[Federal Register Volume 81, Number 102 (Thursday, May 26, 2016)]
[Notices]
[Pages 33533-33534]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12471]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: 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. 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
[[Page 33534]]
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number.
FOR FURTHER INFORMATION CONTACT: 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. Telecommunications Device for the Deaf (TDD) users may
contact (202) 263-4869, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
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.
Final approval under OMB delegated authority of the extension for
three years, without revision, of the following report:
Report title: Notice By Financial Institutions of Government
Securities Broker or Government Securities Dealer Activities; Notice By
Financial Institutions of Termination of Activities as a Government
Securities Broker or Government Securities Dealer.
Agency form number: Form G-FIN; Form G-FINW.
OMB control number: 7100-0224.
Frequency: On occasion.
Reporters: State member banks, foreign banks, uninsured state
branches or state agencies of foreign banks, commercial lending
companies owned or controlled by foreign banks, and Edge corporations.
Estimated annual reporting hours: 5 hours.
Estimated average hours per response: Form G-FIN, 1 hour; Form G-
FINW, 0.25 hour.
Number of respondents: Form G-FIN, 4; Form G-FINW, 2.
General description of report: The Securities and Exchange Act of
1934 authorizes the Board to require these notices. The notices are
authorized under 15 U.S.C. 78o-5(a)(l)(B)(i), which requires a
financial institution that is a broker or dealer of government
securities dealer to notify the appropriate regulatory agency (ARA)
that it is a government securities broker or a government securities
dealer (Form G-FIN notice), or that it has ceased to act as such (Form
G-FINW notice). In addition, 15 U.S.C. 78o-5(b)(1) directs the Treasury
to adopt rules requiring every government securities broker and
government securities dealer to collect information and to provide
reports to the applicable ARA. The Board is an ARA. 15 U.S.C.
78c(a)(34)(G)(ii). Further support for the creation and collection of
these notices by the Board is found in Treasury regulations, authorized
by 15 U.S.C. 78o-5(b)(l), instructing that any amendments or
corrections to a financial institution's status as a government
securities broker or dealer also be filed with the ARA on the Form GFIN
notice. 17 CFR 400.5(b).
Under the Act, the Secretary of the Treasury is authorized to
exempt any government securities broker or dealer, or class thereof,
from the notice requirement of section 78o-5(a)(1)(B). See 15 U.S.C.
78o-5(a)(5). Thus, the obligation to file the notices with the Board is
mandatory for those financial institutions for which the Board serves
as the ARA, unless the financial institution is exempted from the
notice filing requirement by Treasury regulations (17 CFR part 401). If
an exemption no longer applies, the institution must immediately file a
notice. The filing of these notices is event generated.
Respondents file two copies of the notices directly with the Board.
Under the statute, the Board forwards one copy to the Securities and
Exchange Commission (SEC), and the notices are then made public by the
SEC. 15 U.S.C. 78o-5(a)(l)(B)(iii). While the statute only requires the
SEC to produce the notices to the public, the notices are also
available to the public upon request made to the Board. Accordingly,
the Board does not consider these data to be confidential.
Abstract: The Government Securities Act of 1986 (the Act) requires
financial institutions to notify their ARA of their intent to engage in
government securities broker or dealer activity, to amend information
submitted previously, and to record their termination of such activity.
The Federal Reserve is the ARA for state member banks, foreign banks,
uninsured state branches or state agencies of foreign banks, commercial
lending companies owned or controlled by foreign banks, and Edge
corporations. The Federal Reserve uses the information in its
supervisory capacity to measure compliance with the Act.
Current Actions: On February 29, 2016, the Board published a notice
in the Federal Register (81 FR 10248) requesting public comment for 60
days on the proposal to extend the FR G-FIN and FR G-FINW for three
years without revision. The comment period for the notice expired on
April 29, 2016. The Federal Reserve did not receive any comments, and
the information collection will be extended as proposed.
Board of Governors of the Federal Reserve System, May 23, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-12471 Filed 5-25-16; 8:45 am]
BILLING CODE 6210-01-P