Reporting, Recordkeeping, and Disclosure Requirements Associated with Restrictions on Proprietary Trading and Certain Relationships with Hedge Funds and Private Equity Funds

Forms and Documents

Document Name	Status
1557-0309 Supporting Statement Volcker Covered Funds NPR 1-29-20 Final.docx Supporting Statement A	2020-03-11

IC Document Collections

IC ID	Document Title	Status
240705	Section 10(c)(18)(ii)(B)(1)	New
240704	Section 4(c)(3)(i) Recordkeeping - Ongoing	New
240703	Section 3(d)(3) Recordkeeping - Initial Setup	New
240702	Section 10(c)(18)(ii)(B)(1) Recordkeeping - Initial Setup	New
240701	Section 4(c)(3)(i) Recordkeeping - Initial Setup	New
240700	Section 3(d)(3) Recordkeeping - Initial Setup	New
240699	Section 20(i) Reporting - Ongoing	New
240698	Section 20(i) Reporting - Initial Setup	New
240697	Section 4(c)(3)(i) Reporting - Ongoing	New
240696	Section 4(c)(3)(i) Reporting - Initial Set up	New
231543	Section 44.20(d) - $10-50 billion - Appendix Reporting Requirements - Ongoing Burden	Removed
231542	Section 44.20(d) - $10-50 billion - Appendix Reporting Requirements - Initial Set-up	Removed
231541	Section 44.20(d) - $20 billion - Appendix Reporting Requirements - Ongoing Burden	Modified
231540	Section 44.20(d) - $20 billion - Appendix Reporting Requirements - Initial Set-up	Modified
231539	Section 44.20(c) - CEO Attestation - Ongoing Burden	Modified
231538	Section 44.20(c) - CEO Attestation - Initial Set-up	Unchanged
231537	Section 44.20(b) - Compliance Program - Ongoing Burden	Modified
231536	Section 44.20(b) - Compliance Program - Initial Set-up	Unchanged
231535	Section 44.20(d) - Appendix Reporting - $10-50 Billion - Ongoing Burden	Removed
231534	Section 44.20(d) - Appendix Reporting - $ 10-50 Billion - Initial Set-up	Removed
231533	Section 44.20(d) - Appendix Reporting - $20 Billion - Ongoing Burden	Modified
231532	Section 44.20(d) - Appendix Reporting - $20 Billion - Initial Set-up	Modified
231531	Section 44.3(g) - Notice and Response Procedures for Reservation of Authority - Ongoing Burden	Removed
231530	Section 44.3(g) - Notice and Response Procedures for Reservation of Authority - Initial Set-up	Removed
231529	Section 44.3(c) - Report of Trading Desk Exceeding $25 Million - Ongoing Burden	Removed
231528	Section 44.3(c) - Report of Trading Desk Exceeding $25 Million - Initial Set-up	Removed
209660	Section 11(a)(8)(i) - Covered Fund Disclosures - Ongoing Burden	Modified
209659	Section 11(a)(8)(i) - Covered Fund Disclosures - Initial Set-up	Modified
209658	Section 20(f)(2) - Compliance Program for Entities with Modest Activities -Ongoing Burden	Modified
209657	Section 20(f)(2) - Compliance Program for Entities with Modest Activities - Initial Set-up	Unchanged
199647	Section 20(f)(1) - Compliance Program for Entities with No Covered Activities - Ongoing Burden	Modified
199646	Section 20(f)(1) - Compliance Program for Entities with No Covered Activities - Initial Set-up	Unchanged
199645	Section 20(e) - Additional Documentation for Covered Funds - Ongoing Burden	Modified
199643	Section 20(e) - Additional Documentation for Covered Funds - Initial Set-up	Unchanged
199642	Section 5(c) - Documentation of Purchases and Sales - Ongoing Burden	Modified
199641	Section 5(c) - Documentation of Purchases and Sales - Initial Set-up	Unchanged
199640	Section 4(b)(3)(i)(A) - Trading Desk Documentation of Client, Customer or Counterparty - Ongoing Burden	Modified
199639	Section 4(b)(3)(i)(A) - Trading Desk Documentation of Client, Customer or Counterparty - Initial Set-up	Unchanged
199638	Section 3(e)(3) - Liquidity Management Plan - Ongoing Burden	Removed
199637	Section 3(e)(3) - Liquidity Management Plan - Initial Set-up	Removed
199636	Section 11(a)(2) - Documentation of Advisory Services - Ongoing Burden	Modified
199635	Section 11(a)(2) - Documentation of Advisory Services - Initial Set-up	Unchanged
199634	Section 12(e) - Application for Extension of Time to Meet Requirements on Ownership Limitations - Ongoing Burden	Modified
199633	Section 12(e) - Application for Extension of Time Meet Requirements on Ownership Limitiations - Initial Set-up	Unchanged

