40196 Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Unified Agenda
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Ch. III
Semiannual Agenda of Regulations
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Semiannual regulatory agenda.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is hereby
publishing items for the spring 2011
Unified Agenda of Federal Regulatory
and Deregulatory Actions. The agenda
contains information about FDIC’s
current and projected rulemakings,
existing regulations under review, and
completed rulemakings.
FOR FURTHER INFORMATION CONTACT:
Persons identified under regulations
listed in the agenda. Unless otherwise
noted, the address for all FDIC staff
identified in the agenda is Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: Twice
each year, the FDIC publishes an agenda
of regulations to inform the public of its
regulatory actions and to enhance
public participation in the rulemaking
process. Publication of the agenda is in
accordance with the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.).
The FDIC amends its regulations under
the general rulemaking authority
prescribed in section 9 of the Federal
Deposit Insurance Act (12 U.S.C. 1819)
and under specific authority granted by
the Act and other statutes.
Proposed Rules
Credit Risk Retention (AD74)
The Federal Banking Agencies are
requesting comment on a proposed rule
to implement the requirements of
section 941(b) of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (the Act, or Dodd-Frank Act), which
is codified as new section 15G of the
Securities Exchange Act of 1934 (the
Exchange Act). Section 15G of the
Exchange Act, as added by section
941(b) of the Dodd-Frank Act, generally
requires the Board, the FDIC, the OCC
(collectively, referred to as the ‘‘Federal
Banking Agencies’’), the Commission,
and, in the case of the securitization of
any ‘‘residential mortgage asset,’’
together with HUD and FHFA, to jointly
prescribe regulations, that (i) require a
securitizer to retain not less than five
percent of the credit risk of any asset
that the securitizer, through the
issuance of an asset-backed security
(ABS), transfers, sells, or conveys to a
third party, and (ii) prohibit a
securitizer from directly or indirectly
hedging or otherwise transferring the
credit risk that the securitizer is
required to retain under section 15G and
the Agencies’ implementing rules.
Guidelines for Furnishers of Information
to Consumer Reporting Agencies (AD40)
The OCC, Board, FDIC, OTS, NCUA,
and FTC (collectively referred to as the
‘‘Agencies’’) request comment to gather
information that would assist in the
development of a possible proposed
addition to the furnisher accuracy and
integrity guidelines which, along with
the accompanying regulations,
implement the accuracy and integrity
provisions in section 312 of the Fair and
Accurate Credit Transactions Act of
2003 (FACT Act) that amended section
623 of the Fair Credit Reporting Act
(FCRA). This advance notice of
proposed rulemaking (ANPRM) seeks to
obtain information that would assist the
Agencies in determining whether it
would be appropriate to propose an
addition to one of the guidelines that
would delineate the circumstances
under which a furnisher would be
expected to provide an account opening
date to a consumer reporting agency to
promote the integrity of the information.
In addition, the Agencies request
comment more broadly on whether
furnishers should be expected to
provide any other types of information
to a consumer reporting agency in order
to promote integrity.
Defining Safe Harbor Protection for
Treatment by the FDIC as Conservator
or Receiver of Financial Assets
Transferred by an Insured Depository
Institution (AD53)
The Federal Deposit Insurance
Corporation (FDIC) proposes to adopt
amendments to the rules regarding the
treatment by the FDIC, as receiver or
conservator of an insured depository
institution, of financial assets
transferred by the institution in
connection with a securitization or a
participation after September 30, 2010.
The proposed rule would continue the
safe harbor for transferred financial
assets in connection with securitizations
in which the financial assets were
transferred under the existing
regulations. The proposed rule would
clarify the conditions for a safe harbor
for securitizations or participations
issued after September 30, 2010. The
proposed rule also sets forth safe harbor
protections for securitizations that do
not comply with the new accounting
standards for off balance sheet treatment
by providing for expedited access to the
financial assets that are securitized if
they meet the conditions defined in the
proposed rule. The conditions
contained in the proposed rule would
serve to protect the Deposit Insurance
Fund (DIF) and the FDIC’s interests as
deposit insurer and receiver by aligning
the conditions for the safe harbor with
better and more sustainable
securitization practices by insured
depository institutions (IDIs).
