FDIC Federal Register Citations

[Federal Register: June 5, 2006 (Volume 71, Number 107)]

[Notices]

[Page 32345-32346]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr05jn06-53]

=======================================================================

FEDERAL DEPOSIT INSURANCE CORPORATION

Agency Information Collection Activities: Submission for OMB

Review; Comment Request; 3064-0028

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of information collections to be submitted to OMB for

review and approval under the Paperwork Reduction Act of 1995.

---------------------------------------------------------------------------------------------------------------------------------------------

SUMMARY: In accordance with requirements of the Paperwork Reduction Act

of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it

is submitting to the Office of Management and Budget (OMB) a request

for OMB review and approval of the renewal of the information

collection system described below.

DATES: Comments must be submitted on or before July 5, 2006.

ADDRESSES: Interested parties are invited to submit written comments on

the collection of information entitled: ``Recordkeeping and

Confirmation Requirements for Securities Transactions.''

All comments should refer to the name and number of the collection.

Comments may be submitted by any of the following methods:

http://www.FDIC.gov/regulations/laws/federal/notices.html..

E-mail: comments@fdic.gov. Include the name and number of

the collection in the subject line of the message.

Mail: Gary A. Kuiper (202.898.3877), Counsel, Federal

Deposit Insurance Corporation, Suite 2100, 550 17th Street, NW.,

Washington, DC 20429.

Hand Delivery: Comments may be hand-delivered to the guard

station at the rear of the 550 17th Street Building (located on F

Street), on business days between 7 a.m. and 5 p.m.

A copy of the comments may also be submitted to the OMB Desk

Officer for the FDIC, Office of Information and Regulatory Affairs,

Office of Management and Budget, New Executive Office Building, Room

10235, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Gary A. Kuiper, at the address

identified above.

SUPPLEMENTARY INFORMATION: Proposal to renew the following currently

approved collection of information:

1. Title: Recordkeeping and Confirmation Requirements for

Securities Transactions.

OMB Number: 3064-0028.

[[Page 32346]]

Form: N/A.

Frequency of Response: On occasion.

Affected Public: Individuals and businesses.

Estimated Number of Respondents: 4606.

Estimated Time per Response: 27.91 hours.

Total Annual Burden: 128,553 hours.

Previous Burden: 132,070 hours.

Change in Burden: -3517 hours

General Description of Collection: On June 30, 1977, the Securities

and Exchange Commission (SEC) published its final report on bank

securities activities pursuant to its mandate under section 11A(e) of

the Securities Exchange Act of 1934. The final report included a

recommendation to Congress that the Federal banking agencies be

mandated to issue and enforce specific rules and regulations governing

the conduct of banks in effecting transactions in securities for the

accounts of others. This recommendation required that such rules and

regulations cover all aspects of this activity including personnel

competency standards, recordkeeping requirements, and confirmation

requirements.

The FDIC developed its regulation 12 CFR 344 to be responsive, in

part, to the recommendations of the SEC final report. The regulation's

purpose is to ensure that purchasers of securities in transactions

effected by an insured state nonmember bank are provided adequate

information concerning the transactions. The regulation is also

designed to ensure that insured state nonmember banks maintain adequate

records and controls with respect to these securities transactions

Request for Comment

Comments are invited on: (a) Whether these collections of

information are necessary for the proper performance of the FDIC's

functions, including whether the information has practical utility; (b)

the accuracy of the estimate of the burden of the information

collections, including the validity of the methodology and assumptions

used; (c) ways to enhance the quality, utility, and clarity of the

information to be collected; and (d) ways to minimize the burden of the

information collections on respondents, including through the use of

automated collection techniques or other forms of information

technology. All comments will become a matter of public record.

Dated at Washington, DC, this 30th day of May, 2006.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. E6-8646 Filed 6-2-06; 8:45 am]

BILLING CODE 6714-01-P