View Information Collection Request (ICR) Package
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Common Form Info.
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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:
7100-0360
ICR Reference No:
201804-7100-004
Status:
Historical Active
Previous ICR Reference No:
201712-7100-019
Agency/Subagency:
FRS
Agency Tracking No:
FR VV
Title:
Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/14/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/14/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2020
12/31/2020
12/31/2020
Responses
9,352
0
332,849
Time Burden (Hours)
200,510
0
1,085,690
Cost Burden (Dollars)
0
0
0
Abstract:
The Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) (collectively, the agencies) adopted a final rule that implemented section 13 of the Bank Holding Company Act of 1956 (BHC Act), which was added by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 13 contains certain prohibitions and restrictions on the ability of a banking entity supervised by the agencies to engage in proprietary trading or to have certain interests in, or relationships with, a hedge fund or private equity fund. Section 248.20 and Appendix A of Regulation VV - Proprietary Trading and Certain Interests in and Relationships with Covered Funds require certain of the largest 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.
Authorizing Statute(s):
US Code:
12 USC 1851(b)(2)
Name of Law: Bank Holding Company Act
US Code:
12 USC 1851(e)(1)
Name of Law: Bank Holding Company Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
82 FR 35947
08/02/2017
30-day Notice:
Federal Register Citation:
Citation Date:
82 FR 60602
12/21/2017
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
30
IC Title
Form No.
Form Name
Initial Disclosure Section 248.11(a)(8)(i)
Initial Recordkeeping Section 248.11(a)(2)
Initial Recordkeeping Section 248.20(b)
Initial Recordkeeping Section 248.20(c)
Initial Recordkeeping Section 248.20(d) ($10-50 billion)
Initial Recordkeeping Section 248.20(d) ($50 billion)
Initial Recordkeeping Section 248.20(e)
Initial Recordkeeping Section 248.20(f)(1)
Initial Recordkeeping Section 248.20(f)(2)
Initial Recordkeeping Section 248.3(d)(3)
Initial Recordkeeping Section 248.4(b)(3)(i)(A)
Initial Recordkeeping Section 248.5(c)
Initial Reporting Section 248.12(e)
Initial Reporting Section 248.20(d) ($10-$50 Billion)
Initial Reporting Section 248.20(d) ($50 billion)
Ongoing Disclosure Section 248.11(a)(8)(i)
Ongoing Recordkeeping Section 248.11(a)(2)
Ongoing Recordkeeping Section 248.20(b)
Ongoing Recordkeeping Section 248.20(c)
Ongoing Recordkeeping Section 248.20(d) ($10-$50 billion)
Ongoing Recordkeeping Section 248.20(d) ($50 billion)
Ongoing Recordkeeping Section 248.20(e)
Ongoing Recordkeeping Section 248.20(f)(1)
Ongoing Recordkeeping Section 248.20(f)(2)
Ongoing Recordkeeping Section 248.3(d)(3)
Ongoing Recordkeeping Section 248.4(b)(3)(i)(A)
Ongoing Recordkeeping Section 248.5(c)
Ongoing Reporting Section 248.12(e)
Ongoing Reporting Section 248.20(d) ($10-$50 billion)
Ongoing Reporting Section 248.20(d) ($50 billion)
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
9,352
332,849
0
0
-323,497
0
Annual Time Burden (Hours)
200,510
1,085,690
0
0
-885,180
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The decrease in burden reflects an adjustment to the burden methodology used by the agencies and a reduction in the number of respondents from the joint final rule (84 FR 35008; July 22, 2019).
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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]?
No
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:
Mark Tokarski 202-452-5241 Mark.E.Tokarski@frb.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:
02/14/2020
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