64760 Federal Register / Vol. 69, No. 215 / Monday, November 8, 2004 / Notices 

Commission approval: (1) Utilize the 

geographic separation specified in the 

tables referenced in this rule section; (2) 

submit an engineering study justifying 

the proposed separations based on the 

actual parameters of the land mobile 

station and the actual parameters of the 

TV/DTV station(s) it is trying to protect; 

(3) submit an engineering study 

justifying the proposed separations 

based on the parameters of the land 

mobile station and the parameters, 

including authorized and/or applied-for 

facilities, of the TV/DTV station(s) it is 

trying to protect; or, (4) obtain written 

concurrence from the applicable TV/

DTV station(s). If this method is chosen, 

a copy of the agreement must be 

submitted with the application.

Federal Communications Commission. 

Marlene H. Dortch, 

Secretary.

[FR Doc. 04–24836 Filed 11–5–04; 8:45 am] 

BILLING CODE 6712–01–P

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 proposed information 

collection 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 

approved collections of information. 

Copies of the OMB 83–Is and 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 

–Cindy Ayouch—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 

email to mmenchik@omb.eop.gov.

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.

Agency form number: FR Y–12.

OMB Control number: 7100–0300.

Frequency: Quarterly and semi–

annually.

Reporters: Bank holding companies.

Annual reporting hours: 1,696 hours.

Estimated average hours per response:

16 hours.

Number of respondents: 28.

General description of report: This 

information collection is mandatory 

pursuant to Section 5(c) of the Bank 

Holding Company Act (12 U.S.C. 

1844(c)) and data may be exempt from 

disclosure pursuant to Sections (b)(4) 

and (b)(8) of the Freedom of Information 

Act (5 U.S.C. 552(b)(4) and (b)(8)).

Abstract: The FR Y–12 was 

implemented as of September 30, 2001, 

in response to the Gramm–Leach–Bliley 

Act (GLB Act) of 1999, which broadened 

the scope of permissible investments in 

nonfinancial companies. The FR Y–12 

collects information from certain 

domestic bank holding companies 

(BHCs) on their investments in 

nonfinancial companies on three 

schedules: Type of Investments, Type of 

Security, and Type of Entity within the 

Banking Organization. Large BHCs 

report on a quarterly basis, and small 

BHCs report semi–annually.

Current Actions: The Federal Reserve 

will revise the FR Y–12 reporting form 

and instructions to enhance the Federal 

Reserve’s ability to monitor and 

supervise the private equity merchant 

banking (PEMB) activity across all BHCs 

for purposes of safety and soundness. 

The revisions to the FR Y–12 include (1) 

modifying the reporting threshold to 

reduce regulatory burden; (2) adding a 

memorandum item to Schedule A to 

collect data on ‘‘Investments managed 

for others;’’ (3) adding a memorandum 

item to Schedule B to identify whether 

the BHC holds any warrants received in 

connection with equity investment 

activity; (4) simplifying Schedule C by 

eliminating three columns used to 

collect data on direct investments in 

public entities, direct investments in 

nonpublic entities, and all indirect 

investments; and (5) adding Schedule D 

‘‘Nonfinancial Investment Transactions 

During the Reporting Period’’ to collect 

information on all PEMB activity of the 

BHC during the reporting period and to 

better reflect the industry’s focus on 

monitoring ‘‘cash in and cash out.’’ The 

Federal Reserve will defer 

implementation of the revised FR Y–12 

until March 31, 2005, to coincide with 

the implementation of proposed 

revisions to the FR Y–9C and FR Y–9SP 

reports (OMB No. 7100–0128).

The Federal Reserve received one 

comment letter from a banking trade 

association. The comment is 

summarized and addressed below.

Addition of Memorandum Item 

‘‘Investments managed for others’’

The Federal Reserve proposed to add 

a memorandum item to collect 

information on the extent of the BHC’s 

role in managing private equity 

investments for others. This item would 

be used to collect new information on 

the extent of the institution’s PEMB 

operations. Significant investment funds 

management activity could increase the 

inherent legal and reputational risk of 

the institution.

