Agency Information Collection Activities: Submission for OMB Review; Comment Request (3064-0006 & -0184), 19716-19718 [2017-08604]
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19716
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Station WVOZ, Facility ID 72452, BP–
20170327AAF, From Morovis, PR, To
Aguadilla, PR.
DATES: The agency must receive
comments on or before June 27, 2017.
ADDRESSES: Federal Communications
Commission, 445 Twelfth Street SW.,
Washington, DC 20554.
FOR FURTHER INFORMATION CONTACT:
Tung Bui, 202–418–2700.
SUPPLEMENTARY INFORMATION: The full
text of these applications is available for
inspection and copying during normal
business hours in the Commission’s
Reference Center, 445 12th Street SW.,
Washington, DC 20554 or electronically
via the Media Bureau’s Consolidated
Data Base System, https://
licensing.fcc.gov/prod/cdbs/pubacc/
prod/cdbs_pa.htm.
Federal Communications Commission.
James D. Bradshaw,
Deputy Chief, Audio Division, Media Bureau.
[FR Doc. 2017–08585 Filed 4–27–17; 8:45 am]
BILLING CODE 6712–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Submission for OMB
Review; Comment Request (3064–0006
& –0184)
Federal Deposit Insurance
Corporation (FDIC).
AGENCY:
ACTION:
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.
On January 11, 2017, 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.
DATES: Comments must be submitted on
or before May 30, 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: Manny Cabeza (202–898–
3767), Counsel, MB–3007, or 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
SUMMARY:
Estimated
number of
respondents
Type of burden
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Reporting .........................................................
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
VerDate Sep<11>2014
17:38 Apr 27, 2017
Notice and request for comment.
Jkt 241001
Estimated
time per
response
574
Frequency of response
4
On Occasion ..................................................
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.
There is no change in the method or
substance of the collection. The overall
PO 00000
Frm 00065
Fmt 4703
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:
Manny Cabeza or Jennifer Jones, at the
FDIC address above.
SUPPLEMENTARY INFORMATION: On
January 11, 2017, (82 FR 3315), 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.
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.
Burden Estimate:
Sfmt 4703
Total annual
estimated
burden
2,296 hours
reduction in burden hours is a result of
economic fluctuation. In particular, the
number of respondents has decreased
while the hours per response remain the
same.
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.
E:\FR\FM\28APN1.SGM
28APN1
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19717
BURDEN ESTIMATE
Estimated
number of
respondents
Type of burden
Total annual
estimated
burden
(hours)
Estimated
time per
response
Frequency
of response
1
........................
1
1
1
1
1
1
1
........................
1
........................
........................
50
........................
3
2
10
795
200
8
100
........................
0.1
........................
........................
1
........................
1
4
1
1
1
1
1
........................
26
........................
........................
50
50
3
8
10
795
200
8
100
1,124
3
3
1,177
18
........................
18
18
18
5
5
819
18
........................
18
........................
........................
........................
20
........................
1
2
10
265
200
8
40
........................
0.1
........................
........................
........................
10
........................
1
4
1
1
1
1
1
........................
26
........................
........................
........................
3,600
3,600
18
144
180
1,325
1,000
6,552
720
9,939
47
47
13,586
14,763
Implementation
§ 351.12(e) ........................................
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) .....................................
Total Recordkeeping ..................
§ 351.11(a)(8)(i) .................................
Total Disclosure .........................
Total Implementation ..........
Reporting ..........................................
...........................................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
...........................................................
Disclosure .........................................
...........................................................
...........................................................
Ongoing
§ 351.12(e) ........................................
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) .....................................
Total Recordkeeping ..................
§ 351.11(a)(8)(i) .................................
Total Disclosure .........................
Total Ongoing .....................
Total Estimated Annual
Burden.
Reporting ..........................................
...........................................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
Recordkeeping .................................
...........................................................
Disclosure .........................................
...........................................................
...........................................................
...........................................................
General Description of Collection:
Subject to certain exemptions, banking
entities are generally prohibited from
engaging in proprietary trading or from
investing in, sponsoring, or having
certain relationships with a hedge fund
or private equity fund (‘‘covered fund’’).
The Covered entities must retain certain
records for a period that is no less than
5 years in a form that allows the prompt
production of such records to the FDIC
on request. The information collection
requirements affecting FDIC-supervised
institutions are summarized below.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Reporting Requirements
Section 351.12(e) states that, upon
application, a banking entity may obtain
an extension of the period of time to
meet the requirements on ownership
limitations in this section for up to 2
additional years.
