[Federal Register Volume 87, Number 194 (Friday, October 7, 2022)]
[Notices]
[Pages 61144-61146]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-21902]


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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 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 its information collection titled, ``Recordkeeping 
Requirements for Securities Transactions.''

DATES: You should submit comments by December 6, 2022.

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, Office of the Comptroller of the Currency, Attention: 1557-
0142, 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-

[[Page 61145]]

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.
    Following the close of this notice's 60-day comment period, the OCC 
will publish a second notice with a 30-day comment period. 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 by the method set forth in the next 
bullet.
     Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' drop down menu, and 
click on ``Information Collection Review.'' From the ``Currently under 
Review'' 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.

FOR FURTHER INFORMATION CONTACT: Mary H. Gottlieb, OCC Clearance 
Officer, (202) 649-5490, Chief Counsel's Office, Office of the 
Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219. If you are deaf, hard of hearing, or have a 
speech disability, please dial 7-1-1 to access telecommunications relay 
services.

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 and/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.
    Abstract: The information collection requirements in 12 CFR parts 
12 and 151 are designed 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 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:
     Twelve CFR 12.3 requires a national bank effecting 
securities transactions for customers to maintain certain records for 
at least three years. 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.
     Twelve CFR 151.50 requires a Federal savings association 
effecting securities transactions for customers to maintain certain 
records for at least three years. Twelve 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.
     Twelve 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 minimum 
disclosures needed for a customer's securities transactions.
     Twelve CFR 151.70 establishes the types of notice a 
Federal savings association must provide when effecting a securities 
transaction for a customer. Twelve CFR 151.80 establishes when a 
Federal savings association must provide notice if the Federal savings 
association is complying with section 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 
will receive in connection with the transaction, unless it has 
determined remuneration in a written agreement with the customer. 
Twelve CFR 151.90 establishes when a Federal savings association must 
provide notice if complying with section 151.70 by providing written 
notice and establishes the minimum disclosures that must be included in 
that notice. Twelve CFR 151.90 requires a Federal savings association 
to provide its customers with a written notice of each securities 
transaction if it is not following the procedures in 12 CFR 151.80. The 
Federal savings association must give or send the notice to the 
customer at or before the completion of the securities transaction.
     Twelve CFR 12.5(a), (b), (c), and (e) describe 
notification procedures that a national bank may elect to use, as an 
alternative to complying with section 12.4, to notify customers of 
transactions in which the bank does not exercise investment discretion, 
trust transactions, agency transactions, and certain periodic plan 
transactions.
     Twelve CFR 151.100 describes notification procedures that 
a Federal savings association may use, as an alternative to complying 
with 12 CFR 151.70, for an account 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.
     Twelve CFR 12.7(a)(1) through (a)(3) require national 
banks to maintain and adhere to policies and procedures that assign 
responsibility for supervision of employees who perform securities 
trading functions, provide for the fair and equitable allocation of 
securities and prices to accounts for certain types of orders, and 
provide for

[[Page 61146]]

crossing of buy and sell orders on a fair and equitable basis.
     Twelve CFR 151.140 requires Federal savings associations 
to adopt written policies and procedures dealing with the functions 
involved in effecting securities transactions on behalf of customers. 
These policies and procedures must assign responsibility for the 
supervision of employees who perform securities trading functions, 
provide for the fair and equitable allocation of securities prices to 
accounts for certain types of orders, and provide for crossing of buy 
and sell orders on a fair and equitable basis.
     Twelve 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.
     Twelve CFR 151.150 requires certain Federal savings 
association officers and employees to report personal transactions they 
make or that are made on their behalf in which they have a beneficial 
interest.
     Twelve CFR 12.8 requires a national bank seeking a waiver 
of one or more of the requirements of sections 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: 307.
    Estimated Frequency of Response: On occasion.
    Estimated Total Annual Burden: 1,501.5 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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-21902 Filed 10-6-22; 8:45 am]
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