Proposed Agency Information Collection Activities; Comment Request, 7902-7904 [2019-03874]

Download as PDF 7902 Federal Register / Vol. 84, No. 43 / Tuesday, March 5, 2019 / Notices FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request Board of Governors of the Federal Reserve System. ACTION: Notice, request for comment. AGENCY: The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Uniform Application for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer (Form MSD–4; OMB No. 7100–0100) and the Uniform Termination Notice for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer (Form MSD–5; OMB No. 7100–0101). The Board proposes to revise Form MSD–4 and Form MSD–5 to (1) remove the date of birth and place of birth items from the ‘Personal History of Applicant’ section on Form MSD–4 and instructions; (2) make minor revisions to the Privacy Act statements on Form MSD–4 and Form MSD–5; and (3) remove the Privacy Act notice from the respective instructions for Form MSD–4 and Form MSD–5 (but leave the Privacy Act notice on the forms). The proposed revisions would be effective June 1, 2019. DATES: Comments must be submitted on or before May 6, 2019. ADDRESSES: You may submit comments, identified by MSD–4 or MSD–5, by any of the following methods: • Agency website: http:// www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/apps/ foia/proposedregs.aspx. • Email: regs.comments@ federalreserve.gov. Include OMB number in the subject line of the message. • Fax: (202) 452–3819 or (202) 452– 3102. • Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551. All public comments are available on the Board’s website at http:// www.federalreserve.gov/apps/foia/ proposedregs.aspx as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper in Room 146, 1709 New York amozie on DSK9F9SC42PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:54 Mar 04, 2019 Jkt 247001 Avenue NW, Washington, DC 20006, between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the Board requires that visitors make an appointment to inspect comments. You may do so by calling (202) 452–3684. Upon arrival, visitors will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. Additionally, commenters may send a copy of their comments to the OMB Desk Officer—Shagufta Ahmed—Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503, or by fax to (202) 395–6974. FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB’s public docket files, if approved. These documents will also be made available on the Board’s public website at http:// www.federalreserve.gov/apps/ reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. Federal Reserve Board Clearance Officer—Nuha Elmaghrabi—Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, (202) 452–3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263–4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. Request for Comment on Information Collection Proposals The Board invites public comment on the following information collections, which are being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper PO 00000 Frm 00035 Fmt 4703 Sfmt 4703 performance of the Board’s functions, including whether the information has practical utility; b. The accuracy of the Board’s estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Board should modify the proposal. Proposal Under OMB Delegated Authority To Extend for Three Years, With Revision, the Following Information Collections Report title: The Uniform Application for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer. Agency form number: Form MSD–4. OMB control number: 7100–0100. Frequency: On occasion; a municipal securities dealer (MSD) that is regulated by the Board is required to file Form MSD–4 within ten days of a municipal securities principal’s or representative’s association with that MSD. Respondents: MSDs regulated by the Board that are, or are the subsidiary of, a state member bank (SMB), a bank holding company (BHC), a savings and loan holding company (SLHC) or a foreign dealer bank. Estimated number of respondents: 18. Estimated average hours per response: 1. Estimated annual burden hours: 18. General description of report: The Municipal Securities Rulemaking Board (MSRB) rule G–7, Information Concerning Associated Persons, requires persons who are or seek to be associated with an MSD as a municipal securities principal (a person performing supervisory functions) or representative (a person engaged in underwriting, trading, or sales of municipal securities or furnishing financial advice to issuers in connection with the issuance of municipal securities) to provide certain background information to the MSD. The rule also requires MSDs to obtain and report this information to the E:\FR\FM\05MRN1.SGM 05MRN1 amozie on DSK9F9SC42PROD