Certifications and Exemptions Under the International Regulations for Preventing Collisions at Sea, 1972, 63485-63486 [E7-22008]
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Federal Register / Vol. 72, No. 217 / Friday, November 9, 2007 / Rules and Regulations
commitments that are accounted for at
fair value through earnings under
generally accepted accounting
principles.
Note: The text of SAB 109 will not appear
in the Code of Federal Regulations.
Topic 5: Miscellaneous Accounting
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DD. Written Loan Commitments
Recorded at Fair Value Through
Earnings
Facts: Bank A enters into a loan
commitment with a customer to
originate a mortgage loan at a specified
rate. As part of this written loan
commitment, Bank A expects to receive
future net cash flows related to servicing
rights from servicing fees (included in
the loan’s interest rate or otherwise),
late charges, and other ancillary sources,
or from selling the servicing rights to a
third party. If Bank A intends to sell the
mortgage loan after it is funded,
pursuant to paragraph 6 of FASB
Statement No. 133, Accounting for
Derivative Instruments and Hedging
Activities, as amended by FASB
Statement No. 149, Amendment of
Statement 133 on Derivative
Instruments and Hedging Activities
(‘‘Statement 133’’), the written loan
commitment is accounted for as a
derivative instrument and recorded at
fair value through earnings (referred to
hereafter as a ‘‘derivative loan
commitment’’). If Bank A does not
intend to sell the mortgage loan after it
is funded, the written loan commitment
is not accounted for as a derivative
under Statement 133. However,
paragraph 7(c) of FASB Statement No.
159, The Fair Value Option for
Financial Assets and Financial
Liabilities (‘‘Statement 159’’), permits
Bank A to record the written loan
commitment at fair value through
earnings (referred to hereafter as a
‘‘written loan commitment’’). Pursuant
to Statement 159, the fair value
measurement for a written loan
commitment would include the
expected net future cash flows related to
the associated servicing of the loan.
Question 1: In measuring the fair
value of a derivative loan commitment
accounted for under Statement 133,
should Bank A include the expected net
future cash flows related to the
associated servicing of the loan?
Interpretive Response: Yes. The staff
believes that, consistent with the
recently issued guidance in FASB
Statement No. 156, Accounting for
Servicing of Financial Assets
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18:07 Nov 08, 2007
Jkt 214001
(‘‘Statement 156’’),1 and Statement 159,
the expected net future cash flows
related to the associated servicing of the
loan should be included in the fair
value measurement of a derivative loan
commitment. The expected net future
cash flows related to the associated
servicing of the loan that are included
in the fair value measurement of a
derivative loan commitment or a written
loan commitment should be determined
in the same manner that the fair value
of a recognized servicing asset or
liability is measured under FASB
Statement No. 140, Accounting for
Transfers and Servicing of Financial
Assets and Extinguishments of
Liabilities, as amended by Statement
156 (‘‘Statement 140’’). However, as
discussed in paragraphs 61 and 62 of
Statement 140, a separate and distinct
servicing asset or liability is not
recognized for accounting purposes
until the servicing rights have been
contractually separated from the
underlying loan by sale or securitization
of the loan with servicing retained.
The views in Question 1 apply to all
loan commitments that are accounted
for at fair value through earnings.
However, for purposes of electing fair
value accounting pursuant to Statement
159, the views in Question 1 are not
intended to be applied by analogy to
any other instrument that contains a
nonfinancial element.
Question 2: In measuring the fair
value of a derivative loan commitment
accounted for under Statement 133 or a
written loan commitment accounted for
under Statement 159, should Bank A
include the expected net future cash
flows related to internally-developed
intangible assets?
