[Federal Register Volume 77, Number 66 (Thursday, April 5, 2012)]
[Notices]
[Pages 20692-20693]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-8139]


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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 May 7, 2012.

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 H. Gottlieb, OCC Clearance 
Officer, (202) 874-4824, 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 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.
     151.50 (a), (b), (c), and (d) requires savings 
associations to maintain an itemized daily records of each purchase and 
sale of securities in chronological order; they must maintain the 
account record of each customer; They must make and keep current a 
memorandum (order ticket) of each order or any other instructions given 
or received for the purchase or sale of securities; they must maintain 
a record of all registered broker-dealers that are selected to effect 
securities transactions and the amount of commissions that are made or 
allocated to each registered broker-dealer during each calendar year; 
and they must maintain a copy of the written notice required under 
subpart B of this part.
     Section 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.
     Section 151.70 describes the type of notice a savings 
association must provide when they effect a securities transaction for 
a customer.
     Sections 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

[[Page 20693]]

exercise investment discretion, trust transactions, agency transactions 
and certain periodic plan transactions.
     Section 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.
     Sections 12.7(a)(1) through (a)(3) and 151.140 require a 
national bank/savings association 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.
     Section 12.7(a)(4) requires certain 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.
     15.150 this section describes how an officer or employee 
of a savings association should report all personal transactions in 
securities made by or on behalf of the officer or employee if they have 
a beneficial interest in the security.
     Section 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 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: March 28, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-8139 Filed 4-4-12; 8:45 am]
BILLING CODE 4810-33-P