Proposed Agency Information Collection Activities; Comment Request, 45491-45494 [2019-18606]
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45491
Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
Any person seeking to become a party
to the proceeding must file a motion to
intervene pursuant to Rule 214 of the
Commission’s Rules of Practice and
Procedures (18 CFR 385.214). Motions
to intervene are more fully described at
https://www.ferc.gov/resources/guides/
how-to/intervene.asp. Only intervenors
have the right to seek rehearing or
judicial review of the Commission’s
decision. The Commission may grant
affected landowners and others with
environmental concerns intervenor
status upon showing good cause by
stating that they have a clear and direct
interest in this proceeding which no
other party can adequately represent.
Simply filing environmental comments
will not give you intervenor status, but
you do not need intervenor status to
have your comments considered.
Additional information about the
Project is available from the
Commission’s Office of External Affairs,
at (866) 208–FERC, or on the FERC
website (www.ferc.gov) using the
eLibrary link. The eLibrary link also
provides access to the texts of all formal
documents issued by the Commission,
such as orders, notices, and
rulemakings.
In addition, the Commission offers a
free service called eSubscription which
allows you to keep track of all formal
issuances and submittals in specific
dockets. This can reduce the amount of
time you spend researching proceedings
by automatically providing you with
notification of these filings, document
summaries, and direct links to the
documents. Go to www.ferc.gov/docsfiling/esubscription.asp.
Dated: August 23, 2019.
Kimberly D. Bose,
Secretary.
[FR Doc. 2019–18677 Filed 8–28–19; 8:45 am]
BILLING CODE 6717–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
[Docket No. ER19–2585–000]
Florida Power & Light Company;
Notice of Extension of Time
August 23, 2019.
On August 15, 2019, Seminole
Electric Cooperative, Inc. (Seminole),
Lee County Electric Cooperative, Inc.
(LCEC), and Florida Keys Electric
Cooperative Association, Inc. (FKEC)
filed a joint motion to intervene and a
request for an extension, from
September 3, 2019 to September 13,
2019, of the date for filing interventions
and comments in response to Florida
Power & Light Company’s (FPL) rate
filing, filed pursuant to Section 205 of
the Federal Power Act, in this
proceeding.1 Seminole, LCEC, and
FKEC state that an extension of time is
necessary to aid intervenors in
developing a greater understanding of
this complex filing and the issues it
presents without unduly constraining
the time available to the Commission for
its deliberations. Seminole, LCEC and
FKEC are authorized to represent that
the Florida Municipal Power Agency
(FMPA) 2 supports, and that FPL does
not oppose, the requested extension of
the date for interventions and
comments.
Upon consideration, notice is hereby
given that Seminole, LCEC, and FKEC’s
motion is granted, and the interventions
and comment date for the abovecaptioned proceeding is hereby
extended to and including September
13, 2019.
Kimberly D. Bose,
Secretary.
[FR Doc. 2019–18675 Filed 8–28–19; 8:45 am]
BILLING CODE P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Notice to All Interested Parties of
Intent To Terminate Receiverships
Notice is hereby given that the Federal
Deposit Insurance Corporation (FDIC or
Receiver), as Receiver for the
institutions listed below, intends to
terminate its receivership for said
institutions.
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NOTICE OF INTENT TO TERMINATE RECEIVERSHIPS
Fund
Receivership name
City
4382 .................
10097 ...............
Citytrust Bank ...............................................................................
First Bankamericano .....................................................................
Bridgeport ..................................
Elizabeth ...................................
The liquidation of the assets for each
receivership has been completed. To the
extent permitted by available funds and
in accordance with law, the Receiver
will be making a final dividend
payment to proven creditors.
Based upon the foregoing, the
Receiver has determined that the
continued existence of the receiverships
will serve no useful purpose.
Consequently, notice is given that the
receiverships shall be terminated, to be
effective no sooner than thirty days after
the date of this notice. If any person
wishes to comment concerning the
termination of any of the receiverships,
such comment must be made in writing,
identify the receivership to which the
1 16
U.S.C. 824d (2000).
VerDate Sep<11>2014
17:00 Aug 28, 2019
State
CT
NJ
08/09/1991
07/31/2009
comment pertains, and be sent within
thirty days of the date of this notice to:
Federal Deposit Insurance Corporation,
Division of Resolutions and
Receiverships, Attention: Receivership
Oversight Department 34.6, 1601 Bryan
Street, Dallas, TX 75201.
No comments concerning the
termination of the above-mentioned
receiverships will be considered which
are not sent within this time frame.
Federal Deposit Insurance Corporation,
Robert E. Feldman,
Executive Secretary.
