Federal Register, Volume 83 Issue 176 (Tuesday, September 11, 2018) 
[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)]
[Proposed Rules]
[Pages 45860-45861]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19649]

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DEPARTMENT OF TREASURY

Office of the Comptroller of the Currency

12 CFR Part 44

[Docket No. OCC-2018-0010]
RIN 1557-AE27

FEDERAL RESERVE SYSTEM

12 CFR Part 248

[Docket No. R-1608]
RIN 7100-AF 06

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 351

RIN 3064-AE67

COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 75

RIN 3038-AE72

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 255

[Release no. BHCA-3; File no. S7-14-18]
RIN 3235-AM10

Extension of Comment Period for 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)
(collectively, the “Agencies”).

ACTION: Notice of proposed rulemaking; extension of comment period.

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SUMMARY: On July 17, 2018, the Agencies published in the Federal
Register a notice of proposed rulemaking (proposal) that would amend
the regulations implementing section 13 of the Bank Holding Company
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. The proposed
amendments are intended to provide banking entities with clarity about
what activities are prohibited and to improve supervision and
implementation of section 13.
    In response to requests from commenters regarding issues addressed
in the proposal, the public comment period has been extended for 30
days until October 17, 2018. This action will allow interested persons
additional time to analyze the proposal and prepare their comments.

DATES: The comment period for the notice of proposed rulemaking
published on July 17, 2018 (83 FR 33432), regarding proposed revisions
to prohibitions and restrictions on proprietary trading and certain
interests in, and relationships with, hedge funds and private equity
funds, is extended from September 17, 2018, to October 17, 2018.

ADDRESSES: You may submit comments by any of the methods identified in
the proposal.1 Please submit your comments using only one method.
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    1 See 83 FR 33432, 33432-33 (July 17, 2018).

FOR FURTHER INFORMATION CONTACT:
    OCC: 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: 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,
Senior Counsel, (202) 452-2317, Gregory Frischmann, Counsel, (202) 452-
2803, or Kirin Walsh, Attorney, (202) 452-3058, Legal Division, Board
of Governors of the Federal Reserve System, 20th and C Streets NW,
Washington, DC 20551. For the hearing impaired only,

[[Page 45861]]

Telecommunication Device for the Deaf (TDD), (202) 263-4869.
    FDIC: Bobby R. Bean, Associate Director, [email protected], Michael
Spencer, Chief, Capital Markets Strategies Section,
[email protected], or Brian Cox, Capital Markets Policy Analyst,
[email protected], Capital Markets Branch, (202) 898-6888; Michael B.
Phillips, Counsel, [email protected], Benjamin J. Klein, Counsel,
[email protected], or Annmarie H. Boyd, Counsel, [email protected], Legal
Division, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
    SEC: Andrew R. Bernstein (Senior Special Counsel), Sophia Colas
(Attorney-Adviser), Sam Litz (Attorney-Adviser), Aaron Washington
(Special Counsel), Elizabeth Sandoe (Senior Special Counsel), Carol
McGee (Assistant Director), or Josephine J. Tao (Assistant Director),
at (202) 551-5777, Division of Trading and Markets, and Nicholas
Cordell, Matthew Cook, Elizabeth Blase, Aaron Gilbride (Branch Chief),
Brian McLaughlin Johnson (Assistant Director), and Sara Cortes
(Assistant Director), at (202) 551-6787 or [email protected], Division of
Investment Management, U.S. Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549.
    CFTC: Erik Remmler, Deputy Director, (202) 418-7630,
[email protected]; Cantrell Dumas, Special Counsel, (202) 418-5043,
[email protected]; Jeffrey Hasterok, Data and Risk Analyst, (646) 746-
9736, [email protected], Division of Swap Dealer and Intermediary
Oversight; Mark Fajfar, Assistant General Counsel, (202) 418-6636,
[email protected], Office of the General Counsel; Stephen Kane, Research
Economist, (202) 418-5911, [email protected], Office of the Chief
Economist; Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW, Washington, DC 20581.

SUPPLEMENTARY INFORMATION: On July 17, 2018, the Agencies published in
the Federal Register a notice of proposed rulemaking that would amend
the regulations implementing section 13 of the Bank Holding Company
Act.2 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. The proposed
amendments are intended to provide banking entities with clarity about
what activities are prohibited and to improve supervision and
implementation of section 13. The proposal stated that the public
comment period would close on September 17, 2018.3
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    2 83 FR 33432-33605.
    3 83 FR 33432-33605.
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    The Agencies have received requests from the public asking the
Agencies to extend the comment period for the proposal.4 These
requests suggested that an extension of the comment period would help
commenters provide feedback on the proposed changes and detailed
requests for comment in the proposal. This extension of the comment
period will allow interested persons additional time to analyze the
proposal and prepare their comments. Accordingly, the comment period
for the proposal is extended from September 17, 2018, to October 17,
2018.
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    4 See joint comment letter to the Agencies from Better
Markets, Americans for Financial Reform, Public Citizen and the
Center for American Progress (July 10, 2018); comment letter to the
Agencies from U.S. Senators Sherrod Brown and Jeffrey A. Merkley
(August 6, 2018); comment letter to the Agencies from the National
Association of Federally-Insured Credit Unions (July 25, 2018).

    Dated: August 31, 2018.
Joseph M. Otting,
Comptroller of the Currency.
    By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, August 29, 2018.
Ann E. Misback,
Secretary of the Board.
    Dated at Washington, DC on August 28, 2018. Federal Deposit
Insurance Corporation.
Valerie Jean Best,
Assistant Executive Secretary.
    By the Securities and Exchange Commission.
    Dated: September 4, 2018.
Brent J. Fields,
Secretary.
    Issued in Washington, DC, on August 30, 2018, by the Commodity
Futures Trading Commission.
Christopher J. Kirkpatrick,
Secretary of the Commodity Futures Trading Commission.
[FR Doc. 2018-19649 Filed 9-10-18; 8:45 am]
 BILLING CODE 6210-01-P; 4810-33-P; 6714-01-P; 8011-01-P; 6351-01-P