82 FR 33496 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
FEDERAL RESERVE SYSTEM Federal Register Volume 82, Issue 138 (July 20, 2017)
Federal Register Volume 82, Issue 138 (July 20, 2017)
| Page Range | 33496-33497 | |
| FR Document | 2017-15263 |
[Federal Register Volume 82, Number 138 (Thursday, July 20, 2017)] [Notices] [Pages 33496-33497] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-15263] ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB AGENCY: Board of Governors of the Federal Reserve System. SUMMARY: The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend, without revision, the recordkeeping and disclosure requirements associated with Regulation R. On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB's public docket files. The Board may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503 or by fax to (202) 395-6974. SUPPLEMENTARY INFORMATION: Final approval under OMB delegated authority of the extension for three years, without revision, of the following report: Report title: Recordkeeping and Disclosure Requirements Associated with Regulation R. Agency form number: FR 4025. OMB Control number: 7100-0316. Frequency: On occasion. Respondents: Commercial banks and savings associations. Estimated number of respondents: Section 701 disclosures to customers: 1,500; Section 701 disclosures to brokers: 1,500, Section 723 recordkeeping: 75; Section 741 disclosures to customers: 750. Estimated average hours per response: Section 701 disclosures to customers: 5 minutes; Section 701 disclosures to brokers: 15 minutes, Section 723 recordkeeping: 15 minutes; Section 741 disclosures to customers: 5 minutes. Estimated annual burden hours: 75,563. General description of report: Sections 701, 723, and 741 contain information collection requirements. Details of the requirements for each section are provided below. Section 701. Section 701(a)(2)(i) and (b) require banks (or their broker-dealer partners) that utilize the exemption provided in this section to make certain disclosures to high net worth or institutional customers. Specifically, these banks must clearly and conspicuously disclose (i) the name of the broker-dealer and (ii) that the bank employee participates in an incentive compensation program under which the bank employee may receive a fee of more than a nominal amount for referring the customer to the broker- dealer and payment of this fee may be contingent on whether the referral results in a transaction with the broker-dealer. In addition, one of the conditions of the exemption is that the broker-dealer and the bank have a contractual or other written arrangement containing certain elements, including notification and information requirements. The bank must provide its broker-dealer partner with the name of the bank employee receiving a referral fee under the exemption and certain other identifying information relating to the bank employee. Section 723. Section 723(e)(1) requires a bank that desires to exclude a trust or fiduciary account in determining its compliance with the chiefly compensated test in section 721, pursuant to a de minimis exclusion 5, to maintain records demonstrating that [[Page 33497]] the securities transactions conducted by or on behalf of the account were undertaken by the bank in the exercise of its trust or fiduciary responsibilities with respect to the account. Section 741. Section 741(a)(2)(ii)(A) requires a bank relying on this exemption, which permits banks to effect transactions in the shares of a money market fund, to provide customers with a prospectus for the money market fund securities, not later than the time the customer authorizes the bank to effect the transaction in such securities, if the class or series of securities are not no-load. In situations where a bank effects transactions under the exemption as part of a program for the investment or reinvestment of deposit funds of, or collected by, another bank, the Section permits either the effecting bank or the deposit-taking bank to provide the customer a prospectus for the money market fund securities. Legal authorization and confidentiality: The Board's Legal Division has determined that section 3(a)(4)(F) of the Exchange Act (15 U.S.C. 78c(a)(4)(F)) authorizes the Board and the SEC to require the information collection. The FR 4025 is required to obtain a benefit because banks wishing to utilize exemptions provided by the rules 701, 723, and 741 are required to comply with the recordkeeping and disclosure requirements. If an institution considers the information to be trade secrets and/or privileged, such information could be withheld from the public under section (b)(4) of the Freedom of Information Act (5 U.S.C. 552(b)(4)). Additionally, to the extent that such information may be contained in an examination report, such information maybe also be withheld from the public under section (b)(8) of the Freedom of Information Act (5 U.S.C. 552 (b)(8)). Current Actions: On April 3, 2017, the Board published a notice in the Federal Register (82 FR 16210) requesting public comment for 60 days on the extension, without revision, of the Recordkeeping and Disclosure Requirements Associated with Regulation R. The comment period for this notice expired on June 2, 2017. The Board did not receive any comments. Board of Governors of the Federal Reserve System, July 17, 2017. Ann E. Misback Secretary of the Board. [FR Doc. 2017-15263 Filed 7-19-17; 8:45 am] BILLING CODE 6210-01-P
![33496 Federal Register / Vol. 82, No. 138 / Thursday, July 20, 2017 / Notices
FEDERAL RESERVE SYSTEM Stillwater, Oklahoma, and thereby SUPPLEMENTARY INFORMATION: Final
indirectly acquire Bank SNB, Stillwater, approval under OMB delegated
Formations of, Acquisitions by, and Oklahoma. authority of the extension for three
Mergers of Bank Holding Companies Board of Governors of the Federal Reserve years, without revision, of the following
System, July 17, 2017. report:
The companies listed in this notice
Yao-Chin Chao, Report title: Recordkeeping and
have applied to the Board for approval,
Disclosure Requirements Associated
pursuant to the Bank Holding Company Assistant Secretary of the Board.
