Agency Information Collection Activities: Submission for OMB Review; Comment Request

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