The commenter opposed the addition 

of this memorandum item for three 

reasons. First, the commenter felt the 

proposed instructions did not 

adequately define the scope of the item 

and questioned whether any such 

investments managed through a BHC’s 

trust, brokerage or mutual fund 

businesses were to be included. The 

Federal Reserve clarified the 

instructions for memorandum item 4 by 

defining the BHCs management 

relationship ‘‘as serving as a general 

partner in a limited partnership or 

performing a similar function in a 

private equity fund.’’ The Federal 

Reserve also added an exclusion for 

investments managed through a bank 

trust department in a fiduciary capacity. 

Second, the commenter felt the 

collection of these data would be 

burdensome as there is not typically a 

standard reporting category for such 

business lines. During the development 

stage of modifying the FR Y–12, the 

Federal Reserve consulted with several 

large BHCs on the proposed addition of 

this item and concluded from the 

responses received that this information 

was readily available for reporting 

purposes and should not be 

burdensome. Third, the commenter felt 

that reporting this item would be 

outside the scope of the FR Y–12 

because the form collects information 

on the types of investments made by 

BHCs and their subsidiaries in 

nonfinancial companies. The Federal 

Reserve believes that the collection of 

these data are necessary to accurately 

and efficiently conduct off–site 

monitoring of information regarding the 

extent of the institution’s PEMB 

operation.

Federal Register / Vol. 69, No. 215 / Monday, November 8, 2004 / Notices 64761

Addition of a Schedule for 

‘‘Nonfinancial Investment Transactions 

During the Reporting Period’’

The Federal Reserve proposed adding 

a schedule that would collect data on all 

PEMB activity of the BHC, on an 

aggregate basis, for the reporting period. 

Columns A and B would collect 

acquisition cost and carrying value for 

all purchases, returns of capital, and net 

changes in valuation made for all direct 

investments. Columns C and D would 

collect data on the same items for all 

transactions involving indirect (fund) 

investments. These data would provide 

valuable insight into the scope of 

activity on a transaction basis and, 

when reviewed over time, would 

provide critical trend data useful for 

industry studies as well as BHC 

supervisory monitoring.

The commenter strongly opposed the 

addition of the schedule and felt the 

intended use of the data was unclear. 

The commenter also stated that the 

reasons provided for collecting the data 

did not fully justify the costs to the 

industry. The Federal Reserve disagreed 

with this comment stating that these 

data will enhance off–site monitoring of 

PEMB activity and will better facilitate 

risk–focused supervision by providing 

supervisors with significant insights 

into the level of activities that are not 

necessarily discernible by reviewing 

only aggregate balances.

The commenter stated that these data 

currently are not readily available and 

providing such detail would require the 

implementation of new tracking systems 

to capture the detail, as proposed. The 

Federal Reserve believes the items 

should be readily available on a BHC’s 

internal tracking systems of associated 

cash flows. In meeting with several large 

BHCs, company representatives 

emphasized that PEMB participants 

track commitments to invest, cash flows 

associated with new investments, and 

the return of cash related to existing 

investments in order to calculate 

internal rates of return. The new items 

in this schedule would require 

respondents to slot the cash flows and 

valuation adjustments.

Revised Instructions for Acquisition 

Costs

The commenter stated that the 

definition for ‘‘Acquisition Costs’’ was 

unclear and conflicted with previous 

guidance. The Federal Reserve clarified 

the glossary entry for Acquisition Costs 

in the instructions.

Effective Date

The commenter urged the Federal 

Reserve to delay the implementation 

date of these revisions for a minimum 

of two quarters. The commenter felt the 

additional time would be necessary for 

BHCs to implement changes to their 

processes and other resources that 

would be required to fulfill the new 

filing requirements. The Federal Reserve 

believes that the time allotted for 

implementing the proposed revisions is 

sufficient because of modifications to 

the proposal for ‘‘Investments managed 

for others’’ and because BHCs have until 

March 2005 before the revised reporting 

goes into effect.

