Agency Information Collection Activities: Submission for OMB Review; Comment Request

[Federal Register Volume 64, Number 67 (Thursday, April 8, 1999)]
[Notices]
[Pages 17215-17216]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8783]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Submission for OMB review; comment request.

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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995. The OCC may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented unless it displays a currently valid 
Office of Management and Budget (OMB) control number. Currently, the 
OCC is soliciting comments concerning extension, without change, of an 
information collection titled (MA)--Securities Offering Disclosure 
Rules (12 CFR 16). The OCC also gives notice that it has sent the 
information collection to OMB for review.

DATES: You should submit your written comments to both OCC and the OMB 
Reviewer by May 10, 1999.

ADDRESSES: You should send your written comments to the Communications 
Division, Attention: 1557-0120, Third Floor, Office of the Comptroller 
of the Currency, 250 E Street, SW, Washington, DC 20219. In addition, 
you can send comments by facsimile transmission to (202)874-5274, or by 
electronic mail to [email protected]

FOR FURTHER INFORMATION CONTACT:
    You may request additional information, a copy of the collection, 
or a copy of the supporting documentation submitted to OMB by 
contacting Jessie Gates or Camille Dixon, (202)874-5090, Legislative 
and Regulatory Activities Division (1557-0120), Office of the 
Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.

SUPPLEMENTARY INFORMATION:
    The OCC is proposing to extend OMB approval of the following 
information collection:
    Title: (MA)--Securities Offering Disclosure Rules (12 CFR 16).
    OMB Number: 1557-0120.
    Form Number: None.
    Abstract: This submission covers an existing regulation and 
involves no change to the regulation or to the information collections 
embodied in the regulation. The OCC requests only that OMB renew its 
approval of the information collections in the current regulation.
    Under 12 U.S.C. 93a, the OCC is empowered to issue rules and 
regulations to carry out its responsibilities. The requirements in 12 
CFR Part 16 enable the OCC to perform its responsibilities relating to 
offerings of securities by national banks by providing the investing 
public with facts about the condition of the bank, the reasons for 
raising new capital, and the terms of the offering. Part 16 requires 
national banks to conform generally to Securities and Exchange 
Commission rules.
    The collections of information in Part 16 are found in:
    12 CFR 16.3, 16.4, 16.5, 16.6, 16.7, 16.8, 16.15, 16.17, 16.18, 
16.19, 16.20, and 16.30.
    The following is a brief discussion of the elements of the 
information collection in each section of regulations:

[[Page 17216]]

    Sections 16.3 and 16.15 require a national bank to file its 
registration statement with the OCC;
    Section 16.4 states that the OCC may require a national bank to 
submit to the OCC certain communications not deemed an offer;
    Section 16.5 provides an exemption for items that satisfy the 
requirements of SEC Rule 144 which, in turn, requires certain filings;
    Section 16.6 requires a national bank to file documents with OCC 
and to make certain disclosures to purchasers in sales of 
nonconvertible debt;
    Section 16.7 requires a national bank to file a notice with the 
OCC;
    Section 16.8 requires a national bank to file offering documents 
with the OCC;
    Section 16.15 requires a national bank to file a registration 
statement and sets forth content requirements for the registration 
statement;
    Section 16.17 requires a national bank to file four copies of each 
document filed under Part 16, and requires filers of amendments or 
revisions to underline or otherwise indicate clearly any changed 
information;
    Section 16.18 requires a national bank to file an amended 
prospectus when the information in the current prospectus becomes 
stale, or when a change in circumstances makes the current prospectus 
incorrect;
    Section 16.19 requires a national bank to submit a request to OCC 
if it wishes to withdraw a registration statement, amendment, or 
exhibit;
    Section 16.20 requires a national bank to file current and periodic 
reports as required by sections 12 and 13 of the Exchange Act (15 
U.S.C. 78l and m) and SEC Regulation 15d (17 CFR 240.15d-1 through 
240.15Aa-1); and
    Section 16.30 requires a national bank to include certain elements 
and follow certain procedures in any request to OCC for a no-objection 
letter.
    These information collection requirements ensure bank compliance 
with applicable Federal law, further bank safety and soundness, provide 
protections for banks and the public, and further public policy 
interests.
    Type of Review: Extension, without change, of a currently approved 
collection.
    Affected Public: Businesses or other for-profit.
    Number of Respondents: 101.
    Total Annual Responses: 101.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 2,333 Hours.
    OCC Contact: Jessie Gates or Camille Dixon, (202) 874-5090, 
Legislative and Regulatory Activities Division, OMB No. 1557-0120, 
Office of the Comptroller of the Currency, 250 E Street SW, Washington, 
DC 20219.
    OMB Reviewer: Alexander Hunt, (202) 395-7340, Paperwork Reduction 
Project 1557-0120, Office of Management and Budget, Room 10226, New 
Executive Office Building, Washington, DC 20503.

Comments

    Your comment will become a matter of public record. You are invited 
to comment on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information has practical utility;
    (b) Whether the OCC's burden estimate is accurate;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Whether the OCC's estimates of the capital or startup costs and 
costs of operation, maintenance, and purchase of services to provide 
information are accurate.
    Additionally, the OCC requests comments on the impact of this 
information collection on community banks. The OCC recognizes that 
community banks operate with more limited resources than larger 
institutions and may present a different risk profile. Thus, the OCC 
specifically requests comments on the impact of this information 
collection on community banks' current resources and available 
personnel with the requisite expertise, and whether the goals of Part 
16 could be achieved, for community banks, through an alternative 
approach.

    Dated: April 1, 1999.
Mark Tenhundfeld,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 99-8783 Filed 4-7-99; 8:45 am]
BILLING CODE 4810-33-P