Extension of Time Period for Quarterly Reporting of Bank Officers' and Certain Employees' Personal Securities Transactions, 60546-60547 [E7-20998]
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60546
Federal Register / Vol. 72, No. 206 / Thursday, October 25, 2007 / Rules and Regulations
Backfit Analysis
The NRC has determined that the
backfit rule (10 CFR 72.62) does not
apply to this direct final rule because
this amendment does not involve any
provisions that would impose backfits
as defined in 10 CFR Chapter I.
Therefore, a backfit analysis is not
required.
Congressional Review Act
Under the Congressional Review Act
of 1996, the NRC has determined that
this action is not a major rule and has
verified this determination with the
Office of Information and Regulatory
Affairs and OMB.
List of Subjects in 10 CFR Part 72
Administrative practice and
procedure, Criminal penalties,
Manpower training programs, Nuclear
materials, Occupational safety and
health, Penalties, Radiation protection,
Reporting and recordkeeping
requirements, Security measures, Spent
fuel, Whistleblowing.
I For the reasons set out in the
preamble and under the authority of the
Atomic Energy Act of 1954, as amended;
the Energy Reorganization Act of 1974,
as amended; the Nuclear Waste Policy
Act of 1982, as amended; and 5 U.S.C.
552 and 553; the NRC is adopting the
following amendments to 10 CFR Part
72.
PART 72—LICENSING
REQUIREMENTS FOR THE
INDEPENDENT STORAGE OF SPENT
NUCLEAR FUEL, HIGH-LEVEL
RADIOACTIVE WASTE, AND
REACTOR-RELATED GREATER THAN
CLASS C WASTE
1. The authority citation for Part 72
continues to read as follows:
rwilkins on PROD1PC63 with RULES
I
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); sec.
1704, 112 Stat. 2750 (44 U.S.C. 3504 note);
sec. 651(e), Pub. L. 109–58, 119 Stat. 806–10
(42 U.S.C. 2014, 2021, 2021b, 2111).
Section 72.44(g) also issued under secs.
142(b) and 148(c), (d), Pub. L. 100–203, 101
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18:00 Oct 24, 2007
Jkt 214001
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 sec. 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, 2244 (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 (42 U.S.C. 10198).
2. In § 72.214, Certificate of
Compliance 1014 is revised to read as
follows:
I
§ 72.214 List of approved spent fuel
storage casks.
*
*
*
*
*
Certificate Number: 1014.
Initial Certificate Effective Date: May
31, 2000.
Amendment Number 1 Effective Date:
July 15, 2002.
Amendment Number 2 Effective Date:
June 7, 2005.
Amendment Number 3 Effective Date:
May 29, 2007.
Amendment Number 4 Effective Date:
January 8, 2008.
SAR Submitted by: Holtec
International.
SAR Title: Final Safety Analysis
Report for the HI–STORM 100 Cask
System.
Docket Number: 72–1014.
Certificate Expiration Date: June 1,
2020.
Model Number: HI–STORM 100.
*
*
*
*
*
Dated at Rockville, Maryland, this 10th day
of October, 2007.
For the Nuclear Regulatory Commission.
William F. Kane,
Acting Executive Director for Operations.
[FR Doc. E7–21016 Filed 10–24–07; 8:45 am]
BILLING CODE 7590–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 344
RIN 3064–AD20
Extension of Time Period for Quarterly
Reporting of Bank Officers’ and
Certain Employees’ Personal
Securities Transactions
Federal Deposit Insurance
Corporation (‘‘FDIC’’).
ACTION: Final rule.
AGENCY:
SUMMARY: The FDIC is amending its
regulation governing personal securities
trading reporting to extend the time
PO 00000
Frm 00014
Fmt 4700
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period from 10-business to 30-calendar
days after the end of the calendar
quarter that officers and all employees
of state nonmember banks who make or
participate in investment decisions for
the accounts of customers have to report
their personal securities transactions.
DATES: This final rule will become
effective on: November 26, 2007.
FOR FURTHER INFORMATION CONTACT:
Anthony J. DiMilo, Trust Examination
Specialist, (202) 898–7496, in the
Division of Supervision and Consumer
Protection; Julia E. Paris, Senior
Attorney, (202) 898–3821, in the Legal
Division.
SUPPLEMENTARY INFORMATION:
I. Background
Section 344.9(a)(3) of Part 344 of the
FDIC’s recordkeeping and confirmation
requirements for effecting securities
transactions requires all bank officers of
state nonmember banks and all
employees who, in connection with
their duties, make or participate in
investment decisions for the accounts of
customers (‘‘certain employees’’) to
report to the bank all securities
transactions made by them or on their
behalf in which they have a beneficial
interest within 10-business days after
the end of the calendar quarter.1 At the
time it was adopted, this provision,
among others, reflected the U.S.