Board of Governors of the Federal Reserve 

System, November 3, 2004.

Jennifer J. Johnson

Secretary of the Board.

[FR Doc. 04–24843 Filed 11–5–04; 8:45 am]

BILLING CODE: 6210–01–S

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices; 

Acquisition of Shares of Bank or Bank 

Holding Companies

The notificants listed below have 

applied under the Change in Bank 

Control Act (12 U.S.C. 1817(j)) and 

§ 225.41 of the Board’s Regulation Y (12 

CFR 225.41) to acquire 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)).

The notices are available for 

immediate inspection at the Federal 

Reserve Bank indicated. The notices 

also will be available for inspection at 

the office 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 

November 22, 2004.

A. Federal Reserve Bank of Atlanta

(Sue Costello, Vice President) 1000 

Peachtree Street, N.E., Atlanta, Georgia 

30303:

1. Rex Lee Davis, Emily Medlock 

Davis, Alan Rex Davis, Beverly Renee 

Davis, Stephen Paul Davis, and Tammy 

Renee Davis, all of Boaz, Alabama; to 

acquire additional voting shares of 

Peoples Independent Bancshares, Inc., 

and thereby indirectly acquire voting 

shares of Peoples Independent Bank, 

Boaz, Alabama.

Board of Governors of the Federal Reserve 

System, November 2, 2004.

Robert deV. Frierson,

Deputy Secretary of the Board.

[FR Doc. 04–24791 Filed 11–5–04; 8:45 am]

BILLING CODE 6210–01–S

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Agency for Healthcare Research and 

Quality Notice of Meeting 

In accordance with section 10(d) of 

the Federal Advisory Committee Act (5 

U.S.C., Appendix 2), announcement is 

made of a Health Care Policy and 

Research Special Emphasis Panel (SEP) 

meeting. 

The Health Care Policy and Research 

Special Emphasis Panel is a group of 

experts in fields related to health care 

research who are invited by the Agency 

for Healthcare Research and Quality 

(AHRQ), and agree to be available, to 

conduct on an as needed basis, 

scientific reviews of applications for 

AHRQ or other Department support. 

Individual members of the Panel do not 

attend regularly-scheduled meetings 

and do not serve for fixed terms or long 

period of time. Rather, they are asked to 

participate in particular review 

meetings which require their type of 

expertise. 

Substantial segments of the upcoming 

SEP meeting listed below will be closed 

to the public in accordance with the 

Federal Advisory Committee Act, 

section 10(d) of 5 U.S.C., Appendix 2 

and 5 U.S.C. 552b(c)(6). Grant 

applications for Adolescent Family Life 

Research Grant (R01) Awards are to be 

reviewed and discussed at this meeting. 

These discussions are likely to reveal 

personal information concerning 

individuals associated with the 

applications. This information is 

exempt from mandatory disclosure 

under the above-cited statutes. 

SEP Meeting on: Adolescent Family 

Life Research Grant (R01) Awards. 

Date: December 9–10, 2004 (open on 

December 9 from 8 a.m. to 8:10 a.m. and 

closed for the remainder of the meeting). 

Place: John Eisenberg Building, 540 

Gaither Road, Brighton Dam Room, 

Rockville, MD 20850. 

Contact Person: Anyone wishing to 

obtain a roster of members, agenda or 

minutes of the nonconfidential portions 

of this meeting should contact Mrs. 

Bonnie Campbell, Committee 

Management Officer, Office of Research 

Review, Education and Policy, AHRQ, 

540 Gaither Road, Room 2038, 

Rockville, Maryland 20850, Telephone 

(301) 427–1554. 

Agenda items for this meeting are 

subject to change as priorities dictate.

Dated: November 2, 2004. 

Carolyn M. Clancy, 

Director.

[FR Doc. 04–24815 Filed 11–5–04; 8:45 am] 

BILLING CODE 4160–90–M