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:
7100-0224
ICR Reference No:
201912-7100-021
Status:
Historical Active
Previous ICR Reference No:
201606-7100-004
Agency/Subagency:
FRS
Agency Tracking No:
Form G-FIN; Form G-FINW
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 Br
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/21/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/21/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2023
36 Months From Approved
02/29/2020
Responses
39
0
6
Time Burden (Hours)
36
0
5
Cost Burden (Dollars)
0
0
0
Abstract:
The Securities Exchange Act of 1934, as amended (the Act), requires financial institutions to notify their appropriate regulatory agency (ARA) prior to using the mails or any means or instrumentality of interstate commerce to engage in government securities broker or dealer activities, and to notify their ARA upon terminating such activities. The Board 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 Act corporations (collectively, Board-regulated financial institutions). A Board-regulated financial institution must use Form G-FIN to register as a government securities broker or dealer or to amend a previously submitted Form G-FIN, and must use Form G-FINW to notify the Board of its termination of such activities.
Authorizing Statute(s):
US Code:
12 USC 3108
Name of Law: International Banking Act of 1978
US Code:
12 USC 625
Name of Law: Federal Reserve Act
US Code:
15 USC 78o-5(a)(1)(B)(i)
Name of Law: Securities Exchange Act of 1934
US Code:
12 USC 3106
Name of Law: International Banking Act of 1978
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act of 1956
US Code:
15 USC 78o-5(a)(1)(B)(ii)
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78o-5(b)(1)
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78o-5(b)(1)(C)
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78o-5(b)(3)(A)
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78o-5(a)(1)(B)
Name of Law: Securities Exchange Act of 1934
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:
84 FR 45491
08/29/2019
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 70542
12/23/2019
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Recordkeeping Form G-FIN
Form G-FIN
Notice by Financial Institutions of Government Securities Broker or Government Securities Dealer Activities
Recordkeeping Form G-FINW
Form G-FINW
Notice by Financial Institutions of Termination of Activities as a Government Securities Broker or Government Securities Dealer
Reporting Form G-FIN
Form G-FIN
Notice by Financial Institutions of Government Securities Broker or Government Securities Dealer Activities
Reporting Form G-FINW
Form G-FINW
Notice by Financial Institutions of Termination of Activities as a Government Securities Broker or Government Securities Dealer
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
39
6
0
33
0
0
Annual Time Burden (Hours)
36
5
0
31
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimated total annual burden for the Form G-FIN and Form G-FINW is 5 hours, and would increase to 36 hours with the adopted revisions. The estimated number of respondents is based on the average number of combined files received in the past three years. With regard to the Board’s recordkeeping requirement associated with Form G-FIN and Form G-FINW, only foreign banks, commercial lending companies owned or controlled by foreign banks, and Edge Act corporations are included as respondents. The recordkeeping requirement with regard to the financial institutions that file Form G-FIN and Form G-FINW with the Board is imposed by the Treasury. Therefore, the estimated total annual recordkeeping burden for Form G-FIN and Form G-FINW is diminutive.
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.
Yes
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:
Kaitlin Merritt 202 452-3752 kaitlin.m.merritt@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:
02/21/2020
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