(Authority: 12 U.S.C. 1819)
Proposed Agency Information
Collection Activities; Comment
Request
Dated at Washington, DC, on August 23,
2019.
[FR Doc. 2019–18552 Filed 8–28–19; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE
CORPORATION
Board of Governors of the
Federal Reserve System (‘‘Board’’) and
AGENCY:
2 FMPA has filed a motion to intervene in this
proceeding.
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Date of
appointment
of receiver
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Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
Federal Deposit Insurance Corporation
(FDIC), (collectively, the ‘‘Agencies’’).
ACTION: Joint notice, request for
comment.
The Agencies invite comment
on a proposal to extend for three years,
with revision, the Notice by Financial
Institutions of Government Securities
Broker or Government Securities Dealer
Activities and the Notice by Financial
Institutions of Termination of Activities
as a Government Securities Broker or
Government Securities Dealer (Form G–
FIN and Form G–FINW; OMB Nos.
7100–0224 (Board), 3064–0093 (FDIC)).
DATES: Comments must be submitted on
or before October 28, 2019.
ADDRESSES: Interested parties are
invited to submit written comments to
either or both of the Agencies. All
comments, which should refer to the
Office of Management and Budget
(OMB) control numbers, will be shared
between the Agencies. Direct all written
comments as follows:
Board: You may submit comments,
identified by OMB control no. 7100–
0224 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 the 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
from the Board’s website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons or to
remove personally identifiable
information at the commenter’s request.
Accordingly, comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper form 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.
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SUMMARY:
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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.
FDIC: You may submit comments,
which should refer to ‘‘3064–0093’’ by
any of the following methods:
• Agency website: https://
www.fdic.gov/regulations/laws/federal/.
Follow the instructions for submitting
comments on the FDIC’s website.
• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Email: comments@FDIC.gov.
Include ‘‘3064–0093’’ in the subject line
of the message.
• Mail: Manuel E. Cabeza, Counsel,
Attn: Comments, Room MB–3128,
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 550 17th Street Building
(located on F Street) on business days
between 7:00 a.m. and 5:00 p.m.
Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/regulations/
laws/federal/ including any personal
information provided. Paper copies of
public comments may be requested from
the FDIC Public Information Center by
telephone at (877) 275–3342 or (703)
562–2200.
FOR FURTHER INFORMATION CONTACT: A
copy of the Paperwork Reduction Act of
1995 (PRA) OMB submission, including
the 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 Federal Reserve 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.
Requests for additional information or a
copy of the collection may be obtained
by contacting:
Board: 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.
FDIC: Manuel E. Cabeza, Counsel,
(202) 898–3767, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION: On June
15, 1984, the Office of Management and
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Budget (OMB) delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collections of information 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 Proposal
The Agencies invite public comment
on the following information collection.
Comments are invited on the following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Agencies’ functions,
including whether the information has
practical utility;
b. The accuracy of the 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.
Comments submitted in response to
this notice will be shared between the
Agencies. All comments received,
including attachments and other
supporting materials, are part of the
public record and will be included in
the submission to OMB. At the end of
the comment period, the comments and
recommendations received will be
analyzed to determine the extent to
which the Agencies should modify the
proposal.
Title: Notice by Financial Institutions
of Government Securities Broker or
Government Securities Dealer
Activities; Notice by Financial
Institutions of Termination of Activities
as a Government Securities Broker or
Government Securities Dealer (Form G–
FIN).
OMB Control Numbers: Board: 7100–
0224. FDIC: 3064–0093.
General Description of Report: The
Securities Exchange Act of 1934, as
amended (the Act),1 requires financial
institutions to notify their appropriate
regulatory agency (ARA) prior to using
1 15
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U.S.C 78o–5.
29AUN1
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Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
the mails or any means or
instrumentality of interstate commerce
to engage in government securities
broker or dealer activities. The Board is
the ARA for state member banks, foreign
banks, uninsured state branches or state
agencies of foreign banks, commercial
lending companies owned or controlled
by foreign banks, and Edge corporations
(collectively, ‘‘Board-regulated financial
institutions’’). The FDIC is the ARA for
state nonmember banks and insured
branches of foreign banks (collectively,
‘‘FDIC-regulated financial institutions’’).
A Board- or FDIC-regulated financial
institution must use Form G–FIN to
register as a government securities
broker or dealer or to amend a
previously submitted G–FIN.
