[Federal Register Volume 85, Number 14 (Wednesday, January 22, 2020)]
[Notices]
[Pages 3760-3761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00945]
[[Page 3760]]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Recordkeeping Requirements for Securities
Transactions
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection, as required by the Paperwork Reduction Act of
1995 (PRA). In accordance with the requirements of the PRA, the OCC may
not conduct or sponsor, and the respondent is not required to respond
to, an information collection unless it displays a currently valid
Office of Management and Budget (OMB) control number. The OCC is
soliciting comment concerning the renewal of its information collection
titled, ``Recordkeeping Requirements for Securities Transactions.''
DATES: Comments must be received on or before March 23, 2020.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0142, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0142'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this information collection beginning on the date of publication of the
second notice for this collection \1\ by any of the following methods:
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\1\ Following the close of this notice's 60-day comment period,
the OCC will publish a second notice with a 30-day comment period.
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Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0142'' or ``Recordkeeping Requirements for Securities
Transactions.'' Upon finding the appropriate information collection,
click on the related ``ICR Reference Number.'' On the next screen,
select ``View Supporting Statement and Other Documents'' and then click
on the link to any comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700 or, for persons who
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, for persons who are deaf or hard of hearing,
TTY, (202) 649-5597, Chief Counsel's Office, Office of the Comptroller
of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of title 44 requires Federal agencies to provide
a 60-day notice in the Federal Register concerning each proposed
collection of information, including each proposed extension of an
existing collection of information, before submitting the collection to
OMB for approval. To comply with this requirement, the OCC is
publishing notice of the renewal of this collection of information.
Title: Recordkeeping Requirements for Securities Transactions.
OMB Number: 1557-0142.
Description: The information collection requirements in 12 CFR
parts 12 and 151 are required to ensure that national banks and Federal
savings associations comply with securities laws and to improve the
protections afforded to persons who purchase and sell securities
through these financial institutions. Parts 12 and 151 establish
recordkeeping and confirmation requirements applicable to certain
securities transactions effected by national banks or Federal savings
associations for customers. The transaction confirmation information
required by these regulations ensures that customers receive a record
of each securities transaction and that both financial institutions and
the OCC have the records necessary to monitor compliance with
securities laws and regulations. The OCC uses the required information
in the course of its examinations to evaluate, among other things, an
institution's compliance with the antifraud provisions of the Federal
securities laws.
The information collection requirements contained in 12 CFR parts
12 and 151 are as follows:
12 CFR 12.3 requires a national bank effecting securities
transactions for customers to maintain certain records for at least
three years. 12 CFR 12.3(b) provides that the records required by this
section must clearly and accurately reflect the information required
and provide an adequate basis for the audit of the information.
12 CFR 151.50 requires a Federal savings association
effecting securities transactions for customers to maintain certain
records for at least three years. 12 CFR 151.60 provides that the
records required by 12 CFR 151.50 must clearly and accurately reflect
the information required and provide an adequate basis for audit of the
information.
12 CFR 12.4 requires a national bank to give or send to
the customer a written notification of the transaction at or before
completion of the securities transaction or, if using a confirmation
from a registered broker/dealer, to send a copy of that confirmation
within one business day from the bank's receipt of the confirmation
from the broker dealer. Section 12.4 also establishes the required
minimum disclosures for a customer's securities transactions.
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12 CFR 151.70 requires a Federal savings association that
effects a securities transaction for a customer to give or send that
customer a written notice of the transaction or give or send the
customer the registered broker-dealer confirmation. 12 CFR 151.80
establishes when a Federal savings association must provide notice if
it elects to comply with Sec. 151.70 by using a broker-dealer
confirmation and also requires the Federal savings association to
provide a statement of the source and amount of any remuneration it has
received or will receive in connection with the transaction, unless it
has determined remuneration in a written agreement with the customer.
12 CFR 151.90 establishes when a Federal savings association must
provide notice if it elects to comply with Sec. 151.70 by providing
the customer with a written notice and establishes the minimum
disclosures that must be included in that notice. 12 CFR 151.90
requires a Federal savings association to give or send the written
notice to the customer at or before the completion of the securities
transaction.
12 CFR 12.5 sets forth notification procedures that a
national bank may elect to use, as an alternative to complying with
Sec. 12.4, to notify customers of securities transactions for accounts
in which the bank does not exercise investment discretion, trust
transactions, agency transactions, and certain periodic plan
transactions.
12 CFR 151.100 describes notification procedures that a
Federal savings association may use, as an alternative to complying
with 12 CFR 151.70, for customer accounts in which the savings
association does not exercise investment discretion, certain accounts
for which it exercises investment discretion in other than an agency
capacity, trust transactions, agency transactions, certain periodic
plan transactions, collective investment fund transactions, and money
market funds.
12 CFR 12.7(a) requires national banks to maintain and
adhere to policies and procedures that assign responsibility for
supervision of employees who perform certain securities trading
functions; provide for the fair and equitable allocation of securities
and prices to accounts for certain types of orders; provide for
crossing of buy and sell orders on a fair and equitable basis to the
parties to the transaction, where permissible under applicable law; and
require certain officers and employees to report to the bank all
personal transactions in securities made by them or on their behalf in
which they have a beneficial interest.
12 CFR 151.140 requires Federal savings associations that
effect securities transactions for customers to maintain and follow
policies and procedures and sets forth the minimum requirements for
such policies and procedures. These policies and procedures must assign
responsibility for the supervision of employees who perform certain
securities trading functions; provide for the fair and equitable
allocation of securities and prices to accounts for certain types of
orders; provide for crossing of buy and sell orders on a fair and
equitable basis to the parties to the transaction, where permissible
under applicable law; and require certain officers and employees to
file personal securities trading reports as required by 12 CFR 151.150.
12 CFR 12.7(a)(4) requires certain national bank officers
and employees involved in the securities trading process to report to
the bank all personal transactions in securities made by them or on
their behalf in which they have a beneficial interest.
12 CFR 151.150 requires certain Federal savings
association officers and employees to report to the savings association
personal transactions in securities made by them or on their behalf in
which they have a beneficial interest. 12 CFR 151.150(a) sets forth the
information to be included in the report and requires the report to be
filed no later than 30 days after the end of each calendar quarter. 12
CFR 12.8 requires a national bank seeking a waiver of one or more of
the requirements of 12 CFR 12.2 through 12.7 to file a written request
for waiver with the OCC.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 355.
Estimated Frequency of Response: On occasion.
Estimated Total Annual Burden: 1,718 hours.
Comments submitted in response to this notice will be summarized
and included in the request for OMB approval. All comments will become
a matter of public record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the 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.
Dated: January 15, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2020-00945 Filed 1-21-20; 8:45 am]
BILLING CODE 4810-33-P