Incorporating Executive Compensation
Criteria Into the Risk Assessment
System (AD56)
The FDIC’s risk-based deposit
insurance assessment system (risk-based
assessment system) could be changed to
account for the risks posed by certain
employee compensation programs.
Section 7 of the Federal Deposit
Insurance Act (FDI Act, 12 U.S.C.
section 1817) sets forth the risk-based
assessment authorities underlying the
FDIC’s deposit insurance system, and
the parameters of the FDIC’s rules are
set forth at 12 CFR part 327.
Special Reporting, Analysis and
Contingent Resolution Plans at Certain
Large Insured Depository Institutions
(AD59)
This proposed rule would require
certain identified insured depository
institutions (IDIs) that are subsidiaries
of large and complex financial parent
companies to submit to the FDIC
analysis, information, and contingent
resolution plans that address and
demonstrate the IDI’s ability to be
separated from its parent structure, and
to be wound down or resolved in an
orderly fashion. The IDI’s plan would
include a gap analysis that would
identify impediments to the orderly
stand-alone resolution of the IDI, and
identify reasonable steps that are or will
be taken to eliminate or mitigate such
impediments. The contingent resolution
plan, gap analysis, and mitigation efforts
are intended to enable the FDIC to
develop a reasonable strategy, plan, or
options for the orderly resolution of the
institution. The proposal would apply
only to IDIs with greater than $10
billion in total assets that are owned or
controlled by parent companies with
more than $100 billion in total assets.
Alternative to the Use of Credit Ratings
in the Risk-Based Capital Guidelines of
the Federal Banking Agencies (AD62)
The Dodd-Frank Wall Street Reform
and Consumer Protection Act (the Act),
enacted on July 21, 2010, requires
Federal agencies to review their
regulations that (1) require an
assessment of the creditworthiness of a
security or money market instrument,
and (2) contain references to or
requirements regarding credit ratings. In
addition, the Agencies are required to
VerDate Mar<15>2010 14:38 Jul 06, 2011 Jkt 223001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 E:\FR\FM\07JYP20.SGM 07JYP20
wwoods2 on DSK1DXX6B1PROD with PROPOSALS-PART 2
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Ch. III
Semiannual Agenda of Regulations
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Semiannual regulatory agenda.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is hereby
publishing items for the spring 2011
Unified Agenda of Federal Regulatory
and Deregulatory Actions. The agenda
contains information about FDIC’s
current and projected rulemakings,
existing regulations under review, and
completed rulemakings.
FOR FURTHER INFORMATION CONTACT:
Persons identified under regulations
listed in the agenda. Unless otherwise
noted, the address for all FDIC staff
identified in the agenda is Federal
Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION: Twice
each year, the FDIC publishes an agenda
of regulations to inform the public of its
regulatory actions and to enhance
public participation in the rulemaking
process. Publication of the agenda is in
accordance with the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.).
The FDIC amends its regulations under
the general rulemaking authority
prescribed in section 9 of the Federal
Deposit Insurance Act (12 U.S.C. 1819)
and under specific authority granted by
the Act and other statutes.
Proposed Rules
Credit Risk Retention (AD74)
The Federal Banking Agencies are
requesting comment on a proposed rule
to implement the requirements of
section 941(b) of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (the Act, or Dodd-Frank Act), which
is codified as new section 15G of the
Securities Exchange Act of 1934 (the
Exchange Act). Section 15G of the
Exchange Act, as added by section
941(b) of the Dodd-Frank Act, generally
requires the Board, the FDIC, the OCC
(collectively, referred to as the ‘‘Federal
Banking Agencies’’), the Commission,
and, in the case of the securitization of
any ‘‘residential mortgage asset,’’
together with HUD and FHFA, to jointly
prescribe regulations, that (i) require a
securitizer to retain not less than five
percent of the credit risk of any asset
that the securitizer, through the
issuance of an asset-backed security
(ABS), transfers, sells, or conveys to a
third party, and (ii) prohibit a
securitizer from directly or indirectly
hedging or otherwise transferring the
credit risk that the securitizer is
required to retain under section 15G and
the Agencies’ implementing rules.