Form G–FIN report collects such
information as the company name, all
business addresses, names and titles of
managers of government securities
activities, and the names of any persons
involved in disciplinary proceedings
related to the sale of securities. The
Board uses the information collected by
Form G–FIN to measure compliance
with the Act. For the FDIC, the Form G–
FIN is used by insured State
nonmember banks that are government
securities brokers or dealers to notify
the FDIC of their status.
An important function of the Form G–
FIN is to help financial institutions
determine whether they must file
notices pursuant to the Act. The
definitions of government securities
broker and government securities dealer
in the Act are very broad and, if read
literally, would encompass most banks
and many thrift institutions. The
Treasury has the authority to exempt
institutions from this requirement if it is
consistent with the intent of the Act.
When the Treasury regulations were
first drafted to implement the reporting
requirements of the Act, the appropriate
regulatory agencies (ARAs) worked
closely to narrow the class of financial
institution required to file the Form G–
FIN report (reflected in Part B of the
instructions, Who Must File).
In addition to incorporating the
Treasury’s exemptions from the notice
requirement in the reporting
instructions, these exemptions are
prominently summarized on the cover
sheet of the Form G–FIN report in order
to provide a simpler and easier means
for financial institutions to determine if
they are exempt.
Respondents: State member banks,
insured state nonmember banks, foreign
banks, insured branches of foreign
banks, uninsured state branches or state
agencies of foreign banks, commercial
lending companies owned or controlled
by foreign banks, and Edge corporations.
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Respondent burden:
Board:
Estimated number of respondents:
Reporting, 34; Recordkeeping, 2.
Estimated average hours per response:
Reporting, 1; Recordkeeping, 0.25.
Estimated frequency: 1.
Estimated total annual burden hours:
35.
FDIC:
Estimated number of respondents: 1.
Estimated average hours per response:
1.
Estimated frequency: 1.
Estimated total annual burden hours: 1.
Title: Notice by Financial Institutions
of Termination of Activities as a
Government Securities Broker or
Government Securities Dealer (Form G–
FINW).
OMB Control Numbers: Board: 7100–
0224. FDIC: 3064–0093.
General Description of Report: The
Act requires financial institution to
notify their ARA upon terminating
government securities broker or dealer
activities. A Board- or FDIC-regulated
financial institution must use Form G–
FINW to notify the Board or FDIC,
respectively, of its termination of such
activities. Form G–FINW collects
information such as the company name,
address, and contact person responsible
for the records associated with the
government securities broker or dealer
activities. The Board and FDIC use the
information collected by Form G–FINW
to measure compliance with the Act.
The information collected by Forms G–
FINW is not available from other
sources.
The instructions for Form G–FINW
state that a notificant should retain one
exact copy of the each completed Form
G–FINW for the notificant’s records.
These records must be kept until at least
three years after the financial institution
has notified the Board or FDIC, as
appropriate, that it has ceased to
function as a government securities
broker or dealer.
Respondent: State member banks,
insured state nonmember banks, foreign
banks, insured branches of foreign
banks, uninsured state branches or state
agencies of foreign banks, commercial
lending companies owned or controlled
by foreign banks, and Edge corporations.
Respondent burden:
Board:
Estimated number of respondents:
Reporting, 2; Recordkeeping, 1.
Estimated average hours per response:
Reporting, 0.25; Recordkeeping, 0.25.
Estimated frequency: 1.
Estimated total annual burden hours: 1.
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45493
FDIC:
Estimated number of respondents: 1.
Estimated average hours per response:
0.25.
Estimated frequency: 1.
Estimated total annual burden hours:
0.25.
Proposed Revisions: The Agencies
propose to revise Form G–FIN and Form
GINW to (1) require respondents to
submit PDF versions of the forms and
any attachments to a designated email
address, and (2) to correct crossreferences on the following forms: G–
FIN–4, Form MSD–4, and Form U–4,
which are incorporated by reference in
Item 7 of the Form G–FIN.
In addition, the Board proposes to
revise the Form G–FIN and Form G–
FINW collections to account for a
requirement in the Form G–FIN forms’
instructions that respondents retain a
signed copy of the form and data
submitted. Currently, only respondents
that are state member banks or
uninsured state branches or state
agencies of a foreign bank must comply
with this recordkeeping requirement,
which is imposed on such respondents
by regulations promulgated by the U.S.
Department of the Treasury
(‘‘Treasury’’).2 Pursuant to those
regulations, such respondents must
retain Forms G–FIN and G–FINW until
at least three years after the financial
institution has notified the Board that it
has ceased to function as a government
securities broker or dealer. The Board
proposes to revise the Form G–FIN and
Form G–FINW information collections
to impose identical recordkeeping
requirements on respondents that are
foreign banks, commercial lending
companies owned or controlled by
foreign banks, and Edge corporations.
