Electronic Filing of the Application for Authorization for the Issuance of Securities or the Assumption of Liabilities, 35372-35375 [05-12063]
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Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Rules and Regulations
Actions
Compliance
Procedures
(1) Visually inspect the area of weld joining the
torque tube to the elevator end rib for cracks.
Before further flight after June 21, 2005 (the
effective date of this AD), and before each
flight until the action required in paragraph
(e)(2) of this AD is done until a crack is
found, whichever occurs first. It is acceptable to do the dye penetrant inspection and
modification required in paragraph (e)(2) of
this AD before further flight and eliminate
the need for the visual inspection(s).
Within 10 hours TIS after June 21, 2005 (the
effective date of this AD). Doing the dye
penetrant inspection and modification terminates the repetitive visual inspection required in paragraph (e)(1) of this AD. This
modified elevator torque tube assembly has
a safe limit of 300 hours TIS or 18 months
after modification, whichever occurs first,
and you must replace it at that interval.
Any time a crack is found during any inspection required in paragraphs (e)(1) and (e)(2)
of this AD. You may do the replacement
sooner if desired, in which case, you may
discontinue the inspections in paragraphs
(e)(1) and (e)(2) of this AD. The new replacement assembly has a safe life limit of
300 hours TIS or 18 months after replacement, whichever occurs first, and you must
replace it at that interval.
Follow Part 1 of The Lancair Company Certified Aircraft Mandatory Service Bulletin
SB–05–005A, Model 400, dated May 20,
2005.
(2) Do a dye penetrant inspection of the area of
weld joining the torque tube to the elevator
end rib for cracks and modify the elevator
torque tube assembly by installing a steel
doubler.
(3) Replace the elevator torque tube assembly
with a new assembly that incorporates a
steel doubler in the area of weld joining the
torque tube to the elevator end rib.
Note 2: The compliance times in this AD
take precedence over the compliance times in
the service information.
May I Request an Alternative Method of
Compliance?
(f) You may request a different method of
compliance or a different compliance time
for this AD by following the procedures in 14
CFR 39.19. Unless FAA authorizes otherwise,
send your request to your principal
inspector. The principal inspector may add
comments and will send your request to the
Manager, Seattle Aircraft Certification Office,
FAA. For information on any already
approved alternative methods of compliance,
contact Mr. Jeffrey Morfitt, Program Manager,
FAA, Seattle Aircraft Certification Office
(ACO), 1601 Lind Avenue, SW., Renton,
Washington 98055–4065; telephone: (425)
917–6405; facsimile: (425) 917–6590.
Does This AD Incorporate Any Material by
Reference?
(g) You must do the actions required by
this AD following the instructions in The
Lancair Company Certified Aircraft
Mandatory Service Bulletin SB–05–005A,
Model 400, dated May 20, 2005. The Director
of the Federal Register approved the
incorporation by reference of this service
bulletin in accordance with 5 U.S.C. 552(a)
and 1 CFR part 51. To get a copy of this
service information, contact The Lancair
Company 22550 Nelson Road, Bend Oregon
97701; telephone: (541) 330–4191; e-mail:
product_support@lancair.com. To review
copies of this service information, go to the
National Archives and Records
Administration (NARA). For information on
the availability of this material at NARA, go
to: https://www.archives.gov/federal_register/
code_of_federal_regulations/
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14:18 Jun 17, 2005
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ibr_locations.html or call (202) 741–6030. To
view the AD docket, go to the Docket
Management Facility; U.S. Department of
Transportation, 400 Seventh Street, SW.,
Nassif Building, Room PL–401, Washington,
DC 20590–001 or on the Internet at https://
dms.dot.gov. The docket number is FAA–05–
21357; Directorate Identifier 2005–CE–29–
AD.
Issued in Kansas City, Missouri, on June
10, 2005.
Kim Smith,
Acting Manager, Small Airplane Directorate,
Aircraft Certification Service.
[FR Doc. 05–11880 Filed 6–17–05; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
18 CFR Parts 34 and 131
[Docket No. RM05–11–000; Order No. 657]
Electronic Filing of the Application for
Authorization for the Issuance of
Securities or the Assumption of
Liabilities
May 27, 2005.
Federal Energy Regulatory
Commission.
ACTION: Final rule.
AGENCY:
SUMMARY: The Federal Energy
Regulatory Commission (Commission) is
amending its regulations to provide for
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Follow Part 2 of The Lancair Company Certified Aircraft Mandatory Service Bulletin
SB–05–005A, Model 400, dated May 20,
2005, and Revision B to Chapter 4 of Maintenance Manual RC050001, dated May 25,
2005.