with NOTICES Federal Register / Vol. 84, No. 43 / Tuesday, March 5, 2019 / Notices appropriate regulatory agency (ARA). Board-regulated MSDs must report to the Board information required by MSRB rule G–7 using Form MSD–4. Generally, the information required by Form MSD–4 relates to employment history and professional background, including any disciplinary sanctions, as well as any claimed basis for exemption from MSRB examination requirements. MSDs must retain copies of Form MSD–4 for each associated principal or representative during the entire term of employment and three years from the date of termination of employment. Completed reporting forms are sent as a Portable Document Format (PDF) directly to the Board via email. Report title: The Uniform Termination Notice for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer. Agency form number: Form MSD–5. OMB control number: 7100–0101. Frequency: On occasion; an MSD that is regulated by the Board is required to file Form MSD–5 within 30 calendar days after a principal or representative terminates association with that MSD. Respondents: MSDs regulated by the Board that are, or are the subsidiary of, a state member bank (SMB), a bank holding company (BHC), a savings and loan holding company (SLHC) or a foreign dealer bank. Estimated number of respondents: 19. Estimated average hours per response: 0.25. Estimated annual burden hours: 5. General description of report: Form MSD–5 is filed by a Board-regulated MSD when any employee previously registered as a municipal securities principal or representative is terminated for any reason. Form MSD–5 requires information such as the reason for termination and whether any investigations or actions by agencies or self-regulatory organizations (SROs) involving the associated person occurred during the period of employment. Any SMB, BHC, SLHC, or foreign dealer bank registered as a MSD will continue to be required to file this event-generated report form for any employees that are terminated. MSDs must retain copies of the Form MSD–5 reports for three years from the date of termination of employment. Completed reporting forms are sent as a PDF directly to the Board via email. Proposed revisions: The Board proposes to revise Form MSD–4 and Form MSD–5 to (1) remove the date of birth and place of birth items from the ‘Personal History of Applicant’ section on Form MSD–4 and instructions; (2) VerDate Sep<11>2014 17:54 Mar 04, 2019 Jkt 247001 make minor revisions to the Privacy Act statements on Form MSD–4 and Form MSD–5; and (3) remove the Privacy Act notice from the respective instructions for Form MSD–4 and Form MSD–5 (but leave the Privacy Act notice on the forms). The proposed revisions would be effective June 1, 2019. The date of birth and place of birth data fields on Form MSD–4 report are considered personally identifiable information (PII), and the Board generally does not need these fields in order to perform its supervisory responsibilities regarding applications to become municipal securities principals or representatives but could obtain this information on a case-bycase basis when needed. The Board is making an effort to remove PII from its supervisory reports if that PII is not critical to fulfilling its supervisory responsibilities. The Board also proposes to update the Privacy Act notices that appear on Form MSD–4 and Form MSD–5, respectively. The Privacy Act governs the collection, maintenance, use, and dissemination of information about individuals that is maintained in systems of records by federal agencies. A system of records is a group of records under the control of the agency from which information about individuals is retrieved by name of the individual or some identifier assigned to the individual. Under the Privacy Act, an agency that maintains a system of records must provide notice to individuals, at the point of collection of information maintained in the system of records, of: (1) The authority which authorizes the collection and whether the collection is mandatory or voluntary; (2) the purpose of the collection; (3) the routine uses which may be made of the information; and (4) the effects of not disclosing the information. The proposed revisions to the Privacy Act notice would include an updated website URL for the relevant system of records. The revisions to the notice also would reflect that Form MSD–4 and Form MSD–5 are interagency and would add the applicable Privacy Act notices from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). Finally, the Board would remove the Privacy Act notice from the instructions to Form MSD–4 and Form MSD–5, respectively, as a Privacy Act notice on the form collecting the information is sufficient and the Privacy Act notice on the instructions