83_FR_1370 83 FR 1362 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

83 FR 1362 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 8 (January 11, 2018)

Page Range1362-1363
FR Document2018-00341

Federal Register, Volume 83 Issue 8 (Thursday, January 11, 2018) 
[Federal Register Volume 83, Number 8 (Thursday, January 11, 2018)]
[Notices]
[Pages 1362-1363]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-00341]


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FEDERAL RESERVE SYSTEM


Formations of, Acquisitions by, and Mergers of Bank Holding 
Companies

    The companies listed in this notice have applied to the Board for 
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other 
applicable statutes and regulations to become a bank holding company 
and/or to acquire the assets or the ownership of, control of, or the 
power to vote shares of a bank or bank holding company and all of the 
banks and nonbanking companies owned by the bank holding company, 
including the companies listed below.
    The applications listed below, as well as other related filings 
required by the Board, are available for immediate inspection at the 
Federal Reserve Bank indicated. The applications will also be available 
for inspection at the offices of the Board of Governors. Interested 
persons may express their views in writing on the standards enumerated 
in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the 
acquisition of a nonbanking company, the review also includes whether 
the acquisition of the nonbanking company complies with the standards 
in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, 
nonbanking activities will be conducted throughout the United States.
    Unless otherwise noted, comments regarding each of these 
applications must be received at the Reserve Bank indicated or the 
offices of the Board of Governors not later than February 6, 2018.
    A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant 
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
    1. Emmetsburg Bank Shares Inc., Emmetsburg, Iowa; to acquire 100 
percent of the outstanding shares of Panora State Bank, Panora, Iowa.


[[Page 1363]]


    Board of Governors of the Federal Reserve System, January 8, 
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-00341 Filed 1-10-18; 8:45 am]
BILLING CODE P