Securities and Exchange Commission’s
(‘‘SEC’’) recommendations contained in
the Final Report of the Securities and
Exchange Commission on Bank
Securities Activities (June 30, 1977) and
generally was patterned after SEC
regulations.2 Specifically, section
344.9(a)(3) was intended to be
comparable to the SEC’s Rule 17j–1 of
the Investment Company Act of 1940,
which required ‘‘access persons’’ to
report personal securities transactions
quarterly and originally mandated a 10business day period for reporting.3
The SEC, in July 2004, amended Rule
17j–1 to extend the reporting time
period to 30-calendar days after the end
of the calendar quarter.4 The effective
date of the SEC’s amendments to Rule
17j–1 was August 31, 2004, with a
compliance date of January 7, 2005.
II. Summary of Proposed Rule
On June 27, 2007, the FDIC published
for comment a Notice of Proposed
1 12
CFR 344.9(a)(3).
FR 43260, 43263 (July 24, 1979); see 45 FR
73898 (Nov. 7, 1980) (SEC final rule 17j–1 adopting
investment advisor code of ethics and disclosure
requirements for ‘‘access persons,’’ as defined by 17
CFR 270.17–j–1(a)(1)).
3 See 17 CFR 270.17j–1(c)(2) (1998); 45 FR 73898
(Nov. 7, 1980).
4 69 FR 41696 (July 9, 2004).
2 44
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25OCR1
Federal Register / Vol. 72, No. 206 / Thursday, October 25, 2007 / Rules and Regulations
Rulemaking to amend section
344.9(a)(3) to extend the time period for
reporting quarterly personal securities
transactions to 30-calendar days after
the end of the calendar quarter.5 The
comment period was 60 days, and
expired on August 27, 2007. The FDIC
received one comment on this proposal.
The commenter supported the proposed
amendment and agreed that the purpose
of extending the reporting deadline was
to align the FDIC’s requirements with
the SEC’s, and to promote practical and
uniform recordkeeping requirements.
III. Final Rule
As explained above, the FDIC
received one industry comment on its
proposal to extend the personal
securities transactions reporting
requirement to 30-calendar days after
the end of the calendar quarter, which
comment endorsed the FDIC’s reasoning
for its proposal. Accordingly, the FDIC
is adopting the rule as proposed with no
revisions.
IV. Regulatory Analysis and Procedure
rwilkins on PROD1PC63 with RULES
A. Plain Language
Section 722 of the Gramm-LeachBliley Act (12 U.S.C. 4809) requires the
FDIC to use ‘‘plain language’’ in all
proposed and final rules published after
January 1, 2000. The proposed rule
requested comments on how the rule
might be changed to reflect the
requirements of GLBA. No comments
were received.
B. Regulatory Flexibility Act
Under section 605(b) of the
Regulatory Flexibility Act (‘‘RFA’’) (5
U.S.C. 605(b)) the regulatory flexibility
analysis otherwise required under
section 603 of the RFA (5 U.S.C. 603) is
not required if the head of the agency
certifies that the rule will not have a
significant economic impact on a
substantial number of small entities and
the agency publishes such certification
and a statement explaining the factual
basis for such a certification in the
Federal Register along with its rule.
Pursuant to section 605(b) of the RFA,
the FDIC certifies that this final rule will
not have a significant impact on a
substantial number of small entities.
The FDIC does not expect that this rule
will create any additional burden on
small entities. In effect, the rule extends
to 30-calendar days the reporting period
within which officers and certain
employees of state nonmember banks
have to report their personal securities
transactions and gives these individuals
more latitude to report their quarterly
securities transactions. Accordingly, a
5 72
regulatory flexibility analysis is not
required.
C. Paperwork Reduction Act
The recordkeeping and reporting
requirements for securities transactions
in Part 344 constitute a collection of
information as defined by the
Paperwork Reduction Act. The
information collection has been
approved by the Office of Management
and Budget under control number 3064–
0028. The reporting requirements and
burden associated with that collection
would not be affected by this rule.
List of Subjects in 12 CFR Part 344
Reporting and recordkeeping
requirements.
For the reasons set forth in the
preamble, title 12, chapter III, part 344,
is amended as follows:
I
PART 344—RECORDKEEPING AND
CONFIRMATION REQUIREMENTS FOR
SECURITIES TRANSACTIONS
1. The authority citation for Part 344
continues to read as follows:
I
Authority: 12 U.S.C. 1817, 1818, and 1819.
2. In § 344.9, paragraph (a)(3) is
revised to read as follows:
I
§ 344.9 Personal securities trading
reporting by bank officers and employees.
