Agency Information Collection Activities: Information Collection Renewal; Comment Request; Retail Foreign Exchange Transactions, 1373-1374 [2020-00232]
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Federal Register / Vol. 85, No. 7 / Friday, January 10, 2020 / Notices
connection with these proceedings since
the facts do not appear to warrant a
hearing. If any interested parties desire
an opportunity for oral comment and a
public hearing, they should notify FRA,
in writing, before the end of the
comment period and specify the basis
for their request.
All communications concerning these
proceedings should identify the
appropriate docket number and may be
submitted by any of the following
methods:
• Website: https://
www.regulations.gov. Follow the online
instructions for submitting comments.
• Fax: 202–493–2251.
• Mail: Docket Operations Facility,
U.S. Department of Transportation, 1200
New Jersey Ave. SE, W12–140,
Washington, DC 20590.
• Hand Delivery: 1200 New Jersey
Ave. SE, Room W12–140, Washington,
DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal
Holidays.
Communications received by
February 24, 2020 will be considered by
FRA before final action is taken.
Comments received after that date will
be considered if practicable. Anyone
can search the electronic form of any
written communications and comments
received into any of our dockets by the
name of the individual submitting the
comment (or signing the document, if
submitted on behalf of an association,
business, labor union, etc.). Under 5
U.S.C. 553(c), DOT solicits comments
from the public to better inform its
processes. DOT posts these comments,
without edit, including any personal
information the commenter provides, to
www.regulations.gov, as described in
the system of records notice (DOT/ALL–
14 FDMS), which can be reviewed at
https://www.transportation.gov/privacy.
See also https://www.regulations.gov/
privacyNotice for the privacy notice of
regulations.gov.
Issued in Washington, DC.
John Karl Alexy,
Associate Administrator for Railroad Safety,
Chief Safety Officer.
[FR Doc. 2020–00210 Filed 1–9–20; 8:45 am]
jbell on DSKJLSW7X2PROD with NOTICES
BILLING CODE 4910–06–P
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16:39 Jan 09, 2020
Jkt 250001
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request; Retail
Foreign Exchange Transactions
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other Federal
agencies to take this opportunity to
comment on the renewal of an
information collection as required by
the Paperwork Reduction Act of 1995
(PRA).
An agency may not conduct or
sponsor, and a respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number.
The OCC is soliciting comment
concerning renewal of an information
collection titled, ‘‘Retail Foreign
Exchange Transactions,’’ which is
currently an approved collection.
DATES: Comments must be submitted on
or before March 10, 2020.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, 1557–
0250, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0250’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
You may review comments and other
related materials that pertain to this
information collection beginning on the
SUMMARY:
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1373
date of publication of the second notice
for this collection 1 by any of the
following methods:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Click on the
‘‘Information Collection Review’’ tab.
Underneath the ‘‘Currently under
Review’’ section heading, from the dropdown menu select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0250’’ or ‘‘Retail Foreign
Exchange Transactions.’’ Upon finding
the appropriate information collection,
click on the related ‘‘ICR Reference
Number.’’ On the next screen, select
‘‘View Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 649–6700 or,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490 or, for persons
who are deaf or hearing impaired, TTY,
(202) 649–5597, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. Section
3506(c)(2)(A) of title 44 requires Federal
agencies to provide a 60-day notice in
the Federal Register concerning each
proposed collection of information,
including each proposed extension of an
existing collection of information,
before submitting the collection to OMB
for approval. To comply with this
1 Following the close of this notice’s 60-day
comment period, the OCC will publish a second
notice with a 30-day comment period.
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10JAN1
1374
Federal Register / Vol. 85, No. 7 / Friday, January 10, 2020 / Notices
requirement, the OCC is publishing
notice of the renewal of the collection
of information set forth in this
document.
Title: Retail Foreign Exchange
Transactions.
OMB Control No.: 1557–0250.
Type of Review: Regular.
Frequency of Response: On occasion.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
15.
Total Annual Burden: 22,418 hours.
Description:
Background
The OCC’s retail forex rule (12 CFR
part 48) allows national banks and
Federal savings associations to offer or
enter into retail foreign exchange
transactions. In order to engage in these
transactions, institutions must comply
with various reporting, disclosure, and
recordkeeping requirements included in
that rule.
