[Federal Register Volume 78, Number 141 (Tuesday, July 23, 2013)]
[Proposed Rules]
[Pages 44394-44398]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-17084]



[[Page 44393]]

Vol. 78

Tuesday,

No. 141

July 23, 2013

Part XXIV





Federal Deposit Insurance Corporation





-----------------------------------------------------------------------





Semiannual Regulatory Agenda

  Federal Register / Vol. 78 , No. 141 / Tuesday, July 23, 2013 / 
Unified Agenda  

[[Page 44394]]


-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Ch. III


Semiannual Agenda of Regulations

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Semiannual regulatory agenda.

-----------------------------------------------------------------------

SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is hereby 
publishing items for the spring 2013 Unified Agenda of Federal 
Regulatory and Deregulatory Actions. The Agenda contains information 
about FDIC's current and projected rulemakings, existing regulations 
under review, and completed rulemakings.

FOR FURTHER INFORMATION CONTACT: Robert E. Feldman, Executive 
Secretary, Federal Deposit Insurance Corporation, 550 17th Street NW., 
Washington, DC 20429.

SUPPLEMENTARY INFORMATION: Twice each year, the FDIC publishes an 
agenda of regulations to inform the public of its regulatory actions 
and to enhance public participation in the rulemaking process. 
Publication of the agenda is in accordance with the Regulatory 
Flexibility Act (5 U.S.C. 601 et seq.). The FDIC amends its regulations 
under the general rulemaking authority prescribed in section 9 of the 
Federal Deposit Insurance Act (12 U.S.C. 1819) and under specific 
authority granted by the Act and other statutes.

Proposed Rules

Restrictions on Post-Employment Activities of Senior Examiners (3064-
AD98)

    The FDIC proposes to rescind and remove 12 CFR part 390, subpart A, 
entitled ``Restrictions on Post-Employment Activities of Senior 
Examiners.''

Final Rule

Margin and Capital Requirements for Covered Swap Entities (3064-AD79)

    The Office of the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, the Federal Deposit Insurance 
Corporation, the Farm Credit Administration, and the Federal Housing 
Finance Agency (collectively, the Agencies) reopened the comment period 
on the proposed rule published in the Federal Register on May 11, 2011 
(76 FR 27564), to establish minimum margin and capital requirements for 
uncleared swaps and security-based swaps entered into by swap dealers, 
major swap participants, security-based swap dealers, and major 
security-based swap participants for which one of the Agencies is the 
prudential regulator (Proposed Margin Rule). Reopening the comment 
period that expired on July 11, 2011, allowed interested persons 
additional time to analyze and comment on the Proposed Margin Rule in 
light of the consultative document on margin requirements for non-
centrally-cleared derivatives recently published for comment by the 
Basel Committee on Banking Supervision and the International 
Organization of Securities Commissions.

Prohibitions and Restrictions on Proprietary Trading and Certain 
Interests in, and Relationships With, Hedge Funds and Private Equity 
Funds (3064-AD85)

    On November 7, 2011, the Office of the Comptroller of the Currency, 
the Board of Governors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, and U.S. Securities and Exchange 
Commission (collectively, the Agencies) published in the Federal 
Register a joint notice of proposed rulemaking for public comment to 
implement section 619 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Dodd-Frank Act), which contains certain prohibitions 
and restrictions on the ability of a banking entity and nonbank 
financial company supervised by the Board to engage in proprietary 
trading and have certain interests in, or relationships with, a hedge 
fund or private equity fund. Due to the complexity of the issues 
involved and to facilitate coordination of the rulemaking among the 
responsible agencies as provided in section 619 of the Dodd-Frank Act, 
the Agencies have determined that an extension of the comment period 
was appropriate. This action allowed interested persons additional time 
to analyze the proposed rules and prepare their comments.

Incentive-Based Compensation Arrangements (3064-AD86)

    The Office of the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, the Federal Deposit Insurance 
Corporation, the National Credit Union Administration, the U.S. 
Securities Exchange Commission, and the Fair Housing Finance Agency 
proposed a rule to implement section 956 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act. The rule would require the 
reporting of incentive-based compensation arrangements by a covered 
financial institution and prohibit incentive-based compensation 
arrangements at a covered financial institution that provide excessive 
compensation or that could expose the institution to inappropriate 
risks that could lead to material financial loss.

