Foreign Assets Control Regulations, 4960-4961 [E7-1702]

Download as PDF 4960 Federal Register / Vol. 72, No. 22 / Friday, February 2, 2007 / Rules and Regulations Male Age Nonannuitant table 97 ................................................................................................. 98 ................................................................................................. 99 ................................................................................................. 100 ............................................................................................... 101 ............................................................................................... 102 ............................................................................................... 103 ............................................................................................... 104 ............................................................................................... 105 ............................................................................................... 106 ............................................................................................... 107 ............................................................................................... 108 ............................................................................................... 109 ............................................................................................... 110 ............................................................................................... 111 ............................................................................................... 112 ............................................................................................... 113 ............................................................................................... 114 ............................................................................................... 115 ............................................................................................... 116 ............................................................................................... 117 ............................................................................................... 118 ............................................................................................... 119 ............................................................................................... 120 ............................................................................................... (e) Effective date. This section applies for plan years beginning on or after January 1, 2007. Approved: January 26, 2007. Linda M. Kroening, Acting Deputy Commissioner for Services and Enforcement. Eric Solomon, Assistant Secretary of the Treasury (Tax Policy). [FR Doc. E7–1703 Filed 2–1–07; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY 31 CFR Part 500 Foreign Assets Control Regulations Office of Foreign Assets Control, Treasury. ACTION: Final rule. ycherry on PROD1PC64 with RULES AGENCY: SUMMARY: The Office of Foreign Assets Control of the U.S. Department of the Treasury is amending the Foreign Assets Control Regulations, 31 CFR part 500, by revising paragraph (b)(5) of § 500.586 to prohibit U.S. persons from registering vessels in the Democratic People’s Republic of Korea (‘‘North Korea’’), or from otherwise obtaining authorization for a vessel to fly the North Korean flag. This paragraph already prohibits U.S. persons from owning, leasing, operating, 14:10 Feb 01, 2007 Jkt 211001 Optional combined table 0.291564 0.310910 0.325614 0.339763 0.358628 0.371685 0.383040 0.392003 0.397886 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 1.000000 0.291564 0.310910 0.325614 0.339763 0.358628 0.371685 0.383040 0.392003 0.397886 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 1.000000 or insuring any North Korean-flagged vessel. DATES: Effective Date: February 2, 2007. FOR FURTHER INFORMATION CONTACT: Assistant Director for Compliance Outreach & Implementation, tel.: 202/ 622–2490, Assistant Director for Licensing, tel.: 202/622–2480, Assistant Director for Policy, tel.: 202/622–4855, or Chief Counsel, tel.: 202/622–2410, Office of Foreign Assets Control, Department of the Treasury, Washington, DC 20220 (not toll free numbers). SUPPLEMENTARY INFORMATION: Electronic and Facsimile Availability This document and additional information concerning the Office of Foreign Assets Control (‘‘OFAC’’) are available from OFAC’s Web site https:// www.treas.gov/ofac or via facsimile through a 24-hour fax-on demand service, tel.: (202) 622–0077. Office of Foreign Assets Control VerDate Aug<31>2005 0.291564 0.310910 0.325614 0.339763 0.358628 0.371685 0.383040 0.392003 0.397886 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 0.400000 1.000000 Annuitant table Female Background The Foreign Assets Control Regulations (the ‘‘FACR’’), 31 CFR part 500, which are authorized under the Trading with the Enemy Act, 50 U.S.C. App. 1–44, imposed economic sanctions against the Democratic People’s Republic of Korea (‘‘North Korea’’) beginning in 1950. Consistent with U.S. foreign policy interests, the Office of Foreign Assets Control (‘‘OFAC’’), on June 19, 2000, amended the FACR to add § 500.586, authorizing new transactions in which North Korea or a PO 00000 Frm 00018 Fmt 4700 Sfmt 4700 Nonannuitant table Annuitant table 0.212246 0.220832 0.228169 0.234164 0.244834 0.254498 0.266044 0.279055 0.293116 0.307811 0.322725 0.337441 0.351544 0.364617 0.376246 0.386015 0.393507 0.398308 0.400000 0.400000 0.400000 0.400000 0.400000 1.000000 0.212246 0.220832 0.228169 0.234164 0.244834 0.254498 0.266044 0.279055 0.293116 0.307811 0.322725 0.337441 0.351544 0.364617 0.376246 0.386015 0.393507 0.398308 0.400000 0.400000 0.400000 0.400000 0.400000 1.000000 Optional combined table 0.212246 0.220832 0.228169 0.234164 0.244834 0.254498 0.266044 0.279055 0.293116 0.307811 0.322725 0.337441 0.351544 0.364617 0.376246 0.386015 0.393507 0.398308 0.400000 0.400000 0.400000 0.400000 0.400000 1.000000 North Korean national has a property interest, subject to certain limitations set forth in paragraph (b). Effective May 8, 2006, OFAC further amended the FACR by adding a new limitation on the authorization provided by § 500.586. This limitation, § 500.586(b)(5), prohibits U.S. persons from owning, leasing, operating, or insuring any vessel flagged by North Korea. Based on information that OFAC has received during its implementation of § 500.586(b)(5) and other foreign policy considerations, OFAC is amending § 500.586(b)(5) to expand this prohibition. Effective immediately, U.S. persons are prohibited from registering vessels in North Korea, or from otherwise obtaining authorization for a vessel to fly the North Korean flag. In addition to the amendment relating to North Korean vessels, OFAC is making a technical amendment to the note to § 500.586 to correct its placement within the section and to make