Recognition of Multilateral Clearing Organizations, 10958-10959 [06-1940]
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10958
Federal Register / Vol. 71, No. 42 / Friday, March 3, 2006 / Notices
including the fate and transport of
leached materials, the appropriate use of
treated wood products, and the
potential effects on living marine
resources and their habitats. In addition
to this public comment opportunity, the
reports will also be subject to
independent peer review.
DATES: Public comments must be
received by 5 p.m., Pacific standard
time May 2, 2006.
ADDRESSES: Comments on these reports
may be submitted by mail to the
National Marine Fisheries Service, 777
Sonoma Avenue, Suite 325, Santa Rosa,
CA 95409, Attn: Water Quality
Coordinator/Treated Wood Comments.
Comments concerning the Treated
Wood in Aquatic Environments report
may be sent via facsimile to (301) 427–
2538. Comments concerning the
Creosote-Treated Wood in Aquatic
Environments report may be sent via
facsimile to (301) 427–2540. Comments
may also be submitted electronically.
For comments regarding the Treated
Wood in Aquatic Environments report,
please e-mail your comments to
SWR.CopperWood@noaa.gov. For
comments regarding the CreosoteTreated Wood in Aquatic Environments
report, please e-mail your comments to
SWR.CreosoteWood@noaa.gov.The
reports are available at https://
swr.nmfs.noaa.gov/ or may be requested
by calling or emailing the contact
person listed below. Please include
appropriate contact information when
requesting the documents.
FOR FURTHER INFORMATION CONTACT:
Joseph Dillon, Southwest Region Water
Quality Coordinator at 707–575–6093 or
by email, Joseph.J.Dillon@noaa.gov.
SUPPLEMENTARY INFORMATION: The
purpose of the technical review
documents is to present a summary of
existing literature, prepared
independently by Stratus Consulting,
Inc. for NMFS, that analyzes the
potential effects and mitigations for the
use of treated wood products in aquatic
environments. The documents focus on
copper treated wood, primarily
ammoniacal copper zinc arsenate
(ACZA), as this is the most prominent
material used on the west coast of the
United States and in Alaska, and
creosote treated products.
These products are being examined by
NMFS to determine the risks generated
by their usage to the living marine
resources that NMFS is responsible for
managing. These include anadromous
salmonids managed by NMFS under the
Endangered Species Act (ESA), as well
as other marine fishery resources
including Essential Fish Habitat (EFH)
as identified and described under
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16:43 Mar 02, 2006
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Federal fishery management plans
pursuant to Magnuson-Stevens Fishery
Conservation and Management Act
(Magnuson-Stevens Act). The use of
treated wood in or near aquatic
environments commonly requires a
permit issued by the U.S. Army Corps
of Engineers pursuant to the Clean
Water Act and the Rivers and Harbors
Act of 1899. Under the ESA, Federal
agencies must consult with NMFS
pursuant to section 7 of the statute to
ensure that any action authorized,
funded or carried out by the Federal
agency does not jeopardize the
continued existence of any threatened
or endangered species or result in the
destruction or adverse modification of
designated critical habitat. Federal
action agencies are also required by the
Magnuson-Stevens Act to consult with
NMFS on any action that may adversely
affect EFH. In issuing this permit, the
U.S. Army Corps of Engineers will have
to conduct an EFH assessment pursuant
to 60 CFR 600.920(e) to determine
whether the proposed permitted action
will adversely affect EFH.
Effects of treated wood that need to be
examined under the ESA and
Magnuson-Stevens Act regulations
include direct, indirect, and cumulative
effects. An example of direct effects
includes the acute and sublethal
impacts of copper and polycyclic
aromatic hydrocarbons to salmonids
and the EFH of managed species. An
example of an indirect effect includes
the adverse impacts to the prey base
upon which ESA listed and EFH
managed species depend. An example
of a cumulative effect includes the
impacts of multiple structures and
contaminants in an area with or without
additional loading from urban sources,
historic mining, smelters, ships’ hulls or
any other source. The synthesis of these
effects to habitat and to individuals,
coupled with local environmental
conditions and specific species of
concern, defines the risk of a project
proposing the use of treated wood.
