Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 71975-71977 [2011-29984]
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Federal Register / Vol. 76, No. 224 / Monday, November 21, 2011 / Notices
Capital Contributions of Cash and
Notes Receivable: An institution may
receive cash or a note receivable as a
contribution to its equity capital. The
transaction may be a sale of capital
stock or a contribution to paid-in capital
(surplus), both of which are referred to
hereafter as capital contributions. The
accounting for capital contributions in
the form of notes receivable is set forth
in ASC Subtopic 505–10, Equity—
Overall (formerly EITF Issue No. 85–1,
‘‘Classifying Notes Received for Capital
Stock’’) and SEC Staff Accounting
Bulletin No. 107 (Topic 4.E.,
Receivables from Sale of Stock, in the
Codification of Staff Accounting
Bulletins). This Glossary entry does not
address other forms of capital
contributions, for example,
nonmonetary contributions to equity
capital such as a building.
A capital contribution of cash should
be recorded in an institution’s balance
sheet and income statement when
received. Therefore, a capital
contribution of cash prior to a quarterend report date should be reported as an
increase in equity capital in the
institution’s reports for that quarter (in
Schedule HI–A, item 5 or 6, as
appropriate). A contribution of cash
after quarter-end should not be reflected
as an increase in the equity capital of an
earlier reporting period.
When an institution receives a note
receivable, rather than cash, as a capital
contribution, ASC Subtopic 505–10
states that it is generally not appropriate
to report the note as an asset. As a
consequence, the predominant practice
is to offset the note and the capital
contribution in the equity capital
section of the balance sheet, i.e., the
note receivable is reported as a
reduction of equity capital. In this
situation, the capital stock issued or the
contribution to paid-in capital should be
reported in Schedule HC, item 23, 24, or
25, as appropriate, and the note
receivable should be reported as a
deduction from equity capital in
Schedule HC, item 26.c, ‘‘Other equity
capital components.’’ No net increase in
equity capital should be reported in
Schedule HI–A, Changes in Bank
Holding Company Equity Capital. In
addition, when a note receivable is
offset in the equity capital section of the
balance sheet, accrued interest
receivable on the note also should be
offset in equity (and reported as a
deduction from equity capital in
Schedule HC, item 26.c), consistent
with the guidance in ASC Subtopic
505–10. Because a nonreciprocal
transfer from an owner or another party
to an institution does not typically
result in the recognition of income or
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expense, the accrual of interest on a
note receivable that has been reported as
a deduction from equity capital should
be reported as additional paid-in capital
rather than interest income.
However, ASC Subtopic 505–10
provides that an institution may record
a note received as a capital contribution
as an asset, rather than a reduction of
equity capital, only if the note is
collected in cash ‘‘before the financial
statements are issued.’’ The note
receivable must also satisfy the
existence criteria described below.
When these conditions are met, the note
receivable should be reported separately
from an institution’s other loans and
receivables in Schedule HC–F, item 6,
‘‘Other [assets].’’
For purposes of these reports, the
financial statements are considered
issued at the earliest of the following
dates:
(1) The submission deadline for the
FR Y–9C (40 calendar days after the
quarter-end report date, except for yearend reporting, for which the deadline is
45 calendar days after quarter-end);
(2) Any other public financial
statement filing deadline to which the
institution is subject; or
(3) The actual filing date of the
institution’s public financial reports,
including the filing of its FR Y–9C
report or a public securities filing by the
institution.
To be reported as an asset, rather than
a reduction of equity capital, as of a
quarter-end report date, a note received
as a capital contribution (that is
collected in cash as described above)
meet the definition of an asset under
generally accepted accounting
principles by satisfying all of the
following existence criteria:
(1) There must be written
documentation providing evidence that
the note was contributed to the
institution prior to the quarter-end
report date by those with authority to
make such a capital contribution on
behalf of the issuer of the note;
(2) The note must be a legally binding
obligation of the issuer to fund a fixed
and determinable amount by a specified
date; and
(3) The note must be executed and
enforceable before quarter-end.
If a note receivable for a capital
contribution obligates the note issuer to
pay a variable amount, the institution
must offset the note and equity capital.
Similarly, an obligor’s issuance of
several notes having fixed face amounts,
taken together, would be considered a
single note receivable having a variable
payment amount, which would require
all the notes to be offset in equity capital
as of the quarter-end report date.
