Proposed Agency Information Collection Activities; Comment Request, 7902-7904 [2019-03874]
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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: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://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 https://
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
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SUMMARY:
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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 https://
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
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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
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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)
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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
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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.
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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
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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
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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
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]]>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]]
-----------------------------------------------------------------------
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: https://www.federalreserve.gov. Follow the
instructions for submitting comments at https://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 https://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 https://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