with Regulation R.
Act of 1956 (12 U.S.C. 1841 et seq.) [FR Doc. 2017–15251 Filed 7–19–17; 8:45 am]
Agency form number: FR 4025.
(BHC Act), Regulation Y (12 CFR part BILLING CODE 6210–01–P OMB Control number: 7100–0316.
225), and all other applicable statutes Frequency: On occasion.
and regulations to become a bank Respondents: Commercial banks and
holding company and/or to acquire the FEDERAL RESERVE SYSTEM savings associations.
assets or the ownership of, control of, or Estimated number of respondents:
the power to vote shares of a bank or Agency Information Collection Section 701 disclosures to customers:
bank holding company and all of the Activities: Announcement of Board 1,500; Section 701 disclosures to
banks and nonbanking companies Approval Under Delegated Authority brokers: 1,500, Section 723
owned by the bank holding company, and Submission to OMB recordkeeping: 75; Section 741
including the companies listed below. disclosures to customers: 750.
The applications listed below, as well AGENCY: Board of Governors of the
Estimated average hours per response:
as other related filings required by the Federal Reserve System.
Section 701 disclosures to customers: 5
Board, are available for immediate SUMMARY: The Board of Governors of the minutes; Section 701 disclosures to
inspection at the Federal Reserve Bank Federal Reserve System (Board) is brokers: 15 minutes, Section 723
indicated. The applications will also be adopting a proposal to extend, without recordkeeping: 15 minutes; Section 741
available for inspection at the offices of revision, the recordkeeping and disclosures to customers: 5 minutes.
the Board of Governors. Interested disclosure requirements associated with Estimated annual burden hours:
persons may express their views in Regulation R. 75,563.
writing on the standards enumerated in On June 15, 1984, the Office of General description of report:
the BHC Act (12 U.S.C. 1842(c)). If the Management and Budget (OMB) Sections 701, 723, and 741 contain
proposal also involves the acquisition of delegated to the Board authority under information collection requirements.
a nonbanking company, the review also the Paperwork Reduction Act (PRA) to Details of the requirements for each
includes whether the acquisition of the approve of and assign OMB control section are provided below.
nonbanking company complies with the numbers to collection of information Section 701. Section 701(a)(2)(i) and
standards in section 4 of the BHC Act requests and requirements conducted or (b) require banks (or their broker-dealer
(12 U.S.C. 1843). Unless otherwise sponsored by the Board. Board- partners) that utilize the exemption
noted, nonbanking activities will be approved collections of information are provided in this section to make certain
conducted throughout the United States. incorporated into the official OMB disclosures to high net worth or
Unless otherwise noted, comments inventory of currently approved institutional customers. Specifically,
regarding each of these applications collections of information. Copies of the these banks must clearly and
must be received at the Reserve Bank Paperwork Reduction Act Submission, conspicuously disclose (i) the name of
indicated or the offices of the Board of supporting statements and approved the broker-dealer and (ii) that the bank
Governors not later than August 16, collection of information instrument(s) employee participates in an incentive
2017. are placed into OMB’s public docket compensation program under which the
A. Federal Reserve Bank of Chicago files. The Board may not conduct or bank employee may receive a fee of
(Colette A. Fried, Assistant Vice sponsor, and the respondent is not more than a nominal amount for
President) 230 South LaSalle Street, required to respond to, an information referring the customer to the broker-
Chicago, Illinois 60690–1414: collection that has been extended, dealer and payment of this fee may be
1. QCR Holdings, Inc., Moline, Illinois; revised, or implemented on or after contingent on whether the referral
to acquire 100 percent of the voting October 1, 1995, unless it displays a results in a transaction with the broker-
shares of Guaranty Bank and Trust currently valid OMB control number. dealer.
