82 FR 56022 - Proposed Agency Information Collection Activities; Comment Request
FEDERAL RESERVE SYSTEM Federal Register Volume 82, Issue 226 (November 27, 2017)
Federal Register Volume 82, Issue 226 (November 27, 2017)
| Page Range | 56022-56023 | |
| FR Document | 2017-25499 |
[Federal Register Volume 82, Number 226 (Monday, November 27, 2017)] [Notices] [Pages 56022-56023] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25499] ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice, request for comment. ----------------------------------------------------------------------- SUMMARY: The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Recordkeeping and Disclosure Requirements Associated with Securities Transactions Pursuant to Regulation H (Reg H-3; OMB No. 7100-0196). DATES: Comments must be submitted on or before January 26, 2018. ADDRESSES: You may submit comments, identified by Reg H-3, by any of the following methods:Agency Web site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx. Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. Email: [email protected]. Include OMB number in the subject line of the message. Fax: (202) 452-3819 or (202) 452-3102. Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW., Washington, DC 20551. All public comments are available from the Board's Web site at http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper form in Room 3515, 1801 K Street (between 18th and 19th Streets NW.), Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays. Additionally, commenters may send a copy of their comments to the OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory Affairs, Office of Management and Budget, New [[Page 56023]] Executive Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503 or by fax to (202) 395-6974. FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB's public docket files, once approved. These documents will also be made available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. 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. SUPPLEMENTARY INFORMATION: 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. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. Request for Comment on Information Collection Proposal The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Federal Reserve's functions; including whether the information has practical utility; b. The accuracy of the Federal Reserve's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Federal Reserve should modify the proposal prior to giving final approval. Proposal To Approve Under OMB Delegated Authority the Extension for Three Years, Without Revision, of the Following Report Report title: Recordkeeping and Disclosure Requirements Associated with Securities Transactions Pursuant to Regulation H. Agency form number: Reg H-3. OMB control number: 7100-0196. Frequency: Event-generated. Respondents: State member banks. Estimated number of respondents: State member banks (de novo): 1; state member banks with trust departments: 228; state member banks without trust departments: 601. Estimated average hours per response: State member banks (de novo): recordkeeping, 40 hours. State member banks with trust departments: recordkeeping, 2 hours; disclosure, 16 hours. State member banks without trust departments: recordkeeping, 15 minutes; disclosure, 5 hours. Estimated annual burden hours: State member banks (de novo): recordkeeping, 40 hours. State member banks with trust departments: recordkeeping, 12,768 hours; disclosure, 43,776 hours. State member banks without trust departments: recordkeeping, 4,207 hours; disclosure, 36,060 hours. General description of report: These recordkeeping and disclosure requirements are pursuant to Sections 208.34(c), (d), and (g) of the Board's Regulation H, which require that state member banks effecting securities transactions for customers establish and maintain a system of records of these transactions, furnish confirmations of transactions to customers that disclose certain information, and establish written policies and procedures relating to securities trading. State member banks are required to maintain records created per these requirements for three years following a securities transaction. These requirements are necessary to protect the customer, to avoid or settle customer disputes, and to protect the institution against potential liability arising under the anti-fraud and insider trading provisions of the Securities Exchange Act of 1934 (``Securities Exchange Act''). Legal authorization and confidentiality: The Board has determined that the Regulation H requirements are authorized by Section 23 of the Securities Exchange Act, 15 U.S.C. 78w, which empowers the Board to make rules and regulations implementing those portions of the Securities Exchange Act for which it is responsible. The requirements of 12 CFR 208.34(c), (d), and (g) also are impliedly authorized by Section 9 of the Federal Reserve Act (12 U.S.C. 321-328a), which establishes the Board's supervisory authority with respect to the safety and soundness of state member banks. Accordingly, the Board is authorized to impose these recordkeeping, disclosure, and policy establishment requirements. The obligation of a state member bank to comply with the Regulation H requirements is mandatory, save for the limited exceptions set forth in 12 CFR 208.34(a). Inasmuch as the Board does not collect or receive any information concerning securities transactions pursuant to these requirements, no issues of confidentiality normally will arise. If, however, these records were to come into the possession of the Board, they may be protected from disclosure pursuant to exemption 4 of the Freedom of Information Act (``FOIA''), 5 U.S.C. 552(b)(4), under the standards set forth in National Parks & Conservation Ass'n v. Morton, 498 F.2d 765 (D.C. Cir. 1974), to the extent an institution can establish the potential for substantial competitive harm. They also may be subject to withholding under FOIA exemption 6, 5 U.S.C. 552(b)(6), should disclosure constitute an unwarranted invasion of personal privacy. Additionally, if such information were included in the work papers of System examiners or abstracted in System reports of examination, the information also may be protected under exemption 8 of FOIA, 5 U.S.C. 552(b)(8). Any withholding determination would be made on a case-by- case basis in response to a specific request for disclosure of the information. Board of Governors of the Federal Reserve System, November 21, 2017. Ann E. Misback, Secretary of the Board. [FR Doc. 2017-25499 Filed 11-24-17; 8:45 am] BILLING CODE 6210-01-P
![56022 Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices
FOR FURTHER INFORMATION CONTACT: company (SLHC) or any of its Board of Governors of the Federal Reserve
Federal Reserve Board Clearance subsidiaries without the written consent System, November 21, 2017.
