Credit by Brokers and Dealers, 70486 [E7-24052]
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Federal Register / Vol. 72, No. 238 / Wednesday, December 12, 2007 / Rules and Regulations
the FDA review and approval of a New
Animal Drug Application or New Drug
Application.
(g)–(z) [Reserved]
Dated: December 5, 2007.
Lloyd C. Day,
Administrator, Agricultural Marketing
Service.
[FR Doc. E7–23915 Filed 12–11–07; 8:45 am]
BILLING CODE 3410–02–P
FEDERAL RESERVE SYSTEM
12 CFR Part 220
[Regulation T; Docket No. R–1301]
Credit by Brokers and Dealers
Board of Governors of the
Federal Reserve System.
ACTION: Final rule; correcting
amendment.
AGENCY:
SUMMARY: The Board of Governors of the
Federal Reserve System (Board) is
amending Regulation T (Credit by
Brokers and Dealers) to correct a crossreference in one of its interpretations.
DATES: Effective Date: December 12,
2007.
yshivers on PROD1PC62 with RULES
FOR FURTHER INFORMATION CONTACT:
Scott Holz, Senior Counsel, Legal
Division (202–452–2966). For users of
the Telecommunications Device (TDD)
only, please call 202–263–4869.
SUPPLEMENTARY INFORMATION: The
National Securities Markets
Improvement Act of 1996 (NSMIA).
(Pub. L. 104–290, 110 Stat. 3416)
amended section 7 of the Securities
Exchange of 1934 (15 U.S.C. 78g) to
limit the Board’s authority to impose
restrictions on credit extended,
maintained, or arranged to or for a
member of a national securities
exchange or a registered broker or
dealer, a substantial portion of whose
business consists of transactions with
persons other than brokers or dealers, or
to finance its activities as a market
maker or an underwriter. Restrictions on
these types of credit were found at that
time in Regulations G, T and U (12 CFR
Parts 207, 220, and 221, respectively).
NSMIA gave the Board the authority
to maintain or adopt restrictions on
these types of credit if it determines that
such action is necessary or appropriate
in the public interest or for the
protection of investors. In November
1996, the Board adopted an
interpretation of its margin regulations
(1996 interpretation), indicating that the
Board had not made such a finding (61
FR 60166, November 26, 1996). The
1996 interpretation stated the Board’s
VerDate Aug<31>2005
15:38 Dec 11, 2007
Jkt 214001
belief that the restrictions on these types
of credit found in the Regulations G, T
and U had been superseded by NSMIA.
NSMIA also repealed section 8(a) of
the Securities Exchange Act of 1934,
dealing with extensions of credit to
brokers and dealers collateralized with
exchange-traded securities. The Board’s
1996 interpretation indicated that the
provisions in Regulations G, T and U
adopted to implement section 8(a) of the
Securities Exchange Act of 1934 were
without effect in light of NSMIA.
The text of the 1996 interpretation
was published as part of Regulation G,
and Regulations T and U were amended
with interpretations that referred to the
text of the 1996 interpretation appearing
in Regulation G.
In 1998, the Board adopted regulatory
amendments to remove the restrictions
that conflicted with NSMIA (63 FR
2806, January 16, 1998). As part of this
process, the Board amended the 1996
interpretation to delete references to the
conflict between the regulations and
NSMIA. The remaining provisions of
Regulation G, including the amended
1996 interpretation, were incorporated
into Regulation U. However, the
reference in Regulation T to the text of
the 1996 interpretation was
inadvertently not changed to reflect the
elimination of Regulation G. Today’s
action will correct this cross-reference
by amending Regulation T to reflect the
fact that the text of the amended 1996
interpretation now appears in
Regulation U.
List of Subjects in 12 CFR Part 220
Banks, banking, Brokers, Credit,
Federal Reserve System, Margin, Margin
requirements, Reporting and
recordkeeping requirements, Securities.
For the reasons set forth in the
preamble, part 220 is amended to read
as follows:
I
PART 220—CREDIT BY BROKERS
AND DEALERS (REGULATION T)
1. The authority citation for part 220
continues to read as follows:
I
Authority: 15 U.S.C. 78c, 78g, 78q, and
78w.
§ 220.132
[Amended]
Fmt 4700
Sfmt 4700
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Parts 26, 121, and 129
[Docket No. FAA–2005–21693; Amendment
Nos. 26–1, 121–337, 129–44]
RIN 2120–AI32
Damage Tolerance Data for Repairs
and Alterations
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
SUMMARY: This final rule requires
holders of design approvals to make
available to operators damage tolerance
data for repairs and alterations to fatigue
critical airplane structure. This rule will
support operator compliance with the
Aging Airplane Safety final rule with
respect to the requirement to
incorporate into the maintenance
program, a means for addressing the
adverse effects repairs and alterations
may have on fatigue critical structure.
The intent of this final rule is to ensure
the continued airworthiness of fatigue
critical airplane structure by requiring
design approval holders to support
operator compliance with specified
damage tolerance requirements.
DATES: These amendments become
effective January 11, 2008.
