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.
Proposed Rules Federal Register
2778
Vol. 84, No. 27
Friday, February 8, 2019
DEPARTMENT OF TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 44
[Docket No. OCC–2018–0029]
RIN 1557–AE47
FEDERAL RESERVE SYSTEM
12 CFR Part 248
[Docket No. R–1643]
RIN 7100–AF 33
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 351
RIN 3064–AE88
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 75
RIN 3038–AE72
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Part 255
[Release no. BHCA–5; File no. S7–30–18]
RIN 3235–AM43
Proposed Revisions to Prohibitions
and Restrictions on Proprietary
Trading and Certain Interests In, and
Relationships With, Hedge Funds and
Private Equity Funds
AGENCY: Office of the Comptroller of the
Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Securities
and Exchange Commission (SEC); and
Commodity Futures Trading
Commission (CFTC).
ACTION: Notice of proposed rulemaking.
SUMMARY: The OCC, Board, FDIC, SEC,
and CFTC (individually, an Agency, and
collectively, the Agencies) are inviting
comment on a proposal to amend the
regulations implementing the Bank
Holding Company Act’s (BHC Act)
prohibitions and restrictions on
proprietary trading and certain interests
in, and relationships with, hedge funds
and private equity funds in a manner
consistent with the statutory
amendments made pursuant to certain
sections of the Economic Growth,
Regulatory Relief, and Consumer
Protection Act. The statutory
amendments exclude from these
restrictions certain firms that have total
consolidated assets equal to $10 billion
or less and total trading assets and
liabilities equal to five percent or less of
total consolidated assets and amend the
restrictions applicable to the naming of
a hedge fund or private equity fund to
permit an investment adviser that is a
banking entity to share a name with the
fund under certain circumstances.
DATES: Comment date: Comments must
be received on or before March 11, 2019.
Comments on the Paperwork Reduction
Act burden estimates must be received
on or before April 9, 2019.
ADDRESSES: Interested parties are
encouraged to submit written comments
jointly to all of the Agencies.
Commenters are encouraged to use the
title ‘‘Proposed Revisions to Restrictions
on Proprietary Trading and Certain
Interests in, and Relationships with,
Hedge Funds and Private Equity Funds’’
to facilitate the organization and
distribution of comments among the
Agencies. Commenters are also
encouraged to identify the number of
the specific question for comment to
which they are responding. Comments
should be directed to:
OCC: You may submit comments to
the OCC by any of the methods set forth
below. Commenters are encouraged to
submit comments through the Federal
eRulemaking Portal or email, if possible.
Please use the title ‘‘Proposed Revisions
to Prohibitions and Restrictions on
Proprietary Trading and Certain
Interests in, and Relationships with,
Hedge Funds and Private Equity Funds’’
to facilitate the organization and
distribution of the comments. You may
submit comments by any of the
following methods:
• Federal eRulemaking Portal—
‘‘regulations.gov’’: Go to
www.regulations.gov. Enter ‘‘Docket ID
OCC–2018–0029’’ in the Search Box and
click ‘‘Search.’’ Click on ‘‘Comment
Now’’ to submit public comments.
• Click on the ‘‘Help’’ tab on the
Regulations.gov home page to get
information on using Regulations.gov,
including instructions for submitting
public comments.
• Email: regs.comments@
occ.treas.gov.
• Mail: Legislative and Regulatory
Activities Division, 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) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2018–0029’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish the comments on the
Regulations.gov website without
change, including any business or
personal information that you provide
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.
You may review comments and other
related materials that pertain to this
rulemaking action by any of the
following methods:
• Viewing Comments Electronically:
Go to www.regulations.gov. Enter
‘‘Docket ID OCC–2018–0029’’ in the
Search box and click ‘‘Search.’’ Click on
‘‘Open Docket Folder’’ on the right side
of the screen. Comments and supporting
materials can be viewed and filtered by
clicking on ‘‘View all documents and
comments in this docket’’ and then
using the filtering tools on the left side
of the screen.