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71975
Dated: November 15, 2011.
Board of Governors of the Federal Reserve
System.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011–29874 Filed 11–18–11; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Notice is hereby given of the
final approval of a proposed information
collection by the Board of Governors of
the Federal Reserve System (Board)
under OMB delegated authority, 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
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—Cynthia Ayouch—Division
of Research and Statistics, Board of
Governors of the Federal Reserve
System, Washington, DC 20551 (202)
452–3829) Telecommunications
Device for the Deaf (TDD) users may
contact (202) 263–4869), Board of
Governors of the Federal Reserve
System, Washington, DC 20551.
OMB Desk Officer—Shagufta Ahmed
—Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room
10235, 725 17th Street
NW.,Washington, DC 20503.
Final approval under OMB delegated
authority of the extension for three
years, with revision, of the following
reports:
Report title: Report of Changes in
Organizational Structure, Annual Report
of Bank Holding Companies, and
Annual Report of Foreign Banking
Organizations.
Agency form number: FR Y–10, FR Y–
6, and FR Y–7.
OMB control number: 7100–0297.
SUMMARY:
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Federal Register / Vol. 76, No. 224 / Monday, November 21, 2011 / Notices
Effective Date: The proposed changes
to the FR Y–6 and FR Y–7 reporting
forms and instructions will be effective
December 31, 2011. However, the
requirement for institutions to provide
the state and country of incorporation
for each entity provided in organization
chart of the FR Y–6 and FR Y–7 is being
delayed for implementation until fiscal
years beginning December 31, 2012. The
proposed changes to the FR Y–10
reporting form and instructions will be
effective January 1, 2012.
Frequency: FR Y–10: Event-generated;
FR Y–6 and FR Y–7: Annual.
Reporters: Bank holding companies
(BHCs), foreign banking organizations
(FBOs), state member banks, Edge and
agreement corporations, and nationally
chartered banks that are not controlled
by a BHC.
Estimated annual reporting hours: FR
Y–10: 17,850 hours; FR Y–6: 26,507
hours; FR Y–7: 694 hours.
Estimated average hours per response
FR Y–10: 1.75 hours; FR Y–6: 5.25
hours; FR Y–7: 3.75 hours.
Number of respondents: FR Y–10:
3,400; FR Y–6: 5,049; FR Y–7: 185.
General description of report: These
information collections are mandatory
under the Federal Reserve Act, the Bank
Holding Company Act (BHC Act), and
the International Banking Act (12 U.S.C.
248 (a)(1), 321, 601, 602, 611a, 615, 625,
1843(k), 1844(c)(1)(A), 3106(a), and
3108(a)), and Regulations K and Y (12
CFR 211.13(c), 225.5(b) and 225.87).
Individual respondent data are not
considered confidential. However,
respondents 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).
Abstract: The FR Y–10 is an event
generated information collection
submitted by FBOs; top-tier BHCs; state
member banks unaffiliated with a BHC;
Edge and agreement corporations that
are not controlled by a state member
bank, a domestic BHC, or an FBO; and
nationally chartered banks that are not
controlled by a BHC (with regard to
their foreign investments only), to
capture changes in their regulated
investments and activities. The Federal
Reserve uses the data to monitor
structure information on subsidiaries
and regulated investments of these
entities engaged in banking and
nonbanking activities. The FR Y–6 is an
annual information collection submitted
by top-tier BHCs and nonqualifying
FBOs. It collects financial data, an
organization chart, verification of
domestic branch data, and information
about shareholders. The Federal Reserve
uses the data to monitor holding
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company operations and determine
holding company compliance with the
provisions of the BHC Act and
Regulation Y (12 CFR 225). The FR Y–
7 is an annual information collection
submitted by qualifying FBOs to update
their financial and organizational
information with the Federal Reserve.
The Federal Reserve uses information to
assess an FBO’s ability to be a
continuing source of strength to its U.S.
operations and to determine compliance
with U.S. laws and regulations.
Current Actions: On August 11, 2011,
the Federal Reserve published a notice
in the Federal Register (76 FR 49769)
requesting public comment for 60 days
on the extension, with revision, of the
Report of Changes in Organizational
Structure, Annual Report of Bank
Holding Companies, and Annual Report
of Foreign Banking Organizations. The
comment period for this notice expired
on October 11, 2011. The Federal
Reserve received two comment letters
on the proposed revisions to the FR Y–
10 and the FR Y–6: one from a bankers’
organization, the other, from a BHC.
