Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 7367-7369 [2019-03776]

Download as PDF Federal Register / Vol. 84, No. 42 / Monday, March 4, 2019 / Notices The Export-Import Bank of the United States (EXIM), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal Agencies to comment on the proposed information collection, as required by the Paperwork Reduction Act of 1995. This collection of information is necessary to determine eligibility of the applicant for EXIM assistance. The Application for Short-Term Multi-Buyer Export Credit Insurance Policy will be used to determine the eligibility of the applicant and the transaction for ExportImport Bank assistance under its insurance program. Export-Import Bank customers will be able to submit this form on paper or electronically. DATES: Comments must be received on or before May 3, 2019 to be assured of consideration. ADDRESSES: Comments may be submitted electronically on www.regulations.gov (EIB 92–50) or by email to Mia.Johnson@exim.gov or by mail to Mia L. Johnson, Export-Import Bank of the United States, 811 Vermont Ave. NW, Washington, DC 20571. The application tool can be reviewed at: http://www.exim.gov/sites/default/files/ pub/pending/eib92-50.pdf. SUPPLEMENTARY INFORMATION: Title and Form Number: EIB 92–50 Application for Short-Term Multi-Buyer Export Credit Insurance Policy. OMB Number: 3048–0023. Type of Review: Renewal. Need and Use: The Application for Short-Term Multi-Buyer Export Credit Insurance Policy will be used to determine the eligibility of the applicant and the transaction for Export-Import Bank assistance under its insurance program. Affected Public: This form affects entities involved in the export of U.S. goods and services. Annual Number of Respondents: 285. Estimated Time per Respondent: 0.5 hours. Annual Burden Hours: 143. Frequency of Reporting of Use: As needed. Government Reviewing Time per Year: Reviewing Time per Year: 285 hours. Average Wages per Hour: $42.50. Average Cost per Year: $12,113 (time * wages). Benefits and Overhead: 20%. Total Government Cost: $14,535. SUMMARY: FEDERAL COMMUNICATIONS COMMISSION Federal Advisory Committee Act; Technological Advisory Council Federal Communications Commission. ACTION: Notice of public meeting. AGENCY: In accordance with the Federal Advisory Committee Act, this notice advises interested persons that the Federal Communications Commission’s (FCC) Technological Advisory Council will hold a meeting at the Federal Communications Commission. SUMMARY: Tuesday, March 26, 2019. Federal Communications Commission, 445 12th Street SW, Washington, DC 20554. FOR FURTHER INFORMATION CONTACT: Michael Ha, Deputy Chief, Policy and Rules Division 202–418–2099; michael.ha@fcc.gov. SUPPLEMENTARY INFORMATION: At the March 26th meeting, the FCC Technological Advisory Council will discuss final recommendations from the 2018 TAC Working Groups. The FCC will attempt to accommodate as many people as possible. However, admittance will be limited to seating availability. Meetings are also broadcast live with open captioning over the internet from the FCC Live web page at http://www.fcc.gov/live/. The public may submit written comments before the meeting to: Michael Ha, the FCC’s Designated Federal Officer for Technological Advisory Council by email: michael.ha@fcc.gov or U.S. Postal Service Mail (Michael Ha, Federal Communications Commission, Room 2– A665, 445 12th Street SW, Washington, DC 20554). Open captioning will be provided for this event. Other reasonable accommodations for people with disabilities are available upon request. Requests for such accommodations should be submitted via email to fcc504@fcc.gov or by calling the Office of Engineering and Technology at 202–418–2470 (voice), (202) 418–1944 (fax). Such requests should include a detailed description of the accommodation needed. In addition, please include your contact information. Please allow at least five days advance notice; last minute requests will be accepted, but may not be possible to fill. DATES: ADDRESSES: Bassam Doughman, IT Specialist. Federal Communications Commission. Julius Knapp, Chief, Office of Engineering and Technology. [FR Doc. 2019–03815 Filed 3–1–19; 8:45 am] [FR Doc. 2019–03735 Filed 3–1–19; 8:45 am] BILLING CODE 6690–01–P BILLING CODE 6712–01–P VerDate Sep<11>2014 17:33 Mar 01, 2019 Jkt 247001 PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 7367 FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB Board of Governors of the Federal Reserve System. AGENCY: The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Consolidated Holding Company Report of Equity Investments in Nonfinancial Companies and the Annual Report of Merchant Banking Investments Held for an Extended Period (FR Y–12 and FR Y– 12A; OMB No. 7100–0300). The revisions to the FR Y–12 are applicable as of the March 31, 2019, reporting date, and the revisions to the FR Y–12A are applicable as of the December 31, 2019, reporting date. SUMMARY: FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer—Nuha Elmaghrabi—Office of the Chief Data Officer, 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, or by fax to (202) 395–6974. On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board. 