[Federal Register Volume 84, Number 155 (Monday, August 12, 2019)]
[Notices]
[Pages 39844-39845]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-17189]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Notice Claiming Status as an Exempt Transfer Agent (FR 4013; OMB No.
7100-0137). The revisions are applicable as of August 12, 2019.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829.
Office of Management and Budget (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.
A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be placed into OMB's public docket files.
These documents also are available on the Board's public website at
https://www.federalreserve.gov/apps/reportforms/review.aspx or may be
requested from the agency clearance officer, whose name appears above.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. Copies
of the PRA Submission, supporting statements, and approved collection
of information instrument(s) are placed into OMB's public docket files.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Report title: Notice Claiming Status as an Exempt Transfer Agent.
Agency form number: FR 4013.
OMB control number: 7100-0137.
Effective date: August 12, 2019.
Frequency: On occasion.
Respondents: Banks, bank holding companies (BHCs), savings and loan
holding companies (SLHCs), and certain trust companies.
Estimated number of respondents: 2.
Estimated average hours per response: 2 hours.
Estimated annual burden hours: 4 hours.
General description of report: Transfer agents, which are
institutions that provide securities transfer, registration,
monitoring, and other specified services on behalf of securities
issuers,\1\ are generally subject to certain Securities and Exchange
Commission (SEC) regulations. A transfer agent is Board-regulated if it
is a state member bank or a subsidiary thereof, a BHC, or an SLHC.
Certain transfer agent subsidiaries of BHCs are also Board-
regulated.\2\ A
[[Page 39845]]
Board-regulated transfer agent that transfers and processes a low
volume of securities (a ``low-volume transfer agent'') may request an
exemption from those regulations by filing with the Board a notice (an
``exemption notice'') certifying that it qualifies as a low-volume
transfer agent.
---------------------------------------------------------------------------
\1\ See 15 U.S.C. 78c(25) (defining ``transfer agent'').
\2\ A transfer agent subsidiary of a BHC is Board-regulated if
the subsidiary is, or is a subsidiary of, a bank, as defined by 15
U.S.C. 78c(6), that is not a national bank, Federal savings
association, a bank insured by the Federal Deposit Insurance
Corporation, or a state savings association.
---------------------------------------------------------------------------
Legal authorization and confidentiality: The FR 4013 is authorized
pursuant to sections 2, 17(a)(3), 17A(c), and 23(a) of the Securities
Exchange Act,\3\ which, among other things, authorize the Board to
promulgate regulations and establish recordkeeping and reporting
requirements with respect to Board-registered transfer agents.\4\ The
exemption notice is mandatory for Board-registered transfer agents
seeking the low-volume exemption. The obligation to respond for the
exemption notice, therefore, is required to obtain a benefit. The
exemption disqualification notice is mandatory for a transfer agent
that no longer qualifies for the exemption. The information collected
in the FR 4013 regarding a Board-registered transfer agent's volume of
transactions is public information through the filing and publication
of the transfer agents' Form TA-2 with the SEC. Therefore, individual
respondent data collected by the FR 4013 are not confidential.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78b, 78q(a)(3), 78q-1(c), and 78w(a).
\4\ Additionally, the Board also has the authority to require
reports from bank holding companies (12 U.S.C. 1844(c)), savings and
loan holding companies (12 U.S.C. 1467a(b) and (g)), and state
member banks (12 U.S.C. 248(a) and 324).
---------------------------------------------------------------------------
Current actions: On April 30, 2019, the Board published a notice in
the Federal Register (84 FR 18285) requesting public comment for 60
days on the extension, with revision, of the Notice Claiming Status as
an Exempt Transfer Agent. The FR 4013 is being revised to account for
the existing regulatory requirement to file an exemption
disqualification notice under certain circumstances. The comment period
for this notice expired on July 1, 2019. The Board did not receive any
comments. The revisions will be implemented as proposed.
Board of Governors of the Federal Reserve System, August 7,
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-17189 Filed 8-9-19; 8:45 am]
BILLING CODE 6210-01-P