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OMB Control No: 7100-0360	ICR Reference No: 202012-7100-005
Status: Historical Active	Previous ICR Reference No: 202012-7100-003
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: 12/16/2020
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/16/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2023	36 Months From Approved	03/31/2023
Responses	24,606	0	23,842
Time Burden (Hours)	36,112	0	28,232
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(b)(2) Name of Law: Bank Holding Company Act of 1956
US Code: 12 USC 1851(e)(1) 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-AF70	Final or interim final rulemaking	85 FR 46422	07/31/2020

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 12120	02/28/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 46422	07/31/2020
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	24,606	23,842	764
Annual Time Burden (Hours)	36,112	28,232	7,880
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 28,232 hours, and would increase to 36,112 hours with the 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 new recordkeeping requirement would be incurred once a year with an average hour per response of 10 hours. The agencies estimate that the disclosure requirement’s current average hours per response of 0.1 would increase to 0.5.

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? No

Agency Contact: Mark Tokarski 202-452-5241 Mark.E.Tokarski@frb.gov

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