[Federal Register: November 25, 2005 (Volume 70, Number 226)]
[Notices]
[Page 71189-71190]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25no05-124]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Proposed Extension of
Information Collection; Comment Request
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. An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid OMB control number. The OCC is soliciting comment
concerning its information collection titled, ``Recordkeeping
Requirements for Securities Transactions--12 CFR part 12.''
DATES: You should submit comments by January 24, 2006.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Public Information Room, Mailstop 1-5, Attention: 1557-0142,
250 E Street, SW., Washington, DC 20219. In addition, comments may be
sent by fax to (202) 874-4448, or by electronic mail to
regs.comments@occ.treas.gov. You can inspect and photocopy the comments
at the OCC's Public Information Room, 250 E Street, SW., Washington, DC
20219. You can make an appointment to inspect the comments by calling
(202) 874-5043.
Additionally, you should send a copy of your comments to OCC Desk
Officer, 1557-0142, by mail to U.S. Office of Management and Budget,
725 17th Street, NW., 10235, Washington, DC 20503, or by fax
to (202) 395-6974.
[[Page 71190]]
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the collection from Mary Gottlieb, OCC Clearance Officer,
or Camille Dixon, (202) 874-5090, Legislative and Regulatory Activities
Division, Office of the Comptroller of the Currency, 250 E Street, SW.,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval
of the following information collection:
Title: Recordkeeping Requirements for Securities Transactions--12
CFR part 12.
OMB Number: 1557-0142.
Description: This submission covers an existing regulation and
involves no change to the regulation or to the information collection
requirements. The only revisions to the submission are the revised
estimates, which have been updated for accuracy.
The information collection requirements in 12 CFR part 12 are
required to ensure national bank compliance with securities laws and to
improve the protection afforded persons who purchase and sell
securities through banks. The transaction confirmation information
provides customers with a record regarding the transaction and provides
banks and the OCC with records to ensure compliance with banking and
securities laws and regulations. The OCC uses the required information
in its examinations to, among other things, evaluate a bank's
compliance with the antifraud provisions of the Federal securities
laws.
The information collection requirements contained in 12 CFR part 12
are as follows:
Section 12.3 requires a national bank effecting securities
transactions for customers to maintain 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 the
audit of the information.
Section 12.4 requires a national bank to give or send to the
customer a written notification of transaction or a copy of the
registered broker/dealer confirmation relating to the securities
transaction.
Sections 12.5(a), (b), (c), and (e) require a national bank, as an
alternative to complying with Sec. 12.4, to provide notification to
customers of trust transactions, agency transactions, and periodic plan
transactions.
Sections 12.7(a)(1) through (a)(3) require a national bank to
develop and maintain written securities trading policies and
procedures.
Section 12.7(a)(4) requires bank 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.
Section 12.8 requires a national bank to file a written request
with the OCC for a waiver of one or more of the requirements set forth
in Sec. Sec. 12.2 through 12.7.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals; Businesses or other for-profit.
Estimated Number of Respondents: 585.
Estimated Total Annual Responses: 2,369.
Frequency of Response: On occasion.
Estimated Total Annual Burden: 3,207 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 agency, including whether
the information has practical utility;
(b) The accuracy of the agency'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 startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: November 17, 2005.
Stuart Feldstein,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. E5-6509 Filed 11-23-05; 8:45 am]
BILLING CODE 4810-33-P