Source: https://www.federalregister.gov/documents/2017/04/28/2017-08604/agency-information-collection-activities-submission-for-omb-review-comment-request-3064-0006-and
Timestamp: 2017-11-24 17:39:31
Document Index: 167000326

Matched Legal Cases: ['§\u2009351', '§\u2009351', '§\u2009351', '§\u2009351', '§\u2009351', '§\u2009351', '§\u2009351', '§\u2009351', '§\u2009351', '§\u2009351']

Federal Register :: Agency Information Collection Activities: Submission for OMB Review; Comment Request (3064-0006 & -0184)
19716-19718 (3 pages)
https://www.federalregister.gov/d/2017-08604 https://www.federalregister.gov/d/2017-08604
General Description of Collection: The Report is submitted to the FDIC by: (1) Each individual director, officer or individual or group of shareholders acting in concert that will own or control 10% or more of a proposed or operating depository institution applying for FDIC deposit insurance; (2) a person proposing to acquire control of an insured state nonmember bank or state savings association (FDIC-supervised institution); (3) each proposed new director or proposed new chief executive officer of an FDIC-supervised institution which has undergone a change in control within the preceding twelve months; and (4) each proposed new director or senior executive officer of an FDIC-supervised institution that is not in compliance with the applicable capital requirements or is otherwise in a troubled condition. The information is used by the FDIC to make an evaluation of the general character and financial condition of individuals who will be involved in the management or control of financial institutions, as required by statute. In order to lessen the burden on applicants, the FDIC cooperates with the other federal banking agencies to the maximum extent possible in processing the various applications. Notably, the Interagency Biographical and Financial Report will be amended to remove all references to the Office of Thrift Supervision as it appears on the form as well as changing the term “thrift” to “savings association.” These changes are technical and non-substantive in nature.
Affected Public: Insured state nonmember banks not under a holding company; state savings associations and state savings banks not under a holding company; subsidiaries of state nonmember banks, state savings associations, and state savings banks not under a holding company; and foreign banks having an insured branch and their branches and agencies.Start Printed Page 19717
§ 351.12(e) Reporting 18 20 10 3,600
§ 351.3(d)(3) Recordkeeping 18 1 1 18
§ 351.4(b)(3)(i)(A) Recordkeeping 18 2 4 144
§ 351.11(a)(2) Recordkeeping 18 10 1 180
§ 351.20(b) Recordkeeping 5 265 1 1,325
§ 351.20(e) Recordkeeping 5 200 1 1,000
§ 351.20(f)(1) Recordkeeping 819 8 1 6,552
§ 351.20(f)(2) Recordkeeping 18 40 1 720
§ 351.11(a)(8)(i) Disclosure 18 0.1 26 47
General Description of Collection: Subject to certain exemptions, banking entities are generally prohibited from engaging in proprietary trading or from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund (“covered fund”). The Covered entities must retain certain records for a period that is no less than 5 years in a form that allows the prompt production of such records to the FDIC on request. The information collection requirements affecting FDIC-supervised institutions are summarized below.
Section 351.4(b)(3)(i)(A) provides that a trading desk or other organizational unit of another entity with more than $50 billion in trading assets and liabilities is not a client, customer, or counterparty unless the trading desk documents how and why a particular trading desk or other organizational unit of the entity should be treated as a client, customer, or counterparty of the trading desk for purposes of § 351.4(b).
Section 351.20(e) specifies that any banking entity that has more than $10 billion in total consolidated assets as reported on December 31 of the previous two calendar years shall maintain records documenting the determination that each fund sponsored by the banking entity (including all subsidiaries and affiliates) is not a covered fund. Banking entities must also maintain a written plan documenting the treatment of certain seeding vehicles described in the regulation and, under certain circumstances, documentation of the value of the ownership interests owned by the banking entity in certain foreign public fund and each jurisdiction in which any such foreign public fund is organized.Start Printed Page 19718