Addition of the Cook Islands to the List of Nations Entitled to Special Tonnage Tax Exemption, 68066-68067 [2011-28472]
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68066
Federal Register / Vol. 76, No. 213 / Thursday, November 3, 2011 / Rules and Regulations
to $1.521 billion in 2012 (up from
$1.415 billion for 2011).2
Beginning in 2012, the boundaries of
the four deposit reporting panels will be
defined as follows. Those depository
institutions with net transaction
accounts over $11.5 million (the reserve
requirement exemption amount) or with
total transaction accounts, savings
deposits, and small time deposits
greater than or equal to $1.521 billion
(the reduced reporting limit) are subject
to detailed reporting, and must file a
Report of Transaction Accounts, Other
Deposits and Vault Cash (FR 2900
report) either weekly or quarterly. Of
this group, those with total transaction
accounts, savings deposits, and small
time deposits greater than or equal to
$271.5 million (the nonexempt deposit
cutoff level) are required to file the FR
2900 report each week, while those with
total transaction accounts, savings
deposits, and small time deposits less
than $271.5 million are required to file
the FR 2900 report each quarter. Those
depository institutions with net
transaction accounts less than or equal
to $11.5 million (the reserve
requirement exemption amount) and
with total transaction accounts, savings
deposits, and small time deposits less
than $1.521 billion (the reduced
reporting limit) are eligible for reduced
reporting, and must either file a deposit
report annually or not at all. Of this
group, those with total deposits greater
than $11.5 million (but with total
transaction accounts, savings deposits,
and small time deposits less than $1.521
billion) are required to file the Annual
Report of Deposits and Reservable
Liabilities (FR 2910a) report annually,
while those with total deposits less than
or equal to $11.5 million are not
required to file a deposit report. A
depository institution that adjusts
reported values on its FR 2910a report
in order to qualify for reduced reporting
will be shifted to an FR 2900 reporting
panel.
Notice and Regulatory Flexibility Act.
The provisions of 5 U.S.C. 553(b)
relating to notice of proposed
rulemaking have not been followed in
connection with the adoption of these
amendments. The amendments involve
expected, ministerial adjustments
prescribed by statute and by the Board’s
policy concerning reporting practices.
The adjustments in the reserve
requirement exemption amount, the low
reserve tranche, the nonexempt deposit
cutoff level, and the reduced reporting
limit serve to reduce regulatory burdens
on depository institutions. Accordingly,
the Board finds good cause for
determining, and so determines, that
notice in accordance with 5 U.S.C.
553(b) is unnecessary. Consequently,
the provisions of the Regulatory
Flexibility Act, 5 U.S.C. 601, do not
apply to these amendments.
List of Subjects in 12 CFR Part 204
Banks, banking, Reporting and
recordkeeping requirements.
For the reasons set forth in the
preamble, the Board is amending 12
CFR part 204 as follows:
PART 204—RESERVE
REQUIREMENTS OF DEPOSITORY
INSTITUTIONS (REGULATION D)
1. The authority citation for part 204
continues to read as follows:
■
Authority: 12 U.S.C. 248(a), 248(c), 371a,
461, 601, 611, and 3105.
2. Section 204.4(f) is revised to read as
follows:
■
§ 204.4
Computation of required reserves.
*
*
*
*
*
(f) For all depository institutions,
Edge and Agreement corporations, and
United States branches and agencies of
foreign banks, required reserves are
computed by applying the reserve
requirement ratios below to net
transaction accounts, nonpersonal time
deposits, and Eurocurrency liabilities of
the institution during the computation
period.
Reservable liability
Reserve requirement
Net Transaction Accounts:
$0 to reserve requirement exemption amount ($11.5 million) ...................................................................
Over reserve requirement exemption amount $11.5 million) and up to low reserve tranche ($71.0 million).
Over low reserve tranche ($71.0 million) ...................................................................................................
Nonpersonal time deposits ................................................................................................................................
Eurocurrency liabilities .......................................................................................................................................
Jennifer J. Johnson,
Secretary of the Board.
