Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Reporting, Recordkeeping, and Disclosure Requirements Associated With Proprietary Trading and Certain Interests in and Relationships With Covered Funds, 11978-11980 [2023-03856]
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11978
Federal Register / Vol. 88, No. 37 / Friday, February 24, 2023 / Notices
Requests to attend the meeting must
be received by Monday, February 27,
2023.
Requests for accommodations to a
disability must be received by Monday,
February 27, 2023.
Requests to submit written materials
to be reviewed during the meeting must
be received no later than Monday,
February 27, 2023.
ADDRESSES: The meeting will be held at
the Federal Aviation Administration,
800 Independence Avenue SW,
Washington, DC 20591, and virtually on
Zoom. However, if the FAA is unable to
hold the meeting in person due to
circumstances outside of its control, the
FAA will hold a virtual meeting and
notify registrants with the meeting
details and post any updates on the
FAA Committee website. Members of
the public who wish to observe the
meeting must RSVP by emailing 9-awaarac@faa.gov. General committee
information including copies of the
meeting minutes will be available on the
FAA Committee website at https://
www.faa.gov/regulations_policies/
rulemaking/committees/documents/.
FOR FURTHER INFORMATION CONTACT:
Lakisha Pearson, Federal Aviation
Administration, 800 Independence
Avenue SW, Washington, DC 20591,
telephone (202) 267–4191; email 9-awaarac@faa.gov. Any committee-related
request should be sent to the person
listed in this section.
SUPPLEMENTAL INFORMATION:
I. Background
The ARAC was created under the
Federal Advisory Committee Act
(FACA), in accordance with Title 5 of
the United States Code (5 U.S.C. App.
2) to provide advice and
recommendations to the FAA
concerning rulemaking activities, such
as aircraft operations, airman and air
agency certification, airworthiness
standards and certification, airports,
maintenance, noise, and training.
ddrumheller on DSK120RN23PROD with NOTICES
II. Agenda
At the meeting, the agenda will cover
the following topics:
• Status Report from the FAA
• Status Updates:
Æ Active Working Groups
Æ Transport Airplane and Engine
(TAE) Subcommittee
• Recommendation Reports
• Any Other Business
Detailed agenda information will be
posted on the FAA Committee website
address listed in the ADDRESSES section
at least one week in advance of the
meeting.
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III. Public Participation
The meeting will be open to the
public for virtual or in person
attendance on a first-come, first served
basis, as space is limited. Please confirm
your attendance with the person listed
in the FOR FURTHER INFORMATION
CONTACT section and provide the
following information: full legal name,
country of citizenship, and name of
your industry association or applicable
affiliation. Please indicate if you plan to
observe the meeting in-person or
virtually. When registration is
confirmed, FAA will email registrants to
provide meeting access information in a
timely manner prior to the meeting.
The U.S. Department of
Transportation is committed to
providing equal access to this meeting
for all participants. If you need
alternative formats or services because
of a disability, such as sign language,
interpretation, or other ancillary aids,
please contact the person listed in the
FOR FURTHER INFORMATION CONTACT
section.
The FAA is not accepting oral
presentations at this meeting due to
time constraints. Any member of the
public may present a written statement
to the committee at any time. The public
may present written statements to
ARAC by providing a copy to the
Designated Federal Officer via the email
listed in the FOR FURTHER INFORMATION
CONTACT section.
Issued in Washington, DC, on February 17,
2023.
Brandon Roberts,
Executive Director, Office of Rulemaking.
[FR Doc. 2023–03871 Filed 2–23–23; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Submission for OMB Review;
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
SUMMARY:
PO 00000
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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.’’ The OCC also is giving
notice that it has sent the collection to
OMB for review.
DATES: Comments must be received on
or before March 27, 2023.
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, 1557–
0309, Office of the Comptroller of the
Currency, 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) 293–4835.
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
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Written comments and
recommendations for the proposed
information collection should also be
sent within 30 days of publication of
this notice to www.reginfo.gov/public/
do/PRAMain. You can find this
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
On August 23, 2022, the OCC
published a 60-day notice for this
information collection, (87 FR 51729).
