The Board, Office of the Comptroller
of the Currency (OCC), Federal Deposit Insurance Corporation
(FDIC), Commodity Futures Trading Commission (CFTC), and Securities
and Exchange Commission (SEC) (collectively, the agencies) adopted
a final rule that implemented section 13 of the Bank Holding
Company Act of 1956 (BHC Act), which was added by section 619 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act). Section 13 contains certain prohibitions and
restrictions on the ability of a banking entity supervised by the
agencies to engage in proprietary trading or to have certain
interests in, or relationships with, a hedge fund or private equity
fund. Section 248.20 and Appendix A of Regulation VV - Proprietary
Trading and Certain Interests in and Relationships with Covered
Funds (12 CFR Part 248) require certain of the largest banking
entities engaged in significant trading activities to collect,
evaluate, and furnish data regarding covered trading activities as
an indicator of areas meriting additional attention by the banking
entity and the Board. The Board takes burden for all institutions
under a holding company including OCC- supervised institutions,
FDIC-supervised institutions, banking entities for which the CFTC
is the primary financial regulatory agency, and banking entities
for which the SEC is the primary financial regulatory agency. The
OCC and FDIC submit similar requests for OMB review for
institutions not under a holding company.
US Code:
12 USC 1851(e)(1) Name of Law: Bank Holding Company Act of
1956
US Code:
12 USC 1851(b)(2) Name of Law: Bank Holding Company Act of
1956
The estimated total annual
burden for FR VV is 200,510 hours (5,177 hours for initial setup
and 195,333 hours for ongoing compliance), and would decrease to
31,044 hours (4,035 hours for initial setup and 27,009 hours for
ongoing compliance) with the adopted revisions. The Board takes
burden for all institutions under a holding company including OCC
supervised institutions, FDIC supervised institutions, banking
entities for which the CFTC is the primary financial regulatory
agency, and banking entities for which the SEC is the primary
financial regulatory agency. The agencies estimate that the average
time per response would be 15 minutes for the reporting
requirements in section 248.4(c)(3)(i). The agencies estimate that
the current average hours per response would decrease by 14 hours
for the reporting requirements in section 248.20(d) and decrease 40
hours for initial setup. The agencies estimate that the average
hours per response would be 20 hours for the reporting requirements
in section 248.20(i). The agencies estimate that the average time
per response would be 15 minutes for the recordkeeping requirements
in section 248.4(c)(3)(i). The agencies estimate that the current
average hours per response would decrease by 20 hours for the
recordkeeping requirements in section 248.5(c) and decrease 10
hours for initial setup. The agencies estimate that the current
average hours per response would decrease by 1,100 hours for the
recordkeeping requirements in section 248.20(c) and decrease 3,300
hours for initial setup. The agencies estimate that the current
average hours per response would decrease by 3 hours for the
recordkeeping requirements in section 248.20(d).
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.
Form FR VV-1 Reporting Section 248.20(d) ($20 billion or more)
FRVV_20200324_omb.pdf
Disclosure Section 248.11(a)(8)(i)