Federal Register / Vol. 89, No. 182 / Thursday, September 19, 2024 / Notices 76917 

Request for Comments: Comments 

submitted in response to this notice will 

be summarized and/or 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 shall have 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 of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology; and (e) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: September 16, 2024. 

Jon R. Callahan, 

Senior Tax Analyst. 

[FR Doc. 2024–21443 Filed 9–18–24; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Privacy Act of 1974; System of 

Records 

AGENCY: Departmental Offices, 

Department of the Treasury. 

ACTION: Notice of a new system of 

records. 

SUMMARY: In accordance with the 

Privacy Act of 1974, as amended 

(Privacy Act), the Department of the 

Treasury (Treasury), Departmental 

Offices proposes to establish a new 

Treasury system of records entitled 

‘‘Department of the Treasury, 

Departmental Offices .413—Outbound 

Investment Security Program 

Notification System’’ for information 

collected in connection with the 

implementation of the Executive order, 

‘‘Addressing United States Investments 

in Certain National Security 

Technologies and Products in Countries 

of Concern.’’ This action is necessary to 

meet the requirements of the Privacy 

Act to publish in the Federal Register 

notice of the existence and character of 

the system of records maintained by 

Treasury. 

DATES: Written comments must be 

received by October 21, 2024. The new 

routine uses will be applicable on 

October 21, 2024 unless Treasury 

receives comments and determines that 

changes to the system of records notice 

are necessary. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal E-rulemaking Portal: 

https://www.regulations.gov. Follow the 

instructions for submitting comments. 

Electronic submission of comments 

allows the commenter maximum time to 

prepare and submit a comment and 

ensures timely receipt. 

• Mail: U.S. Department of the 

Treasury, Attention: Meena R. Sharma, 

Director, Office of Investment Security 

Policy and International Relations, 1500 

Pennsylvania Avenue NW, Washington, 

DC 20220. 

Treasury encourages comments to be 

submitted via https://

www.regulations.gov. All comments 

submitted, including attachments and 

other supporting material, will be made 

public, including any personally 

identifiable or confidential business 

information that is included in a 

comment. Therefore, commenters 

should submit only information that 

they wish to make publicly available. 

Commenters who wish to remain 

anonymous should not include 

identifying information in their 

comments. 

FOR FURTHER INFORMATION CONTACT: For 

general questions and questions 

regarding privacy issues, please contact: 

Ryan Law, Deputy Assistant Secretary 

for Privacy, Transparency, and Records, 

Department of the Treasury, 1500 

Pennsylvania Avenue NW, Washington, 

DC 20220; telephone: (202) 622–5710. 

SUPPLEMENTARY INFORMATION: In 

accordance with the Privacy Act of 

1974, 5 U.S.C. 552a, as amended (the 

Privacy Act), the Department of the 

Treasury (Treasury), Departmental 

Offices proposes to establish a new 

system of records entitled ‘‘Department 

of the Treasury, Departmental Offices 

.413—Outbound Investment Security 

Program Notification System’’ for 

information collected in connection 

with the implementation of Executive 

Order 14105 of August 9, 2023, 88 FR 

54867 (the Outbound Order). 

As background, on August 9, 2023, 

the President issued the Outbound 

Order, which declares a national 

emergency to address the threat to the 

United States posed by countries of 

concern, which seek to develop and 

exploit sensitive technologies or 

products critical for military, 

intelligence, surveillance, or cyberenabled capabilities. Among other 

things, the Outbound Order directs the 

Secretary of the Treasury to issue 

regulations that require U.S. persons to 

provide notification of information to 

Treasury regarding certain transactions 

involving a person of a country of 

concern that is engaged in certain 

activities involving covered national 

security technologies and products that 

may contribute to the threat to the 

national security of the United States as 

identified under the Outbound Order. 

