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OMB Control No: 7100-0360	ICR Reference No: 202312-7100-008
Status: Active	Previous ICR Reference No: 202312-7100-007
Agency/Subagency: FRS	Agency Tracking No: FR VV
Title: Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/26/2023
	Date Received in OIRA: 12/26/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2026	36 Months From Approved	12/31/2023
Responses	17,717	0	17,717
Time Burden (Hours)	30,676	0	30,676
Cost Burden (Dollars)	0	0	0

Abstract: Section 13 of the Bank Holding Company Act of 1956 (BHC Act) and the Board’s implementing regulation, Regulation VV - Proprietary Trading and Certain Interests in and Relationships with Covered Funds (12 CFR Part 248), contain certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading or to have certain interests in, or relationships with, a hedge fund or private equity fund (covered fund). Certain provisions of Regulation VV contain information collection requirements intended to facilitate the monitoring and enforcement of compliance with its requirements. For example, Regulation VV requires 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. In addition, section 248.20(d) of Regulation VV requires banking entities engaged in proprietary trading activity to comply with the reporting requirements described in Appendix A; the Board has implemented this requirement through the Regulation VV Quantitative Measurements (FR VV-1). The Board’s burden estimate for the FR VV includes all banking entities for which the Board is the primary financial regulatory agency, as well as any other banking entity controlled by a bank holding company or savings and loan holding company. Separately, the OCC and FDIC each have Paperwork Reduction Act clearances with respect to their respective rules implementing section 13 of the BHC Act. The burden estimates for the OCC’s and FDIC’s clearances include banking entities that they regulate, and that are not subsidiaries of holding companies.

Authorizing Statute(s): US Code: 12 USC 1851(b) Name of Law: Bank Holding Company Act of 1956
US Code: 12 USC 1851(e) 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:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 66846	09/28/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 88920	12/26/2023
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	17,717	17,717
Annual Time Burden (Hours)	30,676	30,676
Annual Cost Burden (Dollars)	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:

Annual Cost to Federal Government: $19,400

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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