Sound Incentive Compensation Guidance, 53023-53024 [2010-21490]

Download as PDF Federal Register / Vol. 75, No. 167 / Monday, August 30, 2010 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service [CO–99–91] Proposed Collection; Comment Request for Regulation Project Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, CO–99–91 (TD 8490), Limitations on Corporate Net Operating Loss (section 1.382–3). DATES: Written comments should be received on or before October 29, 2010 to be assured of consideration. ADDRESSES: Direct all written comments to Gerald J. Shields, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulations should be directed to R. Joseph Durbala at Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202) 622–3634, or through the Internet at RJoseph.Durbala@irs.gov. SUMMARY: jlentini on DSKJ8SOYB1PROD with NOTICES SUPPLEMENTARY INFORMATION: Title: Limitations on Corporate Net Operating Loss. OMB Number: 1545–1345. Regulation Project Number: CO–99– 91. Abstract: This regulation modifies the application of the segregation rules under Internal Revenue Code section 382 in the case of certain issuances of stock by a loss corporation. The regulation provides exceptions to the segregation rules for certain small issuances of stock and for certain other issuances of stock for cash. The regulation also provides that taxpayers may make an irrevocable election to apply the exceptions retroactively. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. VerDate Mar<15>2010 17:41 Aug 27, 2010 Jkt 220001 Estimated Number of Respondents: 1. Estimated Time per Respondent: 1 hr. Estimated Total Annual Burden Hours: 1. The following paragraph applies to all of the collections of information covered by this notice: An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or 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 agency, including whether the information shall have practical utility; (b) the accuracy of the agency’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 of information 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. Approved: August 23, 2010. R. Joseph Durbala, IRS Tax Analyst. [FR Doc. 2010–21478 Filed 8–27–10; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Office of Thrift Supervision Sound Incentive Compensation Guidance Office of Thrift Supervision (OTS), Treasury. ACTION: Notice and request for comment. AGENCY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 SUMMARY: PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 53023 U.S.C. 3507. The Office of Thrift Supervision within the Department of the Treasury will submit the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. Today, OTS is soliciting public comments on its proposal to extend this information collection. DATES: Submit written comments on or before October 29, 2010. ADDRESSES: Send comments, referring to the collection by title of the proposal or by OMB approval number, to Information Collection Comments, Chief Counsel’s Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552; send a facsimile transmission to (202) 906–6518; or send an e-mail to infocollection.comments@ots.treas.gov. OTS will post comments and the related index on the OTS Internet Site at http://www.ots.treas.gov. In addition, interested persons may inspect comments at the Public Reading Room, 1700 G Street, NW., by appointment. To make an appointment, call (202) 906– 5922, send an e-mail to public.info@ots.treas.gov, or send a facsimile transmission to (202) 906– 7755. You can request additional information about this proposed information collection from Richard B. Gaffin (202) 906–6181, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552. FOR FURTHER INFORMATION CONTACT: SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor an information collection, and respondents are not required to respond to an information collection, unless the information collection displays a currently valid OMB control number. As part of the approval process, we invite comments on the following information collection. Comments should address one or more of the following points: a. Whether the proposed collection of information is necessary for the proper performance of the functions of OTS; b. The accuracy of OTS’s estimate of the burden of the proposed information collection; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of the information collection on respondents, including through the use of information technology. We will summarize the comments that we receive and include them in the E:\FR\FM\30AUN1.SGM 30AUN1 53024 Federal Register / Vol. 75, No. 167 / Monday, August 30, 2010 / Notices jlentini on DSKJ8SOYB1PROD with NOTICES OTS request for OMB approval. All comments will become a matter of public record. In this notice, OTS is soliciting comments concerning the following information collection. Title of Proposal: Sound Incentive Compensation Guidance. OMB Number: 1550–0129. Form Number: N/A. Description: The guidance is based on three key principles that are designed to ensure that incentive compensation arrangements at a financial institution do not encourage employees to take excessive risks. These principles provide that incentive compensation arrangements should: • Provide employees incentives that do not encourage excessive risk-taking beyond the organization’s ability to effectively identify and manage risk; • Be compatible with effective controls and risk management; and • Be supported by strong corporate governance, including active and effective oversight by the organization’s board of directors. These principles and the guidance are consistent with the Principles for Sound Compensation Practices adopted by the Financial Stability Board (FSB) in April 2009, as well as the Implementation Standards for those principles issued by the FSB in September 2009. This guidance will promote the prompt improvement of incentive compensation practices in the banking industry by providing a common prudential foundation for incentive compensation arrangements across banking organizations and promoting the overall movement of the industry towards better practices. Supervisory action could play a critical role in VerDate Mar<15>2010 16:28 Aug 27, 2010 Jkt 220001 addressing misaligned compensation incentives, especially where issues of competition may make it difficult for individual firms to act alone. Through their actions, supervisors could help to better align the interests of managers and other employees with organizations’ long-term health and reduce concerns that making prudent modifications to incentive compensation arrangements might have adverse competitive consequences. Type of Review: Extension of a currently approved collection. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 757. Estimated Burden Hours per Responses: 40 hours. Estimated Frequency of Response: On occasion. Estimated Total Burden: 30,280 hours. Dated: August 24, 2010. Ira L. Mills, Paperwork Clearance Officer, Office of Chief Counsel, Office of Thrift Supervision. [FR Doc. 2010–21490 Filed 8–27–10; 8:45 am] BILLING CODE 6720–01–P DEPARTMENT OF THE TREASURY United States Mint Change to ‘‘Procedures To Qualify for Bulk Purchase of Gold Bullion Coins’’ Authorized Purchaser of American Eagle Gold Bullion Coins. The revised qualification requirements are documented in the revised ‘‘Procedures to Qualify for Bulk Purchase of Gold Bullion Coins.’’ (This document can be accessed at http://www.usmint.gov/ consumer/ index.cfm?action=AmericanEagles) These changes apply to new applications effective immediately. Significant modifications include clarifications to the ‘‘Purpose’’ section and ‘‘Marketing Support’’ section, and adjustments to the ‘‘Experienced MarketMaker in Gold Bullion Coins’’ section and ‘‘Tangible Net Worth’’ section. Changes to the accounting certification requirements and agreement terms and conditions are also incorporated. A new section has been added entitled ‘‘Right to Temporarily Refrain from the Review of New Applications,’’ during periods in which the allocation of a bullion product is required. Other minor changes have been made which provide further clarifications to various production descriptions and/or the gold bullion coin program in accordance with 31 U.S.C. 5112(a)(7–11) and (i). B. B. Craig, Associate Director for Sales and Marketing; United States Mint; 801 9th Street, NW.; Washington, DC 20220; or call 202–354–7500. FOR FURTHER INFORMATION CONTACT: Authority: 31 U.S.C. 5112(a)(7–11) and (i). AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. Dated: August 20, 2010. Edmund C. Moy, Director, United States Mint. The United States Mint has revised the requirements to become an [FR Doc. 2010–21495 Filed 8–27–10; 8:45 am] SUMMARY: PO 00000 Frm 00101 Fmt 4703 Sfmt 9990 BILLING CODE P E:\FR\FM\30AUN1.SGM 30AUN1