Since the use of treated wood
materials in situations that may expose
aquatic ecosystems is widespread along
the west coast of the United States and
in Alaska, development of guidelines
from the information presented in these
reports should help to streamline the
review of permitting processes as well
as the permitting processes themselves.
These reports may be used in the future
to create new or update existing NMFS
policies regarding treated wood.
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Dated: February 27, 2006.
James W. Balsiger,
Deputy Assistant Administrator for
Regulatory Programs,National Marine
Fisheries Service.
[FR Doc. E6–3048 Filed 3–2–06; 8:45 am]
BILLING CODE 3510–22–S
COMMODITY FUTURES TRADING
COMMISSION
Recognition of Multilateral Clearing
Organizations
Commodity Futures Trading
Commission.
ACTION: Notice and order.
AGENCY:
SUMMARY: The Commodity Futures
Trading Commission (‘‘Commission’’) is
issuing an Order pursuant to Section
409(b)(3) of the Federal Deposit
Insurance Corporation Improvement Act
(‘‘FDICIA’’). Section 409 provides that
the Commission (or one of several other
authorized U.S. financial regulators)
may determine that the supervision by
a foreign financial regulator of a
multilateral clearing organization for
over-the-counter derivative instruments
satisfies appropriate standards. The
Commission is issuing this Order
pursuant to Section 409(b)(3) of FDICIA
with respect to the Alberta Securities
Commission and its supervision of
NetThruPut, Inc., a recognized clearing
agency in Alberta, Canada.
DATES: Effective Date: February 27,
2006.
FOR FURTHER INFORMATION CONTACT:
Andrew V. Chapin, Special Counsel,
Division of Clearing and Intermediary
Oversight, Commodity Futures Trading
Commission, 1155 21st Street, NW.,
Washington, DC 20581. Telephone:
(202) 418–5430. Email:
achapin@cftc.gov.
The
Commission has issued the following
Order: Order Issued Pursuant to Section
409 of the Federal Deposit Insurance
Corporation Improvement Act
Regarding the Multilateral Clearing
Activities of NetThruPut, Inc., in
Connection with Transactions Entered
into on NTP’s Online Trading Platform.
The Commodity Futures
Modernization Act (‘‘CFMA’’)
substantially revised the Commodity
Exchange Act (‘‘CEA’’) and other
Federal statutes, including FDICIA.1 In
particular, new Section 409 of FDICIA
provides that a clearing organization
may operate a multilateral clearing
SUPPLEMENTARY INFORMATION:
1 See Appendix E of Pub. L. 106–554, 114 Stat.
2763 (2000).
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03MRN1
Federal Register / Vol. 71, No. 42 / Friday, March 3, 2006 / Notices
wwhite on PROD1PC61 with NOTICES
organization (‘‘MCO’’) 2 for over-thecounter derivatives instruments (‘‘OTC
derivatives’’) 3 if, among other
alternatives, it is supervised by a foreign
financial regulator that the Comptroller
of the Currency, the Board of Governors
of the Federal Reserve System, the
Federal Deposit Insurance Corporation,
the Securities and Exchange
Commission, or the Commission, as
applicable, has determined satisfies
appropriate standards.
NetThruPut, Inc. (‘‘NTP’’) has
requested that the Commission
determine that the oversight of its
activities by the Alberta Securities
Commission satisfies the criteria for
operating as an MCO set forth in Section
409(b)(3) of FDICIA.4 NTP intends to
operate as an MCO with respect to OTC
derivatives transactions to be executed
on its online trading platform. NTP’s
online trading platform provides
anonymous trading of crude oil,
condensate and other energy contracts.
In its request, NTP provided the
Commission with a detailed description
of the regulatory program applicable to
clearing organizations in Alberta,
Canada. NTP also provided the
Commission with information
comparing the regulatory requirements
applicable to NTP and the regulatory
requirements applicable to derivatives
clearing organizations (‘‘DCOs’’) in the
U.S.,5 as set forth in Section 5b of the
CEA and Part 39 of the Commission’s
regulations.6 The Commission evaluated
the regulatory program of the ASC in the
context of the Principles and Objectives
2 Section 408(1) of FDICIA defines MCO to mean
‘‘a system utilized by more than [two] participants
in which the bilateral credit exposures of
participants arising from the transactions cleared
are effectively eliminated and replaced by a system
of guarantees, insurance, or mutualized risk of
loss.’’