DEPARTMENT OF HOMELAND
SECURITY
[FR Doc. 2011–28048 Filed 11–2–11; 8:45 am]
U.S. Customs and Border Protection
BILLING CODE 6210–01–P
19 CFR Part 4
[CBP Dec. 11–21]
Addition of the Cook Islands to the List
of Nations Entitled to Special Tonnage
Tax Exemption
U.S. Customs and Border
Protection, Department of Homeland
Security.
ACTION: Final rule.
srobinson on DSK4SPTVN1PROD with RULES
AGENCY:
The Department of State has
informed U.S. Customs and Border
SUMMARY:
2 Consistent with Board practice, the nonexempt
deposit cutoff level has been rounded to the nearest
VerDate Mar<15>2010
16:15 Nov 02, 2011
Jkt 226001
0 percent of amount.
3 percent of amount.
$1,785,000 plus 10 percent of
amount over $71.0 million.
0 percent.
0 percent.
Protection (CBP) that discriminating or
countervailing duties are not imposed
by the government of the Cook Islands
on vessels owned by citizens of the
United States. Accordingly, vessels of
the Cook Islands are exempt from
special tonnage taxes and light money
in ports of the United States. This
document amends the CBP regulations
by adding the Cook Islands to the list of
nations whose vessels are exempt from
payment of any higher tonnage duties
than are applicable to vessels of the
United States and from the payment of
light money.
This amendment is effective
November 3, 2011. The exemption from
special tonnage taxes and light money
DATES:
$0.1 million, and the reduced reporting limit has
been rounded to the nearest $1 million.
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Federal Register / Vol. 76, No. 213 / Thursday, November 3, 2011 / Rules and Regulations
for vessels registered in the Cook Islands
became applicable on August 22, 2011.
FOR FURTHER INFORMATION CONTACT:
George F. McCray, Chief, Cargo
Security, Carriers and Immigration
Branch, Regulations and Rulings, Office
of International Trade, (202) 325–0082.
SUPPLEMENTARY INFORMATION:
srobinson on DSK4SPTVN1PROD with RULES
Background
Generally, the United States imposes
regular and special tonnage taxes, and a
duty of a specified amount per ton,
called ‘‘light money,’’ on all foreign
vessels which enter U.S. ports (46
U.S.C. 60302–60303). However, vessels
of a foreign country may be exempted
from the payment of special tonnage
taxes and light money upon
presentation of satisfactory proof that
the government of that foreign country
does not impose discriminatory or
countervailing duties to the
disadvantage of the United States (46
U.S.C. 60304).
Section 4.22, U.S. Customs and
Border Protection (CBP) regulations (19
CFR 4.22), lists those countries whose
vessels have been found to be exempt
from the payment of any higher tonnage
duties than are applicable to vessels of
the United States and from the payment
of light money. The authority to amend
this section of the CBP regulations has
been delegated to the Chief, Trade and
Commercial Regulations Branch,
Regulations and Rulings, Office of
International Trade.
By letter dated August 22, 2011, the
Department of State informed CBP that
the government of the Cook Islands does
not impose discriminating or
countervailing duties on vessels owned
by citizens of the United States.
Accordingly, the Department of State
recommended that the Cook Islands be
added to the list of countries whose
vessels are exempt from special tonnage
taxes and light money in ports of the
United States, effective August 22, 2011.
Finding
On the basis of the above-mentioned
information from the Department of
State regarding the absence of
discriminating or countervailing duties
imposed by the government of the Cook
Islands on vessels owned by citizens of
the United States, CBP considers vessels
of the Cook Islands to be exempt from
the payment of special tonnage tax and
light money, effective August 22, 2011.
The CBP regulations are amended
accordingly.
Inapplicability of Notice and Delayed
Effective Date
Because this amendment merely
implements a statutory requirement and
VerDate Mar<15>2010
16:15 Nov 02, 2011
Jkt 226001
confers a benefit upon the public, CBP
has determined that notice and public
procedure are unnecessary pursuant to
section 553(b)(B) of the Administrative
Procedure Act (APA) (5 U.S.C.
553(b)(B)). Further, for the same
reasons, good cause exists for
dispensing with a delayed effective date
under section 553(d)(3) of the APA (5
U.S.C. 553(d)(3)).
Regulatory Flexibility Act and
Executive Order 12866
Because no notice of proposed
rulemaking is required, the provisions
of the Regulatory Flexibility Act (5
U.S.C. 601 et seq.) do not apply. This
amendment does not meet the criteria
for a ‘‘significant regulatory action’’ as
specified in Executive Order 12866.
