[Federal Register Volume 76, Number 177 (Tuesday, September 13, 2011)]
[Notices]
[Pages 56500-56501]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-23285]


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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, ``Fiduciary Activities.''

DATES: You should submit written comments by October 13, 2011.

ADDRESSES: Communications Division, Office of the Comptroller of the 
Currency, Mailstop 2-3, Attention: 1557-0140, 250 E Street, SW., 
Washington, DC 20219. In addition, comments may be sent by fax to (202) 
874-5274, or by electronic mail to [email protected]. You may 
personally inspect and photocopy the comments at the OCC, 250 E Street, 
SW., Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 874-4700. Upon arrival, visitors will be required to 
present valid government-issued photo identification and to submit to 
security screening in order to inspect and photocopy comments.
    Additionally, you should send a copy of your comments to OCC Desk 
Officer, 1557-0140, by mail to U.S. Office of

[[Page 56501]]

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 Ira L. Mills or Mary H. Gottlieb, OCC 
Clearance Officers, (202) 874-6055 or (202) 874-5090, Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, 250 E Street, SW., Washington, DC 20219.

SUPPLEMENTARY INFORMATION: On July 21, 2010, the Dodd-Frank Wall Street 
Reform and Consumer Protection Act was signed into law, Public Law 111-
203, 124 Stat. 1376 (2010) (Dodd-Frank Act). As part of the 
comprehensive package of financial regulatory reform measures enacted, 
Title III of the Dodd-Frank Act transferred the powers, authorities, 
rights and duties of the Office of Thrift Supervision (OTS) to other 
banking agencies, including the OCC, on July 21, 2011. The Dodd-Frank 
Act also abolishes the OTS ninety days after the transfer date. As part 
of that transfer, the OCC has made a non-substantive change to this 
collection of information to merge OTS's information collection 
regarding Fiduciary Activities (OMB Control Nos. 1550-0037; 1557-0262) 
with this collection of information. OCC is now seeking a renewal for 
the merged collection.
    Title: Fiduciary Activities.
    OMB Control No.: 1557-0140 (which includes former OMB Control Nos. 
1550-0037 and 1557-0262).
    Description:
    Pursuant to 12 U.S.C. 92a, the OCC regulates the fiduciary 
activities of national banks, including the administration of 
collective investment funds. Under 12 U.S.C. 1464(n), the OTS regulated 
the fiduciary activities of federal savings associations. 12 CFR parts 
9 and 150 contain the regulations that national banks and federal 
savings associations (institutions), respectively must follow when 
conducting fiduciary activities.
    12 CFR parts 9 and 150 require institutions with fiduciary powers 
to retain all fiduciary records relating to an account for a period of 
three years after termination of the account or of related litigation. 
They also require institutions to note results of fiduciary activities 
annually in the minutes of the board of directors. Both of these 
requirements are needed to ensure the safety and soundness in fiduciary 
activities. Additionally, to ensure that the OCC has current 
information on which institutions have fiduciary powers, parts 9 and 
150 require institutions to file a certified copy of a board resolution 
in order to surrender fiduciary powers.
    To ensure adequate disclosure of the operational aspects of 
collective investment funds, parts 9 and 150 require that an 
institution operate a collective investment fund pursuant to a written 
plan. The written plan is the basic operating document of a collective 
investment fund, and serves as the primary disclosure document to fund 
participants. As such, it is analogous to the prospectus prepared by a 
registered investment company pursuant to SEC requirements. It contains 
provisions as to the manner in which an institution will operate the 
fund and addresses such matters as investment powers and policies, 
terms, and conditions governing the admission and withdrawal of 
participants, the basis and method of valuation, and the basis upon 
which the fund may be terminated. The primary regulatory purpose of the 
plan is to define the operational parameters of a collective investment 
fund, not to solicit information.
    To ensure that information on the performance of a collective 
investment fund is available to current and prospective fund 
participants, parts 9 and 150 require an institution to prepare an 
annual financial report on each fund and to notify participants of its 
availability. The annual financial report for a collective investment 
fund is a basic disclosure document for fund participants. The 
requirement is analogous to that of registered investment companies 
under SEC supervision. The annual financial report contains, among 
other things, a list of fund investments with cost and market values of 
each; a statement showing purchases and sales since the previous 
report, with any profit or loss; income and disbursements for the year; 
and investments in default.
    Type of Review: Regular.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 605.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 83,529 hours.
    On April 18, 2011, the OCC published notice of intent to renew this 
collection. 76 FR 21799. No comments were received. Comments continue 
to be 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
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: September 7, 2011.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2011-23285 Filed 9-12-11; 8:45 am]
BILLING CODE 4810-33-P