[Federal Register Volume 83, Number 15 (Tuesday, January 23, 2018)]
[Notices]
[Pages 3146-3148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01115]
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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, with revision,
the reports on Margin Credit (FR G-1, FR G-2, FR G-4; OMB No. 7100-
0011. FR G-3; OMB No. 7100-0018. FR T-4; OMB No. 7100-0019. FR U-1; OMB
No. 7100-0115).
DATES: Comments must be submitted on or before March 26, 2018.
ADDRESSES: You may submit comments, identified by FR G-1, FR G-2, FR G-
3,
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FR G-4, T-4, or FR U-1, by any of the following methods:
Agency Website: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include 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
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or contact information. Public
comments may also be viewed electronically or in paper form in Room
3515, 1801 K Street (between 18th and 19th Streets NW) Washington, DC
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
Additionally, commenters may send a copy of their comments to the
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 PRA OMB submission,
including the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public website at: http://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. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management
and Budget (OMB) delegated to the Board authority under the Paperwork
Reduction Act (PRA) to approve of and assign OMB control numbers to
collection of information requests and requirements 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 Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve'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 Federal
Reserve should modify the proposal.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, With Revision, of the Following Reports
1. Report title: Registration Statement for Persons Who Extend
Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers);
Deregistration Statement for Persons Registered Pursuant to Regulation
U; Annual Report.
Agency form number: FR G-1; FR G-2; FR G-4.
OMB control number: 7100-0011.
Frequency: FR G-1 and FR G-2: On occasion; FR G-4: annually.
Respondents: Lenders making loans secured by margin stock other
than brokers, dealers, and banks.
Estimated number of respondents: 89.
Estimated average hours per response: FR G-1: 2.5; FR G-2: 0.25; FR
G-4: 2.
Estimated annual burden hours: 160.
General Description of Report: The registration statement (FR G-1)
is required to enable the Federal Reserve to identify nonbank lenders
subject to Regulation U, to verify compliance with the regulation, and
to monitor margin credit. In addition, registered nonbank lenders can
be subject to periodic review by the Board, National Credit Union
Administration, and Farm Credit Administration.
The deregistration statement (FR G-2) is used by nonbank lenders to
withdraw from regulation if their margin credit activities no longer
exceed the regulatory threshold found in Regulation U. Under section
221.3(b)(2) of Regulation U, a registered nonbank lender may apply to
terminate its registration if the lender has not, during the preceding
six calendar months, had more than $200,000 of such credit outstanding.
The information submitted on the annual report (FR G-4) is required
pursuant to Regulation U to enable the Federal Reserve to monitor the
amount of credit that is secured by margin stock and that is extended
by nonbank lenders.
2. Report title: Statement of Purpose for an Extension of Credit
Secured by Margin Stock by a Person Subject to Registration Under
Regulation U.
Agency form number: FR G-3.
OMB control number: 7100-0018.
Frequency: On occasion.
Respondents: Lenders that extend credit by other lenders pursuant
to the Federal Reserve's margin requirements.
Estimated number of respondents: 6.
Estimated average hours per response: 0.17.
Estimated annual burden hours: 20.
3. Report title: Statement of Purpose for an Extension of Credit by
a Creditor.
Agency form number: FR T-4.
OMB control number: 7100-0019.
Frequency: On occasion.
Respondents: Brokers and dealers extending credit pursuant to the
Federal Reserve's margin requirements.
Estimated number of respondents: 4.
Estimated average hours per response: 0.17.
Estimated annual burden hours: 14.
4. Report title: Statement of Purpose for an Extension of Credit
Secured by Margin Stock.
Agency form number: FR U-1.
OMB control number: 7100-00115.
Frequency: On occasion.
Respondents: Filers for extension of credit by banks.
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Estimated number of respondents: 4.
Estimated average hours per response: 0.17.
Estimated annual burden hours: 51.
General Description of Report: The FR G-3, FR T-4, and FR U-1
purpose statements, which are completed by the borrower and the lender
(brokers and dealers, in the case of the FR T-4), consist of three
parts. The borrower completes Part I of the reporting form and is
required to do the following: State the amount of the loan and whether
the purpose of the loan is to purchase, carry, or trade in securities
(pursuant to Regulation T) or purchase or carry margin stock (pursuant
to Regulation U) and, if not, describe the specific purpose of the
loan. FR T-4 respondents must also answer a question as to whether the
securities serving as collateral will be delivered against payment. The
borrower must sign and date the reporting form. The lender completes
Part II, which may entail listing and valuing any collateral. The
lender then signs and dates Part III of the reporting form,
acknowledging that the customer's statement is accepted in good faith.
The lender is required to hold the reporting forms for at least three
years after the credit is extinguished. The Federal Reserve System does
not collect or process this information, but as noted, the information
required on the form may be used by Federal Reserve examiners to assess
compliance with the Securities Exchange Act of 1934 and Regulation T.
Proposed revisions: The Board proposes to revise the instructions
for the FR G-1, FR G-2, and FR G-4 to require respondents to submit
Portable Document Format (PDF) versions of the reporting forms and
attachments to a designated Federal Reserve Board email address. The
Board is proposing these revisions in an effort to improve clarity as
the current instructions do not contain explicit guidance on the form
of submission for the reports. The revisions would be effective April
1, 2018.
The Board also proposes to consolidate all six Margin Credit
Reports under one OMB control number, 7100-0011, which currently only
includes the FR G-1, FR G-2, and FR G-4. This change is aimed at
simplifying the tracking and clearance process for the Margin Credit
Reports.
Legal authorization and confidentiality: The Board has determined
that each of the reports is authorized by section 7 of the Act (15
U.S.C. 78g). In addition, FR T-4 is required by section 220.6 of
Regulation T (12 CFR 220.6), FR U-1 is required by sections
221.3(c)(1)(i) and (2)(i) of Regulation U (12 CFR 221.3(c)(1)(i) and
(2)(i)), and FR G-1, FR G-2, FR G-3, and FR G-4 are required by
sections 221.3(b)(1), (2), and (3), and (c)(1)(ii) and (2)(ii) of
Regulation U (12 CFR 221.3(b)(1), (2), and (3), and (c)(1)(ii) and
(2)(ii)).
FR G-1 and FR G-4 collect financial information, including a
balance sheet, from nonbank lenders subject to Regulation U. Some of
these lenders may be individuals or nonbank entities that do not make
this information publicly available; release could therefore cause
substantial harm to the competitive position of the respondent or
result in an unwarranted invasion of personal privacy. In those cases,
the information could be withheld under exemption 4 or exemption 6 of
the Freedom of Information Act (5 U.S.C. 552(b)(4) and (6)),
respectively. Confidentiality determinations must be made on a case by
case basis. Because FR G-3, FR T-4, and FR U-1 are not submitted to the
Federal Reserve System and FR G-2 does not contain any information
considered to be confidential, no confidentiality determination is
necessary for these reports.
Board of Governors of the Federal Reserve System, January 17,
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-01115 Filed 1-22-18; 8:45 am]
BILLING CODE 6210-01-P