Follow Part 2 of The Lancair Company Certified Aircraft Mandatory Service Bulletin
SB–05–005A, Model 400, dated May 20,
2005, and Revision B to Chapter 4 of Maintenance Manual RC050001, dated May 25,
2005.
electronic filing of Applications for
Authorization for the Issuance of
Securities or the Assumption of
Liabilities. The Commission is making
these changes as part of its effort to
modernize its reporting and filing
requirements and to eliminate
unnecessary filing burdens for those
entities that file applications or reports
with the Commission pursuant to 18
CFR part 34. The proposed revisions
will reduce the Commission’s and the
respondent’s costs by allowing the
submission of financial information in
electronic format in lieu of the present
hard copy format; the type of financial
data that jurisdictional entities submit
in this application is already routinely
stored in electronic format, making hard
copy filing of such information
burdensome. In this Final Rule the
Commission continues to move toward
electronic filing, as the Government
Paperwork Elimination Act mandates.
The modifications in this Final Rule
are the result of a review conducted by
the Commission’s Information
Assessment Team (FIAT), identifying
the Commission’s current information
collections, evaluating their original
purposes and current uses, and
proposing ways to reduce the reporting
burden on industry through the
elimination, reduction, streamlining or
reformatting of current collections.
EFFECTIVE DATE: The rule will become
effective at the time of the next e-filing
release during the Commission’s next
fiscal year, i.e., no earlier than October
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Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Rules and Regulations
1, 2005. The Commission will publish
an announcement of the effective date
in the Federal Register.
FOR FURTHER INFORMATION CONTACT:
Patricia Morris (Technical Information),
Office of Market Oversight and
Investigation, Federal Energy
Regulatory Commission, 888 First
Street, NE., Washington, DC 20426,
(202) 502–8730.
Michael Donnini (Technical
Information), Office of Markets,
Tariffs and Rates, 888 First Street,
NE., Washington, DC 20426, (202)
502–8982.
Joseph C. Lynch (Legal Information),
Office of the General Counsel, Federal
Energy Regulatory Commission, 888
First Street, NE., Washington, DC
20426, (202) 502–8497.
SUPPLEMENTARY INFORMATION:
Before Commissioners: Pat Wood, III,
Chairman; Nora Mead Brownell, Joseph T.
Kelliher, and Suedeen G. Kelly.
I. Introduction
1. This Final Rule revises the
Commission’s regulations found in 18
CFR part 34 and part 131 to require the
electronic filing of Applications for
Authorization for the Issuance of
Securities or the Assumption of
Liabilities (FERC–523). The filing is
now made entirely in paper format.
Commencing with the Commission’s
next e-filing release, which is presently
slated to occur in the Commission’s next
fiscal year, i.e., no earlier than October
1, 2005, there will be no further
requirement for paper filings. Instead,
jurisdictional entities will submit their
filings in electronic format.
2. This rulemaking yields significant
benefits to the respondents and the
Commission. These benefits include a
reduction in filers’ printing and
handling costs and a reduction in the
Commission’s processing and
maintenance costs. The move to
electronic filing also helps achieve the
Commission’s goal of vigilant oversight
by providing the Commission with more
timely and usable information.
Commission’s Electronic Library
(eLibrary)). The scanned filing is
converted to PDF format. Those wishing
to view the filed information can access
and view it through eLibrary; all
publicly-available documents are
viewable in eLibrary. Currently, most of
the FERC–523 submissions, while filed
as hardcopy, are originally created by
electronic means and are thus already in
an electronic format. Allowing
submitters to ‘‘eFile’’ reduces the
burden of converting an electronic
document into a paper submission
which the Commission then converts
back to an electronic document; and
eliminates the cost of sending paper
submissions, the Commission’s
elimination of the FERC–523 paper
submissions should benefit those
making such filings and should not have
an adverse impact on information users.
7. This Final Rule is part of the
Commission’s efforts to revise and
streamline its existing reporting
requirements, reduce the filing burden
on reporting companies, and meet the
requirements of the Government
Paperwork Elimination Act of 1998, 44
U.S.C. 35.
II. Background
3. Under Federal Power Act (FPA)
section 204, 16 U.S.C. 824c, no public
utility or licensee shall issue any
security, or assume any obligation or
liability as guarantor, endorser, surety,
or otherwise in respect of any security
of another person, unless and until,
upon application by the public utility,
the Commission by order authorizes the
issuance of the securities or the
assumption of the liability. The
Commission implements this statute
through its regulations, which are found
at 18 CFR part 34; sections 131.43 and
131.50 of 18 CFR part 131 prescribe the
required format for the filings.
4. FERC–523 collects the following: a
description of the securities that the
company proposes to issue, the purpose
of the securities, whether or not the
company will file any part of the
application with any state, a detailed
statement of the facts upon which the
applicant relies, a statement of the bond
indentures or other limitations on
interest and dividend coverage, the
effects of such limitations on the
issuance of additional debt or equity
securities, and a brief statement of any
rate changes made effective during the
subject period. The Commission uses
this information to determine whether
to approve an application for
authorization to issue securities or to
assume an obligation or liability by the
public utilities and their licensees who
make these applications. The
Commission receives about sixty
applications annually.
IV. Information Collection Statement
III. Discussion
5. In this Final Rule, the Commission
is eliminating the requirement to make
paper submissions of FERC–523, and to
substitute a requirement to file FERC–
523 electronically.