Signing Authority
This document is being issued by CBP
in accordance with § 0.1(b)(1) of the
CBP regulations (19 CFR 0.1(b)(1)).
List of Subjects in 19 CFR Part 4
Cargo vessels, Customs duties and
inspection, Maritime carriers, Vessels.
Amendment to the CBP Regulations
For the reasons set forth above, part
4 of Title 19 of the Code of Federal
Regulations (19 CFR part 4), is amended
as set forth below:
PART 4—VESSELS IN FOREIGN AND
DOMESTIC TRADES
1. The general authority citation for
part 4 and the specific authority for
§ 4.22 continue to read as follows:
■
Authority: 5 U.S.C. 301; 19 U.S.C. 66,
1431, 1433, 1434, 1624, 2071 note; 46 U.S.C.
501, 60105.
*
*
*
*
*
Section 4.22 also issued under 46 U.S.C.
60301, 60302, 60303, 60304, 60305, 60306,
60312, 60503;
*
*
§ 4.22
*
*
*
[Amended]
2. Section 4.22 is amended by adding
the ‘‘Cook Islands’’ in appropriate
alphabetical order.
■
Dated: October 28, 2011.
Joanne Roman Stump,
Chief, Trade and Commercial Regulations
Branch, Regulations and Rulings, Office of
International Trade.
[FR Doc. 2011–28472 Filed 11–2–11; 8:45 am]
BILLING CODE 9111–14–P
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68067
DEPARTMENT OF HOMELAND
SECURITY
U.S. Customs and Border Protection
DEPARTMENT OF THE TREASURY
19 CFR Parts 10, 24, 162, 163, and 178
[USCBP–2011–0043; CBP Dec. 11–22]
RIN 1515–AD79
United States-Peru Trade Promotion
Agreement
U.S. Customs and Border
Protection, Department of Homeland
Security; Department of the Treasury.
ACTION: Interim regulations; solicitation
of comments.
AGENCIES:
This rule amends the U.S.
Customs and Border Protection (CBP)
regulations on an interim basis to
implement the preferential tariff
treatment and other customs-related
provisions of the United States-Peru
Trade Promotion Agreement.
DATES: Interim rule effective November
3, 2011; comments must be received by
January 3, 2012.
ADDRESSES: You may submit comments,
identified by docket number, by one of
the following methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments
via docket number USCBP–2011–0043.
• Mail: Trade and Commercial
Regulations Branch, Regulations and
Rulings, Office of International Trade,
U.S. Customs and Border Protection,
799 9th Street NW., 5th Floor,
Washington, DC 20229–1179.
Instructions: All submissions received
must include the agency name and
docket number for this rulemaking. All
comments received will be posted
without change to https://
www.regulations.gov, including any
personal information provided. For
detailed instructions on submitting
comments and additional information
on the rulemaking process, see the
‘‘Public Participation’’ heading of the
SUPPLEMENTARY INFORMATION section of
this document.
Docket: For access to the docket to
read background documents or
comments received, go to https://
www.regulations.gov. Submitted
comments may also be inspected during
regular business days between the hours
of 9 a.m. and 4:30 p.m. at the Trade and
Commercial Regulations Branch,
Regulations and Rulings, Office of
International Trade, U.S. Customs and
Border Protection, 799 9th Street NW.,
5th Floor, Washington, DC.
SUMMARY:
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Agencies
[Federal Register Volume 76, Number 213 (Thursday, November 3, 2011)]
[Rules and Regulations]
[Pages 68066-68067]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-28472]
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DEPARTMENT OF HOMELAND SECURITY
U.S. Customs and Border Protection
19 CFR Part 4
[CBP Dec. 11-21]
Addition of the Cook Islands to the List of Nations Entitled to
Special Tonnage Tax Exemption
AGENCY: U.S. Customs and Border Protection, Department of Homeland
Security.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Department of State has informed U.S. Customs and Border
Protection (CBP) that discriminating or countervailing duties are not
imposed by the government of the Cook Islands on vessels owned by
citizens of the United States. Accordingly, vessels of the Cook Islands
are exempt from special tonnage taxes and light money in ports of the
United States. This document amends the CBP regulations by adding the
Cook Islands to the list of nations whose vessels are exempt from
payment of any higher tonnage duties than are applicable to vessels of
the United States and from the payment of light money.
