Agency Information Collection Activities: Proposed Collection Renewals; Comment Request (3064-0006, & -0184), 3315-3319 [2017-00361]
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Federal Register / Vol. 82, No. 7 / Wednesday, January 11, 2017 / Notices
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
the accuracy of the Commission’s
burden estimate; ways to enhance the
quality, utility, and clarity of the
information collected; ways to minimize
the burden of the collection of
information on the respondents,
including the use of automated
collection techniques or other forms of
information technology; and ways to
further reduce the information
collection burden on small business
concerns with fewer than 25 employees.
The FCC may not conduct or sponsor a
collection of information unless it
displays a currently valid OMB control
number. No person shall be subject to
any penalty for failing to comply with
a collection of information subject to the
PRA that does not display a valid OMB
control number.
DATES: Written PRA comments should
be submitted on or before March 13,
2017. If you anticipate that you will be
submitting comments, but find it
difficult to do so within the period of
time allowed by this notice, you should
advise the contact listed below as soon
as possible.
ADDRESSES: Direct all PRA comments to
Cathy Williams, FCC, via email PRA@
fcc.gov and to Cathy.Williams@fcc.gov.
FOR FURTHER INFORMATION CONTACT: For
additional information about the
information collection, contact Cathy
Williams at (202) 418–2918.
SUPPLEMENTARY INFORMATION:
OMB Control Number: 3060–0787.
Title: Implementation of the
Subscriber Carrier Selection Changes
Provisions of the Telecommunications
Act of 1996, Policies and Rules
Concerning Unauthorized Changes of
Consumers’ Long Distance Carriers, CC
Docket No. 94–129, FCC 07–223.
Form Number: N/A.
Type of Review: Extension of a
currently approved collection.
Respondents: Individuals or
household; Business or other for-profit;
State, Local or Tribal Government.
Number of Respondents and
Responses: 4,160 respondents; 22,330
responses.
Estimated Time per Response: 30
minutes (.50 hours) to 10 hours.
Frequency of Response:
Recordkeeping requirement; Biennial,
on occasion and one-time reporting
requirements; Third party disclosure
requirement.
Obligation to Respond: Required to
obtain or retain benefits. The statutory
authority for the information collection
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requirements is found at Sec. 258 [47
U.S.C. 258] Illegal Changes In
Subscriber Carrier Selections, Public
Law 104–104, 110 Stat. 56.
Total Annual Burden: 91,547 hours.
Total Annual Cost: 51,285,000.
Nature and Extent of Confidentiality:
Confidentiality is an issue to the extent
that individuals and households
provide personally identifiable
information, which is covered under the
FCC’s system of records notice (SORN),
FCC/CGB–1, ‘‘Informal Complaints,
Inquiries and Requests for Dispute
Assistance.’’ As required by the Privacy
Act, 5 U.S.C. 552a, the Commission also
published a SORN, FCC/CGB–1
‘‘Informal Complaints, Inquiries and
Requests for Dispute Assistance’’, in the
Federal Register on August 15, 2014 (79
FR 48152) which became effective on
September 24, 2014.
Privacy Impact Assessment: No
impacts(s).
Needs and Uses: Section 258 of the
Telecommunications Act of 1996 (1996
Act) directed the Commission to
prescribe rules to prevent the
unauthorized change by
telecommunications carriers of
consumers’ selections of
telecommunications service providers
(slamming). On March 17, 2003, the
FCC released the Third Order on
Reconsideration and Second Further
Notice of Proposed Rulemaking, CC
Docket No. 94–129, FCC 03–42 (Third
Order on Reconsideration), in which the
Commission revised and clarified
certain rules to implement section 258
of the 1996 Act. On May 23, 2003, the
Commission released an Order (CC
Docket No. 94–129, FCC 03–116)
clarifying certain aspects of the Third
Order on Reconsideration. On January 9,
2008, the Commission released the
Fourth Report and Order, CC Docket No.
94–129, FCC 07–223, revising its
requirements concerning verification of
a consumer’s intent to switch carriers.
The Fourth Report and Order
modified the information collection
requirements contained in
§ 64.1120(c)(3)(iii) of the Commission’s
rules to provide for verifications to elicit
‘‘confirmation that the person on the
call understands that a carrier change,
not an upgrade to existing service, bill
consolidation, or any other misleading
description of the transaction, is being
authorized.’’
Federal Communications Commission.
Marlene H. Dortch,
Secretary, Office of the Secretary.
[FR Doc. 2017–00345 Filed 1–10–17; 8:45 am]
BILLING CODE 6712–01–P
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3315
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Proposed Collection
Renewals; Comment Request (3064–
0006, & –0184)
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:
The FDIC, 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 the renewal of existing
information collections, as required by
the Paperwork Reduction Act of 1995
(44 U.S.C. chapter 35). Currently, the
FDIC is soliciting comment on renewal
of the information collections described
below.
DATES: Comments must be submitted on
or before March 13, 2017.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• https://www.FDIC.gov/regulations/
laws/federal/notices.html.
• Email: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Jennifer Jones (202–898–
6768), Counsel, MB–3105, Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
All comments should refer to the
relevant OMB control number. A copy
of the comments may also be submitted
to the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Jennifer Jones, at the FDIC address
above.
