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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:
1557-0309
ICR Reference No:
202006-1557-003
Status:
Historical Active
Previous ICR Reference No:
202003-1557-003
Agency/Subagency:
TREAS/OCC
Agency Tracking No:
Title:
Reporting, Recordkeeping, and Disclosure Requirements Associated with Restrictions on Proprietary Trading and Certain Relationships with Hedge Funds and Private Equity Funds
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/22/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/31/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2023
36 Months From Approved
12/31/2022
Responses
2,242
0
1,072
Time Burden (Hours)
20,411
0
20,712
Cost Burden (Dollars)
0
0
0
Abstract:
This supporting statement is being filed in connection with an final rule concerning Covered Funds issued by the OCC, Board, FDIC, SEC, and CFTC. The proposal would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity or nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The amendments are intended to continue the agencies’ efforts to improve and streamline the regulations implementing section 13 of the BHC Act by modifying and clarifying requirements related to the covered fund provisions. The new recordkeeping requirements are found in section 44.10(c)(18)(ii)(B)(1) and the modified disclosure requirements are found in section 44.11(a)(8)(i): • Section 44.10(c)(18)(ii)(B)(1) would require a banking entity relying on the proposed 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)(8)(i), which requires banking entities that organize and offer covered funds to make certain disclosures to investors in such funds, would be expanded to also apply to banking entities sponsoring credit funds, qualifying venture capital funds, family wealth management vehicles, or customer facilitation vehicles, in reliance on the proposed exclusions for such funds.
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:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1557-AE67
Final or interim final rulemaking
85 FR 46422
07/31/2020
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
34
IC Title
Form No.
Form Name
Section 10(c)(18)(ii)(B)(1)
Section 10(c)(18)(ii)(B)(1) Recordkeeping - Initial Setup
Section 11(a)(2) - Documentation of Advisory Services - Initial Set-up
Section 11(a)(2) - Documentation of Advisory Services - Ongoing Burden
Section 11(a)(8)(i) - Covered Fund Disclosures - Initial Set-up
Section 11(a)(8)(i) - Covered Fund Disclosures - Ongoing Burden
Section 12(e) - Application for Extension of Time Meet Requirements on Ownership Limitiations - Initial Set-up
Section 12(e) - Application for Extension of Time to Meet Requirements on Ownership Limitations - Ongoing Burden
Section 20(e) - Additional Documentation for Covered Funds - Initial Set-up
Section 20(e) - Additional Documentation for Covered Funds - Ongoing Burden
Section 20(f)(1) - Compliance Program for Entities with No Covered Activities - Initial Set-up
Section 20(f)(1) - Compliance Program for Entities with No Covered Activities - Ongoing Burden
Section 20(f)(2) - Compliance Program for Entities with Modest Activities - Initial Set-up
Section 20(f)(2) - Compliance Program for Entities with Modest Activities -Ongoing Burden
Section 20(i) Reporting - Initial Setup
Section 20(i) Reporting - Ongoing
Section 3(d)(3) Recordkeeping - Initial Setup
Section 3(d)(3) Recordkeeping - Initial Setup
Section 3(e)(3) - Liquidity Management Plan - Initial Set-up
Section 3(e)(3) - Liquidity Management Plan - Ongoing Burden
Section 4(b)(3)(i)(A) - Trading Desk Documentation of Client, Customer or Counterparty - Initial Set-up
Section 4(b)(3)(i)(A) - Trading Desk Documentation of Client, Customer or Counterparty - Ongoing Burden
Section 4(c)(3)(i) Recordkeeping - Initial Setup
Section 4(c)(3)(i) Recordkeeping - Ongoing
Section 4(c)(3)(i) Reporting - Initial Set up
Section 4(c)(3)(i) Reporting - Ongoing
Section 44.20(b) - Compliance Program - Initial Set-up
Section 44.20(b) - Compliance Program - Ongoing Burden
Section 44.20(c) - CEO Attestation - Initial Set-up
Section 44.20(c) - CEO Attestation - Ongoing Burden
Section 44.20(d) - $10-50 billion - Appendix Reporting Requirements - Initial Set-up
Section 44.20(d) - $10-50 billion - Appendix Reporting Requirements - Ongoing Burden
Section 44.20(d) - $20 billion - Appendix Reporting Requirements - Initial Set-up
Section 44.20(d) - $20 billion - Appendix Reporting Requirements - Ongoing Burden
Section 44.20(d) - Appendix Reporting - $ 10-50 Billion - Initial Set-up
Section 44.20(d) - Appendix Reporting - $10-50 Billion - Ongoing Burden
Section 44.20(d) - Appendix Reporting - $20 Billion - Initial Set-up
Section 44.20(d) - Appendix Reporting - $20 Billion - Ongoing Burden
Section 44.3(c) - Report of Trading Desk Exceeding $25 Million - Initial Set-up
Section 44.3(c) - Report of Trading Desk Exceeding $25 Million - Ongoing Burden
Section 44.3(g) - Notice and Response Procedures for Reservation of Authority - Initial Set-up
Section 44.3(g) - Notice and Response Procedures for Reservation of Authority - Ongoing Burden
Section 5(c) - Documentation of Purchases and Sales - Initial Set-up
Section 5(c) - Documentation of Purchases and Sales - Ongoing Burden
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
2,242
1,072
0
1,170
0
0
Annual Time Burden (Hours)
20,411
20,712
0
-301
0
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 change in burden is due to a change in regulations.
Annual Cost to Federal Government:
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]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Mark O'Horo 202 649-7821 mark.o'horo@occ.treas.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:
07/31/2020
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