Regulatory Capital Rules (Part I): Regulatory Capital, Minimum 
Regulatory Capital Ratios, Capital Adequacy, Transition Provisions 
(3064-AD95)

    The Office of the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, and the Federal Deposit 
Insurance Corporation (collectively, the Agencies) sought comment on 
three notices of proposed rulemaking (NPRM) that would revise and 
replace the Agencies' current capital rules. In this NPRM, the Agencies 
are proposing to revise their risk-based and leverage capital 
requirements consistent with agreements reached by the Basel Committee 
on Banking Supervision in Basel III: A Global Regulatory Framework for 
More Resilient Banks and Banking Systems. The proposed revisions would 
include implementation of a new common equity tier 1 minimum capital 
requirement, a higher minimum tier 1 capital requirement, and, for 
banking organizations subject to the advanced approaches capital rules, 
a supplementary leverage ratio that incorporates a broader set of 
exposures in the denominator measure. Additionally, consistent with 
Basel III, the Agencies proposed to apply limits on a banking 
organization's capital distributions and certain discretionary bonus 
payments if the banking organization does not hold a specified amount 
of common equity tier 1 capital in addition to the amount necessary to 
meet its minimum risk-based requirements. This NPRM also would 
establish more conservative standards for including an instrument in 
regulatory capital. As discussed in the proposal, the revisions set 
forth in this NPRM are consistent with section 171 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, which requires the 
Agencies to establish minimum risk-based and leverage capital 
requirements.

Regulatory Capital Rules (Part II): Standardized Approach for Risk-
Weighted Assets; Market Discipline and Disclosure Requirements (3064-
AD96)

    On August 30, 2012, the FDIC, together with the Board of Governors 
of the Federal Reserve System and Office of the Comptroller of the 
Currency (together, the Agencies), published in the Federal Register a 
joint notice of proposed rulemaking, titled ``Regulatory

[[Page 44395]]

Capital Rules: Standardized Approach for Risk-Weighted Assets; Market 
Discipline and Disclosure Requirements'' (Standardized Approach NPRM or 
Proposed Rule). The proposed rule would revise and harmonize the 
Agencies' rules for calculating risk weighted assets to enhance risk 
sensitivity and address weaknesses identified over recent years, 
including by incorporating certain international capital standards of 
the Basel Committee on Banking Supervision (BCBS) set forth in the 
standardized approach of the international accord, titled 
``International Convergency of Capital Measurement and Capital 
Standards: A Revised Framework,'' as revised by the BCBS in 2006 and 
2009, as well as other proposals set forth in consultative papers of 
the BCBS. Section 3(a) of the Regulatory Flexibility Act (RFA) directs 
all Federal agencies to publish an initial regulatory flexibility 
analysis (IRFA), or a summary thereof, describing the impact of a 
proposed rule on small entities anytime an agency is required to 
publish a notice of proposed rulemaking in the Federal Register. As 
provided in the Standardized Approach NPRM, the Agencies are separately 
publishing initial regulatory flexibility analyses for the Proposed 
Rule. Accordingly, the FDIC sought comment on the IRFA provided in this 
Federal Register document, which describes the economic impact of the 
Standardized Approach NPR, in accordance with the requirements of the 
RFA.

Regulatory Capital Rules (Part III): Advanced Approaches Risk-Based 
Capital Rules; Market Risk Capital Rule (3064-AD97)

