[Federal Register Volume 77, Number 13 (Friday, January 20, 2012)]
[Notices]
[Pages 3034-3035]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-1018]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Proposed Information 
Collection; 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 parts 12 and 151.''

DATES: You should submit comments by March 20, 2012.

ADDRESSES: Communications Division, Office of the Comptroller of the 
Currency, Mailstop 2-3, Attention: 1557-0142, 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 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, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0142, 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 Ira L. Mills or Mary H. Gottlieb, OCC 
Clearance Officer, (202) 874-6055, 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 parts 12 and 151.
    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.
    The information collection requirements in 12 CFR parts 12 and 151 
are required to ensure that national banks and savings associations 
comply with securities laws and to improve the protection afforded 
persons who purchase and sell securities through these financial 
institutions. The transaction confirmation information provides 
customers with a record regarding the transaction and provides both 
financial institutions and the OCC with records to ensure compliance 
with these institutions and securities laws and regulations. The OCC 
uses the required information in its examinations to evaluate, among 
other things, an institution's compliance with the antifraud provisions 
of the Federal securities laws.
    The information collection requirements contained in 12 CFR parts 
12 and 151 are as follows:
     12 CFR 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

[[Page 3035]]

accurately reflect the information required and provide an adequate 
basis for the audit of the information.
     12 CFR 151.50 establishes the minimum recordkeeping 
requirements for savings associations concerning securities 
transactions with their customers. Savings associations must maintain 
essential records to track their activity in securities transactions.
     12 CFR 12.4 requires a national bank to give or send to 
the customer a written notification of the transaction or a copy of the 
registered broker/dealer confirmation relating to the transaction.
     12 CFR 151.70-151.100 establish the minimum disclosures 
needed for confirmation of a customer's security transaction.
     12 CFR 12.5(a), (b), (c), and (e) describe procedures a 
national bank may use as an alternative to complying with Sec.  12.4, 
to notify customers of transactions in which the bank does not exercise 
investment discretion, trust transactions, agency transactions, and 
certain periodic plan transactions.
     12 CFR 151.90 requires savings associations to provide the 
customer a written notice, which must give or send the written notice 
at or before the completion of the securities transactions.
     12 CFR 12.7(a)(1) through (a)(3) require a national bank 
to maintain and adhere to policies and procedures that assign 
responsibility for supervision of employees who perform securities 
trading functions; provide for the fair and equitable allocation of 
securities and prices to accounts; and provide for crossing of buy and 
sell orders on a fair and equitable basis.
     151.140 requires savings associations to adopt written 
policies and procedures dealing with the functions involved in 
effecting securities transactions on behalf of customers.
     12 CFR 12.7(a)(4) requires certain national bank officers 
and employees involved in the securities trading process to report to 
the bank all personal transactions in securities made by them or on 
their behalf in which they have a beneficial interest.
     12 CFR 151.150 requires certain savings association 
officers and employees to report personal transactions they make or 
that are made on their behalf in which they have a beneficial interest.
     12 CFR 12.8 requires a national bank seeking a waiver of 
one or more of the requirements of Sec. Sec.  12.2 through 12.7 to file 
a written request for waiver with the OCC.
    Type of Review: Regular.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 1,326.
    Estimated Total Annual Responses: 2,833.
    Estimated Frequency of Response: On occasion.
    Estimated Total Annual Burden: 6,944 hours.
    Comments submitted in response to this notice will be summarized 
and included in the request for OMB approval. All comments will become 
a matter of public record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC'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: January 13, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-1018 Filed 1-19-12; 8:45 am]
BILLING CODE 4810-33-P