6. Current filing regulations for FERC–
523 require the respondents to make
paper submissions, which the
Commission then scans into its
document management system (the
Number of
respondents
Data collection
8. The Office of Management and
Budget’s (OMB) regulations require
OMB to approve certain information
collection requirements imposed by
agency rule.1 Comments are solicited on
the Commission’s need for this
information, whether the information
will have practical utility, the accuracy
of the provided burden estimates, ways
to enhance the quality, utility and
clarity of the information to be
collected, and any suggested methods
for minimizing respondents’ burden,
including the use of automated
information techniques.
V. Estimated Annual Burden
9. The current reporting burden for
this information collection is as follows:
Number of
hours per
response
Number of
responses
Total annual
hours
FERC–523 .......................................................................................................
60
1
110
6,600
Totals ........................................................................................................
........................
........................
........................
6,600
The Commission expects a burden
reduction of 22 hours per response as a
result of the electronic filing
implementation. This reduces total
15
annual hours to 5,280, a reduction of
1320 hours annually.
Title: Application for Authorization of
the Issuance of Securities or the
Assumption of Liabilities (FERC–523).
CFR 1320.11.
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Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Rules and Regulations
Action: Electronic Filing of
Information.
OMB Control No. 1902–0043.
Respondents: Businesses or other for
profit.
Frequency of Responses: Occasional.
Necessity of the information: This
Final Rule will revise the filing
requirements for applications for
Commission authorization to issues
securities or to assume liabilities, to
require the electronic filing of this
information and thus reducing the
burden on respondents and allowing
more expeditious analysis by the
Commission (and others). The
information filed with the Commission
is used to make a determination to grant
or deny authorization to issue securities
or to assume a liability. By assessing
this information, the Commission can
evaluate the financial health of the
company and the potential impact on
current and future ratepayers.
Internal Review: The Commission has
reviewed the proposed amendments to
its regulations to modify the filing
method and standardize the format. The
revisions to the regulations will provide
more effective and efficient information
by providing current data by electronic
submission. This method of filing will
reduce data errors and thus preserve the
integrity of the data. The Commission
will be able to conduct further analysis
of filed data in a more timely fashion
and provide a more timely response.
The Commission has assured itself, by
means of internal review, that there is
specific, objective support for the
burden estimates associated with the
information collection requirements.
10. Interested persons may obtain
information on the information
requirements by contacting the
following: The Federal Energy
Regulatory Commission, 888 First
Street, NE., Washington, DC 20426
[Attention: Michael Miller, Office of the
Executive Director, ED–33, Phone (202)
502–8415, Fax: (202) 273–0873, e-mail:
michael.miller@ferc.gov.]
11. To submit comments concerning
the collection of information(s) and the
associated burden estimate(s), please
send your comments to the contact
listed above and to the Office of
Management and Budget, Office of
Information and Regulatory Affairs,
Washington, DC 20503, [Attention: Desk
Officer for the Federal Energy
Regulatory Commission, phone: (202)
395–4650, fax: (202) 395–7285].
VI. Regulatory Flexibility Act
Certification
12. The Regulatory Flexibility Act
(RFA) requires rulemakings to contain
either a description and analysis of the
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effect that the rule will have on small
entities or to contain a certification that
the rule will not have a significant
economic impact on a substantial
number of small entities.2
13. The Commission concludes that
this rule would not have such an impact
on small entities. Most public utilities to
which the Final Rule would apply do
not fall within the RFA’s definition of
a small entity.3 Further, electronic filing
would not be a significant burden since
the filing is typically prepared in an
electronic format in the first place.
Consequently, the Commission certifies
that this Final Rule will not have ‘‘a
significant economic impact on a
substantial number of small entities.’’
VII. Environmental Analysis
14. The Commission is required to
prepare an Environmental Assessment
or an Environmental Impact Statement
for any action that may have a
significant adverse effect on the human
environment.4 The Commission has
categorically excluded certain actions
from these requirements as not having a
significant effect on the human
environment.5 The actions proposed to
be taken here fall within the categorical
exclusions in the Commission’s
regulations for rules that involve
information gathering, analysis, and
dissemination 6 and that involve
issuances of securities and assumptions
of liabilities. Therefore, an
environmental assessment is
unnecessary and has not been prepared
for this rulemaking.
VIII. Document Availability
15. In addition to publishing the full
text of this document in the Federal
Register, the Commission provides all
interested persons an opportunity to
view and/or print the contents of this
U.S.C. 601–12.
U.S.C. 601(3), citing to section 3 of the Small
Business Act, 15 U.S.C. 632. Section 3 of the Small
Business Act defines a ‘‘small-business concern’’ as
a business which is independently owned and
operated and which is not dominant in its field of
operation. In addition, the RFA definition of ‘‘small
entity’’ refers to the definition provided in the
Small Business Act, which defines a ‘‘small
business concern’’ as a business that is
independently owned and operated and that is not
dominant in its field of operation. 15 U.S.C. 632.
The Small Business Size Standards component of
the North American Industry Classification System
defines a small electric utility as one that, including
its affiliates, is primarily engaged in the generation,
transmission, and/or distribution of electric energy
for sale and whose total electric output for the
preceding fiscal year did not exceed 4 million
MWh. 13 CFR 121.201.