Interpretive Response: No. The staff
does not believe that internallydeveloped intangible assets (such as
customer relationship intangible assets)
should be recorded as part of the fair
value of a derivative loan commitment
or a written loan commitment. Such
nonfinancial elements of value should
not be considered a component of the
related instrument. Recognition of such
assets would only be appropriate in a
third-party transaction. For example, in
the purchase of a portfolio of derivative
loan commitments in a business
combination, a customer relationship
intangible asset is recorded separately
from the fair value of such loan
commitments. Similarly, when an entity
purchases a credit card portfolio, EITF
Issue No. 88–20, Difference between
1 Statement 156 permits an entity to subsequently
measure recognized servicing assets and servicing
liabilities (which are nonfinancial instruments) at
fair value through earnings.
PO 00000
Frm 00041
Fmt 4700
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63485
Initial Investment and Principal
Amount of Loans in a Purchased Credit
Card Portfolio, requires an allocation of
the purchase price to a separately
recorded cardholder relationship
intangible asset.
The view in Question 2 applies to all
loan commitments that are accounted
for at fair value through earnings.
[FR Doc. E7–21927 Filed 11–8–07; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF DEFENSE
Department of the Navy
32 CFR Part 706
Certifications and Exemptions Under
the International Regulations for
Preventing Collisions at Sea, 1972
Department of the Navy, DoD.
Final rule.
AGENCY:
ACTION:
SUMMARY: The Department of the Navy
is amending its certifications and
exemptions under the International
Regulations for Preventing Collisions at
Sea, 1972 (72 COLREGS), to reflect that
the Deputy Assistant Judge Advocate
General (Admiralty and Maritime Law)
has determined that USS NORTH
CAROLINA (SSN 777) is a vessel of the
Navy which, due to its special
construction and purpose, cannot fully
comply with certain provisions of the 72
COLREGS without interfering with its
special function as a naval ship. The
intended effect of this rule is to warn
mariners in waters where 72 COLREGS
apply.
DATES: This rule is effective November
9, 2007 and is applicable to October 11,
2007.
FOR FURTHER INFORMATION CONTACT:
Commander Gregg A. Cervi, JAGC, U.S.
Navy, Deputy Assistant Judge Advocate
General (Admiralty and Maritime Law),
Office of the Judge Advocate General,
Department of the Navy, 1322 Patterson
Ave., SE., Suite 3000, Washington Navy
Yard, DC 20374–5066, telephone 202–
685–5040.
SUPPLEMENTARY INFORMATION: Pursuant
to the authority granted in 33 U.S.C.
1605, the Department of the Navy
amends 32 CFR part 706. This
amendment provides notice that the
Deputy Assistant Judge Advocate
General (Admiralty and Maritime Law),
under authority delegated by the
Secretary of the Navy, has certified that
USS NORTH CAROLINA (SSN 777) is a
vessel of the Navy which, due to its
special construction and purpose,
cannot fully comply with the following
specific provisions of 72 COLREGS
E:\FR\FM\09NOR1.SGM
09NOR1
63486
Federal Register / Vol. 72, No. 217 / Friday, November 9, 2007 / Rules and Regulations
without interfering with its special
function as a naval ship: Annex I,
paragraph 2(a)(i), pertaining to the
height placement of the masthead light
above the hull; Annex I, paragraph 2(k),
pertaining to the height and relative
positions of the anchor lights; Annex I,
paragraph 3(b), pertaining to the
location of the sidelights; and Rule
21(c), pertaining to the location and arc
of visibility of the sternlight. The
Deputy Assistant Judge Advocate
General (Admiralty and Maritime Law)
has also certified that the lights
involved are located in closest possible
compliance with the applicable 72
COLREGS requirements.
Moreover, it has been determined, in
accordance with 32 CFR parts 296 and
701, that publication of this amendment
for public comment prior to adoption is
impracticable, unnecessary, and
contrary to public interest since it is
based on technical findings that the
placement of lights on this vessel in a
manner differently from that prescribed
herein will adversely affect the vessel’s
ability to perform its military functions.
List of Subjects in 32 CFR Part 706
PART 706—CERTIFICATIONS AND
EXEMPTIONS UNDER THE
INTERNATIONAL REGULATIONS FOR
PREVENTING COLLISIONS AT SEA,
1972
1. The authority citation for part 706
continues to read:
I
Authority: 33 U.S.C. 1605.