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 Board 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. SUPPLEMENTARY INFORMATION: E:\FR\FM\04MRN1.SGM 04MRN1 7368 Federal Register / Vol. 84, No. 42 / Monday, March 4, 2019 / Notices Final Approval Under OMB Delegated Authority of the Extension for Three Years, With Revision, of the Following Information Collection Report title: Consolidated Holding Company Report of Equity Investments in Nonfinancial Companies, and Annual Report of Merchant Banking Investments Held for an Extended Period. Agency form numbers: FR Y–12 and FR Y–12A. OMB control number: 7100–0300. Effective dates: The revisions to the FR Y–12 are applicable as of the March 31, 2019, reporting date, and the revisions to the FR Y–12A are applicable as of the December 31, 2019, reporting date. Frequency: FR Y–12, quarterly or semiannually based on the reporting threshold criteria; FR Y–12A, annually. Respondents: FR Y–12: Bank holding companies (BHCs), savings and loan holding companies (SLHCs), and U.S. intermediate holding companies (IHCs). FR Y–12A: Financial holding companies (FHCs) that hold merchant banking investments that are approaching the end of the holding periods permissible under the Board’s Regulation Y.1 Number of respondents: FR Y–12, 27 quarterly and 5 semiannually; FR Y– 12A, 439. Estimated average hours per response: FR Y–12, 16.5 hours; FR Y–12A, 7.5 hours. Estimated annual reporting hours: FR Y–12, 1,947 hours; FR Y–12A, 3,293 hours. General description of report: The FR Y–12 collects information from certain domestic BHCs, SLHCs, and U.S. IHCs on their equity investments in nonfinancial companies. Respondents report the FR Y–12 either quarterly or semiannually based on the criteria in the reports. The FR Y–12A is filed annually by FHCs that hold merchant banking investments that are approaching the end of the holding periods permissible under the Board’s Regulation Y. Legal authorization and confidentiality: The FR Y–12 and FR Y– 12A are mandatory and are authorized to be collected from BHCs and FHCs pursuant to section 5(c) of the Bank Holding Company Act (BHC Act) (12 U.S.C. 1844(c)(1)(A)); from SLHCs pursuant to section 10(b)(2) of the Home Owners Loan Act (HOLA) (12 U.S.C. 1467a(b)(2)), as amended by section 369(8) of the Dodd-Frank Wall Street and Consumer Protection Act (DoddFrank Act); and from IHCs pursuant to 1 See 12 CFR 225.172(b)(4) and 225.173(c). VerDate Sep<11>2014 17:33 Mar 01, 2019 Jkt 247001 section 5(c) of the BHC Act, (12 U.S.C. 1844(c)(1)(A)), as well as pursuant to sections 102(a)(1) and 165 of the DoddFrank Act, (12 U.S.C. 5311(a)(1) and 5365),2 and the Board’s Regulation YY, 12 CFR 252.153(b)(2). In addition, with respect to the FR Y– 12A report, section 4(k)(7)(A) of the BHC Act, (12 U.S.C. 1843(k)(7)(A)), authorizes the Board and the Treasury Department to jointly develop implementing regulations governing merchant banking activities for purposes of section 4(k)(4)(H) of the BHC Act. Section 4(k)(4)(H) of the BHC Act, (12 U.S.C. 1843(k)(4)(H)), and subpart J of the Board’s Regulation Y, (12 CFR 225.170 et seq.), authorize a BHC that has made an effective FHC election to acquire merchant banking investments that are not otherwise permissible for an FHC. Section 10(c)(2)(H) of the HOLA, as amended by section 606(b) of the Dodd-Frank Act, (12 U.S.C. 1467a(c)(2)(H)), and section 8(a) of the International Bank Act, (12 U.S.C. 3106(a)), extend certain authorities and requirements of the BHC Act to SLHCs and to foreign banks, respectively. The Board does not consider information collected on the FR Y–12 report to be confidential, and the completed version of this report generally is made available to the public upon request. However, exemption 4 of the Freedom of Information Act (FOIA) provides an exemption from public disclosure for ‘‘trade secrets and commercial or financial information obtained from a person [that is] privileged or confidential.’’ (5 U.S.C. 552(b)(4)). Thus, if a respondent feels that disclosure of confidential commercial or financial information on the FR Y–12 report is reasonably likely to result in substantial harm to its competitive position under exemption 4 of the FOIA, the respondent may request confidential treatment for such 2 Section 165(b)(2) of Title I of the Dodd-Frank Act, (12 U.S.C. 5365(b)(2)), refers to a ‘‘foreignbased bank holding company.’’ Section 102(a)(1) of the Dodd-Frank Act, (12 U.S.C. 5311(a)(1)), defines ‘‘bank holding company’’ for purposes of Title I of the Dodd-Frank Act to include foreign banking organizations that are treated as bank holding companies under section 8(a) of the International Banking Act, (12 U.S.C. 3106(a)). The Board has required, pursuant to section 165(b)(1)(B)(iv) of the Dodd-Frank Act, (12 U.S.C. 5365(b)(1)(B)(iv)), certain of the foreign banking organizations that are subject to section 165 of the Dodd-Frank Act to form U.S. IHCs. Accordingly, the parent foreignbased organization of a U.S. IHC is treated as a BHC for purposes of the BHC Act and section 165 of the Dodd-Frank Act. Because section 5(c) of the BHC Act authorizes the Board to require reports from subsidiaries of BHCs, section 5(c) provides additional authority to require U.S. IHCs to report the information contained in the FR Y–12 and FR Y–12A reports. PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 information pursuant to the Board’s Rules Regarding the Availability of Information, 12 CFR 261.15. The Board generally considers the information collected on the FR Y–12A to be confidential under exemption 4 of the FOIA (5 U.S.C. 552(b)(4)). Information reported on the FR Y–12A is competitively sensitive and its release would likely result in substantial harm to the competitive position of an FHC or SLHC. In addition, if the FR Y–12A data is obtained as a part of an examination or supervision of a financial institution, this information may also be withheld pursuant to exemption 8 of the FOIA, which protects information contained in ‘‘examination, operating, or condition reports’’ obtained in the bank supervisory process (5 U.S.C. 552(b)(8)). Current actions: On November 5, 2018, the Board invited comment on a proposal 3 to extend for three years, with revision, the FR Y–12 and FR Y–12A. The Board proposed to revise the FR Y– 12 by requiring that dollar values be reported in thousands instead of millions, and by no longer requiring firms to report the fax number of the person to be contacted regarding a report submission. The Board proposed the following revisions to the FR Y– 12A: (1) Requiring that dollar values be reported in thousands instead of millions, (2) adding an item for the holding period expiration date of the covered investment, (3) expanding the scope of the item where a respondent indicates its plan and schedule for disposition of its covered investment, (4) clarifying that the top-tier FHC should be the filer for each submitted report, (5) adding an item for the RSSD ID 4 of the direct holder of the covered investment, (6) clarifying that an FHC must continue to file the report until it ceases to hold the covered investment, (7) no longer requiring firms to report the fax number of the person to be contacted regarding a report submission, and (8) making minor clarifications throughout the instructions. Detailed discussion of public comments: The commenter supported the collection of supervisory information through the FR Y–12 and FR Y–12A reports and did not contest the accuracy of the burden estimate. In addition, the commenter made three recommendations. The first recommendation was that the collected information should be notarized. Since the FR Y–12 and FR Y–12A currently require an attestation of truthfulness and accuracy by an executive officer, 3 See 83 FR 55366 (November 5, 2018). RSSD ID is a unique identifier assigned to institutions by the Federal Reserve. 4 An E:\FR\FM\04MRN1.SGM 04MRN1 Federal Register / Vol. 84, No. 42 / Monday, March 4, 2019 / Notices the Board believes this obviates the need for notarization. The second recommendation was to use a website for submissions to minimize burden. The Board currently allows submission of the FR Y–12 and FR Y–12A by mail or electronically via the Federal Reserve System’s Reporting Central application, so the Board does not believe an additional electronic submission mechanism is necessary. The third recommendation was to ensure that respondents are aware of exactly which information must be reported, and the reasons that this information is required. Board staff has strived to draft instructions for the FR Y–12 and FR Y– 12A reports that are as clear as possible and will continue to explore ways to increase the clarity of those instructions. The Board’s public OMB supporting statements and Federal Register notices regarding the FR Y–12 and FR Y–12A reports explain that the information collected by the reports is necessary for the Board to carry out its responsibilities of supervising holding companies and maintaining U.S. financial stability. A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690–1414: 1. Noel A. Radcliffe, Hillsboro, Wisconsin; Richard A. Radcliffe, Sparta, Wisconsin; Robin W. Radcliffe, Brooktondale, New