3 Section 408(2) of FDICIA defines OTC derivative
instrument to include any agreement, contract, or
transaction exempt under Section 2(h) of the CEA.
4 Letter from Kenneth M. Raisler, Esq., Sullivan &
Cromwell, counsel to NTP, to Jean Webb, Secretary,
Commodity Futures Trading Commission, dated
November 7, 2005, with exhibits.
5 As a matter of first impression, the ASC
determined to direct NTP to address in its
application for recognition compliance with the
fourteen Core Principles set forth under Section
5b(c)(2) of the CEA for registration as a DCO and
to provide supporting documentation manifesting
its compliance with the Core Principles. See Letter
from Allan R. Twa, counsel for NTP, to the ASC,
dated November 10, 2004 (‘‘Recognized Clearing
Agency Application—NetThruPut Inc.’’).
6 See 66 FR 45604 (August 29, 2001). Part 39 of
the Commission’s regulations stipulates the form
and provides guidance for what should be included
in applications for DCO registration. Part 39 also
addresses ongoing compliance by DCOs with the
Core Principles and other provisions of the CEA
and regulations thereunder. The guidance set forth
in Part 39 merely illustrates the manner in which
a clearing organization may meet a Core Principle
and is not intended to be a mandatory checklist.
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16:43 Mar 02, 2006
Jkt 208001
of Securities Regulation issued by the
International Organization of Securities
Commissions.
In support of NTP’s request for relief,
the ASC confirmed that:
• The ASC is authorized under the
Alberta Securities Act to supervise the
clearing of financial instruments by
persons located in Alberta, Canada, and
has the ability to enforce compliance
with the applicable laws, rules and
regulations;
• Clearing in Alberta, Canada, of
exchange contracts, as defined in the
Alberta Securities Act, may be
conducted only by a clearing agency
recognized by the ASC;7
• The clearing of contracts entered
into on NTP’s online trading platform is
subject to regulatory oversight by the
ASC;
• The ASC is an associate member of
IOSCO, has adopted IOSCO’s Principles
and Objectives of Securities Regulation,
and has established systems consistent
with those Principles and Objectives;
and
• The ASC has the ability and
undertakes to share with the
Commission, upon request, information
in its possession regarding NTP’s
activities as a recognized clearing
agency and to otherwise cooperate with
the CFTC, subject to Alberta law.8
Based upon the information and
materials submitted by NTP, and the
representations made by the ASC, the
Commission has determined that the
supervision by ASC of an MCO for OTC
derivatives operated by NTP satisfies
the criteria set forth in Section 409(b)(3)
of FDICIA. Any material changes or
omissions in the facts and
circumstances pursuant to which this
Order is issued might require the
Commission to reconsider this matter.
Issued in Washington, DC on February 27,
2006.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 06–1940 Filed 3–2–06; 8:45 am]
BILLING CODE 6351–01–P
CORPORATION FOR NATIONAL AND
COMMUNITY SERVICE
Proposed Information Collection;
Comment Request
Corporation for National and
Community Service.
ACTION: Notice.
AGENCY:
7 See
Alberta Securities Act Section 67.
Securities Act, Sections 46 and 46.1; see
also the Freedom of Information and Protection of
Privacy Act.
8 See
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10959
SUMMARY: The Corporation for National
and Community Service (hereinafter the
‘‘Corporation’’), as part of its continuing
effort to reduce paperwork and
respondent burden, conducts a preclearance consultation program to
provide the general public and federal
agencies with an opportunity to
comment on proposed and/or
continuing collections of information in
accordance with the Paperwork
Reduction Act of 1995 (PRA95) (44
U.S.C. Sec. 3506(c)(2)(A)). This program
helps to ensure that requested data can
be provided in the desired format,
reporting burden (time and financial
resources) is minimized, collection
instruments are clearly understood, and
the impact of collection requirement on
respondents can be properly assessed.