You may review comments and other
related materials that pertain to this
information collection following the
close of the 30-day comment period for
this notice by the method set forth in
the next bullet.
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Federal Register / Vol. 88, No. 37 / Friday, February 24, 2023 / Notices
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
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. The OCC
asks that OMB extend its approval of the
collection in this notice.
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.
This collection of information was
established pursuant to a rule 1 required
by the Dodd-Frank Wall Street Reform
and Consumer Protection Act (Dodd1 79
FR 5536 (January 31, 2014).
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18:15 Feb 23, 2023
Jkt 259001
Frank Act).2 The rule implemented
section 619 of the Dodd-Frank Act,
which contains certain prohibitions and
restrictions on the ability of a banking
entity 3 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 Bank
Holding Company Act (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
exemptions allow certain types of
permissible trading and covered fund
activities. The OCC’s version of the rule
is codified at 12 CFR part 44. Section
44.20(d) and Appendix A require
certain of the largest banking entities to
report to the appropriate agency certain
quantitative measurements.
The reporting, recordkeeping, and
disclosure requirements associated with
the rule will permit banking entities to
comply and the Agencies to enforce
compliance with section 13 of the BHC
Act and the final rule and to identify,
monitor and limit risks of activities
permitted under section 13, particularly
involving banking entities posing the
greatest risk to financial stability.
Section-by-Section Analysis
Section 44.3(d)(3), regarding excluded
liquidity management activities,
includes recordkeeping requirements
regarding a liquidity management plan
for certain 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.
2 Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 124 Stat. 1376
(2010).
3 12 CFR 44.2(c).
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11979
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
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(a) requires a
compliance program from banking
entities with significant trading assets
and liabilities.
Section 44.20(b) specifies minimum
requirements for the compliance
program required by 44.20(a), including
maintaining records sufficient to
demonstrate compliance which banking
entities must retain for at least five years
or a longer period if required by the
OCC.
Section 44.20(c) requires a CEO
attestation from any banking entity that
has significant trading assets and
liabilities.
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Federal Register / Vol. 88, No. 37 / Friday, February 24, 2023 / Notices
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 § 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.
Estimated Number of Respondents:
39.
Estimated Total Annual Burden:
20,410.
On August 23, 2022, the OCC
published a 60-day notice for this
information collection, (87 FR 51729).
No comments were received. Comments
continue to be solicited 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
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18:15 Feb 23, 2023
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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.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2023–03856 Filed 2–23–23; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–0018]
Agency Information Collection Activity
Under OMB Review: Application for
Accreditation as Service Organization
Representative
Office of General Counsel,
Department of Veterans Affairs.
ACTION: Notice.
AGENCY:
In compliance with the
Paperwork Reduction Act (PRA) of
1995, this notice announces that the
Office of General Counsel, Department
of Veterans Affairs, will submit the
collection of information abstracted
below to the Office of Management and
Budget (OMB) for review and comment.
The PRA submission describes the
nature of the information collection and
its expected cost and burden and it
includes the actual data collection
instrument.
SUMMARY:
Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Refer to ‘‘OMB Control
No. 2900–0018.’’
FOR FURTHER INFORMATION CONTACT:
Maribel Aponte, Office of Enterprise
and Integration, Data Governance
Analytics (008), 810 Vermont Ave. NW,
Washington, DC 20006, (202) 266–4688
or email maribel.aponte@va.gov. Please
refer to ‘‘OMB Control No. 2900–0018’’
in any correspondence.
DATES:
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SUPPLEMENTARY INFORMATION:
Authority: 38 U.S.C. 5901, 5902, 5904;
38 CFR 14.629, 14.633.
Title: Application for Accreditation as
Service Organization Representative.
OMB Control Number: 2900–0018.
Type of Review: Extension of a
currently approved collection.