SUMMARY:
Proposal
to renew the following currently
approved collections of information:
1. Title: Interagency Biographical and
Financial Report.
OMB Number: 3064–0006.
Form Number: Interagency
Biographical and Financial Report.
Affected Public: Insured State
Nonmember Banks and State Savings
Associations.
SUPPLEMENTARY INFORMATION:
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Federal Register / Vol. 82, No. 7 / Wednesday, January 11, 2017 / Notices
BURDEN ESTIMATE
Type of burden
Interagency Biographical and Financial Report.
Estimated
number of
respondents
Estimated
number of
responses
Estimated time
per response
(hours)
Frequency of
response
Total annual
estimated
burden
(hours)
Reporting ...........
574
1
4
On Occasion ......
2,296
General Description of Collection: The
Report is submitted to the FDIC by: (1)
Each individual director, officer or
individual or group of shareholders
acting in concert that will own or
control 10% or more, of a proposed or
operating depository institution
applying for FDIC deposit insurance; (2)
a person proposing to acquire control of
an insured state nonmember bank or
state savings association (FDICsupervised institution); (3) each
proposed new director or proposed new
chief executive officer of an FDICsupervised institution which has
undergone a change in control within
the preceding twelve months; and (4)
each proposed new director or senior
executive officer of an FDIC-supervised
institution that is not in compliance
with the applicable capital requirements
or is otherwise in a troubled condition.
The information is used by the FDIC to
make an evaluation of the general
character and financial condition of
individuals who will be involved in the
management or control of financial
institutions, as required by statute. In
order to lessen the burden on
applicants, the FDIC cooperates with the
other federal banking agencies to the
maximum extent possible in processing
the various applications. Notably, the
Interagency Biographical and Financial
Report will be amended to remove all
references to the Office of Thrift
Supervision as it appears on the form as
well as changing the term ‘‘thrift’’ to
‘‘savings association.’’ These changes
are technical and non-substantive in
nature.
2. Title: Prohibitions and Restrictions
on Proprietary Trading and Certain
Interests In and Relationships With,
Hedge Funds and Private Equity Funds.
OMB Number: 3064–0184.
Form Number: None.
Affected Public: Insured state
nonmember banks not under a holding
company; state savings associations and
state savings banks not under a holding
company; subsidiaries of state
nonmember banks, state savings
associations, and state savings banks not
under a holding company; and foreign
banks having an insured branch and
their branches and agencies.
BURDEN ESTIMATE
Estimated
number of
respondents
Type of burden
Estimated
hours per
response
Frequency of
response
Total annual
estimated
burden
(hours)
Reporting ......................
1
50
1
50
Total Reporting .......................................
§ 351.3(d)(3) ..................................................
§ 351.4(b)(3)(i)(A) ..........................................
§ 351.11(a)(2) ................................................
§ 351.20(b) .....................................................
§ 351.20(e) .....................................................
§ 351.20(f)(1) .................................................
§ 351.20(f)(2) .................................................
.......................................
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
........................
1
1
1
1
1
1
1
........................
3
2
10
795
200
8
100
........................
1
4
1
1
1
1
1
50
3
8
10
795
200
8
100
Total Recordkeeping ..............................
§ 351.11(a)(8)(i) .............................................
.......................................
Disclosure .....................
........................
1
........................
0.1
........................
26
1,124
3
Total Disclosure .....................................
.......................................
........................
........................
........................
3
TOTAL IMPLEMENTATION ...................
ONGOING:
§ 351.12(e) .....................................................
sradovich on DSK3GMQ082PROD with NOTICES
IMPLEMENTATION:
§ 351.12(e) .....................................................
.......................................
........................
........................
........................
1,177
Reporting ......................
23
20
10
4,600
Total Reporting .......................................
§ 351.3(d)(3) ..................................................
§ 351.4(b)(3)(i)(A) ..........................................
§ 351.11(a)(2) ................................................
§ 351.20(b) .....................................................
§ 351.20(e) .....................................................
§ 351.20(f)(1) .................................................
§ 351.20(f)(2) .................................................
.......................................
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
Recordkeeping ..............
........................
23
23
23
4
4
774
23
........................
1
2
10
265
200
8
40
........................
1
4
1
1
1
1
1
4,600
23
184
230
1,060
800
6,192
920
Total Recordkeeping ..............................
§ 351.11(a)(8)(i) .............................................
.......................................
Disclosure .....................
........................
23
........................
0.1
........................
26
9,409
60
Total Disclosure .....................................
.......................................
........................
........................
........................
60
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3317
BURDEN ESTIMATE—Continued
Total annual
estimated
burden
(hours)
Type of burden
Estimated
number of
respondents
Estimated
hours per
response
Frequency of
response
TOTAL ONGOING .................................
.......................................
........................
........................
........................
14,069
Total Estimated Burden .........................
.......................................
........................
........................
........................
15,246
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General Description of Collection:
Section 619 of the Dodd-Frank Act
added a new section 13 to the Bank
Holding Company (‘‘BHC’’) Act (to be
codified at 12 U.S.C. 1851) that
generally prohibits any banking entity
from engaging in proprietary trading or
from investing in, sponsoring, or having
certain relationships with a hedge fund
or private equity fund (‘‘covered fund’’),
subject to certain exemptions. New
section 13 of the BHC Act also provides
for certain nonbank financial companies
that engage in such activities or have
such investments or relationships to be
subject to additional capital
requirements, quantitative limits, or
other restrictions. The respondent/
recordkeepers are for-profit financial
institutions, including small businesses.