The Outbound Order also directs the 

Secretary of the Treasury to issue 

regulations that prohibit certain 

transactions by a U.S. person involving 

a person of a country of concern that is 

engaged in certain activities involving 

covered national security technologies 

and products that pose a particularly 

acute national security threat to the 

United States. The Outbound Order 

authorizes the Secretary of the Treasury 

to exempt from applicable notification 

or prohibition requirements any 

transaction or transactions determined 

to be in the national interest of the 

United States. On August 9, 2023, 

Treasury issued an Advance Notice of 

Proposed Rulemaking, 88 FR 54961 

(published August 14, 2023), to explain 

initial considerations and seek public 

comment on implementation of the 

Outbound Order. 

On June 21, 2024, Treasury issued a 

Notice of Proposed Rulemaking (NPRM) 

to seek public comment on the proposed 

rule, 89 FR 55846 (published July 5, 

2024). As described in the NPRM, 

Treasury intends to require U.S. persons 

to provide notification of certain 

transactions under its implementing 

regulations. This information would 

include relevant details on the U.S. 

person(s) involved in the transaction as 

well as information on the transaction 

and the foreign person(s) involved. 

These notifications would increase the 

U.S. Government’s visibility into 

transactions by U.S. persons or their 

controlled foreign entities and involving 

technologies and products relevant to 

the threat to the national security of the 

United States due to the policies and 

actions of countries of concern. These 

notifications would also be helpful in 

highlighting aggregate sector trends and 

related capital flows as well as 

informing future policy development. 

Treasury also intends to require any 

U.S. person seeking a national interest 

exemption for a particular transaction to 

submit information to Treasury 

regarding the scope of that transaction 

including, as applicable, the 

information that would be required for 

a notification under the implementing 

regulations (such transactions, together 

with transactions that would be 

required to be notified to Treasury, are 


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76918 Federal Register / Vol. 89, No. 182 / Thursday, September 19, 2024 / Notices 

referred to herein as ‘‘transactions 

notified to Treasury’’). 

The new system of records will 

support Treasury’s collection of 

information in the performance of its 

analysis of these transactions, and for 

other purposes associated with its 

national security functions. The system 

may include records from other systems 

of records both within Treasury and in 

records provided by certain other 

Executive Branch agencies. Any records 

from another Treasury system of records 

or another Executive Branch agency’s 

system of records for which an 

exemption is claimed under 5 U.S.C. 

552a(j) or (k) that may also be included 

in this system of records retain the same 

exempt status as such records have in 

the system for which such exemption is 

claimed. Treasury will consult with the 

Department of Commerce and, as 

appropriate, certain other Executive 

Branch agencies on analysis of 

transactions consistent with the 

Outbound Order. Records will be 

protected according to applicable rules 

and policies with system access being 

limited to individuals who need to 

know the information for the 

performance of their official duties. 

The related information collections 

have been submitted to the Office of 

Management and Budget on July 8, 2024 

under control number: 202407–1505– 

002. 

Additionally, Treasury’s 

Departmental Offices is issuing a 

separate Notice of Proposed Rulemaking 

to exempt this system of records from 

certain provisions of the Privacy Act. 

This established system will be 

included in Treasury’s inventory of 

record systems. Below is the description 

of the ‘‘Department of the Treasury, 

Departmental Offices .413—Outbound 

Investment Security Program 

Notification System.’’ 

In accordance with 5 U.S.C. 552a(r), 

Treasury has provided a report of this 

new system to OMB and to the U.S. 

Congress. 

Dated: September 12, 2024. 

Ryan Law, 

Deputy Assistant Secretary for Privacy, 

Transparency, and Records. 

SYSTEM NAME AND NUMBER: 

Department of the Treasury, 

Departmental Offices .413—Outbound 

Investment Security Program 

Notification System. 

SECURITY CLASSIFICATION: 

Classified. 

SYSTEM LOCATION: 

Records are maintained at the 

Departmental Offices: 1500 

Pennsylvania Avenue NW, Washington, 

DC 20220. 

SYSTEM MANAGER(S): 

a. Director, Office of Investment 

Security Policy and International 

Relations, U.S. Department of the 

Treasury, 1500 Pennsylvania Avenue 

NW, Washington, DC 20220. 

b. Director, Office of Global 

Transactions Review, U.S. Department 

of the Treasury, 1500 Pennsylvania 

Avenue NW, Washington, DC 20220. 

c. Chief Information Officer, U.S. 