Abstract: Service organizations are
required to file an application with VA
to establish eligibility for accreditation
for representatives of that organization
to represent benefit claimants before
VA. VA Form 21 is completed by
service organizations to establish
accreditation for representatives and
recertify the qualifications of accredited
representatives.
Organizations requesting cancellation
of a representative’s accreditation based
on misconduct, incompetence, or
resignation to avoid cancellation of
accreditation based upon misconduct or
incompetence are required to inform VA
of the specific reason for the
cancellation request. VA will use the
information collected to determine
whether service organizations’
representatives continue to meet
regulatory eligibility requirements to
ensure claimants have qualified
representatives to assist in the
preparation, presentation, and
prosecution of their claims for benefits.
An agency may not conduct or
sponsor, and a person is not required to
respond to a collection of information
unless it displays a currently valid OMB
control number. The Federal Register
Notice with a 60-day comment period
soliciting comments on this collection
of information was published at:
Volume 87, No. 227, Monday,
November 28, 2022, pages 73073 and
73074.
Affected Public: Individuals, not-forprofit institutions, and state, local, or
tribal governments.
Estimated Annual Burden: 1,010
hours (750 hours for new applicants,
250 hours for recertifications, and 10
hours for accreditation cancellation
information responses).
Estimated Average Burden per
Respondent: 13 minutes (15 minutes for
new applicants, 10 minutes for
recertifications, and 60 minutes for
accreditation cancellation information
responses).
Frequency of Response: One time.
Estimated Number of Respondents:
4,510 (3,000 new applicants, 1,500
recertifications, and 10 accreditation
cancellation information responses).
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]]>Agencies
[Federal Register Volume 88, Number 37 (Friday, February 24, 2023)]
[Notices]
[Pages 11978-11980]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03856]
=======================================================================
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; 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.'' The OCC also is giving notice that it has sent the
collection to OMB for review.
DATES: Comments must be received on or before March 27, 2023.
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, 1557-0309, Office of the Comptroller of the Currency, 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) 293-4835.
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 information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to www.reginfo.gov/public/do/PRAMain. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
On August 23, 2022, the OCC published a 60-day notice for this
information collection, (87 FR 51729). You may review comments and
other related materials that pertain to this information collection
following the close of the 30-day comment period for this notice by the
method set forth in the next bullet.
[[Page 11979]]
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. 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. The OCC asks
that OMB extend its approval of the collection in this notice.
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.
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).\2\ The rule implemented section 619 of
the Dodd-Frank Act, which contains certain prohibitions and
restrictions on the ability of a banking entity \3\ 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).
\3\ 12 CFR 44.2(c).
---------------------------------------------------------------------------
Section 619 of the Dodd-Frank Act added a new section 13 to the
Bank Holding Company Act (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 exemptions
allow certain types of permissible trading and covered fund activities.
The OCC's version of the rule is codified at 12 CFR part 44. Section
44.20(d) and Appendix A require certain of the largest banking entities
to report to the appropriate agency certain quantitative measurements.
The reporting, recordkeeping, and disclosure requirements
associated with the rule will permit banking entities to comply and the
Agencies to enforce compliance with section 13 of the BHC Act and the
final rule and to identify, monitor and limit risks of activities
permitted under section 13, particularly involving banking entities
posing the greatest risk to financial stability.
Section-by-Section Analysis
Section 44.3(d)(3), regarding excluded liquidity management
activities, includes recordkeeping requirements regarding a liquidity
management plan for certain 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 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(a) requires a compliance program from banking
entities with significant trading assets and liabilities.
Section 44.20(b) specifies minimum requirements for the compliance
program required by 44.20(a), including maintaining records sufficient
to demonstrate compliance which banking entities must retain for at
least five years or a longer period if required by the OCC.
Section 44.20(c) requires a CEO attestation from any banking entity
that has significant trading assets and liabilities.
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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.
On August 23, 2022, the OCC published a 60-day notice for this
information collection, (87 FR 51729). No comments were received.
Comments continue to be solicited 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.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2023-03856 Filed 2-23-23; 8:45 am]
BILLING CODE 4810-33-P
