[Federal Register Volume 88, Number 246 (Tuesday, December 26, 2023)]
[Notices]
[Page 88920]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-28347]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting 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).

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.
    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.

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. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements (which contain more detailed 
information about the information collections and burden estimates than 
this notice), and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of 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\ restrict the 
ability of banking entities to engage in proprietary trading \3\ or to 
have certain interests in, or relationships with, a hedge fund or 
private equity fund. Respondents must submit certain information to 
facilitate the monitoring and enforcement of these restrictions.
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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, Federal Deposit Insurance 
Corporation, Commodity Futures Trading Commission, and Securities 
and Exchange Commission (collectively, the agencies), with each of 
the agencies promulgating regulations implementing section 13 of the 
BHC Act.
    \3\ 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. Respondents may also include 
any subsidiary of the foregoing.
    Total estimated number of respondents: 231.
    Total estimated annual burden hours: 30,676.\4\
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    \4\ 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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    Current actions: On September 28, 2023, the Board published a 
notice in the Federal Register (88 FR 66846) requesting public comment 
for 60 days on the extension, without revision, of the FR VV. The 
comment period for this notice expired on November 27, 2023. The Board 
did not receive any comments.

    Board of Governors of the Federal Reserve System, December 19, 
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-28347 Filed 12-22-23; 8:45 am]
BILLING CODE 6210-01-P