[Federal Register Volume 69, Number 208 (Thursday, October 28, 2004)]
[Notices]
[Pages 62896-62897]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-24108]


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

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: Background.
    Notice is hereby given of the final approval of proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). 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 instrument(s) are placed

[[Page 62897]]

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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer - Cindy Ayouch--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer-Mark Menchik--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, Washington, DC 20503, or email to 
[email protected].

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 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, October 22, 
2004.
Robert deV. Frierson
Deputy Secretary of the Board.
[FR Doc. 04-24108 Filed 10-27-04; 8:45 am]
BILLING CODE 6210-01-S