Agency Information Collection Activities: Information Collection Renewal; Comment Request; Reporting, Recordkeeping, and Disclosure Requirements Associated With Proprietary Trading and Certain Interests in and Relationships With Covered Funds, 51729-51731 [2022-18142]
Download as PDF
<![CDATA[
lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 162 / Tuesday, August 23, 2022 / Notices
are final. The actions relate to a
proposed highway project, the State
Route 132 Dakota Avenue to Gates Road
Project on State Route 132 from post
mile 4.5 to R11.7 in the county of
Stanislaus, State of California. Those
actions grant licenses, permits, and
approvals for the project.
DATES: By this notice, the FHWA, on
behalf of Caltrans, is advising the public
of final agency actions subject to 23
U.S.C. 139(l)(1). A claim seeking
judicial review of the Federal agency
actions on the highway project will be
barred unless the claim is filed on or
before January 20, 2023. If the Federal
law that authorizes judicial review of a
claim provides a time period of less
than 150 days for filing such claim, then
that shorter time period still applies.
FOR FURTHER INFORMATION CONTACT:
For Caltrans:
John Thomas, Branch Chief, Northern
San Joaquin Valley Management Branch
1, 2015 E Shields Avenue, Suite 100,
Fresno, CA 93726, (559) 408–4496,
john.q.thomas@dot.ca.gov, Mon.–Fri.
9:00 a.m.–5:00 p.m.
SUPPLEMENTARY INFORMATION: Effective
July 1, 2007, the Federal Highway
Administration (FHWA) assigned, and
the California Department of
Transportation (Caltrans) assumed,
environmental responsibilities for this
project pursuant to 23 U.S.C. 327.
Notice is hereby given that the Caltrans,
has taken final agency actions subject to
23 U.S.C. 139(l)(1) by issuing licenses,
permits, and approvals for the following
highway project in the State of
California: The State Route 132 Dakota
Avenue to Gates Road Project on State
Route 132 from post mile 4.5 to R11.7
in County of Stanislaus, California.
Caltrans proposes to construct an access
controlled facility within the western
central portion of Stanislaus County,
from Gates Road/Paradise Road to
Dakota Avenue, post miles 4.5 to R11.7,
located two miles west of the City of
Modesto. This project would be an
extension of the State Route 132 West
project that is being designed on a new
alignment in the City of Modesto,
California. The actions by the Federal
agencies, and the laws under which
such actions were taken, are described
in the Final Environmental Assessment
(FEA) for the project, approved on April
21, 2022, in the FHWA Finding of No
Significant Impact (FONSI) issued on
April 21, 2022, and in other documents
in the FHWA project records. The FEA,
FONSI, and other project records are
available by contacting Caltrans at the
addresses provided above. The Caltrans
FEA and FONSI can be viewed and
downloaded from the project website at:
VerDate Sep<11>2014
18:53 Aug 22, 2022
Jkt 256001
https://dot.ca.gov/caltrans-near-me/
district-10/district-10-current-projects/
state-route-132-dakota-avenue-to-gatesroad-project.
This notice applies to all Federal
agency decisions as of the issuance date
of this notice and all laws under which
such actions were taken, including but
not limited to:
1. General: National Environmental
Policy Act (NEPA) [42 U.S.C. 4321–
4335].
2. Air: Clean Air Act [23 U.S.C. 109
(j) and 42 U.S.C 7521(a)].
3. Land: Section 4(f) of the
Department of Transportation Act of
1966 [23 U.S.C. 138 and 49 U.S.C. 303];
Wild and Scenic Rivers Act [16 U.S.C.
1271–1287]; The Public Health and
Welfare [42 U.S.C. 4331 (b)(2)].
4. Wildlife: Federal Endangered
Species Act [16 U.S.C. 1531–1543]; Fish
and Wildlife Coordination Act [16
U.S.C. 661–666(C); Migratory Bird
Treaty Act [16 U.S.C. 760c–760g].
5. Historic and Cultural Resources:
Section 106 of the National Historic
Preservation Act of 1966, as amended
[16 U.S.C. 470(f) et seq.]; Archeological
Resources Protection Act of 1977 [16
U.S.C. 470(aa)–470 (ll)]; Archeological
and Historic Preservation Act [16 U.S.C.
469–469(c)]; Native American Grave
Protection and Repatriation Act
(NAGPRA) [25 U.S.C. 3001–3013].
6. Social and Economic: NEPA
implementation [23 U.S.C. 109(h)]; Civil
Rights Act of 1964 [42 U.S.C. 2000(d)–
2000(d)(1)].