(a) * * *
(3) In connection with their duties,
obtain information concerning which
securities are being purchased or sold or
recommend such action, must report to
the bank, within 30-calendar days after
the end of the calendar quarter, all
transactions in securities made by them
or on their behalf, either at the bank or
elsewhere in which they have a
beneficial interest. The report shall
identify the securities purchased or sold
and indicate the dates of the
transactions and whether the
transactions were purchases or sales.
*
*
*
*
*
By Order of the Board of Directors.
Dated at Washington, DC, the 16th day of
October, 2007.
Federal Deposit Insurance Corporation
Robert E. Feldman,
Executive Secretary.
[FR Doc. E7–20998 Filed 10–24–07; 8:45 am]
BILLING CODE 6714–01–P
FR 35204 (June 27, 2007).
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18:00 Oct 24, 2007
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60547
TENNESSEE VALLEY AUTHORITY
18 CFR Part 1301
Testimony by TVA Employees,
Production of Official Records, and
Disclosure of Official Information in
Legal Proceedings
Tennessee Valley Authority
(TVA).
ACTION: Final rule.
AGENCY:
SUMMARY: The Tennessee Valley
Authority (‘‘TVA’’) is publishing as a
final rule a regulation governing access
to TVA information and records in
connection with legal proceedings in
which neither the United States nor
TVA is a party. This final rule
establishes guidelines for use in
determining whether TVA employees
will provide testimony or records
relating to their official duties. It also
establishes procedures for requesters to
follow when making demands on or
requests to a TVA employee for official
documents or to provide testimony.
This final rule standardizes TVA’s past
practices, promotes uniformity in
decisions, conserves the ability of TVA
to conduct official business, preserves
its employee resources, protects
confidential information, provides
guidance to requestors, minimizes
involvement in matters unrelated to
TVA’s mission and programs, avoids
wasteful allocation of agency resources,
and avoids spending public time and
money for private purpose.
DATES: The effective date of the
regulation is October 25, 2007.
FOR FURTHER INFORMATION CONTACT:
Nicholas P. Goschy, Assistant General
Counsel, Tennessee Valley Authority,
400 W. Summit Hill Drive, Knoxville,
Tennessee 37902, (865) 632–8960.
SUPPLEMENTARY INFORMATION:
Background
TVA regularly receives subpoenas and
other informal requests for documents
and requests for TVA employees to
provide testimony or evidence in cases
in which TVA is not a party. Sometimes
these subpoenas or requests are for TVA
records that are not available to the
public under the Freedom of
Information Act. TVA also receives
requests for TVA employees to appear
as witnesses in litigation and to provide
testimony relating to materials
contained in TVA’s official records or
provide testimony or information
acquired during the performance of the
employees’ official duties.
Although many other federal agencies
currently have regulations in place to
address these types of requests, and
E:\FR\FM\25OCR1.SGM
25OCR1
Agencies
[Federal Register Volume 72, Number 206 (Thursday, October 25, 2007)]
[Rules and Regulations]
[Pages 60546-60547]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20998]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 344
RIN 3064-AD20
Extension of Time Period for Quarterly Reporting of Bank
Officers' and Certain Employees' Personal Securities Transactions
AGENCY: Federal Deposit Insurance Corporation (``FDIC'').
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The FDIC is amending its regulation governing personal
securities trading reporting to extend the time period from 10-business
to 30-calendar days after the end of the calendar quarter that officers
and all employees of state nonmember banks who make or participate in
investment decisions for the accounts of customers have to report their
personal securities transactions.
DATES: This final rule will become effective on: November 26, 2007.
FOR FURTHER INFORMATION CONTACT: Anthony J. DiMilo, Trust Examination
Specialist, (202) 898-7496, in the Division of Supervision and Consumer
Protection; Julia E. Paris, Senior Attorney, (202) 898-3821, in the
Legal Division.
SUPPLEMENTARY INFORMATION:
I. Background
Section 344.9(a)(3) of Part 344 of the FDIC's recordkeeping and
confirmation requirements for effecting securities transactions
requires all bank officers of state nonmember banks and all employees
who, in connection with their duties, make or participate in investment
decisions for the accounts of customers (``certain employees'') to
report to the bank all securities transactions made by them or on their
behalf in which they have a beneficial interest within 10-business days
after the end of the calendar quarter.\1\ At the time it was adopted,
this provision, among others, reflected the U.S. Securities and
Exchange Commission's (``SEC'') recommendations contained in the Final
Report of the Securities and Exchange Commission on Bank Securities
Activities (June 30, 1977) and generally was patterned after SEC
regulations.\2\ Specifically, section 344.9(a)(3) was intended to be
comparable to the SEC's Rule 17j-1 of the Investment Company Act of
1940, which required ``access persons'' to report personal securities
transactions quarterly and originally mandated a 10-business day period
for reporting.\3\
---------------------------------------------------------------------------
\1\ 12 CFR 344.9(a)(3).