DATES: This amendment is effective November 3, 2011. The exemption from
special tonnage taxes and light money
[[Page 68067]]
for vessels registered in the Cook Islands became applicable on August
22, 2011.
FOR FURTHER INFORMATION CONTACT: George F. McCray, Chief, Cargo
Security, Carriers and Immigration Branch, Regulations and Rulings,
Office of International Trade, (202) 325-0082.
SUPPLEMENTARY INFORMATION:
Background
Generally, the United States imposes regular and special tonnage
taxes, and a duty of a specified amount per ton, called ``light
money,'' on all foreign vessels which enter U.S. ports (46 U.S.C.
60302-60303). However, vessels of a foreign country may be exempted
from the payment of special tonnage taxes and light money upon
presentation of satisfactory proof that the government of that foreign
country does not impose discriminatory or countervailing duties to the
disadvantage of the United States (46 U.S.C. 60304).
Section 4.22, U.S. Customs and Border Protection (CBP) regulations
(19 CFR 4.22), lists those countries whose vessels have been found to
be exempt from the payment of any higher tonnage duties than are
applicable to vessels of the United States and from the payment of
light money. The authority to amend this section of the CBP regulations
has been delegated to the Chief, Trade and Commercial Regulations
Branch, Regulations and Rulings, Office of International Trade.
By letter dated August 22, 2011, the Department of State informed
CBP that the government of the Cook Islands does not impose
discriminating or countervailing duties on vessels owned by citizens of
the United States. Accordingly, the Department of State recommended
that the Cook Islands be added to the list of countries whose vessels
are exempt from special tonnage taxes and light money in ports of the
United States, effective August 22, 2011.
Finding
On the basis of the above-mentioned information from the Department
of State regarding the absence of discriminating or countervailing
duties imposed by the government of the Cook Islands on vessels owned
by citizens of the United States, CBP considers vessels of the Cook
Islands to be exempt from the payment of special tonnage tax and light
money, effective August 22, 2011. The CBP regulations are amended
accordingly.
Inapplicability of Notice and Delayed Effective Date
Because this amendment merely implements a statutory requirement
and confers a benefit upon the public, CBP has determined that notice
and public procedure are unnecessary pursuant to section 553(b)(B) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)(B)). Further,
for the same reasons, good cause exists for dispensing with a delayed
effective date under section 553(d)(3) of the APA (5 U.S.C. 553(d)(3)).
Regulatory Flexibility Act and Executive Order 12866
Because no notice of proposed rulemaking is required, the
provisions of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.) do
not apply. This amendment does not meet the criteria for a
``significant regulatory action'' as specified in Executive Order
12866.
Signing Authority
This document is being issued by CBP in accordance with Sec.
0.1(b)(1) of the CBP regulations (19 CFR 0.1(b)(1)).
List of Subjects in 19 CFR Part 4
Cargo vessels, Customs duties and inspection, Maritime carriers,
Vessels.
Amendment to the CBP Regulations
For the reasons set forth above, part 4 of Title 19 of the Code of
Federal Regulations (19 CFR part 4), is amended as set forth below:
PART 4--VESSELS IN FOREIGN AND DOMESTIC TRADES
0
1. The general authority citation for part 4 and the specific authority
for Sec. 4.22 continue to read as follows:
Authority: 5 U.S.C. 301; 19 U.S.C. 66, 1431, 1433, 1434, 1624,
2071 note; 46 U.S.C. 501, 60105.
* * * * *
Section 4.22 also issued under 46 U.S.C. 60301, 60302, 60303,
60304, 60305, 60306, 60312, 60503;
* * * * *
Sec. 4.22 [Amended]
0
2. Section 4.22 is amended by adding the ``Cook Islands'' in
appropriate alphabetical order.
Dated: October 28, 2011.
Joanne Roman Stump,
Chief, Trade and Commercial Regulations Branch, Regulations and
Rulings, Office of International Trade.
[FR Doc. 2011-28472 Filed 11-2-11; 8:45 am]
BILLING CODE 9111-14-P