7. Wetlands and Water Resources:
Clean Water Act [33 U.S.C. 1344]; Wild
and Scenic Rivers Act [16 U.S.C. 1271–
1287].
8. Executive Orders: E.O. 11990
Protection of Wetlands; E.O. 13112
Invasive Species; E.O. 11988 Floodplain
management; E.O. 12898 Federal actions
to Address Environmental Justice in
Minority Populations and Low Income
Populations.
(Catalog of Federal Domestic Assistance
Program Number 20.205, Highway Planning
and Construction. The regulations
implementing Executive Order 12372
regarding intergovernmental consultation on
Federal programs and activities apply to this
program.)
Authority: 23 U.S.C. 139(l)(1)
Antonio Johnson,
Director, Planning, Environment and Right
of Way, Federal Highway Administration,
California Division.
[FR Doc. 2022–17851 Filed 8–22–22; 8:45 am]
BILLING CODE 4910–RY–P
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
51729
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request;
Reporting, Recordkeeping, and
Disclosure Requirements Associated
With Proprietary Trading and Certain
Interests in and Relationships With
Covered Funds
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for
comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on a continuing information
collection as required by the Paperwork
Reduction Act of 1995 (PRA). In
accordance with the requirements of the
PRA, the OCC may not conduct or
sponsor, and respondents are not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The OCC is
soliciting comment concerning the
renewal of its information collection
titled ‘‘Reporting, Recordkeeping, and
Disclosure Requirements Associated
with Proprietary Trading and Certain
Interests in and Relationships with
Covered Funds.’’
DATES: Comments must be received on
or before October 24, 2022.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency,
Attention: 1557–0309, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0309’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
SUMMARY:
E:\FR\FM\23AUN1.SGM
23AUN1
lotter on DSK11XQN23PROD with NOTICES1
51730
Federal Register / Vol. 87, No. 162 / Tuesday, August 23, 2022 / Notices
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Following the close of this notice’s
60-day comment period, the OCC will
publish a second notice with a 30-day
comment period. You may review
comments and other related materials
that pertain to this information
collection beginning on the date of
publication of the second notice for this
collection by the method set forth in the
next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ drop
down menu and click on ‘‘Information
Collection Review.’’ From the
‘‘Currently under Review’’ drop-down
menu, select ‘‘Department of Treasury’’
and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0309’’ or ‘‘Reporting,
Recordkeeping, and Disclosure
Requirements Associated with
Proprietary Trading and Certain
Interests in and Relationships with
Covered Funds.’’ Upon finding the
appropriate information collection, click
on the related ‘‘ICR Reference Number.’’
On the next screen, select ‘‘View
Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
(202) 649–5490, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219. If you are
deaf, hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501–3520), Federal
agencies must obtain approval from the
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. Section
3506(c)(2)(A) of title 44 requires Federal
agencies to provide a 60-day notice in
the Federal Register concerning each
proposed collection of information,
including each proposed extension of an
existing collection of information,
before submitting the collection to OMB
VerDate Sep<11>2014
18:53 Aug 22, 2022
Jkt 256001
for approval. To comply with this
requirement, the OCC is publishing
notice of the renewal of the collection
of information set forth in this
document.
Title: Reporting, Recordkeeping, and
Disclosure Requirements Associated
with Proprietary Trading and Certain
Interests in and Relationships with
Covered Funds.
OMB Control No.: 1557–0309.
Description: This submission covers
an existing regulation and involves no
change to the regulation or to the
information collection requirements.
The OCC requests only that OMB renew
its approval of the collection.
Section 13 of the Bank Holding
Company (BHC) Act generally prohibits
any banking entity from engaging in
proprietary trading or from acquiring or
retaining an ownership interest in,
sponsoring, or having certain
relationships with a covered fund,
subject to certain exemptions. The
exemptions allow certain types of
permissible trading and covered fund
activities. The initial regulations
implementing section 13 became
effective on April 1, 2014. Twelve CFR
44.20(d) and Appendix A of the
implementing regulations require
certain of the largest banking entities to
report to the appropriate agency certain
quantitative measurements.
This collection of information was
established pursuant to a rule 1 required
by the Dodd-Frank Wall Street Reform
and Consumer Protection Act (DoddFrank Act), which was enacted on July
21, 2010.2 The rule implemented
section 619 of the Dodd-Frank Act,
which contains certain prohibitions and
restrictions on the ability of a banking
entity and nonbank financial company
supervised by the Board of Governors of
the Federal Reserve System (FRB) to
engage in proprietary trading and have
certain interests in, or relationships
with, a hedge fund or private equity
fund.