York; and Rolfe M. Radcliffe, Berkshire, New York, each individually and acting in concert; to acquire voting shares of BRAD, Inc., and thereby indirectly acquire shares of Black River Country Bank, both of Black River Falls, Wisconsin. B. Federal Reserve Bank of Dallas (Robert L. Triplett III, Senior Vice President) 2200 North Pearl Street, Dallas, Texas 75201–2272: 1. City Bank and Kendra B. Lane, both of Lubbock, Texas, as Trustees of the South Plains Financial, Inc., Employee Stock Ownership Plan, Lubbock, Texas (‘ESOP’) and Robert C. Dean, and Kendra B. Lane, all of Lubbock, Texas, as members of the ESOP Investment Committee; to acquire voting shares of the ESOP and thereby indirectly acquire South Plains Financial, Inc., and City Bank, both of Lubbock, Texas. The revisions to the FR Y–12 and FR Y–12A will be implemented as proposed. Board of Governors of the Federal Reserve System, February 27, 2019. Yao-Chin Chao, Assistant Secretary of the Board. Board of Governors of the Federal Reserve System, February 26, 2019. Michele Taylor Fennell, Assistant Secretary of the Board. Revised Jurisdictional Thresholds for Section 8 of the Clayton Act 17:33 Mar 01, 2019 Jkt 247001 FOR FURTHER INFORMATION CONTACT: James F. Mongoven (202–326–2879), Bureau of Competition, Office of Policy and Coordination. (Authority: 15 U.S.C. § 19(a)(5)) April J. Tabor, Acting Secretary. [FR Doc. 2019–03396 Filed 3–1–19; 8:45 am] BILLING CODE 6750–01–P FEDERAL TRADE COMMISSION Revised Jurisdictional Thresholds for Section 7a of the Clayton Act AGENCY: ACTION: Federal Trade Commission. Notice. The Federal Trade Commission announces the revised thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976 required by the 2000 amendment of Section 7A of the Clayton Act. SUMMARY: DATES: April 3, 2019. Nora Whitehead (202–326–3100), Federal Trade Commission, Bureau of Competition, Premerger Notification Office, 400 7th Street SW, Room 5301, Washington, DC 20024. FEDERAL RESERVE SYSTEM VerDate Sep<11>2014 March 4, 2019. FOR FURTHER INFORMATION CONTACT: FEDERAL TRADE COMMISSION Federal Trade Commission. ACTION: Notice. AGENCY: The notices are available for immediate inspection at the Federal Reserve Bank indicated. The notices also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing to the Reserve Bank indicated for that notice or to the offices of the Board of Governors. Comments must be received not later than March 19, 2019. DATES: BILLING CODE P BILLING CODE 6210–01–P The notificants listed below have applied under the Change in Bank Control Act (‘‘Act’’) (12 U.S.C. 1817(j)) and § 225.41 of the Board’s Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank holding company. The factors that are considered in acting on the notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). Section 8(a)(1), and $3,656,400 for Section 8(a)(2)(A). [FR Doc. 2019–03845 Filed 3–1–19; 8:45 am] [FR Doc. 2019–03776 Filed 3–1–19; 8:45 am] Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company 7369 The Federal Trade Commission announces the revised thresholds for interlocking directorates required by the 1990 amendment of Section 8 of the Clayton Act. Section 8 prohibits, with certain exceptions, one person from serving as a director or officer of two competing corporations if two thresholds are met. Competitor corporations are covered by Section 8 if each one has capital, surplus, and undivided profits aggregating more than $10,000,000, with the exception that no corporation is covered if the competitive sales of either corporation are less than $1,000,000. Section 8(a)(5) requires the Federal Trade Commission to revise those thresholds annually, based on the change in gross national product. The new thresholds, which take effect immediately, are $36,564,000 for SUMMARY: PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 Section 7A of the Clayton Act, 15 U.S.C. 18a, as added by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, Public Law 94–435, 90 Stat. 1390 (‘‘the Act’’), requires all persons contemplating certain mergers or acquisitions, which meet or exceed the jurisdictional thresholds in the Act, to file notification with the Commission and the Assistant Attorney General and to wait a designated period of time before consummating such transactions. Section 7A(a)(2) requires the Federal Trade Commission to revise those thresholds annually, based on the change in gross national product, in accordance with Section 8(a)(5). Note that while the filing fee thresholds are revised annually, the actual filing fees are not similarly indexed and, as a result, have not been adjusted for inflation in over a decade. The new thresholds, which take effect 30 days after publication in the Federal Register, are as follows: SUPPLEMENTARY INFORMATION: E:\FR\FM\04MRN1.SGM 04MRN1

