Federal Register / Vol. 69, No. 232 / Friday, December 3, 2004 / Notices 70259

*The Agenda may be modified at the discretion 

of the NANC Chairman with the approval of the 

DFO.

Chairperson for the call is Robert 

Atkinson. This meeting is open to 

members of the general public. Due to 

limited port space, NANC members and 

Commission staff will have first priority 

on the call. The FCC will attempt to 

accommodate as many participants as 

possible. Members of the public may 

join the call as remaining port space 

permits, or may attend in person at the 

Federal Communications Commission, 

Portals II, 445 Twelfth Street, SW., 

Room 6–B516, Washington, DC 20554. 

The public may submit written 

statements to the NANC, which must be 

received one business day before the 

meeting. In addition, oral statements at 

the meeting by parties or entities not 

represented on the NANC will be 

permitted to the extent time permits. 

Such statements will be limited to five 

minutes in length by any one party or 

entity, and requests to make an oral 

statement must be received one business 

day before the meeting. Requests to 

make an oral statement or provide 

written comments to the NANC should 

be sent to Deborah Blue at the address 

under FOR FURTHER INFORMATION

CONTACT, stated above. 

Proposed Agenda—Friday, December 

10, 2004, 2 p.m. EST 

1. To discuss the NANC Report and 

Recommendation to the Federal 

Communications Commission regarding 

the SMS/800 Number Administration 

Committee (SNAC) Guidelines.

Federal Communications Commission. 

Sanford S. Williams, 

Attorney, Telecommunications Access Policy 

Division, Wireline Competition Bureau.

[FR Doc. 04–26639 Filed 12–2–04; 8:45 am] 

BILLING CODE 6712–01–P

FEDERAL COMMUNICATIONS 

COMMISSION 

[CC Docket No. 92–237; DA 04–3625] 

Next Meeting of the North American 

Numbering Council

AGENCY: Federal Communications 

Commission.

ACTION: Notice.

SUMMARY: On November 30, 2004, the 

Commission released a public notice 

announcing the January 19, 2005 

meeting and agenda of the North 

American Numbering Council (NANC). 

The intended effect of this action is to 

make the public aware of the NANC’s 

next meeting and its agenda.

DATES: Wednesday, January 19, 2005, 

9:30 a.m.

ADDRESSES: Telecommunications 

Access Policy Division, Wireline 

Competition Bureau, Federal 

Communications Commission, The 

Portals II, 445 12th Street, SW., Suite 5–

A420, Washington, DC 20554. Requests 

to make an oral statement or provide 

written comments to the NANC should 

be sent to Deborah Blue.

FOR FURTHER INFORMATION CONTACT:

Deborah Blue, Special Assistant to the 

Designated Federal Officer (DFO) at 

(202) 418–1466 or 

Deborah.Blue@fcc.gov. The fax number 

is: (202) 418–2345. The TTY number is: 

(202) 418–0484.

SUPPLEMENTARY INFORMATION: Released: 

November 30, 2004. 

The North American Numbering 

Council (NANC) has scheduled a 

meeting to be held Wednesday, January 

19, 2005, from 9:30 a.m. until 5 p.m. 

The meeting will be held at the Federal 

Communications Commission, Portals 

II, 445 12th Street, SW., Room TW–

C305, Washington, DC. This meeting is 

open to members of the general public. 

The FCC will attempt to accommodate 

as many participants as possible. The 

public may submit written statements to 

the NANC, which must be received two 

business days before the meeting. In 

addition, oral statements at the meeting 

by parties or entities not represented on 

the NANC will be permitted to the 

extent time permits. Such statements 

will be limited to five minutes in length 

by any one party or entity, and requests 

to make an oral statement must be 

received two business days before the 

meeting. 

Proposed Agenda—Wednesday, 

January 19, 2005, 9:30 a.m.*

1. Announcements and Recent News 

2. Approval of Minutes 

—Meeting of November 4, 2004 

3. Report from NANP B&C Agent 

4. Report of NAPM, LLC 

5. Report of the North American 

Numbering Plan Administrator 

(NANPA) 

6. Report of National Thousands Block 

Pooling Administrator 

7. Status of Industry Numbering 

Committee (INC) activities 

8. Reports from Issues Management 

Groups (IMGs) 

—Safety Valve IMG 

—SMS/800 Number Administration 

Committee (SNAC) Guidelines IMG 

9. Report of Local Number Portability 

Administration (LNPA) Working 

Group 

10. Report of Numbering Oversight 

Working Group (NOWG) 

11. Report of the Billing & Collection 

Oversight Working Group (B&CWG) 

12. Report of Future of Numbering 

Working Group 

13. Special Presentations 

14. Update List of NANC 

Accomplishments 

15. Summary of Action Items 

16. Public Comments and Participation 

(5 minutes per speaker) 

17. Other Business

Adjourn no later than 5 p.m. 