4 Regulations Implementing the National
Environmental Policy Act, Order No. 486, 52 FR
47897 (Dec. 17, 1987), FERC Stats. & Regs. ¶ 30,783
(1987).
5 18 CFR 380.4(a)(2)(ii).
6 18 CFR 380.4(a)(5).
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document via the Internet through the
Commission’s Home Page (https://
www.ferc.gov) and in the Commission’s
Public Reference Room during normal
business hours (8:30 a.m. to 5 p.m.
eastern time) at 888 First Street, NE.,
Room 2A, Washington DC 20426.
16. From the Commission’s Home
Page on the Internet, this information is
available in eLibrary. The full text of
this document is available in the
eLibrary both in PDF and Microsoft
Word format for viewing, printing, and/
or downloading. To access this
document in eLibrary, type the docket
number, excluding the last three digits
of this document, in the docket number
field.
17. User assistance is available for
eLibrary and the Commission’s Web site
during normal business hours. For
assistance contact FERC Online Support
at FERCOnlineSupport@ferc.gov or tollfree at (866) 208–3676, or for TTY,
contact (202) 502–8659. E-Mail the
Public Reference Room at
public.referenceroom@ferc.gov or (202)
502–8371.
IX. Effective Date And Congressional
Notification
18. This Final Rule will take effect
commencing with the Commission’s
next e-filing release, which is presently
slated to occur in the Commission’s next
fiscal year, i.e., no earlier than October
1, 2005. The Commission has
determined, with the concurrence of the
Administrator of the Office of
Information and Regulatory Affairs of
the Office of the Management and
Budget that this rule is not a major rule
within the meaning of section 251 of the
Small Business Regulatory Enforcement
Fairness Act of 1996.7 The Commission
will submit the Final Rule to both
Houses of Congress and the General
Accountability Office.8
List of Subjects
18 CFR Part 34
Statements, Reporting and
recordkeeping requirements.
List of Subjects
18 CFR Part 131
Forms, Reporting and recordkeeping
requirements.
By the Commission.
Linda Mitry,
Deputy Secretary.
In consideration of the foregoing, the
Commission amends Parts 34 and 131,
Chapter I, Title 18 of the Code of Federal
Regulations, as follows:
I
7 See
8 See
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5 U.S.C. 804(2).
5 U.S.C. 801(a)(1)(A).
20JNR1
Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Rules and Regulations
PART 34—APPLICATION FOR
AUTHORIZATION OF THE ISSUANCE
OF SECURITIES OR THE ASSUMPTION
OF LIABILITIES
1. The authority citation for Part 34
continues to read as follows:
I
Authority: 16 U.S.C. 791a–825r, 2601–
2645; 31 U.S.C. 9701; 42 U.S.C. 7101–7352.
2. Section 34.7 is revised to read as
follows:
I
§ 34.7
Filing requirements.
Each applicant shall submit to this
Commission an electronic version of
each application pursuant to this part
34. The electronic version shall be
considered a ‘‘qualified document’’ in
accordance with § 385.2003(c)(1) and (2)
of this chapter. As a qualified
document, no paper copy version of the
filing is required unless there is a
request for privileged or protected
treatment or the document is combined
with another document as provided in
§ 385.2003(c)(3) or (4). Submit each
application in electronic format in
accordance with § 385.2003.
I 3. Section 34.8 is revised to read as
follows:
§ 34.8
Verification.
An application verification shall be
signed under oath by an authorized
representative of the applicant, who has
knowledge of the matters set forth
therein and as provided in § 385.2005 of
this chapter, and retained at the
applicant’s business location until the
relevant proceeding has been
concluded.
I 4. Section 34.9 is revised to read as
follows:
§ 34.9
Filing fee.
Each application shall be
accompanied by the submission of a
filing fee if one is prescribed in part 381
of this chapter.
PART 131—FORMS
§ 131.50
Report of proposals received.
(a) No later than 30 days after the sale
or placement of long-term debt or equity
securities or the entry into guarantees or
assumptions of liabilities (collectively
referred to as ‘‘placement’’) pursuant to
authority granted under Part 34 of this
chapter, the applicant must file, in
electronic format, a summary of each
proposal or proposals received for the
placement. The proposal or proposals
accepted must be indicated. The
information to be filed must include:
(1) Par or stated value of securities;
(2) Number of units (shares of stock,
number of bonds) issued;
(3) Total dollar value of the issue;
(4) Life of the securities, including
maximum life and average life of
sinking fund issue;
(5) Dividend or interest rate;
(6) Call provisions;
(7) Sinking fund provisions;
(8) Offering price;
(9) Discount or premium;
(10) Commission or underwriter’s
spread;
(11) Net proceeds to company for each
unit of security and for the total issue;
(12) Net cost to the company for
securities with a stated interest or
dividend rate.
(b) This report must be filed with the
Commission as prescribed in § 385.2003
of this chapter and as indicated in the
instructions set out in this report. This
report is an electronic file that is
classified as a ‘‘qualified document’’ in
accordance with § 385.2003(c)(1) and
(2). As a qualified document, no paper
copy version of the filing is required
unless there is a request for privileged
or protected treatment or the document
is combined with another document as
provided in § 385.2003(c)(3) or (4).