Agencies

[Federal Register Volume 75, Number 167 (Monday, August 30, 2010)]
[Notices]
[Pages 53023-53024]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21490]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Sound Incentive Compensation Guidance

AGENCY: Office of Thrift Supervision (OTS), Treasury.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to comment on proposed and continuing 
information collections, as required by the Paperwork Reduction Act of 
1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the 
Department of the Treasury will submit the proposed information 
collection requirement described below to the Office of Management and 
Budget (OMB) for review, as required by the Paperwork Reduction Act. 
Today, OTS is soliciting public comments on its proposal to extend this 
information collection.

DATES: Submit written comments on or before October 29, 2010.

ADDRESSES: Send comments, referring to the collection by title of the 
proposal or by OMB approval number, to Information Collection Comments, 
Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, 
NW., Washington, DC 20552; send a facsimile transmission to (202) 906-
6518; or send an e-mail to infocollection.comments@ots.treas.gov. OTS 
will post comments and the related index on the OTS Internet Site at 
http://www.ots.treas.gov. In addition, interested persons may inspect 
comments at the Public Reading Room, 1700 G Street, NW., by 
appointment. To make an appointment, call (202) 906-5922, send an e-
mail to public.info@ots.treas.gov">public.info@ots.treas.gov, or send a facsimile transmission to 
(202) 906-7755.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
about this proposed information collection from Richard B. Gaffin (202) 
906-6181, Office of Thrift Supervision, 1700 G Street, NW., Washington, 
DC 20552.

SUPPLEMENTARY INFORMATION: 
    OTS may not conduct or sponsor an information collection, and 
respondents are not required to respond to an information collection, 
unless the information collection displays a currently valid OMB 
control number. As part of the approval process, we invite comments on 
the following information collection.
    Comments should address one or more of the following points:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the functions of OTS;
    b. The accuracy of OTS's estimate of the burden of the proposed 
information collection;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of the information collection on 
respondents, including through the use of information technology.
    We will summarize the comments that we receive and include them in 
the

[[Page 53024]]

OTS request for OMB approval. All comments will become a matter of 
public record. In this notice, OTS is soliciting comments concerning 
the following information collection.
    Title of Proposal: Sound Incentive Compensation Guidance.
    OMB Number: 1550-0129.
    Form Number: N/A.
    Description: The guidance is based on three key principles that are 
designed to ensure that incentive compensation arrangements at a 
financial institution do not encourage employees to take excessive 
risks. These principles provide that incentive compensation 
arrangements should:
     Provide employees incentives that do not encourage 
excessive risk-taking beyond the organization's ability to effectively 
identify and manage risk;
     Be compatible with effective controls and risk management; 
and
     Be supported by strong corporate governance, including 
active and effective oversight by the organization's board of 
directors.
    These principles and the guidance are consistent with the 
Principles for Sound Compensation Practices adopted by the Financial 
Stability Board (FSB) in April 2009, as well as the Implementation 
Standards for those principles issued by the FSB in September 2009.
    This guidance will promote the prompt improvement of incentive 
compensation practices in the banking industry by providing a common 
prudential foundation for incentive compensation arrangements across 
banking organizations and promoting the overall movement of the 
industry towards better practices. Supervisory action could play a 
critical role in addressing misaligned compensation incentives, 
especially where issues of competition may make it difficult for 
individual firms to act alone. Through their actions, supervisors could 
help to better align the interests of managers and other employees with 
organizations' long-term health and reduce concerns that making prudent 
modifications to incentive compensation arrangements might have adverse 
competitive consequences.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 757.
    Estimated Burden Hours per Responses: 40 hours.
    Estimated Frequency of Response: On occasion.
    Estimated Total Burden: 30,280 hours.

    Dated: August 24, 2010.
Ira L. Mills,
Paperwork Clearance Officer, Office of Chief Counsel, Office of Thrift 
Supervision.
[FR Doc. 2010-21490 Filed 8-27-10; 8:45 am]
BILLING CODE 6720-01-P