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.
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)