Delegation of Authority and Change in Position Title, 79608-79609 [E8-31001]
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79608
Federal Register / Vol. 73, No. 250 / Tuesday, December 30, 2008 / Rules and Regulations
disallowed purchased credit card
relationships, any disallowed creditenhancing interest-only strips, and any
disallowed deferred tax assets.
(ii) For purposes of this limitation, all
existing temporary differences should
be assumed to fully reverse at the
calendar quarter-end date. The recorded
amount of deferred tax assets that are
dependent upon future taxable income,
net of any valuation allowance for
deferred tax assets, in excess of this
limitation will be deducted from assets
and from equity capital for purposes of
determining Tier 1 capital under this
part. The amount of deferred tax assets
that can be realized from taxes paid in
prior carryback years and from the
reversal of existing taxable temporary
differences generally would not be
deducted from assets and from equity
capital.
(iii) Notwithstanding paragraph
(h)(1)(B)(ii) of this section, the amount
of carryback potential that may be
considered in calculating the amount of
deferred tax assets that a savings
association that is part of a consolidated
group (for tax purposes) may include in
Tier 1 capital may not exceed the
amount which the association could
reasonably expect to have refunded by
its parent.
(2) Projected future taxable income.
Projected future taxable income should
not include net operating loss
carryforwards to be used within one
year of the most recent calendar quarterend date or the amount of existing
temporary differences expected to
reverse within that year. Projected
future taxable income should include
the estimated effect of tax planning
strategies that are expected to be
implemented to realize tax
carryforwards that will otherwise expire
during that year. Future taxable income
projections for the current fiscal year
(adjusted for any significant changes
that have occurred or are expected to
occur) may be used when applying the
capital limit at an interim calendar
quarter-end date rather than preparing a
new projection each quarter.
(3) Unrealized holding gains and
losses on available-for-sale debt
securities. The deferred tax effects of
any unrealized holding gains and losses
on available-for-sale debt securities may
be excluded from the determination of
the amount of deferred tax assets that
are dependent upon future taxable
income and the calculation of the
maximum allowable amount of such
assets. If these deferred tax effects are
excluded, this treatment must be
followed consistently over time.
VerDate Aug<31>2005
22:13 Dec 29, 2008
Jkt 217001
Dated: December 15, 2008.
John C. Dugan,
Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System, December 19, 2008.
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, DC, this 16th day of
December, 2008.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Dated: December 15, 2008.
By the Office of Thrift Supervision.
John Reich,
Director.
[FR Doc. E8–30780 Filed 12–29–08; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P;
6720–01–P
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 140
RIN 3038–AC68
Delegation of Authority and Change in
Position Title
AGENCY: Commodity Futures Trading
Commission.
ACTION: Final rules.
SUMMARY: The Commodity Futures
Trading Commission (‘‘Commission’’) is
amending certain provisions of its part
140 regulations to add the Chief
Economist and the Deputy Chief
Economist of the Office of the Chief
Economist as persons to whom certain
authorities are delegated. The
Commission is also amending part 140
to reflect a change in position title from
‘‘Regional Coordinators’’ to ‘‘Regional
Administrators.’’
DATES: Effective Date: December 30,
2008.
FOR FURTHER INFORMATION CONTACT:
Megan Sperling, Office of the General
Counsel, U.S. Commodity Futures
Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW.,
Washington, DC 20581. Telephone:
202–418–5150. E-mail:
msperling@cftc.gov.
SUPPLEMENTARY INFORMATION:
I. Background Information
On July 1, 2002, the Commission
reassigned the responsibilities of the
former Division of Trading and Markets
and Division of Economic Analysis to
the newly established Division of
Clearing and Intermediary Oversight,
Division of Market Oversight and Office
PO 00000
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Fmt 4700
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of the Chief Economist. On October 7,
2002, the Commission amended several
of its rules in Chapter I of Title 17 of the
Code of Federal Regulations to reflect
the reassignment of responsibilities,
including delegations of authority,
resulting from the reorganization of its
staff. The Commission failed to include
certain delegations of authority to the
Chief Economist of the Office of the
Chief Economist.