A covered entity must retain these
records for a period that is no less than
5 years in a form that allows it to
promptly produce such records to the
FDIC on request.
The reporting requirements are found
in §§ 351.12(e) and 351.20(d); the
recordkeeping requirements are found
in §§ 351.3(d)(3), 351.4(b)(3)(i)(A),
351.5(c), 351.11(a)(2), and 351.20(b)–(f);
and the disclosure requirements are
found in § 351.11(a)(8)(i). The
recordkeeping burden for
§§ 351.4(a)(2)(iii), 351.4(b)(2)(iii),
351.5(b)(1), 351.5(b)(2)(i),
351.5(b)(2)(iv), 351.13(a)(2)(i), and
351.13(a)(2)(ii)(A) is accounted for in
§ 351.20(b); the recordkeeping burden
for Appendix B is accounted for in
§ 351.20(c); the reporting and
recordkeeping burden for Appendix A is
accounted for in § 351.20(d); and the
recordkeeping burden for
§§ 351.10(c)(12)(i) and 351.10(c)(12)(iii)
is accounted for in § 351.20(e). The
information collection requirements
affecting FDIC-supervised institutions
are described more fully below.
Reporting Requirements
Section 351.12(e) states that, upon
application by a banking entity, the
Board may extend the period of time to
meet the requirements on ownership
limitations in this section for up to 2
additional years, if the Board finds that
an extension would be consistent with
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safety and soundness and not
detrimental to the public interest. An
application for extension must (1) be
submitted to the Board at least 90 days
prior to expiration, (2) provide the
reasons for application including
information that addresses the factors in
paragraph (e)(2) of § 351.12, and (3)
explain the banking entity’s plan for
reducing the permitted investment in a
covered fund through redemption, sale,
dilution or other methods.
Recordkeeping Requirements
Section 351.3(d)(3) specifies that
proprietary trading does not include any
purchase or sale of a security by a
banking entity for the purpose of
liquidity management in accordance
with a documented liquidity
management plan of the banking entity
that (1) specifically contemplates and
authorizes the particular securities to be
used for liquidity management
purposes, the amount, types, and risks
of these securities that are consistent
with liquidity management, and the
liquidity circumstances in which the
particular securities may or must be
used; (2) requires that any purchase or
sale of securities contemplated and
authorized by the plan be principally for
the purpose of managing the liquidity of
the banking entity, and not for the
purpose of short-term resale, benefitting
from actual or expected short-term price
movements, realizing short-term
arbitrage profits, or hedging a position
taken for such short-term purposes; (3)
requires that any securities purchased or
sold for liquidity management purposes
be highly liquid and limited to
securities the market, credit and other
risks of which the banking entity does
not reasonably expect to give rise to
appreciable profits or losses as a result
of short-term price movements; (4)
limits any securities purchased or sold
for liquidity management purposes,
together with any other instruments
purchased or sold for such purposes, to
an amount that is consistent with the
banking entity’s near-term funding
needs, including deviations from
normal operations of the banking entity
or any affiliate thereof, as estimated and
documented pursuant to methods
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specified in the plan; (5) includes
written policies and procedures,
internal controls, analysis and
independent testing to ensure that the
purchase and sale of securities that are
not permitted under § 351.6(a) or (b) of
this part are for the purpose of liquidity
management and in accordance with the
liquidity management plan described in
this paragraph; and (6) is consistent
with the appropriate agency’s
supervisory requirements, guidance and
expectations regarding liquidity
management.
Section 351.4(b)(3)(i)(A) provides that
a trading desk or other organizational
unit of another entity with more than
$50 billion in trading assets and
liabilities is not a client, customer, or
counterparty unless the trading desk
documents how and why a particular
trading desk or other organizational unit
of the entity should be treated as a
client, customer, or counterparty of the
trading desk for purposes of § 351.4(b).
This modification responds to
comments received on the proposal
regarding the definition of client,
customer, or counterparty for purposes
of the market making exemption.
Section 351.11(a)(2) requires that
covered funds generally must be
organized and offered only in
connection with the provision of bona
fide trust, fiduciary, investment
advisory, or commodity trading
advisory services and only to persons
that are customers of such services of
the banking entity, pursuant to a written
plan or similar documentation outlining
how the banking entity intends to
provide advisory or other similar
services to its customers through
organizing and offering the covered
fund.