Officer—Nuha Elmaghrabi—Office of of the Board. In order for such a person Ann E. Misback,
the Chief Data Officer, Board of to participate in the conduct of the Secretary of the Board.
Governors of the Federal Reserve affairs of any SLHC, the SLHC or the [FR Doc. 2017–25498 Filed 11–24–17; 8:45 am]
System, Washington, DC 20551 (202) individual must file an application BILLING CODE 6210–01–P
452–3829. Telecommunications Device seeking to obtain an exemption from the
for the Deaf (TDD) users may contact Board. The Board will use any
(202) 263–4869, Board of Governors of information provided by the applicant FEDERAL RESERVE SYSTEM
the Federal Reserve System, when considering an exemption request
Washington, DC 20551. Proposed Agency Information
concerning a prohibited person. Such Collection Activities; Comment
OMB Desk Officer—Shagufta
considerations will include, but are not Request
Ahmed—Office of Information and
Regulatory Affairs, Office of limited to, whether the prohibited
person would participate in the major AGENCY: Board of Governors of the
Management and Budget, New
policymaking functions of the SLHC or Federal Reserve System.
Executive Office Building, Room 10235,
would threaten the safety and ACTION: Notice, request for comment.
725 17th Street NW., Washington, DC
20503 or by fax to (202) 395–6974. soundness of any subsidiary insured
SUMMARY: The Board of Governors of the
SUPPLEMENTARY INFORMATION: On June depository institution of the SLHC or
Federal Reserve System (Board) invites
15, 1984, the Office of Management and the public confidence in the insured
comment on a proposal to extend for
Budget (OMB) delegated to the Board depository institution. three years, without revision, the
authority under the Paperwork Legal authorization and Recordkeeping and Disclosure
Reduction Act (PRA) to approve of and confidentiality: The Board has Requirements Associated with
assign OMB control numbers to determined that this information Securities Transactions Pursuant to
collection of information requests and collection is authorized by section Regulation H (Reg H–3; OMB No. 7100–
requirements conducted or sponsored 19(e)(2) of the FDI Act, which states that 0196).
by the Board. Board-approved the ‘‘Board . . . may provide DATES: Comments must be submitted on
collections of information are exemptions [from the prohibition] by or before January 26, 2018.
incorporated into the official OMB regulation or order . . . if the exemption ADDRESSES: You may submit comments,
inventory of currently approved is consistent with the purposes of this identified by Reg H–3, by any of the
collections of information. Copies of the subsection’’ (12 U.S.C. 1829(e)(2)). The following methods:
Paperwork Reduction Act Submission, Board exercises general supervision • Agency Web site: http://
supporting statements and approved www.federalreserve.gov. Follow the
over SLHCs, which includes
collection of information instrument(s) instructions for submitting comments at
examination authority and the
are placed into OMB’s public docket http://www.federalreserve.gov/apps/
files. The Federal Reserve may not imposition of reporting and
recordkeeping requirements (12 U.S.C. foia/proposedregs.aspx.
conduct or sponsor, and the respondent • Federal eRulemaking Portal: http://
is not required to respond to, an 1467a(b)(2)). This information collection
is required in order for prohibited www.regulations.gov. Follow the
information collection that has been instructions for submitting comments.
extended, revised, or implemented on or persons to obtain the benefit of
becoming, or continuing service as, an • Email: regs.comments@
after October 1, 1995, unless it displays federalreserve.gov. Include OMB
a currently valid OMB control number. institution-affiliated party of an SLHC,
number in the subject line of the
and for an SLHC to permit that
Final Approval Under OMB Delegated message.
