[Federal Register Volume 72, Number 215 (Wednesday, November 7, 2007)]
[Rules and Regulations]
[Page 62768]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-21751]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Part 551

[Docket ID OTS-2007-0010]
RIN 1550-AC07


Personal Transactions in Securities

AGENCY: Office of Thrift Supervision, Treasury.

ACTION: Final rule.

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SUMMARY: In June 2007, the Office of Thrift Supervision (OTS) adopted 
an interim final rule (Interim Rule) that requires certain officers and 
employees of savings associations to file reports of their personal 
securities transactions with the savings association no later than 
thirty calendar days after the end of each calendar quarter. Before OTS 
adopted the Interim Rule, persons subject to the rule were required to 
file such reports within ten business days after the end of each 
calendar quarter. The thirty-calendar-day period is consistent with the 
filing requirement for persons in similar positions at investment 
companies who file such reports under regulations of the Securities and 
Exchange Commission (SEC). Today, OTS is adopting a final rule that is 
identical to the Interim Rule.

DATES: The interim rule published at 72 FR 30473, June 1, 2007 is 
adopted as final effective November 7, 2007.

FOR FURTHER INFORMATION CONTACT: Judi McCormick, (202) 906-5636, 
Director--Trust and Specialty Programs, Examinations and Supervision 
Policy Division; or David A. Permut, (202) 906-7505, Senior Attorney, 
Business Transactions Division, Office of Chief Counsel, Office of 
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.

SUPPLEMENTARY INFORMATION: 

I. Background and Public Comments

    On June 1, 2007, OTS published the Interim Rule.\1\ The preamble to 
the Interim Rule included a request for public comment. The Interim 
Rule amended 12 CFR 551.150(a) by changing the time period required for 
officers and employees who are subject to the rule to file personal 
securities trading reports with the savings association. Before OTS 
adopted the Interim Rule, the affected officers and employees had been 
required to file such reports with the savings association within ten 
business days of the end of each calendar quarter. The Interim Rule 
changed the ten-business day period to no later than thirty calendar 
days.\2\
    OTS received two comments, from a trade association and a savings 
and loan holding company, regarding the Interim Rule. Both of the 
comments strongly support the Interim Rule. The commenters believe that 
it is appropriate for the time period provided for submitting reports 
under section 551.150(a) to be consistent with analogous SEC 
requirements. In addition, the commenters support the rule because it 
reduces regulatory burden.
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    \1\ See 72 FR 30473 (June 1, 2007).
    \2\ SEC Rule 17j-1 under the Investment Company Act, 17 CFR 
270.17j-1 (2007), requires investment advisors to file personal 
trading reports no later than 30 days after the end of each calender 
quarter. OTS modeled the personal securities filing requirement in 
the OTS recordkeeping regulations on the SEC rule. The Interim rule 
caused the requirements under OTS regulations and the SEC's 
investment advisor requirements to be consistent.
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    Having considered the comments, OTS is adopting a final rule that 
is identical to the Interim Rule.

II. Regulatory Findings

A. Paperwork Reduction Act

    OTS has determined that this rule does not involve a change to 
collections of information previously approved under the Paperwork 
Reduction Act (44 U.S.C. 3501 et seq.).

B. Executive Order 12866

    The Director of OTS has determined that this rule does not 
constitute a ``significant regulatory action'' for purposes of 
Executive Order 12866.

C. Regulatory Flexibility Act

    Pursuant to section 605(b) of the Regulatory Flexibility Act (5 
U.S.C. 601), the Director certifies that this rule will not have a 
significant economic impact on a substantial number of small entities. 
The rule makes certain changes that should reduce burdens on certain 
officers and employees of all savings associations, including small 
institutions. The change is minor and should not have a significant 
impact on small institutions. Accordingly, OTS has determined that a 
Regulatory Flexibility Analysis is not required.

D. Unfunded Mandates Reform Act of 1995

    OTS has determined that the rule will not result in expenditures by 
state, local, or tribal governments or by the private sector of $100 
million or more and that a budgetary impact statement is not required 
under Section 202 of the Unfunded Mandates Reform Act of 1995, Pub. L. 
104-4 (Unfunded Mandates Act). The rule would make certain changes that 
should reduce burdens on certain officers and employees of savings 
associations. The change is minor and should not have a significant 
impact on small institutions. Accordingly, a budgetary impact statement 
is not required under section 202 of the Unfunded Mandates Act.

List of Subjects in 12 CFR Part 551

    Reporting and recordkeeping requirements, Savings associations, 
Securities, Trusts and trustees.

PART 551--RECORDKEEPING AND CONFIRMATION REQUIREMENTS FOR 
SECURITIES TRANSACTIONS

0
Accordingly, the interim rule amending 12 CFR part 551 which was 
published at 72 FR 30473 on June 1, 2007, is adopted as a final rule 
without change.


    Dated: October 30, 2007.

    By the Office of Thrift Supervision.
John M. Reich,
Director.
[FR Doc. E7-21751 Filed 11-6-07; 8:45 am]
BILLING CODE 6720-01-P