• Click on the ‘‘Help’’ tab on the
Regulations.gov home page to get
information on using Regulations.gov.
The docket may be viewed after the
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Pmangrum on DSK3GMQ082PROD with PROPOSALS
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.
Proposed Rules Federal Register
2778
Vol. 84, No. 27
Friday, February 8, 2019
DEPARTMENT OF TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 44
[Docket No. OCC–2018–0029]
RIN 1557–AE47
FEDERAL RESERVE SYSTEM
12 CFR Part 248
[Docket No. R–1643]
RIN 7100–AF 33
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 351
RIN 3064–AE88
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 75
RIN 3038–AE72
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Part 255
[Release no. BHCA–5; File no. S7–30–18]
RIN 3235–AM43
Proposed Revisions to Prohibitions
and Restrictions on Proprietary
Trading and Certain Interests In, and
Relationships With, Hedge Funds and
Private Equity Funds
AGENCY: Office of the Comptroller of the
Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Securities
and Exchange Commission (SEC); and
Commodity Futures Trading
Commission (CFTC).
ACTION: Notice of proposed rulemaking.
SUMMARY: The OCC, Board, FDIC, SEC,
and CFTC (individually, an Agency, and
collectively, the Agencies) are inviting
comment on a proposal to amend the
regulations implementing the Bank
Holding Company Act’s (BHC Act)
prohibitions and restrictions on
proprietary trading and certain interests
in, and relationships with, hedge funds
and private equity funds in a manner
consistent with the statutory
amendments made pursuant to certain
sections of the Economic Growth,
Regulatory Relief, and Consumer
Protection Act. The statutory
amendments exclude from these
restrictions certain firms that have total
consolidated assets equal to $10 billion
or less and total trading assets and
liabilities equal to five percent or less of
total consolidated assets and amend the
restrictions applicable to the naming of
a hedge fund or private equity fund to
permit an investment adviser that is a
banking entity to share a name with the
fund under certain circumstances.
DATES: Comment date: Comments must
be received on or before March 11, 2019.
Comments on the Paperwork Reduction
Act burden estimates must be received
on or before April 9, 2019.
ADDRESSES: Interested parties are
encouraged to submit written comments
jointly to all of the Agencies.
Commenters are encouraged to use the
title ‘‘Proposed Revisions to Restrictions
on Proprietary Trading and Certain
Interests in, and Relationships with,
Hedge Funds and Private Equity Funds’’
to facilitate the organization and
distribution of comments among the
Agencies. Commenters are also
encouraged to identify the number of
the specific question for comment to
which they are responding. Comments
should be directed to:
OCC: You may submit comments to
the OCC by any of the methods set forth
below. Commenters are encouraged to
submit comments through the Federal
eRulemaking Portal or email, if possible.
Please use the title ‘‘Proposed Revisions
to Prohibitions and Restrictions on
Proprietary Trading and Certain
Interests in, and Relationships with,
Hedge Funds and Private Equity Funds’’
to facilitate the organization and
distribution of the comments. You may
submit comments by any of the
following methods:
• Federal eRulemaking Portal—
‘‘regulations.gov’’: Go to
www.regulations.gov. Enter ‘‘Docket ID
OCC–2018–0029’’ in the Search Box and
click ‘‘Search.’’ Click on ‘‘Comment
Now’’ to submit public comments.
• Click on the ‘‘Help’’ tab on the
Regulations.gov home page to get
information on using Regulations.gov,
including instructions for submitting
public comments.
• Email: regs.comments@
occ.treas.gov.
• Mail: Legislative and Regulatory
Activities Division, 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) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2018–0029’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish the comments on the
Regulations.gov website without
change, including any business or
personal information that you provide
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.
