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FEDERAL RESERVE BANK OF NEW YORK C ircu la r N o . 9003 J a n u a ry 2 1 , 1981 REDUCED REPORTING REQUIREMENTS FOR REGISTERED TRANSFER AGENTS Amendments to Regulations H and Y To All State Member Banks and Bank Holding Companies in the Second Federal Reserve District, and Others Concerned: The Board o f Governors o f the Federal Reserve System has announced the adoption o f amendments, effective January 7, 1981, to its Regulation H, “ Membership o f State Banking Institutions in the Federal Reserve System,’ ’ and to its Regulation Y, “ Bank Holding Companies and Change in Bank C ontrol,” in order to reduce the reporting burden on State member bank and bank holding company registered transfer agents. The following is quoted from the text o f the Board’ s announcement: The B oard’ s action eliminates the requirement that transfer agents amend their registration statement on Form TA-1 (Item 7) in order to update inform ation on securities for which the institutions act as transfer agents. Transfer agents would otherwise have been required to file amendments to Form TA-1 by January 30, 1981. The amendments announced today anticipate future action by the Board, other Federal bank regulatory agencies, and the Securities and Exchange Commission to reduce substantially the information presently required on Form TA -1. Enclosed is a copy o f the text o f the amendments to Regulations H and Y. Form TA-1 may be obtained from the Regulations Division o f the Consumer Affairs and Bank Regula tions Department. Questions regarding the amendments should be directed to that Division (Tel. N o. 212-791-5914). ANTHONY M . SOLOMON, President. Board of Governors of the Federal Reserve System MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL AM ENDM ENTS TO REGULATIONS H AN D Y (E ffective January 7, 1981) FEDERAL RESERVE SYSTEM 12CFR Parts 208 and 225 [Regulations H and Y; Docket No. R-0338] Amendment to Requirements for Updating Transfer Agent Registration information D e c e m b e r 3 0 ,1 9 8 0 . AGENCY: B o a r d o f G o v e r n o r s o f t h e F e d e ra l R e s e r v e S y ste m . ACTION: F i n a l r u le . W it h in th irty c a le n d a r d a y s f o llo w in g the c l o s e o f a n y c a le n d a r y e a r * * * d u rin g w h ic h th e in fo r m a t io n r e q u ir e d b y Item 7 o f F orm T A - 1 b e c o m e s in a c c u r a t e , m is le a d in g o r in c o m p le t e , the [r e g is te re d tra n s fe r a g e n t) sh a ll file a n a m e n d m e n t to F o rm T A - 1 c o r r e c tin g the in a c c u r a t e , m is le a d in g or in c o m p le t e in fo rm a t io n . T h e in fo r m a t io n r e q u ir e d b y Item 7 o f t h a t r e l a t e s t o t h e f i l i n g o f t h is i n f o r m a t i o n ( I n s t r u c t i o n III—1 5 ). T h e B o a r d is a l s o a c t i n g t o a m e n d R e g u la tio n s H a n d Y b y d e le tin g 12 C F R 2 0 8 .8 ( f ) ( 4 ) a n d 1 2 C F R 2 5 .5 ( c ) ( 4 ) w h i c h w e r e a d o p t e d in D e c e m b e r , 1 9 7 7 a s t e m p o r a r y e x e m p t i v e r u le s to p e r m it r e g is t e r e d t r a n s fe r a g e n t s f o r w h ic h th e F o r m T A - 1 is s h o w n o n S c h e d u l e B o f B o a r d is th e a p p r o p r ia t e r e g u la t o r y th at fo r m . S c h e d u le B p r e s e n t ly r e q u ir e s a g e n c y to d e la y filin g S c h e d u le B w h ic h d e ta ile d in fo r m a tio n fo r e a c h s e c u