is duplicative. Legal authorization and confidentiality: Sections 15B(a)–(b) and 17 of the Securities Exchange Act (the Act) authorize the SEC and MSRB to PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 7903 promulgate rules requiring MSDs to file reports about associated persons with the SEC and the ARA (15 U.S.C. 78o– 4(a)–(b) and (q)). In addition, section 15B(c) of the Act provides that ARAs may enforce compliance with the SEC’s and MSRB’s rules (15 U.S.C. 78o–4(c)). Section 23(a) of the Act also authorizes the SEC, the Board, and the other ARAs to make rules and regulations in order to implement the provisions of the Act (15 U.S.C. 78w(a)). Under the Act, the Board is the ARA for a MSD that is, or is the subsidiary of, a SLHC, SMB (including its divisions or departments), or BHC (including a subsidiary bank of the bank holding company, if the subsidiary does not already report to another ARA or to the SEC, and any divisions, departments or subsidiaries of that subsidiary) (15 U.S.C. 78c(a)(34)(A)(ii)). Although the Act does not specify the ARA for MSD activities of foreign banks, uninsured state branches or state agencies of foreign banks, commercial lending companies owned or controlled by a foreign bank, or Edge Act corporations (collectively referred to as ‘‘foreign dealer banks’’), the Division of Market Regulation of the SEC has agreed that the Federal Reserve should examine the MSD activities of foreign dealer banks.1 Accordingly, the Board’s collection of Form MSD–4 and Form MSD–5 for these institutions is authorized pursuant to the Act.2 In addition, the Board is authorized to require that SMBs and their departments file reports with the Board pursuant to section 11(a)(1) of the Federal Reserve Act (12 U.S.C. 248(a)(1)). Branches and agencies of foreign banks are subject to the reporting requirements of section 11(a)(1) of the Federal Reserve Act pursuant to Section 7(c)(2) of the International Banking Act (12 U.S.C. 3105(c)(2)). BHCs and their subsidiaries are required to submit reports to the Board to ensure compliance with ‘‘federal laws that the Board has specific jurisdiction to enforce’’ (12 U.S.C. 1844(c)(1)(ii)(II)). Section 10(b)(2) of the Home Owners Loan Act authorizes the Board to require SLHCs to file ‘‘such reports as may be required by the Board’’ and instructs that such reports ‘‘shall contain such information concerning the operations of such savings and loan holding company and its subsidiaries as the Board may require’’ (12 U.S.C. 1467a(b)(2)). 1 See Letter from Catherine McGuire, Chief Counsel, SEC’s Division of Market Regulation, to Laura M. Homer, Assistant Director of Board S&R, June 14, 1994. 2 15 U.S.C. 78o–4, 78q, and 78w. E:\FR\FM\05MRN1.SGM 05MRN1 amozie on DSK9F9SC42PROD with NOTICES 7904 Federal Register / Vol. 84, No. 43 / Tuesday, March 5, 2019 / Notices The obligation to file the forms with the Board is mandatory for those financial institutions for which the Board serves as the ARA, and the filing of both forms is event generated. Generally, information provided on Form MSD–4 and Form MSD–5 will be kept confidential from the public under exemption 6 of the Freedom of Information Act (‘‘FOIA’’), which protects information in ‘‘personnel and medical files and similar files the disclosure of which would constitute a clearly unwarranted invasion of personal privacy’’ (5 U.S.C. 552(b)(6)). In addition, other information on Form MSD–4 and Form MSD–5, such as the name of the MSD that filed the form, may be withheld under exemption 4 of the FOIA, if disclosure is reasonably likely to result in substantial competitive harm to the MSD (e.g., if a MSD recently hired or terminated a number of municipal securities employees, disclosing these forms could reveal competitively sensitive commercial information about that dealer) (5 U.S.C. 552(b)(4)). The information collected on Form MSD–4 and Form MSD–5 is maintained in a ‘‘system of records’’ within the meaning of the Privacy Act (5 U.S.C. 552a(a)(5)). As required under the Privacy Act, the Board formally designated a system of records notice (‘‘SORN’’) for this information collection, which is the ‘‘BGFRS–17, FRB—Municipal or Government Securities Principals and Representatives,’’ located here: https:// www.federalreserve.gov/files/BGFRS-17municipal-or-government-securitiesprincipals-and-representatives.pdf. Pursuant to the Privacy Act, disclosure of information that must be released under the FOIA does not violate the Privacy Act (5 U.S.C. 552a(b)(2)). However, disclosure of any confidential information that is considered exempt under the FOIA must be made in accordance with the Privacy Act (5 U.S.C. 552a(b)). Thus, the Board may make disclosures of information collected on Form MSD–4 and Form MSD–5 in