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[Federal Register Volume 88, Number 187 (Thursday, September 28, 2023)]
[Notices]
[Pages 66846-66847]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-21142]

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FEDERAL RESERVE SYSTEM

Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Reporting, Recordkeeping, and Disclosure Requirements 
Associated with Regulation VV (FR VV; OMB No. 7100-0360).

DATES: Comments must be submitted on or before November 27, 2023.

ADDRESSES: You may submit comments, identified by FR VV, by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number or FR number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00 
p.m. on weekdays, except for Federal holidays. For security reasons, 
the Board requires that visitors make an appointment to inspect 
comments. You may do so by calling (202) 452-3684. Upon arrival, 
visitors will be required to present valid government-issued photo 
identification and to submit to security screening in order to inspect 
and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, [email protected], (202) 
452-3884.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining

[[Page 66847]]

whether to approve a collection of information, the Board will consider 
all comments received from the public and other agencies.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose 
name appears above. Final versions of these documents will be made 
available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Collection title: Reporting, Recordkeeping, and Disclosure 
Requirements Associated with Regulation VV.
    Collection identifier: FR VV.
    OMB control number: 7100-0360.
    General description of collection: Section 13 of the Bank Holding 
Company Act of 1956 (BHC Act) \1\ and the Board's implementing 
regulation, Regulation VV--Proprietary Trading and Certain Interests in 
and Relationships with Covered Funds (12 CFR part 248),\2\ contain 
certain prohibitions and restrictions on the ability of a banking 
entity \3\ to engage in proprietary trading \4\ 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).
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    \1\ 12 U.S.C. 1851.
    \2\ The Board issued Regulation VV in conjunction with the 
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), with each of the agencies promulgating regulations 
implementing section 13 of the BHC Act.
    \3\ For purposes of section 13 of the BHC Act, a ``banking 
entity'' generally means ``any insured depository institution (as 
defined in 12 U.S.C. 1813), any company that controls an insured 
depository institution, or that is treated as a bank holding company 
for purposes of section 8 of the International Banking Act of 1978, 
and any affiliate or subsidiary of any such entity.'' Certain 
smaller institutions and institutions that function solely in a 
trust or fiduciary capacity are excluded from this definition. See 
12 U.S.C. 1851(h)(1).
    \4\ The term ``proprietary trading'' means engaging as principal 
for the trading account of the banking entity in any purchase or 
sale of one or more financial instruments. See 12 CFR 248.3(a).
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    Frequency: Quarterly, annual, and event-generated.
    Respondents: State member banks, bank holding companies, savings 
and loan holding companies, foreign banking organizations, U.S. 
branches or agencies of foreign banks, and other holding companies that 
control an insured depository institution and any subsidiary of the 
foregoing.
    Total estimated number of respondents: 231.
    Total estimated annual burden hours: 30,676.\5\
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    \5\ More detailed information regarding this collection, 
including more detailed burden estimates, can be found in the OMB 
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you 
can find the OMB Supporting Statement by referencing the collection 
identifier, FR VV.

    Board of Governors of the Federal Reserve System, September 22, 
2023.
Ann Misback,
Secretary of the Board.
[FR Doc. 2023-21142 Filed 9-27-23; 8:45 am]
BILLING CODE 6210-01-P
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