Submission of Annual Financial Reports: Elimination of Requirement, 29273-29274 [06-4741]

Agencies

• NUCLEAR REGULATORY COMMISSION

[Federal Register Volume 71, Number 98 (Monday, May 22, 2006)]
[Proposed Rules]
[Pages 29273-29274]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-4741]


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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 71, No. 98 / Monday, May 22, 2006 / Proposed 
Rules

[[Page 29273]]



NUCLEAR REGULATORY COMMISSION

10 CFR Parts 50 and 72

RIN 3150-AH39


Submission of Annual Financial Reports: Elimination of 
Requirement

AGENCY: Nuclear Regulatory Commission.

ACTION: Proposed rule.

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SUMMARY: The Nuclear Regulatory Commission (NRC) is proposing to amend 
its regulations so that licensees who file financial reports with the 
Securities and Exchange Commission (SEC) or the Federal Energy 
Regulatory Commission (FERC), need not submit annual financial reports, 
including the certified financial statements, to the Commission. The 
Commission is also proposing to amend its regulations so that 
Independent Spent Fuel Storage Installation (ISFSI) licensees who file 
financial reports with the SEC or the FERC, need not submit annual 
financial reports, including the certified financial statements, to the 
Commission.

DATES: Comments on the proposed rule must be received on or before June 
21, 2006.

ADDRESSES: You may submit comments by any one of the following methods. 
Please include the following number RIN 3150-AH39 in the subject line 
of your comments. Comments on rulemakings or petitions submitted in 
writing or in electronic form will be made available for public 
inspection. Because your comments will not be edited to remove any 
identifying or contact information, the NRC cautions you against 
including personal information such as social security numbers and 
birth dates in your submission.
    Mail comments to: Secretary, U.S. Nuclear Regulatory Commission, 
Washington, DC 20555-0001, Attention: Rulemakings and Adjudications 
Staff.
    E-mail comments to: SECY@nrc.gov. If you do not receive a reply e-
mail confirming that we have receive your comments, contact us directly 
at (301) 415-1966. You may also submit comments via the NRC's 
rulemaking Web site at https://ruleforum.llnl.gov. Address questions 
about our rulemaking Web site to Ms. Carol Gallagher, (301) 415-5905 
(e-mail: CAG@nrc.gov). Comments can also be submitted via the Federal 
eRulmaking Portal https://www.regulations.gov.
    Hand deliver comments to: 11555 Rockville Pike, Rockville, Maryland 
20852, between 7:30 am and 4:15 pm on Federal workdays. (Telephone 
(301) 415-1966).
    Fax comments to: Secretary, U.S. Nuclear Regulatory Commission at 
(301) 415-1101.
    Publicly available documents related to this rulemaking or petition 
may be viewed electronically on the public computers located at the NRC 
Public Document Room (PDR), O1F21, One White Flint North, 11555 
Rockville Pike, Rockville, Maryland. The PDR reproduction contractor 
will copy documents for a fee. Selected documents, including comments, 
may be viewed and downloaded electronically via the NRC rulemaking Web 
site at https://ruleforum.llnl.gov.
    Publicly available documents created or received at the NRC after 
November 1, 1999, are available electronically at the NRC's Public 
Electronic Reading Room at https://www.nrc.gov/reading-rm.html. From 
this site, the public can gain entry into the NRC's Agencywide 
Documents Access and Management System (ADAMS), which provides text and 
image files of NRC's public documents. If you do not have access to 
ADAMS or if there are problems in accessing the documents located in 
ADAMS, contact the NRC Public Document Room (PDR) Reference staff at 1-
800-397-4209, 301-415-4737, or by e-mail to pdr@nrc.gov.

FOR FURTHER INFORMATION CONTACT: Michael T. Jamgochian, Office of 
Nuclear Reactor Regulation, U.S. Nuclear Regulatory Commission, 
Washington, DC 20555-0001, telephone (301) 415-3224, e-mail 
MTJ1@nrc.gov.

SUPPLEMENTARY INFORMATION: For additional information see the direct 
final rule published in the Rules and Regulations section of this 
Federal Register.

Background

    Section 182.a of the Atomic Energy Act of 1954, as amended, 
provides that each application for a license shall state such 
information as the Commission, by rule or regulation, may determine to 
be necessary to decide the financial qualifications of the applicant as 
the Commission may deem appropriate for the license. The Act and the 
Commission's regulations reflect that the fundamental purpose of the 
financial qualifications provision of that section is the protection of 
the public health and safety and the common defense and security. 
Although the Commission's safety determinations required for the 
issuance of facility licenses are based upon extensive and detailed 
technical review, an applicant's financial qualifications can also 
contribute to its ability to meet its responsibilities on safety 
matters.

