View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0196
ICR Reference No:
201802-7100-005
Status:
Historical Active
Previous ICR Reference No:
201404-7100-005
Agency/Subagency:
FRS
Agency Tracking No:
FR H-3
Title:
Recordkeeping and Disclosure Requirements Associated with Securities Transactions Pursuant to Regulation H
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/21/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/21/2018
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2018
07/31/2018
07/31/2018
Responses
33,161
0
33,723
Time Burden (Hours)
96,851
0
97,869
Cost Burden (Dollars)
0
0
0
Abstract:
These requirements are pursuant to sections 208.34(c), (d), and (g) of Regulation H, which require that state member banks effecting securities transactions for customers establish and maintain a system of records of these transactions, furnish confirmations of transactions to customers that disclose certain information, and establish written policies and procedures relating to securities trading. State member banks are required to maintain records created per these requirements for three years following a securities transaction. These requirements are necessary to protect the customer, to avoid or settle customer disputes, and to protect the institution against potential liability arising under the anti-fraud and insider trading provisions of the Securities Exchange Act of 1934 (Securities Exchange Act)
Authorizing Statute(s):
US Code:
15 USC 78w
Name of Law: Securities Exchange Act
US Code:
12 USC 321-328a
Name of Law: Federal Reserve Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
79 FR 21926
04/18/2014
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 42010
07/18/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
9
IC Title
Form No.
Form Name
Disclosure Burden SMBs w/ Trust Depts (Securities transactions (208.34(d)))
Disclosure Burden SMBs w/o Trust Depts (Securities transactions (208.34(d)))
Recordkeeping - SMBs (de novo) (Policy and procedures (208.34(g))
Recordkeeping - SMBs w/ Trust Depts (Employee quarterly report (208.34(g)))
Recordkeeping - SMBs w/ Trust Depts (Policy and procedures (208.34(g))
Recordkeeping - SMBs w/ Trust Depts (Securities transactions 208.34(c))
Recordkeeping - SMBs w/o Trust Depts (Employee quarterly report (208.34(g)))
Recordkeeping - SMBs w/o Trust Depts (Policies and procedures (208.34(g)))
Recordkeeping - SMBs w/o Trust Depts (Securities transactions - Records (208.34(c)))
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
33,161
33,723
0
0
-562
0
Annual Time Burden (Hours)
96,851
97,869
0
0
-1,018
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The decrease in burden is due to an update of the respondent count.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Lois Lawrence 202-452-2984 Lois.D.Lawrence@frb.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
02/21/2018
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