Next Meeting: Tuesday, March 15, 

2005.

Federal Communications Commission. 

Sanford S. Williams, 

Attorney, Telecommunications Access Policy 

Division, Wireline Competition Bureau.

[FR Doc. 04–26642 Filed 12–2–04; 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: 

Background 

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, 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 

e-mail to mmenchik@omb.eop.gov.

Final approval under OMB delegated 

authority of the extension for three 

70260 Federal Register / Vol. 69, No. 232 / Friday, December 3, 2004 / Notices 

years, with revision, of the following 

report: 

Report title: Semiannual Report of 

Derivatives Activity. 

Agency form number: FR 2436. 

OMB control number: 7100–0286. 

Frequency: Semiannual. 

Reporters: Large U.S. dealers of overthe-counter (OTC) derivatives. 

Annual reporting hours: 2,400 hours. 

Estimated average hours per response:

150 hours. Some reporters, because of 

their organizational structure, have 

significantly higher burden than the 

Federal Reserve’s estimate. The Federal 

Reserve will consult with respondents 

to update the burden estimates and will 

file an amendment with OMB upon 

completion. 

Number of respondents: 8. 

General description of report: This 

information collection is voluntary (12 

U.S.C. 248(a)(2) and 353–359) and is 

given confidential treatment (5 U.S.C. 

552(b)(4)). 

Abstract: This voluntary report 

collects derivatives market statistics 

from eight large U.S. dealers of OTC 

derivatives. Data are collected on 

notional amounts and gross market 

values of the volumes outstanding of 

broad categories of foreign exchange, 

interest rate, equity- and commoditylinked OTC derivatives contracts across 

a range of underlying currencies, 

interest rates, and equity markets. 

This collection of information 

complements the ongoing triennial 

Survey of Foreign Exchange and 

Derivatives Market Activity (FR 3036; 

OMB No. 7100–0285). The FR 2436 

collects similar data on the outstanding 

volume of derivatives, but not on 

derivatives turnover. The Federal 

Reserve conducts both surveys in 

coordination with other central banks 

and forwards the aggregated data 

furnished by U.S. reporters to the Bank 

for International Settlements, which 

publishes global market statistics that 

are aggregations of national data. 

Current Actions: The Federal Reserve 

proposed to revise the FR 2436 by 

adding a table (with four sections) to 

collect data on credit default swaps 

(CDS). Given the very rapid growth of 

credit derivatives in recent years, the G–

10 central banks determined that data 

on credit default swaps should be 

collected semiannually. 

The original proposal called for 

collection of data on the outstanding 

positions (notional, gross positive and 

gross negative market values) of credit 

default swap contracts for protection 

bought and protection sold by 

instrument type and counterparty type. 

Instrument types would be 

disaggregated into single-name and 

multiple-name instruments. 

Counterparty types would be 

disaggregated into reporting dealers, 

other financial institutions, and 

nonfinancial customers. In addition, 

other financial institutions would be 

further disaggregated into: banks and 

securities firms; insurance, reinsurance, 

and financial guaranty firms; special 

purpose entities (SPEs); hedge funds; 

and other. Notional values would be 

further disaggregated by the credit rating 

of the underlying reference entity, by 

the sector of the underlying reference 

entity, and by the remaining maturity of 

outstanding credit default swap 

contracts. 

The Federal Reserve received one 

comment letter from a banking trade 

association. The commenter expressed 

strong opposition to the proposal, 

arguing that revisions to the voluntary 

FR 2436 would further tax members 

banks’ resources, recommending the 

due date be changed to 90 days after the 

report date from the current 60 days, 

and opposing the collection of credit 

derivative data. 

Detailed Discussion of the Comments 

Collection of Credit Derivative Data 

The commenter noted that Schedules 

HC–L and HC–R of the Consolidated 

Financial Statements for Bank Holding 

Companies (FR Y–9C; OMB No. 7100–

0128) already collect credit derivative 

information for protection bought and 

sold on notional values and 

counterparty ratings (investment grade 

versus below investment grade), as well 

as gross positive and negative fair 

values. Therefore, the commenter 

recommended that credit derivative data 

be included on the FR 2436 in Tables 

3A–3C, ‘‘Equity and Commodity-Linked 

Contracts,’’ to obtain the regional detail. 