Department of the Treasury, 1750 

Pennsylvania Avenue NW, Washington, 

DC 20220. 

AUTHORITY FOR MAINTENANCE OF THE SYSTEM: 

31 U.S.C. 321; 5 U.S.C. 301; 44 U.S.C. 

1301; E.O. 9397, 12333, 12968, 13478, 

13526, 14105 

PURPOSE(S) OF THE SYSTEM: 

The purpose of this system is to 

collect information submitted by the 

relevant party regarding certain 

transactions notified to Treasury, and 

other available information related to 

such transactions, and disseminate such 

information to the Department of 

Commerce and, as appropriate, certain 

other Executive Branch agencies, in 

connection with the analysis of such 

transactions consistent with the 

Outbound Order. 

CATEGORIES OF INDIVIDUALS COVERED BY THE

SYSTEM: 

The system covers individual U.S. 

persons that are party to or otherwise 

involved in a transaction notified to 

Treasury and whose information is 

provided to Treasury through the 

notifications or through other means. 

The term ‘‘U.S. person’’ is defined in the 

NPRM, and consistent with the 

Outbound Order, to mean ‘‘any United 

States citizen, lawful permanent 

resident, entity organized under the 

laws of the United States or any 

jurisdiction within the United States, 

including any foreign branch of any 

such entity, or any person in the United 

States.’’ 

CATEGORIES OF RECORDS IN THE SYSTEM: 

Records consist of information 

submitted to Treasury regarding certain 

transactions notified to Treasury and 

other available information related to 

such transactions. Records include, but 

may not be limited to, the following 

information, which is being collected 

either pursuant to the Outbound Order 

and implementing regulations or as 

needed to administer the Outbound 

Investment Security Program 

Notification System. 

(1) Full name (last, middle, first) 

(2) Position/job title 

(3) Email address (personal/business) 

(4) Mailing address (personal/ 

business) 

(5) Phone number (personal/ 

business); and 

(6) Employer (name and business 

location) 

RECORD SOURCE CATEGORIES: 

The information contained in the 

records in the Outbound Investment 

Security Program Notification System 

may be provided by the individual who 

is the subject of the record, their 

representative, the representative of an 

entity filing a notification to Treasury, 

or through other means. 

ROUTINE USES OF RECORDS MAINTAINED IN THE

SYSTEM, INCLUDING CATEGORIES OF USERS AND

PURPOSES OF SUCH USES: 

Only to the extent consistent with the 

Outbound Order and the implementing 

regulations, and in addition to those 

disclosures generally permitted under 

the Privacy Act of 1974, 5 U.S.C. 

552a(b), records and/or information or 

portions thereof maintained as part of 

this system may be disclosed outside 

Treasury as a routine use pursuant to 5 

U.S.C. 552a(b)(3) as follows: 

(1) To appropriate agencies, entities, 

and persons, including the United 

States Department of Justice (DOJ), 

when such records and/or information 

or portions thereof are relevant to any 

judicial or administrative action or 

proceeding; 

(2) To any domestic governmental 

entity, or to any foreign governmental 

entity of a United States partner or ally, 

where the information or documentary 

materials are important to the national 

security analysis or actions of such 

governmental entity or Treasury, subject 

to appropriate confidentiality and 

classification requirements; 

(3) To Congress or to any duly 

authorized committee or subcommittee 

of Congress; 

(4) To the National Archives and 

Records Administration or General 

Services Administration pursuant to 

records management inspections being 

conducted under the authority of 44 

U.S.C. 2904 and 2906; 

(5) To appropriate agencies, entities, 

and persons when (1) Treasury suspects 

or has confirmed that there has been a 

breach of the system of records; (2) 

Treasury has determined that as a result 

of the suspected or confirmed breach 

there is a risk of harm to individuals, 

Treasury (including its information 

systems, programs, and operations), the 

Federal Government, or national 

security; and (3) the disclosure made to 

such agencies, entities, and persons is 


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Federal Register / Vol. 89, No. 182 / Thursday, September 19, 2024 / Notices 76919 

reasonably necessary to assist in 

connection with Treasury’s efforts to 

respond to the suspected or confirmed 

breach or to prevent, minimize, or 

remedy such harm; 

