[Federal Register Volume 81, Number 125 (Wednesday, June 29, 2016)]
[Notices]
[Pages 42357-42359]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-15325]
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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 Board 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.
FOR FURTHER INFORMATION CONTACT: 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 reports:
1. Report title: Request for Extension of Time to Dispose of Assets
Acquired in Satisfaction of Debts Previously Contracted.
Agency form number: FR 4006.
OMB control number: 7100-0129.
Frequency: Annual.
Reporters: Bank Holding Companies (BHCs).
Estimated annual reporting hours: 325.
Estimated average hours per response: 5 hours.
Number of respondents: 65.
General description of report: The FR 4006 is authorized pursuant
to sections 4(a) and 4(c)(2) of the Bank Holding Company Act (BHC Act),
(12 U.S.C. 1843(a), (c)(2)), and the Board's Regulation Y, (12 CFR
225.22(d) and 225.140). Section 4(a) of the BHC Act generally prohibits
a BHC from acquiring voting shares of a nonbank company (12 U.S.C.
1843(a)). However, section 4(c)(2) of the BHC Act provides an exception
to this general rule and permits BHCs to hold shares acquired in
satisfaction of a debt previously contracted in good faith for two
years from the date on which they were acquired. Id. At section
1843(c)(2). In addition, the Board is authorized to extend the two year
period under certain circumstances upon application from a BHC. Id. The
Board's Regulation Y extends this prohibition and exception to assets
acquired in satisfaction of a debt previously contracted (12 CFR
225.140) and provides procedures for such exceptions. (12 CFR
225.22(d)(1)). The FR 4006 is required to obtain the benefit of being
permitted to retain ownership of voting securities or assets acquired
through foreclosure in the ordinary course of collection a debt
previously contracted for more than two years. Individual respondent
information is generally not given confidential treatment. However, a
respondent may request that the information be kept confidential on a
case-by-case basis. If a respondent requests confidential treatment,
the Board will determine whether the information is entitled to
confidential treatment on an ad hoc basis in connection with such
request.
Abstract: A BHC that acquired voting securities or assets through
foreclosure in the ordinary course of collecting a debt previously
contracted may not retain ownership of those shares or assets for more
than two years without prior Board approval. There is no formal
reporting form and each request for extension must be filed at the
appropriate Reserve Bank of the BHC. The Board uses the information
provided in the request to fulfill its statutory obligation to
supervise BHCs.
Current Actions: On April 7, 2016, the Board published a notice in
the Federal Register (81 FR 20384) requesting public comment for 60
days on the proposal to extend for three years, without revision, the
FR 4006. The comment period for this notice expired on June 6, 2016.
The Board did not receive any comments, and the information collection
will be extended as proposed.
2. Report title: Stock Redemption Notification.
Agency form number: FR 4008.
OMB control number: 7100-0131.
Frequency: On occasion.
Reporters: BHCs.
Estimated annual reporting hours: 155 hours.
Estimated average hours per response: 15.5 hours.
Number of respondents: 10.
General description of report: The FR 4008 is authorized pursuant
to sections 5(b) and (c) of the BHC Act (12 U.S.C. 1844(b) and (c)) and
the Board's Regulation Y (CFR 225.4). Sections 5(b) and (c) of the BHC
Act generally authorize the Board to issue regulations and orders that
are necessary to administer and carry out the purposes of the BHC Act
and prevent evasions thereof and to require BHCs to submit reports to
the Board to keep the Board informed about their financial condition,
systems for monitoring and controlling financial and operating risks,
transactions with depository institution subsidiaries, and compliance
with the BHC Act, any other Federal law that the Board has specific
jurisdiction to enforce, and (other than in the case of an insured
depository institution or functionally regulated subsidiary) any other
applicable provision of Federal law. 12 U.S.C. 1844(b) and (c). The
Board's Regulation Y requires BHCs, in certain circumstances, to file
with the appropriate Federal Reserve Bank prior written notice before
purchasing or redeeming their equity securities. (12
[[Page 42358]]
CFR 225.4(b)). The FR 4008 is required for some BHCs to obtain the
benefit of being able to purchase or redeem their equity securities.
