Notice2022-07227
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
April 6, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting 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
<html>
<head>
<title>Federal Register, Volume 87 Issue 66 (Wednesday, April 6, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19934-19936]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07227]
-----------------------------------------------------------------------
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
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).
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.
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
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, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve 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
[[Page 19935]]
clearance officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collections
Report title: Uniform Application for Municipal Securities
Principal or Municipal Securities Representative Associated with a Bank
Municipal Securities Dealer.\1\
---------------------------------------------------------------------------
\1\ As part of this clearance, the Board cleared the Form MSD-4
and Form MSD-5 under the Form MSD-4 OMB control number (7100-0100),
and then discontinued 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 did not modify the reporting or recordkeeping requirements of
the forms in any way. The collection is now 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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\2\ 15 U.S.C. 78c(34)(A)(ii).
---------------------------------------------------------------------------
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 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\
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78c(34)(A)(ii).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\12\ 5 U.S.C. 552(b)(6).
\13\ 5 U.S.C. 552(b)(4).
\14\ 5 U.S.C. 552(b)(8).
---------------------------------------------------------------------------
Current actions: On December 8, 2021, the Board published a notice
in the Federal Register (86 FR 69643) requesting public comment for 60
days on the extension, without revision, of the Form MSD-4 and Form
MSD-5. The comment period for this notice expired on February 7, 2022.
The Board did not receive any comments.
[[Page 19936]]
Board of Governors of the Federal Reserve System, April 1, 2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-07227 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P
</pre></body>
</html>Indexed from Federal Register on April 6, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.