Notice2024-01630
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
January 29, 2024
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 Recordkeeping and Disclosure Requirements Associated with Regulation H (Securities Transactions by State Member Banks) (FR H-3; OMB No. 7100- 0196).
Full Text
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<title>Federal Register, Volume 89 Issue 19 (Monday, January 29, 2024)</title>
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[Federal Register Volume 89, Number 19 (Monday, January 29, 2024)]
[Notices]
[Pages 5543-5544]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01630]
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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
Recordkeeping and Disclosure Requirements Associated with Regulation H
(Securities Transactions by State Member Banks) (FR H-3; OMB No. 7100-
0196).
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, <a href="/cdn-cgi/l/email-protection#83edf6ebe2ade6efeee2e4ebf1e2e1eac3e5f1e1ade4ecf5"><span class="__cf_email__" data-cfemail="83edf6ebe2ade6efeee2e4ebf1e2e1eac3e5f1e1ade4ecf5">[email protected]</span></a>, (202)
452-3884.
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
[[Page 5544]]
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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</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: Recordkeeping and Disclosure Requirements
Associated with Regulation H (Securities Transactions by State Member
Banks).
Collection identifier: FR H-3.
OMB control number: 7100-0196.
General description of collection: Section 15C of the Securities
Exchange Act of 1934, establishes federal regulation of brokers and
dealers of government securities, including banks and other financial
institutions, and directs those brokers and dealers to keep certain
records.\1\ These requirements are implemented for state member banks
(SMBs) by sections 208.34(c), (d), and (g) of the Board's Regulation H,
which require that non-exempt SMBs \2\ effecting securities
transactions for customers establish and maintain a system of records
of these transactions, furnish confirmations of transactions to
customers that disclose certain information, and establish written
policies and procedures relating to securities trading.
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\1\ 15 U.S.C. 78o-5.
\2\ The requirements of section 208.34 of Regulation H apply to
all state member banks that effect more than 500 government
securities brokerage transactions per year, unless the institution
has filed a written notice, or is required to file notice, with the
Board that it acts as a government securities broker or a government
securities dealer. These requirements also do not apply to
activities of foreign branches of SMBs; activities of nonmember,
non-insured trust company subsidiaries of bank holding companies; or
activities that are subject to regulations promulgated by the
Municipal Securities Rulemaking Board. In addition, SMBs with an
annual average of less than 200 securities transactions for
customers over the prior three calendar years (exclusive of
transactions in U.S. government and agency obligations) are exempt
from these Regulation H recordkeeping and disclosure requirements.
See 12 CFR 208.34(a)(1)(i)-(iv).
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Frequency: Event-generated, quarterly.
Respondents: SMBs, SMB officers/employees.
Total estimated number of respondents: 3,368.
Total estimated annual burden hours: 100,774.\3\
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\3\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR H-3.
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Current actions: On September 11, 2023, the Board published a
notice in the Federal Register (88 FR 62366) requesting public comment
for 60 days on the extension, without revision, of the FR H-3. The
comment period for this notice expired on November 13, 2023.
Board of Governors of the Federal Reserve System, January 23,
2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-01630 Filed 1-26-24; 8:45 am]
BILLING CODE P
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