Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activites

ICR 201009-1550-001

OMB: 1550-0111

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-10-12
Supplementary Document
2007-12-18
ICR Details
1550-0111 201009-1550-001
Historical Active 200712-1550-001
TREAS/OTS
Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activites
Extension without change of a currently approved collection   No
Regular
Approved without change 02/14/2011
Retrieve Notice of Action (NOA) 12/15/2010
  Inventory as of this Action Requested Previously Approved
02/28/2014 36 Months From Approved 02/28/2011
1 0 5
25 0 125
0 0 0

Provides that financial institutions should have effective policies and procedures in place to identify those complex structured finance transactions that may involve heightened reputational and legal risk, to ensure that these transactions receive enhanced scrutiny by the institution, and to ensure that the institution does not participate in illegal or inappropriate transactions.

None
None

Not associated with rulemaking

  75 FR 61857 10/06/2010
75 FR 77047 12/10/2010
No

1
IC Title Form No. Form Name
Interagency Statement on Sound Practices Concerning Complex Structured Finance Activites

  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 1 5 0 0 -4 0
Annual Time Burden (Hours) 25 125 0 0 -100 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
OTS is citing a reduction in the inventory burden due to a reduction in the number of respondents. Financial institutions’ policies and procedures should ensure that an institution’s operations are conducted in compliance with applicable law and regulations. This is critical to the institution’s well being since an institution may face substantial legal risk, including enforcement action by an agency and lawsuits by private parties, if it participates in structured finance transactions that are used by a customer to circumvent regulatory or financial reporting requirements, evade tax liabilities, or further other illegal or improper behavior. The policies and procedures also help the institution avoid reputational risk where the transactions involved are structured to technically comply with existing laws and regulations.

$0
No
No
No
No
No
Uncollected
Deborah Merkle 202 906-5688

  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.
12/15/2010


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