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B-331605 1 (2019-11-26)

handle is hein.gao/gaobaeakj0001 and id is 1 raw text is: cAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331605 November 26, 2019 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency; Federal Reserve System, Federal Deposit Insurance Corporation; Commodity Futures Trading Commission, Securities and Exchange Commission: Prohibitions and Restrictions on Propriety Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Office of the Comptroller of the Currency (OCC); Federal Reserve System (Board), Federal Deposit Insurance Commission (FDIC); Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC) (collectively, the agencies) entitled Prohibitions and Restrictions on Propriety Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds (RINs 1557-AE27, 7100-AF 06, 3064-AE67, 3038-AE72, 3235-AM10). SEC is the only agency that submitted this final rule as a major rule. The rule further stated that for SEC, the Office of Information and Regulatory Affairs (OIRA) designated this rule as a major rule, but that for FDIC and OCC, OIRA designated this rule as not a major rule. We received the rule on October 21, 2019. It was published in the Federal Register as a final rule on November 14, 2019. 84 Fed. Reg. 61974. The effective date of SEC's provisions of the rule is January 13, 2020. This final rule amends the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. 12 U.S.C. § 1851. The agencies issued an initial final rule implementing section 13 of the BHC Act in December 2013. 79 Fed. Reg. 5535 (Jan. 31, 2014) (the 2013 rule). The final rule modifies the scope of permitted activities for all or a subset of banking entities and in many cases-according to the agencies-simplifies, tailors, or eliminates the application of certain aspects of the 2013 rule to reduce compliance and reporting burdens. The final rule includes the following: (1) a three- tiered approach to tailoring the compliance program requirements; (2) revisions to the definition

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