Notice2023-28347
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
December 26, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting 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 246 (Tuesday, December 26, 2023)</title>
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[Federal Register Volume 88, Number 246 (Tuesday, December 26, 2023)]
[Notices]
[Page 88920]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28347]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting 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).
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#305e4558511e555c5d51575842515259705642521e575f46"><span class="__cf_email__" data-cfemail="dcb2a9b4bdf2b9b0b1bdbbb4aebdbeb59cbaaebef2bbb3aa">[email protected]</span></a>, (202)
452-3884.
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.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of 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\ restrict the
ability of banking entities to engage in proprietary trading \3\ or to
have certain interests in, or relationships with, a hedge fund or
private equity fund. Respondents must submit certain information to
facilitate the monitoring and enforcement of these restrictions.
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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, Federal Deposit Insurance
Corporation, Commodity Futures Trading Commission, and Securities
and Exchange Commission (collectively, the agencies), with each of
the agencies promulgating regulations implementing section 13 of the
BHC Act.
\3\ 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. Respondents may also include
any subsidiary of the foregoing.
Total estimated number of respondents: 231.
Total estimated annual burden hours: 30,676.\4\
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\4\ 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.
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Current actions: On September 28, 2023, the Board published a
notice in the Federal Register (88 FR 66846) requesting public comment
for 60 days on the extension, without revision, of the FR VV. The
comment period for this notice expired on November 27, 2023. The Board
did not receive any comments.
Board of Governors of the Federal Reserve System, December 19,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-28347 Filed 12-22-23; 8:45 am]
BILLING CODE 6210-01-P
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