .............. .............. 4,600 Sec. 351.3(d)(3)........ Recordkeeping... 23 1 1 23 Sec. 351.4(b)(3)(i)(A).. Recordkeeping... 23 2 4 184 Sec. 351.11(a)(2)....... Recordkeeping... 23 10 1 230 Sec. 351.20(b).......... Recordkeeping... 4 265 1 1,060 Sec. 351.20(e).......... Recordkeeping... 4 200 1 800 Sec. 351.20(f)(1)....... Recordkeeping... 774 8 1 6,192 Sec. 351.20(f)(2)....... Recordkeeping... 23 40 1 920 --------------------------------------------------------------- Total Recordkeeping... ................ .............. .............. .............. 9,409 Sec. 351.11(a)(8)(i).... Disclosure...... 23 0.1 26 60 --------------------------------------------------------------- Total Disclosure...... ................ .............. .............. .............. 60 --------------------------------------------------------------------------------- [[Page 3317]] TOTAL ONGOING......... ................ .............. .............. .............. 14,069 --------------------------------------------------------------------------------- Total Estimated Burden ................ .............. .............. .............. 15,246 ---------------------------------------------------------------------------------------------------------------- General Description of Collection: Section 619 of the Dodd-Frank Act added a new section 13 to the Bank Holding Company (``BHC'') Act (to be codified at 12 U.S.C. 1851) that generally prohibits any banking entity from engaging in proprietary trading or from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund (``covered fund''), subject to certain exemptions. New section 13 of the BHC Act also provides for certain nonbank financial companies that engage in such activities or have such investments or relationships to be subject to additional capital requirements, quantitative limits, or other restrictions. The respondent/recordkeepers are for-profit financial institutions, including small businesses. A covered entity must retain these records for a period that is no less than 5 years in a form that allows it to promptly produce such records to the FDIC on request. The reporting requirements are found in Sec. Sec. 351.12(e) and 351.20(d); the recordkeeping requirements are found in Sec. Sec. 351.3(d)(3), 351.4(b)(3)(i)(A), 351.5(c), 351.11(a)(2), and 351.20(b)- (f); and the disclosure requirements are found in Sec. 351.11(a)(8)(i). The recordkeeping burden for Sec. Sec. 351.4(a)(2)(iii), 351.4(b)(2)(iii), 351.5(b)(1), 351.5(b)(2)(i), 351.5(b)(2)(iv), 351.13(a)(2)(i), and 351.13(a)(2)(ii)(A) is accounted for in Sec. 351.20(b); the recordkeeping burden for Appendix B is accounted for in Sec. 351.20(c); the reporting and recordkeeping burden for Appendix A is accounted for in Sec. 351.20(d); and the recordkeeping burden for Sec. Sec. 351.10(c)(12)(i) and 351.10(c)(12)(iii) is accounted for in Sec. 351.20(e). The information collection requirements affecting FDIC-supervised institutions are described more fully below. Reporting Requirements Section 351.12(e) states that, upon application by a banking entity, the Board may extend the period of time to meet the requirements on ownership limitations in this section for up to 2 additional years, if the Board finds that an extension would be consistent with safety and soundness and not detrimental to the public interest. An application for extension must (1) be submitted to the Board at least 90 days prior to expiration, (2) provide the reasons for application including information that addresses the factors in paragraph (e)(2) of Sec. 351.12, and (3) explain the banking entity's plan for reducing the permitted investment in a covered fund through redemption, sale, dilution or other methods. Recordkeeping Requirements Section 351.3(d)(3) specifies that proprietary trading does not include any purchase or sale of a security by a banking entity for the purpose of liquidity management in accordance with a documented liquidity management plan of the banking entity that (1) specifically contemplates and authorizes the particular securities to be used for liquidity management purposes, the amount, types, and risks of these securities that are consistent with liquidity management, and the liquidity circumstances in which the particular securities may or must be used; (2) requires that any purchase or sale of securities contemplated and authorized by the plan be principally for the purpose of managing the liquidity of the banking entity, and not for the purpose of short-term resale, benefitting from actual or expected short-term price movements, realizing short-term arbitrage profits, or hedging a position taken for such short-term purposes; (3) requires that any securities purchased or sold for liquidity management purposes be highly liquid and limited to securities the market, credit and other risks of which the banking entity does not reasonably expect to give rise to appreciable profits or losses as a result of short-term price movements; (4) limits any securities purchased or sold for liquidity management purposes, together with any other instruments purchased or sold for such purposes, to an amount that is consistent with the banking entity's near-term funding needs, including