Company, Cedar Rapids, Iowa. In addition, one of the conditions of
B. Federal Reserve Bank of Dallas FOR FURTHER INFORMATION CONTACT: the exemption is that the broker-dealer
(Robert L. Triplett III, Senior Vice Federal Reserve Board Clearance and the bank have a contractual or other
President) 2200 North Pearl Street, Officer—Nuha Elmaghrabi—Office of written arrangement containing certain
Dallas, Texas 75201–2272: the Chief Data Officer, Board of elements, including notification and
1. Southside Bancshares, Inc., Tyler, Governors of the Federal Reserve information requirements. The bank
Texas; to merge with Diboll State System, Washington, DC 20551, (202) must provide its broker-dealer partner
Bancshares, Inc., and thereby indirectly 452–3829. Telecommunications Device with the name of the bank employee
acquire First Bank & Trust East Texas, for the Deaf (TDD) users may contact receiving a referral fee under the
both of Diboll, Texas. (202) 263–4869, Board of Governors of exemption and certain other identifying
the Federal Reserve System,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
C. Federal Reserve Bank of St. Louis information relating to the bank
(David L. Hubbard, Senior Manager) Washington, DC 20551. employee.
P.O. Box 442, St. Louis, Missouri OMB Desk Officer—Shagufta Section 723. Section 723(e)(1)
63166–2034. Comments can also be sent Ahmed—Office of Information and requires a bank that desires to exclude
electronically to Comments Regulatory Affairs, Office of a trust or fiduciary account in
.applications@stls.frb.org: Management and Budget, New determining its compliance with the
1. Simmons First National Executive Office Building, Room 10235, chiefly compensated test in section 721,
Corporation, Pine Bluff, Arkansas; to 725 17th Street NW., Washington, DC pursuant to a de minimis exclusion 5,
merge with Southwest Bancorp, Inc., 20503 or by fax to (202) 395–6974. to maintain records demonstrating that
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![Federal Register / Vol. 82, No. 138 / Thursday, July 20, 2017 / Notices 33497
the securities transactions conducted by DEPARTMENT OF HEALTH AND submissions) will be considered timely
or on behalf of the account were HUMAN SERVICES if they are postmarked or the delivery
undertaken by the bank in the exercise service acceptance receipt is on or
of its trust or fiduciary responsibilities Food and Drug Administration before that date.
with respect to the account. [Docket No. FDA–2016–N–0407] Electronic Submissions
Section 741. Section 741(a)(2)(ii)(A) Submit electronic comments in the
requires a bank relying on this Pilot Project Program Under the Drug
following way:
exemption, which permits banks to Supply Chain Security Act; Request for
• Federal eRulemaking Portal:
effect transactions in the shares of a Comments
https://www.regulations.gov. Follow the
money market fund, to provide AGENCY: Food and Drug Administration, instructions for submitting comments.
customers with a prospectus for the HHS. Comments submitted electronically,
money market fund securities, not later including attachments, to https://
ACTION: Notice; request for comments.
than the time the customer authorizes www.regulations.gov will be posted to
the bank to effect the transaction in such SUMMARY: The Food and Drug the docket unchanged. Because your
securities, if the class or series of Administration (FDA or Agency) is comment will be made public, you are
securities are not no-load. In situations announcing its intent to establish a pilot solely responsible for ensuring that your
where a bank effects transactions under project program under the Drug Supply comment does not include any
the exemption as part of a program for Chain Security Act (the DSCSA Pilot confidential information that you or a
the investment or reinvestment of Project Program) to assist in third party may not wish to be posted,
deposit funds of, or collected by, development of the electronic, such as medical information, your or
another bank, the Section permits either interoperable system that will identify anyone else’s Social Security number, or
the effecting bank or the deposit-taking and trace certain prescription drugs as confidential business information, such
bank to provide the customer a these are distributed within the United as a manufacturing process. Please note
prospectus for the money market fund States. Under this program, FDA will that if you include your name, contact
securities. work with stakeholders to establish one information, or other information that
or more pilot projects to explore and identifies you in the body of your
Legal authorization and
evaluate methods to enhance the safety comments, that information will be
confidentiality: The Board’s Legal
and security of the pharmaceutical posted on https://www.regulations.gov.