Agencies

[Federal Register Volume 84, Number 42 (Monday, March 4, 2019)]
[Notices]
[Pages 7367-7369]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-03776]


=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


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

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, with revision, the 
Consolidated Holding Company Report of Equity Investments in 
Nonfinancial Companies and the Annual Report of Merchant Banking 
Investments Held for an Extended Period (FR Y-12 and FR Y-12A; OMB No. 
7100-0300). The revisions to the FR Y-12 are applicable as of the March 
31, 2019, reporting date, and the revisions to the FR Y-12A are 
applicable as of the December 31, 2019, reporting date.

FOR FURTHER INFORMATION CONTACT: 
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, 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, 
or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. 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 Board 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.

[[Page 7368]]

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Report title: Consolidated Holding Company Report of Equity 
Investments in Nonfinancial Companies, and Annual Report of Merchant 
Banking Investments Held for an Extended Period.
    Agency form numbers: FR Y-12 and FR Y-12A.
    OMB control number: 7100-0300.
    Effective dates: The revisions to the FR Y-12 are applicable as of 
the March 31, 2019, reporting date, and the revisions to the FR Y-12A 
are applicable as of the December 31, 2019, reporting date.
    Frequency: FR Y-12, quarterly or semiannually based on the 
reporting threshold criteria; FR Y-12A, annually.
    Respondents: FR Y-12: Bank holding companies (BHCs), savings and 
loan holding companies (SLHCs), and U.S. intermediate holding companies 
(IHCs). FR Y-12A: Financial holding companies (FHCs) that hold merchant 
banking investments that are approaching the end of the holding periods 
permissible under the Board's Regulation Y.\1\
---------------------------------------------------------------------------

    \1\ See 12 CFR 225.172(b)(4) and 225.173(c).
---------------------------------------------------------------------------