Section 351.20(b) specifies the
contents of the compliance program for
a banking entity with total consolidated
assets of $10 billion or more. It includes:
(1) Written policies and procedures
reasonably designed to document,
describe, monitor and limit trading
activities, including setting and
monitoring required limits set out in
§ 351.4 and § 351.5 and activities and
investments with respect to a covered
fund (including those permitted under
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Federal Register / Vol. 82, No. 7 / Wednesday, January 11, 2017 / Notices
§§ 351.3 through 351.6 or §§ 351.11
through 351.14) to ensure that all
activities and investments conducted by
the banking entity that are subject to
section 13 of the BHC Act and this part
comply with section 13 of the BHC Act
and applicable regulations; (2) a system
of internal controls reasonably designed
to monitor compliance with section 13
of the BHC Act and this part and to
prevent the occurrence of activities or
investments that are prohibited by
section 13 of the BHC Act and
applicable regulations; (3) a
management framework that clearly
delineates responsibility and
accountability for compliance with
section 13 of the BHC Act and this part
and includes appropriate management
review of trading limits, strategies,
hedging activities, investments,
incentive compensation and other
matters identified in this part or by
management as requiring attention; (4)
independent testing and audit of the
effectiveness of the compliance program
conducted periodically by qualified
personnel of the banking entity or by a
qualified outside party; (5) training for
trading personnel and managers, as well
as other appropriate personnel, to
effectively implement and enforce the
compliance program; and (6) records
sufficient to demonstrate compliance
with section 13 of the BHC Act and
applicable regulations, which a banking
entity must promptly provide to the
[Agency] upon request and retain for a
period of no less than 5 years or such
longer period as required by [Agency].
Section 351.20(e) specifies additional
documentation required for covered
funds. Any banking entity that has more
than $10 billion in total consolidated
assets as reported on December 31 of the
previous two calendar years shall
maintain records that include: (1)
Documentation of the exclusions or
exemptions other than sections 3(c)(1)
and 3(c)(7) of the Investment Company
Act of 1940 relied on by each fund
sponsored by the banking entity
(including all subsidiaries and affiliates)
in determining that such fund is not a
covered fund; (2) for each fund
sponsored by the banking entity
(including all subsidiaries and affiliates)
for which the banking entity relies on
one or more of the exclusions from the
definition of covered fund provided by
§§ 351.10(c)(1), 351.10(c)(5),
351.10(c)(8), 351.10(c)(9), or
351.10(c)(10) of subpart C,
documentation supporting the banking
entity’s determination that the fund is
not a covered fund pursuant to one or
more of those exclusions; (3) for each
seeding vehicle described in
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§§ 351.10(c)(12)(i) or 351.10(c)(12)(iii) of
subpart C that will become a registered
investment company or SEC-regulated
business development company, a
written plan documenting the banking
entity’s determination that the seeding
vehicle will become a registered
investment company or SEC-regulated
business development company; the
period of time during which the vehicle
will operate as a seeding vehicle; and
the banking entity’s plan to market the
vehicle to third-party investors and
convert it into a registered investment
company or SEC-regulated business
development company within the time
period specified in § 351.12(a)(2)(i)(B) of
subpart C; and (4) for any banking entity
that is, or is controlled directly or
indirectly by a banking entity that is,
located in or organized under the laws
of the United States or of any State, if
the aggregate amount of ownership
interests in foreign public funds that are
described in § 351.10(c)(1) of subpart C
owned by such banking entity
(including ownership interests owned
by any affiliate that is controlled
directly or indirectly by a banking entity
that is located in or organized under the
laws of the United States or of any State)
exceeds $50 million at the end of two
or more consecutive calendar quarters,
beginning with the next succeeding
calendar quarter, documentation of the
value of the ownership interests owned
by the banking entity (and such
affiliates) in each foreign public fund
and each jurisdiction in which any such
foreign public fund is organized,
calculated as of the end of each calendar
quarter, which documentation must
continue until the banking entity’s
aggregate amount of ownership interests
in foreign public funds is below $50
million for two consecutive calendar
quarters.
Section 351.20(f)(1) applies to
banking entities with no covered
activities. A banking entity that does not
engage in activities or investments
pursuant to subpart B or subpart C
(other than trading activities permitted
pursuant to § 351.6(a) of subpart B) may
satisfy the requirements of this section
by establishing the required compliance
program prior to becoming engaged in
such activities or making such
investments (other than trading
activities permitted pursuant to
§ 351.6(a) of subpart B).
Section 351.20(f)(2) applies to
banking entities with modest activities.
A banking entity with total consolidated
assets of $10 billion or less as reported
on December 31 of the previous two
calendar years that engages in activities
or investments pursuant to subpart B or
subpart C of this part (other than trading
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activities permitted under section
351.6(a)) may satisfy the requirements of
this section by including in its existing
compliance policies and procedures
appropriate references to the
requirements of section 13 and this part
and adjustments as appropriate given
the activities, size, scope and
complexity of the banking entity.
Disclosure Requirements
Section 351.11(a)(8)(i) requires that a
banking entity must clearly and
conspicuously disclose, in writing, to
any prospective and actual investor in
the covered fund (such as through
disclosure in the covered fund’s offering
documents) (1) that ‘‘any losses in [such
covered fund] will be borne solely by
investors in [the covered fund] and not
by [the banking entity]; therefore, [the
banking entity’s] losses in [such covered
fund] will be limited to losses
attributable to the ownership interests
in the covered fund held by [the
banking entity] in its capacity as
investor in the [covered fund] or as
beneficiary of a restricted profit interest
held by [the banking entity]’’; (2) that
such investor should read the fund
offering documents before investing in
the covered fund; (3) that the
‘‘ownership interests in the covered
fund are not insured by the FDIC, and
are not deposits, obligations of, or
endorsed or guaranteed in any way, by
any banking entity’’ (unless that
happens to be the case); and (4) the role
of the banking entity and its affiliates
and employees in sponsoring or
providing any services to the covered
fund.