Marine safety, Navigation (water), and
Vessels.
2. Table One of § 706.2 is amended by
adding, in numerical order, the
following entry for USS NORTH
CAROLINA:
For the reasons set forth in the
preamble, amend part 706 of title 32 of
the Code of Federal Regulations as
follows:
§ 706.2 Certifications of the Secretary of
the Navy under Executive Order 11964 and
33 U.S.C. 1605.
I
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TABLE ONE
Vessel
Number
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USS NORTH CAROLINA .....................................................................................................................................
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3. Table Three of § 706.2 is amended
by adding, in numerical order, the
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SSN 777
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2.90
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§ 706.2 Certifications of the Secretary of
the Navy under Executive Order 11964 and
33 U.S.C. 1605.
following entry for USS NORTH
CAROLINA:
I
Distance in meters of forward
masthead light
below minimum
required height.
§ 2(a)(i), Annex I
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TABLE THREE
Vessel
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USS NORTH
CAROLINA.
Masthead
lights arc of
visibility; rule
21(a)
Number
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SSN 777
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Meets Requirement.
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Stern light
arc of
visibility; rule
21(c)
Side lights
distance inboard of
ship’s sides
in meters
3(b) annex 1
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205.6°
Side lights arc
of visibility;
rule 21(b)
4.37
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Meets Requirement.
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Approved: October 11, 2007.
Gregg A. Cervi,
Commander, JAGC, U.S. Navy Deputy
Assistant Judge Advocate General (Admiralty
and Maritime Law).
[FR Doc. E7–22008 Filed 11–8–07; 8:45 am]
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2.8
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0.30 below.
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Notice of temporary deviation
from regulations; request for comments.
ACTION:
Coast Guard
SUMMARY: The Commander, Eighth
Coast Guard District, has issued a
temporary deviation from the regulation
governing the operation of the State
Route 433 (S433) Bridge across
Bonfouca Bayou, mile 7.0, at Slidell, St.
Tammany Parish, Louisiana. This
deviation will test a change to the
drawbridge operation schedule to
determine whether a permanent change
to the schedule is needed.
33 CFR Part 117
Drawbridge Operation Regulations;
Bonfouca Bayou, Slidell, LA
AGENCY:
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Anchor lights
relationship of
aft light to forward light in
meters 2(K)
annex 1
DEPARTMENT OF HOMELAND
SECURITY
[CGD08–07–034]
18:07 Nov 08, 2007
Forward
anchor light,
height above
hull in
meters; 2(K)
annex 1
11.05
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BILLING CODE 3810–FF–P
VerDate Aug<31>2005
Stern light,
distance
forward of
stern in meters; rule
21(c)
PO 00000
Coast Guard, DHS.
Frm 00042
Fmt 4700
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09NOR1
]]>Agencies
[Federal Register Volume 72, Number 217 (Friday, November 9, 2007)]
[Rules and Regulations]
[Pages 63485-63486]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22008]
-----------------------------------------------------------------------
DEPARTMENT OF DEFENSE
Department of the Navy
32 CFR Part 706
Certifications and Exemptions Under the International Regulations
for Preventing Collisions at Sea, 1972
AGENCY: Department of the Navy, DoD.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Department of the Navy is amending its certifications and
exemptions under the International Regulations for Preventing
Collisions at Sea, 1972 (72 COLREGS), to reflect that the Deputy
Assistant Judge Advocate General (Admiralty and Maritime Law) has
determined that USS NORTH CAROLINA (SSN 777) is a vessel of the Navy
which, due to its special construction and purpose, cannot fully comply
with certain provisions of the 72 COLREGS without interfering with its
special function as a naval ship. The intended effect of this rule is
to warn mariners in waters where 72 COLREGS apply.
DATES: This rule is effective November 9, 2007 and is applicable to
October 11, 2007.
FOR FURTHER INFORMATION CONTACT: Commander Gregg A. Cervi, JAGC, U.S.
