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FDIC Federal Register Citations

[Federal Register: December 22, 2003 (Volume 68, Number 245)]
[Notices]               
[Page 71106-71108]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr22de03-45]                         

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FEDERAL DEPOSIT INSURANCE CORPORATION

Privacy Act of 1974, as Amended; Addition of a New System of 
Records

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Proposed addition of a new system of records.

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SUMMARY: The Federal Deposit Insurance Corporation (FDIC) is issuing 
public notice of its intent to add a new category of records to its 
Privacy Act system of records. This action is necessary to meet the 
requirement of the Privacy Act of 1974, as amended, for the publication 
in the Federal Register of notices identifying the various systems of 
records maintained by the FDIC. The new system of records is named 
``Beneficial Ownership Filings (Securities Exchange Act).''

DATES: Comments on the addition of this new system of records, 
including comments concerning the proposed routine uses included in 
this notice, must be received by the FDIC on or before January 21, 
2004. The amendments, revisions and consolidations that are the subject 
of this notice will become effective 45 days following publication in 
the Federal Register, unless a superseding notice to the contrary is 
published before that date.

ADDRESSES: You may submit comments by any of the following methods:
    Agency Web site: 
http://www.FDIC.gov/regulations/laws/federal/propose.html. Follow instructions for
submitting comments on this Web site.

    Email: comments@FDIC.gov. Include ``Beneficial Ownership 
Filings (Securities Exchange Act)'' in the subject line.

    Mail: Fredrick L. Fisch, Supervisory Counsel, Attention: 
Comments, FDIC, 550 17th Street, NW., Washington, DC 20429.

    Instructions: All submissions should refer to ``Beneficial 
Ownership Filings (Securities Exchange Act)''. Comments may be posted 
without change to the FDIC internet site at 
http://www.FDIC.gov/regulations/laws/federal/propose.html, 
including any personal information provided. Comments may also be 
inspected and photocopied in the FDIC Public Information Center, Room 100, 801 17th Street NW., 
Washington, DC 20434, between 9 a.m. and 4:30 p.m. on business days.

FOR FURTHER INFORMATION CONTACT: Fredrick L. Fisch, Supervisory 
Counsel, FOIA/Privacy Act Group, FDIC, 550 17th Street NW., Washington, 
DC 20429, (202) 736-0526.

SUPPLEMENTARY INFORMATION: Section 16 of the Securities Exchange Act of 
1934 (``Exchange Act'') requires that insiders of FDIC-insured 
depository institutions with a class of securities registered under 
section 12 of the Exchange Act file reports regarding their beneficial 
ownership of securities. In general, under section 16, an ``insider'' 
is a director, officer or beneficial owner of more than 10% of an 
issuer's equity securities. Under section 12(i) of the Exchange Act, 
(15 U.S.C. 78l), the FDIC and the other Federal banking agencies

[[Page 71107]]

are authorized to enforce all provisions of section 16 of the Exchange 
Act that are applicable to securities issued by FDIC-insured depository 
institutions. Historically, these reports have been filed on paper. 
Pursuant to section 403 of the Sarbanes-Oxley Act of 2002 (``Sarbanes-
Oxley''), which amended section 16 of the Exchange Act, the FDIC has 
established an electronic filing system on its public Internet website 
to receive beneficial ownership filings from filers and to display them 
to the public. The FDIC's public Internet website permits the 
electronic search and retrieval of these reports. The search can be by 
date, or by name or location of the related financial institution. The 
FDIC intends to upgrade the search capability in the near future to 
allow for a search by name of a reporting person. In addition to 
requiring the electronic filing and display of these reports, section 
403 of Sarbanes-Oxley accelerated the time for making certain 
beneficial ownership filings, and establishes the time period in which 
they must be made accessible to the public.
    During a transitional period, beneficial ownership reports will 
continue to be filed in paper form. This provision for paper filing 
will be phased out, except for limited ``hardship'' exceptions. Except 
where indicated, this notice describes the system as it will exist when 
paper filing, except for ``hardship'' paper filing, is eliminated. 
There are three types of electronically filed forms accessible through 
the Beneficial Ownership Filings system on the FDIC's public Internet 
Web site. They are titled: ``Initial Statement of Beneficial Ownership 
of Securities,'' ``Statement of Changes in Beneficial Ownership of 
Securities'' and ``Annual Statement of Beneficial Ownership of 
Securities.''
    Comments: FDIC will consider comments received within 30 days of 
the publication of this Notice. A revised notice of changes made in 
response to comments will be forthcoming, if applicable.
30--64--0025