\2\ 44 FR 43260, 43263 (July 24, 1979); see 45 FR 73898 (Nov. 7,
1980) (SEC final rule 17j-1 adopting investment advisor code of
ethics and disclosure requirements for ``access persons,'' as
defined by 17 CFR 270.17-j-1(a)(1)).
\3\ See 17 CFR 270.17j-1(c)(2) (1998); 45 FR 73898 (Nov. 7,
1980).
---------------------------------------------------------------------------
The SEC, in July 2004, amended Rule 17j-1 to extend the reporting
time period to 30-calendar days after the end of the calendar
quarter.\4\ The effective date of the SEC's amendments to Rule 17j-1
was August 31, 2004, with a compliance date of January 7, 2005.
---------------------------------------------------------------------------
\4\ 69 FR 41696 (July 9, 2004).
---------------------------------------------------------------------------
II. Summary of Proposed Rule
On June 27, 2007, the FDIC published for comment a Notice of
Proposed
[[Page 60547]]
Rulemaking to amend section 344.9(a)(3) to extend the time period for
reporting quarterly personal securities transactions to 30-calendar
days after the end of the calendar quarter.\5\ The comment period was
60 days, and expired on August 27, 2007. The FDIC received one comment
on this proposal. The commenter supported the proposed amendment and
agreed that the purpose of extending the reporting deadline was to
align the FDIC's requirements with the SEC's, and to promote practical
and uniform recordkeeping requirements.
---------------------------------------------------------------------------
\5\ 72 FR 35204 (June 27, 2007).
---------------------------------------------------------------------------
III. Final Rule
As explained above, the FDIC received one industry comment on its
proposal to extend the personal securities transactions reporting
requirement to 30-calendar days after the end of the calendar quarter,
which comment endorsed the FDIC's reasoning for its proposal.
Accordingly, the FDIC is adopting the rule as proposed with no
revisions.
IV. Regulatory Analysis and Procedure
A. Plain Language
Section 722 of the Gramm-Leach-Bliley Act (12 U.S.C. 4809) requires
the FDIC to use ``plain language'' in all proposed and final rules
published after January 1, 2000. The proposed rule requested comments
on how the rule might be changed to reflect the requirements of GLBA.
No comments were received.
B. Regulatory Flexibility Act
Under section 605(b) of the Regulatory Flexibility Act (``RFA'') (5
U.S.C. 605(b)) the regulatory flexibility analysis otherwise required
under section 603 of the RFA (5 U.S.C. 603) is not required if the head
of the agency certifies that the rule will not have a significant
economic impact on a substantial number of small entities and the
agency publishes such certification and a statement explaining the
factual basis for such a certification in the Federal Register along
with its rule.
Pursuant to section 605(b) of the RFA, the FDIC certifies that this
final rule will not have a significant impact on a substantial number
of small entities. The FDIC does not expect that this rule will create
any additional burden on small entities. In effect, the rule extends to
30-calendar days the reporting period within which officers and certain
employees of state nonmember banks have to report their personal
securities transactions and gives these individuals more latitude to
report their quarterly securities transactions. Accordingly, a
regulatory flexibility analysis is not required.
C. Paperwork Reduction Act
The recordkeeping and reporting requirements for securities
transactions in Part 344 constitute a collection of information as
defined by the Paperwork Reduction Act. The information collection has
been approved by the Office of Management and Budget under control
number 3064-0028. The reporting requirements and burden associated with
that collection would not be affected by this rule.
List of Subjects in 12 CFR Part 344
Reporting and recordkeeping requirements.
0
For the reasons set forth in the preamble, title 12, chapter III, part
344, is amended as follows:
PART 344--RECORDKEEPING AND CONFIRMATION REQUIREMENTS FOR
SECURITIES TRANSACTIONS
0
1. The authority citation for Part 344 continues to read as follows:
Authority: 12 U.S.C. 1817, 1818, and 1819.
0
2. In Sec. 344.9, paragraph (a)(3) is revised to read as follows:
Sec. 344.9 Personal securities trading reporting by bank officers and
employees.
(a) * * *
(3) In connection with their duties, obtain information concerning
which securities are being purchased or sold or recommend such action,
must report to the bank, within 30-calendar days after the end of the
calendar quarter, all transactions in securities made by them or on
their behalf, either at the bank or elsewhere in which they have a
beneficial interest. The report shall identify the securities purchased
or sold and indicate the dates of the transactions and whether the
transactions were purchases or sales.
* * * * *
By Order of the Board of Directors.
Dated at Washington, DC, the 16th day of October, 2007.
Federal Deposit Insurance Corporation
Robert E. Feldman,
Executive Secretary.
[FR Doc. E7-20998 Filed 10-24-07; 8:45 am]
BILLING CODE 6714-01-P