Guidelines for Furnishers of Information
to Consumer Reporting Agencies (AD40)
The OCC, Board, FDIC, OTS, NCUA,
and FTC (collectively referred to as the
‘‘Agencies’’) request comment to gather
information that would assist in the
development of a possible proposed
addition to the furnisher accuracy and
integrity guidelines which, along with
the accompanying regulations,
implement the accuracy and integrity
provisions in section 312 of the Fair and
Accurate Credit Transactions Act of
2003 (FACT Act) that amended section
623 of the Fair Credit Reporting Act
(FCRA). This advance notice of
proposed rulemaking (ANPRM) seeks to
obtain information that would assist the
Agencies in determining whether it
would be appropriate to propose an
addition to one of the guidelines that
would delineate the circumstances
under which a furnisher would be
expected to provide an account opening
date to a consumer reporting agency to
promote the integrity of the information.
In addition, the Agencies request
comment more broadly on whether
furnishers should be expected to
provide any other types of information
to a consumer reporting agency in order
to promote integrity.
Defining Safe Harbor Protection for
Treatment by the FDIC as Conservator
or Receiver of Financial Assets
Transferred by an Insured Depository
Institution (AD53)
The Federal Deposit Insurance
Corporation (FDIC) proposes to adopt
amendments to the rules regarding the
treatment by the FDIC, as receiver or
conservator of an insured depository
institution, of financial assets
transferred by the institution in
connection with a securitization or a
participation after September 30, 2010.
The proposed rule would continue the
safe harbor for transferred financial
assets in connection with securitizations
in which the financial assets were
transferred under the existing
regulations. The proposed rule would
clarify the conditions for a safe harbor
for securitizations or participations
issued after September 30, 2010. The
proposed rule also sets forth safe harbor
protections for securitizations that do
not comply with the new accounting
standards for off balance sheet treatment
by providing for expedited access to the
financial assets that are securitized if
they meet the conditions defined in the
proposed rule. The conditions
contained in the proposed rule would
serve to protect the Deposit Insurance
Fund (DIF) and the FDIC’s interests as
deposit insurer and receiver by aligning
the conditions for the safe harbor with
better and more sustainable
securitization practices by insured
depository institutions (IDIs).
Incorporating Executive Compensation
Criteria Into the Risk Assessment
System (AD56)
The FDIC’s risk-based deposit
insurance assessment system (risk-based
assessment system) could be changed to
account for the risks posed by certain
employee compensation programs.
Section 7 of the Federal Deposit
Insurance Act (FDI Act, 12 U.S.C.
section 1817) sets forth the risk-based
assessment authorities underlying the
FDIC’s deposit insurance system, and
the parameters of the FDIC’s rules are
set forth at 12 CFR part 327.
Special Reporting, Analysis and
Contingent Resolution Plans at Certain
Large Insured Depository Institutions
(AD59)
This proposed rule would require
certain identified insured depository
institutions (IDIs) that are subsidiaries
of large and complex financial parent
companies to submit to the FDIC
analysis, information, and contingent
resolution plans that address and
demonstrate the IDI’s ability to be
separated from its parent structure, and
to be wound down or resolved in an
orderly fashion. The IDI’s plan would
include a gap analysis that would
identify impediments to the orderly
stand-alone resolution of the IDI, and
identify reasonable steps that are or will
be taken to eliminate or mitigate such
impediments. The contingent resolution
plan, gap analysis, and mitigation efforts
are intended to enable the FDIC to
develop a reasonable strategy, plan, or
options for the orderly resolution of the
institution. The proposal would apply
only to IDIs with greater than $10
billion in total assets that are owned or
controlled by parent companies with
more than $100 billion in total assets.
Alternative to the Use of Credit Ratings
in the Risk-Based Capital Guidelines of
the Federal Banking Agencies (AD62)
The Dodd-Frank Wall Street Reform
and Consumer Protection Act (the Act),
enacted on July 21, 2010, requires
Federal agencies to review their
regulations that (1) require an
assessment of the creditworthiness of a
security or money market instrument,
and (2) contain references to or
requirements regarding credit ratings. In
addition, the Agencies are required to
VerDate Mar<15>2010 14:38 Jul 06, 2011 Jkt 223001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 E:\FR\FM\07JYP20.SGM 07JYP20
wwoods2 on DSK1DXX6B1PROD with PROPOSALS-PART 2
40197Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Unified Agenda
remove such requirements that refer to
or rely upon credit ratings, and to
substitute in their place uniform
standards of creditworthiness. This
proposed rule describes the areas in the
agencies’ risk-based capital standards
and Basel changes that could affect
those standards that make reference to
credit ratings.
