Agency Information Collection Activities: Information Collection Renewal; Comment Request; Mandatory Contractual Stay Requirements for Qualified Financial Contracts, 42002-42003 [2023-13695]
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Federal Register / Vol. 88, No. 123 / Wednesday, June 28, 2023 / Notices
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under § 45.9 only if it is directly
supervised by the authorities
administering the foreign regulatory
framework for non-cleared swaps and
non-cleared security-based swaps.
Section 45.10 requires a covered swap
entity to execute trading documentation
with each counterparty that is either a
swap entity or financial end user
regarding credit support arrangements
that: (1) provides the contractual right to
collect and post initial margin and
variation margin in such amounts, in
such form, and under such
circumstances as are required; and (2)
specifies the methods, procedures,
rules, and inputs for determining the
value of each non-cleared swap or noncleared security-based swap for
purposes of calculating variation margin
requirements, and the procedures for
resolving any disputes concerning
valuation.
Estimated Number of Respondents:
11.
Estimated Total Annual Burden:
4,895 hours.
On April 7, 2023, the OCC published
a 60-day notice for this information
collection, (88 FR 20941). No comments
were received. Comments continue to be
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.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2023–13696 Filed 6–27–23; 8:45 am]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request;
Mandatory Contractual Stay
Requirements for Qualified Financial
Contracts
Office of the Comptroller of the
Currency, Treasury (OCC).
ACTION: Notice and request for comment.
AGENCY:
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 ‘‘Mandatory Contractual Stay
Requirements for Qualified Financial
Contracts.’’
SUMMARY:
Comments must be received by
August 28, 2023.
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, Office
of the Comptroller of the Currency,
Attention: 1557–0339, 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–
0339’’ 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.
DATES:
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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 by the method set
forth in the next bullet. 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. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ dropdown. 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 ‘‘1557–0339’’
or ‘‘Mandatory Contractual Stay
Requirements for Qualified Financial
Contracts.’’ 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, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7 St. 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 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.
Title: Mandatory Contractual Stay
Requirements for Qualified Financial
Contracts.
OMB Control No.: 1557–0339.
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ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 123 / Wednesday, June 28, 2023 / Notices
Frequency of Response: On occasion.
Affected Public: A national bank or
Federal savings association (FSA) (or
any subsidiary of either) that is a
subsidiary of a global systemically
important bank holding company that
has been designated pursuant to 12 CFR
252.82 of the Federal Reserve Board’s
Regulation YY; a national bank or FSA
(or any subsidiary of either) that is a
subsidiary of a global systemically
important foreign banking organization
designated pursuant to 12 CFR 252.87 of
the Federal Reserve Board’s Regulation
YY; a Federal branch or agency (or any
U.S. subsidiary of a Federal branch or
agency) of a global systemically
important foreign banking organization
designated pursuant to 12 CFR 252.87 of
the Federal Reserve Board’s Regulation
YY; and any national bank or FSA that
is not under a bank holding company
and that has more than $700 billion in
total assets as reported on its most
recent Consolidated Reports of
Condition and Income (Call Report).
Abstract: Under 12 CFR part 47, a
covered bank is required to ensure that
a covered qualified financial contract
(QFC)—(1) contains a contractual stayand-transfer provision analogous to the
statutory stay-and-transfer provision
imposed under Title II of the DoddFrank Wall Street Reform and Consumer
Protection Act (see 12 U.S.C. 5390(c)(9)–
(10)) and in the Federal Deposit
Insurance Act (see 12 U.S.C. 1821(e)(8)–
(10)) and (2) limits the exercise of
default rights based on the insolvency of
an affiliate of the covered bank. A
covered bank is defined in 12 CFR
47.3(b) as:
• A national bank or FSA that has
more than $700 billion in total assets as
reported on the national bank’s or FSA’s
most recent Call Report;
• A national bank or FSA that is a
subsidiary of a global systemically
important bank holding company that
has been designated pursuant to
§ 252.82 of this title (Federal Reserve
Board Regulation YY) (12 CFR 252.82);
• A national bank or FSA that is a
subsidiary of a global systemically
important foreign banking organization
that has been designated pursuant to
§ 252.87 of this title (Federal Reserve
Board Regulation YY) (12 CFR 252.87);
• A Federal branch or agency, as
defined in subpart B of this chapter
(governing Federal branches and
agencies), of a global systemically
important foreign banking organization
that has been designated pursuant to
§ 252.87 of this title (Federal Reserve
Board Regulation YY) (12 CFR 252.87);
or
• A subsidiary of a covered bank,
except, as defined in 12 CFR 47.3(b)(3),
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18:48 Jun 27, 2023
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subsidiaries held in satisfaction of debt
previously contracted in good faith,
portfolio companies held under the
Small Business Investment Act of 1956,
and certain companies engaged in the
business of making public welfare
investments.