The retention period with respect to
forms filed by those respondents would
be identical to the period imposed by
the Treasury Department regulations in
order to maintain parity among
respondent institutions. The proposal
also would revise the instructions to
Forms G–FIN and G–FINW so that they
state the required retention period for
these forms.
For the FDIC, the Form G–FIN4 and
Form G–FIN5 are also information
collections cleared under the OMB
control number 3064–0093. Form G–
FIN–4 is used by associated persons of
insured state nonmember banks that are
government securities brokers or dealers
to provide certain information to the
bank and to the FDIC concerning
employment, residence, and statutory
disqualification. Form G–FIN–5 is used
2 See
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17 CFR 404.4.
29AUN1
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Federal Register / Vol. 84, No. 168 / Thursday, August 29, 2019 / Notices
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by insured state nonmember banks that
are government securities brokers or
dealers to notify the FDIC that an
associated person is no longer
associated with the government
securities broker or dealer function of
the bank. These revisions incur no
change in the method or substance of
any information collections under OMB
control number 3064–0093 and there is
no subsequent change in burden.
Legal authorization and
confidentiality: Forms G–FIN and G–
FINW are authorized under 15 U.S.C.
78o–5(a)(l)(B)(i), which requires a
financial institution that is a broker or
dealer of government securities to
submit a written notice advising its
appropriate regulatory agency (ARA)
that it is a government securities broker
or a government securities dealer or that
it has ceased to act as such. The Act also
directs the Board, in consultation with
the other ARAs (the Federal Deposit
Insurance Corporation and the Office of
the Comptroller of the Currency),3 as
well as the Securities and Exchange
Commission (SEC), to prescribe the form
of and the information collected in these
notices (15 U.S.C. 78o–5(a)(l)(B)(ii)).
Further support for the creation and
collection of these notices by the Board
is found in the Treasury regulations,
authorized by 15 U.S.C. 78o–5(b)(l),
which instruct that the Form G–FIN and
Form G–FINW are promulgated by the
Board and that such forms are to be
used by non-exempt 4 financial
institutions to notify the ARA of their
status as government securities brokers
or dealers or the termination of such
status.5
Section 15C of the Act, 15 U.S.C. 78o–
5(b)(1)(C), also instructs the Secretary of
the Treasury to promulgate
recordkeeping requirements regarding
the forms and records to be retained by
government securities brokers and
dealers and to specify the time period
for which such records shall be
preserved. Accordingly, the
recordkeeping requirement associated
with these forms is contained in 17 CFR
404.4, which requires state member
banks and uninsured state branches or
state agencies of foreign banks, as well
3 A copy of the form filed with each ARA is also
made available by the ARA to the SEC under the
Act (15 U.S.C. 78o–5(a)(1)(B)(iii)).
4 The Act permits the Secretary of the Treasury
to exempt certain government securities brokers or
dealers, 15 U.S.C. 78o–5(a)(5), and the Secretary of
the Treasury has promulgated regulations
exempting certain types of firms. See 17 CFR part
401.
5 See 17 CFR 400.1(d), 449.1, and 449.2; see also
17 CFR 400.5(b); requiring that any amendments or
corrections to the notice of status of government
securities broker or dealer be filed by the financial
institution on Form G–FIN within 30 days).
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17:00 Aug 28, 2019
Jkt 247001
as other institutions, to retain these
forms for three years after the financial
institution notifies its ARA that it has
ceased to function as a government
securities broker or dealer. Although
Treasury’s recordkeeping requirement
does not explicitly apply to foreign
banks, to Edge corporations, or to
commercial lending companies that are
owned or controlled by foreign banks,
the Board has the authority to ‘‘issue
such rules and regulations with respect
to transactions in government securities
as may be necessary to prevent
fraudulent and manipulative acts and
practices and to promote just and
equitable principles of trade.’’ 15 U.S.C.
78o–5(b)(3)(A). Imposing a
recordkeeping requirement on foreign
banks, Edge corporations, and
commercial lending companies owned
or controlled by foreign banks is
necessary for the public interest and
protection of investors in order to
ensure that the proper notification has
been provided when these institutions
are transacting in government securities
(15 U.S.C. 78o–5(a)(1)(B)). In addition,
the Board is authorized to impose a
recordkeeping requirement on foreign
banking organizations 6 (12 U.S.C.
3108), on Edge corporations (12 U.S.C.
625), and on commercial lending
companies that are owned or controlled
by foreign banks (12 U.S.C. 3106, as
applied through 12 U.S.C. 1844(c)).