The Federal Reserve proposes to reduce 

the amount of detail to be collected 

under the proposal, but not to the extent 

recommended by the commenter. The 

purpose of the FR 2436 is to understand 

the size and scope of global over-thecounter (OTC) derivatives markets, 

which is why the report collects detail 

on derivatives counterparties (reporting 

dealers, other financial institutions, and 

nonfinancial customers), as well as on 

market risk factors (such as currencies 

for interest rate and foreign exchange 

contracts) that are not collected on the 

FR Y–9C. Moreover, the Federal Reserve 

and other central banks have a 

particular interest in credit and credit 

risk and how they are intermediated in 

the global financial system, which is 

why relatively more detail is being 

requested on credit derivatives as 

compared to other derivatives markets 

of comparable size. 

The commenter indicated that it 

would be very burdensome for 

respondents to report detailed data on 

the sector of the counterparty. This 

information is not used in respondents’

risk management systems and would 

have to be coded manually for each 

counterparty. In response, the Federal 

Reserve proposes to reduce the number 

of counterparty categories to five: (1) 

Reporting dealers; other financial 

institutions, broken into (2) banks and 

securities firms, (3) insurance firms, and 

(4) other; and (5) nonfinancial 

customers. Although the Federal 

Reserve was interested in seeing a 

breakout of the amount of business done 

with hedge funds and SPEs, these 

counterparties will be included in (4) 

other. This item will provide an upper 

bound on contracts with hedge funds 

and SPEs, at much less burden to 

reporters. 

The commenter also stated that data 

on reference entities would be very 

burdensome to report because such data 

are also not kept in the respondents’ risk 

management systems. The commenter 

emphasized that reference entity 

information was especially burdensome 

for multiple-name instruments. In 

response, the Federal Reserve proposes 

to drop reporting of reference entity 

information by sector and rating 

category for multiple-name instruments, 

as the burden associated with such data 

are not likely to match its usefulness. 

Moreover, the Federal Reserve is 

concerned that the quality of data for 

multiple-name instruments might be 

low, due to the difficulty involved in 

reporting such data. 

Regarding the proposed reference 

entity sector breakdowns, the 

commenter explained that breaking 

corporate reference entities into 

financial and nonfinancial would be 

significantly more burdensome than 

simply splitting out sovereign reference 

entities. The Federal Reserve viewed 

splitting out sovereign reference entities 

to be the most important split for sector 

of the reference entity and therefore 

propose to reduce the number of 

categories for sector of reference entity 

to two (sovereigns and non-sovereigns).

The commenter also explained that 

breaking out investment-grade of 

reference entities into AA and above, 

and A and below would be significantly 

more burdensome than just reporting 

investment grade, below investment 

grade, and unrated. The Federal Reserve 

viewed below investment grade and 

unrated as the most important rating 

categories to identify and therefore 

propose to reduce the number of 

Federal Register / Vol. 69, No. 232 / Friday, December 3, 2004 / Notices 70261

categories for the rating of the reference 

entity to three (investment grade, below 

investment grade, and not rated). 

The commenter stated that a bank’s 

credit risk on a credit derivative 

contract is to the counterparty and not 

to the reference entity (or underlying 

obligor), and that therefore, information 

on the reference entity may be 

misleading. However, this assertion is 

only true for protection purchased via 

credit default swaps. For protection sold 

via credit default swaps, a bank is, 

indeed, exposed to the credit risk of the 

underlying reference entity. In any case, 

as noted above, the purpose of this 

report is to understand the size and 

scope of global OTC derivatives 

markets, not individual banks’ credit 

exposures from credit derivatives 

contracts. 

The commenter also stated that many 

credit derivative transactions are 

entered into as a hedge on a bank’s 

loans and securities portfolios, but 

because the FR 2436 would not capture 

data on the loans or securities that are 

being hedged, the information reported 

may be misleading. However, as noted 

above, the purpose of this report is to 

understand the size and scope of global 

OTC derivatives markets, not individual 

banks’ credit exposures from credit 

derivatives contracts. 

Opt-Out of Filing the Report 

The commenter requested that the 

Federal Reserve consider giving banks a 

procedure to opt-out of filing the report 

or opt-out of filing individual schedules 

because the FR 2436 is a voluntary and 

statistical report and is not necessary for 

supervisory purposes. The report is 

collected from only the eight largest 

derivatives dealers (four banks and four 

investment banks) that are 

headquartered in the United States. The 

Federal Reserve feels the usefulness of 

the data would be substantially reduced 

if any of these reporters were to opt out 

of filing the report or a schedule from 

the report and therefore request that 

respondents submit all schedules of the 

FR 2436. As demonstrated in the 

responses to the commenter’s other 

suggestions, the Federal Reserve is 

taking several steps to reduce the 

burden of supplying these data. In 

addition, Federal Reserve staff will work 

with individual respondents, as needed, 

to make the process of providing this 

valuable information as smooth as 

possible, including extending the filing 

deadline in order to give them more 

time to address the revisions. 