1362 Federal Register / Vol. 83, No. 8 / Thursday, January 11, 2018 / Notices the board, senior management, and within the firm, adequate control supplemental guidance builds upon the others within the firm. The frequency of activities should be integrated into the 2003 interagency guidance of SR letter reporting should depend on needs of the daily functions of all relevant personnel. 03–5 and further addresses the firm and the materiality of the issues. All personnel should fully understand characteristics, governance, and Risk reporting should adapt to market and adhere to policies and procedures operational effectiveness of a firm’s downturns or stress events. affecting their duties and internal audit function. That existing responsibilities. audit guidance remains in place and is C. Internal Controls Principle: A firm should regularly not superseded by this guidance. Principle: A firm should identify its evaluate and test the effectiveness of By order of the Board of Governors of the system of internal control and internal controls, and monitor Federal Reserve System, January 5, 2018. demonstrate that it is commensurate functioning of controls so that Ann E. Misback, with the firm’s size, scope of deficiencies are identified and Secretary of the Board. operations, activities, risk profile, communicated in a timely manner. strategy, and risk tolerance, and [FR Doc. 2018–00294 Filed 1–10–18; 8:45 am] A firm should have mechanisms to consistent with all applicable laws BILLING CODE P test its system of internal control and to and regulations, including those identify and escalate issues that appear related to consumer protection. to compromise its effectiveness. A firm FEDERAL RESERVE SYSTEM Internal controls cover a wide range of should regularly evaluate and test the activities and processes, and could quality, reliability and effectiveness of Formations of, Acquisitions by, and include the following: 52 internal controls, and monitor any Mergers of Bank Holding Companies • Policies and procedures that set potential deterioration. Generally, expectations for and govern the firm’s testing activities are conducted at The companies listed in this notice business activities and support specific points in time, whereas have applied to the Board for approval, functions; establish appropriate levels of monitoring activities are continuous pursuant to the Bank Holding Company authority, responsibility, and processes. The scope, frequency, and Act of 1956 (12 U.S.C. 1841 et seq.) accountability for overseeing and depth of testing should consider the (BHC Act), Regulation Y (12 CFR part executing the firm’s activities; and complexity of the firm, the results of the 225), and all other applicable statutes establish standards for prudent risk- firm’s risk assessments, and the number and regulations to become a bank taking behaviors. and significance of the deficiencies holding company and/or to acquire the • Clear assignment of roles and assets or the ownership of, control of, or identified during prior testing. A firm responsibilities and appropriate the power to vote shares of a bank or should test and monitor internal separation of duties. bank holding company and all of the • Physical controls for restricting controls using a risk-based approach, prioritizing efforts on controls in areas banks and nonbanking companies access to tangible assets. owned by the bank holding company, • Approvals and appropriate dual of highest risk and less effective controls. including the companies listed below. authorizations for key decisions, transactions, and execution of A firm should evaluate and The applications listed below, as well processes. communicate internal control as other related filings required by the • Verifications of transaction details deficiencies in a timely manner to those Board, are available for immediate and periodic reconciliations, such as parties responsible for taking corrective inspection at the Federal Reserve Bank those comparing cash flows to account action, including senior management. indicated. The applications will also be records and statements. Firms should establish management available for inspection at the offices of • Access controls, change information systems that track internal the Board of Governors. Interested management controls, data entry and control weaknesses and escalate serious persons may express their views in related controls. matters to the board, senior writing on the standards enumerated in • Escalation procedures with a management, and responsible business the BHC Act (12 U.S.C. 1842(c)). If the system of checks and balances in line management, as appropriate. proposal also involves the acquisition of situations that allow for managerial or D. Internal Audit a nonbanking company, the review also employee discretion. includes whether the acquisition of the Internal controls instill confidence in Principle: The internal audit function nonbanking company complies with the financial reporting and are important to should examine, evaluate, and standards in section 4 of the BHC Act ensure the integrity of the process and perform independent assessments of (12 U.S.C. 1843). Unless otherwise information relied upon by the firm to the firm’s risk management and noted, nonbanking activities will be manage itself. Developing and internal control systems and report conducted throughout the United States. maintaining an effective system of findings to senior management and the firm’s audit committee. Unless otherwise noted, comments internal control is the responsibility of regarding each of these applications several parties, including business line An effective internal audit function must be received at the Reserve Bank management.53 Accordingly, a firm provides independent assurance to the indicated or the offices of the Board of should assign management board and senior management Governors not later than February 6, responsibilities for the establishment concerning the effectiveness of risk 2018. and maintenance of internal controls. management and internal control To foster an appropriate control culture systems. The Federal Reserve issued A. Federal Reserve Bank of Chicago srobinson on DSK9F5VC42PROD with NOTICES guidance outlining the key components (Colette A. Fried, Assistant Vice 52 See SR letter 03–5, ‘‘Amended Interagency of an effective internal audit function in President) 230 South LaSalle Street, Guidance on the Internal Audit Function and its SR letter 03–5, and followed that with Chicago, Illinois 60690–1414: Outsourcing.’’ supplemental guidance in SR letter 13– 1. Emmetsburg Bank Shares Inc., 53 As described below, the internal audit function should examine, evaluate, and perform an 1/CA letter 13–1, ‘‘Supplemental Policy Emmetsburg, Iowa; to acquire 100 independent assessment of the firm’s internal Statement on the Internal Audit percent of the outstanding shares of control system. Function and Its Outsourcing.’’ The Panora State Bank, Panora, Iowa. VerDate Sep<11>2014 00:05 Jan 11, 2018 Jkt 244001 PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 E:\FR\FM\11JAN1.SGM 11JAN1