The obligation to file the Form G–FIN
and Form G–FINW with the Board, and
the obligation for the government
securities broker or dealer to retain a
copy of the Form G–FIN and Form G–
FINW, is mandatory for those financial
institutions for which the Board serves
as the ARA, unless the financial
institution is exempt from the reporting
requirement under Treasury’s
regulations. The filing of these forms
and the records retention period is
event-generated.
Under the Act, each ARA is instructed
to make these forms available to the
SEC, and the SEC is instructed to make
the notices available to the public (15
U.S.C. 78o–5(a)(l)(B)(iii)). Thus, the
information collected on Form G–FIN
and Form G–FINW is ordinarily not
treated as confidential.7 However, given
6 A foreign banking organization is a foreign bank
that operates a branch, agency, or commercial
lending company subsidiary in the United States;
controls a bank in the United States; or controls an
Edge corporation acquired after March 5, 1987; and
any company of which the foreign bank is a
subsidiary.
7 The Board’s Regulation H provides that any
person filing any statement, report, or document
under the Act may submit written objection to the
public disclosure of the information when such
information is filed in accordance with the
procedures provided in 12 CFR 208.36(d). In
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that Item 6 of Form G–FIN instructs the
filer to attach copies of the confidential
Form G–FIN–4, or if applicable, to
attach copies of any previously filed
confidential Form MSD–4 or
confidential Form U–4, these
attachments will be treated as
confidential under exemptions 4 and/or
6 of the FOIA.
Consultation outside the agency: The
Board consulted with the Federal
Deposit Insurance Corporation, the
Office of the Comptroller of Currency,
and the Securities Exchange
Commission in reviewing the form and
instructions for this submission.
Board of Governors of the Federal Reserve
System on August 15, 2019.
Yao-Chin Chao,
Assistant Secretary of the Board.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on August 14,
2019.
Valerie J. Best
Assistant Executive Secretary.
[FR Doc. 2019–18606 Filed 8–28–19; 8:45 am]
BILLING CODE 6210–01–P 6714–01–P
FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
The notificants listed below have
applied under the Change in Bank
Control Act (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
notices are set forth in paragraph 7 of
the Act (12 U.S.C. 1817(j)(7)).
The notices are available for
immediate inspection at the Federal
Reserve Bank indicated. The notices
also will be available for inspection at
the offices of the Board of Governors.
Interested persons may express their
views in writing to the Reserve Bank
indicated for that notice or to the offices
of the Board of Governors. Comments
must be received not later than
September 11, 2019.
A. Federal Reserve Bank of Kansas
City (Dennis Denney, Assistant Vice
President), 1 Memorial Drive, Kansas
City, Missouri 64198–0001:
1. Ross M. Tessendorf, Blair,
Nebraska; Todd J. Tessendorf, Lincoln,
addition, if a respondent believes that disclosing
the information on these forms is reasonably likely
to result in substantial harm to its competitive
position, then consistent with exemption 4 of the
Freedom of Information Act (‘‘FOIA’’), the
respondent may request confidential treatment for
such information pursuant to the Board’s Rules
Regarding the Availability of Information, 12 CFR
261.15.
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]]>Agencies
[Federal Register Volume 84, Number 168 (Thursday, August 29, 2019)]
[Notices]
[Pages 45491-45494]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-18606]
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FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System (``Board'')
and
[[Page 45492]]
Federal Deposit Insurance Corporation (FDIC), (collectively, the
``Agencies'').
ACTION: Joint notice, request for comment.
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SUMMARY: The Agencies invite comment on a proposal to extend for three
years, with revision, the Notice by Financial Institutions of
Government Securities Broker or Government Securities Dealer Activities
and the Notice by Financial Institutions of Termination of Activities
as a Government Securities Broker or Government Securities Dealer (Form
G-FIN and Form G-FINW; OMB Nos. 7100-0224 (Board), 3064-0093 (FDIC)).
DATES: Comments must be submitted on or before October 28, 2019.
ADDRESSES: Interested parties are invited to submit written comments to
either or both of the Agencies. All comments, which should refer to the
Office of Management and Budget (OMB) control numbers, will be shared
between the Agencies. Direct all written comments as follows:
Board: You may submit comments, identified by OMB control no. 7100-
0224 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: [email protected]. Include the 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 from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons or to remove personally
identifiable information at the commenter's request. Accordingly,
comments will not be edited to remove any identifying or contact
information. Public comments may also be viewed electronically or in
paper form 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.