deviations from normal operations of the banking entity or any affiliate thereof, as estimated and documented pursuant to methods specified in the plan; (5) includes written policies and procedures, internal controls, analysis and independent testing to ensure that the purchase and sale of securities that are not permitted under Sec. 351.6(a) or (b) of this part are for the purpose of liquidity management and in accordance with the liquidity management plan described in this paragraph; and (6) is consistent with the appropriate agency's supervisory requirements, guidance and expectations regarding liquidity management. Section 351.4(b)(3)(i)(A) provides that a trading desk or other organizational unit of another entity with more than $50 billion in trading assets and liabilities is not a client, customer, or counterparty unless the trading desk documents how and why a particular trading desk or other organizational unit of the entity should be treated as a client, customer, or counterparty of the trading desk for purposes of Sec. 351.4(b). This modification responds to comments received on the proposal regarding the definition of client, customer, or counterparty for purposes of the market making exemption. Section 351.11(a)(2) requires that covered funds generally must be organized and offered only in connection with the provision of bona fide trust, fiduciary, investment advisory, or commodity trading advisory services and only to persons that are customers of such services of the banking entity, pursuant to a written plan or similar documentation outlining how the banking entity intends to provide advisory or other similar services to its customers through organizing and offering the covered fund. Section 351.20(b) specifies the contents of the compliance program for a banking entity with total consolidated assets of $10 billion or more. It includes: (1) Written policies and procedures reasonably designed to document, describe, monitor and limit trading activities, including setting and monitoring required limits set out in Sec. 351.4 and Sec. 351.5 and activities and investments with respect to a covered fund (including those permitted under [[Page 3318]] Sec. Sec. 351.3 through 351.6 or Sec. Sec. 351.11 through 351.14) to ensure that all activities and investments conducted by the banking entity that are subject to section 13 of the BHC Act and this part comply with section 13 of the BHC Act and applicable regulations; (2) a system of internal controls reasonably designed to monitor compliance with section 13 of the BHC Act and this part and to prevent the occurrence of activities or investments that are prohibited by section 13 of the BHC Act and applicable regulations; (3) a management framework that clearly delineates responsibility and accountability for compliance with section 13 of the BHC Act and this part and includes appropriate management review of trading limits, strategies, hedging activities, investments, incentive compensation and other matters identified in this part or by management as requiring attention; (4) independent testing and audit of the effectiveness of the compliance program conducted periodically by qualified personnel of the banking entity or by a qualified outside party; (5) training for trading personnel and managers, as well as other appropriate personnel, to effectively implement and enforce the compliance program; and (6) records sufficient to demonstrate compliance with section 13 of the BHC Act and applicable regulations, which a banking entity must promptly provide to the [Agency] upon request and retain for a period of no less than 5 years or such longer period as required by [Agency]. Section 351.20(e) specifies additional documentation required for covered funds. Any banking entity that has more than $10 billion in total consolidated assets as reported on December 31 of the previous two calendar years shall maintain records that include: (1) Documentation of the exclusions or exemptions other than sections 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940 relied on by each fund sponsored by the banking entity (including all subsidiaries and affiliates) in determining that such fund is not a covered fund; (2) for each fund sponsored by the banking entity (including all subsidiaries and affiliates) for which the banking entity relies on one or more of the exclusions from the definition of covered fund provided by Sec. Sec. 351.10(c)(1), 351.10(c)(5), 351.10(c)(8), 351.10(c)(9), or 351.10(c)(10) of subpart C, documentation supporting the banking entity's determination that the fund is not a covered fund pursuant to one or more of those exclusions; (3) for each seeding vehicle described in Sec. Sec. 351.10(c)(12)(i) or 351.10(c)(12)(iii) of subpart C that will become a registered investment company or SEC-regulated business development company, a written plan documenting the banking entity's determination that the seeding vehicle will become a registered investment company or SEC-regulated business development company; the period of time during which the vehicle will operate as a seeding vehicle; and the banking entity's plan to market the vehicle to third- party investors and convert it into