SYSTEM NAME:
    Beneficial Ownership Filings (Securities Exchange Act).

SECURITY CLASSIFICATION:
    None.

SYSTEM LOCATION:
    The records are stored at the Accounting & Securities Disclosure 
Section, Division of Supervision and Consumer Protection, Federal 
Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 
20429.

CATEGORIES OF INDIVIDUALS COVERED BY THE SYSTEM:
    (1) Any director or officer of an FDIC-insured depository 
institution with a class of equity securities registered pursuant to 
section 12 of the Securities Exchange Act of 1934, and (2) Any person 
who is directly or indirectly the beneficial owner of greater than 10% 
of a class of equity securities issued by an FDIC-insured depository 
institution that are registered under section 12 of the Securities 
Exchange Act of 1934; including any trust, trustee, beneficiary or 
settlor required to report pursuant to Securities and Exchange 
Commission Rule 16a-8.

CATEGORIES OF RECORDS IN THE SYSTEM:
    Reporting persons submit electronically or on paper reports on any 
of the following three forms: ``Initial Statement of Beneficial 
Ownership of Securities,'' ``Statement of Changes in Beneficial 
Ownership of Securities'' and ``Annual Statement of Beneficial 
Ownership of Securities.'' Reporting persons are required to use these 
forms to disclose ownership and transactional information relative to 
their beneficial ownership of securities of FDIC-insured depository 
institutions with securities registered under the Securities Exchange 
Act of 1934. Under section 403 of the Sarbanes-Oxley Act of 2002, these 
forms must be submitted in electronic form and must be made available 
to the public on a Federal agency's external Internet Web site. The 
forms require disclosure of the name of the financial institution, 
relationship of reporting person to the financial institution, 
reporting person's name and street address, date of form or amendment, 
and filer's signature and date. A description of the securities' terms 
and transactional information including transaction date, type of 
transaction, amount of securities acquired or disposed, price, 
aggregate amount of securities beneficially owned, and form and nature 
of beneficial ownership must also be disclosed on the forms.

AUTHORITY FOR MAINTENANCE OF THE SYSTEM:
    Sections 12(i) and 16(a) of the Securities Exchange Act of 1934 
(respectively, 15 U.S.C. 78l(i) and 78p(a)).

PURPOSES:
    In accordance with section 16(a) of the Securities Exchange Act of 
1934, as amended by section 403 of the Sarbanes-Oxley Act of 2002, this 
information is being made available to the public on the FDIC's 
external Internet website in order to facilitate the more efficient 
transmission, dissemination, analysis, storage and retrieval of insider 
ownership and transaction information in a manner that will benefit 
investors, filers and bank regulatory agencies.

ROUTINE USES OF RECORDS MAINTAINED IN THE SYSTEM, INCLUDING CATEGORIES 
OF USERS AND THE PURPOSES OF SUCH USES:
    The information in this system of records is publicly accessible. 
Additionally, as routine uses subject to the Privacy Act of 1974, the 
FDIC may disclose information maintained in this system to:
    (1) An appropriate governmental or self-regulatory organization 
when relevant and necessary to the organization's regulatory or 
supervisory responsibilities or if the information is relevant to a 
known or suspected violation of a law or licensing standard within that 
organization's jurisdiction;
    (2) The Department of Justice, a court, an adjudicative body, a 
party in litigation, or a witness if the FDIC determines that the 
information is relevant and necessary to a proceeding in which the 
FDIC, any FDIC employee in his or her individual capacity represented 
by the Department of Justice or the FDIC, or the United States is a 
party or has an interest;
    (3) A congressional office when the information is relevant to an 
inquiry made at the request of the individual about whom the record is 
maintained; or
    (4) A contractor or agent who needs to have access to this system 
of records to perform an assigned activity.