FOR FURTHER INFORMATION CONTACT: If
you have technical questions about this
action, contact Greg Schneider, ANM–
115, Airframe and Cabin Safety, Federal
Aviation Administration, 1601 Lind
Avenue, SW., Renton, Washington
98057–3356, telephone: (425–227–
2116); facsimile (425–227–1232); e-mail
greg.schneider@faa.gov. Direct any legal
questions to Doug Anderson, ANM–7,
Office of Regional Counsel, Federal
Aviation Administration, 1601 Lind
Avenue, SW., Renton, WA 98057–3356;
telephone (425) 227–2166; facsimile
(425) 227–1007; e-mail
Douglas.Anderson@faa.gov.
Authority for This Rulemaking
By order of the Secretary of the Board,
acting pursuant to delegated authority for the
Frm 00008
BILLING CODE 6210–01–P
SUPPLEMENTARY INFORMATION:
2. In § 220.132, introductory
paragraph, replace the phrase
‘‘§ 207.114’’ with ‘‘§ 221.125.’’
I
PO 00000
Board of Governors of the Federal Reserve
System, December 7, 2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7–24052 Filed 12–11–07; 8:45 am]
The FAA’s authority to issue rules
regarding aviation safety is found in
Title 49 of the United States Code.
Subtitle I, Section 106 describes the
E:\FR\FM\12DER1.SGM
12DER1
Agencies
[Federal Register Volume 72, Number 238 (Wednesday, December 12, 2007)]
[Rules and Regulations]
[Page 70486]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24052]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 220
[Regulation T; Docket No. R-1301]
Credit by Brokers and Dealers
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; correcting amendment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is amending Regulation T (Credit by Brokers and Dealers) to correct a
cross-reference in one of its interpretations.
DATES: Effective Date: December 12, 2007.
FOR FURTHER INFORMATION CONTACT: Scott Holz, Senior Counsel, Legal
Division (202-452-2966). For users of the Telecommunications Device
(TDD) only, please call 202-263-4869.
SUPPLEMENTARY INFORMATION: The National Securities Markets Improvement
Act of 1996 (NSMIA). (Pub. L. 104-290, 110 Stat. 3416) amended section
7 of the Securities Exchange of 1934 (15 U.S.C. 78g) to limit the
Board's authority to impose restrictions on credit extended,
maintained, or arranged to or for a member of a national securities
exchange or a registered broker or dealer, a substantial portion of
whose business consists of transactions with persons other than brokers
or dealers, or to finance its activities as a market maker or an
underwriter. Restrictions on these types of credit were found at that
time in Regulations G, T and U (12 CFR Parts 207, 220, and 221,
respectively).
NSMIA gave the Board the authority to maintain or adopt
restrictions on these types of credit if it determines that such action
is necessary or appropriate in the public interest or for the
protection of investors. In November 1996, the Board adopted an
interpretation of its margin regulations (1996 interpretation),
indicating that the Board had not made such a finding (61 FR 60166,
November 26, 1996). The 1996 interpretation stated the Board's belief
that the restrictions on these types of credit found in the Regulations
G, T and U had been superseded by NSMIA.
NSMIA also repealed section 8(a) of the Securities Exchange Act of
1934, dealing with extensions of credit to brokers and dealers
collateralized with exchange-traded securities. The Board's 1996
interpretation indicated that the provisions in Regulations G, T and U
adopted to implement section 8(a) of the Securities Exchange Act of
1934 were without effect in light of NSMIA.
The text of the 1996 interpretation was published as part of
Regulation G, and Regulations T and U were amended with interpretations
that referred to the text of the 1996 interpretation appearing in
Regulation G.
In 1998, the Board adopted regulatory amendments to remove the
restrictions that conflicted with NSMIA (63 FR 2806, January 16, 1998).
As part of this process, the Board amended the 1996 interpretation to
delete references to the conflict between the regulations and NSMIA.
The remaining provisions of Regulation G, including the amended 1996
interpretation, were incorporated into Regulation U. However, the
reference in Regulation T to the text of the 1996 interpretation was
inadvertently not changed to reflect the elimination of Regulation G.
Today's action will correct this cross-reference by amending Regulation
T to reflect the fact that the text of the amended 1996 interpretation
now appears in Regulation U.
List of Subjects in 12 CFR Part 220
Banks, banking, Brokers, Credit, Federal Reserve System, Margin,
Margin requirements, Reporting and recordkeeping requirements,
Securities.
0
For the reasons set forth in the preamble, part 220 is amended to read
as follows:
PART 220--CREDIT BY BROKERS AND DEALERS (REGULATION T)
0
1. The authority citation for part 220 continues to read as follows:
Authority: 15 U.S.C. 78c, 78g, 78q, and 78w.
Sec. 220.132 [Amended]
0
2. In Sec. 220.132, introductory paragraph, replace the phrase ``Sec.
207.114'' with ``Sec. 221.125.''
By order of the Secretary of the Board, acting pursuant to
delegated authority for the Board of Governors of the Federal
Reserve System, December 7, 2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-24052 Filed 12-11-07; 8:45 am]
BILLING CODE 6210-01-P