*
*
*
*
*
[FR Doc. 05–12063 Filed 6–17–05; 8:45 am]
BILLING CODE 6717–01–P
DEPARTMENT OF COMMERCE
Patent and Trademark Office
5. The authority citation for Part 131
continues to read as follows:
37 CFR Part 1
Authority: 16 U.S.C. 791a–825r, 2601–
2645; 31 U.S.C. 9701; 42 U.S.C. 7101–7352.
[Docket No.: 2005–P–052]
I
6. Section 131.43 introductory text is
revised to read as follows:
I
§ 131.43
Report of securities issued.
(See § 34.10 of this chapter)
(Submit in electronic format in
accordance with § 385.2003 of this
chapter.)
*
*
*
*
*
I 7. Section 131.50(a) and (b) is revised
to read as follows:
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RIN 0651–AB84
Revision of Search and Examination
Fees for Patent Cooperation Treaty
Applications Entering the National
Stage in the United States
United States Patent and
Trademark Office, Commerce.
ACTION: Final rule.
AGENCY:
SUMMARY: Among other changes to
patent and trademark fees, the
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35375
Consolidated Appropriations Act, 2005
(Consolidated Appropriations Act),
splits the national fee for Patent
Cooperation Treaty (PCT) applications
entering the national stage into a
separate national fee, search fee and
examination fee, during fiscal years
2005 and 2006. The United States Patent
and Trademark Office (Office) is
reducing the search fee and examination
fee for certain PCT applications entering
the national stage.
DATES: Effective date: July 1, 2005.
Applicability Date: The changes in
this final rule apply to any search fee
paid on or after July 1, 2005, and to any
examination fee paid on or after July 1,
2005, in an international application
entering the national stage under 35
U.S.C. 371 for which the basic national
fee specified in 35 U.S.C. 41 was paid
on or after December 8, 2004.
FOR FURTHER INFORMATION CONTACT:
Robert W. Bahr, Senior Patent Attorney,
Office of the Deputy Commissioner for
Patent Examination Policy, by telephone
at (571) 272–8800, by mail addressed to:
Mail Stop Comments—Patents,
Commissioner for Patents, P.O. Box
1450, Alexandria, VA, 22313–1450, or
by facsimile to (571) 273–7735, marked
to the attention of Robert W. Bahr.
SUPPLEMENTARY INFORMATION: The
Consolidated Appropriations Act
(section 801 of Division B) provides that
35 U.S.C. 41(a), (b), and (d) shall be
administered in a manner that revises
patent application fees (35 U.S.C. 41(a))
and patent maintenance fees (35 U.S.C.
41(b)), and provides for a separate filing
or national fee (35 U.S.C. 41(a)), search
fee (35 U.S.C. 41(d)(1)), and
examination fee (35 U.S.C. 41(a)(3))
during fiscal years 2005 and 2006. See
Pub. L. 108–447, 118 Stat. 2809 (2004).
The Consolidated Appropriations Act
provides a fee of $500.00 for the search
of the national stage of each
international application (Section
803(c)(1) of Division B) and a fee of
$200.00 for the examination of the
national stage of each international
application (35 U.S.C. 41(a)(3)(D))
during fiscal years 2005 and 2006.
35 U.S.C. 376 provides that: ‘‘[t]he
Director may also refund any part of the
search fee, the national fee, the
preliminary examination fee and any
additional fees, where he determines
such refund to be warranted.’’ See 35
U.S.C. 376(b). Under the authority
provided in 35 U.S.C. 376: (1) The
Office will refund the entire search fee
if an international preliminary
examination report on the international
application prepared by the United
States International Preliminary
Examining Authority or a written
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]]>Agencies
[Federal Register Volume 70, Number 117 (Monday, June 20, 2005)]
[Rules and Regulations]
[Pages 35372-35375]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-12063]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF ENERGY
Federal Energy Regulatory Commission
18 CFR Parts 34 and 131
[Docket No. RM05-11-000; Order No. 657]
Electronic Filing of the Application for Authorization for the
Issuance of Securities or the Assumption of Liabilities
May 27, 2005.
AGENCY: Federal Energy Regulatory Commission.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Federal Energy Regulatory Commission (Commission) is
amending its regulations to provide for electronic filing of
Applications for Authorization for the Issuance of Securities or the
Assumption of Liabilities. The Commission is making these changes as
part of its effort to modernize its reporting and filing requirements
and to eliminate unnecessary filing burdens for those entities that
file applications or reports with the Commission pursuant to 18 CFR
part 34. The proposed revisions will reduce the Commission's and the
respondent's costs by allowing the submission of financial information
in electronic format in lieu of the present hard copy format; the type
of financial data that jurisdictional entities submit in this
application is already routinely stored in electronic format, making
hard copy filing of such information burdensome. In this Final Rule the
Commission continues to move toward electronic filing, as the
Government Paperwork Elimination Act mandates.