    The Office of the Comptroller of the Currency (OCC), the Board of 
Governors of the Federal Reserve System (Board), and the FDIC 
(collectively, the Agencies) are seeking comment on three notices of 
proposed rulemaking (NPRMs) that would revise and replace the Agencies' 
current capital rules. In this NPRM (Advanced Approaches and Market 
Risk NPRM) the Agencies are proposing to revise the advanced approaches 
risk-based capital rule to incorporate certain aspects of ``Basel III: 
A Global Regulatory Framework for More Resilient Banks and Banking 
Systems'' that the agencies would apply only to advanced approach 
banking organizations. This NPRM also proposes other changes to the 
advanced approaches rule that the agencies believe are consistent with 
changes by the Basel Committee on Banking Supervision (BCBS) to its 
``International Convergence of Capital Measurement and Capital 
Standards: A Revised Framework'' (Basel II), as revised by the BCBS 
between 2006 and 2009, and recent consultative papers published by the 
BCBS. The Agencies also propose to revise the advanced approaches risk-
based capital rule to be consistent with Dodd-Frank Wall Street Reform 
and Consumer Protection Act of 2010 (the Dodd-Frank Act). These 
revisions include replacing reference to credit ratings with 
alternative standards of creditworthiness consistent with section 939A 
of the Dodd-Frank Act. Additionally, the OCC and FDIC are proposing 
that the market risk capital rule be applicable to Federal and State 
savings associations, and the Board is proposing that the advanced 
approaches and market risk capital rules apply to top-tier savings and 
loan holding companies domiciled in the United States that meet the 
applicable thresholds.

Records of Failed Insured Depository Institutions (3064-AD99)

    The FDIC proposed a rule, with request for comments, that would 
implement section 11(d)(15)(D) of the Federal Deposit Insurance Act (12 
U.S.Cc section 1821(d)(15)(D)). This statutory provision provides 
timeframes for the retention of records of a failed insured depository 
institution. The proposed rule incorporates the statutory timeframes 
and defines the term ``records.''

Deposit Insurance Regulations; Deposits in Foreign Branches (3064-AE00)

    The FDIC is proposing to amend its deposit insurance regulations, 
with respect to deposits payable in branches of United States insured 
depository institutions (United States bank or bank) outside of the 
United States. The proposed rule clarified that deposits in these 
foreign branches of United States banks are not FDIC-insured deposits. 
This would be the case whether or not they are dually payable both at 
the branch outside the United States and at an office within the United 
States. As discussed further below, a recent proposal by the United 
Kingdom's Financial Services Authority (U.K. FSA) makes it very likely 
that large United States banks will be changing their United Kingdom 
foreign branch deposit agreements to make them payable both in the 
United Kingdom and the United States. This action has the potential to 
increase significantly the exposure of the Deposit Insurance Fund (DIF) 
and operational complexities were such deposits to be treated as 
insured. The purpose of the proposed rule is to preserve confidence in 
the FDIC deposit insurance system, ensure that the FDIC can effectively 
carry out its critical deposit insurance functions, and protect the DIF 
against the uncertain liability that it would otherwise face as a 
global deposit insurer.

Long-Term Actions

Credit Risk Retention (3064-AD74)

    The Office of the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, the Federal Deposit Insurance 
Corporation, the U.S. Securities and Exchange Commission, the Federal 
Housing Finance Agency, and the Department of Housing and Urban 
Development (collectively, the Agencies) are proposing rules to 
implement the credit risk retention requirements of section 15G of the 
Securities Exchange Act of 1934 (15 U.S.C. 78o-11), as added by section 
941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 
Section 15G generally requires the securitizer of asset-backed 
securities to retain not less than 5 percent of the credit risk of the 
assets collateralizing the asset-backed securities. Section 15G 
includes a variety of exemptions from these requirements, including an 
exemption for asset-backed securities that are collateralized 
exclusively by residential mortgages that qualify as ``qualified 
residential mortgages,'' as such term is defined by the Agencies by 
rule.

Recordkeeping Rules for Institutions Operating Under the Exceptions or 
Exemptions for Banks From the Definitions of ``Broker'' or ``Dealer'' 
in the Securities Exchange Act of 1934 (3064-AD80)

    The Office of the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, and the Federal Deposit 
Insurance Corporation requested comment on recordkeeping rules for 
banks, savings associations, Federal and State-licensed branches and 
agencies of foreign banks, and Edge and agreement corporations that 
engage in securities-related activities under the statutory exceptions 
or regulatory exemptions for ``banks'' from the definitions of 
``broker'' or ``dealer'' in section 3(a)(4)(B) or section 3(a)(5) of 
the Securities Exchange Act of 1934. The rule is designed to facilitate 
and promote compliance with these exceptions and exemptions.

