27 Sep FDIC – Notice of Proposed Collection Renewal – Record keeping and Confirmation Requirements for Securities Transactions
September 27, 2021– Regulation ensures purchasers of securities in transactions affected by insured State nonmember banks are provided with adequate records concerning the transactions. Also designed to ensure that insured State nonmember banks maintain adequate records and controls with respect to the securities transactions they effect. The regulation requires officers and employees of FDIC-supervised institutions to report to the FDIC supervised institution certain personal securities trading activity.
Potential Respondents: Potential respondents are all FDIC-supervised institutions that
effect securities transactions for customers; entities are subject to PRA requirements in 12 CFR 344.8.
Personal Securities Trading Reporting: FDIC does not currently have access to data on how many officers or employees are required to report trading activities in which they have a beneficial interest. The assumed number of officers and employees per FDIC-supervised institution who would respond to personal securities trading reporting is reduced from five to three.Based on supervisory experience,FDIC believes that most of the smaller FDIC-supervised institutions do not have any personnel subject to 12 CFR 344.9.
Processes and Procedures: Section 334.8 required institutions to established processes, procedures for assigning responsibilities for supervising employees involved with securities transactions.
Comments on the proposed collection renewal must be submitted by November 26, 2021.
For more information, visit www.federalregister.gov.