The modifications in this Final Rule are the result of a review
conducted by the Commission's Information Assessment Team (FIAT),
identifying the Commission's current information collections,
evaluating their original purposes and current uses, and proposing ways
to reduce the reporting burden on industry through the elimination,
reduction, streamlining or reformatting of current collections.
EFFECTIVE DATE: The rule will become effective at the time of the next
e-filing release during the Commission's next fiscal year, i.e., no
earlier than October
[[Page 35373]]
1, 2005. The Commission will publish an announcement of the effective
date in the Federal Register.
FOR FURTHER INFORMATION CONTACT:
Patricia Morris (Technical Information), Office of Market Oversight and
Investigation, Federal Energy Regulatory Commission, 888 First Street,
NE., Washington, DC 20426, (202) 502-8730.
Michael Donnini (Technical Information), Office of Markets, Tariffs and
Rates, 888 First Street, NE., Washington, DC 20426, (202) 502-8982.
Joseph C. Lynch (Legal Information), Office of the General Counsel,
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, (202) 502-8497.
SUPPLEMENTARY INFORMATION:
Before Commissioners: Pat Wood, III, Chairman; Nora Mead Brownell,
Joseph T. Kelliher, and Suedeen G. Kelly.
I. Introduction
1. This Final Rule revises the Commission's regulations found in 18
CFR part 34 and part 131 to require the electronic filing of
Applications for Authorization for the Issuance of Securities or the
Assumption of Liabilities (FERC-523). The filing is now made entirely
in paper format. Commencing with the Commission's next e-filing
release, which is presently slated to occur in the Commission's next
fiscal year, i.e., no earlier than October 1, 2005, there will be no
further requirement for paper filings. Instead, jurisdictional entities
will submit their filings in electronic format.
2. This rulemaking yields significant benefits to the respondents
and the Commission. These benefits include a reduction in filers'
printing and handling costs and a reduction in the Commission's
processing and maintenance costs. The move to electronic filing also
helps achieve the Commission's goal of vigilant oversight by providing
the Commission with more timely and usable information.
II. Background
3. Under Federal Power Act (FPA) section 204, 16 U.S.C. 824c, no
public utility or licensee shall issue any security, or assume any
obligation or liability as guarantor, endorser, surety, or otherwise in
respect of any security of another person, unless and until, upon
application by the public utility, the Commission by order authorizes
the issuance of the securities or the assumption of the liability. The
Commission implements this statute through its regulations, which are
found at 18 CFR part 34; sections 131.43 and 131.50 of 18 CFR part 131
prescribe the required format for the filings.
4. FERC-523 collects the following: a description of the securities
that the company proposes to issue, the purpose of the securities,
whether or not the company will file any part of the application with
any state, a detailed statement of the facts upon which the applicant
relies, a statement of the bond indentures or other limitations on
interest and dividend coverage, the effects of such limitations on the
issuance of additional debt or equity securities, and a brief statement
of any rate changes made effective during the subject period. The
Commission uses this information to determine whether to approve an
application for authorization to issue securities or to assume an
obligation or liability by the public utilities and their licensees who
make these applications. The Commission receives about sixty
applications annually.
III. Discussion
5. In this Final Rule, the Commission is eliminating the
requirement to make paper submissions of FERC-523, and to substitute a
requirement to file FERC-523 electronically.
6. Current filing regulations for FERC-523 require the respondents
to make paper submissions, which the Commission then scans into its
document management system (the Commission's Electronic Library
(eLibrary)). The scanned filing is converted to PDF format. Those
wishing to view the filed information can access and view it through
eLibrary; all publicly-available documents are viewable in eLibrary.
Currently, most of the FERC-523 submissions, while filed as hardcopy,
are originally created by electronic means and are thus already in an
electronic format. Allowing submitters to ``eFile'' reduces the burden
of converting an electronic document into a paper submission which the
Commission then converts back to an electronic document; and eliminates
the cost of sending paper submissions, the Commission's elimination of
the FERC-523 paper submissions should benefit those making such filings
and should not have an adverse impact on information users.
7. This Final Rule is part of the Commission's efforts to revise
and streamline its existing reporting requirements, reduce the filing
burden on reporting companies, and meet the requirements of the
Government Paperwork Elimination Act of 1998, 44 U.S.C. 35.
IV. Information Collection Statement
8. The Office of Management and Budget's (OMB) regulations require
OMB to approve certain information collection requirements imposed by
agency rule.\1\ Comments are solicited on the Commission's need for
this information, whether the information will have practical utility,
the accuracy of the provided burden estimates, ways to enhance the
quality, utility and clarity of the information to be collected, and
any suggested methods for minimizing respondents' burden, including the
use of automated information techniques.
---------------------------------------------------------------------------
\1\ 5 CFR 1320.11.
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V. Estimated Annual Burden
9. The current reporting burden for this information collection is
as follows:
----------------------------------------------------------------------------------------------------------------
Number of
Data collection Number of Number of hours per Total annual
respondents responses response hours
----------------------------------------------------------------------------------------------------------------
FERC-523........................................ 60 1 110 6,600
-----------------
Totals...................................... .............. .............. .............. 6,600
----------------------------------------------------------------------------------------------------------------
The Commission expects a burden reduction of 22 hours per response
as a result of the electronic filing implementation. This reduces total
annual hours to 5,280, a reduction of 1320 hours annually.
