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FDIC Federal Register Citations

[Federal Register: June 21, 2004 (Volume 69, Number 118)]
[Notices]
[Page 34354-34356]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21jn04-46]

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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

[Docket No. 04-12]

Office of Thrift Supervision

[Docket No. 2004-27]

FEDERAL RESERVE SYSTEM

[Docket No. OP-1189]

FEDERAL DEPOSIT INSURANCE CORPORATION

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49873; File No. S7-22-04]


Interagency Statement on Sound Practices Concerning Complex
Structured Finance Activities

AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC),
Office of Thrift Supervision, Treasury (OTS); Board of Governors of the
Federal Reserve System (Board); Federal Deposit Insurance Corporation
(FDIC); and Securities and Exchange Commission (SEC).

ACTION: Request for comments; extension of comment period.

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SUMMARY: On May 19, 2004, the OCC, OTS, Board, FDIC, and SEC
(collectively, the Agencies) requested public comment on a proposed
Interagency Statement on Sound Practices Concerning Complex Structured
Finance Activities (Interagency Statement) (69 FR 28980, May 19, 2004).
The Agencies are extending the comment period on the Interagency
Statement until July 19, 2004. This action will allow interested
persons additional time to analyze the issues and prepare their
comments.

DATES: Comments should be received by July 19, 2004.

ADDRESSES:
OCC: You may submit comments, identified by Docket number 04-12, by
any of the following methods:
E-mail address: regs.comments@occ.treas.gov.
Fax: (202) 874-4448.
Mail: Office of the Comptroller of the Currency, 250 E Street, SW.,
Public

[[Page 34355]]

Reference Room, Mail Stop 1-5, Washington, DC 20219.
Hand Delivery/Courier: 250 E Street, SW., Attn: Public Reference
Room, MailStop 1-5, Washington, DC 20219. You may review the comments
received by the OCC and other related materials by any of the following
methods:
Viewing Comments Personally: You may personally inspect and
photocopy comments received at the OCC's Public Reference Room, 250 E
Street, SW., Washington, DC You can make an appointment to inspect
comments by calling (202) 874-5043.
Viewing Comments Electronically: You may request copies of comments
received for a particular docket via e-mail or CD-ROM by contacting the
OCC's Public Reference Room at http:http://www.foia-pa@occ.treas.gov">//www.foia-pa@occ.treas.gov.

OTS: You may submit comments, identified by No. 2004-27, by any of
the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.

Follow the instructions for submitting comments.
E-mail: regs.comments@ots.treas.gov. Please include No.
2004-27 in the subject line of the message, and include your name and
telephone number in the message.
Fax: (202) 906-6518.
Mail: Regulation Comments, Chief Counsel's Office, Office
of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552,
Attention: No. 2004-27.
Hand Delivery/Courier: Guard's Desk, East Lobby Entrance,
1700 G Street, NW., from 9 a.m. to 4 p.m. on business days, Attention:
Regulation Comments, Chief Counsel's Office, Attention: No. 2004-27.
Instructions: All submissions received must include the agency name
and document number. All comments received will be posted without
change to http://www.ots.treas.gov/pagehtml.cfm?catNumber=67&an=1,

including any personal information provided.
Docket: For access to the docket to read background documents or
comments received, go to http://www.ots.treas.gov/pagehtml.cfm?catNumber=67&an=1.
In addition, you may inspect comments

at the Public Reading Room, 1700 G Street, NW., by appointment. To make
an appointment for access, call (202) 906-5922, send an e-mail to
public.info@ots.treas.gov, or send a facsimile transmission to (202)
906-7755. (Prior notice identifying the materials you will be requesting will assist us in serving you.) We schedule appointments on
business days between 10 a.m. and 4 p.m. In most cases, appointments
will be available the next business day following the date we receive a
request.
Board: You may submit comments, identified by Docket No. OP-1189,
by any of the following methods:
Board's Web Site: http://www.federalreserve.gov Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal: http://www.regulations.gov.

Follow the instructions for submitting comments.
E-mail: regs.comments@federalreserve.gov. Include docket
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Jennifer J. Johnson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue,
NW., Washington, DC 20551.
All public comments are available from the Board's Web site at
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as
submitted, except as necessary for technical reasons. Accordingly, your
comments will not be edited to remove any identifying or contact
information. Public comments also may be viewed electronically or in
paper form in Room MP-500 of the Board's Martin Building (C and 20th
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.
FDIC: Written comments should be addressed to Robert E. Feldman,
Executive Secretary, Attention: Comments/OES, Federal Deposit Insurance
Corporation, 550 17th Street, NW., Washington, DC 20429. 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. (Fax number: (202) 898-3838; Internet address:
comments@fdic.gov). Comments may be inspected and photocopied in the
FDIC Public Information Center, Room 100, 801 17th Street, NW.,
Washington, DC, between 9 a.m. and 4:30 p.m. on business days.
SEC: Comments may be submitted by any of the following methods:
Electronic comments:
Use the Commission's Internet comment form (http://www.sec.gov/rules/policy.
); or Send an e-mail to rule-comments@sec.gov. Please include

File Number S7-22-04 on the subject line; or
Use the Federal eRulemaking Portal (http://www.regulations.gov
). Follow the instructions for submitting comments.

