Notice2021-26325
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 8, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Uniform Application for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer (Form MSD-4; OMB No. 7100-0100) and the Uniform Termination Notice for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer (Form MSD-5; OMB No. 7100-0101).
Full Text
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<title>Federal Register, Volume 86 Issue 233 (Wednesday, December 8, 2021)</title>
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[Federal Register Volume 86, Number 233 (Wednesday, December 8, 2021)]
[Notices]
[Pages 69643-69645]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-26325]
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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 Uniform Application for Municipal Securities Principal or
Municipal Securities Representative Associated with a Bank Municipal
Securities Dealer (Form MSD-4; OMB No. 7100-0100) and the Uniform
Termination Notice for Municipal Securities Principal or Municipal
Securities Representative Associated with a Bank Municipal Securities
Dealer (Form MSD-5; OMB No. 7100-0101).
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DATES: Comments must be submitted on or before February 7, 2022.
ADDRESSES: You may submit comments, identified by Form MSD-4 or Form
MSD-5, by any of the following methods:
<bullet> Agency website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#26544341550845494b4b43485255664043424354474a5443554354504308414950"><span class="__cf_email__" data-cfemail="a2d0c7c5d18cc1cdcfcfc7ccd6d1e2c4c7c6c7d0c3ced0c7d1c7d0d4c78cc5cdd4">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> 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
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> 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 confidential
business information, identifying information, 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. 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 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.
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.
SUPPLEMENTARY INFORMATION: The Board invites comment on a proposal to
extend for three years, without revision, the Uniform Application for
Municipal Securities Principal or Municipal Securities Representative
Associated with a Bank Municipal Securities Dealer and the Uniform
Termination Notice for Municipal Securities Principal or Municipal
Securities Representative Associated with a Bank Municipal Securities
Dealer.\1\
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\1\ As part of this clearance, the Board will clear the Form
MSD-4 and Form MSD-5 under the Form MSD-4 OMB control number (7100-
0100), and then discontinue the Form MSD-5's separate OMB control
number (7100-0101). This non-substantive change is aimed at
simplifying the tracking and clearance process for the two related
forms. This change would not modify the reporting or recordkeeping
requirements of the forms in any way. The collection will then be
titled ``The Uniform Application and the Uniform Termination Notice
for Municipal Securities Principal or Municipal Securities
Representative Associated with a Bank Municipal Securities Dealer''
(Form MSD-4 and Form MSD-5; 7100-0100).
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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. 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.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested
from the agency clearance officer, whose name appears above. Final
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collections, which are being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collections 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 collections, 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 collections 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 Collections
Report title: Uniform Application for Municipal Securities
Principal or Municipal Securities Representative Associated with a Bank
Municipal Securities Dealer.
Agency form number: Form MSD-4.
OMB control number: 7100-0100.
Frequency: Event generated.
Respondents: Each municipal securities dealer (MSD) that is a state
member bank (SMB), bank holding company (BHC), or a savings and loan
holding company (SLHC), certain subsidiaries of such firms, or a
foreign dealer bank.\2\
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\2\ 15 U.S.C. 78c(34)(A)(ii).
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Estimated number of respondents: Reporting, 13; Recordkeeping, 13.
Estimated average hours per response: Reporting, 0.92;
Recordkeeping, 0.08.
Estimated annual burden hours: Reporting, 11.96; Recordkeeping,
1.04.
General description of report: The Municipal Securities Rulemaking
Board (MSRB) rule G-7, Information Concerning Associated Persons,
requires persons who are or seek to be an associated person of an MSD,
either as a municipal securities principal (a person performing
supervisory functions) or representative (a person engaged in
underwriting, trading, or sales of municipal securities or furnishing
financial advice to issuers in connection with the issuance of
municipal securities) or in any other manner set forth under the rule,
to provide certain background information to the MSD. The rule also
requires MSDs to obtain and report this information. MSDs for which the
Board is the appropriate regulatory agency (ARA) must report to the
Board information required by MSRB rule G-7 using Form MSD-4.
Generally, the information required by Form MSD-4
[[Page 69645]]
relates to employment history and professional background, including
any disciplinary sanctions, as well as any claimed basis for exemption
from MSRB examination requirements. Certain information reported on
Form MSD-4 is filled out by the employee, with the rest completed by
the MSD. As required by MSRB rule G-7, bank municipal securities
dealers must retain copies of Form MSD-4 for each associated person
during the entire term of employment.
Report title: Uniform Termination Notice for Municipal Securities
Principal or Municipal Securities Representative Associated with a Bank
Municipal Securities Dealer.
Agency form number: Form MSD-5.