Request for Comment
Comments are invited on: (a) Whether
the collections of information are
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the information collections,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collections of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
Dated at Washington, DC, this 5th day of
January 2017.
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Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
(44 U.S.C. 3501, et seq.). On October 27,
2016, (81 FR 74802), the FDIC requested
comment for 60 days on a proposal to
renew the information collections
described below. No comments were
received. The FDIC hereby gives notice
of its plan to submit to OMB a request
to approve the renewal of these
collections, and again invites comment
on this renewal.
[FR Doc. 2017–00361 Filed 1–10–17; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request (3064–0018
& –0137)
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:
The FDIC, 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 the renewal of existing
information collections, as required by
the Paperwork Reduction Act of 1995
SUMMARY:
Comments must be submitted on
or before February 10, 2017.
DATES:
Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• https://www.FDIC.gov/regulations/
laws/federal/notices.html.
• Email: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Jennifer Jones (202–898–
6768), Counsel, MB–3105, Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
ADDRESSES:
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
All comments should refer to the
relevant OMB control number. A copy
of the comments may also be submitted
to the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Jennifer Jones, at the FDIC address
above.
Proposal
to renew the following currentlyapproved collections of information:
1. Title: Application Pursuant to
Section 19 of the Federal Deposit
Insurance Act.
OMB Number: 3064–0018.
Form Number: FDIC 6710/07.
Affected Public: Insured Depository
Institutions.
SUPPLEMENTARY INFORMATION:
BURDEN ESTIMATE
Type of burden
APPLICATION PURSUANT TO
SECTION 19 OF THE FEDERAL
DEPOSIT INSURANCE ACT.
Estimated
number of
respondents
Reporting ...........
Estimated
number of
responses
75
Estimated
time per
response
1
Frequency
of
response
16
Total annual
estimated
burden
(hours)
On Occasion ......
1,200
TOTAL HOURLY BURDEN ....
1,200
General Description of Collection:
Section 19 of the Federal Deposit
Insurance Act (FDI), 12 U.S.C. Section
1829, requires the FDIC’s consent prior
to any participation in the affairs of an
insured depository institution by a
person who has been convicted of
crimes involving dishonesty or breach
of trust, and included drug-related
convictions. To obtain that consent, an
insured depository institution must
submit an application to the FDIC for
approval on Form FDIC 6710/07.
2. Title: Interagency Guidance on
Asset Securitization Activities
OMB Number: 3064–0137.
Form Number: None.
Affected Public: Insured State
Nonmember Banks and Savings
Associations.
BURDEN ESTIMATE
sradovich on DSK3GMQ082PROD with NOTICES
Type of burden
Asset Securitization Policies—New
Entrant.
Asset Securitization Policies—Upgrades of Policies.
Documentation of Fair Value ..........
MIS Improvements—New Entrant ..
MIS Improvements—Systems Upgrades.
Estimated
number of
respondents
Estimated
number of
responses
Estimated
time per
response
Frequency
of
response
Total annual
estimated
burden
(hours)
Recordkeeping ...
1
1
32
On Occasion ......
32
Recordkeeping ...
2
1
3
On Occasion ......
6
Recordkeeping ...
Recordkeeping ...
Recordkeeping ...
22
1
2
1
1
1
4
21
5
On Occasion ......
On Occasion ......
On Occasion ......
88
21
10
TOTAL HOURLY BURDEN ....
157
General Description of Collection: The
Interagency Guidance on Asset
VerDate Sep<11>2014
19:05 Jan 10, 2017
Jkt 241001
Securitization Activities informs
bankers and examiners of safe and
PO 00000
Frm 00040
Fmt 4703
Sfmt 4703
sound practices regarding asset
securitization. The information
E:\FR\FM\11JAN1.SGM
11JAN1
]]>Agencies
[Federal Register Volume 82, Number 7 (Wednesday, January 11, 2017)]
[Notices]
[Pages 3315-3319]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-00361]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewals; Comment Request (3064-0006, & -0184)
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, 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 the renewal of existing
information collections, as required by the Paperwork Reduction Act of
1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comment
on renewal of the information collections described below.
DATES: Comments must be submitted on or before March 13, 2017.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
https://www.FDIC.gov/regulations/laws/federal/notices.html.
Email: comments@fdic.gov. Include the name and number of
the collection in the subject line of the message.
Mail: Jennifer Jones (202-898-6768), Counsel, MB-3105,
Federal Deposit Insurance Corporation, 550 17th Street NW., Washington,
DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street Building (located on F Street),
on business days between 7:00 a.m. and 5:00 p.m.
All comments should refer to the relevant OMB control number. A copy of
the comments may also be submitted to the OMB desk officer for the
FDIC: Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
FOR FURTHER INFORMATION CONTACT: Jennifer Jones, at the FDIC address
above.
SUPPLEMENTARY INFORMATION: Proposal to renew the following currently
approved collections of information:
1. Title: Interagency Biographical and Financial Report.
OMB Number: 3064-0006.
Form Number: Interagency Biographical and Financial Report.