You may review comments and other
related materials that pertain to this
rulemaking action by any of the
following methods:
• Viewing Comments Electronically:
Go to www.regulations.gov. Enter
‘‘Docket ID OCC–2018–0029’’ in the
Search box and click ‘‘Search.’’ Click on
‘‘Open Docket Folder’’ on the right side
of the screen. Comments and supporting
materials can be viewed and filtered by
clicking on ‘‘View all documents and
comments in this docket’’ and then
using the filtering tools on the left side
of the screen.
• Click on the ‘‘Help’’ tab on the
Regulations.gov home page to get
information on using Regulations.gov.
The docket may be viewed after the
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Pmangrum on DSK3GMQ082PROD with PROPOSALS
2779Federal Register / Vol. 84, No. 27 / Friday, February 8, 2019 / Proposed Rules
close of the comment period in the same
manner as during the comment period.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC 20219. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 649–6700 or,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
Board: You may submit comments,
identified by [Docket No. R–1643; RIN
7100–AF 33], by any of the following
methods:
• Agency Website: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Email: regs.comments@
federalreserve.gov. Include docket and
RIN numbers in the subject line of the
message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551. All public comments will be
made available on the Board’s website at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical
reasons or to remove personally
identifiable information at the
commenter’s request. Accordingly,
comments will not be edited to remove
any identifying or contact information.
Public comments may also be viewed
electronically or in paper in Room 3515,
1801 K Street NW (between 18th and
19th Streets NW), between 9:00 a.m. and
5:00 p.m. on weekdays.
FDIC: You may submit comments,
identified by [RIN 3064–AE88] by any of
the following methods:
• Agency Website: https://
www.FDIC.gov/regulations/laws/
federal/propose.html. Follow
instructions for submitting comments
on the Agency website.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/Legal
ESS, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
• Hand Delivered/Courier: Comments
may be hand-delivered to the guard
station at the rear of the 550 17th Street
NW, building (located on F Street) on
business days between 7:00 a.m. and
5:00 p.m.
• Email: comments@FDIC.gov.
Include the [RIN 3064–AE88] on the
subject line of the message.
• Public Inspection: All comments
received must include the agency name
and [RIN 3064–AE88] for this
rulemaking. All comments received will
be posted without change to http://
www.fdic.gov/regulations/laws/federal/,
including any personal information
provided. Paper copies of public
comments may be ordered from the
FDIC Public Information Center, 3501
North Fairfax Drive, Room E–1002,
Arlington, VA 22226 or by telephone at
(877) 275–3342 or (703) 562–2200.
SEC: You may submit comments by
the following methods:
Electronic Comments
• Use the SEC’s internet comment
form (http://www.sec.gov/rules/
proposed.shtml); or Send an email to
rule-comments@sec.gov. Please include
[File Number S7–30–18] on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to [File
Number S7–30–18]. This file number
should be included on the subject line
if email is used. To help us process and
review your comments more efficiently,
please use only one method. The SEC
will post all comments on the SEC’s
website (http://www.sec.gov/rules/
proposed.shtml). Comments are also
available for website viewing and
printing in the SEC’s Public Reference
Room, 100 F Street NE, Washington, DC
20549, on official business days
between the hours of 10:00 a.m. and
3:00 p.m. All comments received will be
posted without change. Persons
submitting comments are cautioned that
the SEC does not redact or edit personal
identifying information from comment
submissions. You should submit only
information that you wish to make
available publicly.
Studies, memoranda, or other
substantive items may be added by the
SEC or SEC staff to the comment file
during this rulemaking. A notification of
the inclusion in the comment file of any
materials will be made available on the
SEC’s website. To ensure direct
electronic receipt of such notifications,
sign up through the ‘‘Stay Connected’’
option at www.sec.gov to receive
notifications by email.
