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OMB Control No: 7100-0360	ICR Reference No: 202002-7100-013
Status: Historical Active	Previous ICR Reference No: 201804-7100-004
Agency/Subagency: FRS	Agency Tracking No: FR VV
Title: Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/24/2020
Retrieve Notice of Action (NOA)	Date Received in OIRA: 03/24/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2023	36 Months From Approved	12/31/2020
Responses	24,614	0	9,352
Time Burden (Hours)	31,044	0	200,510
Cost Burden (Dollars)	0	0	0

Abstract: The Board, 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) 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 (12 CFR Part 248) 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. The Board takes burden for all institutions under a holding company including OCC- supervised institutions, FDIC-supervised institutions, banking entities for which the CFTC is the primary financial regulatory agency, and banking entities for which the SEC is the primary financial regulatory agency. The OCC and FDIC submit similar requests for OMB review for institutions not under a holding company.

Authorizing Statute(s): US Code: 12 USC 1851(e)(1) Name of Law: Bank Holding Company Act of 1956
US Code: 12 USC 1851(b)(2) Name of Law: Bank Holding Company Act of 1956

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AF06	Final or interim final rulemaking	84 FR 61974	11/14/2019

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 33432	07/17/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 61974	11/14/2019
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	24,614	9,352	15,262
Annual Time Burden (Hours)	31,044	200,510	-169,466
Annual Cost Burden (Dollars)	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 estimated total annual burden for FR VV is 200,510 hours (5,177 hours for initial setup and 195,333 hours for ongoing compliance), and would decrease to 31,044 hours (4,035 hours for initial setup and 27,009 hours for ongoing compliance) with the adopted revisions. The Board takes burden for all institutions under a holding company including OCC supervised institutions, FDIC supervised institutions, banking entities for which the CFTC is the primary financial regulatory agency, and banking entities for which the SEC is the primary financial regulatory agency. The agencies estimate that the average time per response would be 15 minutes for the reporting requirements in section 248.4(c)(3)(i). The agencies estimate that the current average hours per response would decrease by 14 hours for the reporting requirements in section 248.20(d) and decrease 40 hours for initial setup. The agencies estimate that the average hours per response would be 20 hours for the reporting requirements in section 248.20(i). The agencies estimate that the average time per response would be 15 minutes for the recordkeeping requirements in section 248.4(c)(3)(i). The agencies estimate that the current average hours per response would decrease by 20 hours for the recordkeeping requirements in section 248.5(c) and decrease 10 hours for initial setup. The agencies estimate that the current average hours per response would decrease by 1,100 hours for the recordkeeping requirements in section 248.20(c) and decrease 3,300 hours for initial setup. The agencies estimate that the current average hours per response would decrease by 3 hours for the recordkeeping requirements in section 248.20(d).

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

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