FDIC: You may submit comments, which should refer to ``3064-0093''
by any of the following methods:
Agency website: https://www.fdic.gov/regulations/laws/federal/. Follow the instructions for submitting comments on the FDIC's
website.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include ``3064-0093'' in the
subject line of the message.
Mail: Manuel E. Cabeza, Counsel, Attn: Comments, Room MB-
3128, 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 550 17th Street Building (located on F
Street) on business days between 7:00 a.m. and 5:00 p.m.
Public Inspection: All comments received will be posted without
change to https://www.fdic.gov/regulations/laws/federal/ including any
personal information provided. Paper copies of public comments may be
requested from the FDIC Public Information Center by telephone at (877)
275-3342 or (703) 562-2200.
FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act
of 1995 (PRA) OMB submission, including the 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 Federal Reserve 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. Requests for additional information or a copy of the
collection may be obtained by contacting:
Board: 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.
FDIC: Manuel E. Cabeza, Counsel, (202) 898-3767, Legal Division,
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington,
DC 20429.
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
collections of information 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 Proposal
The Agencies invite public comment on the following information
collection. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Agencies' functions, including whether
the information has practical utility;
b. The accuracy of the 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.
Comments submitted in response to this notice will be shared
between the Agencies. All comments received, including attachments and
other supporting materials, are part of the public record and will be
included in the submission to OMB. At the end of the comment period,
the comments and recommendations received will be analyzed to determine
the extent to which the Agencies should modify the proposal.
Title: Notice by Financial Institutions of Government Securities
Broker or Government Securities Dealer Activities; Notice by Financial
Institutions of Termination of Activities as a Government Securities
Broker or Government Securities Dealer (Form G-FIN).
OMB Control Numbers: Board: 7100-0224. FDIC: 3064-0093.
General Description of Report: The Securities Exchange Act of 1934,
as amended (the Act),\1\ requires financial institutions to notify
their appropriate regulatory agency (ARA) prior to using
[[Page 45493]]
the mails or any means or instrumentality of interstate commerce to
engage in government securities broker or dealer activities. The Board
is the ARA for state member banks, foreign banks, uninsured state
branches or state agencies of foreign banks, commercial lending
companies owned or controlled by foreign banks, and Edge corporations
(collectively, ``Board-regulated financial institutions''). The FDIC is
the ARA for state nonmember banks and insured branches of foreign banks
(collectively, ``FDIC-regulated financial institutions''). A Board- or
FDIC-regulated financial institution must use Form G-FIN to register as
a government securities broker or dealer or to amend a previously
submitted G-FIN.
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\1\ 15 U.S.C 78o-5.
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Form G-FIN report collects such information as the company name,
all business addresses, names and titles of managers of government
securities activities, and the names of any persons involved in
disciplinary proceedings related to the sale of securities. The Board
uses the information collected by Form G-FIN to measure compliance with
the Act. For the FDIC, the Form G-FIN is used by insured State
nonmember banks that are government securities brokers or dealers to
notify the FDIC of their status.
An important function of the Form G-FIN is to help financial
institutions determine whether they must file notices pursuant to the
Act. The definitions of government securities broker and government
securities dealer in the Act are very broad and, if read literally,
would encompass most banks and many thrift institutions. The Treasury
has the authority to exempt institutions from this requirement if it is
consistent with the intent of the Act. When the Treasury regulations
were first drafted to implement the reporting requirements of the Act,
the appropriate regulatory agencies (ARAs) worked closely to narrow the
class of financial institution required to file the Form G-FIN report
(reflected in Part B of the instructions, Who Must File).
In addition to incorporating the Treasury's exemptions from the
notice requirement in the reporting instructions, these exemptions are
prominently summarized on the cover sheet of the Form G-FIN report in
order to provide a simpler and easier means for financial institutions
to determine if they are exempt.
Respondents: State member banks, insured state nonmember banks,
foreign banks, insured branches of foreign banks, uninsured state
branches or state agencies of foreign banks, commercial lending
companies owned or controlled by foreign banks, and Edge corporations.
Respondent burden:
Board:
Estimated number of respondents: Reporting, 34; Recordkeeping, 2.
Estimated average hours per response: Reporting, 1; Recordkeeping,
0.25.
Estimated frequency: 1.
Estimated total annual burden hours: 35.
FDIC:
Estimated number of respondents: 1.
Estimated average hours per response: 1.
Estimated frequency: 1.
Estimated total annual burden hours: 1.
Title: Notice by Financial Institutions of Termination of
Activities as a Government Securities Broker or Government Securities
Dealer (Form G-FINW).
OMB Control Numbers: Board: 7100-0224. FDIC: 3064-0093.