The requirements are intended to
enhance the resilience and the safety
and soundness of Federally chartered
and licensed financial institutions by
addressing concerns relating to the
exercise of default rights of certain
financial contracts that could interfere
with the orderly resolution of certain
systemically important financial firms.
Covered banks may comply either by
amending the contractual provisions of
their QFCs consistent with the
requirements of §§ 47.4 and 47.5 within
a specified period of time or by adhering
to the International Swaps and
Derivatives Association 2015 Universal
Resolution Stay Protocol or U.S.
Protocol (ISDA Protocols). Alternatively,
12 CFR 47.6(b)(1) provides that a
covered bank may request that the OCC
approve as compliant with the
requirements of §§ 47.4 and 47.5
provisions of one or more forms of
covered QFCs, or amendments to one or
more forms of covered QFCs, with
enhanced creditor protection
conditions.
In order for the OCC to evaluate a
covered bank’s request, 12 CFR
47.6(b)(3) requires that the request
include (1) an analysis of the proposal
that addresses a range of factors laid out
in § 47.6(d) that are intended to
facilitate the OCC’s consideration of
whether the proposal would be
consistent with the restrictions and the
main objectives of the rule; (2) a written
legal opinion verifying that the covered
bank’s proposed provisions or
amendments would be valid and
enforceable under applicable laws of the
relevant jurisdictions, including, in the
case of proposed amendments, the
validity and enforceability of the
proposal to amend the covered QFCs;
and (3) any additional information
relevant to the OCC’s approval that the
OCC requests. The OCC will then use
the information collected to determine
whether the covered bank’s proposed
alternative creditor protection
conditions comply with the
requirements of the rule and achieve its
policy goals.
Estimated Burden:
Number of Respondents: 44.
Estimated Burden per Respondent:
140 hours.
Total Estimated Annual Burden:
6,160 hours.
Comments submitted in response to
this notice will be summarized and
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42003
included in the request for OMB
approval. All comments will become a
matter of public record. Comments are
invited on:
• Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
• The accuracy of the OCC’s estimate
of the burden of the collection of
information;
• Ways to enhance the quality, utility,
and clarity of the information to be
collected;
• Ways to minimize the burden of the
collection on respondents, including the
use of automated collection techniques
or other forms of information
technology; and
• 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. 2023–13695 Filed 6–27–23; 8:45 am]
BILLING CODE P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
Internal Revenue Service (IRS)
Information Collection Requests
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice of information collection,
request for comment.
AGENCY:
The Department of the
Treasury will submit the following
information collection requests to the
Office of Management and Budget
(OMB) for review and clearance in
accordance with the Paperwork
Reduction Act of 1995, on or after the
date of publication of this notice. The
public is invited to submit comments on
these requests.
DATES: Comments should be received on
or before July 28, 2023 to be assured of
consideration.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
SUMMARY:
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]]>Agencies
[Federal Register Volume 88, Number 123 (Wednesday, June 28, 2023)]
[Notices]
[Pages 42002-42003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13695]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Mandatory Contractual Stay Requirements for
Qualified Financial Contracts
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
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
``Mandatory Contractual Stay Requirements for Qualified Financial
Contracts.''
DATES: Comments must be received by August 28, 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, Office of the Comptroller of the Currency, Attention: 1557-
0339, 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
``1557-0339'' 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 by the method set forth in the next
bullet. 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.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' dropdown. 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-
0339'' or ``Mandatory Contractual Stay Requirements for Qualified
Financial Contracts.'' 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, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7 St. 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 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.
Title: Mandatory Contractual Stay Requirements for Qualified
Financial Contracts.
OMB Control No.: 1557-0339.
[[Page 42003]]
Frequency of Response: On occasion.