No comments were received on the
following FR Y–10 revisions that were
proposed to take effect as of January 1,
2012, and therefore the Federal Reserve
will implement these revisions as
proposed: (1) Adding a new business
organization type for limited liability
limited partnership, (2) adding a check
box to report whether ownership is in
the form of a general partner or limited
partner, and (3) requiring the reporting
of the representative office when there
are no other reportable offices in the
United States.
No comments were received on the
following FR Y–6 revisions that were
proposed to take effect as of December
31, 2011, and therefore the Federal
Reserve will implement these revisions
as proposed: (1) Clarifying the language
regarding confidentiality of the
reporter’s submission, (2) adding the
rounding definition from the FR Y–10 to
ensure the reporting of percentage
ownership is consistent across all
structure reporting forms, (3) modifying
the language for securities holders to
include persons working in concert,
including families, and (4) revising the
insiders information to include options,
warrants, or other securities as
reportable voting securities and to
include families in the definition of a
principal securities holder.
The following section of this notice
describes the remaining proposed FR Y–
10, FR Y–7, and FR Y–6 report changes
and discusses the Federal Reserve’s
evaluation of the comments received on
the proposed changes. After considering
the comments, the Federal Reserve will
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move forward with the proposed
revisions after making certain
modifications in response to the
comments.
FR Y–10
Banking and Nonbanking Schedules.
The Federal Reserve proposed to add
‘‘State and Country of Incorporation’’ to
item 3.a. In addition, the Federal
Reserve proposed to add ‘‘If Relocation
or Correction, Prior State and Country of
Incorporation’’ in item 3.b. These
revisions are necessary to provide more
consistent data on physical location
versus the state and country of
incorporation. One commenter stated
that reporting state of incorporation on
the Banking and Nonbanking Schedules
would be burdensome with respect to
non-U.S. entities. The Federal Reserve
did not intend for foreign respondents
to provide the equivalent of a U.S. state.
The Federal Reserve will revise the FR
Y–10 instructions to make it clear that
foreign respondents should report only
the country of incorporation.
One commenter suggested that selfregulatory organizations, such as the
Financial Industry Regulatory Authority
(FINRA) and National Futures
Association (NFA), be added to the list
of functional regulators on the
Nonbanking Schedule. The Federal
Reserve will assess the need for
additional regulators in a future
proposal.
4(k) Schedule. The Federal Reserve
proposed to add the following event
types for large merchant banking or
insurance company investments: initial
investment, changes to initial
investment, and divestitures. Both
commenters expressed concern about
the proposed revisions to the large
merchant banking or insurance
company (LMBI) section of the FR Y–10
4(k) Schedule. Both commenters stated
that the proposed revision to require
reporting of changes in the ownership
and assets of LMBIs would be
burdensome and requested that these
revisions not be made. In addition, the
BHC asked the Federal Reserve to add
a selection for ‘‘No Longer Reportable’’
to the LMBI section of the 4 (k)
Schedule. After considering these
comments, the Federal Reserve will add
to this section of the 4(k) Schedule
selections for ‘‘No Longer Reportable’’
and ‘‘Name Changes’’ and remove the
selection for ‘‘Changes to Initial
Investment.’’ The BHC expressed
concern that the 4(k) Schedule contains
both financial-in-nature activities as
well as non-financial activities
commenced by a financial holding
company. The Federal Reserve will
clarify the instructions by adding a
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Federal Register / Vol. 76, No. 224 / Monday, November 21, 2011 / Notices
emcdonald on DSK5VPTVN1PROD with NOTICES
definition of a nonfinancial company in
the Y–10 glossary.
Instructional Revisions. The Federal
Reserve proposed to revise and clarify
the FR Y–10 instructions to conform
with the proposed changes to the
reporting form. On the Banking,
Nonbanking, and 4(k) Schedules, the
Federal Reserve proposed to remove
Appendix B— North American Industry
Classification System (NAICS) Activity
Codes and add the URL to the U.S.
Census Bureau’s Web site where
reporters may retrieve current NAICS
Activity Codes.