Discussion

    NRC considers this action noncontroversial and is publishing this 
proposed rule concurrently as a direct final rule. The Commission 
considers this rulemaking action noncontroversial because the annual 
reports and the certified financial statements currently required by 
Sec.  50.71(b) and 72.80(b), are typically written for the 
shareholders, and contain information pertaining to financial 
qualifications, that may be outdated by the time it is published. The 
reports can be found posted on the company's Web site as well as on the 
SEC or FERC Web sites. The NRC has concluded that for licensees that 
are required to file financial reports with the SEC or the FERC, 
licensee financial information can be collected in a more cost-
effective way than requiring licensees to submit the reports required 
by 10 CFR 50.71 (b) and 10 CFR 72.80 (b). The NRC has access to other 
more current sources of information than the annual financial reports 
to assess the licensees' financial condition, making the submittal of 
the annual financial report to the NRC unnecessary. Additionally, NRC 
has the authority to request licensees to submit additional or more 
detailed information regarding their financial status if the Commission 
considers this information appropriate. The direct final rule will 
become effective on August 7, 2006. However, if the NRC receives 
significant adverse comments on the direct final rule by

[[Page 29274]]

June 21, 2006, then the NRC will publish a document that withdraws the 
direct final rule. If the direct final rule is withdrawn, the NRC will 
address the comments received in response to the proposed revisions 
requiring republication, the NRC will not initiate a second comment 
period for this action in the event the direct final rule is withdrawn.
    A significant adverse comment is a comment where the commenter 
explains why the rule would be inappropriate, including challenges to 
the rule's underlying premise or approach, or would be ineffective or 
unacceptable without a change. A comment is adverse and significant if:
    (1) The comment opposes the rule and provides a reason sufficient 
to require a substantive response in a notice-and-comment process. For 
example, a substantive response is required when--
    (A) The comment causes the staff to reevaluate (or reconsider) its 
position or conduct additional analysis;
    (B) The comment raises an issue serious enough to warrant a 
substantive response to clarify or complete the record; or
    (C) The comment raises a relevant issue that was not previously 
addressed or considered by the staff.
    (2) The comment proposes a change or an addition to the rule and it 
is apparent that the rule would be ineffective or unacceptable without 
incorporation of the change or addition.
    (3) The comment causes the staff to make a change (other than 
editorial) to the rule.

List of Subjects

10 CFR Part 50

    Antitrust, Classified information, Criminal penalties, Fire 
protection, Intergovernmental relations, Nuclear power plants and 
reactors, Radiation protection, Reactor siting criteria, Reporting and 
recordkeeping requirements.

10 CFR Part 72

    Administrative practice and procedure, Hazardous waste, Manpower 
training programs, Nuclear materials, Occupational safety and health, 
Penalties, Radiation protection, Reporting and recordkeeping 
requirements, Security measures, Spent fuel, Whistleblowing.
    For the reasons set out in the preamble and under the authority of 
the Atomic Energy Act for 1954, as amended, the Energy Reorganization 
Act of 1974, as amended, and 5 U.S.C. 552 and 553, the NRC is proposing 
to adopt the following amendment to 10 CFR parts 50 and 72.

PART 50--DOMESTIC LICENSING OF PRODUCTION AND UTILIZATION 
FACILITIES

    1. The authority citation for 10 CFR part 50 continues to read as 
follows:

    Authority: Secs. 102, 103, 104, 105, 161, 182, 183, 186, 189, 68 
Stat. 936, 937, 938, 948, 953, 954, 955, 956, as amended, sec. 234, 
83 Stat. 444, as amended (42 U.S.C. 2132, 2133, 2134, 2135, 2201, 
2232, 2233, 2236, 2239, 2282); secs. 201, as amended, 202, 206, 88 
Stat. 1242, as amended, 1244, 1246 (42 U.S.C. 5841, 5842, 5846); 
sec. 1704, 112 Stat. 2750 (44 U.S.C. 3504 note).
    Section 50.7 also issued under Pub. L. 95-601, sec. 10, 92 Stat. 
2951 (42 U.S.C. 5851). Section 50.10 also issued under secs. 101, 
185, 68 Stat. 955, as amended (42 U.S.C. 2131, 2235); sec. 102, Pub. 
L. 91-190, 83 Stat. 853 (42 U.S.C. 4332). Sections 50.13, 50.54(d), 
and 50.103 also issued under sec. 108, 68 Stat. 939, as amended (42 
U.S.C. 2138). Sections 50.23, 50.35, 50.55, and 50.56 also issued 
under sec. 185, 68 Stat. 955 (42 U.S.C. 2235). Sections 50.33a, 
50.55a and appendix Q also issued under sec. 102, Pub. L. 91-190, 83 
Stat. 853 (42 U.S.C. 4332). Sections 50.34 and 50.54 also issued 
under sec. 204, 88 Stat. 1245 (42 U.S.C. 5844). Sections 50.58, 
50.91, and 50.92 also issued under Pub. L. 97-415, 96 Stat. 2073 (42 
U.S.C. 2239). Section 50.78 also issued under sec. 122, 68 Stat. 939 
(42 U.S.C. 2152). Sections 50.80-50.81 also issued under sec. 184, 
68 Stat. 954, as amended (42 U.S.C. 2234). Appendix F also issued 
under sec. 187, 68 Stat. 955 (42 U.S.C. 2237).

