[Federal Register Volume 84, Number 241 (Monday, December 16, 2019)]
[Notices]
[Pages 68454-68455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27036]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Recordkeeping and Disclosure Requirements Associated with
Regulation R (FR R; OMB No. 7100-0316).
DATES: Comments must be submitted on or before February 14, 2020.
ADDRESSES: You may submit comments, identified by FR R by any of the
following methods:
Agency Website: https://www.federalreserve.gov/. Follow
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include the OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any identifying or
contact information. Public comments may also be viewed electronically
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the
Board requires that visitors make an appointment to inspect comments.
You may do so by calling (202) 452-3684.
[[Page 68455]]
Upon arrival, visitors will be required to present valid government-
issued photo identification and to submit to security screening in
order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and
Budget, New Executive Office Building, Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act
(PRA) OMB submission, including the reporting form and instructions,
supporting statement, and other documentation will be placed into OMB's
public docket files, if approved. These documents will also be made
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. In
exercising this delegated authority, the Board is directed to take
every reasonable step to solicit comment. In determining whether to
approve a collection of information, the Board will consider all
comments received from the public and other agencies.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Report title: Recordkeeping and Disclosure Requirements Associated
with Regulation R.
Agency form number: FR R.
OMB control number: 7100-0316.
Frequency: As needed.
Respondents: ``Banks,'' as defined in the Securities Exchange Act
of 1934 (Exchange Act), that qualify for the exemptions from the
Exchange Act definition of ``broker.''
Estimated number of respondents: Section 701, disclosures to
customers: 1,500, disclosures to brokers: 1,500; section 723,
recordkeeping: 75; section 741, disclosures to customers: 750.
Estimated average hours per response: Section 701, disclosures to
customers: 0.08333, disclosures to brokers: 0.25; section 723,
recordkeeping: 0.25; section 741, disclosures to customers: 0.08333.
Estimated annual burden hours: Section 701, disclosures to
customers: 12,500, disclosures to brokers: 375; section 723,
recordkeeping: 188; section 741, disclosures to customers: 62,500.
General description of report: The Board's Regulation R, 12 CFR
part 218, implements certain exceptions for banks from the definition
of ``broker'' under section 3(a)(4) of the Exchange Act. The Exchange
Act defines ``banks'' to include banking institutions organized in the
United States, including members of the Federal Reserve System, federal
savings associations, and other commercial banks, savings associations,
and nondepository trust companies that are organized under the laws of
a state or the United States and subject to supervision and examination
by state or federal authorities having supervision over banks and
savings associations. Sections 701, 723, and 741 of Regulation R
contain certain customer and counterparty disclosure requirements and
certain transactional recordkeeping provisions for banks that utilize
these exceptions.
Legal authorization and confidentiality: The FR R is authorized
pursuant to sections 3(a)(4)(F) and 3(b) of the Exchange Act,\1\ which,
among other things, require the Board and the Security Exchange
Commission (SEC) to jointly adopt rules to implement the bank
exceptions to the definition of ``broker'' under the Exchange Act.\2\
Banks seeking the exception from the definition of ``broker'' under the
Exchange Act must comply with the requirements of FR R. The obligation,
therefore, is required to obtain a benefit.
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\1\ 15 U.S.C. 78c(a)(4)(F) and 78c(b).
\2\ Additionally, the Board has the authority to require reports
from state member banks (12 U.S.C. 248(a) and 324).
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Because these records and disclosures would be maintained at each
banking organization, the Freedom of Information Act (``FOIA'') would
only be implicated if the Board obtained such records as part of the
examination or supervision of a banking organization. In the event the
records are obtained by the Board as part of an examination or
supervision of a financial institution, this information is considered
confidential pursuant to exemption 8 of the FOIA, which protects
information contained in ``examination, operating, or condition
reports'' obtained in the bank supervisory process.\3\ In addition, the
information may also be kept confidential under exemption 4 for the
FOIA, which protects commercial or financial information obtained from
a person that is privileged or confidential.\4\
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\3\ 5 U.S.C. 552(b)(8).
\4\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, December 11,
2019.
Ann Misback,
Secretary of the Board.
[FR Doc. 2019-27036 Filed 12-13-19; 8:45 am]
BILLING CODE 6210-01-P