Recordkeeping Requirements Associated with the Interagency Statement on Complex Structured Finance Activities

ICR 201512-7100-001

OMB: 7100-0311

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2015-12-16
IC Document Collections
IC ID
Document
Title
Status
188514
Modified
ICR Details
7100-0311 201512-7100-001
Historical Active 201212-7100-006
FRS FR 4022
Recordkeeping Requirements Associated with the Interagency Statement on Complex Structured Finance Activities
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 12/16/2015
Retrieve Notice of Action (NOA) 12/16/2015
  Inventory as of this Action Requested Previously Approved
12/31/2015 12/31/2015 12/31/2015
18 0 20
180 0 200
0 0 0

The guidance provides that state member banks, bank holding companies, and U.S. branches and agencies of foreign banks supervised by the Federal Reserve should establish and maintain policies and procedures for identifying, evaluating, assessing, documenting, and controlling risks associated with certain complex structured finance transactions (CSFTs). A financial institution engaged in CSFTs should maintain a set of formal, firm-wide policies and procedures that are designed to allow the institution to identify, evaluate, assess, document, and control the full range of credit, market, operational, legal, and reputational risks associated with these transactions. These policies may be developed specifically for CSFTs or included in the set of broader policies governing the institution generally. A financial institution operating in foreign jurisdictions may tailor its policies and procedures as appropriate to account for, and comply with, the applicable laws, regulations, and standards of those jurisdictions. A financial institution’s policies and procedures should establish a clear framework for the review and approval of individual CSFTs. These policies and procedures should set forth the responsibilities of the personnel involved in the origination, structuring, trading, review, approval, documentation, verification, and execution of CSFTs. A financial institution should define what constitutes a new complex structured finance product and establish a control process for the approval of such new product. An institution’s policies also should provide for new complex structured finance products to receive the approval of all relevant control areas that are independent of the profit center before the products are offered to customers.

US Code: 12 USC 248(a), 248(i), 483, 602 Name of Law: Federal Reserve Act
   US Code: 12 USC 1844 Name of Law: Bank Holding Company Act
   US Code: 12 USC 3108(a) Name of Law: International Banking Act
  
None

Not associated with rulemaking

  77 FR 52031 08/28/2012
77 FR 69844 11/21/2012
No

1
IC Title Form No. Form Name
Existing respondents (Maintain compliance program)

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 18 20 0 0 -2 0
Annual Time Burden (Hours) 180 200 0 0 -20 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Decrease in burden hours reflects a decrease in the FR 4022 respondent count

$0
No
No
No
No
No
Uncollected
Jennifer Williams 202 452-2446 jennifer.l.williams@frb.gov

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
12/16/2015


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