CFTC: You may submit comments,
identified by [RIN 3038–AE72] and
‘‘Proposed Revisions to Prohibitions and
Restrictions on Proprietary Trading and
certain Interests in, and Relationships
with, Hedge Funds and Private Equity
Funds,’’ by any of the following
methods:
• Agency Website: https://
comments.cftc.gov. Follow the
instructions on the website for
submitting comments.
• Mail: Send to Christopher
Kirkpatrick, Secretary, Commodity
Futures Trading Commission, 1155 21st
Street, NW, Washington, DC 20581.
• Hand Delivery/Courier: Same as
Mail above.
Please submit your comments using
only one method. All comments must be
submitted in English, or if not,
accompanied by an English translation.
Comments will be posted as received to
www.cftc.gov and the information you
submit will be publicly available. If,
however, you submit information that
ordinarily is exempt from disclosure
under the Freedom of Information Act,
you may submit a petition for
confidential treatment of the exempt
information according to the procedures
set forth in CFTC Regulation 145.9.1.
The CFTC reserves the right, but shall
have no obligation, to review, pre-
screen, filter, redact, refuse or remove
any or all of your submission from
www.cftc.gov that it may deem to be
inappropriate for publication, such as
obscene language. All submissions that
have been redacted or removed that
contain comments on the merits of the
rulemaking will be retained in the
public comment file and will be
considered as required under the
Administrative Procedure Act and other
applicable laws, and may be accessible
under the Freedom of Information Act.
FOR FURTHER INFORMATION CONTACT:
OCC: Roman Goldstein, Risk
Specialist, Treasury and Market Risk
Policy, 202–649–6360; Tabitha Edgens,
Senior Attorney; Mark O’Horo,
Attorney, Chief Counsel’s Office, (202)
649–5510; for persons who are deaf or
hearing impaired, TTY, (202) 649–5597,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219.
Board: Page Conkling, Senior
Supervisory Financial Analyst, (202)
912–4647, Kevin Tran, Supervisory
Financial Analyst, (202) 452–2309, Amy
Lorenc, Financial Analyst, (202) 452–
5293, David Lynch, Deputy Associate
Director, (202) 452–2081, David
McArthur, Senior Economist, (202) 452–
2985, Division of Supervision and
Regulation; Flora Ahn, Special Counsel,
(202) 452–2317, Gregory Frischmann,
Senior Counsel, (202) 452–2803, or
Kirin Walsh, Attorney, (202) 452–3058,
Legal Division, Board of Governors of
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close of the comment period in the same
manner as during the comment period.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC 20219. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 649–6700 or,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
Board: You may submit comments,
identified by [Docket No. R–1643; RIN
7100–AF 33], by any of the following
methods:
• Agency Website: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Email: regs.comments@
federalreserve.gov. Include docket and
RIN numbers in the subject line of the
message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551. All public comments will be
made available on the Board’s website at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical
reasons or to remove personally
identifiable information at the
commenter’s request. Accordingly,
comments will not be edited to remove
any identifying or contact information.
Public comments may also be viewed
electronically or in paper in Room 3515,
1801 K Street NW (between 18th and
19th Streets NW), between 9:00 a.m. and
5:00 p.m. on weekdays.
FDIC: You may submit comments,
identified by [RIN 3064–AE88] by any of
the following methods:
• Agency Website: https://
www.FDIC.gov/regulations/laws/
federal/propose.html. Follow
instructions for submitting comments
on the Agency website.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/Legal
ESS, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
• Hand Delivered/Courier: Comments
may be hand-delivered to the guard
station at the rear of the 550 17th Street
NW, building (located on F Street) on
business days between 7:00 a.m. and
5:00 p.m.
• Email: comments@FDIC.gov.
Include the [RIN 3064–AE88] on the
subject line of the message.
• Public Inspection: All comments
received must include the agency name
and [RIN 3064–AE88] for this
rulemaking. All comments received will
be posted without change to http://
www.fdic.gov/regulations/laws/federal/,
including any personal information
provided. Paper copies of public
comments may be ordered from the
FDIC Public Information Center, 3501
North Fairfax Drive, Room E–1002,
Arlington, VA 22226 or by telephone at
(877) 275–3342 or (703) 562–2200.