accordance with the Privacy Act’s ‘‘routine use’’ disclosure provision, which permits the disclosure of a record for a purpose that is compatible with the purpose for which the record was collected (5 U.S.C. 552a(a)(7) and (b)(3)). The routine uses that apply to this information collection are listed in the SORN, which is available on the Board’s website at the above hyperlink. Both Form MSD–4 and Form MSD–5 are being revised to include updated Privacy Act notices. Consultation outside the agency: The Board has coordinated and consulted VerDate Sep<11>2014 17:54 Mar 04, 2019 Jkt 247001 with the FDIC, OCC, and SEC in proposing these revisions. Board of Governors of the Federal Reserve System, February 27, 2019. Michele Taylor Fennell, Assistant Secretary of the Board. [FR Doc. 2019–03874 Filed 3–4–19; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration [Docket No. FDA–2015–N–3662] Agency Information Collection Activities; Proposed Collection; Comment Request; Guidance on Reagents for Detection of Specific Novel Influenza A Viruses AGENCY: Food and Drug Administration, HHS. ACTION: Notice. The Food and Drug Administration (FDA or Agency) is announcing an opportunity for public comment on the proposed collection of certain information by the Agency. Under the Paperwork Reduction Act of 1995 (PRA), Federal Agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment in response to the notice. This notice solicits comments on information collection associated with the guidance on reagents for detection of specific novel influenza A viruses. DATES: Submit either electronic or written comments on the collection of information by May 6, 2019. ADDRESSES: You may submit comments as follows. Please note that late, untimely filed comments will not be considered. Electronic comments must be submitted on or before May 6, 2019. The https://www.regulations.gov electronic filing system will accept comments until 11:59 p.m. Eastern Time at the end of May 6, 2019. Comments received by mail/hand delivery/courier (for written/paper submissions) will be considered timely if they are postmarked or the delivery service acceptance receipt is on or before that date. SUMMARY: Electronic Submissions Submit electronic comments in the following way: • Federal eRulemaking Portal: https://www.regulations.gov. Follow the PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 instructions for submitting comments. Comments submitted electronically, including attachments, to https:// www.regulations.gov will be posted to the docket unchanged. Because your comment will be made public, you are solely responsible for ensuring that your comment does not include any confidential information that you or a third party may not wish to be posted, such as medical information, your or anyone else’s Social Security number, or confidential business information, such as a manufacturing process. Please note that if you include your name, contact information, or other information that identifies you in the body of your comments, that information will be posted on https://www.regulations.gov. • If you want to submit a comment with confidential information that you do not wish to be made available to the public, submit the comment as a written/paper submission and in the manner detailed (see ‘‘Written/Paper Submissions’’ and ‘‘Instructions’’). Written/Paper Submissions Submit written/paper submissions as follows: • Mail/Hand delivery/Courier (for written/paper submissions): Dockets Management Staff (HFA–305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852. • For written/paper comments submitted to the Dockets Management Staff, FDA will post your comment, as well as any attachments, except for information submitted, marked and identified, as confidential, if submitted as detailed in ‘‘Instructions.’’ Instructions: All submissions received must include the Docket No. FDA– 2015–N–3662 for ‘‘Guidance on Reagents for Detection of Specific Novel Influenza A Viruses.’’ Received comments, those filed in a timely manner (see ADDRESSES), will be placed in the docket and, except for those submitted as ‘‘Confidential Submissions,’’ publicly viewable at https://www.regulations.gov or at the Dockets Management Staff between 9 a.m. and 4 p.m., Monday through Friday. • Confidential Submissions—To submit a comment with confidential information that you do not wish to be made publicly available, submit your comments only as a written/paper submission. You should submit two copies total. One copy will include the information you claim to be confidential with a heading or cover note that states ‘‘THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.’’ The Agency will review this copy, including the claimed confidential information, in E:\FR\FM\05MRN1.SGM 05MRN1