Affected Public: A national bank or Federal savings association
(FSA) (or any subsidiary of either) that is a subsidiary of a global
systemically important bank holding company that has been designated
pursuant to 12 CFR 252.82 of the Federal Reserve Board's Regulation YY;
a national bank or FSA (or any subsidiary of either) that is a
subsidiary of a global systemically important foreign banking
organization designated pursuant to 12 CFR 252.87 of the Federal
Reserve Board's Regulation YY; a Federal branch or agency (or any U.S.
subsidiary of a Federal branch or agency) of a global systemically
important foreign banking organization designated pursuant to 12 CFR
252.87 of the Federal Reserve Board's Regulation YY; and any national
bank or FSA that is not under a bank holding company and that has more
than $700 billion in total assets as reported on its most recent
Consolidated Reports of Condition and Income (Call Report).
Abstract: Under 12 CFR part 47, a covered bank is required to
ensure that a covered qualified financial contract (QFC)--(1) contains
a contractual stay-and-transfer provision analogous to the statutory
stay-and-transfer provision imposed under Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (see 12 U.S.C.
5390(c)(9)-(10)) and in the Federal Deposit Insurance Act (see 12
U.S.C. 1821(e)(8)-(10)) and (2) limits the exercise of default rights
based on the insolvency of an affiliate of the covered bank. A covered
bank is defined in 12 CFR 47.3(b) as:
A national bank or FSA that has more than $700 billion in
total assets as reported on the national bank's or FSA's most recent
Call Report;
A national bank or FSA that is a subsidiary of a global
systemically important bank holding company that has been designated
pursuant to Sec. 252.82 of this title (Federal Reserve Board
Regulation YY) (12 CFR 252.82);
A national bank or FSA that is a subsidiary of a global
systemically important foreign banking organization that has been
designated pursuant to Sec. 252.87 of this title (Federal Reserve
Board Regulation YY) (12 CFR 252.87);
A Federal branch or agency, as defined in subpart B of
this chapter (governing Federal branches and agencies), of a global
systemically important foreign banking organization that has been
designated pursuant to Sec. 252.87 of this title (Federal Reserve
Board Regulation YY) (12 CFR 252.87); or
A subsidiary of a covered bank, except, as defined in 12
CFR 47.3(b)(3), subsidiaries held in satisfaction of debt previously
contracted in good faith, portfolio companies held under the Small
Business Investment Act of 1956, and certain companies engaged in the
business of making public welfare investments.
The requirements are intended to enhance the resilience and the
safety and soundness of Federally chartered and licensed financial
institutions by addressing concerns relating to the exercise of default
rights of certain financial contracts that could interfere with the
orderly resolution of certain systemically important financial firms.
Covered banks may comply either by amending the contractual
provisions of their QFCs consistent with the requirements of Sec. Sec.
47.4 and 47.5 within a specified period of time or by adhering to the
International Swaps and Derivatives Association 2015 Universal
Resolution Stay Protocol or U.S. Protocol (ISDA Protocols).
Alternatively, 12 CFR 47.6(b)(1) provides that a covered bank may
request that the OCC approve as compliant with the requirements of
Sec. Sec. 47.4 and 47.5 provisions of one or more forms of covered
QFCs, or amendments to one or more forms of covered QFCs, with enhanced
creditor protection conditions.
In order for the OCC to evaluate a covered bank's request, 12 CFR
47.6(b)(3) requires that the request include (1) an analysis of the
proposal that addresses a range of factors laid out in Sec. 47.6(d)
that are intended to facilitate the OCC's consideration of whether the
proposal would be consistent with the restrictions and the main
objectives of the rule; (2) a written legal opinion verifying that the
covered bank's proposed provisions or amendments would be valid and
enforceable under applicable laws of the relevant jurisdictions,
including, in the case of proposed amendments, the validity and
enforceability of the proposal to amend the covered QFCs; and (3) any
additional information relevant to the OCC's approval that the OCC
requests. The OCC will then use the information collected to determine
whether the covered bank's proposed alternative creditor protection
conditions comply with the requirements of the rule and achieve its
policy goals.
Estimated Burden:
Number of Respondents: 44.
Estimated Burden per Respondent: 140 hours.
Total Estimated Annual Burden: 6,160 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:
Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
The accuracy of the OCC's estimate of the burden of the
collection of information;
Ways to enhance the quality, utility, and clarity of the
information to be collected;
Ways to minimize the burden of the collection on
respondents, including the use of automated collection techniques or
other forms of information technology; and
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. 2023-13695 Filed 6-27-23; 8:45 am]
BILLING CODE P
