[Federal Register: October 22, 2002 (Volume 67, Number 204)]
[Notices]
[Page 64964-64965]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr22oc02-150]
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DEPARTMENT OF THE TREASURY
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 December 23, 2002.
ADDRESSES: You should direct comments to the Office of the Comptroller
of the Currency, Public Information Room, Mailstop 1-5, Attention:
1557-0142, 250 E Street, SW., Washington, DC 20219. Due to disruptions
in the OCC's mail service since September 11, 2001, commenters are
encouraged to submit comments by fax or e-mail. Comments may be sent by
fax to (202) 874-4448, or by e-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.
A copy of the comments should also be sent to the OMB Desk Officer
for the OCC: Joseph F. Lackey, Jr., Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503, or by e-mail to
jlackeyj@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: You can request additional information
from
[[Page 64965]]
Jessie Dunaway, 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 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 OCC requests only that OMB extend its approval of the
information collection.
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: Extension of a currently approved collection.
Affected Public: Individuals; Businesses or other for-profit.
Estimated Number of Respondents: 745.
Estimated Total Annual Responses: 745.
Frequency of Response: On occasion.
Estimated Total Annual Burden: 3,913 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: October 17, 2002.
Mark J. Tenhundfeld,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 02-26831 Filed 10-21-02; 8:45 am]
BILLING CODE 4810-33-P