a registered investment company or SEC-regulated business development company within the time period specified in Sec. 351.12(a)(2)(i)(B) of subpart C; and (4) for any banking entity that is, or is controlled directly or indirectly by a banking entity that is, located in or organized under the laws of the United States or of any State, if the aggregate amount of ownership interests in foreign public funds that are described in Sec. 351.10(c)(1) of subpart C owned by such banking entity (including ownership interests owned by any affiliate that is controlled directly or indirectly by a banking entity that is located in or organized under the laws of the United States or of any State) exceeds $50 million at the end of two or more consecutive calendar quarters, beginning with the next succeeding calendar quarter, documentation of the value of the ownership interests owned by the banking entity (and such affiliates) in each foreign public fund and each jurisdiction in which any such foreign public fund is organized, calculated as of the end of each calendar quarter, which documentation must continue until the banking entity's aggregate amount of ownership interests in foreign public funds is below $50 million for two consecutive calendar quarters. Section 351.20(f)(1) applies to banking entities with no covered activities. A banking entity that does not engage in activities or investments pursuant to subpart B or subpart C (other than trading activities permitted pursuant to Sec. 351.6(a) of subpart B) may satisfy the requirements of this section by establishing the required compliance program prior to becoming engaged in such activities or making such investments (other than trading activities permitted pursuant to Sec. 351.6(a) of subpart B). Section 351.20(f)(2) applies to banking entities with modest activities. A banking entity with total consolidated assets of $10 billion or less as reported on December 31 of the previous two calendar years that engages in activities or investments pursuant to subpart B or subpart C of this part (other than trading activities permitted under section 351.6(a)) may satisfy the requirements of this section by including in its existing compliance policies and procedures appropriate references to the requirements of section 13 and this part and adjustments as appropriate given the activities, size, scope and complexity of the banking entity. Disclosure Requirements Section 351.11(a)(8)(i) requires that a banking entity must clearly and conspicuously disclose, in writing, to any prospective and actual investor in the covered fund (such as through disclosure in the covered fund's offering documents) (1) that ``any losses in [such covered fund] will be borne solely by investors in [the covered fund] and not by [the banking entity]; therefore, [the banking entity's] losses in [such covered fund] will be limited to losses attributable to the ownership interests in the covered fund held by [the banking entity] in its capacity as investor in the [covered fund] or as beneficiary of a restricted profit interest held by [the banking entity]''; (2) that such investor should read the fund offering documents before investing in the covered fund; (3) that the ``ownership interests in the covered fund are not insured by the FDIC, and are not deposits, obligations of, or endorsed or guaranteed in any way, by any banking entity'' (unless that happens to be the case); and (4) the role of the banking entity and its affiliates and employees in sponsoring or providing any services to the covered fund. Request for Comment Comments are invited on: (a) Whether the collections of information are necessary for the proper performance of the FDIC's functions, including whether the information has practical utility; (b) the accuracy of the estimates of the burden of the information collections, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collections of information on respondents, including through the use of automated collection techniques or other forms of information technology. All comments will become a matter of public record. Dated at Washington, DC, this 5th day of January 2017. [[Page 3319]] Federal Deposit Insurance Corporation. Valerie J. Best, Assistant Executive Secretary. [FR Doc. 2017-00361 Filed 1-10-17; 8:45 am] BILLING CODE 6714-01-P
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information is necessary for the proper requirements is found at Sec. 258 [47 FEDERAL DEPOSIT INSURANCE
performance of the functions of the U.S.C. 258] Illegal Changes In CORPORATION
Commission, including whether the Subscriber Carrier Selections, Public
information shall have practical utility; Law 104–104, 110 Stat. 56. Agency Information Collection
the accuracy of the Commission’s Total Annual Burden: 91,547 hours. Activities: Proposed Collection
burden estimate; ways to enhance the Total Annual Cost: 51,285,000. Renewals; Comment Request (3064–
quality, utility, and clarity of the Nature and Extent of Confidentiality: 0006, & –0184)
information collected; ways to minimize Confidentiality is an issue to the extent AGENCY: Federal Deposit Insurance
the burden of the collection of that individuals and households Corporation (FDIC).
