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