Completed Actions

Assessments, Large Bank Pricing (3064-AD92)

    The FDIC has adopted this final rule to amend the assessment system 
for large and highly complex institutions by: (1) Revising the 
definitions of

[[Page 44396]]

certain higher-risk assets, specifically leveraged loans, which are 
renamed ``higher-risk C&I loans and securities,'' and subprime consumer 
loans, which are renamed ``higher-risk consumer loans''; (2) clarifying 
when an asset must be classified as higher risk; (3) clarifying the way 
securitizations are identified as higher risk; and (4) further defining 
terms that are used in the large bank pricing portions of 12 CFR 327.9. 
The names of the categories of assets included in the higher-risk 
assets to tier 1 capital and reserves ratio have been changed to avoid 
confusion between the definitions used in the deposit insurance 
assessment regulations and those used within the industry and in other 
regulatory guidance. The FDIC has not amended the definition of C&D 
loans and the final rule retains the definitions used in the February 
2011 rule. The FDIC also retains the definition of nontraditional 
mortgage loans; however, the final rule clarifies how securitizations 
of nontraditional mortgage loans are identified as higher risk. The 
final rule aggregates all securitizations that contain higher-risk 
assets into a newly defined category of higher-risk assets, ``higher-
risk securitizations.'' While the nomenclature is new, the notice of 
proposed rulemaking proposed including all assets that meet this newly 
defined category as higher-risk assets. The FDIC believes that the 
final rule will result in more consistent reporting, better reflect 
risk to the Deposit Insurance Fund, significantly reduce reporting 
burden, and satisfy many of the concerns voiced by the industry after 
adoption of the February 2011 rule. The final rule was effective on 
April 1, 2013.

Valerie Best,
Assistant Executive Secretary.

         Federal Deposit Insurance Corporation--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
399.......................  12 CFR 324 Regulatory              3064-AD95
                             Capital Rules (Part I):
                             Regulatory Capital,
                             Minimum Regulatory
                             Capital Ratios, Capital
                             Adequacy, Transition
                             Provisions.
400.......................  12 CFR 324 Regulatory              3064-AD96
                             Capital Rules (Part III):
                             Standardized Approach for
                             Risk-Weighted Assets;
                             Market Discipline and
                             Disclosure Requirements.
401.......................  12 CFR 324 Regulatory              3064-AD97
                             Capital Rules (Part 3):
                             Advanced Approaches Risk-
                             Based Capital Rules;
                             Market Risk Capital Rule.
------------------------------------------------------------------------


        Federal Deposit Insurance Corporation--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
402.......................  12 CFR 342 Recordkeeping           3064-AD80
                             Rules for Institutions
                             Operating Under the
                             Exceptions or Exemptions
                             for Banks From the
                             Definitions of ``Broker''
                             or ``Dealer'' in the
                             Securities Exchange Act
                             of 1934.
------------------------------------------------------------------------


FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)

Final Rule Stage

399. Regulatory Capital Rules (Part I): Regulatory Capital, Minimum 
Regulatory Capital Ratios, Capital Adequacy, Transition Provisions

