Notice2022-11092
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
May 24, 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 Notice Claiming Status as an Exempt Transfer Agent (FR 4013; OMB No. 7100-0137).
Full Text
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<title>Federal Register, Volume 87 Issue 100 (Tuesday, May 24, 2022)</title>
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[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Pages 31553-31554]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11092]
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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
Notice Claiming Status as an Exempt Transfer Agent (FR 4013; OMB No.
7100-0137).
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 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: Notice Claiming Status as an Exempt Transfer
Agent.
Collection identifier: FR 4013.
OMB control number: 7100-0137.
Frequency: On occasion.
Respondents: Board-regulated transfer agents.
Estimated number of respondents: Exemption notice: 1; exemption
disqualification notice: 1.
Estimated average hours per response: Exemption notice: 2;
exemption disqualification notice: 2.
Estimated annual burden hours: Exemption notice: 2; exemption
disqualification notice: 2.
General description of collection: Transfer agents, which are
institutions that provide securities transfer, registration,
monitoring, and other specified services on behalf of securities
issuers,\1\ are generally subject to certain Securities and Exchange
Commission (SEC) regulations. However, a transfer agent that is
regulated by and registered with the Board (a Board-regulated transfer
agent) may request an exemption from those regulations if it transfers
and processes a low volume of securities (a low-volume transfer agent).
A transfer agent is Board-regulated if it is a state member bank or a
subsidiary thereof, a bank holding company, or a savings and loan
holding company. A Board-regulated transfer agent may request an
exemption from the SEC regulations by filing with the Board a notice
certifying that it qualifies as a low-volume transfer agent. In
addition, a Board-regulated low-volume transfer agent that no longer
meets the requirements of being a low-volume transfer agent must notify
the Board of that fact.
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\1\ See 15 U.S.C. 78c(a)(25) (defining ``transfer agent'').
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Legal authorization and confidentiality: The FR 4013 is authorized
pursuant to sections 2, 17(a)(3), 17A(c), and 23(a) of the Exchange
Act,\2\ which, among other things, authorize the Board to promulgate
regulations and establish recordkeeping and reporting requirements with
respect to Board-regulated transfer agents.\3\
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\2\ 15 U.S.C. 78b, 78q(a)(3), 78q-1(c), and 78w(a).
\3\ Additionally, the Board also has the authority to require
reports from bank holding companies (12 U.S.C. 1844(c)), savings and
loan holding companies (12 U.S.C. 1467a(b) and (g)), and state
member banks (12 U.S.C. 248(a) and 324).
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The exemption notice is mandatory for Board-registered transfer
agents seeking the exemption. The obligation
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to respond for the exemption notice, therefore, is required to obtain a
benefit. The exemption disqualification notice is mandatory for a
Board-regulated transfer agent that no longer qualifies for the
exemption.
The information collected in the FR 4013 regarding a Board-
regulated transfer agent's volume of transactions is public information
through the filing and publication of the transfer agent's Form TA-2
with the SEC. Therefore, individual respondent data collected by the FR
4013 are not confidential.
Current actions: On January 25, 2022, the Board published a notice
in the Federal Register (87 FR 3807) requesting public comment for 60
days on the extension, without revision, of the FR 4013. The comment
period for this notice expired on March 28, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, May 17, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-11092 Filed 5-23-22; 8:45 am]
BILLING CODE 6210-01-P
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