The individual respondent information in a stock redemption notice is
generally not considered confidential. However, a respondent may
request that the information be kept confidential on a case-by-case
basis. If a respondent requests confidentiality, the Board will
determine whether the information is entitled to confidential treatment
on an ad hoc basis in connection with such request.
Abstract: The Bank Holding Company Act and the Board's Regulation Y
generally require a BHC to seek prior Board approval before purchasing
or redeeming its equity securities. Given that a BHC is exempt from
this requirement if it meets certain financial, managerial, and
supervisory standards, only a small portion of proposed stock
redemptions actually require the prior approval of the Board. There is
no formal reporting form. The Board uses the information provided in
the redemption notice to fulfill its statutory obligation to supervise
BHCs.
Current Actions: On April 7, 2016, the Board published a notice in
the Federal Register (81 FR 20384) requesting public comment for 60
days on the proposal to extend for three years, without revision, the
FR 4008. The comment period for this notice expired on June 6, 2016.
The Board did not receive any comments, and the information collection
will be extended as proposed.
3. Report title: Notice Claiming Status as an Exempt Transfer
Agent.
Agency form number: FR 4013.
OMB control number: 7100-0137.
Frequency: On occasion.
Reporters: Banks, BHCs, savings and loan holding companies (SLHCs),
and certain trust companies.
Annual reporting hours: 20 hours.
Estimated average hours per response: 2 hours.
Number of respondents: 10.
General description of report: The FR 4013 is mandatory and
authorized pursuant to the Securities Exchange Act of 1934 (the SEA) as
amended in 1975, 15 U.S.C. 78q-1, 17 CFR 240.17Ad-4, and 12 CFR 208.31
and 225.4(d). Section 17A(a)(2)(A)(i) of the SEA, 15 U.S.C. 78q-
1(a)(2)(A)(i), directs the Securities and Exchange Commission (SEC) to
use its authority under the SEA ``to facilitate the establishment of a
national system for the prompt and accurate clearance and settlement of
transactions in securities.'' Pursuant to this Congressional directive,
the SEC promulgated regulations governing the performance of transfer
agent functions by registered transfer agents. See 17 CFR 240.17Ad-2,
240.17Ad-3, and 240.17Ad-6(a)(1) through (7) and (11). SEC Rule 17Ad-4
exempts certain low-volume transfer agents from certain of these
regulations provided that the transfer agent files a notice with its
appropriate regulatory agency certifying that it qualifies for the
exemption. 17 CFR 240.17Ad-4. Pursuant to the SEA, the SEC's transfer
agent rules as well as the low-volume transfer agent exemption are
applicable to all registered transfer agents, including those regulated
by the Board. See Section 17A(d)(1) of the SEA, 15 U.S.C. 78q-1(d)(1).
The Board's regulations further provide that Board-regulated transfer
agents are subject to the SEC's transfer agent rules, including the
low-volume transfer agent exemption. See 12 CFR 208.31(b) (applicable
to state member bank transfer agents); 12 CFR 225.4(d) (providing that
the Board's regulations governing state member bank transfer agents are
equally applicable to BHCs and certain nonbank subsidiaries that act as
transfer agents); 12 CFR 238.4(b) (requiring reports from SLHCs).
Because the information regarding a transfer agent's volume of
transactions is public information through the filing and publication
of the agents' Form TA-2 with the SEC, the individual respondent data
collected by the FR 4013 is not confidential.
Abstract: Banks, BHCs, SLHCs, and trust companies subject to the
Board's supervision that are low-volume transfer agents voluntarily
file the notice on occasion with the Board. Transfer agents are
institutions that provide securities transfer, registration,
monitoring, and other specified services on behalf of securities
issuers. The purpose of the notice, which is effective until the agent
withdraws it, is to claim exemption from certain rules and regulations
of the SEC. The Board uses the notices for supervisory purposes because
the SEC has assigned to the Board responsibility for collecting the
notices and verifying their accuracy through examinations of the
respondents. There is no formal reporting form and each notice is filed
as a letter.
