Reporting, Recordkeeping, and Disclosure Requirements Associated with Restrictions on Proprietary Trading and Certain Relationships with Hedge Funds and Private Equity Funds
ICR 202003-1557-003
OMB: 1557-0309
Federal Form Document
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1557-0309 can be found here:
Reporting, Recordkeeping, and
Disclosure Requirements Associated with Restrictions on Proprietary
Trading and Certain Relationships with Hedge Funds and Private
Equity Funds
OIRA will review
the collection when the rule is finalized.
Inventory as of this Action
Requested
Previously Approved
12/31/2022
36 Months From Approved
12/31/2022
1,072
0
1,072
20,712
0
20,712
0
0
0
This supporting statement is being
filed in connection with an NPR concerning Covered Funds issued by
the OCC, Board, FDIC, SEC, and CFTC. The proposal would amend the
regulations implementing section 13 of the Bank Holding Company Act
(BHC Act). Section 13 contains certain restrictions on the ability
of a banking entity or nonbank financial company supervised by the
Board to engage in proprietary trading and have certain interests
in, or relationships with, a hedge fund or private equity fund. The
proposed amendments are intended to continue the agencies’ efforts
to improve and streamline the regulations implementing section 13
of the BHC Act by modifying and clarifying requirements related to
the covered fund provisions. The new recordkeeping requirements are
found in section 44.10(c)(18)(ii)(B)(1) and the modified disclosure
requirements are found in section 44.11(a)(8)(i): • Section
44.10(c)(18)(ii)(B)(1) would require a banking entity relying on
the proposed exclusion from the covered fund definition for
customer facilitation vehicles to maintain documentation outlining
how the banking entity intends to facilitate the customer’s
exposure to a transaction, investment strategy, or service. •
Section 44.11(a)(8)(i), which requires banking entities that
organize and offer covered funds to make certain disclosures to
investors in such funds, would be expanded to also apply to banking
entities sponsoring credit funds, qualifying venture capital funds,
family wealth management vehicles, or customer facilitation
vehicles, in reliance on the proposed exclusions for such
funds.
PL:
Pub.L. 111 - 203 619 Name of Law: Dodd-Frank Wall Street Reform
and Consumer Protection Act
The decrease in burden is due
to the change in the regulations.
No
No
No
No
Yes
No
No
Mark O'Horo 202 649-7821
mark.o'horo@occ.treas.gov
No
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.