information on the respondents, provide personally identifiable
including the use of automated ACTION: Notice and request for comment.
information, which is covered under the
collection techniques or other forms of FCC’s system of records notice (SORN), SUMMARY: The FDIC, as part of its
information technology; and ways to FCC/CGB–1, ‘‘Informal Complaints, continuing effort to reduce paperwork
further reduce the information Inquiries and Requests for Dispute and respondent burden, invites the
collection burden on small business Assistance.’’ As required by the Privacy general public and other Federal
concerns with fewer than 25 employees. Act, 5 U.S.C. 552a, the Commission also agencies to take this opportunity to
The FCC may not conduct or sponsor a published a SORN, FCC/CGB–1 comment on the renewal of existing
collection of information unless it ‘‘Informal Complaints, Inquiries and information collections, as required by
displays a currently valid OMB control Requests for Dispute Assistance’’, in the the Paperwork Reduction Act of 1995
number. No person shall be subject to Federal Register on August 15, 2014 (79 (44 U.S.C. chapter 35). Currently, the
any penalty for failing to comply with FR 48152) which became effective on FDIC is soliciting comment on renewal
a collection of information subject to the September 24, 2014. of the information collections described
PRA that does not display a valid OMB Privacy Impact Assessment: No below.
control number. impacts(s).
DATES: Comments must be submitted on
DATES: Written PRA comments should Needs and Uses: Section 258 of the
be submitted on or before March 13, or before March 13, 2017.
Telecommunications Act of 1996 (1996
2017. If you anticipate that you will be Act) directed the Commission to ADDRESSES: Interested parties are
submitting comments, but find it prescribe rules to prevent the invited to submit written comments to
difficult to do so within the period of unauthorized change by the FDIC by any of the following
time allowed by this notice, you should telecommunications carriers of methods:
advise the contact listed below as soon consumers’ selections of • http://www.FDIC.gov/regulations/
as possible. telecommunications service providers laws/federal/notices.html.
ADDRESSES: Direct all PRA comments to (slamming). On March 17, 2003, the • Email: comments@fdic.gov. Include
Cathy Williams, FCC, via email PRA@ FCC released the Third Order on the name and number of the collection
fcc.gov and to Cathy.Williams@fcc.gov. Reconsideration and Second Further in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: For Notice of Proposed Rulemaking, CC • Mail: Jennifer Jones (202–898–
additional information about the Docket No. 94–129, FCC 03–42 (Third 6768), Counsel, MB–3105, Federal
information collection, contact Cathy Order on Reconsideration), in which the Deposit Insurance Corporation, 550 17th
Williams at (202) 418–2918. Commission revised and clarified Street NW., Washington, DC 20429.
certain rules to implement section 258 • Hand Delivery: Comments may be
SUPPLEMENTARY INFORMATION:
OMB Control Number: 3060–0787. of the 1996 Act. On May 23, 2003, the hand-delivered to the guard station at
Title: Implementation of the Commission released an Order (CC the rear of the 17th Street Building
Subscriber Carrier Selection Changes Docket No. 94–129, FCC 03–116) (located on F Street), on business days
Provisions of the Telecommunications clarifying certain aspects of the Third between 7:00 a.m. and 5:00 p.m.
Act of 1996, Policies and Rules Order on Reconsideration. On January 9, All comments should refer to the
Concerning Unauthorized Changes of 2008, the Commission released the relevant OMB control number. A copy
Consumers’ Long Distance Carriers, CC Fourth Report and Order, CC Docket No. of the comments may also be submitted
Docket No. 94–129, FCC 07–223. 94–129, FCC 07–223, revising its to the OMB desk officer for the FDIC:
Form Number: N/A. requirements concerning verification of Office of Information and Regulatory
Type of Review: Extension of a a consumer’s intent to switch carriers. Affairs, Office of Management and
currently approved collection. The Fourth Report and Order Budget, New Executive Office Building,
Respondents: Individuals or modified the information collection Washington, DC 20503.
household; Business or other for-profit; requirements contained in FOR FURTHER INFORMATION CONTACT:
State, Local or Tribal Government. § 64.1120(c)(3)(iii) of the Commission’s Jennifer Jones, at the FDIC address
Number of Respondents and rules to provide for verifications to elicit above.
