[Federal Register Volume 71, Number 21 (Wednesday, February 1, 2006)]
[Notices]
[Pages 5410-5411]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-1221]


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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: Notice and request for comment.

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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. An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. The OCC is soliciting comment 
concerning its information collection titled, ``Recordkeeping 
Requirements for Securities Transactions--12 CFR part 12.'' The OCC 
also gives notice that it has sent the information collection to OMB 
for review and approval.

DATES: You should submit comments by March 3, 2006.

ADDRESSES: Communications Division, Office of the Comptroller of the 
Currency, Public Information Room, Mailstop 1-5, Attention: 1557-0142, 
250 E Street, SW., Washington, DC 20219. In addition, comments may be 
sent by fax to (202) 874-4448, or by electronic mail to 
[email protected]. You can inspect and photocopy the comments 
at the OCC's Public Information Room, 250 E Street, SW., Washington, DC 
20219. You can make an appointment to inspect the comments by calling 
(202) 874-5043.
    Additionally, you should send a copy of your comments to OCC Desk 
Officer, 1557-0142, by mail to U.S. Office of Management and Budget, 
725, 17th Street, NW., 10235, Washington, DC 20503, or by fax 
to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
or a copy of the collection from Mary Gottlieb, OCC Clearance Officer, 
or Camille Dixon, (202) 874-5090, Legislative and Regulatory Activities 
Division, 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: Recordkeeping Requirements for Securities Transactions--12 
CFR part 12.
    OMB Number: 1557-0142.
    Description: This submission covers an existing regulation and 
involves no change to the regulation or to the information collection 
requirements. The only revisions to the submission are the revised 
estimates, which have been updated for accuracy.
    The information collection requirements in 12 CFR part 12 are 
required to ensure national bank compliance with securities laws and to 
improve the protection afforded persons who purchase and sell 
securities through banks. The transaction confirmation information 
provides customers with a record regarding the transaction and provides 
banks and the OCC with records to ensure compliance with banking and 
securities laws and regulations. The OCC uses the required information 
in its examinations to, among other things, evaluate a bank's 
compliance with the antifraud provisions of the Federal securities 
laws.
    The information collection requirements contained in 12 CFR part 12 
are as follows: Section 12.3 requires a national bank effecting 
securities transactions for customers to maintain records for at least 
three years. The records required by this section must clearly and 
accurately reflect the information required and provide an adequate 
basis for the audit of the information. Section 12.4 requires a 
national bank to give or send to the customer a written notification of 
transaction or a copy of the registered broker/dealer confirmation 
relating to the securities transaction.
    Sections 12.5(a), (b), (c), and (e) allow national banks, as an 
alternative to complying with Sec.  12.4, to elect to provide 
alternative forms of notification to customers for certain transactions 
in accounts in which the bank does not exercise investment discretion, 
trust transactions, agency transactions and periodic plan transactions.
    Sections 12.7(a)(1) through (a)(3) require a national bank to 
develop and maintain written securities trading policies and 
procedures.
    Section 12.7(a)(4) requires bank officers and employees to report 
to the bank all personal transactions in securities made by them or on 
their behalf in which they have a beneficial interest, if certain 
conditions are met.
    Section 12.8 requires a national bank to file a written request 
with the OCC for a waiver of one or more of the requirements set forth 
in Sec. Sec.  12.2 through 12.7.
    On November 25, 2005, the OCC published in the Federal Register (70 
FR 71189) a notice concerning the renewal of this information 
collection. The OCC received no public comments and is now submitting 
its request to OMB for approval.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 585.
    Estimated Total Annual Responses: 2,369.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 3,207 hours.
    Comments are invited 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) The accuracy of the agency's estimate of the burden of the 
collection of information;
    (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

[[Page 5411]]

    (e) Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: January 25, 2006.
Stuart Feldstein,
Assistant Director, Legislative and Regulatory Activities Division.
 [FR Doc. E6-1221 Filed 1-31-06; 8:45 am]
BILLING CODE 4810-33-P