Risk-Based Capital Guidelines Market
Risk (AD70)
The Comptroller of the Currency
(OCC), Board of Governors of the
Federal Reserve System (Board), and
Federal Deposit Insurance Corporation
(FDIC) are proposing to revise their
market risk capital rules to modify their
scope to better capture positions for
which the market risk capital rules are
appropriate; reduce procyclicality in
market risk capital requirements;
enhance the rules’ sensitivity to risks
that are not adequately captured under
the current regulatory measurement
methodologies; and increase
transparency through enhanced
disclosures. The proposed rule does not
include the methodologies adopted by
the Basel Committee on Banking
Supervision for calculating the specific
risk capital requirements for debt and
securitization positions due to their
reliance on credit ratings, which is
impermissible under the Dodd-Frank
Wall Street Reform and Consumer
Protection Act. The proposed rule
retains the current specific risk
treatment for these positions until the
Agencies develop alternative standards
of creditworthiness as required by the
Act.
Risk-Based Capital Standards:
Advanced Capital Adequacy
Framework—Basel II; Establishment of a
Risk-Based Capital Floor (AD71)
The Office of the Comptroller of the
Currency (OCC), Board of Governors of
the Federal Reserve System (Board), and
Federal Deposit Insurance Corporation
(FDIC) (collectively, the agencies) are
proposing to amend the advanced risk-
based capital adequacy standards
(advanced approaches rules) to be
consistent with certain provisions of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (the Act) and
amend the general risk-based capital
rules to provide limited flexibility
consistent with Section 171(b) of the
Act for recognizing the relative risk of
certain assets generally not held by
depository institutions.
Final Rules
Assessments, Assessment Base and
Rates (AD66)
The FDIC amended 12 CFR part 327
to: (1) Implement revisions to the
Federal Deposit Insurance Act made by
the Dodd-Frank Wall Street Reform and
Consumer Protection Act regarding the
definition of an institution’s deposit
insurance assessment base; (2) alter the
unsecured debt adjustment in light of
the changes to the assessment base; (3)
add an adjustment for long-term debt
held by an insured depository
institution where the debt is issued by
another insured depository institution;
(4) eliminate the secured liability
adjustment; (5) change the brokered
deposit adjustment to conform to the
change in the assessment base and
change the way the adjustment will
apply to large institutions; and (6) revise
deposit insurance assessment rate
schedules, including base assessment
rates, in light of the changes to the
assessment base. Except as provided,
the proposed rate schedule and other
revisions to the assessment rules would
take effect for the quarter beginning
April 1, 2011, and would be reflected in
the June 30, 2011, fund balance and the
invoices for assessments due September
30, 2011.
Completed Action
Deposit Insurance Regulations (AD33)
The FDIC adopted this final rule to
simplify and modernize its deposit
insurance rules for revocable trust
accounts. The FDIC’s main goal in
implementing these revisions is to make
the rules easier to understand and
apply, without decreasing coverage
currently available for revocable trust
account owners. The FDIC believes that
the rule will result in faster deposit
insurance determinations after
depository institution closings and will
help improve public confidence in the
banking system. The rule eliminates the
concept of qualifying beneficiaries.
Also, for account owners with revocable
trust accounts totaling no more than
$500,000, coverage will be determined
without regard to the beneficial interest
of each beneficiary in the trust.
Under the new rules, a trust account
owner with up to five different
beneficiaries named in all his or her
revocable trust accounts at one FDIC-
insured institution will be insured up to
$100,000 per beneficiary. Revocable
trust account owners with more than
$500,000 and more than five different
beneficiaries named in the trust(s) will
be insured for the greater of either:
$500,000 or the aggregate amount of all
the beneficiaries’ interests in the
trust(s), limited to $100,000 per
beneficiary.