SEC: You may submit comments by
the following methods:
Electronic Comments
• Use the SEC’s internet comment
form (http://www.sec.gov/rules/
proposed.shtml); or Send an email to
rule-comments@sec.gov. Please include
[File Number S7–30–18] on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to [File
Number S7–30–18]. This file number
should be included on the subject line
if email is used. To help us process and
review your comments more efficiently,
please use only one method. The SEC
will post all comments on the SEC’s
website (http://www.sec.gov/rules/
proposed.shtml). Comments are also
available for website viewing and
printing in the SEC’s Public Reference
Room, 100 F Street NE, Washington, DC
20549, on official business days
between the hours of 10:00 a.m. and
3:00 p.m. All comments received will be
posted without change. Persons
submitting comments are cautioned that
the SEC does not redact or edit personal
identifying information from comment
submissions. You should submit only
information that you wish to make
available publicly.
Studies, memoranda, or other
substantive items may be added by the
SEC or SEC staff to the comment file
during this rulemaking. A notification of
the inclusion in the comment file of any
materials will be made available on the
SEC’s website. To ensure direct
electronic receipt of such notifications,
sign up through the ‘‘Stay Connected’’
option at www.sec.gov to receive
notifications by email.
CFTC: You may submit comments,
identified by [RIN 3038–AE72] and
‘‘Proposed Revisions to Prohibitions and
Restrictions on Proprietary Trading and
certain Interests in, and Relationships
with, Hedge Funds and Private Equity
Funds,’’ by any of the following
methods:
• Agency Website: https://
comments.cftc.gov. Follow the
instructions on the website for
submitting comments.
• Mail: Send to Christopher
Kirkpatrick, Secretary, Commodity
Futures Trading Commission, 1155 21st
Street, NW, Washington, DC 20581.
• Hand Delivery/Courier: Same as
Mail above.
Please submit your comments using
only one method. All comments must be
submitted in English, or if not,
accompanied by an English translation.
Comments will be posted as received to
www.cftc.gov and the information you
submit will be publicly available. If,
however, you submit information that
ordinarily is exempt from disclosure
under the Freedom of Information Act,
you may submit a petition for
confidential treatment of the exempt
information according to the procedures
set forth in CFTC Regulation 145.9.1.
The CFTC reserves the right, but shall
have no obligation, to review, pre-
screen, filter, redact, refuse or remove
any or all of your submission from
www.cftc.gov that it may deem to be
inappropriate for publication, such as
obscene language. All submissions that
have been redacted or removed that
contain comments on the merits of the
rulemaking will be retained in the
public comment file and will be
considered as required under the
Administrative Procedure Act and other
applicable laws, and may be accessible
under the Freedom of Information Act.
FOR FURTHER INFORMATION CONTACT:
OCC: Roman Goldstein, Risk
Specialist, Treasury and Market Risk
Policy, 202–649–6360; Tabitha Edgens,
Senior Attorney; Mark O’Horo,
Attorney, Chief Counsel’s Office, (202)
649–5510; for persons who are deaf or
hearing impaired, TTY, (202) 649–5597,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219.
Board: Page Conkling, Senior
Supervisory Financial Analyst, (202)
912–4647, Kevin Tran, Supervisory
Financial Analyst, (202) 452–2309, Amy
Lorenc, Financial Analyst, (202) 452–
5293, David Lynch, Deputy Associate
Director, (202) 452–2081, David
McArthur, Senior Economist, (202) 452–
2985, Division of Supervision and
Regulation; Flora Ahn, Special Counsel,
(202) 452–2317, Gregory Frischmann,
Senior Counsel, (202) 452–2803, or
Kirin Walsh, Attorney, (202) 452–3058,
Legal Division, Board of Governors of
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