Notice2024-06713
Proposed Agency Information Collection Activities; Comment Request
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
March 29, 2024
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Recordkeeping Guidance Associated with Changes in Foreign Investments Made Pursuant to Regulation K (FR 2064; OMB No. 7100-0109).
Full Text
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<title>Federal Register, Volume 89 Issue 62 (Friday, March 29, 2024)</title>
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[Federal Register Volume 89, Number 62 (Friday, March 29, 2024)]
[Notices]
[Pages 22147-22148]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06713]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Recordkeeping Guidance Associated with Changes in Foreign
Investments Made Pursuant to Regulation K (FR 2064; OMB No. 7100-0109).
DATES: Comments must be submitted on or before May 28, 2024.
ADDRESSES: You may submit comments, identified by FR 2064, by any of
the following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#2b594e4c5805484446464e455f586b4d4e4f4e594a47594e584e595d4e054c445d"><span class="__cf_email__" data-cfemail="295b4c4e5a074a4644444c475d5a694f4c4d4c5b48455b4c5a4c5b5f4c074e465f">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St. NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St NW, Washington, DC 20551, between 9 a.m. and 5 p.m.
on weekdays, except for Federal holidays. For security reasons, the
Board requires that visitors make an appointment to inspect comments.
You may do so by calling (202) 452-3684. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
submit to security screening in order to inspect and photocopy
comments.
Additionally, commenters may send a copy of their comments to the
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.
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#e38d968b82cd868f8e82848b9182818aa3859181cd848c95"><span class="__cf_email__" data-cfemail="b2dcc7dad39cd7dedfd3d5dac0d3d0dbf2d4c0d09cd5ddc4">[email protected]</span></a>, (202)
452-3884.
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. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the 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. On the page displayed at the link above, you can
find the supporting information by referencing the collection
identifier, FR 2064. Final versions of these documents will be made
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Collection title: Recordkeeping Guidance Associated with Changes in
Foreign Investments Made Pursuant to Regulation K.
Collection identifier: FR 2064.
OMB control number: 7100-0109.
General description of collection: Internationally active U.S.
banking organizations are expected to maintain adequate internal
records to allow examiners to review compliance with the investment
provisions of Regulation K. This recordkeeping guidance is what makes
up the FR 2064. For each investment made under subpart A of Regulation
K, a banking organization investor should maintain internal records
regarding the type of investment; the amount of the investment; the
percentage ownership; activities conducted by the company and the legal
authority for such activities; and whether the investment was made
under general consent, prior notice, or specific consent authority.
With respect to investments made under general consent authority,
information also should be maintained that
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demonstrates compliance with the various limits set out in section
211.9 of Regulation K. These records are reviewed by examiners during
examinations, allowing the examiners to determine a banking
organization's compliance with the Federal Reserve Act and subpart A of
Regulation K. Monitoring banking organizations' international
investments also permits the Federal Reserve to ensure that banking
organizations do not expose themselves to undue risk.
Frequency: On-going.
Respondents: U.S. banking organizations (member banks, Edge Act and
agreement corporations, and bank holding companies) that have made a
foreign investment.
Total estimated number of respondents: 20.
Total estimated annual burden hours: 160.
Board of Governors of the Federal Reserve System, March 26,
2024.
Ann Misback,
Secretary of the Board.
[FR Doc. 2024-06713 Filed 3-28-24; 8:45 am]
BILLING CODE 6210-01-P
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