Responses: 4,160 respondents; 22,330 ‘‘confirmation that the person on the
responses. call understands that a carrier change, SUPPLEMENTARY INFORMATION: Proposal
Estimated Time per Response: 30 not an upgrade to existing service, bill to renew the following currently
minutes (.50 hours) to 10 hours. consolidation, or any other misleading approved collections of information:
Frequency of Response: description of the transaction, is being 1. Title: Interagency Biographical and
Recordkeeping requirement; Biennial, Financial Report.
sradovich on DSK3GMQ082PROD with NOTICES
authorized.’’
on occasion and one-time reporting OMB Number: 3064–0006.
Federal Communications Commission. Form Number: Interagency
requirements; Third party disclosure
requirement. Marlene H. Dortch, Biographical and Financial Report.
Obligation to Respond: Required to Secretary, Office of the Secretary. Affected Public: Insured State
obtain or retain benefits. The statutory [FR Doc. 2017–00345 Filed 1–10–17; 8:45 am] Nonmember Banks and State Savings
authority for the information collection BILLING CODE 6712–01–P Associations.
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§§ 351.3 through 351.6 or §§ 351.11 §§ 351.10(c)(12)(i) or 351.10(c)(12)(iii) of activities permitted under section
through 351.14) to ensure that all subpart C that will become a registered 351.6(a)) may satisfy the requirements of
activities and investments conducted by investment company or SEC-regulated this section by including in its existing
the banking entity that are subject to business development company, a compliance policies and procedures
section 13 of the BHC Act and this part written plan documenting the banking appropriate references to the
comply with section 13 of the BHC Act entity’s determination that the seeding requirements of section 13 and this part
and applicable regulations; (2) a system vehicle will become a registered and adjustments as appropriate given
of internal controls reasonably designed investment company or SEC-regulated the activities, size, scope and
to monitor compliance with section 13 business development company; the complexity of the banking entity.
of the BHC Act and this part and to period of time during which the vehicle
prevent the occurrence of activities or will operate as a seeding vehicle; and Disclosure Requirements
investments that are prohibited by the banking entity’s plan to market the
section 13 of the BHC Act and vehicle to third-party investors and Section 351.11(a)(8)(i) requires that a
applicable regulations; (3) a convert it into a registered investment banking entity must clearly and
management framework that clearly company or SEC-regulated business conspicuously disclose, in writing, to
delineates responsibility and development company within the time any prospective and actual investor in
accountability for compliance with period specified in § 351.12(a)(2)(i)(B) of the covered fund (such as through
section 13 of the BHC Act and this part subpart C; and (4) for any banking entity disclosure in the covered fund’s offering
and includes appropriate management that is, or is controlled directly or documents) (1) that ‘‘any losses in [such
review of trading limits, strategies, indirectly by a banking entity that is, covered fund] will be borne solely by
hedging activities, investments, located in or organized under the laws investors in [the covered fund] and not
incentive compensation and other of the United States or of any State, if by [the banking entity]; therefore, [the
matters identified in this part or by the aggregate amount of ownership banking entity’s] losses in [such covered
management as requiring attention; (4) interests in foreign public funds that are fund] will be limited to losses
independent testing and audit of the described in § 351.10(c)(1) of subpart C attributable to the ownership interests
effectiveness of the compliance program owned by such banking entity in the covered fund held by [the
conducted periodically by qualified (including ownership interests owned banking entity] in its capacity as
personnel of the banking entity or by a by any affiliate that is controlled
investor in the [covered fund] or as
qualified outside party; (5) training for directly or indirectly by a banking entity
that is located in or organized under the beneficiary of a restricted profit interest
trading personnel and managers, as well held by [the banking entity]’’; (2) that
as other appropriate personnel, to laws of the United States or of any State)
exceeds $50 million at the end of two such investor should read the fund
effectively implement and enforce the offering documents before investing in
compliance program; and (6) records or more consecutive calendar quarters,
beginning with the next succeeding the covered fund; (3) that the
