View Information Collection Request (ICR) Package
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View Information Collection (IC) List
View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3064-0184
ICR Reference No:
201312-3064-002
Status:
Historical Active
Previous ICR Reference No:
201110-3064-001
Agency/Subagency:
FDIC
Agency Tracking No:
Title:
Volcker Rule Restrictions on Proprietary Trading and Relationships with Hedge Funds and Private Equity Funds
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/01/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/31/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2017
36 Months From Approved
Responses
3,335
0
0
Time Burden (Hours)
28,234
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
Section 619 of the Wall Street Reform and Consumer Protection Act added a new section 13 to the Bank Holding Company Act. Section 13 of the Bank Holding Company Act contains certain prohibitions and restrictions on the ability of banking entities to engage in proprietary trading and restricts the ability of banking entities to hold certain investments in, and have certain relationships with, hedge funds and private equity funds. This information collection includes certain reporting, recordkeeping and disclosure requirements contained in the implementing rule for section 13.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 619
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 619 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3064-AD85
Final or interim final rulemaking
79 FR 5535
01/31/2014
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
18
IC Title
Form No.
Form Name
Application to extend time to divest ownership interest in a covered fund (ongoing)
Application to extend time to divest ownership interest in covered fund (initial set-up)
Compliance program (initial setup)
Compliance program (ongoing)
Covered fund disclosures (initial setup)
Covered fund disclosures (ongoing)
Documentation of acquisition of interest in covered fund (initial setup)
Documentation of interest in covered fund (ongoing)
Documentation of plan to provide advisory services via covered fund with bona fide trust (ongoing)
Documentation of plan to provide advisory services via covered fund with bona fide trust provision (initial setup)
Policies and procedures for entities not engaging in prohibited activities (initial setup)
Policies and procedures for entities not engaging in prohibited activities (ongoing)
Program for compliance additional documentation for covered funds (initial set-up)
Program for compliance additional documentation for covered funds (ongoing)
Proprietary trading liquidity management plan (initial set-up)
Proprietary trading liquidity management plan (ongoing)
Simplified compliance program for entities with modest activities (initial set-up)
Simplified compliance program for entities with modest activities (ongoing)
Simplified compliance program for less active entities (initial set-up)
Simplified compliance program for less active entities (ongoing)
Underwriting/market-making trading desk documentation (initial set-up)
Underwriting/market-making trading desk documentation (ongoing)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
3,335
0
5,757
-2,326
-96
0
Annual Time Burden (Hours)
28,234
0
50,568
-1,040
-21,294
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The burden increase of 28,234 hours reflects a new information collection arising from adoption of a final rule implementing section 619 of the Dodd-Frank Act.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Leneta Gregorie 202 898-3719 lgregorie@fdic.gov
Common Form ICR:
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
01/31/2014
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