    Number of respondents: FR Y-12, 27 quarterly and 5 semiannually; FR 
Y-12A, 439.
    Estimated average hours per response: FR Y-12, 16.5 hours; FR Y-
12A, 7.5 hours.
    Estimated annual reporting hours: FR Y-12, 1,947 hours; FR Y-12A, 
3,293 hours.
    General description of report: The FR Y-12 collects information 
from certain domestic BHCs, SLHCs, and U.S. IHCs on their equity 
investments in nonfinancial companies. Respondents report the FR Y-12 
either quarterly or semiannually based on the criteria in the reports. 
The FR Y-12A is filed annually by FHCs that hold merchant banking 
investments that are approaching the end of the holding periods 
permissible under the Board's Regulation Y.
    Legal authorization and confidentiality: The FR Y-12 and FR Y-12A 
are mandatory and are authorized to be collected from BHCs and FHCs 
pursuant to section 5(c) of the Bank Holding Company Act (BHC Act) (12 
U.S.C. 1844(c)(1)(A)); from SLHCs pursuant to section 10(b)(2) of the 
Home Owners Loan Act (HOLA) (12 U.S.C. 1467a(b)(2)), as amended by 
section 369(8) of the Dodd-Frank Wall Street and Consumer Protection 
Act (Dodd-Frank Act); and from IHCs pursuant to section 5(c) of the BHC 
Act, (12 U.S.C. 1844(c)(1)(A)), as well as pursuant to sections 
102(a)(1) and 165 of the Dodd-Frank Act, (12 U.S.C. 5311(a)(1) and 
5365),\2\ and the Board's Regulation YY, 12 CFR 252.153(b)(2).
---------------------------------------------------------------------------

    \2\ Section 165(b)(2) of Title I of the Dodd-Frank Act, (12 
U.S.C. 5365(b)(2)), refers to a ``foreign-based bank holding 
company.'' Section 102(a)(1) of the Dodd-Frank Act, (12 U.S.C. 
5311(a)(1)), defines ``bank holding company'' for purposes of Title 
I of the Dodd-Frank Act to include foreign banking organizations 
that are treated as bank holding companies under section 8(a) of the 
International Banking Act, (12 U.S.C. 3106(a)). The Board has 
required, pursuant to section 165(b)(1)(B)(iv) of the Dodd-Frank 
Act, (12 U.S.C. 5365(b)(1)(B)(iv)), certain of the foreign banking 
organizations that are subject to section 165 of the Dodd-Frank Act 
to form U.S. IHCs. Accordingly, the parent foreign-based 
organization of a U.S. IHC is treated as a BHC for purposes of the 
BHC Act and section 165 of the Dodd-Frank Act. Because section 5(c) 
of the BHC Act authorizes the Board to require reports from 
subsidiaries of BHCs, section 5(c) provides additional authority to 
require U.S. IHCs to report the information contained in the FR Y-12 
and FR Y-12A reports.
---------------------------------------------------------------------------