Agencies

[Federal Register Volume 84, Number 43 (Tuesday, March 5, 2019)]
[Notices]
[Pages 7902-7904]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-03874]



[[Page 7902]]

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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, with revision, 
the Uniform Application for Municipal Securities Principal or Municipal 
Securities Representative Associated with a Bank Municipal Securities 
Dealer (Form MSD-4; OMB No. 7100-0100) and the Uniform Termination 
Notice for Municipal Securities Principal or Municipal Securities 
Representative Associated with a Bank Municipal Securities Dealer (Form 
MSD-5; OMB No. 7100-0101). The Board proposes to revise Form MSD-4 and 
Form MSD-5 to (1) remove the date of birth and place of birth items 
from the `Personal History of Applicant' section on Form MSD-4 and 
instructions; (2) make minor revisions to the Privacy Act statements on 
Form MSD-4 and Form MSD-5; and (3) remove the Privacy Act notice from 
the respective instructions for Form MSD-4 and Form MSD-5 (but leave 
the Privacy Act notice on the forms). The proposed revisions would be 
effective June 1, 2019.

DATES: Comments must be submitted on or before May 6, 2019.

ADDRESSES: You may submit comments, identified by MSD-4 or MSD-5, by 
any of the following methods:
     Agency website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: regs.comments@federalreserve.gov. Include OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available on the Board's website at http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless 
modified for technical reasons. Accordingly, your comments will not be 
edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper in Room 146, 
1709 New York Avenue NW, Washington, DC 20006, between 9:00 a.m. and 
5:00 p.m. on weekdays. For security reasons, the Board requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 452-3684. Upon arrival, visitors will be required to 
present valid government-issued photo identification and to submit to 
security screening in order to inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, 725 17th Street NW, Washington, DC 20503, or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, if approved. These documents will also be made available 
on the Board's public website at http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance 
officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551, (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.

Request for Comment on Information Collection Proposals

    The Board invites public comment on the following information 
collections, which are being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collections

    Report title: The Uniform Application for Municipal Securities 
Principal or Municipal Securities Representative Associated with a Bank 
Municipal Securities Dealer.
    Agency form number: Form MSD-4.
    OMB control number: 7100-0100.
    Frequency: On occasion; a municipal securities dealer (MSD) that is 
regulated by the Board is required to file Form MSD-4 within ten days 
of a municipal securities principal's or representative's association 
with that MSD.
    Respondents: MSDs regulated by the Board that are, or are the 
subsidiary of, a state member bank (SMB), a bank holding company (BHC), 
a savings and loan holding company (SLHC) or a foreign dealer bank.
    Estimated number of respondents: 18.
    Estimated average hours per response: 1.
    Estimated annual burden hours: 18.
    General description of report: The Municipal Securities Rulemaking 
Board (MSRB) rule G-7, Information Concerning Associated Persons, 
requires persons who are or seek to be associated with an MSD as a 
municipal securities principal (a person performing supervisory 
functions) or representative (a person engaged in underwriting, 
trading, or sales of municipal securities or furnishing financial 
advice to issuers in connection with the issuance of municipal 
securities) to provide certain background information to the MSD. The 
rule also requires MSDs to obtain and report this information to the

[[Page 7903]]