Current Actions: On April 7, 2016, the Board published a notice in
the Federal Register (81 FR 20384) requesting public comment for 60
days on the proposal to extend for three years, without revision, the
FR 4013. The comment period for this notice expired on June 6, 2016.
The Board did not receive any comments, and the information collection
will be extended as proposed.
In addition, the Board now provides registrants the option of
submitting FR 4013 notices via the secure email address [email protected], preferably as a Portable Document Format (PDF)
file.
4. Report title: Investment in Bank Premises Notification.
Agency form number: FR 4014.
OMB control number: 7100-0139.
Frequency: On occasion.
Reporters: State member banks (SMBs).
Annual reporting hours: 9 hours (rounded to the nearest hour).
Estimated average hours per response: 30 minutes.
Number of respondents: 5.
General description of report: Section 24A(a) of the Federal
Reserve Act (FRA) requires that SMBs obtain prior Board approval before
investing in bank premises that exceed certain statutory thresholds (12
U.S.C. 371d(a)). The FR 4014 is required to obtain a benefit because
banks wanting to make an investment in bank premises that exceed a
certain threshold are required to notify the Board. The information
collected is not considered confidential. However, an SMB may request
that a report or document not be disclosed to the public and be held
confidential by the Board. Should an SMB request confidential treatment
of such information, the question of whether the information is
entitled to confidential treatment must be determined on an ad hoc
basis in connection with such request.
Abstract: The FRA requires SMBs to seek prior Board approval before
making an investment in bank premises that exceeds certain thresholds.
There is no formal reporting form, and each required request for prior
approval must be filed as a notification with the appropriate Reserve
Bank of the SMB. The Board uses the information provided in the notice
to fulfill its statutory obligation to supervise SMBs.
Current Actions: On April 7, 2016, the Board published a notice in
the Federal Register (81 FR 20384) requesting public comment for 60
days on the proposal to extend for three years, without revision, the
FR 4014. The comment period for this notice expired on June 6, 2016.
The Board did not receive any comments, and the information collection
will be extended as proposed.
5. Report title: Reports Related to Securities Issued by State
Member Banks as Required by Regulation H.
Agency form number: Reg H-1.
OMB control number: 7100-0091.
Frequency: Annually, Quarterly, and on occasion.
[[Page 42359]]
Reporters: SMBs.
Estimated annual reporting hours: 264.
Estimated average hours per response: 5.17.
Number of respondents: 3.
General description of report: This information collection is
mandatory pursuant to sections 12(i) and 23(a)(1) of the Securities
Exchange Act of 1934 (15 U.S.C. 781(i) and 78w (a)(1)) and the Board's
Regulation H (12 CFR 208.36). The information collected is not given
confidential treatment. However, a state member bank make request that
a report or document not be disclosed to the public and be held
confidential by the Board, (12 CFR 208.36(d). All such requests for
confidential treatment will be determined on a case-by-case basis.
Abstract: The Board's Regulation H requires certain SMBs to submit
information relating to their securities to the Board on the same forms
that bank holding companies and nonbank entities use to submit similar
information to the SEC. The information is primarily used for public
disclosure and is available to the public upon request.
Current Actions: On April 7, 2016, the Board published a notice in
the Federal Register (81 FR 20384) requesting public comment for 60
days on the proposal to extend for three years, without revision, the
Reg H-1. The comment period for this notice expired on June 6, 2016.
The Board did not receive any comments, and the information collection
will be extended as proposed.
Board of Governors of the Federal Reserve System, June 23, 2016.
Robert deV. Frierson
Secretary of the Board.
[FR Doc. 2016-15325 Filed 6-28-16; 8:45 am]
BILLING CODE 6210-01-P