One commenter suggested that
infrequent reporters might find it useful
to retain a modified version of the table
mapping the financial-in-nature
activities of the old Federal Reserve
alphanumeric codes to the
corresponding NAICS codes. The
Federal Reserve agrees and recommends
including this table as Appendix B. A
footnote would be added to clarify that
the Federal Reserve converted from
alphanumeric activity codes to NAICS
codes in 2004.
A bankers’ organization made several
comments with regard to the
instructional revision requiring that
certain entities organized to hold other
real estate owned properties be reported
on the FR Y–10 Nonbanking Schedule.
The commenter stated that reporting the
entities holding debts previously
contracted would not provide enhanced
information to the Federal Reserve and
recommended that this proposed
revision not be included in the final FR
Y–10 instructions. After considering
these comments, the Federal Reserve
will clarify the FR Y–10 instructions to
indicate that a company that holds only
foreclosed properties should not be
reported. However, a company that
holds a mixture of foreclosed properties
and non-performing loans that are not
yet in default should be reported.
FR Y–6 and FR Y–7
The Federal Reserve proposed to
change legal address to physical address
on the FR Y–6 and FR Y–7. Also, the
Federal Reserve proposed to add state
and country of incorporation to the FR
Y–6. Both commenters expressed
concern regarding the proposal to
require institutions to provide the state
and country of incorporation for each
entity provided in organization chart of
the FR Y–6. After considering these
comments, the Federal Reserve
continues to believe that reporting the
state and country of incorporation at the
entity level is important in connection
with section 165(d) of the Dodd-Frank
Act, which requires institutions to
submit annual resolution plans to
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regulators. These plans will include,
among other things, information on
legal entities. However, the Federal
Reserve recognizes that the reporting of
the state and country of incorporation at
the entity level may be particularly
burdensome for some BHCs to report
effective with the December 31, 2011,
as-of date. Therefore, the Federal
Reserve recommends delaying
implementation of this requirement
until fiscal years beginning December
31, 2012.
Although no comments were received
on a similar proposed requirement to
provide the country of incorporation for
each entity provided in organization
chart on the FR Y–7, the Federal
Reserve also recommends delaying
implementation of this requirement
until fiscal years beginning December
31, 2012.
Proposal to approve under OMB
delegated authority the extension for
three years, without revision of the
following report:
Report title: Supplement to the Report
of Changes in Organizational Structure.
Agency form number: FR Y–10E.
OMB control number: 7100–0297.
Frequency: Event-generated.
Reporters: BHCs, FBOs, state member
banks, Edge and agreement
corporations, and nationally chartered
banks that are not controlled by a BHC.
Estimated annual reporting hours:
1,700 hours.
Estimated average hours per response:
0.50 hours.
Number of respondents: 3,400.
General description of report: This
information collection is mandatory
under the Federal Reserve Act, the Bank
Holding Company Act (BHC Act), and
the International Banking Act (12 U.S.C.
248(a)(1), 321, 601, 602, 611a, 615, and
625, 1843(k), 1844(c)(1)(A), 3106(a)) and
Regulation K and Y (12 CFR 211.13(c),
225.5(b) and 225.87). Individual
respondent data are not considered
confidential. However, respondents 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).
Abstract: The FR Y–10E is a free-form
supplement that may be used to collect
additional structural information
deemed to be critical and needed in an
expedited manner.
Current Actions: On August 11, 2011,
the Federal Reserve published a notice
in the Federal Register (76 FR 49769)
requesting public comment for 60 days
on the extension, with revision, of the
Supplement to the Report of Changes in
Organizational Structure. The comment
period for this notice expired on
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71977
October 11, 2011. The Federal Reserve
did not receive any comments.
Board of Governors of the Federal Reserve
System, November 16, 2011.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011–29984 Filed 11–18–11; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Update of the NICEATM–ICCVAM FiveYear Plan: Request for Comments
Division of the National
Toxicology Program (DNTP), National
Institute of Environmental Health
Sciences (NIEHS), National Institutes of
Health (NIH).
ACTION: Request for Comments.