The Commission is amending rules
140.72 and 140.73 in Chapter I of Title
17 of the Code of Federal Regulations to
reflect delegated authority to the Chief
Economist and the Deputy Chief
Economist of the Office of the Chief
Economist. Rule 140.72(a), which
delegates authority to disclose
confidential information to a contract
market, registered futures association or
self-regulatory organization, is hereby
amended to extend delegated authority
to the Chief Economist and the Deputy
Chief Economist of the Office of the
Chief Economist. In addition, the
Commission is revising Rule 140.72(a)
to reflect the change in name of the
position of ‘‘Regional Coordinator’’ to
‘‘Regional Administrator.’’ Rule
140.73(a), which delegates authority to
disclose information to the United
States, States, foreign government
agencies and foreign futures authorities,
is amended to extend delegated
authority to the Chief Economist and the
Deputy Chief Economist of the Office of
the Chief Economist. As amended, these
rules reflect the assignment of
delegation authority to the Office of the
Chief Economist, and the technical
correction of a position title.
II. Related Matters
A. No Notice Required Under 5 U.S.C.
553
The Commission has determined that
these amendments are exempt from the
provisions of the Administrative
Procedure Act, 5 U.S.C. 553, which
generally requires notice of proposed
rulemaking and provides other
opportunities for public participation.
According to the exemptive language of
5 U.S.C. 553, these amendments pertain
to ‘‘rules of agency organization,
procedure or practice,’’ as to which
there exists agency discretion not to
provide notice. If made effective
immediately, they will promote
efficiency and facilitate the
Commission’s core mission without
imposing a new burden. Thus, the
Commission has determined to make
the amendments to Rules 140.72 and
140.73 effective immediately. For the
above reasons, the notice requirements
under 5 U.S.C. 553 are inapplicable.
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Federal Register / Vol. 73, No. 250 / Tuesday, December 30, 2008 / Rules and Regulations
B. Regulatory Flexibility Act
The Regulatory Flexibility Act
(‘‘RFA’’), 5 U.S.C. 601 et seq., requires
agencies with rulemaking authority to
consider the impact those rules will
have on small businesses. The RFA
defines the term ‘‘rule’’ to mean ‘‘any
rule for which the agency publishes a
general notice of proposed rulemaking
pursuant to section 553(b) of this title
* * * for which the agency provides an
opportunity for notice and public
comment.’’ 5 U.S.C. 601(2). Since the
rules are not being effected pursuant to
section 553(b), they are not ‘‘rules’’ as
defined in the RFA, and the analysis
and certification process in that section
do not apply.
additionally determined that the
amendments will enhance the
protection of market participants and
further Commission programs and
operations by delegating authority.
List of Subjects in 17 CFR Part 140
Authority delegations (Government
agencies), Organization and functions
(Government agencies).
■ Accordingly, 17 CFR part 140 is
amended as follows:
PART 140—ORGANIZATION,
FUNCTIONS, AND PROCEDURES OF
THE COMMISSION
1. The authority citation for part 140
is revised to read as follows:
■
Authority: 7 U.S.C. 2 and 12a.
C. Paperwork Reduction Act
The amendments to Part 140 do not
impose a burden within the meaning
and intent of the Paperwork Reduction
Act of 1980, 44 U.S.C. 3501 et seq.
2. In § 140.72, revise the first sentence
of paragraph (a) to read as follows:
■
pwalker on PROD1PC71 with RULES
D. Cost-Benefit Analysis
§ 140.72 Delegation of authority to
disclose confidential information to a
contract market, registered futures
association or self-regulatory organization.
Section 15(a) of the Commodity
Exchange Act, 7 U.S.C. 19(a), requires
the Commission to consider the costs
and benefits of its action before issuing
a new regulation. The Commission
understands that, by its terms, section
15(a) does not require the Commission
to quantify the costs and benefits of a
new regulation or to determine whether
the benefits of the regulation outweigh
its costs. Nor does it require that each
rule be analyzed in isolation when that
rule is a component of a larger package
of rules or rule revisions. Rather, section
15(a) simply requires the Commission to
‘‘consider the costs and benefits’’ of its
action.
Section 15(a) further specifies that
costs and benefits shall be evaluated in
light of five broad areas of market and
public concern: (1) Protection of market
participants and the public; (2)
efficiency, competitiveness and
financial integrity of futures markets; (3)
price discovery; (4) sound risk
management practices; and (5) other
public interest considerations.