(6) To another Federal agency or 

Federal entity, when Treasury 

determines that information from this 

system of records is reasonably 

necessary to assist the recipient agency 

or entity in (1) responding to a 

suspected or confirmed breach or (2) 

preventing, minimizing, or remedying 

the risk of harm to individuals, the 

recipient agency or entity (including its 

information systems, programs, and 

operations), the Federal Government, or 

national security, resulting from a 

suspected or confirmed breach; 

(7) To the Department of Commerce 

and, as appropriate, certain other 

Executive Branch agencies, consistent 

with the Outbound Order and the 

implementing regulations; and, 

(8) To parties to transactions when 

Treasury requires additional 

information or clarification on issues 

related to individuals involved in the 

transaction. 

POLICIES AND PRACTICES FOR STORAGE OF

RECORDS: 

Records in this system are stored in 

security controlled physical locations, 

using information technology that 

follows federal information security 

standards and directives. 

POLICIES AND PRACTICES FOR RETRIEVAL OF

RECORDS: 

Records in this system may be 

retrieved, for authorized purposes, by 

name or another unique identifier. 

POLICIES AND PRACTICES FOR RETENTION AND

DISPOSAL OF RECORDS: 

Records in this system are maintained 

in a secure IT system following federal 

information security standards and 

directives and in security controlled 

physical locations according to the 

General Records Schedule 5.2, item 020, 

Intermediary Records. Records will be 

disposed of in accordance with the 

requirements of the Federal Records Act 

and applicable record retention 

schedules. 

ADMINISTRATIVE, TECHNICAL, AND PHYSICAL

SAFEGUARDS: 

Records in this system are 

safeguarded in accordance with 

applicable rules and policies, including 

all applicable Treasury information 

systems security and access policies. 

Strict controls are imposed to minimize 

the risk of compromising the 

information that is being stored. Access 

to the records in this system is limited 

to those individuals who have 

appropriate permissions and a need to 

know for the performance of their 

official duties. User activity is recorded 

by the system for audit purposes. 

Electronic records are encrypted at rest 

and in transit. Records are maintained 

in buildings subject to 24-hour security. 

RECORD ACCESS PROCEDURES: 

See ‘‘Notification Procedures’’ below. 

CONTESTING RECORD PROCEDURES: 

See ‘‘Notification Procedures’’ below. 

NOTIFICATION PROCEDURES: 

The Secretary of the Treasury has 

exempted this system from the 

notification, access, and amendment 

procedures of the Privacy Act because it 

contains classified information and 

investigatory material compiled for law 

enforcement purposes, other than 

material within the scope of subsection 

(j)(2) of the Privacy Act. Subject to the 

foregoing, Treasury will consider 

individual requests to determine 

whether or not information may be 

released. Thus, individuals seeking 

notification of and access to any record 

contained in this system of records, or 

seeking to contest its content, may 

inquire in writing in accordance with 

instructions appearing at 31 CFR part 1, 

subpart C, Appendix A. Requests for 

information and specific guidance on 

where to send requests for records may 

be addressed to Director, FOIA Services, 

Department of the Treasury, 1750 

Pennsylvania Avenue NW, Washington, 

DC 20220. 

When seeking records about yourself 

from this system of records or any other 

Treasury system of records your request 

must conform with the Privacy Act 

regulations set forth in 31 CFR 1.26. 

While no specific form is required, you 

may obtain forms for this purpose from 

the Director, FOIA Services, Department 

of the Treasury, 1750 Pennsylvania 

Avenue NW, Washington, DC 20220. 

EXEMPTIONS PROMULGATED FOR THE SYSTEM: 

Certain records in this system are 

exempt from 5 U.S.C. 552a(c)(3), (d)(1), 

(2), (3), and (4), (e)(1), (e)(4)(G), (H), and 

(I), and (f) of the Privacy Act pursuant 

to 5 U.S.C. 552a(k)(1) and (k)(2). 

HISTORY: 

None. 

[FR Doc. 2024–21280 Filed 9–18–24; 8:45 am] 

BILLING CODE 4810–AK–P 


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