Affected Public: Insured State Nonmember Banks and State Savings
Associations.
[[Page 3316]]
Burden Estimate
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated time Total annual
Type of burden number of number of per response Frequency of response estimated
respondents responses (hours) burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interagency Biographical and Reporting............. 574 1 4 On Occasion........... 2,296
Financial Report.
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection: The Report is submitted to the
FDIC by: (1) Each individual director, officer or individual or group
of shareholders acting in concert that will own or control 10% or more,
of a proposed or operating depository institution applying for FDIC
deposit insurance; (2) a person proposing to acquire control of an
insured state nonmember bank or state savings association (FDIC-
supervised institution); (3) each proposed new director or proposed new
chief executive officer of an FDIC-supervised institution which has
undergone a change in control within the preceding twelve months; and
(4) each proposed new director or senior executive officer of an FDIC-
supervised institution that is not in compliance with the applicable
capital requirements or is otherwise in a troubled condition. The
information is used by the FDIC to make an evaluation of the general
character and financial condition of individuals who will be involved
in the management or control of financial institutions, as required by
statute. In order to lessen the burden on applicants, the FDIC
cooperates with the other federal banking agencies to the maximum
extent possible in processing the various applications. Notably, the
Interagency Biographical and Financial Report will be amended to remove
all references to the Office of Thrift Supervision as it appears on the
form as well as changing the term ``thrift'' to ``savings
association.'' These changes are technical and non-substantive in
nature.
2. Title: Prohibitions and Restrictions on Proprietary Trading and
Certain Interests In and Relationships With, Hedge Funds and Private
Equity Funds.
OMB Number: 3064-0184.
Form Number: None.
Affected Public: Insured state nonmember banks not under a holding
company; state savings associations and state savings banks not under a
holding company; subsidiaries of state nonmember banks, state savings
associations, and state savings banks not under a holding company; and
foreign banks having an insured branch and their branches and agencies.
Burden Estimate
----------------------------------------------------------------------------------------------------------------
Total annual
Estimated Estimated Frequency of estimated
Type of burden number of hours per response burden
respondents response (hours)
----------------------------------------------------------------------------------------------------------------
IMPLEMENTATION:
Sec. 351.12(e).......... Reporting....... 1 50 1 50
---------------------------------------------------------------
Total Reporting....... ................ .............. .............. .............. 50
Sec. 351.3(d)(3)........ Recordkeeping... 1 3 1 3
Sec. 351.4(b)(3)(i)(A).. Recordkeeping... 1 2 4 8
Sec. 351.11(a)(2)....... Recordkeeping... 1 10 1 10
Sec. 351.20(b).......... Recordkeeping... 1 795 1 795
Sec. 351.20(e).......... Recordkeeping... 1 200 1 200
Sec. 351.20(f)(1)....... Recordkeeping... 1 8 1 8
Sec. 351.20(f)(2)....... Recordkeeping... 1 100 1 100
---------------------------------------------------------------
Total Recordkeeping... ................ .............. .............. .............. 1,124
Sec. 351.11(a)(8)(i).... Disclosure...... 1 0.1 26 3
---------------------------------------------------------------
Total Disclosure...... ................ .............. .............. .............. 3
---------------------------------------------------------------
TOTAL IMPLEMENTATION.. ................ .............. .............. .............. 1,177
ONGOING:
Sec. 351.12(e).......... Reporting....... 23 20 10 4,600
---------------------------------------------------------------
Total Reporting....... ................ .............. .............. .............. 4,600
Sec. 351.3(d)(3)........ Recordkeeping... 23 1 1 23
Sec. 351.4(b)(3)(i)(A).. Recordkeeping... 23 2 4 184
Sec. 351.11(a)(2)....... Recordkeeping... 23 10 1 230
Sec. 351.20(b).......... Recordkeeping... 4 265 1 1,060
Sec. 351.20(e).......... Recordkeeping... 4 200 1 800
Sec. 351.20(f)(1)....... Recordkeeping... 774 8 1 6,192
Sec. 351.20(f)(2)....... Recordkeeping... 23 40 1 920
---------------------------------------------------------------
Total Recordkeeping... ................ .............. .............. .............. 9,409
Sec. 351.11(a)(8)(i).... Disclosure...... 23 0.1 26 60
---------------------------------------------------------------
Total Disclosure...... ................ .............. .............. .............. 60
---------------------------------------------------------------------------------
[[Page 3317]]
TOTAL ONGOING......... ................ .............. .............. .............. 14,069
---------------------------------------------------------------------------------
Total Estimated Burden ................ .............. .............. .............. 15,246
----------------------------------------------------------------------------------------------------------------
General Description of Collection: Section 619 of the Dodd-Frank
Act added a new section 13 to the Bank Holding Company (``BHC'') Act
(to be codified at 12 U.S.C. 1851) that generally prohibits any banking
entity from engaging in proprietary trading or from investing in,
sponsoring, or having certain relationships with a hedge fund or
private equity fund (``covered fund''), subject to certain exemptions.
New section 13 of the BHC Act also provides for certain nonbank
financial companies that engage in such activities or have such
investments or relationships to be subject to additional capital
requirements, quantitative limits, or other restrictions. The
respondent/recordkeepers are for-profit financial institutions,
including small businesses. A covered entity must retain these records
for a period that is no less than 5 years in a form that allows it to
promptly produce such records to the FDIC on request.
