[Federal Register Volume 71, Number 250 (Friday, December 29, 2006)]
[Notices]
[Pages 78436-78437]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-22315]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB; Correction

    This notice corrects a notice published on pages 77022-77023 of the 
issue for December 22, 2006.
    Summary:

Background

    Notice is hereby given of the final approval of proposed 
information collection(s) by the Board of Governors of the Federal 
Reserve System (Board) under OMB delegated authority, as per 5 CFR 
1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently

[[Page 78437]]

approved collections of information. Copies of the Paperwork Reduction 
Act Submission, supporting statements and approved collection of 
information instrument(s) are placed into OMB's public docket files. 
The Federal Reserve may not conduct or sponsor, and the respondent is 
not required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.
    For Further Information Contact: Federal Reserve Board Clearance 
Officer--Michelle Long--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Mark Menchik--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503, or e-mail to 
[email protected].
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following report:
    Report title: Consolidated Bank Holding Company Report of Equity 
Investments in Nonfinancial Companies, and the Annual Report of 
Merchant Banking Investments Held for an Extended Period.
    Agency form number: FR Y-12 and FR Y-12A, respectively.
    OMB Control number: 7100-0300.
    Effective Date: December 31, 2006.
    Frequency: FR Y-12, quarterly and semiannually; FR Y-12A, annually.
    Reporters: Bank holding companies, financial holding companies.
    Annual reporting hours: FR Y-12, 1,824; FR Y-12A, 105.
    Estimated average hours per response: FR Y-12, 16; FR Y-12A, 7.
    Number of respondents: FR Y-12, 30; FR Y-12A, 15.
    General description of report: This collection of information is 
mandatory pursuant to Section 5(c) of the Bank Holding Company Act (12 
U.S.C. 1844(c)). The FR Y-12 data are not considered confidential. 
However, bank holding companies may request confidential treatment for 
any information that they believe is subject to an exemption from 
disclosure under the Freedom of Information Act (``FOIA''), 5 U.S.C. 
552(b). The FR Y-12A data would be considered confidential on the basis 
that disclosure of specific commercial or financial data relating to 
investments held for extended periods of time could result in 
substantial harm to the competitive position of the financial holding 
company pursuant to the FOIA (5 U.S.C. 552(b)(4) and (b)(8)).
    Abstract: The FR Y-12 collects data from certain domestic bank 
holding companies on their equity investments in nonfinancial companies 
on four schedules: Type of Investments, Type of Security, Type of 
Entity within the Banking Organization, and Nonfinancial Investment 
Transactions during Reporting Period. The FR Y-12 data serve as an 
important risk-monitoring device for institutions active in this 
business line by allowing the Federal Reserve to monitor an 
institution's activity between review dates. It also serves as an early 
warning mechanism to identify institutions whose activities in this 
area are growing rapidly and therefore warrant special supervisory 
attention.
    Current Actions: On August 31, 2006, the Federal Reserve published 
a notice in the Federal Register (71 FR 51828) requesting public 
comment for sixty days on the extension, without revision, of the 
Consolidated Bank Holding Company Report of Equity Investments in 
Nonfinancial Companies and the implementation of the Annual Report of 
Merchant Banking Investments Held for an Extended Period. The comment 
period for this notice expired on October 30, 2006, and the Federal 
Reserve received two comment letters.
    A subsidiary of a financial holding company (FHC) commented on the 
Federal Reserve Board and U.S. Department of Treasury regulations 
concerning Merchant Banking Holding Periods that went into effect 
February 12, 2001; however, the comment was outside the scope of the 
proposal.
    A FHC requested two modifications to the FR Y-12 instructions 
concerning warrants, their acquisition cost, and the potential 
difficulty in determining their fair value. As a result, the Federal 
Reserve clarified definition of warrants in the Glossary. This same FHC 
suggested re-titling FR Y-12 Schedule D, data item 1; however, the 
Federal Reserve did not accept this suggestion.

    Board of Governors of the Federal Reserve System, December 22, 
2006.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E6-22315 Filed 12-28-06; 8:45 am]
BILLING CODE 6210-01-P