    Legal Authority: Pub. L. 111--203
    Abstract: The Office of the Comptroller of the Currency, the Board 
of Governors of the Federal Reserve System, and the Federal Deposit 
Insurance Corporation (collectively the ``Agencies''), sought comment 
on three Notices of Proposed Rulemaking (``NPRM'') that would revise 
and replace the Agencies' current capital rules. In this NPRM, the 
Agencies are proposing to revise their risk-based and leverage capital 
requirements consistent with agreements reached by the Basel Committee 
on Banking Supervision in Basel III: A Global Regulatory Framework for 
More Resilient Banks and Banking Systems. The proposed revisions would 
include implementation of a new common equity tier 1 minimum capital 
requirement, a higher minimum tier 1 capital requirement, and, for 
banking organizations subject to the advanced approaches capital rules, 
a supplementary leverage ratio that incorporates a broader set of 
exposures in the denominator measure. Additionally, consistent with 
Basel III, the Agencies proposed to apply limits on a banking 
organization's capital distributions and certain discretionary bonus 
payments if the banking organization does not hold a specified amount 
of common equity tier 1 capital in addition to the amount necessary to 
meet its minimum risk based requirements. This NPRM also would 
establish more conservative standards for including an instrument in 
regulatory capital. As discussed in the proposal, the revisions set 
forth in this NPRM are consistent with section 171 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act which requires the 
Agencies to establish minimum risk-based and leverage capital 
requirements.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/30/12  77 FR 169
NPRM Comment Period End.............   10/22/12
Final Rule..........................   07/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Bobby R. Bean, Chief, Policy Section, Federal 
Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 
20429, Phone: 202 898-3575, Email: [email protected].
    Mark Handzlik, Senior Attorney, Federal Deposit Insurance 
Corporation, 550 17th Street NW., Washington, DC 20429, Phone: 202 898-
3900, Email: [email protected].
    Michael Phillips, Counsel, Legal Division, Federal Deposit 
Insurance Corporation, 550 17th Street NW., Washington, DC 20429, 
Phone: 202 898-3581, Email: [email protected].
    RIN: 3064-AD95

400. Regulatory Capital Rules (Part III): Standardized Approach for 
Risk-Weighted Assets; Market Discipline and Disclosure Requirements

    Legal Authority: Pub. L. 111-203
    Abstract: On August 30, 2012, the FDIC, together with the Board of 
Governors of the Federal Reserve System and Office of the Comptroller 
of

[[Page 44397]]

the Currency (together, ``the agencies'') published in the Federal 
Register a joint notice of proposed rulemaking, titled, ``Regulatory 
Capital Rules: Standardized Approach for Risk-Weighted Assets; Market 
Discipline and Disclosure Requirements'' (Standardized Approach NPR or 
Proposed Rule). The Proposed Rule would revise and harmonize the 
agencies' rules for calculating risk weighted assets to enhance risk 
sensitivity and address weaknesses identified over recent years, 
including by incorporating certain international capital standards of 
the Basel Committee on Banking Supervision (``BCBS'') set forth in the 
standardized approach of the international accord titled, 
``International Convergency of Capital Measurement and Capital 
Standards: A Revised Framework'', as revised by the BCBS in 2006 and 
2009, as well as other proposals set forth in consultative papers of 
the BCBS. Section 3(a) of the Regulatory Flexibility Act (``RFA'') 
directs all federal agencies to publish an initial regulatory 
flexibility analysis (``IRFA''), or a summary thereof, describing the 
impact of a proposed rule on small entities anytime an agency is 
required to publish a notice of proposed rulemaking in the Federal 
Register. As provided in the Standardized Approach NPR, the agencies 
are separately publishing initial regulatory flexibility analyses for 
the Proposed Rule. Accordingly, the FDIC sought comment on the IRFA 
provided in this Federal Register document, which describes the 
economic impact of the Standardized Approach NPR, in accordance with 
the requirements of the RFA.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/30/12  77 FR 52888
Initial Regulatory Flexibility         10/17/12  77 FR 63763
 Analysis.
NPRM Comment Period End.............   10/22/12
Initial Regulatory Flexibility         11/16/12
 Analysis Comment Period End.
Final Rule..........................   07/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Bobby R. Bean, Chief, Policy Section, Federal 
Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 
20429, Phone: 202 898-3575, Email: [email protected].
    Karl Reitz, Senior Capital Markets Specialist, Federal Deposit 
Insurance Corporation, 550 17th Street NW., Washington, DC 20429, 
Phone: 202 898-6775, Email: [email protected].
    Mark Handzlik, Senior Attorney, Federal Deposit Insurance 
Corporation, 550 17th Street NW., Washington, DC 20429, Phone: 202 898-
3900, Email: [email protected].
    Michael Phillips, Counsel, Legal Division, Federal Deposit 
Insurance Corporation, 550 17th Street NW., Washington, DC 20429, 
Phone: 202 898-3581, Email: [email protected].
    RIN: 3064-AD96