The reporting requirements are found in Sec. Sec. 351.12(e) and
351.20(d); the recordkeeping requirements are found in Sec. Sec.
351.3(d)(3), 351.4(b)(3)(i)(A), 351.5(c), 351.11(a)(2), and 351.20(b)-
(f); and the disclosure requirements are found in Sec.
351.11(a)(8)(i). The recordkeeping burden for Sec. Sec.
351.4(a)(2)(iii), 351.4(b)(2)(iii), 351.5(b)(1), 351.5(b)(2)(i),
351.5(b)(2)(iv), 351.13(a)(2)(i), and 351.13(a)(2)(ii)(A) is accounted
for in Sec. 351.20(b); the recordkeeping burden for Appendix B is
accounted for in Sec. 351.20(c); the reporting and recordkeeping
burden for Appendix A is accounted for in Sec. 351.20(d); and the
recordkeeping burden for Sec. Sec. 351.10(c)(12)(i) and
351.10(c)(12)(iii) is accounted for in Sec. 351.20(e). The information
collection requirements affecting FDIC-supervised institutions are
described more fully below.
Reporting Requirements
Section 351.12(e) states that, upon application by a banking
entity, the Board may extend the period of time to meet the
requirements on ownership limitations in this section for up to 2
additional years, if the Board finds that an extension would be
consistent with safety and soundness and not detrimental to the public
interest. An application for extension must (1) be submitted to the
Board at least 90 days prior to expiration, (2) provide the reasons for
application including information that addresses the factors in
paragraph (e)(2) of Sec. 351.12, and (3) explain the banking entity's
plan for reducing the permitted investment in a covered fund through
redemption, sale, dilution or other methods.
Recordkeeping Requirements
Section 351.3(d)(3) specifies that proprietary trading does not
include any purchase or sale of a security by a banking entity for the
purpose of liquidity management in accordance with a documented
liquidity management plan of the banking entity that (1) specifically
contemplates and authorizes the particular securities to be used for
liquidity management purposes, the amount, types, and risks of these
securities that are consistent with liquidity management, and the
liquidity circumstances in which the particular securities may or must
be used; (2) requires that any purchase or sale of securities
contemplated and authorized by the plan be principally for the purpose
of managing the liquidity of the banking entity, and not for the
purpose of short-term resale, benefitting from actual or expected
short-term price movements, realizing short-term arbitrage profits, or
hedging a position taken for such short-term purposes; (3) requires
that any securities purchased or sold for liquidity management purposes
be highly liquid and limited to securities the market, credit and other
risks of which the banking entity does not reasonably expect to give
rise to appreciable profits or losses as a result of short-term price
movements; (4) limits any securities purchased or sold for liquidity
management purposes, together with any other instruments purchased or
sold for such purposes, to an amount that is consistent with the
banking entity's near-term funding needs, including deviations from
normal operations of the banking entity or any affiliate thereof, as
estimated and documented pursuant to methods specified in the plan; (5)
includes written policies and procedures, internal controls, analysis
and independent testing to ensure that the purchase and sale of
securities that are not permitted under Sec. 351.6(a) or (b) of this
part are for the purpose of liquidity management and in accordance with
the liquidity management plan described in this paragraph; and (6) is
consistent with the appropriate agency's supervisory requirements,
guidance and expectations regarding liquidity management.
Section 351.4(b)(3)(i)(A) provides that a trading desk or other
organizational unit of another entity with more than $50 billion in
trading assets and liabilities is not a client, customer, or
counterparty unless the trading desk documents how and why a particular
trading desk or other organizational unit of the entity should be
treated as a client, customer, or counterparty of the trading desk for
purposes of Sec. 351.4(b). This modification responds to comments
received on the proposal regarding the definition of client, customer,
or counterparty for purposes of the market making exemption.
Section 351.11(a)(2) requires that covered funds generally must be
organized and offered only in connection with the provision of bona
fide trust, fiduciary, investment advisory, or commodity trading
advisory services and only to persons that are customers of such
services of the banking entity, pursuant to a written plan or similar
documentation outlining how the banking entity intends to provide
advisory or other similar services to its customers through organizing
and offering the covered fund.
Section 351.20(b) specifies the contents of the compliance program
for a banking entity with total consolidated assets of $10 billion or
more. It includes: (1) Written policies and procedures reasonably
designed to document, describe, monitor and limit trading activities,
including setting and monitoring required limits set out in Sec. 351.4
and Sec. 351.5 and activities and investments with respect to a
covered fund (including those permitted under
[[Page 3318]]
Sec. Sec. 351.3 through 351.6 or Sec. Sec. 351.11 through 351.14) to
ensure that all activities and investments conducted by the banking
entity that are subject to section 13 of the BHC Act and this part
comply with section 13 of the BHC Act and applicable regulations; (2) a
system of internal controls reasonably designed to monitor compliance
with section 13 of the BHC Act and this part and to prevent the
occurrence of activities or investments that are prohibited by section
13 of the BHC Act and applicable regulations; (3) a management
framework that clearly delineates responsibility and accountability for
compliance with section 13 of the BHC Act and this part and includes
appropriate management review of trading limits, strategies, hedging
activities, investments, incentive compensation and other matters
identified in this part or by management as requiring attention; (4)
independent testing and audit of the effectiveness of the compliance
program conducted periodically by qualified personnel of the banking
entity or by a qualified outside party; (5) training for trading
personnel and managers, as well as other appropriate personnel, to
effectively implement and enforce the compliance program; and (6)
records sufficient to demonstrate compliance with section 13 of the BHC
Act and applicable regulations, which a banking entity must promptly
provide to the [Agency] upon request and retain for a period of no less
than 5 years or such longer period as required by [Agency].
