Notice2026-08405
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Reporting, Recordkeeping, and Disclosure Requirements Associated With Proprietary Trading and Certain Interests in and Relationships With Covered Funds
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
April 30, 2026
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Reporting, Recordkeeping, and Disclosure Requirements Associated with Proprietary Trading and Certain Interests in and Relationships with Covered Funds." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
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<title>Federal Register, Volume 91 Issue 83 (Thursday, April 30, 2026)</title>
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[Federal Register Volume 91, Number 83 (Thursday, April 30, 2026)]
[Notices]
[Pages 23345-23346]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-08405]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Reporting, Recordkeeping, and
Disclosure Requirements Associated With Proprietary Trading and Certain
Interests in and Relationships With Covered Funds
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on a continuing information
collection, as required by the Paperwork Reduction Act of 1995 (PRA).
In accordance with the requirements of the PRA, the OCC may not conduct
or sponsor, and the respondent is not required to respond to, an
information collection unless it displays a currently valid Office of
Management and Budget (OMB) control number. The OCC is soliciting
comment concerning the renewal of its information collection titled,
``Reporting, Recordkeeping, and Disclosure Requirements Associated with
Proprietary Trading and Certain Interests in and Relationships with
Covered Funds.'' The OCC also is giving notice that it has sent the
collection to OMB for review.
DATES: Comments must be received by June 1, 2026.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#7a0a081b13141c153a151919540e081f1b09541d150c"><span class="__cf_email__" data-cfemail="90e0e2f1f9fef6ffd0fff3f3bee4e2f5f1e3bef7ffe6">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0309, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0309'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice by the method set forth in the next bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of the
Treasury'' and then click ``submit.'' This information collection can
be located by searching OMB control number ``1557-0309'' or
``Reporting, Recordkeeping, and Disclosure Requirements Associated with
Proprietary Trading and Certain Interests in and Relationships with
Covered Funds.'' Upon finding the appropriate information collection,
click on the related ``ICR Reference Number.'' On the next screen,
select ``View Supporting Statement and Other Documents'' and then click
on the link to any comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
The OCC asks the OMB to extend its approval of the collection in this
notice.
Title: Reporting, Recordkeeping, and Disclosure Requirements
Associated with Proprietary Trading and Certain Interests in and
Relationships with Covered Funds.
OMB Control No.: 1557-0309.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Description: This submission covers an existing regulation and
involves no change to the regulation or to the information collection
requirements. The OCC requests only that OMB renew its approval of the
collection.
Section 13 of the Bank Holding Company (BHC) Act generally
prohibits any banking entity from engaging in proprietary trading or
from acquiring or retaining an ownership interest in, sponsoring, or
having certain relationships with a hedge fund or private equity fund
(covered fund), subject to certain exemptions. The exemptions allow
certain types of permissible trading and covered fund activities. The
initial regulations implementing section 13 became effective on April
1, 2014. Section 44.20(d) and Appendix A of the implementing
regulations require certain of the largest banking entities to report
to the appropriate agency certain quantitative measurements.
This collection of information was established pursuant to a rule
\1\ required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act), which was enacted on July 21, 2010.\2\
The rule implemented section 619 of the Dodd-Frank Act, which added
section 13 of the BHC Act (codified at 12 U.S.C. 1851). The OCC's
version of the rule is codified at 12 CFR part 44. The reporting,
recordkeeping, and disclosure requirements associated with the rule
permit banking entities and the OCC to enforce compliance with section
13 of the BHC Act and the rule and to identify, monitor, and limit
risks of activities permitted under section 13.
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\1\ 79 FR 5536 (January 31, 2014).
\2\ Dodd-Frank Wall Street Reform and Consumer Protection Act,
Public Law 111-203, 124 Stat. 1376 (2010).
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Section-by-Section Analysis
Section 44.3(d)(3), regarding excluded liquidity management
activities, includes recordkeeping requirements for security, foreign
exchange forward, foreign exchange swap, or cross-currency swap
transactions.