Recordkeeping Requirements
Section 351.3(d)(3) requires covered
entities to have a detailed written
liquidity management plan that
specifically contemplates and
authorizes certain otherwise prohibited
VerDate Sep<11>2014
17:38 Apr 27, 2017
Jkt 241001
securities to be used for liquidity
management purposes.
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).
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 a required compliance
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
program for a banking entity with total
consolidated assets of $10 billion or
more including a provision requiring
that records sufficient to demonstrate
compliance with section 13 of the BHC
Act and applicable regulations be
maintained and retained for a period of
no less than 5 years or such longer
period as required by FDIC.
Section 351.20(e) specifies that 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 documenting the
determination that each fund sponsored
by the banking entity (including all
subsidiaries and affiliates) is not a
covered fund. Banking entities must
also maintain a written plan
documenting the treatment of certain
seeding vehicles described in the
regulation and, under certain
circumstances, documentation of the
value of the ownership interests owned
by the banking entity in certain foreign
public fund and each jurisdiction in
which any such foreign public fund is
organized.
E:\FR\FM\28APN1.SGM
28APN1
19718
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
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 may satisfy the
requirements of this section by
including in its existing compliance
policies and procedures appropriate
references to the statutory and
regulatory requirements 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 make certain clear and
conspicuous written disclosures to any
prospective and actual investor in a
covered fund (such as through
disclosure in the covered fund’s offering
documents).
There is no change in the method or
substance of this information collection.
The annual burden estimate has been
reduced from 28,234 hours to 17,763
hours primarily because the FDIC
estimates that all FDIC-supervised
institutions have now completed the
implementation phase of the
information collection and are no longer
subject to that burden. FDIC is using one
(1) respondent as a place-holder for
implementation burden. Another reason
for the reduction in burden is that fewer
institutions are subject to reporting,
recordkeeping and disclosure
requirements. The foregoing reductions
in burden more than offset a modest
increase in burden attributable to: (i)
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 24th day of
April 2017.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2017–08604 Filed 4–27–17; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Proposed Collection
Renewals; Comment Request (3064–
0099; –0118; –0148 and –0153)
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
SUMMARY:
Estimated
number of
respondents
Type of burden
asabaliauskas on DSK3SPTVN1PROD with NOTICES
One additional institution growing in
size to a degree that now makes it
subject to 12 CFR 351.20(b) and (e)
recordkeeping requirements; and (ii) an
agency adjustment in its estimate of
respondents affected by the
recordkeeping requirements in 12 CFR
351.20(f)(1) due to the inadvertent
omission of a class of respondents in its
prior estimate.
Reporting .........................................................
General Description of Collection:
Section 29 of the Federal Deposit
Insurance Act prohibits
undercapitalized insured depository
institutions from accepting, renewing,
VerDate Sep<11>2014
17:38 Apr 27, 2017
Jkt 241001
Estimated time
per response
(hours)
30
6
Frequency of response
On Occasion ..................................................
or rolling over any brokered deposits.
Adequately capitalized institutions may
do so with a waiver from the FDIC,
while well-capitalized institutions may
accept, renew, or roll over brokered
PO 00000
Frm 00067
Fmt 4703
Sfmt 4703
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 June 27, 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: Manny Cabeza (202–898–
3767). Counsel, MB 3007 or 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:
Manny Cabeza or Jennifer Jones, at the
FDIC address noted above.
SUPPLEMENTARY INFORMATION: Proposal
to renew the following currently
approved collections of information:
1. Title: Application for Waiver of
Prohibition on Acceptance of Brokered
Deposits.
OMB Number: 3064–0099.
Form Number: None.
Affected Public: Insured state
nonmember banks and state savings
associations.
Burden Estimate:
Total annual
estimated
burden
(hours)
180
deposits without restriction. This
information collection captures the
burden associated with preparing and
filing an application for a waiver of the
E:\FR\FM\28APN1.SGM
28APN1
]]>Agencies
[Federal Register Volume 82, Number 81 (Friday, April 28, 2017)]
[Notices]
[Pages 19716-19718]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08604]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Submission for OMB
Review; 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. On January 11, 2017, 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.
DATES: Comments must be submitted on or before May 30, 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: Manny Cabeza (202-898-3767), Counsel, MB-3007, or
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: Manny Cabeza or Jennifer Jones, at the
FDIC address above.
SUPPLEMENTARY INFORMATION: On January 11, 2017, (82 FR 3315), 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.
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.