Section 619 of the Dodd-Frank Act
added a new section 13 to the BHC Act
(codified at 12 U.S.C. 1851) that
generally prohibits any banking entity
from engaging in proprietary trading or
from acquiring or retaining an
ownership interest in, sponsoring, or
having certain relationships with a
hedge fund or private equity fund,
subject to certain exemptions. The
OCC’s version of the rule is codified at
12 CFR part 44. The reporting,
recordkeeping, and disclosure
1 79
FR 5536 (January 31, 2014).
Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 124 Stat. 1376
(2010).
2 Dodd-Frank
PO 00000
Frm 00091
Fmt 4703
Sfmt 4703
requirements associated with the rule
permit banking entities and the OCC to
enforce compliance with section 13 of
the BHC Act and the rule and to
identify, monitor, and limit risks of
activities permitted under section 13.
Section-By-Section Analysis
Section 44.3(d)(3), regarding excluded
liquidity management activities,
includes recordkeeping requirements for
security, foreign exchange forward,
foreign exchange swap, or crosscurrency swap transactions.
Section 44.4(b)(3)(i)(A), regarding
permitted market making activities,
provides that a trading desk or other
organizational unit of another banking
entity is not a client, customer, or
counterparty of a trading desk relying
on the market-making exemption if that
other entity has trading assets and
liabilities of $50 billion or more unless
the trading desk documents how and
why a particular trading desk or other
organizational unit of the other entity
should be treated as a client, customer,
or counterparty of the trading desk.
Section 44.4(c)(3)(i) requires a
banking entity that relies on the market
making presumption of compliance to
make available to the OCC upon request
records regarding (1) any limit that is
exceeded and (2) any temporary or
permanent increase to any limit(s), in
each case in the form and manner as
directed by the OCC.
Section 44.5(c) includes
documentation requirements for
banking entities that have significant
trading assets and liabilities and rely on
the risk-mitigating hedging exemption.
Section 44.10(c)(18)(ii)(C)(1) requires
a banking entity relying on the
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)(2) requires a banking
entity (or an affiliate thereof) that
organizes and offers a covered fund in
connection with the provision of bona
fide trust, fiduciary, investment
advisory, or commodity trading
advisory services to persons that are
customers of such services of the
banking entity (or an affiliate thereof) to
organize and offer the fund pursuant to
a written plan or similar documentation
outlining how the banking entity or
such affiliate intends to provide
advisory or similar services to its
customers through organizing and
offering such fund.
Section 44.11(a)(8)(i) requires a
banking entity that organizes and offers
E:\FR\FM\23AUN1.SGM
23AUN1
Federal Register / Vol. 87, No. 162 / Tuesday, August 23, 2022 / Notices
lotter on DSK11XQN23PROD with NOTICES1
covered funds to make certain
disclosures to investors in such funds.
This provision also applies to banking
entities relying on exclusions for credit
funds, venture capital funds, family
wealth management vehicles, or
customer facilitation vehicles.
Section 44.12(e) outlines the
requirements for requesting an
extension of time to divest an
ownership interest in a covered fund.
Section 44.20(b) requires a
compliance program from banking
entities with significant trading assets
and liabilities.
Section 44.20(c) requires a CEO
attestation from any banking entity that
has significant trading assets and
liabilities.
Section 44.20(d) requires a banking
entity with significant trading assets and
liabilities (or any other banking entity to
which the OCC has provided written
notification) to report metrics specified
in appendix A. Section 20(d) further
specifies that a banking entity that is
required to report these metrics must do
so within 30 days of the end of each
calendar quarter.
Section 44.20(e) requires a banking
entity with significant trading assets and
liabilities to maintain additional
documentation for covered funds.
Section 44.20(f)(1) provides that a
banking entity with no covered
activities (other than trading activities
VerDate Sep<11>2014
18:53 Aug 22, 2022
Jkt 256001
permitted pursuant to § 44.6(a) of
subpart B) can satisfy the requirements
of § 44.20 by establishing the required
compliance program prior to becoming
engaged in such activities or making
such investments.
Section 44.20(f)(2) provides that a
banking entity with moderate trading
assets and liabilities may satisfy the
requirements of § 44.20 by including in
its existing compliance policies and
procedures appropriate references to the
requirements of section 13 of the BHC
Act and part 44 and adjustments as
appropriate given its activities, size,
scope, and complexity.