Division has determined that section • If you want to submit a comment
distribution supply chain. Participation
3(a)(4)(F) of the Exchange Act (15 U.S.C. with confidential information that you
in the DSCSA Pilot Project Program will
78c(a)(4)(F)) authorizes the Board and do not wish to be made available to the
be voluntary and will be open to
the SEC to require the information public, submit the comment as a
pharmaceutical distribution supply
collection. The FR 4025 is required to chain members. FDA will be written/paper submission and in the
obtain a benefit because banks wishing particularly interested in participation manner detailed (see ‘‘Written/Paper
to utilize exemptions provided by the reflecting the diversity of the supply Submissions’’ and ‘‘Instructions’’).
rules 701, 723, and 741 are required to chain, including large and small entities
comply with the recordkeeping and Written/Paper Submissions
from all industry sectors. This notice
disclosure requirements. If an describes the proposed DSCSA Pilot Submit written/paper submissions as
institution considers the information to Project Program, including proposed follows:
be trade secrets and/or privileged, such instructions for submitting a request to • Mail/Hand delivery/Courier (for
information could be withheld from the participate. FDA is soliciting comments written/paper submissions): Dockets
public under section (b)(4) of the on the proposed collection of Management Staff (HFA–305), Food and
Freedom of Information Act (5 U.S.C. information associated with Drug Administration, 5630 Fishers
552(b)(4)). Additionally, to the extent establishment of the DSCSA Pilot Lane, Rm. 1061, Rockville, MD 20852.
that such information may be contained • For written/paper comments
Project Program before submitting the
in an examination report, such submitted to the Dockets Management
proposed collection to the Office of
information maybe also be withheld Staff, FDA will post your comment, as
Management and Budget (OMB) for
from the public under section (b)(8) of well as any attachments, except for
approval. FDA does not intend to begin
the Freedom of Information Act (5 information submitted, marked and
the proposed DSCSA Pilot Project
U.S.C. 552 (b)(8)). identified, as confidential, if submitted
Program or accept requests to
as detailed in ‘‘Instructions.’’
Current Actions: On April 3, 2017, the participate in the program until OMB
Instructions: All submissions received
Board published a notice in the Federal has approved the proposed collection of
must include the Docket No. FDA–
Register (82 FR 16210) requesting information.
2016–N–0407 for ‘‘Pilot Project Program
public comment for 60 days on the DATES: Submit written or electronic under the Drug Supply Chain Security
extension, without revision, of the comments on this pilot project program Act; Request for Comments.’’ Received
Recordkeeping and Disclosure by September 18, 2017. comments will be placed in the docket
Requirements Associated with ADDRESSES: You may submit comments and, except for those submitted as
Regulation R. The comment period for as follows. Please note that late, ‘‘Confidential Submissions,’’ publicly
this notice expired on June 2, 2017. The
asabaliauskas on DSKBBXCHB2PROD with NOTICES
untimely filed comments will not be viewable at https://www.regulations.gov
Board did not receive any comments. considered. Electronic comments must or at the Dockets Management Staff
Board of Governors of the Federal Reserve be submitted on or before September 18, between 9 a.m. and 4 p.m., Monday
System, July 17, 2017. 2017. The https://www.regulations.gov through Friday.
electronic filing system will accept • Confidential Submissions—To
Ann E. Misback
comments until midnight Eastern Time submit a comment with confidential
Secretary of the Board. at the end of September 18, 2017. information that you do not wish to be
[FR Doc. 2017–15263 Filed 7–19–17; 8:45 am] Comments received by mail/hand made publicly available, submit your
BILLING CODE 6210–01–P delivery/courier (for written/paper comments only as a written/paper
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Document Created: 2017-07-20 06:57:53
Document Modified: 2017-07-20 06:57:53
| 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 | On April 3, 2017, the Board published a notice in the Federal Register (82 FR 16210) requesting public comment for 60 days on the extension, without revision, of the Recordkeeping and Disclosure Requirements Associated with Regulation R. The comment period for this notice expired on June 2, 2017. The Board did not receive any comments. | |
| Contact | Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452-3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. | |
| FR Citation | 82 FR 33496 |
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