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Title 12

Displaying title 12, up to date as of 8/13/2026. Title 12 was last amended 8/06/2026.
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Title 12Banks and BankingPart / Section
Chapter IIFederal Reserve System200 – 299
Subchapter ABoard of Governors of the Federal Reserve System200 – 269b
Part 248Proprietary Trading and Certain Interests in and Relationships with Covered Funds (Regulation VV)248.1 – 248.21
Subpart AAuthority and Definitions248.1 – 248.2
§ 248.1Authority, purpose, scope, and relationship to other authorities.
§ 248.2Definitions.
Subpart BProprietary Trading248.3 – 248.9
§ 248.3Prohibition on proprietary trading.
§ 248.4Permitted underwriting and market making-related activities.
§ 248.5Permitted risk-mitigating hedging activities.
§ 248.6Other permitted proprietary trading activities.
§ 248.7Limitations on permitted proprietary trading activities.
§§ 248.8-248.9 [Reserved]
Subpart CCovered Funds Activities and Investments248.10 – 248.19
§ 248.10Prohibition on acquiring or retaining an ownership interest in and having certain relationships with a covered fund.
§ 248.11Permitted organizing and offering, underwriting, and market making with respect to a covered fund.
§ 248.12Permitted investment in a covered fund.
§ 248.13Other permitted covered fund activities and investments.
§ 248.14Limitations on relationships with a covered fund.
§ 248.15Other limitations on permitted covered fund activities.
§ 248.16Ownership of interests in and sponsorship of issuers of certain collateralized debt obligations backed by trust-preferred securities.
§§ 248.17-248.19 [Reserved]
Subpart DCompliance Program Requirement; Violations248.20 – 248.21
§ 248.20Program for compliance; reporting.
§ 248.21Termination of activities or investments; penalties for violations.
Appendix A to Part 248
Reporting and Recordkeeping Requirements for Covered Trading Activities