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Federal Register / Vol. 86, No. 143 / Thursday, July 29, 2021 / Notices Office of Management and Budget OMB Desk OfficerShagufta Ahmed Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503, or by fax to 202 3956974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board authority under the PRA to approve and assign OMB control numbers to collections of information conducted or sponsored by the Board. Boardapproved collections of information are incorporated into the official OMB
inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA
Submission, supporting statements, and approved collection of information instruments are available at https
www.reginfo.gov/public/do/PRAMain.
These documents are also available on the Federal Reserve Boards public website at https
www.federalreserve.gov/apps/
reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears above.
Final Approval under OMB Delegated Authority of the Extension for Three Years, With Revision, of the Following Information Collection:
Report title: International Applications and Prior Notifications under Subparts A and C of Regulation K.
Agency form number: FR K1.
OMB control number: 71000107.
Effective Date: The revisions are effective immediately.
Frequency: On occasion.
Respondents: Member banks, Edge and agreement corporations,1 bank holding companies BHCs, and certain investments by foreign organizations.
Estimated number of respondents:
Reporting: Attachments A and B, 6;
Attachments C through G, 13;
Attachments H and I, 10; Attachment J, 2; Attachment K, 1; Section 211.5c4
requirements, 1; Section 211.8
requirements, 1; Section 211.10
requirements, 1; Section 211.11
requirements, 1. Disclosure: Attachment F, 13. Recordkeeping: Section 211.13
requirement, 70.
Estimated average hours per response:
Reporting: Attachments A and B, 11.5;
Attachments C through G, 9;
Attachments H and I, 15.5; Attachment J, 10; Attachment K, 20; Section 1 References
to Edge corporations are inclusive of agreement corporations. An agreement corporation is a corporation that has entered into an agreement with the Board that it will not exercise any power that is impermissible for an Edge corporation. 12
CFR 211.5g1.

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211.5c4 requirements, 1; Section 211.8 requirements, 0.25; Section 211.10
requirements, 8; Section 211.11
requirements, 5. Disclosure: Attachment F, 1. Recordkeeping: Section 211.13
requirement, 1.
Estimated annual burden hours:
Reporting: Attachments A and B, 138;
Attachments C through G, 234;
Attachments H and I, 465; Attachment J, 20; Attachment K, 20; Section 211.5c4 requirements, 1; Section 211.8 requirements, 0; Section 211.10
requirements, 8; Section 211.11
requirements, 5. Disclosure: Attachment F, 26. Recordkeeping: Section 211.13
requirement, 70.
General description of report: Subpart A of Regulation KInternational Banking Operations, governs the foreign investments and activities of member banks, Edge and agreement corporations, BHCs, and certain investments by foreign organizations.
Subpart C of Regulation K governs investments in export trading companies by eligible investors.2 The FR K1 information collection contains eleven attachments for the application and notification requirements in Subparts A and C of Regulation K. The Board requires these applications for regulatory and supervisory purposes and to allow the Board to fulfill its statutory obligations under the Federal Reserve Act FRA and the Bank Holding Company Act of 1956 BHC
Act. The applications are eventgenerated and provide the Federal Reserve with information necessary to evaluate each of the proposed transactions.
Legal authorization and confidentiality: The Board is authorized to collect the information required on the FR K1 under sections 25 and 25A
of the FRA,3 and sections 4c13, 4c14, and 5c of the BHC Act.4
Section 25 of the FRA authorizes the Board to approve applications to establish agreement corporations, establish foreign branches, and invest in foreign banks in accordance with regulations prescribed by the Board.
Section 25 also authorizes the Board to require reports concerning the condition of these entities. Section 25A of the FRA
authorizes the Board to approve the establishment of Edge corporations, to issue rules and regulations relating to these entities, and to require reports from these entities. Section 4c13 of
the BHC Act authorizes the Board, by regulation or order, to determine that BHCs may invest in companies that do business abroad. Section 4c14 of the BHC Act authorizes BHCs to invest in export trading companies, subject to a notice requirement and disapproval by the Board. Section 5c of the BHC Act grants the Board reporting and examination authorities.
The applications and notifications comprising FR K1 are required to obtain a benefit. Individual respondents may request that information submitted to the Board through the FR K1 be kept confidential. If a respondent requests confidential treatment, the Board will determine whether the information is entitled to confidential treatment on a case-by-case basis. To the extent a respondent submits nonpublic commercial or financial information, which is both customarily and actually treated as private by the respondent, the respondent may request confidential treatment pursuant to exemption 4 of the Freedom of Information Act FOIA.5 To the extent a respondent submits personal, medical, or similar files, the disclosure of which would constitute an unwarranted invasion of privacy, the respondent may request confidential treatment pursuant to exemption 6 of the FOIA.6 To the extent that the Board obtains information as part of the examination process, the information may be confidential pursuant to exemption 8 of the FOIA.7
Current actions: On May 5, 2021, the Board published an initial notice in the Federal Register 86 FR 23968
requesting public comment for 60 days on the extension, with revision, of the FR K1. The Board proposed revisions to the FR K1 information collection to account for several reporting and recordkeeping provisions in sections 211.5, 211.8, 211.10, 211.11, and 211.13
of Regulation K that had not been previously cleared by the Board under the PRA. The Board did not propose additional attachments to the FR K1 to address these provisions. The comment period for this notice expired on July 6, 2021. The Board did not receive any comments. The revisions will be implemented as proposed.

2 Eligible investors are BHCs, Edge and agreement corporations that are subsidiaries of bank holding companies but are not subsidiaries of banks, bankers banks, and foreign banking organizations.
12 CFR 211.32d.
3 12 U.S.C. 601604a and 611631.
4 12 U.S.C. 1843c13, 1843c14, and 1844c.

FR Doc. 202116146 Filed 72821; 8:45 am
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Board of Governors of the Federal Reserve System, July 23, 2021.
Michele Taylor Fennell, Deputy Associate Secretary of the Board.
BILLING CODE 621001P
55

U.S.C. 552b4.
U.S.C. 552b6.
7 5 U.S.C. 552b8.
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