AGENCY:
The NIEHS and the National
Toxicology Program Interagency Center
for the Evaluation of Alternative
Toxicological Methods (NICEATM)
request public comments that can be
considered by the Interagency
Coordinating Committee on the
Validation of Alternative Methods
(ICCVAM) and agencies’ program offices
in updating The NICEATM–ICCVAM
Five-Year Plan (2008–2012) (ICCVAM,
2008). The current plan addresses: (1)
Identification of areas of high priority
for new and revised non-animal and
alternative assays to reduce, refine
(enhance animal well-being and lessen
or avoid pain and distress), and replace
the use of animals in testing and (2)
research, development, translation, and
validation of new and revised nonanimal and other alternatives assays for
integration of relevant and reliable
methods into Federal agencies’ testing
programs.
DATES: Submit comments on or before
January 15, 2012.
ADDRESSES: NICEATM prefers that
comments be submitted electronically
via the NICEATM–ICCVAM Web site
(https://iccvam.niehs.nih.gov/contact/
FR_pubcomment.htm) or via email to
niceatm@niehs.nih.gov. Written
comments may also be sent by mail or
fax to Dr. William S. Stokes, Director,
NICEATM, NIEHS, P.O. Box 12233,
Mail Stop: K2–16, Research Triangle
Park, NC 27709; (fax) 919–541–0947.
Courier address: NICEATM, NIEHS,
Room 2034, 530 Davis Drive,
Morrisville, NC 27560.
FOR FURTHER INFORMATION CONTACT: Dr.
William S. Stokes: (telephone) (919)
541–2384, (fax) (919) 541–0947, or
(email) niceatm@niehs.nih.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY:
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]]>Agencies
[Federal Register Volume 76, Number 224 (Monday, November 21, 2011)]
[Notices]
[Pages 71975-71977]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-29984]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
SUMMARY: Notice is hereby given of the final approval of a proposed
information collection by the Board of Governors of the Federal Reserve
System (Board) under OMB delegated authority, 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 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--Cynthia Ayouch--Division of
Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202) 452-3829) Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869), Board of
Governors of the Federal Reserve System, Washington, DC 20551.
OMB Desk Officer--Shagufta Ahmed --Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, 725 17th Street NW.,Washington, DC 20503.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following reports:
Report title: Report of Changes in Organizational Structure, Annual
Report of Bank Holding Companies, and Annual Report of Foreign Banking
Organizations.
Agency form number: FR Y-10, FR Y-6, and FR Y-7.
OMB control number: 7100-0297.
[[Page 71976]]
Effective Date: The proposed changes to the FR Y-6 and FR Y-7
reporting forms and instructions will be effective December 31, 2011.
However, the requirement for institutions to provide the state and
country of incorporation for each entity provided in organization chart
of the FR Y-6 and FR Y-7 is being delayed for implementation until
fiscal years beginning December 31, 2012. The proposed changes to the
FR Y-10 reporting form and instructions will be effective January 1,
2012.
Frequency: FR Y-10: Event-generated; FR Y-6 and FR Y-7: Annual.
Reporters: Bank holding companies (BHCs), foreign banking
organizations (FBOs), state member banks, Edge and agreement
corporations, and nationally chartered banks that are not controlled by
a BHC.
Estimated annual reporting hours: FR Y-10: 17,850 hours; FR Y-6:
26,507 hours; FR Y-7: 694 hours.
Estimated average hours per response FR Y-10: 1.75 hours; FR Y-6:
5.25 hours; FR Y-7: 3.75 hours.
Number of respondents: FR Y-10: 3,400; FR Y-6: 5,049; FR Y-7: 185.
General description of report: These information collections are
mandatory under the Federal Reserve Act, the Bank Holding Company Act
(BHC Act), and the International Banking Act (12 U.S.C. 248 (a)(1),
321, 601, 602, 611a, 615, 625, 1843(k), 1844(c)(1)(A), 3106(a), and
3108(a)), and Regulations K and Y (12 CFR 211.13(c), 225.5(b) and
225.87). Individual respondent data are not considered confidential.
However, respondents 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).