Effective Date 

The commenter stated it would be 

very difficult for respondents to 

implement for the December 2004 report 

date, as originally proposed, because 

compiling the data are burdensome and 

because they must address revisions to 

a number of other reporting forms. The 

commenter requested an additional year 

to implement the proposal. In response, 

the Federal Reserve proposes to phasein the revisions, collecting more basic 

data for the December 2004 and June 

2005 report dates (phase 1) and 

collecting the remaining data (phase 2) 

as of December 2005. The basic data 

would include notional values for 

contracts bought and sold and gross 

positive and negative market values, for 

single-name and multi-name 

instruments, for three counterparty 

categories (reporting dealers, other 

financial institutions, and nonfinancial 

customers), and the notional value of 

contracts for three different maturity 

splits. The basic data would not include 

any detail on reference entities. 

Filing Deadline 

The commenter stated that the 60-day 

filing period has become increasingly 

burdensome for respondents because 

the filing period has been shortened for 

a number of supervisory reports. Also, 

the commenter noted that the data 

collection process is still manual at 

most institutions. The commenter asked 

for 90 days to file the report. In 

response, the Federal Reserve proposes 

to extend to 75 days, from 60 days, the 

report submission date.

Board of Governors of the Federal Reserve 

System, November 29, 2004. 

Jennifer J. Johnson, 

Secretary of the Board.

[FR Doc. 04–26610 Filed 12–2–04; 8:45 am] 

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Formations of, Acquisitions by, and 

Mergers of Bank Holding Companies

The companies listed in this notice 

have applied to the Board for approval, 

pursuant to the Bank Holding Company 

Act of 1956 (12 U.S.C. 1841 et seq.) 

(BHC Act), Regulation Y (12 CFR Part 

225), and all other applicable statutes 

and regulations to become a bank 

holding company and/or to acquire the 

assets or the ownership of, control of, or 

the power to vote shares of a bank or 

bank holding company and all of the 

banks and nonbanking companies 

owned by the bank holding company, 

including the companies listed below.

The applications listed below, as well 

as other related filings required by the 

Board, are available for immediate 

inspection at the Federal Reserve Bank 

indicated. The application also will be 

available for inspection at the offices of 

the Board of Governors. Interested 

persons may express their views in 

writing on the standards enumerated in 

the BHC Act (12 U.S.C. 1842(c)). If the 

proposal also involves the acquisition of 

a nonbanking company, the review also 

includes whether the acquisition of the 

nonbanking company complies with the 

standards in section 4 of the BHC Act 

(12 U.S.C. 1843). Unless otherwise 

noted, nonbanking activities will be 

conducted throughout the United States. 

Additional information on all bank 

holding companies may be obtained 

from the National Information Center 

website at www.ffiec.gov/nic/.

Unless otherwise noted, comments 

regarding each of these applications 

must be received at the Reserve Bank 

indicated or the offices of the Board of 

Governors not later than December 27, 

2004.

A. Federal Reserve Bank of Kansas 

City (Donna J. Ward, Assistant Vice 

President) 925 Grand Avenue, Kansas 

City, Missouri 64198–0001:

1. Citizens Bancshares, Inc., ESOP, 

Edmond, Oklahoma; to acquire up to 40 

percent of the voting shares of Citizens 

Bancshares, Inc., Edmond, Oklahoma, 

and thereby indirectly acquire voting 

shares of The Citizens Bank of Edmond, 

Edmond, Oklahoma.

Board of Governors of the Federal Reserve 

System, November 29, 2004.

Robert deV. Frierson,

Deputy Secretary of the Board.

[FR Doc. 04–26625 Filed 12–2–04; 8:45 am]

BILLING CODE 6210–01–S

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Centers for Disease Control and 

Prevention 

[30Day–04–048X] 

Proposed Data Collections Submitted 

for Public Comment and 

Recommendations 

The Centers for Disease Control and 

Prevention (CDC) publishes a list of 

information collection requests under 

review by the Office of Management and 

Budget (OMB) in compliance with the 

Paperwork Reduction Act (44 U.S.C. 

Chapter 35). To request a copy of these 

requests, call the CDC Reports Clearance 

Officer at (404) 498–1210 or send an email to omb@cdc.gov. Send written 

comments to CDC Desk Officer, Human 

Resources and Housing Branch, New 

Executive Office Building, Room 10235, 

Washington, DC 20503 or by fax to (202)