Section 44.4(b)(3)(i)(A), regarding permitted market making
activities, provides that a trading desk or other
[[Page 23346]]
organizational unit of another banking entity is not a client,
customer, or counterparty of a trading desk relying on the market-
making exemption if that other entity has trading assets and
liabilities of $50 billion or more unless the trading desk documents
how and why a particular trading desk or other organizational unit of
the other entity should be treated as a client, customer, or
counterparty of the trading desk.
Section 44.4(c)(3)(i) requires a banking entity that relies on the
market making presumption of compliance to make available to the OCC
upon request records regarding (1) any limit that is exceeded and (2)
any temporary or permanent increase to any limit(s), in each case in
the form and manner as directed by the OCC.
Section 44.5(c) includes documentation requirements for banking
entities that have significant trading assets and liabilities and rely
on the risk-mitigating hedging exemption.
Section 44.10(c)(18)(ii)(C)(1) requires a banking entity relying on
the 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)(2) requires a banking entity (or an affiliate
thereof) that organizes and offers a covered fund in connection with
the provision of bona fide trust, fiduciary, investment advisory, or
commodity trading advisory services to persons that are customers of
such services of the banking entity (or an affiliate thereof) to
organize and offer the fund pursuant to a written plan or similar
documentation outlining how the banking entity or such affiliate
intends to provide advisory or similar services to its customers
through organizing and offering such fund.
Section 44.11(a)(8)(i) requires a banking entity that organizes and
offers covered funds to make certain disclosures to investors in such
funds. This provision also applies to banking entities relying on
exclusions for credit funds, venture capital funds, family wealth
management vehicles, or customer facilitation vehicles. See Sec.
44.10(c)(15)(iii)(A), (c)(16)(ii)(A), (c)(17)(ii)(C), and
(c)(18)(ii)(C)(3).
Section 44.12(e) outlines the requirements for requesting an
extension of time to divest an ownership interest in a covered fund.
Section 44.20(b) requires a compliance program from banking
entities with significant trading assets and liabilities including,
among other things, records sufficient to demonstrate compliance with
section 13 of the BHC Act and 12 CFR part 44. A banking entity must
promptly provide these records to the OCC upon request and retain them
for a period of no less than 5 years or such longer period as required
by the OCC.
Section 44.20(c) requires a CEO attestation from any banking entity
that has significant trading assets and liabilities.
Section 44.20(d) requires a banking entity with significant trading
assets and liabilities (or any other banking entity to which the OCC
has provided written notification) to report metrics specified in
Appendix A. Section 20(d) further specifies that a banking entity that
is required to report these metrics must do so within 30 days of the
end of each calendar quarter.
Section 44.20(e) requires a banking entity with significant trading
assets and liabilities to maintain additional documentation relating to
certain exclusions or exceptions.
Section 44.20(f)(1) provides that a banking entity with no covered
activities (other than trading activities permitted pursuant to Sec.
44.6(a) of subpart B) can satisfy the requirements of Sec. 44.20 by
establishing the required compliance program prior to becoming engaged
in such activities or making such investments.
Section 44.20(f)(2) provides that a banking entity with moderate
trading assets and liabilities may satisfy the requirements of Sec.
44.20 by including in its existing compliance policies and procedures
appropriate references to the requirements of section 13 of the BHC Act
and part 44 and adjustments as appropriate given its activities, size,
scope, and complexity.
Section 44.20(i) covers notice and response procedures. The OCC
will notify a banking entity in writing of any determination requiring
notice under part 44 and will provide an explanation of the
determination. The banking entity may respond to the notice and should
include any matters that the banking entity would have the OCC consider
in deciding whether to make the determination. The response must be in
writing and delivered to the designated OCC official within 30 days
after the date on which the banking entity received the notice.
Estimated Burden
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 39.
Estimated Total Annual Responses: 2242.
Estimated Total Annual Burden: 20,410 hours.
Comments: On February 12, 2026, the OCC published a 60-day notice
for this information collection, (91 FR 6729). No comments were
received.
Comments continue to be invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Eden Gray,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2026-08405 Filed 4-29-26; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on April 30, 2026.
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