[Federal Register Volume 77, Number 167 (Tuesday, August 28, 2012)]
[Notices]
[Pages 52031-52032]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-21117]


=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers 
to collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR part 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instruments are placed into OMB's public docket files. The 
Federal Reserve may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.

DATES: Comments must be submitted on or before October 29, 2012.

ADDRESSES: You may submit comments, identified by FR 4022 by any of the 
following methods:
     Agency Web Site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room MP-
500 of the Board's Martin Building (20th and C Streets NW.) between 
9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed --Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235 725 17th Street NW., Washington, DC 20503 or by 
fax to 202-395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Cynthia Ayouch--Division 
of Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829). Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information

[[Page 52032]]

collection, along with an analysis of comments and recommendations 
received, will be submitted to the Board for final approval under OMB 
delegated authority. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information 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.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Report

    Report title: Recordkeeping Requirements Associated with the 
Interagency Statement on Complex Structured Finance Activities.
    Agency form number: FR 4022.
    OMB control number: 7100-0311.
    Frequency: Annual.
    Reporters: State member banks, bank holding companies, and U.S. 
branches and agencies of foreign banks supervised by the Federal 
Reserve.
    Estimated annual reporting hours: 200 hours.
    Estimated average hours per response: 10 hours.
    Estimated number of respondents: 20.
    General description of report: The FR 4022 is authorized by 
sections 11(a), 11(i), 21, and 25 of the Federal Reserve Act (12 U.S.C. 
248(a), 248(i), 483, and 602), section 5 of the Bank Holding Company 
Act (12 U.S.C. 1844), and section 13(a) of the International Banking 
Act (12 U.S.C. 3108(a)) and is voluntary guidance for supervised 
institutions. However, the Federal Reserve expects to use the Statement 
in reviewing the internal controls and risk management systems of those 
financial institutions engaged in Complex Structured Finance Activities 
(CSFTs) as part of the Federal Reserve's supervisory process. Since the 
Federal Reserve does not collect any information, no issue of 
confidentiality normally arises. However, in the event records 
generated under the guidance are obtained by the Federal Reserve during 
an examination of a state member bank or U.S. branch or agency of a 
foreign bank, or during an inspection of a bank holding company, 
confidential treatment may be afforded to the records under exemption 8 
of the Freedom of Information Act (FOIA), 5 U.S.C. 552(b)(8). FOIA 
exemption 8 exempts from disclosure matters that are contained in or 
related to examination, operating, or condition reports prepared by, on 
behalf of, or for the use of an agency responsible for the regulation 
or supervision of financial institutions.
    Abstract: The Interagency Statement on Complex Structured Finance 
Activities provides that state member banks, bank holding companies, 
and U.S. branches and agencies of foreign banks supervised by the 
Federal Reserve should establish and maintain policies and procedures 
for identifying, evaluating, assessing, documenting, and controlling 
risks associated with certain CSFTs. A financial institution engaged in 
CSFTs should maintain a set of formal, firm-wide policies and 
procedures that are designed to allow the institution to identify, 
evaluate, assess, document, and control the full range of credit, 
market, operational, legal, and reputational risks associated with 
these transactions. These policies may be developed specifically for 
CSFTs, or included in the set of broader policies governing the 
institution generally. A financial institution operating in foreign 
jurisdictions may tailor its policies and procedures as appropriate to 
account for, and comply with, the applicable laws, regulations and 
standards of those jurisdictions. A financial institution's policies 
and procedures should establish a clear framework for the review and 
approval of individual CSFTs. These policies and procedures should set 
forth the responsibilities of the personnel involved in the 
origination, structuring, trading, review, approval, documentation, 
verification, and execution of CSFTs. A financial institution should 
define what constitutes a new complex structured finance product and 
establish a control process for the approval of such new products. An 
institution's policies also should provide for new complex structured 
finance products to receive the approval of all relevant control areas 
that are independent of the profit center before the product is offered 
to customers.

    Board of Governors of the Federal Reserve System, August 22, 
2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012-21117 Filed 8-27-12; 8:45 am]
BILLING CODE 6210-01-P