Paper comments:
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number S7-22-04. This file
number should be included on the subject line if e-mail is used. To
help us process and review your comments more efficiently, please use
only one method. The Commission will post all comments on the
Commission's Internet Web site (http://www.sec.gov/rules/policy).

Comments are also available for public inspection and copying in the
Commission's Public Reference Room, 450 Fifth Street, NW., Washington,
DC 20549. All comments received will be posted without change; we do
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: OCC: Kathryn E. Dick, Deputy
Comptroller, (202) 874-4660, Risk Evaluation, Grace E. Dailey, Deputy
Comptroller, (202) 874-4610, Large Bank Supervision, Ellen Broadman,
Director, (202) 874-5210, Securities and Corporate Practices Division,
Office of the Comptroller of the Currency, 250 E Street, SW.,
Washington, DC 20219.
OTS: John C. Price, Jr., Director, Supervision Policy, Examinations
and Supervision Policy, (202) 906-5745; Debbie Merkle, Project Manager,
Credit Risk, Supervision Policy, (202) 906-5688; David A. Permut,
Senior Attorney, Business Transactions Division, (202) 906-7505, Office
of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.
Board: Michael G. Martinson, Senior Adviser (202-452-3640), Walt H.
Miles, Assistant Director (202) 452-5264, or Sabeth I. Siddique,
Manager (202) 452-3861, Division of Banking Supervision and Regulation;
or Kieran J. Fallon, Managing Senior Counsel (202) 452-5270, Legal
Division, Board of Governors of the Federal Reserve System, 20th Street
and Constitution Avenue, NW., Washington, DC 20551. Users of
Telecommunication Device for Deaf (TTD) only, call (202) 263-4869.
FDIC: William A. Stark, Associate Director, Capital Markets Branch,
(202) 898-6972, Jason C. Cave, Chief, Policy Section, Capital Markets
Branch, (202) 898-3548, Division of Supervision and Consumer
Protection; or Mark G. Flanigan, Counsel, Supervision and Legislation
Branch, Legal Division, (202) 898-7426, Federal Deposit Insurance
Corporation, 550 17th Street, NW., Washington, DC 20429.

[[Page 34356]]

SEC: Mary Ann Gadziala, Associate Director, Office of Compliance
Inspections and Examinations, or Catherine McGuire, Chief Counsel,
Linda Stamp Sundberg, Attorney Fellow, or Randall W. Roy, Special
Counsel, at (202) 942-0073, Division of Market Regulation, Securities
and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-
1001.

SUPPLEMENTARY INFORMATION: On May 19, 2004, the Agencies requested
comment on their Interagency Statement concerning the complex
structured finance activities of financial institutions supervised by
the Agencies (national and state banks; bank holding companies; federal
and state savings associations; savings and loan holding companies; and
SEC-registered broker-dealers and investment advisors). The Interagency
Statement describes the types of internal controls and risk management
procedures that the Agencies believe are particularly effective in
assisting financial institutions to identify and address the
reputational, legal, and other risks associated with complex structured
finance transactions. The Interagency Statement, among other things,
provides that financial institutions should have effective policies and
procedures in place to identify those complex structured finance
transactions that may involve heightened reputational and legal risk,
to ensure that these transactions receive enhanced scrutiny by the
institution, and to ensure that the institution does not participate in
illegal or inappropriate transactions.
Several trade associations that represent financial institutions
have requested that the Agencies extend the public comment period for
the Interagency Statement for an additional 30-day period. The trade
associations have indicated that such an extension would enable them
and their members to better analyze and address the substantive,
operational and legal issues associated with the Interagency Statement
In light of these requests, the Agencies are providing the public
additional time to comment on the proposed Interagency Statement.
You should submit your comments on the Interagency Statement by
July 19, 2004.

Dated: June 16, 2004.
John D. Hawke, Jr.,
Comptroller of the Currency.

Dated: June 16, 2004.
James E. Gilleran,
Director, Office of Thrift Supervision.

By order of the Board of Governors of the Federal Reserve
System.


Dated: June 16, 2004.
Jennifer J. Johnson,
Secretary of the Board.

Dated at Washington, DC, this 16th day of June, 2004.

Pursuant to the Order of the Board of Directors, Federal Deposit
Insurance Corporation.
Robert E. Feldman,
Executive Secretary.

By the Securities and Exchange Commission.

Dated: June 16, 2004.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-14052 Filed 6-18-04; 8:45 am]

BILLING CODE 4810-33-P

Last Updated 06/28/2004 regs@fdic.gov