Abstract: The FR Y-10 is an event generated information collection
submitted by FBOs; top-tier BHCs; state member banks unaffiliated with
a BHC; Edge and agreement corporations that are not controlled by a
state member bank, a domestic BHC, or an FBO; and nationally chartered
banks that are not controlled by a BHC (with regard to their foreign
investments only), to capture changes in their regulated investments
and activities. The Federal Reserve uses the data to monitor structure
information on subsidiaries and regulated investments of these entities
engaged in banking and nonbanking activities. The FR Y-6 is an annual
information collection submitted by top-tier BHCs and nonqualifying
FBOs. It collects financial data, an organization chart, verification
of domestic branch data, and information about shareholders. The
Federal Reserve uses the data to monitor holding company operations and
determine holding company compliance with the provisions of the BHC Act
and Regulation Y (12 CFR 225). The FR Y-7 is an annual information
collection submitted by qualifying FBOs to update their financial and
organizational information with the Federal Reserve. The Federal
Reserve uses information to assess an FBO's ability to be a continuing
source of strength to its U.S. operations and to determine compliance
with U.S. laws and regulations.
Current Actions: On August 11, 2011, the Federal Reserve published
a notice in the Federal Register (76 FR 49769) requesting public
comment for 60 days on the extension, with revision, of the Report of
Changes in Organizational Structure, Annual Report of Bank Holding
Companies, and Annual Report of Foreign Banking Organizations. The
comment period for this notice expired on October 11, 2011. The Federal
Reserve received two comment letters on the proposed revisions to the
FR Y-10 and the FR Y-6: one from a bankers' organization, the other,
from a BHC.
No comments were received on the following FR Y-10 revisions that
were proposed to take effect as of January 1, 2012, and therefore the
Federal Reserve will implement these revisions as proposed: (1) Adding
a new business organization type for limited liability limited
partnership, (2) adding a check box to report whether ownership is in
the form of a general partner or limited partner, and (3) requiring the
reporting of the representative office when there are no other
reportable offices in the United States.
No comments were received on the following FR Y-6 revisions that
were proposed to take effect as of December 31, 2011, and therefore the
Federal Reserve will implement these revisions as proposed: (1)
Clarifying the language regarding confidentiality of the reporter's
submission, (2) adding the rounding definition from the FR Y-10 to
ensure the reporting of percentage ownership is consistent across all
structure reporting forms, (3) modifying the language for securities
holders to include persons working in concert, including families, and
(4) revising the insiders information to include options, warrants, or
other securities as reportable voting securities and to include
families in the definition of a principal securities holder.
The following section of this notice describes the remaining
proposed FR Y-10, FR Y-7, and FR Y-6 report changes and discusses the
Federal Reserve's evaluation of the comments received on the proposed
changes. After considering the comments, the Federal Reserve will move
forward with the proposed revisions after making certain modifications
in response to the comments.
FR Y-10
Banking and Nonbanking Schedules. The Federal Reserve proposed to
add ``State and Country of Incorporation'' to item 3.a. In addition,
the Federal Reserve proposed to add ``If Relocation or Correction,
Prior State and Country of Incorporation'' in item 3.b. These revisions
are necessary to provide more consistent data on physical location
versus the state and country of incorporation. One commenter stated
that reporting state of incorporation on the Banking and Nonbanking
Schedules would be burdensome with respect to non-U.S. entities. The
Federal Reserve did not intend for foreign respondents to provide the
equivalent of a U.S. state. The Federal Reserve will revise the FR Y-10
instructions to make it clear that foreign respondents should report
only the country of incorporation.
One commenter suggested that self-regulatory organizations, such as
the Financial Industry Regulatory Authority (FINRA) and National
Futures Association (NFA), be added to the list of functional
regulators on the Nonbanking Schedule. The Federal Reserve will assess
the need for additional regulators in a future proposal.
4(k) Schedule. The Federal Reserve proposed to add the following
event types for large merchant banking or insurance company
investments: initial investment, changes to initial investment, and
divestitures. Both commenters expressed concern about the proposed
revisions to the large merchant banking or insurance company (LMBI)
section of the FR Y-10 4(k) Schedule. Both commenters stated that the
proposed revision to require reporting of changes in the ownership and
assets of LMBIs would be burdensome and requested that these revisions
not be made. In addition, the BHC asked the Federal Reserve to add a
selection for ``No Longer Reportable'' to the LMBI section of the 4 (k)
Schedule. After considering these comments, the Federal Reserve will
add to this section of the 4(k) Schedule selections for ``No Longer
Reportable'' and ``Name Changes'' and remove the selection for
``Changes to Initial Investment.'' The BHC expressed concern that the
4(k) Schedule contains both financial-in-nature activities as well as
non-financial activities commenced by a financial holding company. The
Federal Reserve will clarify the instructions by adding a
[[Page 71977]]
definition of a nonfinancial company in the Y-10 glossary.