minor revisions to its content. Public Participation Because the amendments of the FACR involve a foreign affairs function, the provisions of Executive Order 12866 and the Administrative Procedure Act (5 U.S.C. 553) requiring notice of proposed rulemaking, opportunity for public participation, and delay in effective date are inapplicable. Because no notice of proposed rulemaking is required for this rule, the Regulatory Flexibility Act (5 U.S.C. 601–612) does not apply. E:\FR\FM\02FER1.SGM 02FER1 Federal Register / Vol. 72, No. 22 / Friday, February 2, 2007 / Rules and Regulations 4961 Note to § 500.586: The exportation and reexportation of items may be subject to license application requirements under regulations administered by other federal agencies (see e.g., the Export Administration Regulations administered by the Department of Commerce). It should also be noted that the shipment of strategic goods from a foreign country to North Korea by persons subject to the jurisdiction of the United States remains prohibited by 31 CFR part 505. The application requirements for a specific license relating to such goods are found in 31 CFR 501.801. Mr. Paperwork Reduction Act The collections of information related to the FACR are contained in 31 CFR part 501 (the ‘‘Reporting, Procedures and Penalties Regulations’’). Pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3507), those collections of information have been approved by the Office of Management and Budget under control number 1505–0164. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid control number. List of Subjects in 31 CFR Part 500 Administrative practice and procedure, Banks, Banking, Brokers, Foreign Trade, Investments, Loans, Securities, North Korea. I For the reasons set forth in the preamble, the Office of Foreign Assets Control amends 31 CFR part 500 as follows: BILLING CODE 4811–42–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 117 PART 500—FOREIGN ASSETS CONTROL REGULATIONS [CGD08–06–037] 1. The authority citation for part 500 continues to read as follows: I RIN 1625–AA09 Authority: 18 U.S.C. 2332d; 31 U.S.C. 321(b); 50 U.S.C. App. 1–44; Pub. L. 101–410, 104 Stat. 890 (28 U.S.C. 2461 note); E.O. 9193, 7 FR 5205, 3 CFR, 1938–1943 Comp., p. 1174; E.O. 9989, 13 FR 4891, 3 CFR, 1943– 1948 Comp., p. 748. Subpart E—Licenses, Authorizations, and Statements of Licensing Policy 2. Amend § 500.586 by revising paragraph (b)(5) of § 500.586, removing the note to paragraph (b) of § 500.586, and adding a new note to § 500.586 to read as follows: I § 500.586 Authorization of new transactions concerning certain North Korean property. ycherry on PROD1PC64 with RULES * * * * * (b) * * * (5)(i) Effective May 8, 2006, United States persons are prohibited from owning, leasing, operating, or insuring any vessel flagged by North Korea. (ii) Effective February 2, 2007, United States persons are prohibited from registering vessels in North Korea, or from otherwise obtaining authorization for a vessel to fly the North Korean flag. (iii) For purposes of this section, the term United States person means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States. VerDate Aug<31>2005 14:10 Feb 01, 2007 Jkt 211001 Dated: January 9, 2007. Adam J. Szubin, Director, Office of Foreign Assets Control. [FR Doc. E7–1702 Filed 2–1–07; 8:45 am] Drawbridge Operation Regulation; Mississippi River, Dubuque, IA Coast Guard, DHS. Temporary final rule. AGENCY: ACTION: SUMMARY: The Coast Guard is changing the drawbridge operations for the Illinois Central Railroad Drawbridge across the Upper Mississippi River at Mile 579.9, at Dubuque, Iowa. Under the rule, the drawbridge shall open on signal if at least 24 hours advance notice is given from 12:01 a.m., on February 2, 2007 until 8 a.m., on March 15, 2007. This rule allows time for making upgrades to critical mechanical components and perform scheduled annual maintenance/repairs to the bridge and pier protection. DATES: The rule is effective from 12:01 a.m., on February 2, 2007 until 8 a.m., on March 15, 2007. ADDRESSES: Comments and material received from the public, as well as documents indicated in this preamble as being available in the docket, are part of docket [CGD08–06–037] and are available for inspection or copying at room 2.107f in the Robert A. Young Federal Building at Eighth Coast Guard District, between 8 a.m. and 4 p.m., Monday through Friday, except Federal holidays. Commander (dwb), Eighth Coast Guard District, Bridge Branch maintains the public docket for this rulemaking. PO 00000 Frm 00019 Fmt 4700 Sfmt 4700 FOR FURTHER INFORMATION CONTACT: Roger K. Wiebusch, Bridge Administrator, (314) 269–2378. SUPPLEMENTARY INFORMATION: Regulatory Information Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause exists for making this rule effective in less than 30 days after publication in the Federal Register. Winter conditions on the Upper Mississippi River coupled with the closure of Lock and Dam 11, Mile 583.0, Upper Mississippi River, at Dubuque, Iowa from January 2, 2007 until February 28, 2007 preclude any significant navigation demands for the drawspan opening thereby making a 30day delay during that period unnecessary, and a delayed effective date would be contrary to the public interest in prompt completion of the bridge’s repairs and maintenance work. On November 16, 2006, we published a notice of proposed rulemaking (NPRM) entitled Drawbridge Operation Regulation; Mississippi River, Iowa and Illinois in the Federal Register (71 FR 66711). We received no comment letters on the proposed rule. No public hearing was requested, and none was held. Background and Purpose On September 12, 2006, the Chicago, Central & Pacific Railroad requested a temporary change to the operation of the Illinois Central Railroad Drawbridge, across the Upper Mississippi River, Mile 579.9, at Dubuque, Iowa to open on signal if at least 24 hours advance notice is given to facilitate critical bridge repair and annual maintenance. The Illinois Central Railroad Drawbridge navigation span has a vertical clearance of 19.9 feet above normal pool in the closed to navigation position. Navigation on the waterway consists primarily of commercial tows and recreational watercraft and will not be significantly impacted due to the reduced navigation in winter months. Presently, the draw opens on signal for passage of river traffic. The Chicago, Central & Pacific Railroad requested the drawbridge be permitted to remain closed-to-navigation from 12:01 a.m., February 2, 2007 until 8 a.m., March 15, 2007 unless 24 hours advance notice is given of the need to open. The Illinois Central Railroad Drawbridge, Mile 579.9, Upper Mississippi River, is located just downstream from Lock and Dam 11. Performing maintenance on the bridge and pier protection during the winter, when the number of vessels likely to be impacted is minimal, is preferred to the bridge closure or advance notification requirements during the navigation season. This E:\FR\FM\02FER1.SGM 02FER1

