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###### Federal Reserve System

# AGENCY:

Board of Governors of the Federal Reserve System.

# ACTION:

Notice, request for comment.

# 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: regs.comments@federalreserve.gov . 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,                         *nuha.elmaghrabi@frb.gov,*                         (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                           ( print 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).                

*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] 

Board of Governors of the Federal Reserve System, September 22, 2023.

Ann Misback,

Secretary of the Board.

# Footnotes

1.                             12 U.S.C. 1851.                    
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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.                    
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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).                    
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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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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.                    
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[FR Doc. 2023-21142 Filed 9-27-23; 8:45 am]

BILLING CODE 6210-01-P