appropriate regulatory agency (ARA). Board-regulated MSDs must report 
to the Board information required by MSRB rule G-7 using Form MSD-4. 
Generally, the information required by Form MSD-4 relates to employment 
history and professional background, including any disciplinary 
sanctions, as well as any claimed basis for exemption from MSRB 
examination requirements.
    MSDs must retain copies of Form MSD-4 for each associated principal 
or representative during the entire term of employment and three years 
from the date of termination of employment. Completed reporting forms 
are sent as a Portable Document Format (PDF) directly to the Board via 
email.
    Report title: The Uniform Termination Notice for Municipal 
Securities Principal or Municipal Securities Representative Associated 
with a Bank Municipal Securities Dealer.
    Agency form number: Form MSD-5.
    OMB control number: 7100-0101.
    Frequency: On occasion; an MSD that is regulated by the Board is 
required to file Form MSD-5 within 30 calendar days after a principal 
or representative terminates association with that MSD.
    Respondents: MSDs regulated by the Board that are, or are the 
subsidiary of, a state member bank (SMB), a bank holding company (BHC), 
a savings and loan holding company (SLHC) or a foreign dealer bank.
    Estimated number of respondents: 19.
    Estimated average hours per response: 0.25.
    Estimated annual burden hours: 5.
    General description of report: Form MSD-5 is filed by a Board-
regulated MSD when any employee previously registered as a municipal 
securities principal or representative is terminated for any reason. 
Form MSD-5 requires information such as the reason for termination and 
whether any investigations or actions by agencies or self-regulatory 
organizations (SROs) involving the associated person occurred during 
the period of employment.
    Any SMB, BHC, SLHC, or foreign dealer bank registered as a MSD will 
continue to be required to file this event-generated report form for 
any employees that are terminated. MSDs must retain copies of the Form 
MSD-5 reports for three years from the date of termination of 
employment. Completed reporting forms are sent as a PDF directly to the 
Board via email.
    Proposed revisions: The Board proposes to revise Form MSD-4 and 
Form MSD-5 to (1) remove the date of birth and place of birth items 
from the `Personal History of Applicant' section on Form MSD-4 and 
instructions; (2) make minor revisions to the Privacy Act statements on 
Form MSD-4 and Form MSD-5; and (3) remove the Privacy Act notice from 
the respective instructions for Form MSD-4 and Form MSD-5 (but leave 
the Privacy Act notice on the forms). The proposed revisions would be 
effective June 1, 2019.
    The date of birth and place of birth data fields on Form MSD-4 
report are considered personally identifiable information (PII), and 
the Board generally does not need these fields in order to perform its 
supervisory responsibilities regarding applications to become municipal 
securities principals or representatives but could obtain this 
information on a case-by-case basis when needed. The Board is making an 
effort to remove PII from its supervisory reports if that PII is not 
critical to fulfilling its supervisory responsibilities.
    The Board also proposes to update the Privacy Act notices that 
appear on Form MSD-4 and Form MSD-5, respectively. The Privacy Act 
governs the collection, maintenance, use, and dissemination of 
information about individuals that is maintained in systems of records 
by federal agencies. A system of records is a group of records under 
the control of the agency from which information about individuals is 
retrieved by name of the individual or some identifier assigned to the 
individual. Under the Privacy Act, an agency that maintains a system of 
records must provide notice to individuals, at the point of collection 
of information maintained in the system of records, of: (1) The 
authority which authorizes the collection and whether the collection is 
mandatory or voluntary; (2) the purpose of the collection; (3) the 
routine uses which may be made of the information; and (4) the effects 
of not disclosing the information.
    The proposed revisions to the Privacy Act notice would include an 
updated website URL for the relevant system of records. The revisions 
to the notice also would reflect that Form MSD-4 and Form MSD-5 are 
interagency and would add the applicable Privacy Act notices from the 
Office of the Comptroller of the Currency (OCC) and the Federal Deposit 
Insurance Corporation (FDIC). Finally, the Board would remove the 
Privacy Act notice from the instructions to Form MSD-4 and Form MSD-5, 
respectively, as a Privacy Act notice on the form collecting the 
information is sufficient and the Privacy Act notice on the 
instructions is duplicative.
    Legal authorization and confidentiality: Sections 15B(a)-(b) and 17 
of the Securities Exchange Act (the Act) authorize the SEC and MSRB to 
promulgate rules requiring MSDs to file reports about associated 
persons with the SEC and the ARA (15 U.S.C. 78o-4(a)-(b) and (q)). In 
addition, section 15B(c) of the Act provides that ARAs may enforce 
compliance with the SEC's and MSRB's rules (15 U.S.C. 78o-4(c)). 
Section 23(a) of the Act also authorizes the SEC, the Board, and the 
other ARAs to make rules and regulations in order to implement the 
provisions of the Act (15 U.S.C. 78w(a)). Under the Act, the Board is 
the ARA for a MSD that is, or is the subsidiary of, a SLHC, SMB 
(including its divisions or departments), or BHC (including a 
subsidiary bank of the bank holding company, if the subsidiary does not 
already report to another ARA or to the SEC, and any divisions, 
departments or subsidiaries of that subsidiary) (15 U.S.C. 
78c(a)(34)(A)(ii)). Although the Act does not specify the ARA for MSD 
activities of foreign banks, uninsured state branches or state agencies 
of foreign banks, commercial lending companies owned or controlled by a 
foreign bank, or Edge Act corporations (collectively referred to as 
``foreign dealer banks''), the Division of Market Regulation of the SEC 
has agreed that the Federal Reserve should examine the MSD activities 
of foreign dealer banks.\1\ Accordingly, the Board's collection of Form 
MSD-4 and Form MSD-5 for these institutions is authorized pursuant to 
the Act.\2\
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    \1\ See Letter from Catherine McGuire, Chief Counsel, SEC's 
Division of Market Regulation, to Laura M. Homer, Assistant Director 
of Board S&R, June 14, 1994.
    \2\ 15 U.S.C. 78o-4, 78q, and 78w.
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    In addition, the Board is authorized to require that SMBs and their 
departments file reports with the Board pursuant to section 11(a)(1) of 
the Federal Reserve Act (12 U.S.C. 248(a)(1)). Branches and agencies of 
foreign banks are subject to the reporting requirements of section 
11(a)(1) of the Federal Reserve Act pursuant to Section 7(c)(2) of the 
International Banking Act (12 U.S.C. 3105(c)(2)). BHCs and their 
subsidiaries are required to submit reports to the Board to ensure 
compliance with ``federal laws that the Board has specific jurisdiction 
to enforce'' (12 U.S.C. 1844(c)(1)(ii)(II)). Section 10(b)(2) of the 
Home Owners Loan Act authorizes the Board to require SLHCs to file 
``such reports as may be required by the Board'' and instructs that 
such reports ``shall contain such information concerning the operations 
of such savings and loan holding company and its subsidiaries as the 
Board may require'' (12 U.S.C. 1467a(b)(2)).

