[Federal Register Volume 69, Number 157 (Monday, August 16, 2004)]
[Notices]
[Page 50382]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-18673]



[[Page 50382]]

=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: Background. On June 15, 1984, the Office of Management and 
Budget (OMB) delegated to the Board of Governors of the Federal Reserve 
System (Board) its approval authority under the Paperwork Reduction 
Act, as per 5 CFR 1320.16, to approve of and assign OMB control numbers 
to collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the OMB 83-Is and supporting 
statements and approved collection of information instruments are 
placed into OMB's public docket files. The Federal Reserve 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.

Request for comment on information collection proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. 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; and
    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.

DATES: Comments must be submitted on or before October 15, 2004.

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/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include docket 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
N.W., Washington, DC 20551.
    All public comments are available from the Board's web site at 
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, 
except as necessary 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 in Room 
MP-500 of the Board's Martin Building (20th and C Streets, N.W.) 
between 9:00 a.m. and 5:00 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, the Paperwork Reduction Act Submission (OMB 83-I), 
supporting statement, and other documents that will be placed into 
OMB's public docket files once approved may be requested from the 
agency clearance officer, whose name appears below.Cindy Ayouch, 
Federal Reserve Board Clearance Officer (202-452-3829), Division of 
Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551. Telecommunications Device for the Deaf 
(TDD) users may contact (202-263-4869), Board of Governors of the 
Federal Reserve System, Washington, DC 20551.

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: Development of policy statement, one-time; Trust company 
report, quarterly; Transactions recordkeeping, on occasion; and 
Disclosure, on occasion.
    Reporters: State member banks and trust companies.
    Annual reporting hours: 158,327
    Estimated average hours per response: Development of policy 
statement, 30 minutes; Trust company report, 15 minutes; Transaction 
recordkeeping, 3 minutes; and Disclosure, 3 minutes.
    Number of respondents: 1,286
    General description of report: This information collection is 
mandatory (12 U.S.C. Sec.  325). If the records maintained by state 
member banks come into the possession of the Federal Reserve, they are 
given confidential treatment (5 U.S.C. Sec. Sec.  552(b)(4), (b)(6), 
and (b)(8)).
    Abstract: State-chartered member banks and trust companies 
effecting securities transactions for customers must establish and 
maintain a system of records, furnish confirmations to customers, and 
establish written policies and procedures relating to securities 
trading. They are required to maintain records for three years 
following the transaction. These requirements are necessary to protect 
the customer, to avoid or settle customer disputes, and to protect the 
bank against potential liability arising under the anti-fraud and 
insider trading provisions of the Securities Exchange Act of 1934.


    Board of Governors of the Federal Reserve System,
    August 10, 2004.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 04-18673 Filed 8-13-04; 8:45 am]
BILLING CODE 6210-01-S