prohibited person to engage in any • Fax: (202) 452–3819 or (202) 452–
Authority of the Extension for Three conduct or continue any relationship
Years, Without Revision, of the 3102.
prohibited by section 19(e) of the FDI • Mail: Ann E. Misback, Secretary,
Following Report
Act. Board of Governors of the Federal
Report title: Application for Reserve System, 20th Street and
Some or all of the information
Exemption from Prohibited Service at Constitution Avenue NW., Washington,
submitted may be withheld pursuant to
Savings and Loan Holding Companies. DC 20551.
Agency form number: FR LL–12. sections (b)(4), (b)(6), and (b)(8) of the
OMB control number: 7100–0338. Freedom of Information Act (5 U.S.C. All public comments are available
Frequency: On occasion. 552(b)(4), (b)(6), (b)(8)). The from the Board’s Web site at http://
Respondents: Individuals and savings applicability of these exemptions would www.federalreserve.gov/apps/foia/
and loan holding companies. need to be determined on a case-by-case proposedregs.aspx as submitted, unless
Estimated number of respondents: 15. basis. modified for technical reasons.
Estimated average hours per response: Accordingly, your comments will not be
Current actions: On July 24, 2017, the edited to remove any identifying or
16.
Estimated annual burden hours: 240. Board published a notice in the Federal contact information. Public comments
General description of report: The Register (82 FR 34311) requesting may also be viewed electronically or in
public comment for 60 days on the
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Deposit Insurance (FDI) Act and paper form in Room 3515, 1801 K Street
Regulation LL (12 CFR part 238) extension, without revision, of the (between 18th and 19th Streets NW.),
prohibit individuals who have been Application for Exemption from Washington, DC 20006 between 9:00
convicted of certain criminal offenses or Prohibited Service at Savings and Loan a.m. and 5:00 p.m. on weekdays.
who have agreed to enter into a pretrial Holding Companies. The comment Additionally, commenters may send a
diversion or similar program in period for this notice expired on copy of their comments to the OMB
connection with a prosecution for such September 22, 2017. The Board did not Desk Officer—Shagufta Ahmed—Office
criminal offenses from participating in receive any comments. The extension of Information and Regulatory Affairs,
the affairs of a savings and loan holding will be implemented as proposed. Office of Management and Budget, New
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![Federal Register / Vol. 82, No. 226 / Monday, November 27, 2017 / Notices 56023
Executive Office Building, Room 10235, e. Estimates of capital or startup costs Legal authorization and
725 17th Street NW., Washington, DC and costs of operation, maintenance, confidentiality: The Board has
20503 or by fax to (202) 395–6974. and purchase of services to provide determined that the Regulation H
FOR FURTHER INFORMATION CONTACT: A information. requirements are authorized by Section
copy of the PRA OMB submission, At the end of the comment period, the 23 of the Securities Exchange Act, 15
including the proposed reporting form comments and recommendations U.S.C. 78w, which empowers the Board
and instructions, supporting statement, received will be analyzed to determine to make rules and regulations
and other documentation will be placed the extent to which the Federal Reserve implementing those portions of the
into OMB’s public docket files, once should modify the proposal prior to Securities Exchange Act for which it is
approved. These documents will also be giving final approval. responsible. The requirements of 12
made available on the Federal Reserve CFR 208.34(c), (d), and (g) also are
Proposal To Approve Under OMB
Board’s public Web site at: http:// impliedly authorized by Section 9 of the
Delegated Authority the Extension for
www.federalreserve.gov/apps/
Three Years, Without Revision, of the Federal Reserve Act (12 U.S.C. 321–
reportforms/review.aspx or may be
Following Report 328a), which establishes the Board’s
requested from the agency clearance
officer, whose name appears below. Report title: Recordkeeping and supervisory authority with respect to
Federal Reserve Board Clearance Disclosure Requirements Associated the safety and soundness of state
Officer—Nuha Elmaghrabi—Office of with Securities Transactions Pursuant to member banks. Accordingly, the Board
the Chief Data Officer, Board of Regulation H. is authorized to impose these
Governors of the Federal Reserve Agency form number: Reg H–3. recordkeeping, disclosure, and policy
System, Washington, DC 20551, (202) OMB control number: 7100–0196. establishment requirements. The
452–3829. Telecommunications Device Frequency: Event-generated. obligation of a state member bank to
for the Deaf (TDD) users may contact Respondents: State member banks. comply with the Regulation H
(202) 263–4869, Board of Governors of Estimated number of respondents: requirements is mandatory, save for the
the Federal Reserve System, State member banks (de novo): 1; state limited exceptions set forth in 12 CFR
Washington, DC 20551. member banks with trust departments: 208.34(a).