Agencies

[Federal Register Volume 72, Number 22 (Friday, February 2, 2007)]
[Rules and Regulations]
[Pages 4960-4961]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1702]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 500


Foreign Assets Control Regulations

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Office of Foreign Assets Control of the U.S. Department of 
the Treasury is amending the Foreign Assets Control Regulations, 31 CFR 
part 500, by revising paragraph (b)(5) of Sec.  500.586 to prohibit 
U.S. persons from registering vessels in the Democratic People's 
Republic of Korea (``North Korea''), or from otherwise obtaining 
authorization for a vessel to fly the North Korean flag. This paragraph 
already prohibits U.S. persons from owning, leasing, operating, or 
insuring any North Korean-flagged vessel.

DATES: Effective Date: February 2, 2007.

FOR FURTHER INFORMATION CONTACT: Assistant Director for Compliance 
Outreach & Implementation, tel.: 202/622-2490, Assistant Director for 
Licensing, tel.: 202/622-2480, Assistant Director for Policy, tel.: 
202/622-4855, or Chief Counsel, tel.: 202/622-2410, Office of Foreign 
Assets Control, Department of the Treasury, Washington, DC 20220 (not 
toll free numbers).

SUPPLEMENTARY INFORMATION:

Electronic and Facsimile Availability

    This document and additional information concerning the Office of 
Foreign Assets Control (``OFAC'') are available from OFAC's Web site 
https://www.treas.gov/ofac or via facsimile through a 24-hour fax-on 
demand service, tel.: (202) 622-0077.