    In addition, with respect to the FR Y-12A report, section 
4(k)(7)(A) of the BHC Act, (12 U.S.C. 1843(k)(7)(A)), authorizes the 
Board and the Treasury Department to jointly develop implementing 
regulations governing merchant banking activities for purposes of 
section 4(k)(4)(H) of the BHC Act. Section 4(k)(4)(H) of the BHC Act, 
(12 U.S.C. 1843(k)(4)(H)), and subpart J of the Board's Regulation Y, 
(12 CFR 225.170 et seq.), authorize a BHC that has made an effective 
FHC election to acquire merchant banking investments that are not 
otherwise permissible for an FHC. Section 10(c)(2)(H) of the HOLA, as 
amended by section 606(b) of the Dodd-Frank Act, (12 U.S.C. 
1467a(c)(2)(H)), and section 8(a) of the International Bank Act, (12 
U.S.C. 3106(a)), extend certain authorities and requirements of the BHC 
Act to SLHCs and to foreign banks, respectively.
    The Board does not consider information collected on the FR Y-12 
report to be confidential, and the completed version of this report 
generally is made available to the public upon request. However, 
exemption 4 of the Freedom of Information Act (FOIA) provides an 
exemption from public disclosure for ``trade secrets and commercial or 
financial information obtained from a person [that is] privileged or 
confidential.'' (5 U.S.C. 552(b)(4)). Thus, if a respondent feels that 
disclosure of confidential commercial or financial information on the 
FR Y-12 report is reasonably likely to result in substantial harm to 
its competitive position under exemption 4 of the FOIA, the respondent 
may request confidential treatment for such information pursuant to the 
Board's Rules Regarding the Availability of Information, 12 CFR 261.15.
    The Board generally considers the information collected on the FR 
Y-12A to be confidential under exemption 4 of the FOIA (5 U.S.C. 
552(b)(4)). Information reported on the FR Y-12A is competitively 
sensitive and its release would likely result in substantial harm to 
the competitive position of an FHC or SLHC. In addition, if the FR Y-
12A data is obtained as a part of an examination or supervision of a 
financial institution, this information may also be withheld pursuant 
to exemption 8 of the FOIA, which protects information contained in 
``examination, operating, or condition reports'' obtained in the bank 
supervisory process (5 U.S.C. 552(b)(8)).
    Current actions: On November 5, 2018, the Board invited comment on 
a proposal \3\ to extend for three years, with revision, the FR Y-12 
and FR Y-12A. The Board proposed to revise the FR Y-12 by requiring 
that dollar values be reported in thousands instead of millions, and by 
no longer requiring firms to report the fax number of the person to be 
contacted regarding a report submission. The Board proposed the 
following revisions to the FR Y-12A: (1) Requiring that dollar values 
be reported in thousands instead of millions, (2) adding an item for 
the holding period expiration date of the covered investment, (3) 
expanding the scope of the item where a respondent indicates its plan 
and schedule for disposition of its covered investment, (4) clarifying 
that the top-tier FHC should be the filer for each submitted report, 
(5) adding an item for the RSSD ID \4\ of the direct holder of the 
covered investment, (6) clarifying that an FHC must continue to file 
the report until it ceases to hold the covered investment, (7) no 
longer requiring firms to report the fax number of the person to be 
contacted regarding a report submission, and (8) making minor 
clarifications throughout the instructions.
---------------------------------------------------------------------------

    \3\ See 83 FR 55366 (November 5, 2018).
    \4\ An RSSD ID is a unique identifier assigned to institutions 
by the Federal Reserve.
---------------------------------------------------------------------------

    Detailed discussion of public comments: The commenter supported the 
collection of supervisory information through the FR Y-12 and FR Y-12A 
reports and did not contest the accuracy of the burden estimate. In 
addition, the commenter made three recommendations. The first 
recommendation was that the collected information should be notarized. 
Since the FR Y-12 and FR Y-12A currently require an attestation of 
truthfulness and accuracy by an executive officer,

[[Page 7369]]

the Board believes this obviates the need for notarization. The second 
recommendation was to use a website for submissions to minimize burden. 
The Board currently allows submission of the FR Y-12 and FR Y-12A by 
mail or electronically via the Federal Reserve System's Reporting 
Central application, so the Board does not believe an additional 
electronic submission mechanism is necessary. The third recommendation 
was to ensure that respondents are aware of exactly which information 
must be reported, and the reasons that this information is required. 
Board staff has strived to draft instructions for the FR Y-12 and FR Y-
12A reports that are as clear as possible and will continue to explore 
ways to increase the clarity of those instructions. The Board's public 
OMB supporting statements and Federal Register notices regarding the FR 
Y-12 and FR Y-12A reports explain that the information collected by the 
reports is necessary for the Board to carry out its responsibilities of 
supervising holding companies and maintaining U.S. financial stability.
    The revisions to the FR Y-12 and FR Y-12A will be implemented as 
proposed.

    Board of Governors of the Federal Reserve System, February 26, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-03776 Filed 3-1-19; 8:45 am]
 BILLING CODE 6210-01-P