Community Reinvestment Act
Regulations (AD45)
The Office of the Comptroller of the
Currency (OCC), Board of Governors of
the Federal Reserve System (Board), the
Federal Deposit Insurance Corporation
(FDIC) and the Office of Thrift
Supervision (OTS) (collectively, the
Agencies) issued this final rule that
would revise the rules implementing the
Community Reinvestment Act (CRA).
The rule would incorporate recently
adopted statutory language that requires
the Agencies, when assessing an
institution’s record of meeting
community credit needs, to consider, as
a factor, low-cost education loans
provided by the financial institution to
low-income borrowers. The rule also
would incorporate statutory language
that allows the Agencies, when
assessing an institution’s record, to
consider as a factor capital investment,
loan participation, and other ventures
undertaken by nonminority-owned and
nonwomen-owned financial institutions
in cooperation with minority- and
women-owned financial institutions
and low-income credit unions.
Securities of Nonmember Insured Banks
(AD64)
The FDIC is revising its securities
disclosure regulations applicable to
state nonmember banks with securities
required to be registered under section
12 of the Securities Exchange Act of
1934 (Exchange Act). The final rule
incorporates through cross reference
changes in regulations adopted by the
Securities and Exchange Commission
(SEC) into the provisions of the FDIC’s
securities regulations. Incorporation by
reference will assure that the FDIC’s
regulations remain substantially similar
to the SEC’s regulations, as required by
law. The final rule provides general
references to SEC regulations by title
and part of the Code of Federal
Regulations (CFR), rather than by
specific references to sections and
subparts of the CFR as are currently
provided in part 335. This revision
reflects changes to SEC regulations with
respect to small business issuers and
will provide general guidance to FDIC
filers regarding the electronic filing of
certain documents. The amendments to
part 335 references to SEC regulations
will greatly reduce the need for future
revisions of part 335, and the FDIC’s
regulations will be consistent with the
SEC regulations through the cross
reference stated in 12 CFR 335.101.
VerDate Mar<15>2010 14:38 Jul 06, 2011 Jkt 223001 PO 00000 Frm 00003 Fmt 4701 Sfmt 4702 E:\FR\FM\07JYP20.SGM 07JYP20
wwoods2 on DSK1DXX6B1PROD with PROPOSALS-PART 2
remove such requirements that refer to
or rely upon credit ratings, and to
substitute in their place uniform
standards of creditworthiness. This
proposed rule describes the areas in the
agencies’ risk-based capital standards
and Basel changes that could affect
those standards that make reference to
credit ratings.
Risk-Based Capital Guidelines Market
Risk (AD70)
The Comptroller of the Currency
(OCC), Board of Governors of the
Federal Reserve System (Board), and
Federal Deposit Insurance Corporation
(FDIC) are proposing to revise their
market risk capital rules to modify their
scope to better capture positions for
which the market risk capital rules are
appropriate; reduce procyclicality in
market risk capital requirements;
enhance the rules’ sensitivity to risks
that are not adequately captured under
the current regulatory measurement
methodologies; and increase
transparency through enhanced
disclosures. The proposed rule does not
include the methodologies adopted by
the Basel Committee on Banking
Supervision for calculating the specific
risk capital requirements for debt and
securitization positions due to their
reliance on credit ratings, which is
impermissible under the Dodd-Frank
Wall Street Reform and Consumer
Protection Act. The proposed rule
retains the current specific risk
treatment for these positions until the
Agencies develop alternative standards
of creditworthiness as required by the
Act.
Risk-Based Capital Standards:
Advanced Capital Adequacy
Framework—Basel II; Establishment of a
Risk-Based Capital Floor (AD71)
The Office of the Comptroller of the
Currency (OCC), Board of Governors of
the Federal Reserve System (Board), and
Federal Deposit Insurance Corporation
(FDIC) (collectively, the agencies) are
proposing to amend the advanced risk-
based capital adequacy standards
(advanced approaches rules) to be
consistent with certain provisions of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (the Act) and
amend the general risk-based capital
rules to provide limited flexibility
consistent with Section 171(b) of the
Act for recognizing the relative risk of
certain assets generally not held by
depository institutions.