r ity o t h e r w is e w o u ld h a v e b e e n d u e o n is s u e s e r v i c e d b y th e r e g is tr a n t a s J a n u a ry 3 0 ,1 9 7 8 . T h e p u r p o s e o f th e t r a n s fe r a g e n t, c o -t r a n s fe r a g e n t, e x t e n s i o n w a s to p r o v i d e r e g is t r a n t s su m m ary: T h e B oard o f G ov ern ors o f r e g is t r a r , o r c o - r e g i s t r a r . T h i s w i t h s u f f i c i e n t t i m e t o a c c o m o d a t e t h e ir th e F e d e r a l R e s e r v e S y s te m h a s in fo r m a t io n c o n s is t s o f th e n a m e o f th e d a t a p r o c e s s in g s y s t e m s to a n e w fo r m a t a m e n d e d it s R e g u l a t i o n s H (1 2 C F R P a r t s e c u r ity , th e ty p e o f s e c u r it y a n d c la s s r e q u ir e d b y a r e v is io n o f F o rm T A -1 , 2 0 8 ) a n d Y (1 2 C F R P a r t 2 2 5 ) t o e l i m i n a t e o r s e r ie s , th e C U S IP n u m b e r a n d th e T h e p u r p o s e o f th e t e m p o r a r y e x e m p t iv e th e r e q u ir e m e n t th a t r e g is t e r e d t r a n s fe r c a p a c i t y in w h i c h t h e r e g i s t r a n t a c t s o n r u le s h a s b e e n m e t a n d th e r u le s a re a g e n t s file a m e n d m e n t s to th e ir th a t is s u e . S c h e d u le B a ls o r e q u ir e s p r e s e n t ly u n n e c e s s a r y . A c c o r d i n g l y , th e r e g is t r a t io n s t a t e m e n t o n F o rm T A - 1 to s im ila r in fo r m a t io n fo r is s u e s p r e v io u s ly B o a r d is a c t i n g t o a m e n d R e g u l a t i o n s H r e f l e c t c h a n g e s in p r e v i o u s l y f i l e d lis te d o n S c h e d u le B b u t n o lo n g e r in fo r m a t io n lis tin g s e c u r it ie s fo r w h ic h s e r v i c e d b y th e r e g is t r a n t a n d f o r t h o s e a n d Y to d e le t e th e la n g u a g e o f th e th e in s titu tio n s a c t a s tr a n s fe r a g e n ts . s i t u a t i o n s in w h i c h t h e n a m e o f t h e T h e s e a m e n d m e n t s a n t ic ip a t e fu tu re i s s u e r h a s c h a n g e d o r t h e c a p a c i t y in a c t i o n b y th e B o a r d , th e O f f i c e o f th e w h ic h th e r e g is tr a n t a c t s f o r th e is s u e r C o m p t r o lle r o f th e C u r r e n c y , th e F e d e r a l has ch an ged. D e p o s it I n s u r a n c e C o r p o r a t io n a n d th e t e m p o r a r y e x e m p t iv e r u le s . B e c a u s e t h is a c t i o n f a c i l i t a t e s t h e r e d u c t io n o f a r e p o r t in g b u r d e n , th e B o a r d f o r g o o d c a u s e fin d s th a t th e n o tic e a n d p u b lic p r o c e d u r e p r o v is io n s S t a f f o f th e B o a r d , th e S E C a n d th e S e c u r itie s a n d E x c h a n g e C o m m is s io n to o th e r F e d e r a l b a n k r e g u la to r y a g e n c ie s o f 5 U .S .C . 5 5 3 a r e u n n e c e s s a r y a n d t h a t s u b s ta n tia lly r e d u c e in fo r m a tio n h a v e a g r e e d th at th e in fo r m a t io n i m m e d i a t e i m p l e m e n t a t i o n is in t h e r e q u i r e d b y F o r m T A - 1 . It is a n t i c i p a t e d p r e s e n t l y r e q u i r e d o n S c h e d u l e B is t o o p u b l i c in t e r e s t. th at th e r e v is e d F o r m T A - 1 w ill n o t d e ta ile d . S ta ff o f th e a g e n c ie s a r e n e a r r e q u ir e th e d e t a ile d in fo r m a t io n a g r e e m e n t o n a r e v is e d F o rm T A - 1 c o n c e r n i n g i n d i v i d u a l i s s u e s w h i c h is w h ic