POLICIES AND PRACTICES FOR STORING, RETRIEVING, ACCESSING, RETAINING 
AND DISPOSING OF RECORDS IN THE SYSTEM:
STORAGE:
    Records are stored in electronic media or on paper format in file 
folders.

RETRIEVABILITY:
    Electronically filed reports are indexed and retrieved by the name 
of the reporting party. Paper-filed reports are indexed by the name of 
the depository institution issuing the securities being reported, with 
sub-indexing by the filer's name.

SAFEGUARDS:
    Access to the information in this electronic system of records is 
unrestricted. The filing and amendment of electronic records is 
restricted to authorized users who have been issued non-transferable 
user id's and passwords.

[[Page 71108]]

RETENTION AND DISPOSAL:
    Electronic media and paper files will be retained for fifteen years 
from the date of filing and then will be deleted or destroyed in 
accordance with the FDIC's publicly available Records Retention 
Schedule.

SYSTEM MANAGER(S) AND ADDRESS:
    Accounting & Securities Disclosure Section, Division of Supervision 
and Consumer Protection, Federal Deposit Insurance Corporation, 550 
17th Street, NW., Washington, DC 20429.

NOTIFICATION PROCEDURE:
    Individuals with access to the Internet may directly enter the 
interagency Beneficial Ownership Filings system in order to determine 
if they are named in this system of records as well as to obtain the 
records maintained in this system. Individuals may also do so by 
submitting their request in writing to the Accounting & Securities 
Disclosure Section, Room F-6043, Division of Supervision and Consumer 
Protection, Federal Deposit Insurance Corporation, 550 17th Street NW., 
Washington, DC 20429.

RECORDS ACCESS PROCEDURES:
    Same as ``Notification'' above.

CONTESTING RECORD PROCEDURES:
    The filer may directly amend information maintained in the 
interagency Beneficial Ownership Filings system by submitting an 
amended beneficial ownership filing. The original filing remains in the 
Beneficial Ownership Filings system and continues to be accessible 
through the FDIC's external Web site. In the alternative, pursuant to 
12 CFR 310.7, individuals to whom the information pertains may submit 
requests for the amendment of records in writing to the Federal Deposit 
Insurance Corporation, FOIA/PA Group, 550 17th Street, NW., Washington, 
DC 20429. Under 12 CFR 310.8, such requests will be reviewed by the 
system manager of the system of records. Denials of requests for 
amendments may be appealed to the General Counsel of the FDIC as 
provided in 12 CFR 310.9.

RECORD SOURCE CATEGORIES:
    Information originates from (1) any director or officer of an FDIC-
insured depository institution with a class of equity securities 
registered pursuant to section 12 of the Securities Exchange Act of 
1934; and (2) any beneficial owner of greater than 10% of an FDIC-
insured depository institution with a class of equity securities 
registered under the Securities Exchange Act of 1934, including any 
trust, trustee, beneficiary or settlor required to report pursuant to 
SEC Rule 16a-8.

EXEMPTIONS CLAIMED FOR THE SYSTEM:
    None.

    By order of the Board of Directors.

    Federal Deposit Insurance Corporation.

    Dated at Washington, DC, this 2nd day of December 2003.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 03-31402 Filed 12-19-03; 8:45 am]
BILLING CODE 6714-01-P


Last Updated 12/22/2003 regs@fdic.gov