Section 44.20(i) covers notice and
response procedures. The OCC will
notify a banking entity in writing of any
determination requiring notice under
part 44 and will provide an explanation
of the determination. The banking entity
may respond to the notice and should
include any matters that the banking
entity would have the OCC consider in
deciding whether to make the
determination. The response must be in
writing and delivered to the designated
OCC official within 30 days after the
date on which the banking entity
received the notice.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals;
Businesses or other for-profit.
Frequency of Response: On occasion.
PO 00000
Frm 00092
Fmt 4703
Sfmt 9990
51731
Estimated Number of Respondents:
39.
Estimated Total Annual Burden:
20,410.
Comments submitted in response to
this notice will be summarized and
included in the submission to OMB.
Comments are requested on:
(a) Whether the information
collections are necessary for the proper
performance of the OCC’s functions,
including whether the information has
practical utility;
(b) The accuracy of the OCC’s
estimates of the burden of the
information collections, 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 collections on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2022–18142 Filed 8–22–22; 8:45 am]
BILLING CODE 4810–33–P
E:\FR\FM\23AUN1.SGM
23AUN1
]]>Agencies
[Federal Register Volume 87, Number 162 (Tuesday, August 23, 2022)]
[Notices]
[Pages 51729-51731]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-18142]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Reporting, Recordkeeping, and Disclosure
Requirements Associated With Proprietary Trading and Certain Interests
in and Relationships With Covered Funds
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on a continuing information
collection as required by the Paperwork Reduction Act of 1995 (PRA). In
accordance with the requirements of the PRA, the OCC may not conduct or
sponsor, and respondents are not required to respond to, an information
collection unless it displays a currently valid Office of Management
and Budget (OMB) control number. The OCC is soliciting comment
concerning the renewal of its information collection titled
``Reporting, Recordkeeping, and Disclosure Requirements Associated with
Proprietary Trading and Certain Interests in and Relationships with
Covered Funds.''
DATES: Comments must be received on or before October 24, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0309, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0309'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any
[[Page 51730]]
information in your comment or supporting materials that you consider
confidential or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the next
bullet.
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the ``Information Collection Review'' drop down menu and
click on ``Information Collection Review.'' From the ``Currently under
Review'' drop-down menu, select ``Department of Treasury'' and then
click ``submit.'' This information collection can be located by
searching by OMB control number ``1557-0309'' or ``Reporting,
Recordkeeping, and Disclosure Requirements Associated with Proprietary
Trading and Certain Interests in and Relationships with Covered
Funds.'' Upon finding the appropriate information collection, click on
the related ``ICR Reference Number.'' On the next screen, select ``View
Supporting Statement and Other Documents'' and then click on the link
to any comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219. If
you are deaf, hard of hearing, or have a speech disability, please dial
7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of title 44 requires Federal agencies to provide
a 60-day notice in the Federal Register concerning each proposed
collection of information, including each proposed extension of an
existing collection of information, before submitting the collection to
OMB for approval. To comply with this requirement, the OCC is
publishing notice of the renewal of the collection of information set
forth in this document.
Title: Reporting, Recordkeeping, and Disclosure Requirements
Associated with Proprietary Trading and Certain Interests in and
Relationships with Covered Funds.
OMB Control No.: 1557-0309.
Description: This submission covers an existing regulation and
involves no change to the regulation or to the information collection
requirements. The OCC requests only that OMB renew its approval of the
collection.
Section 13 of the Bank Holding Company (BHC) Act generally
prohibits any banking entity from engaging in proprietary trading or
from acquiring or retaining an ownership interest in, sponsoring, or
having certain relationships with a covered fund, subject to certain
exemptions. The exemptions allow certain types of permissible trading
and covered fund activities. The initial regulations implementing
section 13 became effective on April 1, 2014. Twelve CFR 44.20(d) and
Appendix A of the implementing regulations require certain of the
largest banking entities to report to the appropriate agency certain
quantitative measurements.
This collection of information was established pursuant to a rule
\1\ required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act), which was enacted on July 21, 2010.\2\
The rule implemented section 619 of the Dodd-Frank Act, which contains
certain prohibitions and restrictions on the ability of a banking
entity and nonbank financial company supervised by the Board of
Governors of the Federal Reserve System (FRB) to engage in proprietary
trading and have certain interests in, or relationships with, a hedge
fund or private equity fund.
---------------------------------------------------------------------------
\1\ 79 FR 5536 (January 31, 2014).
\2\ Dodd-Frank Wall Street Reform and Consumer Protection Act,
Public Law 111-203, 124 Stat. 1376 (2010).