    2. In Sec.  50.71, paragraph (b) is revised to read as follows:


Sec.  50.71  Maintenance of records; making of reports.

* * * * *
    (b) With respect to any production or utilization facility of a 
type described in Sec.  50.21(b) or 50.22, or a testing facility, each 
licensee and each holder of a construction permit shall submit its 
annual financial report, including the certified financial statements, 
to the Commission, as specified in Sec.  50.4, upon issuance of the 
report. However, licensees and holders of a construction permit who 
submit a Form 10-Q with the Securities and Exchange Commission or a 
Form 1 with the Federal Energy Regulatory Commission need not submit 
the annual financial report or a certified financial statement under 
this paragraph.
* * * * *

PART 72--LICENSING REQUIREMENTS FOR THE INDEPENDENT STORAGE OF 
SPENT NUCLEAR FUEL AND HIGH-LEVEL RADIOACTIVE WASTE

    3. The authority citation for 10 CFR Part 72 continues to read as 
follows:

    Authority: Secs, 51, 53, 57, 62, 63, 65, 69, 81, 161, 182, 183, 
184, 186, 187, 189, 68 Stat. 929, 930, 932, 933, 934, 935, 948, 953, 
954, 955, as amended; sec. 234, 83 Stat. 444, as amended (42 U.S.C. 
2071, 2073, 2077, 2092, 2093, 2095, 2099, 2111, 2201, 2232, 2233, 
2234, 2236, 2237, 2238, 2282); sec. 274, Pub. L. 86-373, 73 Stat. 
688, as amended (42 U.S.C. 2021); sec. 201, as amended; 202, 206, 88 
Stat. 1242, as amended; 1244, 1246 (42 U.S.C. 5841, 5842, 5846); 
Pub. L. 95-601, sec. 10, 92 Stat. 2951 as amended by Pub. L. 102-
486, sec. 7902, 106 Stat. 3123 (42 U.S.C. 5851); sec. 102, Pub. L. 
91-190, 83 Stat. 853 (42 U.S.C. 4332); secs. 131, 132, 133, 135, 
137, 141, Pub. L. 97-425, 96 Stat. 2229, 2230, 2232, 2241; sec. 148, 
Pub. L. 100-203, 101 Stat. 1330-235 (42 U.S.C. 10151, 10152, 10153, 
10155, 10157, 10161, 10168).
    Section 72.44(g) also issued under secs. 142(b) and 148(c), (d), 
Pub. L. 100-203, 101 Stat. 1330-232, 1330-236 (42 U.S.C. 10162(b), 
10168(c), (d)). Section 72.46 also issued under sec. 189, 68 Stat. 
955 (42 U.S.C. 2239); sec. 134, Pub. L. 97-425, 96 Stat. 2230 (42 
U.S.C. 10154). Section 72.96(d) also issued under section 145(g), 
Pub. L. 100-203, 101 Stat. 1330-235 (42 U.S.C. 10165(g)), Subpart J 
also issued under secs. 2(2), 2(15), 2(19), 117(a), 141(h), Pub. L. 
97-425, 96 Stat. 2202, 2203, 2204, 2222, 2224 (42 U.S.C. 10101, 
10137(a), 10161(h)). Subparts K and L are also issued under sec. 
133, 98 Stat. 2230 (42 U.S.C. 10153) and sec. 218(a), 96 Stat. 2252 
(U.S.C. 10198).

    4. In Sec.  72.80, paragraph (b) is revised to read as follows:


Sec.  72.80  Other records and reports.

* * * * *
    (b) Each licensee shall furnish a copy of its annual financial 
report, including the certified financial statements, to the 
Commission. However, licensees who submit a Form 10-Q with the 
Securities and Exchange Commission or a Form 1 with the Federal Energy 
Regulatory Commission, need not submit the annual financial report or a 
certified financial statement under this paragraph.
* * * * *

    Dated at Rockville, Maryland, this 2nd day of May, 2006.
    For the Nuclear Regulatory Commission.
Luis A. Reyes,
Executive Director for Operations.
[FR Doc. 06-4741 Filed 5-19-06; 8:45 am]
BILLING CODE 7590-01-P