ICR Details

OMB Control No: 1557-0309	ICR Reference No: 202003-1557-003
Status: Historical Inactive	Previous ICR Reference No: 201909-1557-002
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: Comment filed on proposed rule and continue	Conclusion Date: 05/11/2020
	Date Received in OIRA: 03/11/2020
Terms of Clearance: OIRA will review the collection when the rule is finalized.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2022	36 Months From Approved	12/31/2022
Responses	1,072	0	1,072
Time Burden (Hours)	20,712	0	20,712
Cost Burden (Dollars)	0	0	0

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Abstract: This supporting statement is being filed in connection with an NPR 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 proposed 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.

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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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AE67	Proposed rulemaking	85 FR 12120	02/28/2020

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 34

IC Title	Form No.	Form Name
Section 44.20(d) - Appendix Reporting - $20 Billion - Initial Set-up
Section 44.20(d) - Appendix Reporting - $20 Billion - Ongoing Burden
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 20(e) - Additional Documentation for Covered Funds - Ongoing Burden
Section 20(f)(1) - Compliance Program for Entities with No Covered Activities - Ongoing Burden
Section 11(a)(8)(i) - Covered Fund Disclosures - 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 11(a)(8)(i) - Covered Fund Disclosures - Initial Set-up
Section 44.20(d) - $20 billion - Appendix Reporting Requirements - Initial Set-up
Section 44.20(d) - $20 billion - Appendix Reporting Requirements - Ongoing Burden
Section 3(e)(3) - Liquidity Management Plan - Initial Set-up
Section 3(e)(3) - Liquidity Management Plan - 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 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) - $10-50 billion - Appendix Reporting Requirements - Initial Set-up
Section 44.20(d) - $10-50 billion - Appendix Reporting Requirements - Ongoing Burden
Section 4(c)(3)(i) Reporting - Initial Set up
Section 4(c)(3)(i) Reporting - Ongoing
Section 12(e) - Application for Extension of Time to Meet Requirements on Ownership Limitations - Ongoing Burden
Section 20(i) Reporting - Initial Setup
Section 20(i) Reporting - Ongoing
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 3(d)(3) Recordkeeping - Initial Setup
Section 4(c)(3)(i) Recordkeeping - Initial Setup
Section 10(c)(18)(ii)(B)(1) Recordkeeping - Initial Setup
Section 3(d)(3) Recordkeeping - Initial Setup
Section 4(c)(3)(i) Recordkeeping - Ongoing
Section 12(e) - Application for Extension of Time Meet Requirements on Ownership Limitiations - Initial Set-up
Section 10(c)(18)(ii)(B)(1)
Section 11(a)(2) - Documentation of Advisory Services - Initial Set-up
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 11(a)(2) - Documentation of Advisory Services - Ongoing Burden
Section 20(f)(1) - Compliance Program for Entities with No Covered Activities - Initial Set-up
Section 5(c) - Documentation of Purchases and Sales - Initial Set-up
Section 5(c) - Documentation of Purchases and Sales - Ongoing Burden
Section 20(e) - Additional Documentation for Covered Funds - Initial Set-up

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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 decrease in burden is due to the change in the regulations.

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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

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Common Form ICR:  No

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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: 03/11/2020

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