General Description of Report: The Act requires financial
institution to notify their ARA upon terminating government securities
broker or dealer activities. A Board- or FDIC-regulated financial
institution must use Form G-FINW to notify the Board or FDIC,
respectively, of its termination of such activities. Form G-FINW
collects information such as the company name, address, and contact
person responsible for the records associated with the government
securities broker or dealer activities. The Board and FDIC use the
information collected by Form G-FINW to measure compliance with the
Act. The information collected by Forms G-FINW is not available from
other sources.
The instructions for Form G-FINW state that a notificant should
retain one exact copy of the each completed Form G-FINW for the
notificant's records. These records must be kept until at least three
years after the financial institution has notified the Board or FDIC,
as appropriate, that it has ceased to function as a government
securities broker or dealer.
Respondent: State member banks, insured state nonmember banks,
foreign banks, insured branches of foreign banks, uninsured state
branches or state agencies of foreign banks, commercial lending
companies owned or controlled by foreign banks, and Edge corporations.
Respondent burden:
Board:
Estimated number of respondents: Reporting, 2; Recordkeeping, 1.
Estimated average hours per response: Reporting, 0.25; Recordkeeping,
0.25.
Estimated frequency: 1.
Estimated total annual burden hours: 1.
FDIC:
Estimated number of respondents: 1.
Estimated average hours per response: 0.25.
Estimated frequency: 1.
Estimated total annual burden hours: 0.25.
Proposed Revisions: The Agencies propose to revise Form G-FIN and
Form GINW to (1) require respondents to submit PDF versions of the
forms and any attachments to a designated email address, and (2) to
correct cross-references on the following forms: G-FIN-4, Form MSD-4,
and Form U-4, which are incorporated by reference in Item 7 of the Form
G-FIN.
In addition, the Board proposes to revise the Form G-FIN and Form
G-FINW collections to account for a requirement in the Form G-FIN
forms' instructions that respondents retain a signed copy of the form
and data submitted. Currently, only respondents that are state member
banks or uninsured state branches or state agencies of a foreign bank
must comply with this recordkeeping requirement, which is imposed on
such respondents by regulations promulgated by the U.S. Department of
the Treasury (``Treasury'').\2\ Pursuant to those regulations, such
respondents must retain Forms G-FIN and G-FINW until at least three
years after the financial institution has notified the Board that it
has ceased to function as a government securities broker or dealer. The
Board proposes to revise the Form G-FIN and Form G-FINW information
collections to impose identical recordkeeping requirements on
respondents that are foreign banks, commercial lending companies owned
or controlled by foreign banks, and Edge corporations. The retention
period with respect to forms filed by those respondents would be
identical to the period imposed by the Treasury Department regulations
in order to maintain parity among respondent institutions. The proposal
also would revise the instructions to Forms G-FIN and G-FINW so that
they state the required retention period for these forms.
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\2\ See 17 CFR 404.4.
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For the FDIC, the Form G-FIN4 and Form G-FIN5 are also information
collections cleared under the OMB control number 3064-0093. Form G-FIN-
4 is used by associated persons of insured state nonmember banks that
are government securities brokers or dealers to provide certain
information to the bank and to the FDIC concerning employment,
residence, and statutory disqualification. Form G-FIN-5 is used
[[Page 45494]]
by insured state nonmember banks that are government securities brokers
or dealers to notify the FDIC that an associated person is no longer
associated with the government securities broker or dealer function of
the bank. These revisions incur no change in the method or substance of
any information collections under OMB control number 3064-0093 and
there is no subsequent change in burden.
Legal authorization and confidentiality: Forms G-FIN and G-FINW are
authorized under 15 U.S.C. 78o-5(a)(l)(B)(i), which requires a
financial institution that is a broker or dealer of government
securities to submit a written notice advising its appropriate
regulatory agency (ARA) that it is a government securities broker or a
government securities dealer or that it has ceased to act as such. The
Act also directs the Board, in consultation with the other ARAs (the
Federal Deposit Insurance Corporation and the Office of the Comptroller
of the Currency),\3\ as well as the Securities and Exchange Commission
(SEC), to prescribe the form of and the information collected in these
notices (15 U.S.C. 78o-5(a)(l)(B)(ii)). Further support for the
creation and collection of these notices by the Board is found in the
Treasury regulations, authorized by 15 U.S.C. 78o-5(b)(l), which
instruct that the Form G-FIN and Form G-FINW are promulgated by the
Board and that such forms are to be used by non-exempt \4\ financial
institutions to notify the ARA of their status as government securities
brokers or dealers or the termination of such status.\5\
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\3\ A copy of the form filed with each ARA is also made
available by the ARA to the SEC under the Act (15 U.S.C. 78o-
5(a)(1)(B)(iii)).
