Federal Reserve System June 2012 – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB With Request for Comments, Extension of Comment Period
Background. On June 4, 2012, the Board published in the Federal Register, a notice of final approval of a proposed information collection by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). The notice requested public comment for 30 days to revise, without extension, Capital Assessments and Stress Testing information collection (FR Y- 14A/Q/M). The comment period for this information collection notice expires on July 5, 2012. Due to the range and complexity of the issues addressed in the information collection notice, the Board has determined that an extension of the end of the public comment period for an additional 30 days is appropriate. This action will allow interested persons additional time to analyze the proposed revisions and prepare their comments.
Proposed Agency Information Collection Activities; Comment Request
On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act (PRA), pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board under conditions set forth in 5 CFR 1320 Appendix A.1. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instruments are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number.
Statement of Policy Regarding the Conformance Period for Entities Engaged in Prohibited Proprietary Trading or Private Equity Fund or Hedge Fund Activities
The Board is issuing this guidance to provide clarity on the manner in which the conformance period would apply to various activities and investments covered by the requirements of section 619 of the Dodd-Frank Act. This guidance is identical to what the Board announced on its public Web site on April 19, 2012.
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB With Request for Comments
Notice is hereby given of the final approval of a proposed information collection by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). Board- approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. On February 22, 2012, the Federal Reserve published a notice in the Federal Register (77 FR 10525) requesting public comment for 60 days to revise, without extension, the Capital Assessments and Stress Testing information collection. The comment period for this notice expired on April 23, 2012. The Federal Reserve received six comment letters. The substantive comments are summarized and addressed below.
Supervised Securities Holding Company Registration
The Board is adopting this final rule to implement section 618 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``Act''), which permits nonbank companies that own at least one registered securities broker or dealer, and that are required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision, to register with the Board and subject themselves to supervision by the Board. The final rule outlines the requirements that a securities holding company must satisfy to make an effective election, including filing the appropriate form with the responsible Reserve Bank, providing all additional required information, and satisfying the statutory waiting period of 45 days or such shorter period the Board determines appropriate.
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