Notice2023-02303
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; 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
February 3, 2023
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 the renewal of its information collection titled, "Recordkeeping Requirements for Securities Transactions." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
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<title>Federal Register, Volume 88 Issue 23 (Friday, February 3, 2023)</title>
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[Federal Register Volume 88, Number 23 (Friday, February 3, 2023)]
[Notices]
[Pages 7537-7538]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-02303]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; 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 the renewal of its information collection titled,
``Recordkeeping Requirements for Securities Transactions.'' The OCC
also is giving notice that it has sent the collection to OMB for
review.
DATES: You should submit comments by March 6, 2023.
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#addddfccc4c3cbc2edc2cece83d9dfc8ccde83cac2db"><span class="__cf_email__" data-cfemail="7d0d0f1c14131b123d121e1e53090f181c0e531a120b">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0142, Office of the Comptroller of the Currency, 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) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0142'' 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.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice 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'' tab and click on
``Information Collection Review'' from the drop-down menu. 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: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, 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.
The OCC asks the OMB to extend its approval of the collection in this
notice.
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 the banking and securities laws and
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 and 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 both financial
institutions and the OCC have the records necessary to monitor
compliance with the banking and 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 audit of the information. Section 12.3(b) permits the use of
a third-party service provider for records maintenance.
<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 Sec. 151.50 must clearly and accurately reflect
the information required and provide an adequate basis for audit of the
information. Section 151.60(b)
[[Page 7538]]
permits the use of a third-party service provider for records
maintenance.
<bullet> Twelve CFR 12.4 requires a national bank effecting a
securities transaction for a customer to give or send to the customer
either a written notification of the transaction at or before
completion of the transaction, or a copy of a registered broker-
dealer's confirmation relating to the transaction within one business
day from the bank's receipt of such confirmation. Section 12.4 also
establishes disclosures that must be included in the bank's written
notification or the broker-dealer confirmation. Section 12.4(b)
provides that national banks may direct a broker-dealer to send
confirmations to customers directly without requiring a duplicate to be
sent by the bank.
<bullet> Twelve CFR 151.70 requires a Federal savings association
effecting a securities transaction for a customer to give or send the
customer either the registered broker-dealer confirmation described at
12 CFR 151.80, or the written notice described at 12 CFR 151.90. If the
Federal savings association is complying with Sec. 151.70 by using a
broker-dealer confirmation, Sec. 151.80 establishes when and how the
Federal savings association must provide the broker-dealer
confirmation, and establishes disclosures that must be included in that
confirmation. Section 151.80(a) also provides that a Federal savings
association may have a broker-dealer send confirmations to customers
directly without requiring a duplicate to be sent by the Federal
savings association. If the Federal savings association is complying
with Sec. 151.70 by using a written notice, Sec. 151.90 establishes
when and how the Federal savings association must provide the written
notice, and establishes disclosures that must be included in that
notice.
<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 Sec. 12.4, to notify customers of
certain transactions in which the bank does not exercise investment
discretion; trust transactions; agency transactions; and periodic plan
transactions.
<bullet> Twelve CFR 151.100 describes the notification procedures a
Federal savings association may elect to use, as an alternate means of
satisfying Sec. 151.70, if the Federal savings association effects a
securities transaction for or with the account of a customer under a
periodic plan, sweep account, or investment company plan; for or with
the account of a customer in shares of certain open-ended management
companies; for certain accounts for which the Federal savings
association does not exercise investment discretion; for certain
accounts for which the Federal savings association exercises investment
discretion other than in an agency capacity; for an account in which
the Federal savings association exercises investment discretion in an
agency capacity; and for a common or collective investment fund.
<bullet> Twelve CFR 12.7(a)(1) through (a)(3) require national
banks effecting securities transactions for customers 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 similarly-situated orders, and provide for
crossing of buy and sell orders on a fair and equitable basis.
<bullet> Twelve CFR 151.140 requires Federal savings associations
effecting securities transactions for customers to maintain and follow
policies and procedures that assign responsibility for the supervision
of employees who perform securities trading functions, provide for the
fair and equitable allocation of securities and prices to accounts for
certain similarly-situated 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 involved in the securities trading
process to report to the Federal savings association all personal
transactions in securities made by them or 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 Sec. Sec. 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: 1501.5 Hours.
On October 7th, 2022, the OCC published a notice for 60 days of
comment concerning this collection, 87 FR 61144. No comments were
received. Comments continue to be solicited 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. 2023-02303 Filed 2-2-23; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on February 3, 2023.
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.