Notice2022-21902
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Recordkeeping Requirements for Securities Transactions
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
October 7, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
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."
Full Text
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<title>Federal Register, Volume 87 Issue 194 (Friday, October 7, 2022)</title>
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[Federal Register Volume 87, Number 194 (Friday, October 7, 2022)]
[Notices]
[Pages 61144-61146]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#18686a7971767e7758777b7b366c6a7d796b367f776e"><span class="__cf_email__" data-cfemail="245456454d4a424b644b47470a50564145570a434b52">[email protected]</span></a>.
<bullet> 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.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-
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0142'' in your comment. In general, the OCC will publish comments on
<a href="http://www.reginfo.gov">www.reginfo.gov</a> 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.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
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.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, 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:
<bullet> 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.
<bullet> 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.
<bullet> 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.
<bullet> 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.
<bullet> 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.
<bullet> 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.
<bullet> 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
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crossing of buy and sell orders on a fair and equitable basis.
<bullet> 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.
<bullet> 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.
<bullet> 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.
<bullet> 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]
BILLING CODE P
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</html>Indexed from Federal Register on October 7, 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.