[Federal Register Volume 89, Number 19 (Monday, January 29, 2024)]
[Notices]
[Pages 5543-5544]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01630]


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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, without revision, the 
Recordkeeping and Disclosure Requirements Associated with Regulation H 
(Securities Transactions by State Member Banks) (FR H-3; OMB No. 7100-
0196).

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, [email protected], (202) 
452-3884.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. Board-approved collections of information are

[[Page 5544]]

incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements (which contain more detailed 
information about the information collections and burden estimates than 
this notice), and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve Board's public website at 
https://www.federalreserve.gov/apps/reportingforms/home/review or may 
be requested from the agency clearance officer, whose name appears 
above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Collection title: Recordkeeping and Disclosure Requirements 
Associated with Regulation H (Securities Transactions by State Member 
Banks).
    Collection identifier: FR H-3.
    OMB control number: 7100-0196.
    General description of collection: Section 15C of the Securities 
Exchange Act of 1934, establishes federal regulation of brokers and 
dealers of government securities, including banks and other financial 
institutions, and directs those brokers and dealers to keep certain 
records.\1\ These requirements are implemented for state member banks 
(SMBs) by sections 208.34(c), (d), and (g) of the Board's Regulation H, 
which require that non-exempt SMBs \2\ effecting securities 
transactions for customers establish and maintain a system of records 
of these transactions, furnish confirmations of transactions to 
customers that disclose certain information, and establish written 
policies and procedures relating to securities trading.
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    \1\ 15 U.S.C. 78o-5.
    \2\ The requirements of section 208.34 of Regulation H apply to 
all state member banks that effect more than 500 government 
securities brokerage transactions per year, unless the institution 
has filed a written notice, or is required to file notice, with the 
Board that it acts as a government securities broker or a government 
securities dealer. These requirements also do not apply to 
activities of foreign branches of SMBs; activities of nonmember, 
non-insured trust company subsidiaries of bank holding companies; or 
activities that are subject to regulations promulgated by the 
Municipal Securities Rulemaking Board. In addition, SMBs with an 
annual average of less than 200 securities transactions for 
customers over the prior three calendar years (exclusive of 
transactions in U.S. government and agency obligations) are exempt 
from these Regulation H recordkeeping and disclosure requirements. 
See 12 CFR 208.34(a)(1)(i)-(iv).
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    Frequency: Event-generated, quarterly.
    Respondents: SMBs, SMB officers/employees.
    Total estimated number of respondents: 3,368.
    Total estimated annual burden hours: 100,774.\3\
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    \3\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR H-3.
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    Current actions: On September 11, 2023, the Board published a 
notice in the Federal Register (88 FR 62366) requesting public comment 
for 60 days on the extension, without revision, of the FR H-3. The 
comment period for this notice expired on November 13, 2023.

    Board of Governors of the Federal Reserve System, January 23, 
2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-01630 Filed 1-26-24; 8:45 am]
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