80100 Federal Register / Vol. 85, No. 239 / Friday, December 11, 2020 / Notices 

1 In 2012, the Board indicated that it would 

require supervised securities holding companies 

(‘‘SHCs’’) to file the FR Y–12 and FR Y–12A reports. 

77 FR 32881, 32883 (June 4, 2012). However, no 

such revisions were ever made to include SHCs as 

respondents on either report. Upon reflection, the 

Board has determined that it would not be 

appropriate at this time to add supervised SHCs to 

the respondent panel for the FR Y–12 or FR Y–12A 

reports. A supervised SHCs would not be subject to 

the restrictions on nonbanking activities that limit 

the investments of other holding companies. 

Therefore, any information gathered about SHCs’ 

investments on the FR Y–12 would be of limited 

use, and would not be comparable to data gathered 

from other holding companies. Moreover, adding 

supervised SHCs to the FR Y–12 reporting panel 

would require significant revisions to the FR Y–12 

instructions in order to account for the differences 

in legal treatment between supervised SHCs and the 

other respondents. Such revisions could lead to 

confusion among current FR Y–12 reporters. With 

respect to the FR Y–12A, the Board is not proposing 

to add supervised SHCs to the respondent panel 

because supervised SHCs are not restricted in their 

ability to make investments in nonfinancial 

companies, and their investments are not subject to 

the merchant bank holding periods that apply to 

FHC investments. 

Individual respondents may request 

that information submitted to the Board 

through the FR XX or FR XX–1 be kept 

confidential. If a respondent requests 

confidential treatment, the Board will 

determine whether the information is 

entitled to confidential treatment on a 

case-by-case basis. To the extent a 

respondent submits nonpublic 

commercial or financial information in 

connection with the FR XX or FR XX– 

1, which is both customarily and 

actually treated as private by the 

respondent, the respondent may request 

confidential treatment pursuant to 

exemption 4 of the Freedom of 

Information Act (FOIA) (5 U.S.C. 

552(b)(4)). The entity should separately 

designate such information as 

‘‘confidential commercial information’’ 

or ‘‘confidential financial information’’ 

as appropriate, and the Board will treat 

such designated information as 

confidential to the extent permitted by 

law, including the FOIA. 

Current actions: On August 21, 2020, 

the Board published a notice in the 

Federal Register (85 FR 51713) 

requesting public comment for 60 days 

on the extension, with revision, of the 

FR XX and FR XX–1. The Board 

proposes to revise the FR XX to account 

for the reporting provision located at 

section 251.3(e). This provision of the 

regulation implements the Council’s 

recommendation to allow a financial 

company that does not use U.S. 

generally accepted accounting 

principles (GAAP) to use another 

appropriate accounting standard or 

method of estimation for determining 

compliance with section 14 of the BHC 

Act, while ensuring that the Board has 

an opportunity to review the 

appropriateness of the company’s 

proposed approach. The Board proposes 

to revise the due date for the FR XX–1 

report. The FR XX–1 implements 

section 251.6(a) of Regulation XX, 

which requires a financial company that 

does not otherwise report consolidated 

financial information to the Board or 

another Federal banking agency to 

report to the Board its consolidated 

liabilities as of the previous calendar 

year-end. Regulation XX provides that 

this report must be submitted by March 

31 of each year. However, the 

instructions to the FR XX–1 currently 

state that the report must be submitted 

90 calendar days after the December 31 

as of date or, if the submission deadline 

falls on a weekend or holiday, the first 

business day after the weekend or 

holiday. Under these instructions, the 

FR XX–1 could be due prior to March 

31 (in a leap year) or after March 31 (if 

March 31 falls on a weekend or 

holiday). In order to ensure that the due 

date of the FR XX–1 coincides with the 

date set forth in Regulation XX, the 

Board proposes to revise the FR XX–1 

so that it is due by March 31 of the year 

following the December 31 as of date. 

The comment period for this notice 

expired on October 20, 2020. The Board 

did not receive any comments. The 

revisions will be implemented as 

proposed. 

Board of Governors of the Federal Reserve 

System, December 7, 2020. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2020–27342 Filed 12–10–20; 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 

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 

(FR Y–12; OMB No. 7100–0300) and the 

Annual Report of Merchant Banking 

Investments Held for an Extended 

Period (FR Y–12A; OMB No. 7100– 

0300). The revisions are applicable for 

the December 31, 2020 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. Office of Management and 

Budget (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, OMB delegated to the Board 

authority under the PRA to approve and 

assign OMB control numbers to 

collections of information conducted or 

sponsored by the Board. Boardapproved collections of information are 

incorporated into the official OMB 

inventory of currently approved 

collections of information. The OMB 

inventory, as well as copies of the PRA 

Submission, supporting statements, and 

approved collection of information 

instrument(s) are available at https://

www.reginfo.gov/public/do/PRAMain. 

These documents are also available on 

the Federal Reserve Board’s public 

website at https://

www.federalreserve.gov/apps/ 

reportforms/review.aspx or may be 

requested from the agency clearance 

officer, whose name appears above. 

Final Approval under OMB Delegated 

Authority of the Extension for Three 

Years, With Revision, of the Following 

Information Collection: 

Report Title: Consolidated Bank 

Holding Company Report of Equity 

Investments in Nonfinancial 

Companies, and the Annual Report of 

Merchant Banking Investments Held for 

an Extended Period. 

Agency form number: FR Y–12 and 

FR Y–12A, respectively. 

OMB control number: 7100–0300. 

Effective Date: December 31, 2020. 

Frequency: FR Y–12, quarterly and 

semiannually; and FR Y–12A, annually. 

