Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Recordkeeping Requirements for Securities Transactions, 7537-7538 [2023-02303]

Agencies

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

[Federal Register Volume 88, Number 23 (Friday, February 3, 2023)]
[Notices]
[Pages 7537-7538]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02303]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; 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 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.'' The OCC 
also is giving notice that it has sent the collection to OMB for 
review.

DATES: You should submit comments by March 6, 2023.

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) 293-4835.
    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.
    Written comments and recommendations for the proposed information 
collection should also be sent within 30 days of publication of this 
notice to www.reginfo.gov/public/do/PRAMain. You can find this 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    You may review comments and other related materials that pertain to 
this information collection following the close of the 30-day comment 
period for this notice by the method set forth in the next bullet.
     Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' tab and click on 
``Information Collection Review'' from the drop-down menu. From the 
``Currently under Review'' 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.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of 
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf, 
hard of hearing, or have a speech disability, please dial 7-1-1 to 
access telecommunications relay services.

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 and/or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
The OCC asks the OMB to extend its approval of the collection in this 
notice.
    Title: Recordkeeping Requirements for Securities Transactions.
    OMB Number: 1557-0142.
    Abstract: The information collection requirements in 12 CFR parts 
12 and 151 are designed to ensure that national banks and Federal 
savings associations comply with the banking and securities laws and 
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 and 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 the banking and 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:
     Twelve CFR 12.3 requires a national bank effecting 
securities transactions for customers to maintain certain records for 
at least three years. The records required by this section must clearly 
and accurately reflect the information required and provide an adequate 
basis for audit of the information. Section 12.3(b) permits the use of 
a third-party service provider for records maintenance.
     Twelve CFR 151.50 requires a Federal savings association 
effecting securities transactions for customers to maintain certain 
records for at least three years. Twelve CFR 151.60 provides that the 
records required by Sec.  151.50 must clearly and accurately reflect 
the information required and provide an adequate basis for audit of the 
information. Section 151.60(b)

[[Page 7538]]

permits the use of a third-party service provider for records 
maintenance.
     Twelve CFR 12.4 requires a national bank effecting a 
securities transaction for a customer to give or send to the customer 
either a written notification of the transaction at or before 
completion of the transaction, or a copy of a registered broker-
dealer's confirmation relating to the transaction within one business 
day from the bank's receipt of such confirmation. Section 12.4 also 
establishes disclosures that must be included in the bank's written 
notification or the broker-dealer confirmation. Section 12.4(b) 
provides that national banks may direct a broker-dealer to send 
confirmations to customers directly without requiring a duplicate to be 
sent by the bank.
     Twelve CFR 151.70 requires a Federal savings association 
effecting a securities transaction for a customer to give or send the 
customer either the registered broker-dealer confirmation described at 
12 CFR 151.80, or the written notice described at 12 CFR 151.90. If the 
Federal savings association is complying with Sec.  151.70 by using a 
broker-dealer confirmation, Sec.  151.80 establishes when and how the 
Federal savings association must provide the broker-dealer 
confirmation, and establishes disclosures that must be included in that 
confirmation. Section 151.80(a) also provides that a Federal savings 
association may have a broker-dealer send confirmations to customers 
directly without requiring a duplicate to be sent by the Federal 
savings association. If the Federal savings association is complying 
with Sec.  151.70 by using a written notice, Sec.  151.90 establishes 
when and how the Federal savings association must provide the written 
notice, and establishes disclosures that must be included in that 
notice.
     Twelve CFR 12.5(a), (b), (c), and (e) describe 
notification procedures that a national bank may elect to use, as an 
alternative to complying with Sec.  12.4, to notify customers of 
certain transactions in which the bank does not exercise investment 
discretion; trust transactions; agency transactions; and periodic plan 
transactions.
     Twelve CFR 151.100 describes the notification procedures a 
Federal savings association may elect to use, as an alternate means of 
satisfying Sec.  151.70, if the Federal savings association effects a 
securities transaction for or with the account of a customer under a 
periodic plan, sweep account, or investment company plan; for or with 
the account of a customer in shares of certain open-ended management 
companies; for certain accounts for which the Federal savings 
association does not exercise investment discretion; for certain 
accounts for which the Federal savings association exercises investment 
discretion other than in an agency capacity; for an account in which 
the Federal savings association exercises investment discretion in an 
agency capacity; and for a common or collective investment fund.
     Twelve CFR 12.7(a)(1) through (a)(3) require national 
banks effecting securities transactions for customers to maintain and 
adhere to policies and procedures that assign responsibility for 
supervision of employees who perform securities trading functions, 
provide for the fair and equitable allocation of securities and prices 
to accounts for certain similarly-situated orders, and provide for 
crossing of buy and sell orders on a fair and equitable basis.
     Twelve CFR 151.140 requires Federal savings associations 
effecting securities transactions for customers to maintain and follow 
policies and procedures that assign responsibility for the supervision 
of employees who perform securities trading functions, provide for the 
fair and equitable allocation of securities and prices to accounts for 
certain similarly-situated orders, and provide for crossing of buy and 
sell orders on a fair and equitable basis.
     Twelve 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.
     Twelve CFR 151.150 requires certain Federal savings 
association officers and employees involved in the securities trading 
process to report to the Federal savings association all personal 
transactions in securities made by them or on their behalf in which 
they have a beneficial interest.
     Twelve CFR 12.8 requires a national bank seeking a waiver 
of one or more of the requirements of Sec. Sec.  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: 307.
    Estimated Frequency of Response: On occasion.
    Estimated Total Annual Burden: 1501.5 Hours.
    On October 7th, 2022, the OCC published a notice for 60 days of 
comment concerning this collection, 87 FR 61144. No comments were 
received. Comments continue to be solicited 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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2023-02303 Filed 2-2-23; 8:45 am]
BILLING CODE 4810-33-P