Accordingly, the Commission can, in its
discretion, give greater weight to any
one of the five enumerated areas of
concern and can, in its discretion,
determine that notwithstanding its
costs, a particular rule is necessary or
appropriate to protect the public interest
or to effectuate any of the provisions, or
accomplish any of the purposes, of the
Commodity Exchange Act.
The Commission considered the costs
and benefits of this rule package in light
of the specific areas of concern
identified in section 15 when it
reorganized its staff in 2002. It has
(a) Pursuant to the authority granted
under sections 2(a)(11), 8a(5) and 8a(6)
of the Act, the Commission hereby
delegates, until such time as the
Commission orders otherwise, to the
Executive Director, the Deputy
Executive Director, the Special Assistant
to the Executive Director, the Director of
the Division of Clearing and
Intermediary Oversight, each Deputy
Director of the Division of Clearing and
Intermediary Oversight, the Chief
Accountant, the General Counsel, each
Deputy General Counsel, the Director of
the Division of Market Oversight, each
Deputy Director of the Division of
Market Oversight, the Director of the
Market Surveillance Section, the
Director of the Division of Enforcement,
each Deputy Director of the Division of
Enforcement, each Associate Director of
the Division of Enforcement, the Chief
Counsel of the Division of Enforcement,
each Regional Counsel of the Division of
Enforcement, each of the Regional
Administrators, each of the Directors of
the Market Surveillance Branches, the
Chief Economist of the Office of the
Chief Economist, the Deputy Chief
Economist of the Office of the Chief
Economist, the Director of the Office of
International Affairs, and the Deputy
Director of the Office of International
Affairs, the authority to disclose to an
official of any contract market,
registered futures association, or selfregulatory organization as defined in
section 3(a)(26) of the Securities
Exchange Act of 1934, any information
necessary or appropriate to effectuate
the purposes of the Act, including, but
not limited to, the full facts concerning
VerDate Aug<31>2005
22:13 Dec 29, 2008
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79609
any transaction or market operation,
including the names of the parties
thereto. * * *
*
*
*
*
*
■ 3. In § 140.73, revise the introductory
text of paragraph (a) to read as follows:
§ 140.73 Delegation of authority to
disclose information to the United States,
States, and foreign government agencies
and foreign futures authorities.
(a) Pursuant to sections 2(a)(11), 8a(5)
and 8(e) of the Act, the Commission
hereby delegates, until such time as the
Commission orders otherwise, to the
General Counsel or, in his or her
absence, to each Deputy General
Counsel, the Director of the Division of
Enforcement, each Deputy Director of
the Division of Enforcement, the Chief
Counsel of the Division of Enforcement,
each Associate Director of the Division
of Enforcement, each Regional Counsel
of the Division of Enforcement, the
Director of the Division of Market
Oversight or, in his or her absence, each
Deputy Director of the Division of
Market Oversight, the Director of the
Market Surveillance Section, the
Director of the Division of Clearing and
Intermediary Oversight or, in his or her
absence, each Deputy Director of the
Division of Clearing and Intermediary
Oversight, the Chief Economist of the
Office of the Chief Economist, the
Deputy Chief Economist of the Office of
the Chief Economist, and the Director of
the Office of International Affairs or, in
his or her absence, the Deputy Director
of the Office of International Affairs, the
authority to furnish information in the
possession of the Commission obtained
in connection with the administration of
the Act, upon written request, to:
*
*
*
*
*
Issued in Washington, DC, on December
16, 2008 by the Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. E8–31001 Filed 12–29–08; 8:45 am]
BILLING CODE 6351–01–P
E:\FR\FM\30DER1.SGM
30DER1
]]>Agencies
[Federal Register Volume 73, Number 250 (Tuesday, December 30, 2008)]
[Rules and Regulations]
[Pages 79608-79609]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-31001]
=======================================================================
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 140
RIN 3038-AC68
Delegation of Authority and Change in Position Title
AGENCY: Commodity Futures Trading Commission.
ACTION: Final rules.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (``Commission'') is
amending certain provisions of its part 140 regulations to add the
Chief Economist and the Deputy Chief Economist of the Office of the
Chief Economist as persons to whom certain authorities are delegated.