OMB control number: 7100-0101.
Frequency: Event generated.
Respondents: Each MSD that is an SMB, BHC, or an SLHC, certain
subsidiaries of such firms, or a foreign dealer bank.\3\
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\3\ 15 U.S.C. 78c(34)(A)(ii).
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Estimated number of respondents: Reporting, 21; Recordkeeping, 21.
Estimated average hours per response: Reporting, 0.16;
Recordkeeping; 0.08.
Estimated annual burden hours: Reporting, 3.36; Recordkeeping 1.68.
General description of report: An MSD for which the Board is the
ARA must file Form MSD-5 with the Board when any employee previously
registered as a municipal securities principal or representative is
terminated for any reason. Form MSD-5 requires information such as the
reason for termination and whether any investigations or actions by
agencies or self-regulatory organizations (SROs) involving the
associated person occurred during the period of employment.
Any SMB, BHC, or SLHC, as well as certain subsidiaries of such
firms, and any foreign dealer bank that is an MSD is required to file
Forms MSD-4 and MSD-5 with the Board with respect to its employees. As
required by MSRB rule G-7, an MSD must retain both Form MSD-4 and Form
MSD-5 for three years from the date of termination of employment.
Legal authorization and confidentiality: The Securities Exchange
Act of 1934 (Exchange Act) authorizes the Securities and Exchange
Commission (SEC) and MSRB to promulgate rules requiring MSDs to file
reports about associated persons with the SEC and ARAs,\4\ and the
Board is the ARA for most Form MSD-4 and Form MSD-5 respondents.\5\ The
Exchange Act further authorizes the Board to enforce compliance with
the SEC's and MSRB's rules,\6\ and make rules and regulations to
implement the portions of the Exchange Act for which it is
responsible.\7\
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\4\ 15 U.S.C. 78o-4(a)-(b) and (q).
\5\ 15 U.S.C. 78c(a)(34)(A)(ii) (establishing the Board as the
ARA for an MSD that is, or is the subsidiary of, an SLHC, SMB, or
BHC (including a subsidiary of the BHC if the subsidiary does not
already report to another ARA or to the SEC). While the Exchange Act
does not specify the ARA for MSD activities of foreign dealer banks,
the SEC has agreed that the Board should examine their MSD
activities. See Letter from Catherine McGuire, Chief Counsel, SEC
Division of Market Regulation, to Laura M. Homer, Assistant Director
of Board S&R, June 14, 1994.
\6\ 15 U.S.C. 78o-4(c).
\7\ 15 U.S.C. 78w(a).
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Several additional statutes also authorize the Board to require
submission of the Forms MSD-4 and MSD-5 by specific entities, including
the Federal Reserve Act (for SMBs and their affiliates),\8\ the
International Banking Act (for branches and agencies of foreign
banks),\9\ the Bank Holding Company Act of 1956 (for BHCs and their
subsidiaries),\10\ and the Home Owners' Loan Act (for SLHCs and their
subsidiaries).\11\
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\8\ 12 U.S.C. 248(a)(1) (authorizing the Board to ``require such
statements and reports'' of member banks as it may deem necessary).
\9\ 12 U.S.C. 3105(c)(2) (subjecting branches and agencies of
foreign banks to reporting requirements in the same manner as if the
branch or agency were a State member bank).
\10\ 12 U.S.C. 1844(c)(1)(A)(ii)(II) (authorizing the Board to
require from a BHC or any subsidiary reports as to compliance with
federal laws that the Board has jurisdiction to enforce).
\11\ 12 U.S.C. 1467a(b)(2) (authorizing the Board to require
reports from SLHCs and their subsidiaries containing such
information concerning the operations of the SLHC or subsidiary as
the Board may require).
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Filing of the Forms MSD-4 and MSD-5 is mandatory. Information
provided on Forms MSD-4 and MSD-5 may be kept confidential pursuant to
exemption 6 of the Freedom of Information Act (FOIA) to the extent
disclosure of such information ``would constitute a clearly unwarranted
invasion of personal privacy.'' \12\ Information contained on Forms
MSD-4 and MSD-5 may also be kept confidential under FOIA exemption 4 if
it is confidential commercial or financial information that is both
customarily and actually treated as private \13\ or under FOIA
exemption 8 if it is obtained as part of an examination or supervision
of a financial institution.\14\
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\12\ 5 U.S.C. 552(b)(6).
\13\ 5 U.S.C. 552(b)(4).
\14\ 5 U.S.C. 552(b)(8).
Board of Governors of the Federal Reserve System, November 30,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-26325 Filed 12-7-21; 8:45 am]
BILLING CODE 6210-01-P
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