Federal Register / Vol. 83, No. 8 / Thursday, January 11, 2018 / Notices 1363 Board of Governors of the Federal Reserve Certification To Accompany Drug, FDA 3674, that all applicable System, January 8, 2018. Biological Product, and Device requirements of section 402(j) of the Ann E. Misback, Applications or Submissions (Form PHS Act have been met. Where Secretary of the Board. FDA 3674) available, such certification must include the appropriate National [FR Doc. 2018–00341 Filed 1–10–18; 8:45 am] OMB Control Number 0910–0616— Clinical Trial (NCT) numbers that are BILLING CODE P Extension assigned upon submission of required The information required under information to the NIH databank at section 402(j)(5)(B) of the Public Health https://clinicaltrials.gov. Service Act (PHS Act) (42 U.S.C. The proposed extension of the DEPARTMENT OF HEALTH AND 282(j)(5)(B)) is submitted in the form of collection of information is necessary to HUMAN SERVICES a certification, Form FDA 3674, which satisfy the previously mentioned accompanies applications and statutory requirement. The importance Food and Drug Administration submissions currently submitted to FDA of obtaining these data relates to and already approved by OMB. The adherence to the legal requirements for [Docket No. FDA–2011–N–0275] OMB control numbers and expiration submissions to the clinical trials registry dates for those applications and and results databank, and ensuring that Agency Information Collection submissions are: 21 CFR parts 312 and individuals and organizations Activities; Submission for Office of 314 (human drugs), OMB control submitting applications or reports to Management and Budget Review; number 0910–0014, expiring February FDA under the listed provisions of the Comment Request; Certification To 28, 2019, and OMB control number FD&C Act or the PHS Act adhere to the Accompany Drug, Biological Product, 0910–0001, expiring December 31, 2017; appropriate legal and regulatory and Device Applications or 21 CFR parts 312 and 601 (biological requirements for certifying to having Submissions products), OMB control number 0910– complied with those requirements. The 0014, expiring February 28, 2019, and failure to submit the certification AGENCY: Food and Drug Administration, OMB control number 0910–0338, required by section 402(j)(5)(B) of the HHS. expiring March 31, 2020; and 21 CFR PHS Act, and the knowing submission parts 807 and 814 (devices), OMB of a false certification, are both ACTION: Notice. control number 0910–0120, expiring prohibited acts under section 301 of the June 30, 2020, and OMB control number FD&C Act (21 U.S.C. 331). Violations are SUMMARY: The Food and Drug 0910–0231, expiring March 31, 2020. subject to civil money penalties. The Administration (FDA) is announcing Title VIII of the Food and Drug Form FDA 3674 provides a convenient that a proposed collection of Administration Amendments Act of mechanism for sponsors/applicants/ information has been submitted to the 2007 (Pub. L. 110–85) amended the PHS submitters to satisfy the certification Office of Management and Budget Act by adding section 402(j). The requirements of the statutory provision. (OMB) for review and clearance under provisions broadened the scope of To assist sponsors/applicants/ the Paperwork Reduction Act of 1995. clinical trials subject to submitting submitters in understanding the information and required additional statutory requirements associated with DATES: Fax written comments on the information to be submitted to the Form FDA 3674, we have provided a collection of information by February clinical trials databank (https:// guidance available at: https:// 12, 2018. clinicaltrials.gov) (FDA has verified the www.fda.gov/RegulatoryInformation/ ADDRESSES: To ensure that comments on website address, but FDA is not Guidances/ucm125335.htm. This the information collection are received, responsible for any subsequent changes guidance recommends the applications to the website after this document and submissions FDA considers should OMB recommends that written publishes in the Federal Register) be accompanied by the certification comments be faxed to the Office of previously established by the National form, Form FDA 3674. The applications Information and Regulatory Affairs, Institutes of Health (NIH)/National and submissions identified in the OMB, Attn: FDA Desk Officer, Fax: 202– Library of Medicine. This includes guidance are reflected in the burden 395–7285, or emailed to oira_ expanded information on applicable analysis. In 2017, we updated the submission@omb.eop.gov. All clinical trials and summary information guidance to include references to the comments should be identified with the on the results of certain clinical trials. NIH Final Rule implementing 402(j) of OMB control number 0910–0616. Also The provisions include responsibilities the PHS Act (42 U.S.C. 282(j)). The final include the FDA docket number found for FDA as well as several amendments rule, published on September 21, 2016 in brackets in the heading of this to the Federal Food, Drug, and Cosmetic (81 FR 64982) (42 CFR part 11), clarifies document. Act (FD&C Act). the requirements for submission of One provision, section 402(j)(5)(B) of clinical trial information to https:// FOR FURTHER INFORMATION CONTACT: the PHS Act, requires that a certification clinicaltrials.gov. Amber Sanford, Office of Operations, accompany human drug, biological, and Investigational New Drug Food and Drug Administration, Three device product submissions made to Applications. FDA’s Center for Drug White Flint North, 10A–12M, 11601 FDA. Specifically, at the time of Evaluation and Research (CDER) Landsdown St., North Bethesda, MD submission of an application under received 1,669 investigational new drug 20852, 301–796–8867, PRAStaff@ sections 505, 515, or 520(m) of the applications (INDs) and 15,285 clinical srobinson on DSK9F5VC42PROD with NOTICES fda.hhs.gov. FD&C Act (21 U.S.C. 355, 360e, or protocol IND amendments in calendar 360j(m)), or under section 351 of the year (CY) 2016. CDER anticipates that SUPPLEMENTARY INFORMATION: In PHS Act (42 U.S.C. 262), or submission IND and clinical protocol amendment compliance with 44 U.S.C. 3507, FDA of a report under section 510(k) of the submission rates will remain at or near has submitted the following proposed FD&C Act (21 U.S.C. 360(k)), such this level in the near future. collection of information to OMB for application or submission must be FDA’s Center for Biologics Evaluation review and clearance. accompanied by a certification, Form and Research (CBER) received 381 new VerDate Sep<11>2014 00:05 Jan 11, 2018 Jkt 244001 PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 E:\FR\FM\11JAN1.SGM 11JAN1


Document Created: 2018-01-11 04:53:56
Document Modified: 2018-01-11 04:53:56
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 1362 
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