The Commission is also amending part 140 to reflect a change in
position title from ``Regional Coordinators'' to ``Regional
Administrators.''
DATES: Effective Date: December 30, 2008.
FOR FURTHER INFORMATION CONTACT: Megan Sperling, Office of the General
Counsel, U.S. Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW., Washington, DC 20581. Telephone: 202-
418-5150. E-mail: msperling@cftc.gov.
SUPPLEMENTARY INFORMATION:
I. Background Information
On July 1, 2002, the Commission reassigned the responsibilities of
the former Division of Trading and Markets and Division of Economic
Analysis to the newly established Division of Clearing and Intermediary
Oversight, Division of Market Oversight and Office of the Chief
Economist. On October 7, 2002, the Commission amended several of its
rules in Chapter I of Title 17 of the Code of Federal Regulations to
reflect the reassignment of responsibilities, including delegations of
authority, resulting from the reorganization of its staff. The
Commission failed to include certain delegations of authority to the
Chief Economist of the Office of the Chief Economist.
The Commission is amending rules 140.72 and 140.73 in Chapter I of
Title 17 of the Code of Federal Regulations to reflect delegated
authority to the Chief Economist and the Deputy Chief Economist of the
Office of the Chief Economist. Rule 140.72(a), which delegates
authority to disclose confidential information to a contract market,
registered futures association or self-regulatory organization, is
hereby amended to extend delegated authority to the Chief Economist and
the Deputy Chief Economist of the Office of the Chief Economist. In
addition, the Commission is revising Rule 140.72(a) to reflect the
change in name of the position of ``Regional Coordinator'' to
``Regional Administrator.'' Rule 140.73(a), which delegates authority
to disclose information to the United States, States, foreign
government agencies and foreign futures authorities, is amended to
extend delegated authority to the Chief Economist and the Deputy Chief
Economist of the Office of the Chief Economist. As amended, these rules
reflect the assignment of delegation authority to the Office of the
Chief Economist, and the technical correction of a position title.
II. Related Matters
A. No Notice Required Under 5 U.S.C. 553
The Commission has determined that these amendments are exempt from
the provisions of the Administrative Procedure Act, 5 U.S.C. 553, which
generally requires notice of proposed rulemaking and provides other
opportunities for public participation. According to the exemptive
language of 5 U.S.C. 553, these amendments pertain to ``rules of agency
organization, procedure or practice,'' as to which there exists agency
discretion not to provide notice. If made effective immediately, they
will promote efficiency and facilitate the Commission's core mission
without imposing a new burden. Thus, the Commission has determined to
make the amendments to Rules 140.72 and 140.73 effective immediately.
For the above reasons, the notice requirements under 5 U.S.C. 553 are
inapplicable.
[[Page 79609]]
B. Regulatory Flexibility Act
The Regulatory Flexibility Act (``RFA''), 5 U.S.C. 601 et seq.,
requires agencies with rulemaking authority to consider the impact
those rules will have on small businesses. The RFA defines the term
``rule'' to mean ``any rule for which the agency publishes a general
notice of proposed rulemaking pursuant to section 553(b) of this title
* * * for which the agency provides an opportunity for notice and
public comment.'' 5 U.S.C. 601(2). Since the rules are not being
effected pursuant to section 553(b), they are not ``rules'' as defined
in the RFA, and the analysis and certification process in that section
do not apply.
C. Paperwork Reduction Act
The amendments to Part 140 do not impose a burden within the
meaning and intent of the Paperwork Reduction Act of 1980, 44 U.S.C.
3501 et seq.
D. Cost-Benefit Analysis
Section 15(a) of the Commodity Exchange Act, 7 U.S.C. 19(a),
requires the Commission to consider the costs and benefits of its
action before issuing a new regulation. The Commission understands
that, by its terms, section 15(a) does not require the Commission to
quantify the costs and benefits of a new regulation or to determine
whether the benefits of the regulation outweigh its costs. Nor does it
require that each rule be analyzed in isolation when that rule is a
component of a larger package of rules or rule revisions. Rather,
section 15(a) simply requires the Commission to ``consider the costs
and benefits'' of its action.
