OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not
an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of
1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB
Control Number, the OMB Control Number will not appear in the active inventory. For future
submissions of this information collection, reference the OMB Control Number provided. Pursuant to
5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In
accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine
public comment in response to the NPRM and will include in the supporting statement of the next
ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded
to any public comments on the ICR, including comments on maximizing the practical utility of the
collection and minimizing the burden. This action has no effect on any current approvals.
Inventory as of this Action
Requested
Previously Approved
10/31/2018
10/31/2018
10/31/2018
399
0
399
2,315
0
2,315
0
0
0
The information collection requirements in 12 CFR parts 12 and 151 are required to ensure that national banks and Federal savings associations comply with securities laws and to improve the protections afforded to persons who purchase and sell securities through these financial institutions. Parts 12 and 151 contain recordkeeping and confirmation requirements applicable to certain securities transactions effected by national banks or Federal savings associations for customers.
The proposed rule would amend § 12.4(b) to allow institutions to direct a broker-dealer to mail confirmations to customers without requiring a duplicate to be sent by the institution. Sections 12.101 and 12.102, which required the disclosure of remuneration for mutual fund transactions and electronic communications, would be removed. Sections 151.60(a) and 151.60(b) would be amended to include the less detailed maintenance and storage procedures found in part 12. Section 151.60(b) would also be amended to allow the use of a third-party service provider for records storage and maintenance. Section 151.80 would be amended to provide that a Federal savings association that has previously determined compensation in a written agreement with the customer would not need to provide a remuneration statement for each securities transaction.
The decrease in burden is due to the removal of some requirements and the imposition of less burdensome requirements.
$0
No
No
No
No
No
Uncollected
Michael Dugas 202 874-5210
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:
(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;
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.
1557-0142 2-22-16 1015am.doc
Recordkeeping Requirements for Securities Transactions