[Federal Register Volume 64, Number 67 (Thursday, April 8, 1999)]
[Notices]
[Pages 17215-17216]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8783]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Submission for OMB review; comment request.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection, as required by the Paperwork Reduction Act of
1995. The OCC may not conduct or sponsor, and a respondent is not
required to respond to, an information collection that has been
extended, revised, or implemented unless it displays a currently valid
Office of Management and Budget (OMB) control number. Currently, the
OCC is soliciting comments concerning extension, without change, of an
information collection titled (MA)--Securities Offering Disclosure
Rules (12 CFR 16). The OCC also gives notice that it has sent the
information collection to OMB for review.
DATES: You should submit your written comments to both OCC and the OMB
Reviewer by May 10, 1999.
ADDRESSES: You should send your written comments to the Communications
Division, Attention: 1557-0120, Third Floor, Office of the Comptroller
of the Currency, 250 E Street, SW, Washington, DC 20219. In addition,
you can send comments by facsimile transmission to (202)874-5274, or by
electronic mail to [email protected]
FOR FURTHER INFORMATION CONTACT:
You may request additional information, a copy of the collection,
or a copy of the supporting documentation submitted to OMB by
contacting Jessie Gates or Camille Dixon, (202)874-5090, Legislative
and Regulatory Activities Division (1557-0120), Office of the
Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
The OCC is proposing to extend OMB approval of the following
information collection:
Title: (MA)--Securities Offering Disclosure Rules (12 CFR 16).
OMB Number: 1557-0120.
Form Number: None.
Abstract: This submission covers an existing regulation and
involves no change to the regulation or to the information collections
embodied in the regulation. The OCC requests only that OMB renew its
approval of the information collections in the current regulation.
Under 12 U.S.C. 93a, the OCC is empowered to issue rules and
regulations to carry out its responsibilities. The requirements in 12
CFR Part 16 enable the OCC to perform its responsibilities relating to
offerings of securities by national banks by providing the investing
public with facts about the condition of the bank, the reasons for
raising new capital, and the terms of the offering. Part 16 requires
national banks to conform generally to Securities and Exchange
Commission rules.
The collections of information in Part 16 are found in:
12 CFR 16.3, 16.4, 16.5, 16.6, 16.7, 16.8, 16.15, 16.17, 16.18,
16.19, 16.20, and 16.30.
The following is a brief discussion of the elements of the
information collection in each section of regulations:
[[Page 17216]]
Sections 16.3 and 16.15 require a national bank to file its
registration statement with the OCC;
Section 16.4 states that the OCC may require a national bank to
submit to the OCC certain communications not deemed an offer;
Section 16.5 provides an exemption for items that satisfy the
requirements of SEC Rule 144 which, in turn, requires certain filings;
Section 16.6 requires a national bank to file documents with OCC
and to make certain disclosures to purchasers in sales of
nonconvertible debt;
Section 16.7 requires a national bank to file a notice with the
OCC;
Section 16.8 requires a national bank to file offering documents
with the OCC;
Section 16.15 requires a national bank to file a registration
statement and sets forth content requirements for the registration
statement;
Section 16.17 requires a national bank to file four copies of each
document filed under Part 16, and requires filers of amendments or
revisions to underline or otherwise indicate clearly any changed
information;
Section 16.18 requires a national bank to file an amended
prospectus when the information in the current prospectus becomes
stale, or when a change in circumstances makes the current prospectus
incorrect;
Section 16.19 requires a national bank to submit a request to OCC
if it wishes to withdraw a registration statement, amendment, or
exhibit;
Section 16.20 requires a national bank to file current and periodic
reports as required by sections 12 and 13 of the Exchange Act (15
U.S.C. 78l and m) and SEC Regulation 15d (17 CFR 240.15d-1 through
240.15Aa-1); and
Section 16.30 requires a national bank to include certain elements
and follow certain procedures in any request to OCC for a no-objection
letter.
These information collection requirements ensure bank compliance
with applicable Federal law, further bank safety and soundness, provide
protections for banks and the public, and further public policy
interests.
Type of Review: Extension, without change, of a currently approved
collection.
Affected Public: Businesses or other for-profit.
Number of Respondents: 101.
Total Annual Responses: 101.
Frequency of Response: On occasion.
Estimated Total Annual Burden: 2,333 Hours.
OCC Contact: Jessie Gates or Camille Dixon, (202) 874-5090,
Legislative and Regulatory Activities Division, OMB No. 1557-0120,
Office of the Comptroller of the Currency, 250 E Street SW, Washington,
DC 20219.
OMB Reviewer: Alexander Hunt, (202) 395-7340, Paperwork Reduction
Project 1557-0120, Office of Management and Budget, Room 10226, New
Executive Office Building, Washington, DC 20503.
Comments
Your comment will become a matter of public record. You are invited
to comment on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information has practical utility;
(b) Whether the OCC's burden estimate is accurate;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Whether the OCC's estimates of the capital or startup costs and
costs of operation, maintenance, and purchase of services to provide
information are accurate.
Additionally, the OCC requests comments on the impact of this
information collection on community banks. The OCC recognizes that
community banks operate with more limited resources than larger
institutions and may present a different risk profile. Thus, the OCC
specifically requests comments on the impact of this information
collection on community banks' current resources and available
personnel with the requisite expertise, and whether the goals of Part
16 could be achieved, for community banks, through an alternative
approach.
Dated: April 1, 1999.
Mark Tenhundfeld,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 99-8783 Filed 4-7-99; 8:45 am]
BILLING CODE 4810-33-P