Reporting Requirements
The reporting requirements in 12 CFR
48.4 state that, prior to initiating a retail
forex business, a national bank or
Federal savings association must
provide the OCC with prior notice and
obtain a written supervisory noobjection letter. In order to obtain a
supervisory no-objection letter, a
national bank or Federal savings
association must have written policies,
procedures, and risk measurement and
management systems and controls in
place to ensure that retail forex
transactions are conducted in a safe and
sound manner. The national bank or
Federal savings association also must
provide other information required by
the OCC, such as documentation of
customer due diligence, new product
approvals, and haircuts applied to
noncash margins.
jbell on DSKJLSW7X2PROD with NOTICES
Disclosure Requirements
Under 12 CFR 48.5, a national bank or
Federal savings association must
promptly provide the customer with a
statement reflecting the financial result
of the transactions and the name of any
introducing broker to the account. The
institution must follow the customer’s
specific instructions on how the
offsetting transaction should be applied.
Twelve CFR 48.6 requires that a
national bank or Federal savings
association furnish a retail forex
customer with a written disclosure
before opening an account through
which the customer will engage in retail
forex transactions. It further requires a
national bank or Federal savings
association to secure an
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16:39 Jan 09, 2020
Jkt 250001
acknowledgment from the customer that
the disclosure was received and
understood. Finally, the section requires
the disclosure by a national bank or
Federal savings association of its
profitable accounts ratio and its fees and
other charges.
Twelve CFR 48.10 requires a national
bank or Federal savings association to
issue monthly statements to each retail
forex customer and send confirmation
statements following transactions.
Twelve CFR 48.13(c) prohibits a
national bank or Federal savings
association engaging in retail forex
transactions from knowingly handling
the account of any related person of
another retail forex counterparty unless
it receives proper written authorization,
promptly prepares a written record of
the order, and transmits to the
counterparty copies of all statements
and written records. Twelve CFR
48.13(d) prohibits a related person of a
national bank or Federal savings
association engaging in retail forex
transactions from having an account
with another retail forex counterparty
unless it receives proper written
authorization and copies of all
statements and written records for such
accounts are transmitted to the
counterparty.
Twelve CFR 48.15 requires a national
bank or Federal savings association to
provide a retail forex customer with 30
days prior notice of any assignment of
any position or transfer of any account
of the retail forex customer. It also
requires a national bank or Federal
savings association to which retail forex
accounts or positions are assigned or
transferred to provide the affected
customers with risk disclosure
statements and forms of
acknowledgment and obtain the signed
acknowledgments within 60 days.
The customer dispute resolution
provisions in 12 CFR 48.16 require
certain endorsements,
acknowledgments, and signatures. The
section also requires that a national
bank or Federal savings association,
within 10 days after receipt of notice
from the retail forex customer that the
customer intends to submit a claim to
arbitration, provide the customer with a
list of persons qualified in the dispute
resolution.
Policies and Procedures;
Recordkeeping
Twelve CFR 48.7 and 48.13 require
that a national bank or Federal savings
association engaging in retail forex
transactions keep full, complete, and
systematic records and to establish and
implement internal rules, procedures,
and controls. Section 48.7 also requires
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Fmt 4703
Sfmt 4703
that a national bank or Federal savings
association keep account, financial
ledger, transaction, and daily records, as
well as memorandum orders, postexecution allocation of bunched orders,
records regarding its ratio of profitable
accounts, possible violations of law,
records for noncash margin, and
monthly statements and confirmations.
Twelve CFR 48.9 requires policies and
procedures for haircuts for noncash
margin collected under the rule’s
margin requirements and annual
evaluations and modifications of the
haircuts.
Comments submitted in response to
this notice will be summarized and
included in the request for OMB
approval. All comments will become a
matter of public record. Comments are
invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the burden of the
information collection;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Dated: January 6, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2020–00232 Filed 1–9–20; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Multiemployer Pension Plan
Application To Reduce Benefits
Department of the Treasury.
Notice of availability; request
for comments.
AGENCY:
ACTION:
The Board of Trustees of the
Bricklayers & Allied Craftsmen Local 7
Pension Fund (Fund), a multiemployer
pension plan, has submitted an
application to reduce benefits under the
plan in accordance with the
Multiemployer Pension Reform Act of
2014 (MPRA). The purpose of this
notice is to announce that the
application submitted by the Board of
Trustees of the Fund has been published
SUMMARY:
E:\FR\FM\10JAN1.SGM
10JAN1
]]>Agencies
[Federal Register Volume 85, Number 7 (Friday, January 10, 2020)]
[Notices]
[Pages 1373-1374]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00232]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Retail Foreign Exchange Transactions
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on the renewal of an
information collection as required by the Paperwork Reduction Act of
1995 (PRA).
An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid Office of Management and Budget (OMB) control number.
The OCC is soliciting comment concerning renewal of an information
collection titled, ``Retail Foreign Exchange Transactions,'' which is
currently an approved collection.
DATES: Comments must be submitted on or before March 10, 2020.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0250, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Instructions: You must include ``OCC'' as the agency name
and ``1557-0250'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this information collection beginning on the date of publication of the
second notice for this collection \1\ by any of the following methods:
---------------------------------------------------------------------------
\1\ Following the close of this notice's 60-day comment period,
the OCC will publish a second notice with a 30-day comment period.
