Agency Information Collection Activities: Information Collection Renewal; Comment Request; Recordkeeping Requirements for Securities Transactions, 3760-3761 [2020-00945]

Agencies

• Office of the Comptroller of the Currency
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 14 (Wednesday, January 22, 2020)]
[Notices]
[Pages 3760-3761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00945]



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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Recordkeeping Requirements for Securities 
Transactions

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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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 a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995 (PRA). In accordance with the requirements of the PRA, the OCC may 
not conduct or sponsor, and the 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 the renewal of its information collection 
titled, ``Recordkeeping Requirements for Securities Transactions.''

DATES: Comments must be received on or before March 23, 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, 1557-0142, 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.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0142'' 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:
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    \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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     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 ``1557-0142'' or ``Recordkeeping Requirements for Securities 
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, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597, Chief Counsel's Office, Office of the Comptroller 
of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), 
Federal agencies must obtain approval from the 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 requirement, the OCC is 
publishing notice of the renewal of this collection of information.
    Title: Recordkeeping Requirements for Securities Transactions.
    OMB Number: 1557-0142.
    Description: The information collection requirements in 12 CFR 
parts 12 and 151 are required to ensure that national banks and Federal 
savings associations comply with securities laws and to improve the 
protections afforded to persons who purchase and sell securities 
through these financial institutions. Parts 12 and 151 establish 
recordkeeping and confirmation requirements applicable to certain 
securities transactions effected by national banks or Federal savings 
associations for customers. The transaction confirmation information 
required by these regulations ensures that customers receive a record 
of each securities transaction and that both financial institutions and 
the OCC have the records necessary to monitor compliance with 
securities laws and regulations. The OCC uses the required information 
in the course of its examinations to evaluate, among other things, an 
institution's compliance with the antifraud provisions of the Federal 
securities laws.
    The information collection requirements contained in 12 CFR parts 
12 and 151 are as follows:
     12 CFR 12.3 requires a national bank effecting securities 
transactions for customers to maintain certain records for at least 
three years. 12 CFR 12.3(b) provides that the records required by this 
section must clearly and accurately reflect the information required 
and provide an adequate basis for the audit of the information.
     12 CFR 151.50 requires a Federal savings association 
effecting securities transactions for customers to maintain certain 
records for at least three years. 12 CFR 151.60 provides that the 
records required by 12 CFR 151.50 must clearly and accurately reflect 
the information required and provide an adequate basis for audit of the 
information.
     12 CFR 12.4 requires a national bank to give or send to 
the customer a written notification of the transaction at or before 
completion of the securities transaction or, if using a confirmation 
from a registered broker/dealer, to send a copy of that confirmation 
within one business day from the bank's receipt of the confirmation 
from the broker dealer. Section 12.4 also establishes the required 
minimum disclosures for a customer's securities transactions.

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     12 CFR 151.70 requires a Federal savings association that 
effects a securities transaction for a customer to give or send that 
customer a written notice of the transaction or give or send the 
customer the registered broker-dealer confirmation. 12 CFR 151.80 
establishes when a Federal savings association must provide notice if 
it elects to comply with Sec.  151.70 by using a broker-dealer 
confirmation and also requires the Federal savings association to 
provide a statement of the source and amount of any remuneration it has 
received or will receive in connection with the transaction, unless it 
has determined remuneration in a written agreement with the customer. 
12 CFR 151.90 establishes when a Federal savings association must 
provide notice if it elects to comply with Sec.  151.70 by providing 
the customer with a written notice and establishes the minimum 
disclosures that must be included in that notice. 12 CFR 151.90 
requires a Federal savings association to give or send the written 
notice to the customer at or before the completion of the securities 
transaction.
     12 CFR 12.5 sets forth notification procedures that a 
national bank may elect to use, as an alternative to complying with 
Sec.  12.4, to notify customers of securities transactions for accounts 
in which the bank does not exercise investment discretion, trust 
transactions, agency transactions, and certain periodic plan 
transactions.
     12 CFR 151.100 describes notification procedures that a 
Federal savings association may use, as an alternative to complying 
with 12 CFR 151.70, for customer accounts in which the savings 
association does not exercise investment discretion, certain accounts 
for which it exercises investment discretion in other than an agency 
capacity, trust transactions, agency transactions, certain periodic 
plan transactions, collective investment fund transactions, and money 
market funds.
     12 CFR 12.7(a) requires national banks to maintain and 
adhere to policies and procedures that assign responsibility for 
supervision of employees who perform certain securities trading 
functions; provide for the fair and equitable allocation of securities 
and prices to accounts for certain types of orders; provide for 
crossing of buy and sell orders on a fair and equitable basis to the 
parties to the transaction, where permissible under applicable law; and 
require certain officers and employees to report to the bank all 
personal transactions in securities made by them or on their behalf in 
which they have a beneficial interest.
     12 CFR 151.140 requires Federal savings associations that 
effect securities transactions for customers to maintain and follow 
policies and procedures and sets forth the minimum requirements for 
such policies and procedures. These policies and procedures must assign 
responsibility for the supervision of employees who perform certain 
securities trading functions; provide for the fair and equitable 
allocation of securities and prices to accounts for certain types of 
orders; provide for crossing of buy and sell orders on a fair and 
equitable basis to the parties to the transaction, where permissible 
under applicable law; and require certain officers and employees to 
file personal securities trading reports as required by 12 CFR 151.150.
     12 CFR 12.7(a)(4) requires certain national bank officers 
and employees involved in the securities trading process to report to 
the bank all personal transactions in securities made by them or on 
their behalf in which they have a beneficial interest.
     12 CFR 151.150 requires certain Federal savings 
association officers and employees to report to the savings association 
personal transactions in securities made by them or on their behalf in 
which they have a beneficial interest. 12 CFR 151.150(a) sets forth the 
information to be included in the report and requires the report to be 
filed no later than 30 days after the end of each calendar quarter. 12 
CFR 12.8 requires a national bank seeking a waiver of one or more of 
the requirements of 12 CFR 12.2 through 12.7 to file a written request 
for waiver with the OCC.
    Type of Review: Regular.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 355.
    Estimated Frequency of Response: On occasion.
    Estimated Total Annual Burden: 1,718 hours.
    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 
collection of information;
    (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 15, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2020-00945 Filed 1-21-20; 8:45 am]
 BILLING CODE 4810-33-P