sufficient to demonstrate compliance
calendar quarter, documentation of the ‘‘ownership interests in the covered
with section 13 of the BHC Act and
value of the ownership interests owned fund are not insured by the FDIC, and
applicable regulations, which a banking
by the banking entity (and such are not deposits, obligations of, or
entity must promptly provide to the
[Agency] upon request and retain for a affiliates) in each foreign public fund endorsed or guaranteed in any way, by
period of no less than 5 years or such and each jurisdiction in which any such any banking entity’’ (unless that
longer period as required by [Agency]. foreign public fund is organized, happens to be the case); and (4) the role
calculated as of the end of each calendar of the banking entity and its affiliates
Section 351.20(e) specifies additional quarter, which documentation must
documentation required for covered and employees in sponsoring or
continue until the banking entity’s providing any services to the covered
funds. Any banking entity that has more aggregate amount of ownership interests
than $10 billion in total consolidated fund.
in foreign public funds is below $50
assets as reported on December 31 of the million for two consecutive calendar Request for Comment
previous two calendar years shall quarters.
maintain records that include: (1) Section 351.20(f)(1) applies to Comments are invited on: (a) Whether
Documentation of the exclusions or banking entities with no covered the collections of information are
exemptions other than sections 3(c)(1) activities. A banking entity that does not necessary for the proper performance of
and 3(c)(7) of the Investment Company engage in activities or investments the FDIC’s functions, including whether
Act of 1940 relied on by each fund pursuant to subpart B or subpart C the information has practical utility; (b)
sponsored by the banking entity (other than trading activities permitted the accuracy of the estimates of the
(including all subsidiaries and affiliates) pursuant to § 351.6(a) of subpart B) may burden of the information collections,
in determining that such fund is not a satisfy the requirements of this section including the validity of the
covered fund; (2) for each fund by establishing the required compliance methodology and assumptions used; (c)
sponsored by the banking entity program prior to becoming engaged in ways to enhance the quality, utility, and
(including all subsidiaries and affiliates) such activities or making such clarity of the information to be
for which the banking entity relies on investments (other than trading collected; and (d) ways to minimize the
one or more of the exclusions from the activities permitted pursuant to burden of the collections of information
definition of covered fund provided by § 351.6(a) of subpart B). on respondents, including through the
§§ 351.10(c)(1), 351.10(c)(5),
sradovich on DSK3GMQ082PROD with NOTICES
Section 351.20(f)(2) applies to
use of automated collection techniques
351.10(c)(8), 351.10(c)(9), or banking entities with modest activities.
or other forms of information
351.10(c)(10) of subpart C, A banking entity with total consolidated
documentation supporting the banking assets of $10 billion or less as reported technology. All comments will become
entity’s determination that the fund is on December 31 of the previous two a matter of public record.
not a covered fund pursuant to one or calendar years that engages in activities Dated at Washington, DC, this 5th day of
more of those exclusions; (3) for each or investments pursuant to subpart B or January 2017.
seeding vehicle described in subpart C of this part (other than trading
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Federal Deposit Insurance Corporation. (44 U.S.C. 3501, et seq.). On October 27, • Hand Delivery: Comments may be
Valerie J. Best, 2016, (81 FR 74802), the FDIC requested hand-delivered to the guard station at
Assistant Executive Secretary. comment for 60 days on a proposal to the rear of the 17th Street Building
[FR Doc. 2017–00361 Filed 1–10–17; 8:45 am] renew the information collections (located on F Street), on business days
BILLING CODE 6714–01–P
described below. No comments were between 7:00 a.m. and 5:00 p.m.
received. The FDIC hereby gives notice All comments should refer to the
of its plan to submit to OMB a request relevant OMB control number. A copy
FEDERAL DEPOSIT INSURANCE to approve the renewal of these of the comments may also be submitted
CORPORATION collections, and again invites comment to the OMB desk officer for the FDIC:
on this renewal. Office of Information and Regulatory
Agency Information Collection Affairs, Office of Management and
DATES: Comments must be submitted on
Activities: Submission for OMB Budget, New Executive Office Building,
or before February 10, 2017.
