Notice2023-21142
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 28, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV (FR VV; OMB No. 7100-0360).
Full Text
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<title>Federal Register, Volume 88 Issue 187 (Thursday, September 28, 2023)</title>
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[Federal Register Volume 88, Number 187 (Thursday, September 28, 2023)]
[Notices]
[Pages 66846-66847]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21142]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Reporting, Recordkeeping, and Disclosure Requirements
Associated with Regulation VV (FR VV; OMB No. 7100-0360).
DATES: Comments must be submitted on or before November 27, 2023.
ADDRESSES: You may submit comments, identified by FR VV, by any of the
following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#e290878591cc818d8f8f878c9691a28487868790838e90879187909487cc858d94"><span class="__cf_email__" data-cfemail="4a382f2d3964292527272f243e390a2c2f2e2f382b26382f392f383c2f642d253c">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> FAX: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00
p.m. on weekdays, except for Federal holidays. For security reasons,
the Board requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 452-3684. Upon arrival,
visitors will be required to present valid government-issued photo
identification and to submit to security screening in order to inspect
and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, <a href="/cdn-cgi/l/email-protection#3b554e535a155e57565a5c53495a59527b5d4959155c544d"><span class="__cf_email__" data-cfemail="85ebf0ede4abe0e9e8e4e2edf7e4e7ecc5e3f7e7abe2eaf3">[email protected]</span></a>, (202)
452-3884.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining
[[Page 66847]]
whether to approve a collection of information, the Board will consider
all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement (which contains more detail about
the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board's public
website at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may be requested from the agency clearance officer, whose
name appears above. Final versions of these documents will be made
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Collection title: Reporting, Recordkeeping, and Disclosure
Requirements Associated with Regulation VV.
Collection identifier: FR VV.
OMB control number: 7100-0360.
General description of collection: Section 13 of the Bank Holding
Company Act of 1956 (BHC Act) \1\ and the Board's implementing
regulation, Regulation VV--Proprietary Trading and Certain Interests in
and Relationships with Covered Funds (12 CFR part 248),\2\ contain
certain prohibitions and restrictions on the ability of a banking
entity \3\ to engage in proprietary trading \4\ or to have certain
interests in, or relationships with, a hedge fund or private equity
fund (covered fund). Certain provisions of Regulation VV contain
information collection requirements intended to facilitate the
monitoring and enforcement of compliance with its requirements. For
example, Regulation VV requires 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. In addition, section
248.20(d) of Regulation VV requires banking entities engaged in
proprietary trading activity to comply with the reporting requirements
described in Appendix A; the Board has implemented this requirement
through the Regulation VV Quantitative Measurements (FR VV-1).
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\1\ 12 U.S.C. 1851.
\2\ The Board issued Regulation VV in conjunction with the
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), with each of the agencies promulgating regulations
implementing section 13 of the BHC Act.
\3\ For purposes of section 13 of the BHC Act, a ``banking
entity'' generally means ``any insured depository institution (as
defined in 12 U.S.C. 1813), any company that controls an insured
depository institution, or that is treated as a bank holding company
for purposes of section 8 of the International Banking Act of 1978,
and any affiliate or subsidiary of any such entity.'' Certain
smaller institutions and institutions that function solely in a
trust or fiduciary capacity are excluded from this definition. See
12 U.S.C. 1851(h)(1).
\4\ The term ``proprietary trading'' means engaging as principal
for the trading account of the banking entity in any purchase or
sale of one or more financial instruments. See 12 CFR 248.3(a).
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Frequency: Quarterly, annual, and event-generated.
Respondents: State member banks, bank holding companies, savings
and loan holding companies, foreign banking organizations, U.S.
branches or agencies of foreign banks, and other holding companies that
control an insured depository institution and any subsidiary of the
foregoing.
Total estimated number of respondents: 231.
Total estimated annual burden hours: 30,676.\5\
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\5\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR VV.
Board of Governors of the Federal Reserve System, September 22,
2023.
Ann Misback,
Secretary of the Board.
[FR Doc. 2023-21142 Filed 9-27-23; 8:45 am]
BILLING CODE 6210-01-P
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