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TREAS/OCC RIN: 1557-AE99 Publication ID: Spring 2021 
Title: Collective Investment Funds: Prior Notice Period for Withdrawals 
Abstract:

OCC regulations permit a national bank or Federal Savings association (collectively, a bank) administering a collective investment fund (CIF) that is invested primarily in real estate or other assets that are not readily marketable to require a prior notice period, not to exceed one year, for withdrawals from the fund. The OCC interpreted this notice provision as requiring the bank to withdraw an account within the prior notice period or, if permissible under the CIF’s written plan, within one year after prior notice was required (standard withdrawal period). On August 13, 2020, the OCC published in the Federal Register an interim final rule to codify the standard withdrawal period and create a limited exception to allow a bank, with OCC approval, to withdraw an account from the CIF up to one year beyond the standard withdrawal period, with opportunities for further extensions, provided that certain conditions are satisfied. The exception was intended to enable a bank to preserve the value of the CIF’s assets for the benefit of fund participants during unanticipated and severe market conditions such as those resulting from the current national health emergency concerning the coronavirus disease (COVID-19) outbreak.

 
Agency: Department of the Treasury(TREAS)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 12 CFR 9   
Legal Authority: 12 U.S.C. 24 (Seventh)    12 U.S.C. 92a    12 U.S.C. 93a    15 U.S.C. 78q    15 U.S.C. 78q-1    15 U.S.C. 78w   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Interim Final Rule  08/13/2020  85 FR 49229   
Interim Final Rule Effective  08/13/2020 
Interim Final Rule Comment Period End  09/14/2020 
Final Rule  06/00/2021 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: https://www.regulations.gov/docket?D=OCC-2020-0031   Public Comment URL: https://www.regulations.gov/docket?D=OCC-2020-0031  
RIN Data Printed in the FR: No 
Agency Contact:
Daniel Perez
Counsel
Department of the Treasury
Comptroller of the Currency
Chief Counsel's Office, 400 7th Street SW.,
Washington, DC 20219
Phone:202 649-6718
Email: daniel.perez@occ.treas.gov