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B-332395 1 (2020-08-17)

handle is hein.gao/gaobaebri0001 and id is 1 raw text is: cAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332395 August 17, 2020 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; Securities and Exchange Commission; Commodity Futures Trading Commission: Prohibitions and Restrictions on Proprietary 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); 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) (together, the agencies) entitled Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds (RINs: 1557-AE67; 7100-AF70; 3064-AF17; 3038-AE93; 3235-AM70). We received the rule on July 15, 2020. It was published in the Federal Register as a final rule on July 31, 2020. 85 Fed. Reg. 46422. The effective date of the rule is October 1, 2020. According to the agencies, the final rule improves and streamlines the regulations implementing section 13 of the Bank Holding Company Act (BHCA), May 9, 1956, ch. 240, 70 Stat. 133, classified at 12 U.S.C. § 1841 et seq., by modifying and clarifying requirements related to the covered fund provisions of the regulations. Section 13 of BHCA contains certain restrictions on the ability of a banking entity or 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 (covered funds). Enclosed is our assessment of the agencies' compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to

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