[Federal Register Volume 75, Number 186 (Monday, September 27, 2010)]
[Notices]
[Pages 59263-59264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24060]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

SUMMARY:

[[Page 59264]]

Background

    Notice is hereby given of the final approval of proposed 
information collections by the Board of Governors of the Federal 
Reserve System (Board) under OMB delegated authority, as per 5 CFR 
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the Paperwork Reduction Act (PRA) Submission, 
supporting statements and approved collection of information 
instrument(s) are placed into OMB's public docket files. The Federal 
Reserve may not conduct or sponsor, and the respondent is not required 
to respond to, an information collection that has been extended, 
revised, or implemented on or after October 1, 1995, unless it displays 
a currently valid OMB control number.

FOR FURTHER INFORMATION CONTACT:
    Federal Reserve Board Clearance Officer--Michelle Shore--Division 
of Research and Statistics, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202-452-3829).
    OMB Desk Officer--Shagufta Ahmed--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
    Report title: Recordkeeping and Disclosure Requirements Associated 
with Securities Transactions Pursuant to Regulation H.
    Agency form number: Reg H-3.
    OMB control number: 7100-0196.
    Frequency: On occasion.
    Reporters: State member banks.
    Estimated annual reporting hours: 97,279 hours.
    Estimated average hours per response: State member banks (de novo): 
recordkeeping, 40 hours. State member banks with trust departments: 
recordkeeping, 2 hours; disclosure, 16 hours. State member banks 
without trust departments: recordkeeping, 15 minutes; disclosure, 5 
hours.
    Number of respondents: 3 new state member banks (de novo), 224 
state member banks with trust departments and state member trust 
companies, and 621 state member banks without trust departments.
    General description of report: This information collection is 
mandatory pursuant the Federal Deposit Insurance Corporation Act (12 
U.S.C. 325), which authorizes the Federal Reserve to require 
recordkeeping, disclosure and policy establishment requirements 
associated with Sections 208.34(c), (d), and (g) of Regulation H, and 
15 U.S.C. 78w. If the records maintained by state member banks come 
into the possession of the Federal Reserve, they are given confidential 
treatment (5 U.S.C. 552(b)(4), (b)(6), and (b)(8)) under the Freedom of 
Information Act.
    Abstract: The Federal Reserve's Regulation H requires state member 
banks to maintain records 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.
    Current Actions: On July 8, 2010, the Federal Reserve published a 
notice in the Federal Register (75 FR 39258) seeking public comment for 
60 days on the extension, without revision, of the Recordkeeping and 
Disclosure Requirements Associated with Securities Transactions 
Pursuant to Regulation H. The comment period for this notice expired on 
September 7, 2010. The Federal Reserve did not receive any comments.

    Dated: Board of Governors of the Federal Reserve System, 
September 21, 2010.
Jennifer J. Johnson,
Secretary of the Board..
[FR Doc. 2010-24060 Filed 9-24-10; 8:45 am]
BILLING CODE 6210-01-P