Section 351.20(e) specifies additional documentation required for
covered funds. Any banking entity that has more than $10 billion in
total consolidated assets as reported on December 31 of the previous
two calendar years shall maintain records that include: (1)
Documentation of the exclusions or exemptions other than sections
3(c)(1) and 3(c)(7) of the Investment Company Act of 1940 relied on by
each fund sponsored by the banking entity (including all subsidiaries
and affiliates) in determining that such fund is not a covered fund;
(2) for each fund sponsored by the banking entity (including all
subsidiaries and affiliates) for which the banking entity relies on one
or more of the exclusions from the definition of covered fund provided
by Sec. Sec. 351.10(c)(1), 351.10(c)(5), 351.10(c)(8), 351.10(c)(9),
or 351.10(c)(10) of subpart C, documentation supporting the banking
entity's determination that the fund is not a covered fund pursuant to
one or more of those exclusions; (3) for each seeding vehicle described
in Sec. Sec. 351.10(c)(12)(i) or 351.10(c)(12)(iii) of subpart C that
will become a registered investment company or SEC-regulated business
development company, a written plan documenting the banking entity's
determination that the seeding vehicle will become a registered
investment company or SEC-regulated business development company; the
period of time during which the vehicle will operate as a seeding
vehicle; and the banking entity's plan to market the vehicle to third-
party investors and convert it into a registered investment company or
SEC-regulated business development company within the time period
specified in Sec. 351.12(a)(2)(i)(B) of subpart C; and (4) for any
banking entity that is, or is controlled directly or indirectly by a
banking entity that is, located in or organized under the laws of the
United States or of any State, if the aggregate amount of ownership
interests in foreign public funds that are described in Sec.
351.10(c)(1) of subpart C owned by such banking entity (including
ownership interests owned by any affiliate that is controlled directly
or indirectly by a banking entity that is located in or organized under
the laws of the United States or of any State) exceeds $50 million at
the end of two or more consecutive calendar quarters, beginning with
the next succeeding calendar quarter, documentation of the value of the
ownership interests owned by the banking entity (and such affiliates)
in each foreign public fund and each jurisdiction in which any such
foreign public fund is organized, calculated as of the end of each
calendar quarter, which documentation must continue until the banking
entity's aggregate amount of ownership interests in foreign public
funds is below $50 million for two consecutive calendar quarters.
Section 351.20(f)(1) applies to banking entities with no covered
activities. A banking entity that does not engage in activities or
investments pursuant to subpart B or subpart C (other than trading
activities permitted pursuant to Sec. 351.6(a) of subpart B) may
satisfy the requirements of this section by establishing the required
compliance program prior to becoming engaged in such activities or
making such investments (other than trading activities permitted
pursuant to Sec. 351.6(a) of subpart B).
Section 351.20(f)(2) applies to banking entities with modest
activities. A banking entity with total consolidated assets of $10
billion or less as reported on December 31 of the previous two calendar
years that engages in activities or investments pursuant to subpart B
or subpart C of this part (other than trading activities permitted
under section 351.6(a)) may satisfy the requirements of this section by
including in its existing compliance policies and procedures
appropriate references to the requirements of section 13 and this part
and adjustments as appropriate given the activities, size, scope and
complexity of the banking entity.
Disclosure Requirements
Section 351.11(a)(8)(i) requires that a banking entity must clearly
and conspicuously disclose, in writing, to any prospective and actual
investor in the covered fund (such as through disclosure in the covered
fund's offering documents) (1) that ``any losses in [such covered fund]
will be borne solely by investors in [the covered fund] and not by [the
banking entity]; therefore, [the banking entity's] losses in [such
covered fund] will be limited to losses attributable to the ownership
interests in the covered fund held by [the banking entity] in its
capacity as investor in the [covered fund] or as beneficiary of a
restricted profit interest held by [the banking entity]''; (2) that
such investor should read the fund offering documents before investing
in the covered fund; (3) that the ``ownership interests in the covered
fund are not insured by the FDIC, and are not deposits, obligations of,
or endorsed or guaranteed in any way, by any banking entity'' (unless
that happens to be the case); and (4) the role of the banking entity
and its affiliates and employees in sponsoring or providing any
services to the covered fund.
Request for Comment
Comments are invited on: (a) Whether the collections of information
are necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the information collections,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collections of
information on respondents, including through the use of automated
collection techniques or other forms of information technology. All
comments will become a matter of public record.
Dated at Washington, DC, this 5th day of January 2017.
[[Page 3319]]
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2017-00361 Filed 1-10-17; 8:45 am]
BILLING CODE 6714-01-P