Final Rules
Assessments, Assessment Base and
Rates (AD66)
The FDIC amended 12 CFR part 327
to: (1) Implement revisions to the
Federal Deposit Insurance Act made by
the Dodd-Frank Wall Street Reform and
Consumer Protection Act regarding the
definition of an institution’s deposit
insurance assessment base; (2) alter the
unsecured debt adjustment in light of
the changes to the assessment base; (3)
add an adjustment for long-term debt
held by an insured depository
institution where the debt is issued by
another insured depository institution;
(4) eliminate the secured liability
adjustment; (5) change the brokered
deposit adjustment to conform to the
change in the assessment base and
change the way the adjustment will
apply to large institutions; and (6) revise
deposit insurance assessment rate
schedules, including base assessment
rates, in light of the changes to the
assessment base. Except as provided,
the proposed rate schedule and other
revisions to the assessment rules would
take effect for the quarter beginning
April 1, 2011, and would be reflected in
the June 30, 2011, fund balance and the
invoices for assessments due September
30, 2011.
Completed Action
Deposit Insurance Regulations (AD33)
The FDIC adopted this final rule to
simplify and modernize its deposit
insurance rules for revocable trust
accounts. The FDIC’s main goal in
implementing these revisions is to make
the rules easier to understand and
apply, without decreasing coverage
currently available for revocable trust
account owners. The FDIC believes that
the rule will result in faster deposit
insurance determinations after
depository institution closings and will
help improve public confidence in the
banking system. The rule eliminates the
concept of qualifying beneficiaries.
Also, for account owners with revocable
trust accounts totaling no more than
$500,000, coverage will be determined
without regard to the beneficial interest
of each beneficiary in the trust.
Under the new rules, a trust account
owner with up to five different
beneficiaries named in all his or her
revocable trust accounts at one FDIC-
insured institution will be insured up to
$100,000 per beneficiary. Revocable
trust account owners with more than
$500,000 and more than five different
beneficiaries named in the trust(s) will
be insured for the greater of either:
$500,000 or the aggregate amount of all
the beneficiaries’ interests in the
trust(s), limited to $100,000 per
beneficiary.
Community Reinvestment Act
Regulations (AD45)
The Office of the Comptroller of the
Currency (OCC), Board of Governors of
the Federal Reserve System (Board), the
Federal Deposit Insurance Corporation
(FDIC) and the Office of Thrift
Supervision (OTS) (collectively, the
Agencies) issued this final rule that
would revise the rules implementing the
Community Reinvestment Act (CRA).
The rule would incorporate recently
adopted statutory language that requires
the Agencies, when assessing an
institution’s record of meeting
community credit needs, to consider, as
a factor, low-cost education loans
provided by the financial institution to
low-income borrowers. The rule also
would incorporate statutory language
that allows the Agencies, when
assessing an institution’s record, to
consider as a factor capital investment,
loan participation, and other ventures
undertaken by nonminority-owned and
nonwomen-owned financial institutions
in cooperation with minority- and
women-owned financial institutions
and low-income credit unions.
Securities of Nonmember Insured Banks
(AD64)
The FDIC is revising its securities
disclosure regulations applicable to
state nonmember banks with securities
required to be registered under section
12 of the Securities Exchange Act of
1934 (Exchange Act). The final rule
incorporates through cross reference
changes in regulations adopted by the
Securities and Exchange Commission
(SEC) into the provisions of the FDIC’s
securities regulations. Incorporation by
reference will assure that the FDIC’s
regulations remain substantially similar
to the SEC’s regulations, as required by
law. The final rule provides general
references to SEC regulations by title
and part of the Code of Federal
Regulations (CFR), rather than by
specific references to sections and
subparts of the CFR as are currently
provided in part 335. This revision
reflects changes to SEC regulations with
respect to small business issuers and
will provide general guidance to FDIC
filers regarding the electronic filing of
certain documents. The amendments to
part 335 references to SEC regulations
will greatly reduce the need for future
revisions of part 335, and the FDIC’s
regulations will be consistent with the
SEC regulations through the cross
reference stated in 12 CFR 335.101.
VerDate Mar<15>2010 14:38 Jul 06, 2011 Jkt 223001 PO 00000 Frm 00003 Fmt 4701 Sfmt 4702 E:\FR\FM\07JYP20.SGM 07JYP20
wwoods2 on DSK1DXX6B1PROD with PROPOSALS-PART 2