Review; Comment Request (3064–0018 Washington, DC 20503.
& –0137) ADDRESSES: Interested parties are FOR FURTHER INFORMATION CONTACT:
invited to submit written comments to Jennifer Jones, at the FDIC address
AGENCY: Federal Deposit Insurance the FDIC by any of the following
Corporation (FDIC). above.
methods:
ACTION: Notice and request for comment. SUPPLEMENTARY INFORMATION: Proposal
• http://www.FDIC.gov/regulations/
to renew the following currently-
laws/federal/notices.html.
SUMMARY: The FDIC, as part of its approved collections of information:
continuing effort to reduce paperwork • Email: comments@fdic.gov. Include 1. Title: Application Pursuant to
and respondent burden, invites the the name and number of the collection Section 19 of the Federal Deposit
general public and other Federal in the subject line of the message. Insurance Act.
agencies to take this opportunity to • Mail: Jennifer Jones (202–898– OMB Number: 3064–0018.
comment on the renewal of existing 6768), Counsel, MB–3105, Federal Form Number: FDIC 6710/07.
information collections, as required by Deposit Insurance Corporation, 550 17th Affected Public: Insured Depository
the Paperwork Reduction Act of 1995 Street NW., Washington, DC 20429. Institutions.
BURDEN ESTIMATE
Total annual
Estimated Estimated Estimated Frequency estimated
Type of burden number of number of time per of burden
respondents responses response response (hours)
APPLICATION PURSUANT TO Reporting ........... 75 1 16 On Occasion ...... 1,200
SECTION 19 OF THE FEDERAL
DEPOSIT INSURANCE ACT.
TOTAL HOURLY BURDEN .... 1,200
General Description of Collection: crimes involving dishonesty or breach 2. Title: Interagency Guidance on
Section 19 of the Federal Deposit of trust, and included drug-related Asset Securitization Activities
Insurance Act (FDI), 12 U.S.C. Section convictions. To obtain that consent, an OMB Number: 3064–0137.
1829, requires the FDIC’s consent prior insured depository institution must Form Number: None.
to any participation in the affairs of an submit an application to the FDIC for Affected Public: Insured State
insured depository institution by a approval on Form FDIC 6710/07. Nonmember Banks and Savings
person who has been convicted of Associations.
BURDEN ESTIMATE
Total annual
Estimated Estimated Estimated Frequency estimated
Type of burden number of number of time per of burden
respondents responses response response (hours)
Asset Securitization Policies—New Recordkeeping ... 1 1 32 On Occasion ...... 32
Entrant.
Asset Securitization Policies—Up- Recordkeeping ... 2 1 3 On Occasion ...... 6
grades of Policies.
Documentation of Fair Value .......... Recordkeeping ... 22 1 4 On Occasion ...... 88
MIS Improvements—New Entrant .. Recordkeeping ... 1 1 21 On Occasion ...... 21
MIS Improvements—Systems Up- Recordkeeping ... 2 1 5 On Occasion ...... 10
sradovich on DSK3GMQ082PROD with NOTICES
grades.
TOTAL HOURLY BURDEN .... 157
General Description of Collection: The Securitization Activities informs sound practices regarding asset
Interagency Guidance on Asset bankers and examiners of safe and securitization. The information
VerDate Sep<11>2014 19:05 Jan 10, 2017 Jkt 241001 PO 00000 Frm 00040 Fmt 4703 Sfmt 4703 E:\FR\FM\11JAN1.SGM 11JAN1](https://thefederalregister.org/doc/82_FR_3322/page/5.svg)
Document Created: 2018-02-01 14:59:40
Document Modified: 2018-02-01 14:59:40
| 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 | Comments must be submitted on or before March 13, 2017. | |
| FR Citation | 82 FR 3315 |
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