Search Results for keywords:"recordkeeping requirements"

Found 24 results

Search Results: keywords:"recordkeeping requirements"

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  • 2021-02064 — Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Regulations Requiring Additional Records To Be Made and Retained by Dealers in Foreign Exchange and Additional Records To Be Made and Retained by Brokers or Dealers in Securities
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    Type:Notice
    Citation:86 FR 7778
    Reading Time:about 21 minutes

    The Financial Crimes Enforcement Network (FinCEN) is seeking public comments on the renewal of information collection requirements under the Bank Secrecy Act (BSA). The regulations require dealers in foreign exchange and brokers or dealers in securities to maintain records of taxpayer identification numbers and transaction documents. Though there are no proposed changes to these requirements, FinCEN is considering expanding the scope of the annual burden estimates associated with these regulations. The request for comments is part of an effort to reduce paperwork and evaluate the effectiveness and efficiency of the current process, in compliance with the Paperwork Reduction Act.

    Simple Explanation

    The government is asking people to share their thoughts on rules that make money businesses keep track of important number records, but they aren't changing the rules themselves right now. They're looking for ideas on how to make these tasks simpler and less time-consuming.

  • 2025-00550 — Agreement Between the United States of America, the United Mexican States, and Canada (USMCA) Implementing Regulations Related to Textile and Apparel Goods, Automotive Goods, and Other USMCA Provisions
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    Type:Rule
    Citation:90 FR 6456
    Reading Time:about 4 hours

    The document outlines an interim final rule by the U.S. Customs and Border Protection (CBP), under the Homeland Security and Treasury Departments, to implement regulations for the United States-Mexico-Canada Agreement (USMCA). This rule amends existing regulations to provide guidance on preferential tariff treatment and related customs measures for various goods, including textiles and automotive products. It establishes certification requirements for importers and manufacturers, recordkeeping responsibilities, and procedures for protests and verifications. The rule aims to ensure compliance with the new trade agreement and streamline the process for benefiting from the preferential treatment under the USMCA.

    Simple Explanation

    The government made new rules to help the United States, Mexico, and Canada trade things like clothes and cars with each other more easily and at lower costs. They are making sure that companies keep good records, follow the rules, and get the benefits they deserve.

  • 2025-04864 — Reporting, Procedures and Penalties Regulations
    Type:Rule
    Citation:90 FR 13286
    Reading Time:about 4 minutes

    The Office of Foreign Assets Control (OFAC) of the Treasury Department is finalizing a rule to extend recordkeeping requirements from five to ten years. This change aligns with the statute of limitations for violations of certain sanctions. Despite comments requesting more time and concerns about EU regulations, the rule will be implemented without adjustments. The rule is effective as of March 21, 2025, and does not require a public comment period due to its procedural nature.

    Simple Explanation

    The government has decided that people need to keep important papers and records for 10 years instead of 5 years. This change is to make sure rules that protect against bad things are followed, even if it takes a long time to catch someone breaking the rules.

  • 2021-01680 — Agency Information Collection Activities: Requests for Comments; Clearance of a New Approval of Information Collection: Operation of Small Unmanned Aircraft Systems Over People
    Type:Notice
    Citation:86 FR 7167
    Reading Time:about 2 minutes

    The Federal Aviation Administration (FAA) is seeking public comments on a proposed new information collection regarding small unmanned aircraft systems (UAS) that have an airworthiness certificate. This collection will require operators and owners to maintain records of all maintenance, status of parts, compliance with airworthiness directives, and inspection status of their aircraft. The FAA estimates that this requirement will apply to around two operators per year, each managing a fleet of 100 UAS, leading to an annual burden of approximately 100 hours for keeping these records. This effort ensures the safety and reliability necessary for UAS operations over people.

    Simple Explanation

    The government wants to make sure that tiny flying machines, like drones, are safe and can be flown over people. They are asking people who own these drones to keep track of all the fixes and checkups their drones get, but some people think they might have underestimated how many people this really affects and how much work it will take.

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