Burden Estimate:
----------------------------------------------------------------------------------------------------------------
Estimated Total annual
Type of burden number of Estimated time Frequency of response estimated
respondents per response burden
----------------------------------------------------------------------------------------------------------------
Reporting............................. 574 4 On Occasion............. 2,296 hours
----------------------------------------------------------------------------------------------------------------
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.
There is no change in the method or substance of the collection.
The overall reduction in burden hours is a result of economic
fluctuation. In particular, the number of respondents has decreased
while the hours per response remain the same.
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.
[[Page 19717]]
Burden Estimate
----------------------------------------------------------------------------------------------------------------
Estimated Estimated Total annual
Type of burden number of time per Frequency of estimated
respondents response response burden (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....... 18 20 10 3,600
Total Reporting........... ................ .............. .............. .............. 3,600
Sec. 351.3(d)(3)............ Recordkeeping... 18 1 1 18
Sec. 351.4(b)(3)(i)(A)...... Recordkeeping... 18 2 4 144
Sec. 351.11(a)(2)........... Recordkeeping... 18 10 1 180
Sec. 351.20(b).............. Recordkeeping... 5 265 1 1,325
Sec. 351.20(e).............. Recordkeeping... 5 200 1 1,000
Sec. 351.20(f)(1)........... Recordkeeping... 819 8 1 6,552
Sec. 351.20(f)(2)........... Recordkeeping... 18 40 1 720
Total Recordkeeping....... ................ .............. .............. .............. 9,939
Sec. 351.11(a)(8)(i)........ Disclosure...... 18 0.1 26 47
Total Disclosure.......... ................ .............. .............. .............. 47
Total Ongoing......... ................ .............. .............. .............. 13,586
Total Estimated ................ .............. .............. .............. 14,763
Annual Burden.
----------------------------------------------------------------------------------------------------------------
General Description of Collection: Subject to certain exemptions,
banking entities are generally prohibited from engaging in proprietary
trading or from investing in, sponsoring, or having certain
relationships with a hedge fund or private equity fund (``covered
fund''). The Covered entities must retain certain records for a period
that is no less than 5 years in a form that allows the prompt
production of such records to the FDIC on request. The information
collection requirements affecting FDIC-supervised institutions are
summarized below.
Reporting Requirements
Section 351.12(e) states that, upon application, a banking entity
may obtain an extension of the period of time to meet the requirements
on ownership limitations in this section for up to 2 additional years.
Recordkeeping Requirements
Section 351.3(d)(3) requires covered entities to have a detailed
written liquidity management plan that specifically contemplates and
authorizes certain otherwise prohibited securities to be used for
liquidity management purposes.
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).
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 a required compliance
program for a banking entity with total consolidated assets of $10
billion or more including a provision requiring that records sufficient
to demonstrate compliance with section 13 of the BHC Act and applicable
regulations be maintained and retained for a period of no less than 5
years or such longer period as required by FDIC.
Section 351.20(e) specifies that 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
documenting the determination that each fund sponsored by the banking
entity (including all subsidiaries and affiliates) is not a covered
fund. Banking entities must also maintain a written plan documenting
the treatment of certain seeding vehicles described in the regulation
and, under certain circumstances, documentation of the value of the
ownership interests owned by the banking entity in certain foreign
public fund and each jurisdiction in which any such foreign public fund
is organized.
[[Page 19718]]
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 may satisfy the requirements of this section by including in its
existing compliance policies and procedures appropriate references to
the statutory and regulatory requirements 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 make certain
clear and conspicuous written disclosures to any prospective and actual
investor in a covered fund (such as through disclosure in the covered
fund's offering documents).
There is no change in the method or substance of this information
collection. The annual burden estimate has been reduced from 28,234
hours to 17,763 hours primarily because the FDIC estimates that all
FDIC-supervised institutions have now completed the implementation
phase of the information collection and are no longer subject to that
burden. FDIC is using one (1) respondent as a place-holder for
implementation burden. Another reason for the reduction in burden is
that fewer institutions are subject to reporting, recordkeeping and
disclosure requirements. The foregoing reductions in burden more than
offset a modest increase in burden attributable to: (i) One additional
institution growing in size to a degree that now makes it subject to 12
CFR 351.20(b) and (e) recordkeeping requirements; and (ii) an agency
adjustment in its estimate of respondents affected by the recordkeeping
requirements in 12 CFR 351.20(f)(1) due to the inadvertent omission of
a class of respondents in its prior estimate.
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 24th day of April 2017.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2017-08604 Filed 4-27-17; 8:45 am]
BILLING CODE 6714-01-P