Instructional Revisions. The Federal Reserve proposed to revise and
clarify the FR Y-10 instructions to conform with the proposed changes
to the reporting form. On the Banking, Nonbanking, and 4(k) Schedules,
the Federal Reserve proposed to remove Appendix B-- North American
Industry Classification System (NAICS) Activity Codes and add the URL
to the U.S. Census Bureau's Web site where reporters may retrieve
current NAICS Activity Codes.
One commenter suggested that infrequent reporters might find it
useful to retain a modified version of the table mapping the financial-
in-nature activities of the old Federal Reserve alphanumeric codes to
the corresponding NAICS codes. The Federal Reserve agrees and
recommends including this table as Appendix B. A footnote would be
added to clarify that the Federal Reserve converted from alphanumeric
activity codes to NAICS codes in 2004.
A bankers' organization made several comments with regard to the
instructional revision requiring that certain entities organized to
hold other real estate owned properties be reported on the FR Y-10
Nonbanking Schedule. The commenter stated that reporting the entities
holding debts previously contracted would not provide enhanced
information to the Federal Reserve and recommended that this proposed
revision not be included in the final FR Y-10 instructions. After
considering these comments, the Federal Reserve will clarify the FR Y-
10 instructions to indicate that a company that holds only foreclosed
properties should not be reported. However, a company that holds a
mixture of foreclosed properties and non-performing loans that are not
yet in default should be reported.
FR Y-6 and FR Y-7
The Federal Reserve proposed to change legal address to physical
address on the FR Y-6 and FR Y-7. Also, the Federal Reserve proposed to
add state and country of incorporation to the FR Y-6. Both commenters
expressed concern regarding the proposal to require institutions to
provide the state and country of incorporation for each entity provided
in organization chart of the FR Y-6. After considering these comments,
the Federal Reserve continues to believe that reporting the state and
country of incorporation at the entity level is important in connection
with section 165(d) of the Dodd-Frank Act, which requires institutions
to submit annual resolution plans to regulators. These plans will
include, among other things, information on legal entities. However,
the Federal Reserve recognizes that the reporting of the state and
country of incorporation at the entity level may be particularly
burdensome for some BHCs to report effective with the December 31,
2011, as-of date. Therefore, the Federal Reserve recommends delaying
implementation of this requirement until fiscal years beginning
December 31, 2012.
Although no comments were received on a similar proposed
requirement to provide the country of incorporation for each entity
provided in organization chart on the FR Y-7, the Federal Reserve also
recommends delaying implementation of this requirement until fiscal
years beginning December 31, 2012.
Proposal to approve under OMB delegated authority the extension for
three years, without revision of the following report:
Report title: Supplement to the Report of Changes in Organizational
Structure.
Agency form number: FR Y-10E.
OMB control number: 7100-0297.
Frequency: Event-generated.
Reporters: BHCs, FBOs, state member banks, Edge and agreement
corporations, and nationally chartered banks that are not controlled by
a BHC.
Estimated annual reporting hours: 1,700 hours.
Estimated average hours per response: 0.50 hours.
Number of respondents: 3,400.
General description of report: This information collection is
mandatory under the Federal Reserve Act, the Bank Holding Company Act
(BHC Act), and the International Banking Act (12 U.S.C. 248(a)(1), 321,
601, 602, 611a, 615, and 625, 1843(k), 1844(c)(1)(A), 3106(a)) and
Regulation K and Y (12 CFR 211.13(c), 225.5(b) and 225.87). Individual
respondent data are not considered confidential. However, respondents
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).
Abstract: The FR Y-10E is a free-form supplement that may be used
to collect additional structural information deemed to be critical and
needed in an expedited manner.
Current Actions: On August 11, 2011, the Federal Reserve published
a notice in the Federal Register (76 FR 49769) requesting public
comment for 60 days on the extension, with revision, of the Supplement
to the Report of Changes in Organizational Structure. The comment
period for this notice expired on October 11, 2011. The Federal Reserve
did not receive any comments.
Board of Governors of the Federal Reserve System, November 16,
2011.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011-29984 Filed 11-18-11; 8:45 am]
BILLING CODE 6210-01-P
