[Federal Register Volume 84, Number 241 (Monday, December 16, 2019)]
[Notices]
[Pages 68454-68455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27036]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Recordkeeping and Disclosure Requirements Associated with 
Regulation R (FR R; OMB No. 7100-0316).

DATES: Comments must be submitted on or before February 14, 2020.

ADDRESSES: You may submit comments, identified by FR R by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, 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 website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684.

[[Page 68455]]

Upon arrival, visitors will be required to present valid government-
issued photo identification and to submit to security screening in 
order to inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
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.

FOR FURTHER INFORMATION CONTACT: 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, if approved. These documents will also be made 
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 below.
    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.

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. In 
exercising this delegated authority, the Board is directed to take 
every reasonable step to solicit comment. In determining whether to 
approve a collection of information, the Board will consider all 
comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board'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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Recordkeeping and Disclosure Requirements Associated 
with Regulation R.
    Agency form number: FR R.
    OMB control number: 7100-0316.
    Frequency: As needed.
    Respondents: ``Banks,'' as defined in the Securities Exchange Act 
of 1934 (Exchange Act), that qualify for the exemptions from the 
Exchange Act definition of ``broker.''
    Estimated number of respondents: Section 701, disclosures to 
customers: 1,500, disclosures to brokers: 1,500; section 723, 
recordkeeping: 75; section 741, disclosures to customers: 750.
    Estimated average hours per response: Section 701, disclosures to 
customers: 0.08333, disclosures to brokers: 0.25; section 723, 
recordkeeping: 0.25; section 741, disclosures to customers: 0.08333.
    Estimated annual burden hours: Section 701, disclosures to 
customers: 12,500, disclosures to brokers: 375; section 723, 
recordkeeping: 188; section 741, disclosures to customers: 62,500.
    General description of report: The Board's Regulation R, 12 CFR 
part 218, implements certain exceptions for banks from the definition 
of ``broker'' under section 3(a)(4) of the Exchange Act. The Exchange 
Act defines ``banks'' to include banking institutions organized in the 
United States, including members of the Federal Reserve System, federal 
savings associations, and other commercial banks, savings associations, 
and nondepository trust companies that are organized under the laws of 
a state or the United States and subject to supervision and examination 
by state or federal authorities having supervision over banks and 
savings associations. Sections 701, 723, and 741 of Regulation R 
contain certain customer and counterparty disclosure requirements and 
certain transactional recordkeeping provisions for banks that utilize 
these exceptions.
    Legal authorization and confidentiality: The FR R is authorized 
pursuant to sections 3(a)(4)(F) and 3(b) of the Exchange Act,\1\ which, 
among other things, require the Board and the Security Exchange 
Commission (SEC) to jointly adopt rules to implement the bank 
exceptions to the definition of ``broker'' under the Exchange Act.\2\ 
Banks seeking the exception from the definition of ``broker'' under the 
Exchange Act must comply with the requirements of FR R. The obligation, 
therefore, is required to obtain a benefit.
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    \1\ 15 U.S.C. 78c(a)(4)(F) and 78c(b).
    \2\ Additionally, the Board has the authority to require reports 
from state member banks (12 U.S.C. 248(a) and 324).
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    Because these records and disclosures would be maintained at each 
banking organization, the Freedom of Information Act (``FOIA'') would 
only be implicated if the Board obtained such records as part of the 
examination or supervision of a banking organization. In the event the 
records are obtained by the Board as part of an examination or 
supervision of a financial institution, this information is considered 
confidential pursuant to exemption 8 of the FOIA, which protects 
information contained in ``examination, operating, or condition 
reports'' obtained in the bank supervisory process.\3\ In addition, the 
information may also be kept confidential under exemption 4 for the 
FOIA, which protects commercial or financial information obtained from 
a person that is privileged or confidential.\4\
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    \3\ 5 U.S.C. 552(b)(8).
    \4\ 5 U.S.C. 552(b)(4).

    Board of Governors of the Federal Reserve System, December 11, 
2019.
Ann Misback,
Secretary of the Board.
[FR Doc. 2019-27036 Filed 12-13-19; 8:45 am]
 BILLING CODE 6210-01-P