---------------------------------------------------------------------------
Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0250'' or ``Retail Foreign Exchange Transactions.'' Upon
finding the appropriate information collection, click on the related
``ICR Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700 or, for persons who
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490 or, for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day
notice in the Federal Register concerning each proposed collection of
information, including each proposed extension of an existing
collection of information, before submitting the collection to OMB for
approval. To comply with this
[[Page 1374]]
requirement, the OCC is publishing notice of the renewal of the
collection of information set forth in this document.
Title: Retail Foreign Exchange Transactions.
OMB Control No.: 1557-0250.
Type of Review: Regular.
Frequency of Response: On occasion.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 15.
Total Annual Burden: 22,418 hours.
Description:
Background
The OCC's retail forex rule (12 CFR part 48) allows national banks
and Federal savings associations to offer or enter into retail foreign
exchange transactions. In order to engage in these transactions,
institutions must comply with various reporting, disclosure, and
recordkeeping requirements included in that rule.
Reporting Requirements
The reporting requirements in 12 CFR 48.4 state that, prior to
initiating a retail forex business, a national bank or Federal savings
association must provide the OCC with prior notice and obtain a written
supervisory no-objection letter. In order to obtain a supervisory no-
objection letter, a national bank or Federal savings association must
have written policies, procedures, and risk measurement and management
systems and controls in place to ensure that retail forex transactions
are conducted in a safe and sound manner. The national bank or Federal
savings association also must provide other information required by the
OCC, such as documentation of customer due diligence, new product
approvals, and haircuts applied to noncash margins.
Disclosure Requirements
Under 12 CFR 48.5, a national bank or Federal savings association
must promptly provide the customer with a statement reflecting the
financial result of the transactions and the name of any introducing
broker to the account. The institution must follow the customer's
specific instructions on how the offsetting transaction should be
applied.
Twelve CFR 48.6 requires that a national bank or Federal savings
association furnish a retail forex customer with a written disclosure
before opening an account through which the customer will engage in
retail forex transactions. It further requires a national bank or
Federal savings association to secure an acknowledgment from the
customer that the disclosure was received and understood. Finally, the
section requires the disclosure by a national bank or Federal savings
association of its profitable accounts ratio and its fees and other
charges.
Twelve CFR 48.10 requires a national bank or Federal savings
association to issue monthly statements to each retail forex customer
and send confirmation statements following transactions.
Twelve CFR 48.13(c) prohibits a national bank or Federal savings
association engaging in retail forex transactions from knowingly
handling the account of any related person of another retail forex
counterparty unless it receives proper written authorization, promptly
prepares a written record of the order, and transmits to the
counterparty copies of all statements and written records. Twelve CFR
48.13(d) prohibits a related person of a national bank or Federal
savings association engaging in retail forex transactions from having
an account with another retail forex counterparty unless it receives
proper written authorization and copies of all statements and written
records for such accounts are transmitted to the counterparty.
Twelve CFR 48.15 requires a national bank or Federal savings
association to provide a retail forex customer with 30 days prior
notice of any assignment of any position or transfer of any account of
the retail forex customer. It also requires a national bank or Federal
savings association to which retail forex accounts or positions are
assigned or transferred to provide the affected customers with risk
disclosure statements and forms of acknowledgment and obtain the signed
acknowledgments within 60 days.
The customer dispute resolution provisions in 12 CFR 48.16 require
certain endorsements, acknowledgments, and signatures. The section also
requires that a national bank or Federal savings association, within 10
days after receipt of notice from the retail forex customer that the
customer intends to submit a claim to arbitration, provide the customer
with a list of persons qualified in the dispute resolution.
Policies and Procedures; Recordkeeping
Twelve CFR 48.7 and 48.13 require that a national bank or Federal
savings association engaging in retail forex transactions keep full,
complete, and systematic records and to establish and implement
internal rules, procedures, and controls. Section 48.7 also requires
that a national bank or Federal savings association keep account,
financial ledger, transaction, and daily records, as well as memorandum
orders, post-execution allocation of bunched orders, records regarding
its ratio of profitable accounts, possible violations of law, records
for noncash margin, and monthly statements and confirmations. Twelve
CFR 48.9 requires policies and procedures for haircuts for noncash
margin collected under the rule's margin requirements and annual
evaluations and modifications of the haircuts.
Comments submitted in response to this notice will be summarized
and included in the request for OMB approval. All comments will become
a matter of public record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
information collection;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: January 6, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2020-00232 Filed 1-9-20; 8:45 am]
BILLING CODE 4810-33-P