Respondents: Bank holding 

companies (BHCs), savings and loan 

holding companies (SLHCs), U.S. 

intermediate holding companies (IHCs), 

and financial holding companies (FHCs) 

that hold merchant banking investments 

that are approaching the end of the 

holding periods permissible under 

Regulation Y.1

Number of respondents: FR Y–12 

quarterly, 22; FR Y–12 semiannual, 7; 

and FR Y–12A, 91. 

Estimated average hours per response: 

FR Y–12, 16.5; and FR Y–12A, 7.5. 

Estimated annual reporting hours: FR 

Y–12 quarterly, 1,452; FR Y–12 

semiannual, 231; and FR Y–12A, 683. 

General description of report: The 

mandatory FR Y–12 report collects 

information from certain domestic bank 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 85, No. 239 / Friday, December 11, 2020 / Notices 80101 

2Section 165(b)(2) of the Dodd-Frank Act, 12 

U.S.C. 5365(b)(2), refers to ‘‘foreign-based bank 

holding company.’’ Section 102(a)(1) of the DoddFrank 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. 

intermediate holding companies. 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. 

holding companies (BHCs), savings and 

loan holding companies (SLHCs), and 

U.S. intermediate holding companies 

(IHCs) on their equity investments in 

nonfinancial companies. Respondents 

report the FR Y–12 either quarterly or 

semi-annually based on criteria in the 

report. The mandatory FR Y–12A report 

is filed annually by 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. 

Legal authorization and 

confidentiality: The Board is authorized 

to collect information on the FR Y–12 

and FR Y–12A reports from BHCs 

(including BHCs that are 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, 12 U.S.C. 

1467a(b)(2), as amended by sections 

369(8) and 604(h)(2) of the Dodd-Frank 

Wall Street Reform 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 

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 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 obligation to respond to the FR 

Y–12 and FR Y–12A reports is 

mandatory. 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, in certain 

instances, specific information collected 

on an individual institution’s FR Y–12 

report may be exempt from disclosure 

pursuant to exemption 4 of the Freedom 

of Information Act (FOIA), which 

protects from public disclosure ‘‘trade 

secrets and commercial or financial 

information obtained from a person 

[that is] privileged or confidential’’ (5 

U.S.C. 552(b)(4)). A reporting holding 

company may request confidential 

treatment for the specific data items the 

company believes should be withheld 

pursuant to exemption 4 of the FOIA, as 

provided in the Board’s Rules Regarding 

Availability of Information (12 CFR part 

261.15). A request for confidential 

treatment should be submitted in 

writing concurrently with the 

submission of the FR Y–12 report. This 

written request must identify the 

specific data for which confidential 

treatment is sought and must provide 

the legal justification for which 

confidentiality is requested. The Federal 

Reserve will review any such request on 

a case-by-case basis to determine if 

confidential treatment is appropriate. 

The Federal Reserve may subsequently 

release information for which 

confidential treatment is requested, if 

(1) disclosure of such information is 

required by law (other than 5 U.S.C. 

552); (2) the reporting holding company 

requested confidential treatment 

pursuant to 5 U.S.C. 552(b)(4) and more 

than 10 years have passed since the date 

of the submission unless the reporting 

company has requested and provided 

justification for a longer designation 

period; or (3) less than 10 years have 

passed since the request, but the Board 

believes that the information cannot be 

withheld from disclosure under 5 U.S.C. 

552(b)(4), and the reporting holding 

company is provided with written 

notice of the Board’s views and with an 

opportunity to object to the Board’s 

disclosure. 

Current actions: On August 21, 2020, 

the Board published an initial notice in 

the Federal Register (85 FR 51719) 

requesting public comment for 60 days 

on the extension, with revision, of the 

FR Y–12 and the extension, without 

revision, of the FR Y–12A. The Board 

revised the FR Y–12 by (1) adding a new 

column to Schedules A and C to capture 

unrealized holding gains (losses) on 

equity securities not held for trading 

recognized as income in accordance 

with Accounting Standards Update 

(ASU 2016–01, ‘‘Recognition and 

Measurement of Financial Assets and 

Financial Liabilities’’); (2) adding 

guidance to the instructions for the 

reporting of equity securities in 

accordance with ASU 2016–01; and (3) 

making other minor clarifications and 

conforming edits to the form and 

instructions. The revisions to the FR Y– 

12 are applicable as of the December 31, 

2020, reporting date. The comment 

period for this notice expired on 

October 20, 2020. The Board did not 

receive any comments. The revisions 

will be implemented as proposed. 

Board of Governors of the Federal Reserve 

System, December 7, 2020. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2020–27345 Filed 12–10–20; 8:45 am] 

BILLING CODE 6210–01–P 

DEPARTMENT OF DEFENSE 

GENERAL SERVICES 

ADMINISTRATION 

NATIONAL AERONAUTICS AND 

SPACE ADMINISTRATION 

[OMB Control No. 9000–0201; Docket No. 

2020–0053; Sequence No. 6] 

Submission for OMB Review; 

Prohibition on Contracting with 

Entities Using Certain 

Telecommunications and Video 

Surveillance Services or Equipment 

(FAR Case 2019–009) 

AGENCY: Department of Defense (DOD), 

General Services Administration (GSA), 

and National Aeronautics and Space 

Administration (NASA). 

ACTION: Notice. 

SUMMARY: Under the provisions of the 

Paperwork Reduction Act, the 

Regulatory Secretariat Division has 

submitted to the Office of Management 

and Budget (OMB) a request to review 

and approve a revision and extension of 

a previously approved information 

collection requirement regarding 

representations and reporting associated 

with implementation of Federal 

Acquisition Regulation (FAR) rule 

2019–009, Prohibition on Contracting 

with Entities Using Certain 

Telecommunications and Video 

Surveillance Services or Equipment. 


jbell on DSKJLSW7X2PROD with NOTICES