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FDIC Federal Register Citations

[Federal Register: June 5, 2006 (Volume 71, Number 107)]
[Page 32345-32346]
From the Federal Register Online via GPO Access []



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:     
E-mail: 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 
    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]


Last Updated 06/05/2006

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