SUPPLEMENTARY INFORMATION: On June 228; state member banks without trust Inasmuch as the Board does not
15, 1984, the Office of Management and departments: 601. collect or receive any information
Budget (OMB) delegated to the Board Estimated average hours per response: concerning securities transactions
authority under the Paperwork State member banks (de novo): pursuant to these requirements, no
Reduction Act (PRA) to approve of and recordkeeping, 40 hours. State member
assign OMB control numbers to issues of confidentiality normally will
banks with trust departments: arise. If, however, these records were to
collection of information requests and recordkeeping, 2 hours; disclosure, 16
requirements conducted or sponsored come into the possession of the Board,
hours. State member banks without trust they may be protected from disclosure
by the Board. In exercising this departments: recordkeeping, 15
delegated authority, the Board is pursuant to exemption 4 of the Freedom
minutes; disclosure, 5 hours.
directed to take every reasonable step to of Information Act (‘‘FOIA’’), 5 U.S.C.
Estimated annual burden hours: State
solicit comment. In determining 552(b)(4), under the standards set forth
member banks (de novo): recordkeeping,
whether to approve a collection of 40 hours. State member banks with trust in National Parks & Conservation Ass’n
information, the Board will consider all departments: recordkeeping, 12,768 v. Morton, 498 F.2d 765 (D.C. Cir. 1974),
comments received from the public and hours; disclosure, 43,776 hours. State to the extent an institution can establish
other agencies. member banks without trust the potential for substantial competitive
Request for Comment on Information departments: recordkeeping, 4,207 harm. They also may be subject to
Collection Proposal hours; disclosure, 36,060 hours. withholding under FOIA exemption 6, 5
General description of report: These U.S.C. 552(b)(6), should disclosure
The Board invites public comment on constitute an unwarranted invasion of
the following information collection, recordkeeping and disclosure
requirements are pursuant to Sections personal privacy.
which is being reviewed under
authority delegated by the OMB under 208.34(c), (d), and (g) of the Board’s Additionally, if such information
the PRA. Comments are invited on the Regulation H, which require that state were included in the work papers of
following: member banks effecting securities System examiners or abstracted in
a. Whether the proposed collection of transactions for customers establish and System reports of examination, the
information is necessary for the proper maintain a system of records of these information also may be protected
performance of the Federal Reserve’s transactions, furnish confirmations of under exemption 8 of FOIA, 5 U.S.C.
functions; including whether the transactions to customers that disclose 552(b)(8). Any withholding
information has practical utility; certain information, and establish
determination would be made on a case-
b. The accuracy of the Federal written policies and procedures relating
by-case basis in response to a specific
Reserve’s estimate of the burden of the to securities trading. State member
request for disclosure of the
proposed information collection, banks are required to maintain records
created per these requirements for three information.
including the validity of the
asabaliauskas on DSKBBXCHB2PROD with NOTICES
methodology and assumptions used; years following a securities transaction. Board of Governors of the Federal Reserve
c. Ways to enhance the quality, These requirements are necessary to System, November 21, 2017.
utility, and clarity of the information to protect the customer, to avoid or settle Ann E. Misback,
be collected; customer disputes, and to protect the Secretary of the Board.
d. Ways to minimize the burden of institution against potential liability [FR Doc. 2017–25499 Filed 11–24–17; 8:45 am]
information collection on respondents, arising under the anti-fraud and insider
BILLING CODE 6210–01–P
including through the use of automated trading provisions of the Securities
collection techniques or other forms of Exchange Act of 1934 (‘‘Securities
information technology; and Exchange Act’’).
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Document Created: 2017-11-25 01:08:40
Document Modified: 2017-11-25 01:08:40
| 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, request for comment. | |
| Dates | Comments must be submitted on or before January 26, 2018. | |
| Contact | A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB's public docket files, once approved. These documents will also be made available on the Federal Reserve Board's public Web site at: http:// www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. | |
| FR Citation | 82 FR 56022 |
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