Section 15(a) further specifies that costs and benefits shall be
evaluated in light of five broad areas of market and public concern:
(1) Protection of market participants and the public; (2) efficiency,
competitiveness and financial integrity of futures markets; (3) price
discovery; (4) sound risk management practices; and (5) other public
interest considerations. Accordingly, the Commission can, in its
discretion, give greater weight to any one of the five enumerated areas
of concern and can, in its discretion, determine that notwithstanding
its costs, a particular rule is necessary or appropriate to protect the
public interest or to effectuate any of the provisions, or accomplish
any of the purposes, of the Commodity Exchange Act.
The Commission considered the costs and benefits of this rule
package in light of the specific areas of concern identified in section
15 when it reorganized its staff in 2002. It has additionally
determined that the amendments will enhance the protection of market
participants and further Commission programs and operations by
delegating authority.
List of Subjects in 17 CFR Part 140
Authority delegations (Government agencies), Organization and
functions (Government agencies).
0
Accordingly, 17 CFR part 140 is amended as follows:
PART 140--ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION
0
1. The authority citation for part 140 is revised to read as follows:
Authority: 7 U.S.C. 2 and 12a.
0
2. In Sec. 140.72, revise the first sentence of paragraph (a) to read
as follows:
Sec. 140.72 Delegation of authority to disclose confidential
information to a contract market, registered futures association or
self-regulatory organization.
(a) Pursuant to the authority granted under sections 2(a)(11),
8a(5) and 8a(6) of the Act, the Commission hereby delegates, until such
time as the Commission orders otherwise, to the Executive Director, the
Deputy Executive Director, the Special Assistant to the Executive
Director, the Director of the Division of Clearing and Intermediary
Oversight, each Deputy Director of the Division of Clearing and
Intermediary Oversight, the Chief Accountant, the General Counsel, each
Deputy General Counsel, the Director of the Division of Market
Oversight, each Deputy Director of the Division of Market Oversight,
the Director of the Market Surveillance Section, the Director of the
Division of Enforcement, each Deputy Director of the Division of
Enforcement, each Associate Director of the Division of Enforcement,
the Chief Counsel of the Division of Enforcement, each Regional Counsel
of the Division of Enforcement, each of the Regional Administrators,
each of the Directors of the Market Surveillance Branches, the Chief
Economist of the Office of the Chief Economist, the Deputy Chief
Economist of the Office of the Chief Economist, the Director of the
Office of International Affairs, and the Deputy Director of the Office
of International Affairs, the authority to disclose to an official of
any contract market, registered futures association, or self-regulatory
organization as defined in section 3(a)(26) of the Securities Exchange
Act of 1934, any information necessary or appropriate to effectuate the
purposes of the Act, including, but not limited to, the full facts
concerning any transaction or market operation, including the names of
the parties thereto. * * *
* * * * *
0
3. In Sec. 140.73, revise the introductory text of paragraph (a) to
read as follows:
Sec. 140.73 Delegation of authority to disclose information to the
United States, States, and foreign government agencies and foreign
futures authorities.
(a) Pursuant to sections 2(a)(11), 8a(5) and 8(e) of the Act, the
Commission hereby delegates, until such time as the Commission orders
otherwise, to the General Counsel or, in his or her absence, to each
Deputy General Counsel, the Director of the Division of Enforcement,
each Deputy Director of the Division of Enforcement, the Chief Counsel
of the Division of Enforcement, each Associate Director of the Division
of Enforcement, each Regional Counsel of the Division of Enforcement,
the Director of the Division of Market Oversight or, in his or her
absence, each Deputy Director of the Division of Market Oversight, the
Director of the Market Surveillance Section, the Director of the
Division of Clearing and Intermediary Oversight or, in his or her
absence, each Deputy Director of the Division of Clearing and
Intermediary Oversight, the Chief Economist of the Office of the Chief
Economist, the Deputy Chief Economist of the Office of the Chief
Economist, and the Director of the Office of International Affairs or,
in his or her absence, the Deputy Director of the Office of
International Affairs, the authority to furnish information in the
possession of the Commission obtained in connection with the
administration of the Act, upon written request, to:
* * * * *
Issued in Washington, DC, on December 16, 2008 by the
Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. E8-31001 Filed 12-29-08; 8:45 am]
BILLING CODE 6351-01-P