\4\ The Act permits the Secretary of the Treasury to exempt
certain government securities brokers or dealers, 15 U.S.C. 78o-
5(a)(5), and the Secretary of the Treasury has promulgated
regulations exempting certain types of firms. See 17 CFR part 401.
\5\ See 17 CFR 400.1(d), 449.1, and 449.2; see also 17 CFR
400.5(b); requiring that any amendments or corrections to the notice
of status of government securities broker or dealer be filed by the
financial institution on Form G-FIN within 30 days).
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Section 15C of the Act, 15 U.S.C. 78o-5(b)(1)(C), also instructs
the Secretary of the Treasury to promulgate recordkeeping requirements
regarding the forms and records to be retained by government securities
brokers and dealers and to specify the time period for which such
records shall be preserved. Accordingly, the recordkeeping requirement
associated with these forms is contained in 17 CFR 404.4, which
requires state member banks and uninsured state branches or state
agencies of foreign banks, as well as other institutions, to retain
these forms for three years after the financial institution notifies
its ARA that it has ceased to function as a government securities
broker or dealer. Although Treasury's recordkeeping requirement does
not explicitly apply to foreign banks, to Edge corporations, or to
commercial lending companies that are owned or controlled by foreign
banks, the Board has the authority to ``issue such rules and
regulations with respect to transactions in government securities as
may be necessary to prevent fraudulent and manipulative acts and
practices and to promote just and equitable principles of trade.'' 15
U.S.C. 78o-5(b)(3)(A). Imposing a recordkeeping requirement on foreign
banks, Edge corporations, and commercial lending companies owned or
controlled by foreign banks is necessary for the public interest and
protection of investors in order to ensure that the proper notification
has been provided when these institutions are transacting in government
securities (15 U.S.C. 78o-5(a)(1)(B)). In addition, the Board is
authorized to impose a recordkeeping requirement on foreign banking
organizations \6\ (12 U.S.C. 3108), on Edge corporations (12 U.S.C.
625), and on commercial lending companies that are owned or controlled
by foreign banks (12 U.S.C. 3106, as applied through 12 U.S.C.
1844(c)).
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\6\ A foreign banking organization is a foreign bank that
operates a branch, agency, or commercial lending company subsidiary
in the United States; controls a bank in the United States; or
controls an Edge corporation acquired after March 5, 1987; and any
company of which the foreign bank is a subsidiary.
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The obligation to file the Form G-FIN and Form G-FINW with the
Board, and the obligation for the government securities broker or
dealer to retain a copy of the Form G-FIN and Form G-FINW, is mandatory
for those financial institutions for which the Board serves as the ARA,
unless the financial institution is exempt from the reporting
requirement under Treasury's regulations. The filing of these forms and
the records retention period is event-generated.
Under the Act, each ARA is instructed to make these forms available
to the SEC, and the SEC is instructed to make the notices available to
the public (15 U.S.C. 78o-5(a)(l)(B)(iii)). Thus, the information
collected on Form G-FIN and Form G-FINW is ordinarily not treated as
confidential.\7\ However, given that Item 6 of Form G-FIN instructs the
filer to attach copies of the confidential Form G-FIN-4, or if
applicable, to attach copies of any previously filed confidential Form
MSD-4 or confidential Form U-4, these attachments will be treated as
confidential under exemptions 4 and/or 6 of the FOIA.
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\7\ The Board's Regulation H provides that any person filing any
statement, report, or document under the Act may submit written
objection to the public disclosure of the information when such
information is filed in accordance with the procedures provided in
12 CFR 208.36(d). In addition, if a respondent believes that
disclosing the information on these forms is reasonably likely to
result in substantial harm to its competitive position, then
consistent with exemption 4 of the Freedom of Information Act
(``FOIA''), the respondent may request confidential treatment for
such information pursuant to the Board's Rules Regarding the
Availability of Information, 12 CFR 261.15.
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Consultation outside the agency: The Board consulted with the
Federal Deposit Insurance Corporation, the Office of the Comptroller of
Currency, and the Securities Exchange Commission in reviewing the form
and instructions for this submission.
Board of Governors of the Federal Reserve System on August 15,
2019.
Yao-Chin Chao,
Assistant Secretary of the Board.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on August 14, 2019.
Valerie J. Best
Assistant Executive Secretary.
[FR Doc. 2019-18606 Filed 8-28-19; 8:45 am]
BILLING CODE 6210-01-P 6714-01-P
