[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]


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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.
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    \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.
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    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.
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    \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).
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    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