Currently, the Corporation is
soliciting comments concerning its
proposed marketing questionnaire to
help inform volunteer and member
recruitment efforts for its various
programs and initiatives. The survey,
which would be completed voluntarily
by current and prospective volunteers or
program participants (for example,
AmeriCorps members or RSVP
volunteers), would be conducted online
with visitors to the Corporation’s
website domains and in focus groups
and public discussions with current and
prospective volunteers and program
participants. Completion of the survey
is voluntary.
Copies of the information collection
requests can be obtained by contacting
the office listed in the address section
of this notice.
DATES: Written comments must be
submitted to the individual and office
listed in the ADDRESSES section by May
2, 2006.
ADDRESSES: You may submit comments,
identified by the title of the information
collection activity, by any of the
following methods:
(1) By mail sent to: Corporation for
National and Community Service, Office
of Public Affairs; Attention Shannon
Maynard, Senior Marketing Specialist,
Room 10304C; 1201 New York Avenue,
NW., Washington, DC, 20525.
(2) By hand delivery or by courier to
the Corporation’s mailroom at Room
8102C at the mail address given in
paragraph (1) above, between 9 a.m. and
4 p.m. Monday through Friday, except
Federal holidays.
(3) By fax to: (202) 606–3460,
Attention Shannon Maynard, Senior
Marketing Specialist.
(4) Electronically through the
Corporation’s e-mail address system:
smaynard@cns.gov.
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Agencies
[Federal Register Volume 71, Number 42 (Friday, March 3, 2006)]
[Notices]
[Pages 10958-10959]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-1940]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
Recognition of Multilateral Clearing Organizations
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice and order.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (``Commission'') is
issuing an Order pursuant to Section 409(b)(3) of the Federal Deposit
Insurance Corporation Improvement Act (``FDICIA''). Section 409
provides that the Commission (or one of several other authorized U.S.
financial regulators) may determine that the supervision by a foreign
financial regulator of a multilateral clearing organization for over-
the-counter derivative instruments satisfies appropriate standards. The
Commission is issuing this Order pursuant to Section 409(b)(3) of
FDICIA with respect to the Alberta Securities Commission and its
supervision of NetThruPut, Inc., a recognized clearing agency in
Alberta, Canada.
DATES: Effective Date: February 27, 2006.
FOR FURTHER INFORMATION CONTACT: Andrew V. Chapin, Special Counsel,
Division of Clearing and Intermediary Oversight, Commodity Futures
Trading Commission, 1155 21st Street, NW., Washington, DC 20581.
Telephone: (202) 418-5430. Email: achapin@cftc.gov.
SUPPLEMENTARY INFORMATION: The Commission has issued the following
Order: Order Issued Pursuant to Section 409 of the Federal Deposit
Insurance Corporation Improvement Act Regarding the Multilateral
Clearing Activities of NetThruPut, Inc., in Connection with
Transactions Entered into on NTP's Online Trading Platform.
The Commodity Futures Modernization Act (``CFMA'') substantially
revised the Commodity Exchange Act (``CEA'') and other Federal
statutes, including FDICIA.\1\ In particular, new Section 409 of FDICIA
provides that a clearing organization may operate a multilateral
clearing
[[Page 10959]]
organization (``MCO'') \2\ for over-the-counter derivatives instruments
(``OTC derivatives'') \3\ if, among other alternatives, it is
supervised by a foreign financial regulator that the Comptroller of the
Currency, the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, the Securities and Exchange
Commission, or the Commission, as applicable, has determined satisfies
appropriate standards.
---------------------------------------------------------------------------
\1\ See Appendix E of Pub. L. 106-554, 114 Stat. 2763 (2000).
\2\ Section 408(1) of FDICIA defines MCO to mean ``a system
utilized by more than [two] participants in which the bilateral
credit exposures of participants arising from the transactions
cleared are effectively eliminated and replaced by a system of
guarantees, insurance, or mutualized risk of loss.''