h w o u ld r e q u ir e o n ly a g g r e g a te p r e s e n t ly r e q u ir e d a n d th u s n o s t a t i s t i c a l i n f o r m a t i o n . It i s e x p e c t e d a m e n d m e n t r e q u ir e m e n t w ill b e t h a t in e a r l y 1 9 8 1 t h e S E C a n d t h e n e c e s s a r y . T h e B o a r d h a s d e t e r m in e d F e d e r a l b a n k r e g u la to r y a g e n c ie s w ill t h a t it is a p p r o p r i a t e t o e l i m i n a t e t h e a d o p t a r e v is e d F o rm T A - 1 th a t w ill a m e n d m e n t r e q u i r e m e n t a t t h is t i m e in s u b s t a n t ia lly r e d u c e th e in fo r m a t io n o r d e r to r e d u c e th e b u r d e n o n t h o s e p r e s e n t ly r e q u ir e d . tr a n s fe r a g e n ts th at w o u ld o t h e r w is e b e r e q u ir e d to file a n a m e n d m e n t b y PART 225—BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL T h e B o a r d h a s c o n c l u d e d th a t fa ilu r e t o r e v i s e 1 2 C F R 2 0 8 .8 ( f ) ( 2 ) a n d 1 2 C F R b u rd e n u p o n th o se S ta te m e m b e r b a n k EFFECTIVE DATE: J a n u a r y 7 , 1 9 8 1 . FOR FURTHER INFORMATION CONTACT: D o n a ld R. V in n e d g e , M a n a g e r, T ru st A c t i v i t i e s P r o g r a m , (2 0 2 ) 4 5 2 - 2 7 1 7 , o r W a l t e r R . M c E w e n , A t t o r n e y , (2 0 2 ) 4 5 2 - fo llo w in g a m e n d m e n t s to R e g u la t io n H t o file a m e n d e d F o r m T A - 1 a t a tim e (1 2 C F R P a r t 2 0 8 ) a n d R e g u l a t i o n Y (1 2 w h e n th e B o a r d b e l i e v e s th a t th e C F R P a r t 2 2 5 ): f u r n i s h e d i n f o r m a t i o n is u n n e c e s s a r y . 1. T h e s e c o n d s e n t e n c e in 1 2 C F R 25 2 1 , D iv is io n o f B a n k in g S u p e r v is io n A c c o r d i n g l y t h e B o a r d is a m e n d i n g a n d R e g u la tio n , B o a r d o f G o v e r n o r s o f R e g u la t io n H a n d Y to e lim in a t e th e th e F e d e r a l R e s e r v e S y s te m , r e q u ir e m e n t to a m e n d F o r m T A - 1 w ith in W a s h i n g t o n , D .C . 2 0 5 5 1 . 3 0 c a l e n d a r d a y s o f D e c e m b e r 31 in o r d e r to u p d a t e in fo r m a t io n p r e s e n t ly R e g u l a t i o n H (1 2 C F R 2 0 8 .8 ( f ) ( 2 ) ) a n d r e q u ir e d o n S c h e d u l e B. E f f e c t i v e w ith 2 0 8 .8 ( f ) ( 2 ) i s d e l e t e d . 3. T h e s e c o n d s e n t e n c e in 1 2 C F R 2 2 5 .5 ( c ) ( 2 ) is d e l e t e d . R e g u l a t i o n Y (1 2 C F R 2 2 5 . 5 ( c ) ( 2 ) ) s t a t e in t h is a c t i o n , t r a n s f e r a g e n t s m a y d is r e g a r d th e in s t r u c t io n o n F o r m T A - 1 [Enc. Cir. No. 9003] F E D E R A L R E G IS T E R , 2. 1 2 C F R 2 0 8 .8 ( f ) ( 4 ) is d e l e t e d in it s e n tir e ty . p e r tin e n t p a r t th at: PRINTED IN NEW YORK, FROM t h e F e d e r a l R e s e r v e A c t (1 2 U .S .C . 3 2 1 , 2 4 8 ), t h e B o a r d h e r e b y a d o p t s t h e tr a n s fe r a g e n ts th at w o u ld b e r e q u ir e d SUPPLEMENTARY INFORMATION: P u r s u a n t to S e c t i o n 1 7 A o f th e S e c u r i t i e s E x c h a n g e A c t o f 1 9 3 4 (1 5 U .S .C . 7 8 q - l ) a n d S e c t i o n s 9 a n d 11 o f 2 2 5 .5 ( c ) ( 2 ) w o u l d r e s u l t in a n u n d u e J a n u a ry 30, 1 9 8 1 . PART 208—MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM 4. 1 2 C F R 2 2 5 .5 ( c ) ( 4 ) is d e l e t e d in its e n t ir e ty . VOL. 46, NO. 5
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