Background

    The Foreign Assets Control Regulations (the ``FACR''), 31 CFR part 
500, which are authorized under the Trading with the Enemy Act, 50 
U.S.C. App. 1-44, imposed economic sanctions against the Democratic 
People's Republic of Korea (``North Korea'') beginning in 1950. 
Consistent with U.S. foreign policy interests, the Office of Foreign 
Assets Control (``OFAC''), on June 19, 2000, amended the FACR to add 
Sec.  500.586, authorizing new transactions in which North Korea or a 
North Korean national has a property interest, subject to certain 
limitations set forth in paragraph (b).
    Effective May 8, 2006, OFAC further amended the FACR by adding a 
new limitation on the authorization provided by Sec.  500.586. This 
limitation, Sec.  500.586(b)(5), prohibits U.S. persons from owning, 
leasing, operating, or insuring any vessel flagged by North Korea. 
Based on information that OFAC has received during its implementation 
of Sec.  500.586(b)(5) and other foreign policy considerations, OFAC is 
amending Sec.  500.586(b)(5) to expand this prohibition. Effective 
immediately, U.S. persons are prohibited from registering vessels in 
North Korea, or from otherwise obtaining authorization for a vessel to 
fly the North Korean flag.
    In addition to the amendment relating to North Korean vessels, OFAC 
is making a technical amendment to the note to Sec.  500.586 to correct 
its placement within the section and to make minor revisions to its 
content.

Public Participation

    Because the amendments of the FACR involve a foreign affairs 
function, the provisions of Executive Order 12866 and the 
Administrative Procedure Act (5 U.S.C. 553) requiring notice of 
proposed rulemaking, opportunity for public participation, and delay in 
effective date are inapplicable. Because no notice of proposed 
rulemaking is required for this rule, the Regulatory Flexibility Act (5 
U.S.C. 601-612) does not apply.

[[Page 4961]]

Paperwork Reduction Act

    The collections of information related to the FACR are contained in 
31 CFR part 501 (the ``Reporting, Procedures and Penalties 
Regulations''). Pursuant to the Paperwork Reduction Act of 1995 (44 
U.S.C. 3507), those collections of information have been approved by 
the Office of Management and Budget under control number 1505-0164. An 
agency may not conduct or sponsor, and a person is not required to 
respond to, a collection of information unless the collection of 
information displays a valid control number.

List of Subjects in 31 CFR Part 500

    Administrative practice and procedure, Banks, Banking, Brokers, 
Foreign Trade, Investments, Loans, Securities, North Korea.

0
For the reasons set forth in the preamble, the Office of Foreign Assets 
Control amends 31 CFR part 500 as follows:

PART 500--FOREIGN ASSETS CONTROL REGULATIONS

0
1. The authority citation for part 500 continues to read as follows:

    Authority: 18 U.S.C. 2332d; 31 U.S.C. 321(b); 50 U.S.C. App. 1-
44; Pub. L. 101-410, 104 Stat. 890 (28 U.S.C. 2461 note); E.O. 9193, 
7 FR 5205, 3 CFR, 1938-1943 Comp., p. 1174; E.O. 9989, 13 FR 4891, 3 
CFR, 1943-1948 Comp., p. 748.

Subpart E--Licenses, Authorizations, and Statements of Licensing 
Policy

0
2. Amend Sec.  500.586 by revising paragraph (b)(5) of Sec.  500.586, 
removing the note to paragraph (b) of Sec.  500.586, and adding a new 
note to Sec.  500.586 to read as follows:


Sec.  500.586  Authorization of new transactions concerning certain 
North Korean property.

* * * * *
    (b) * * *
    (5)(i) Effective May 8, 2006, United States persons are prohibited 
from owning, leasing, operating, or insuring any vessel flagged by 
North Korea.
    (ii) Effective February 2, 2007, United States persons are 
prohibited from registering vessels in North Korea, or from otherwise 
obtaining authorization for a vessel to fly the North Korean flag.
    (iii) For purposes of this section, the term United States person 
means any United States citizen, permanent resident alien, entity 
organized under the laws of the United States or any jurisdiction 
within the United States (including foreign branches), or any person in 
the United States.

    Note to Sec.  500.586: The exportation and reexportation of 
items may be subject to license application requirements under 
regulations administered by other federal agencies (see e.g., the 
Export Administration Regulations administered by the Department of 
Commerce). It should also be noted that the shipment of strategic 
goods from a foreign country to North Korea by persons subject to 
the jurisdiction of the United States remains prohibited by 31 CFR 
part 505. The application requirements for a specific license 
relating to such goods are found in 31 CFR 501.801.


    Dated: January 9, 2007.
Adam J. Szubin,
Director, Office of Foreign Assets Control.
[FR Doc. E7-1702 Filed 2-1-07; 8:45 am]
BILLING CODE 4811-42-P
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