\3\ Section 408(2) of FDICIA defines OTC derivative instrument
to include any agreement, contract, or transaction exempt under
Section 2(h) of the CEA.
---------------------------------------------------------------------------
NetThruPut, Inc. (``NTP'') has requested that the Commission
determine that the oversight of its activities by the Alberta
Securities Commission satisfies the criteria for operating as an MCO
set forth in Section 409(b)(3) of FDICIA.\4\ NTP intends to operate as
an MCO with respect to OTC derivatives transactions to be executed on
its online trading platform. NTP's online trading platform provides
anonymous trading of crude oil, condensate and other energy contracts.
---------------------------------------------------------------------------
\4\ Letter from Kenneth M. Raisler, Esq., Sullivan & Cromwell,
counsel to NTP, to Jean Webb, Secretary, Commodity Futures Trading
Commission, dated November 7, 2005, with exhibits.
---------------------------------------------------------------------------
In its request, NTP provided the Commission with a detailed
description of the regulatory program applicable to clearing
organizations in Alberta, Canada. NTP also provided the Commission with
information comparing the regulatory requirements applicable to NTP and
the regulatory requirements applicable to derivatives clearing
organizations (``DCOs'') in the U.S.,\5\ as set forth in Section 5b of
the CEA and Part 39 of the Commission's regulations.\6\ The Commission
evaluated the regulatory program of the ASC in the context of the
Principles and Objectives of Securities Regulation issued by the
International Organization of Securities Commissions.
---------------------------------------------------------------------------
\5\ As a matter of first impression, the ASC determined to
direct NTP to address in its application for recognition compliance
with the fourteen Core Principles set forth under Section 5b(c)(2)
of the CEA for registration as a DCO and to provide supporting
documentation manifesting its compliance with the Core Principles.
See Letter from Allan R. Twa, counsel for NTP, to the ASC, dated
November 10, 2004 (``Recognized Clearing Agency Application--
NetThruPut Inc.'').
\6\ See 66 FR 45604 (August 29, 2001). Part 39 of the
Commission's regulations stipulates the form and provides guidance
for what should be included in applications for DCO registration.
Part 39 also addresses ongoing compliance by DCOs with the Core
Principles and other provisions of the CEA and regulations
thereunder. The guidance set forth in Part 39 merely illustrates the
manner in which a clearing organization may meet a Core Principle
and is not intended to be a mandatory checklist.
---------------------------------------------------------------------------
In support of NTP's request for relief, the ASC confirmed that:
The ASC is authorized under the Alberta Securities Act to
supervise the clearing of financial instruments by persons located in
Alberta, Canada, and has the ability to enforce compliance with the
applicable laws, rules and regulations;
Clearing in Alberta, Canada, of exchange contracts, as
defined in the Alberta Securities Act, may be conducted only by a
clearing agency recognized by the ASC;\7\
---------------------------------------------------------------------------
\7\ See Alberta Securities Act Section 67.
---------------------------------------------------------------------------
The clearing of contracts entered into on NTP's online
trading platform is subject to regulatory oversight by the ASC;
The ASC is an associate member of IOSCO, has adopted
IOSCO's Principles and Objectives of Securities Regulation, and has
established systems consistent with those Principles and Objectives;
and
The ASC has the ability and undertakes to share with the
Commission, upon request, information in its possession regarding NTP's
activities as a recognized clearing agency and to otherwise cooperate
with the CFTC, subject to Alberta law.\8\
---------------------------------------------------------------------------
\8\ See Securities Act, Sections 46 and 46.1; see also the
Freedom of Information and Protection of Privacy Act.
---------------------------------------------------------------------------
Based upon the information and materials submitted by NTP, and the
representations made by the ASC, the Commission has determined that the
supervision by ASC of an MCO for OTC derivatives operated by NTP
satisfies the criteria set forth in Section 409(b)(3) of FDICIA. Any
material changes or omissions in the facts and circumstances pursuant
to which this Order is issued might require the Commission to
reconsider this matter.
Issued in Washington, DC on February 27, 2006.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 06-1940 Filed 3-2-06; 8:45 am]
BILLING CODE 6351-01-P