Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation VV

Section 13 of the Bank Holding Company Act of 1956 (BHC Act) and the Board’s implementing regulation, Regulation VV - Proprietary Trading and Certain Interests in and Relationships with Covered Funds (12 CFR Part 248), contain certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading 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). The Board’s burden estimate for the FR VV includes all banking entities for which the Board is the primary financial regulatory agency, as well as any other banking entity controlled by a bank holding company or savings and loan holding company. Separately, the OCC and FDIC each have Paperwork Reduction Act clearances with respect to their respective rules implementing section 13 of the BHC Act. The burden estimates for the OCC’s and FDIC’s clearances include banking entities that they regulate, and that are not subsidiaries of holding companies.

                                            [
  "920:00"
]
                                        

                                            {
  "fn": "Katherine Tom",
  "hasEmail": "mailto:ogda-data@frb.gov"
}
                                        

                                            [
  "Bank holding companies (BHC)",
  "Data resource",
  "FRS collected data",
  "Financial institutions and services",
  "Financial markets",
  "Private equity",
  "Regulatory reports",
  "Securities trading activity"
]
                                        

                                            [
  "920:000"
]
                                        

                                            {
  "name": "Board of Governors of the Federal Reserve System"
}