Title: Application for Authorization of the Issuance of Securities
or the Assumption of Liabilities (FERC-523).
[[Page 35374]]
Action: Electronic Filing of Information.
OMB Control No. 1902-0043.
Respondents: Businesses or other for profit.
Frequency of Responses: Occasional.
Necessity of the information: This Final Rule will revise the
filing requirements for applications for Commission authorization to
issues securities or to assume liabilities, to require the electronic
filing of this information and thus reducing the burden on respondents
and allowing more expeditious analysis by the Commission (and others).
The information filed with the Commission is used to make a
determination to grant or deny authorization to issue securities or to
assume a liability. By assessing this information, the Commission can
evaluate the financial health of the company and the potential impact
on current and future ratepayers.
Internal Review: The Commission has reviewed the proposed
amendments to its regulations to modify the filing method and
standardize the format. The revisions to the regulations will provide
more effective and efficient information by providing current data by
electronic submission. This method of filing will reduce data errors
and thus preserve the integrity of the data. The Commission will be
able to conduct further analysis of filed data in a more timely fashion
and provide a more timely response. The Commission has assured itself,
by means of internal review, that there is specific, objective support
for the burden estimates associated with the information collection
requirements.
10. Interested persons may obtain information on the information
requirements by contacting the following: The Federal Energy Regulatory
Commission, 888 First Street, NE., Washington, DC 20426 [Attention:
Michael Miller, Office of the Executive Director, ED-33, Phone (202)
502-8415, Fax: (202) 273-0873, e-mail: michael.miller@ferc.gov.]
11. To submit comments concerning the collection of information(s)
and the associated burden estimate(s), please send your comments to the
contact listed above and to the Office of Management and Budget, Office
of Information and Regulatory Affairs, Washington, DC 20503,
[Attention: Desk Officer for the Federal Energy Regulatory Commission,
phone: (202) 395-4650, fax: (202) 395-7285].
VI. Regulatory Flexibility Act Certification
12. The Regulatory Flexibility Act (RFA) requires rulemakings to
contain either a description and analysis of the effect that the rule
will have on small entities or to contain a certification that the rule
will not have a significant economic impact on a substantial number of
small entities.\2\
---------------------------------------------------------------------------
\2\ 5 U.S.C. 601-12.
---------------------------------------------------------------------------
13. The Commission concludes that this rule would not have such an
impact on small entities. Most public utilities to which the Final Rule
would apply do not fall within the RFA's definition of a small
entity.\3\ Further, electronic filing would not be a significant burden
since the filing is typically prepared in an electronic format in the
first place. Consequently, the Commission certifies that this Final
Rule will not have ``a significant economic impact on a substantial
number of small entities.''
---------------------------------------------------------------------------
\3\ 5 U.S.C. 601(3), citing to section 3 of the Small Business
Act, 15 U.S.C. 632. Section 3 of the Small Business Act defines a
``small-business concern'' as a business which is independently
owned and operated and which is not dominant in its field of
operation. In addition, the RFA definition of ``small entity''
refers to the definition provided in the Small Business Act, which
defines a ``small business concern'' as a business that is
independently owned and operated and that is not dominant in its
field of operation. 15 U.S.C. 632. The Small Business Size Standards
component of the North American Industry Classification System
defines a small electric utility as one that, including its
affiliates, is primarily engaged in the generation, transmission,
and/or distribution of electric energy for sale and whose total
electric output for the preceding fiscal year did not exceed 4
million MWh. 13 CFR 121.201.
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VII. Environmental Analysis
14. The Commission is required to prepare an Environmental
Assessment or an Environmental Impact Statement for any action that may
have a significant adverse effect on the human environment.\4\ The
Commission has categorically excluded certain actions from these
requirements as not having a significant effect on the human
environment.\5\ The actions proposed to be taken here fall within the
categorical exclusions in the Commission's regulations for rules that
involve information gathering, analysis, and dissemination \6\ and that
involve issuances of securities and assumptions of liabilities.
Therefore, an environmental assessment is unnecessary and has not been
prepared for this rulemaking.
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\4\ Regulations Implementing the National Environmental Policy
Act, Order No. 486, 52 FR 47897 (Dec. 17, 1987), FERC Stats. & Regs.
] 30,783 (1987).
\5\ 18 CFR 380.4(a)(2)(ii).
\6\ 18 CFR 380.4(a)(5).
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VIII. Document Availability
15. In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
Internet through the Commission's Home Page (https://www.ferc.gov) and
in the Commission's Public Reference Room during normal business hours
(8:30 a.m. to 5 p.m. eastern time) at 888 First Street, NE., Room 2A,
Washington DC 20426.