Navy, Deputy Assistant Judge Advocate General (Admiralty and Maritime
Law), Office of the Judge Advocate General, Department of the Navy,
1322 Patterson Ave., SE., Suite 3000, Washington Navy Yard, DC 20374-
5066, telephone 202-685-5040.
SUPPLEMENTARY INFORMATION: Pursuant to the authority granted in 33
U.S.C. 1605, the Department of the Navy amends 32 CFR part 706. This
amendment provides notice that the Deputy Assistant Judge Advocate
General (Admiralty and Maritime Law), under authority delegated by the
Secretary of the Navy, has certified that USS NORTH CAROLINA (SSN 777)
is a vessel of the Navy which, due to its special construction and
purpose, cannot fully comply with the following specific provisions of
72 COLREGS
[[Page 63486]]
without interfering with its special function as a naval ship: Annex I,
paragraph 2(a)(i), pertaining to the height placement of the masthead
light above the hull; Annex I, paragraph 2(k), pertaining to the height
and relative positions of the anchor lights; Annex I, paragraph 3(b),
pertaining to the location of the sidelights; and Rule 21(c),
pertaining to the location and arc of visibility of the sternlight. The
Deputy Assistant Judge Advocate General (Admiralty and Maritime Law)
has also certified that the lights involved are located in closest
possible compliance with the applicable 72 COLREGS requirements.
Moreover, it has been determined, in accordance with 32 CFR parts
296 and 701, that publication of this amendment for public comment
prior to adoption is impracticable, unnecessary, and contrary to public
interest since it is based on technical findings that the placement of
lights on this vessel in a manner differently from that prescribed
herein will adversely affect the vessel's ability to perform its
military functions.
List of Subjects in 32 CFR Part 706
Marine safety, Navigation (water), and Vessels.
0
For the reasons set forth in the preamble, amend part 706 of title 32
of the Code of Federal Regulations as follows:
PART 706--CERTIFICATIONS AND EXEMPTIONS UNDER THE INTERNATIONAL
REGULATIONS FOR PREVENTING COLLISIONS AT SEA, 1972
0
1. The authority citation for part 706 continues to read:
Authority: 33 U.S.C. 1605.
0
2. Table One of Sec. 706.2 is amended by adding, in numerical order,
the following entry for USS NORTH CAROLINA:
Sec. 706.2 Certifications of the Secretary of the Navy under
Executive Order 11964 and 33 U.S.C. 1605.
* * * * *
Table One
------------------------------------------------------------------------
Distance in meters
of forward
masthead light
Vessel Number below minimum
required height.
Sec. 2(a)(i),
Annex I
------------------------------------------------------------------------
* * * * * * *
USS NORTH CAROLINA............. SSN 777 2.90
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------------------------------------------------------------------------
0
3. Table Three of Sec. 706.2 is amended by adding, in numerical order,
the following entry for USS NORTH CAROLINA:
Sec. 706.2 Certifications of the Secretary of the Navy under
Executive Order 11964 and 33 U.S.C. 1605.
* * * * *
Table Three
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Anchor lights
Side lights Stern light, Forward anchor relationship of
Masthead lights Side lights arc of Stern light arc of distance inboard distance forward light, height aft light to
Vessel Number arc of visibility; visibility; rule visibility; rule of ship's sides in of stern in above hull in forward light in
rule 21(a) 21(b) 21(c) meters 3(b) annex meters; rule 21(c) meters; 2(K) annex meters 2(K) annex
1 1 1
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USS NORTH CAROLINA............. SSN 777 Meets Requirement. Meets Requirement. 205.6[deg]......... 4.37.............. 11.05............. 2.8............... 0.30 below.
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Approved: October 11, 2007.
Gregg A. Cervi,
Commander, JAGC, U.S. Navy Deputy Assistant Judge Advocate General
(Admiralty and Maritime Law).
[FR Doc. E7-22008 Filed 11-8-07; 8:45 am]
BILLING CODE 3810-FF-P