---------------------------------------------------------------------------
Section 619 of the Dodd-Frank Act added a new section 13 to the BHC
Act (codified at 12 U.S.C. 1851) that generally prohibits any banking
entity from engaging in proprietary trading or from acquiring or
retaining an ownership interest in, sponsoring, or having certain
relationships with a hedge fund or private equity fund, subject to
certain exemptions. The OCC's version of the rule is codified at 12 CFR
part 44. The reporting, recordkeeping, and disclosure requirements
associated with the rule permit banking entities and the OCC to enforce
compliance with section 13 of the BHC Act and the rule and to identify,
monitor, and limit risks of activities permitted under section 13.
Section-By-Section Analysis
Section 44.3(d)(3), regarding excluded liquidity management
activities, includes recordkeeping requirements for security, foreign
exchange forward, foreign exchange swap, or cross-currency swap
transactions.
Section 44.4(b)(3)(i)(A), regarding permitted market making
activities, provides that a trading desk or other organizational unit
of another banking entity is not a client, customer, or counterparty of
a trading desk relying on the market-making exemption if that other
entity has trading assets and liabilities of $50 billion or more unless
the trading desk documents how and why a particular trading desk or
other organizational unit of the other entity should be treated as a
client, customer, or counterparty of the trading desk.
Section 44.4(c)(3)(i) requires a banking entity that relies on the
market making presumption of compliance to make available to the OCC
upon request records regarding (1) any limit that is exceeded and (2)
any temporary or permanent increase to any limit(s), in each case in
the form and manner as directed by the OCC.
Section 44.5(c) includes documentation requirements for banking
entities that have significant trading assets and liabilities and rely
on the risk-mitigating hedging exemption.
Section 44.10(c)(18)(ii)(C)(1) requires a banking entity relying on
the 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)(2) requires a banking entity (or an affiliate
thereof) that organizes and offers a covered fund in connection with
the provision of bona fide trust, fiduciary, investment advisory, or
commodity trading advisory services to persons that are customers of
such services of the banking entity (or an affiliate thereof) to
organize and offer the fund pursuant to a written plan or similar
documentation outlining how the banking entity or such affiliate
intends to provide advisory or similar services to its customers
through organizing and offering such fund.
Section 44.11(a)(8)(i) requires a banking entity that organizes and
offers
[[Page 51731]]
covered funds to make certain disclosures to investors in such funds.
This provision also applies to banking entities relying on exclusions
for credit funds, venture capital funds, family wealth management
vehicles, or customer facilitation vehicles.
Section 44.12(e) outlines the requirements for requesting an
extension of time to divest an ownership interest in a covered fund.
Section 44.20(b) requires a compliance program from banking
entities with significant trading assets and liabilities.
Section 44.20(c) requires a CEO attestation from any banking entity
that has significant trading assets and liabilities.
Section 44.20(d) requires a banking entity with significant trading
assets and liabilities (or any other banking entity to which the OCC
has provided written notification) to report metrics specified in
appendix A. Section 20(d) further specifies that a banking entity that
is required to report these metrics must do so within 30 days of the
end of each calendar quarter.
Section 44.20(e) requires a banking entity with significant trading
assets and liabilities to maintain additional documentation for covered
funds.
Section 44.20(f)(1) provides that a banking entity with no covered
activities (other than trading activities permitted pursuant to Sec.
44.6(a) of subpart B) can satisfy the requirements of Sec. 44.20 by
establishing the required compliance program prior to becoming engaged
in such activities or making such investments.
Section 44.20(f)(2) provides that a banking entity with moderate
trading assets and liabilities may satisfy the requirements of Sec.
44.20 by including in its existing compliance policies and procedures
appropriate references to the requirements of section 13 of the BHC Act
and part 44 and adjustments as appropriate given its activities, size,
scope, and complexity.
Section 44.20(i) covers notice and response procedures. The OCC
will notify a banking entity in writing of any determination requiring
notice under part 44 and will provide an explanation of the
determination. The banking entity may respond to the notice and should
include any matters that the banking entity would have the OCC consider
in deciding whether to make the determination. The response must be in
writing and delivered to the designated OCC official within 30 days
after the date on which the banking entity received the notice.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals; Businesses or other for-profit.
Frequency of Response: On occasion.
Estimated Number of Respondents: 39.
Estimated Total Annual Burden: 20,410.
Comments submitted in response to this notice will be summarized
and included in the submission to OMB. Comments are requested on:
(a) Whether the information collections are necessary for the
proper performance of the OCC's functions, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimates of the burden of the
information collections, 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 collections on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of the Comptroller of the
Currency.
[FR Doc. 2022-18142 Filed 8-22-22; 8:45 am]
BILLING CODE 4810-33-P