16. From the Commission's Home Page on the Internet, this
information is available in eLibrary. The full text of this document is
available in the eLibrary both in PDF and Microsoft Word format for
viewing, printing, and/or downloading. To access this document in
eLibrary, type the docket number, excluding the last three digits of
this document, in the docket number field.
17. User assistance is available for eLibrary and the Commission's
Web site during normal business hours. For assistance contact FERC
Online Support at FERCOnlineSupport@ferc.gov or toll-free at (866) 208-
3676, or for TTY, contact (202) 502-8659. E-Mail the Public Reference
Room at public.referenceroom@ferc.gov or (202) 502-8371.
IX. Effective Date And Congressional Notification
18. This Final Rule will take effect commencing with the
Commission's next e-filing release, which is presently slated to occur
in the Commission's next fiscal year, i.e., no earlier than October 1,
2005. The Commission has determined, with the concurrence of the
Administrator of the Office of Information and Regulatory Affairs of
the Office of the Management and Budget that this rule is not a major
rule within the meaning of section 251 of the Small Business Regulatory
Enforcement Fairness Act of 1996.\7\ The Commission will submit the
Final Rule to both Houses of Congress and the General Accountability
Office.\8\
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\7\ See 5 U.S.C. 804(2).
\8\ See 5 U.S.C. 801(a)(1)(A).
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List of Subjects
18 CFR Part 34
Statements, Reporting and recordkeeping requirements.
List of Subjects
18 CFR Part 131
Forms, Reporting and recordkeeping requirements.
By the Commission.
Linda Mitry,
Deputy Secretary.
0
In consideration of the foregoing, the Commission amends Parts 34 and
131, Chapter I, Title 18 of the Code of Federal Regulations, as
follows:
[[Page 35375]]
PART 34--APPLICATION FOR AUTHORIZATION OF THE ISSUANCE OF
SECURITIES OR THE ASSUMPTION OF LIABILITIES
0
1. The authority citation for Part 34 continues to read as follows:
Authority: 16 U.S.C. 791a-825r, 2601-2645; 31 U.S.C. 9701; 42
U.S.C. 7101-7352.
0
2. Section 34.7 is revised to read as follows:
Sec. 34.7 Filing requirements.
Each applicant shall submit to this Commission an electronic
version of each application pursuant to this part 34. The electronic
version shall be considered a ``qualified document'' in accordance with
Sec. 385.2003(c)(1) and (2) of this chapter. As a qualified document,
no paper copy version of the filing is required unless there is a
request for privileged or protected treatment or the document is
combined with another document as provided in Sec. 385.2003(c)(3) or
(4). Submit each application in electronic format in accordance with
Sec. 385.2003.
0
3. Section 34.8 is revised to read as follows:
Sec. 34.8 Verification.
An application verification shall be signed under oath by an
authorized representative of the applicant, who has knowledge of the
matters set forth therein and as provided in Sec. 385.2005 of this
chapter, and retained at the applicant's business location until the
relevant proceeding has been concluded.
0
4. Section 34.9 is revised to read as follows:
Sec. 34.9 Filing fee.
Each application shall be accompanied by the submission of a filing
fee if one is prescribed in part 381 of this chapter.
PART 131--FORMS
0
5. The authority citation for Part 131 continues to read as follows:
Authority: 16 U.S.C. 791a-825r, 2601-2645; 31 U.S.C. 9701; 42
U.S.C. 7101-7352.
0
6. Section 131.43 introductory text is revised to read as follows:
Sec. 131.43 Report of securities issued.
(See Sec. 34.10 of this chapter)
(Submit in electronic format in accordance with Sec. 385.2003 of
this chapter.)
* * * * *
0
7. Section 131.50(a) and (b) is revised to read as follows:
Sec. 131.50 Report of proposals received.
(a) No later than 30 days after the sale or placement of long-term
debt or equity securities or the entry into guarantees or assumptions
of liabilities (collectively referred to as ``placement'') pursuant to
authority granted under Part 34 of this chapter, the applicant must
file, in electronic format, a summary of each proposal or proposals
received for the placement. The proposal or proposals accepted must be
indicated. The information to be filed must include:
(1) Par or stated value of securities;
(2) Number of units (shares of stock, number of bonds) issued;
(3) Total dollar value of the issue;
(4) Life of the securities, including maximum life and average life
of sinking fund issue;
(5) Dividend or interest rate;
(6) Call provisions;
(7) Sinking fund provisions;
(8) Offering price;
(9) Discount or premium;
(10) Commission or underwriter's spread;
(11) Net proceeds to company for each unit of security and for the
total issue;
(12) Net cost to the company for securities with a stated interest
or dividend rate.
(b) This report must be filed with the Commission as prescribed in
Sec. 385.2003 of this chapter and as indicated in the instructions set
out in this report. This report is an electronic file that is
classified as a ``qualified document'' in accordance with Sec.
385.2003(c)(1) and (2). As a qualified document, no paper copy version
of the filing is required unless there is a request for privileged or
protected treatment or the document is combined with another document
as provided in Sec. 385.2003(c)(3) or (4).
* * * * *
[FR Doc. 05-12063 Filed 6-17-05; 8:45 am]
BILLING CODE 6717-01-P
