Document ID: SEC-2012-0005-0001
Agency: sec
Document Type: Proposed Rule
Title: Prohibitions and Restrictions on Proprietary Trading, etc.
Posted Date: 2012-01-03T05:00Z

[Federal Register Volume 77, Number 1 (Tuesday, January 3, 2012)]
[Proposed Rules]
[Pages 23-24]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-33623]

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 Proposed Rules
                                                 Federal Register
 ________________________________________________________________________
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 This section of the FEDERAL REGISTER contains notices to the public of 
 the proposed issuance of rules and regulations. The purpose of these 
 notices is to give interested persons an opportunity to participate in 
 the rule making prior to the adoption of the final rules.
 
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 

  Federal Register / Vol. 77, No. 1 / Tuesday, January 3, 2012 / 
Proposed Rules  

[[Page 23]]

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 44

[Docket No. OCC-2011-0014]
RIN 1557-AD44

FEDERAL RESERVE SYSTEM

12 CFR Part 248

[Docket No. 2011-1432]
RIN 7100-AD 82

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 351

RIN 3064-AD85

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 255

[Release No. 34-66057; File No. S7-41-11]
RIN 3235-AL07

Prohibitions and Restrictions on Proprietary Trading and Certain 
Interests in, and Relationships With, Hedge Funds and Private Equity 
Funds

AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC); 
Board of Governors of the Federal Reserve System (Board); Federal 
Deposit Insurance Corporation (FDIC); and U.S. Securities and Exchange 
Commission (SEC).

ACTION: Proposed rule; extension of comment period.

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SUMMARY: On November 7, 2011, the OCC, Board, FDIC, and SEC 
(collectively, the ``Agencies'') published in the Federal Register a 
joint notice of proposed rulemaking for public comment to implement 
section 619 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act'') which contains certain prohibitions 
and restrictions on the ability of a banking entity and 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 (``proposed rule'').
    Due to the complexity of the issues involved and to facilitate 
coordination of the rulemaking among the responsible agencies as 
provided in section 619 of the Dodd-Frank Act, the Agencies have 
determined that an extension of the comment period until February 13, 
2012 is appropriate. This action will allow interested persons 
additional time to analyze the proposed rules and prepare their 
comments.

DATES: Comments on the proposed rule must be received on or before 
February 13, 2012.

ADDRESSES: You may submit comments by any of the methods identified in 
the proposed rule.\1\ Please submit your comments using only one 
method.
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    \1\ See 76 FR 68846.

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FOR FURTHER INFORMATION CONTACT: 

OCC: Deborah Katz, Assistant Director, or Ursula Pfeil, Counsel, 
Legislative and Regulatory Activities Division, (202) 874-5090; Roman 
Goldstein, Senior Attorney, Securities and Corporate Practices 
Division, (202) 874-5210; Kurt Wilhelm, Director for Financial Markets 
Group, (202) 874-4660; Stephanie Boccio, Technical Expert for Asset 
Management Group, or Joel Miller, Group Leader for Asset Management 
Group, (202) 874-4660, Office of the Comptroller of the Currency, 250 E 
Street SW., Washington, DC 20219.
Board: Christopher M. Paridon, Counsel, Legal Division, (202) 452-3274; 
Sean D. Campbell, Deputy Associate Director, Division of Research and 
Statistics, (202) 452-3761; David Lynch, Manager, (202) 452-2081, or 
Jeremy R. Newell, Division of Bank Supervision and Regulation, (202) 
452-3239, Board of Governors of the Federal Reserve System, 20th and C 
Streets NW., Washington, DC 20551.
FDIC: Bobby R. Bean, Associate Director, Capital Markets (202) 898-
6705, or Karl R. Reitz, Senior Capital Markets Specialist, (202) 898-
6775, Division of Risk Management Supervision; Michael B. Phillips, 
Counsel, (202) 898-3581, or Gregory S. Feder, Counsel, (202) 898-8724, 
Legal Division, Federal Deposit Insurance Corporation, 550 17th Street 
NW., Washington, DC 20429-0002.
SEC: Josephine Tao, Assistant Director, Elizabeth Sandoe, Senior 
Special Counsel, David Bloom, Branch Chief, or Angela Moudy, Attorney 
Advisor, Office of Trading Practices, Division of Trading and Markets, 
(202) 551-5720; Daniel S. Kahl, Assistant Director, Tram N. Nguyen, 
Branch Chief, Michael J. Spratt, Senior Counsel, Paul Schlichting, 
Senior Counsel, or Parisa Haghshenas, Law Clerk, Office of Investment 
Adviser Regulation, Division of Investment Management, (202) 551-6787, 
U.S. Securities and Exchange Commission, 100 F Street NE., Washington, 
DC 20549.

SUPPLEMENTARY INFORMATION: On November 7, 2011, the proposed rule was 
published in the Federal Register.\2\ The proposed rule implements 
section 619 of the Dodd-Frank Act which added a new section 13 to the 
Bank Holding Company Act of 1956 (``BHC Act'') and contains certain 
prohibitions and restrictions on the ability of a banking entity and 
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.
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    \2\ See id.
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    In recognition of the complexities of the issues involved and the 
variety of considerations involved in its impact and implementation, 
the Agencies requested that commenters respond to numerous questions. 
The proposed rule stated that the public comment period would close on 
January 13, 2012.\3\
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    \3\ See id.
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    The Agencies have received requests from the public for an 
extension of the comment period to allow for additional time for 
comments related to the provisions of the proposed rule.\4\ The 
Agencies believe that the additional period for comment will facilitate 
public comment on the provisions of the proposed rule and the questions 
posed by the Agencies, and coordination of the

[[Page 24]]

rulemaking among the responsible agencies as provided in section 619 of 
the Dodd-Frank Act. Therefore, the Agencies are extending the comment 
period for the proposed rule from January 13, 2012 to February 13, 
2012.
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    \4\ See, e.g., comment letters to the Agencies from Center for 
Capital Markets Competitiveness of the U.S. Chamber of Commerce 
(November 17, 2011); American Bankers Association et al. (November 
30, 2011); and Representative Neugebauer et al. (December 20, 2011).

    Dated: December 22, 2011.
John Walsh,
Acting Comptroller of the Currency.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary under delegated authority, 
December 23, 2011.
Jennifer J. Johnson,
Secretary of the Board.

    By delegated authority from the Board of Directors of the 
Federal Deposit Insurance Corporation.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.

    By the Securities and Exchange Commission.

    Dated: December 23, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-33623 Filed 12-30-11; 8:45 am]
BILLING CODE 4810-33-P; 6714-10-P; 6210-01-P