[[Page 7904]]

    The obligation to file the forms with the Board is mandatory for 
those financial institutions for which the Board serves as the ARA, and 
the filing of both forms is event generated.
    Generally, information provided on Form MSD-4 and Form MSD-5 will 
be kept confidential from the public under exemption 6 of the Freedom 
of Information Act (``FOIA''), which protects information in 
``personnel and medical files and similar files the disclosure of which 
would constitute a clearly unwarranted invasion of personal privacy'' 
(5 U.S.C. 552(b)(6)). In addition, other information on Form MSD-4 and 
Form MSD-5, such as the name of the MSD that filed the form, may be 
withheld under exemption 4 of the FOIA, if disclosure is reasonably 
likely to result in substantial competitive harm to the MSD (e.g., if a 
MSD recently hired or terminated a number of municipal securities 
employees, disclosing these forms could reveal competitively sensitive 
commercial information about that dealer) (5 U.S.C. 552(b)(4)).
    The information collected on Form MSD-4 and Form MSD-5 is 
maintained in a ``system of records'' within the meaning of the Privacy 
Act (5 U.S.C. 552a(a)(5)). As required under the Privacy Act, the Board 
formally designated a system of records notice (``SORN'') for this 
information collection, which is the ``BGFRS-17, FRB--Municipal or 
Government Securities Principals and Representatives,'' located here: 
https://www.federalreserve.gov/files/BGFRS-17-municipal-or-government-securities-principals-and-representatives.pdf. Pursuant to the Privacy 
Act, disclosure of information that must be released under the FOIA 
does not violate the Privacy Act (5 U.S.C. 552a(b)(2)). However, 
disclosure of any confidential information that is considered exempt 
under the FOIA must be made in accordance with the Privacy Act (5 
U.S.C. 552a(b)). Thus, the Board may make disclosures of information 
collected on Form MSD-4 and Form MSD-5 in accordance with the Privacy 
Act's ``routine use'' disclosure provision, which permits the 
disclosure of a record for a purpose that is compatible with the 
purpose for which the record was collected (5 U.S.C. 552a(a)(7) and 
(b)(3)). The routine uses that apply to this information collection are 
listed in the SORN, which is available on the Board's website at the 
above hyperlink. Both Form MSD-4 and Form MSD-5 are being revised to 
include updated Privacy Act notices.
    Consultation outside the agency: The Board has coordinated and 
consulted with the FDIC, OCC, and SEC in proposing these revisions.

    Board of Governors of the Federal Reserve System, February 27, 
2019.

Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-03874 Filed 3-4-19; 8:45 am]
BILLING CODE 6210-01-P