401. Regulatory Capital Rules (Part 3): Advanced Approaches Risk-Based 
Capital Rules; Market Risk Capital Rule

    Legal Authority: Pub. L. 111-203
    Abstract: The Office of the Comptroller of the Currency (``OCC''), 
the Board of Governors of the Federal Reserve System (``Board''), and 
the FDIC (collectively, the ``Agencies'') are seeking comment on three 
notices of proposed rulemaking (``NPRMs'') that would revise and 
replace the Agencies' current capital rules. In this NPRM (Advanced 
Approaches and Market Risk NPR) the Agencies are proposing to revise 
the advanced approaches risk-based capital rule to incorporate certain 
aspects of ``Basel III: A Global Regulatory Framework for More 
Resilient Banks and Banking Systems'' that the agencies would apply 
only to advanced approach banking organizations. This NPRM also 
proposes other changes to the advanced approaches rule that the 
agencies believe are consistent with changes by the Basel Committee on 
Banking Supervision (''BCBS'') to its ''International Convergence of 
Capital Measurement and Capital Standards: A Revised Framework'' (Basel 
II), as revised by the BCBS between 2006 and 2009, and recent 
consultative papers published by the BCBS. The Agencies also propose to 
revise the advanced approaches risk-based capital rule to be consistent 
with Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 
(the ``Dodd-Frank Act''). These revisions include replacing reference 
to credit ratings with alternative standards of creditworthiness 
consistent with section 939A of the Dodd-Frank Act. Additionally, the 
OCC and FDIC are proposing that the market risk capital rule be 
applicable to federal and state savings associations, and the Board is 
proposing that the advanced approaches and market risk capital rules 
apply to top-tier savings and loan holding companies domiciled in the 
United States that meet the applicable thresholds.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/30/12  77 FR 52977
NPRM Comment Period End.............   10/22/12
Final Rule..........................   07/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Bobby R. Bean, Chief, Policy Section, Federal 
Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 
20429, Phone: 202 898-3575, Email: [email protected].
    Ryan Billingsley, Senior Policy Analyst, Federal Deposit Insurance 
Corporation, 550 17th Street NW., Washington, DC 20429, Phone: 202 898-
3797, Email: [email protected].
    Mark Handzlik, Senior Attorney, Federal Deposit Insurance 
Corporation, 550 17th Street NW., Washington, DC 20429, Phone: 202 898-
3900, Email: [email protected].
    Michael Phillips, Counsel, Legal Division, Federal Deposit 
Insurance Corporation, 550 17th Street NW., Washington, DC 20429, 
Phone: 202 898-3581, Email: [email protected].
    RIN: 3064-AD97

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)

Long-Term Actions

402. Recordkeeping Rules for Institutions Operating Under the 
Exceptions or Exemptions for Banks From the Definitions of ``Broker'' 
or ``Dealer'' in the Securities Exchange Act of 1934

    Legal Authority: 12 U.S.C. 1818; 12 U.S.C. 1819 (Tenth); 12 U.S.C. 
1828(t)
    Abstract: The Office of the Comptroller of the Currency, the Board 
of Governors of the Federal Reserve System, and the Federal Deposit 
Insurance Corporation requested comment on recordkeeping rules for 
banks, savings associations, federal and state-licensed branches and 
agencies of foreign banks, and Edge and agreement corporations that 
engage in securities-related activities under the statutory exceptions 
or regulatory exemptions for ``banks'' from the definitions of 
``broker'' or ``dealer'' in section 3(a)(4)(B) or section 3(a)(5) of 
the Securities Exchange Act of 1934. The rule is designed to facilitate 
and promote compliance with these exceptions and exemptions.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................           To Be Determined
------------------------------------------------------------------------


[[Page 44398]]

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Michael Phillips, Phone: 202 898-3581, Email: 
[email protected].
    RIN: 3064-AD80

[FR Doc. 2013-17084 Filed 7-22-13; 8:45 am]
BILLING CODE 6714-01-P