Duty-Free Treatment of Certain Visual and Auditory Materials, 10368-10369 [2012-4091]
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Federal Register / Vol. 77, No. 35 / Wednesday, February 22, 2012 / Rules and Regulations
alternative empirical data, and did not
address the number of small advisers
that would be affected.104
VI. Statutory Authority
The Commission is adopting
amendments to rule 205–3 pursuant to
the authority set forth in section 205(e)
of the Investment Advisers Act of 1940
[15 U.S.C. 80b–5(e)].
List of Subjects in 17 CFR Part 275
Reporting and recordkeeping
requirements, Securities.
Text of Rules
For the reasons set out in the
preamble, Title 17, Chapter II of the
Code of Federal Regulations is amended
as follows:
■
PART 275—RULES AND
REGULATIONS, INVESTMENT
ADVISERS ACT OF 1940
1. The general authority citation for
Part 275 continues to read as follows:
■
Authority: 15 U.S.C. 80b–2(a)(11)(G), 80b–
2(a)(11)(H), 80b–2(a)(17), 80b–3, 80b–4, 80b–
4a, 80b–6(4), 80b–6a, 80b–11, unless
otherwise noted.
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2. Section 275.205–3 is amended by:
a. Revising paragraph (c);
b. Revising paragraphs (d)(1)(i) and
(ii); and
■ c. Adding paragraph (e).
The revisions and addition read as
follows:
■
■
■
§ 275.205–3 Exemption from the
compensation prohibition of section
205(a)(1) for investment advisers.
wreier-aviles on DSK5TPTVN1PROD with RULES
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(c) Transition rules—(1) Registered
investment advisers. If a registered
investment adviser entered into a
contract and satisfied the conditions of
this section that were in effect when the
contract was entered into, the adviser
will be considered to satisfy the
conditions of this section; Provided,
however, that if a natural person or
company who was not a party to the
contract becomes a party (including an
equity owner of a private investment
company advised by the adviser), the
conditions of this section in effect at
that time will apply with regard to that
person or company.
(2) Registered investment advisers
that were previously not registered. If an
investment adviser was not required to
register with the Commission pursuant
to section 203 of the Act (15 U.S.C. 80b–
3) and was not registered, section
205(a)(1) of the Act will not apply to an
advisory contract entered into when the
104 Id.
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14:56 Feb 21, 2012
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adviser was not required to register and
was not registered, or to an account of
an equity owner of a private investment
company advised by the adviser if the
account was established when the
adviser was not required to register and
was not registered; Provided, however,
that section 205(a)(1) of the Act will
apply with regard to a natural person or
company who was not a party to the
contract and becomes a party (including
an equity owner of a private investment
company advised by the adviser) when
the adviser is required to register.
(3) Certain transfers of interests.
Solely for purposes of paragraphs (c)(1)
and (c)(2) of this section, a transfer of an
equity ownership interest in a private
investment company by gift or bequest,
or pursuant to an agreement related to
a legal separation or divorce, will not
cause the transferee to ‘‘become a party’’
to the contract and will not cause
section 205(a)(1) of the Act to apply to
such transferee.
(d) * * *
(1) * * *
(i) A natural person who, or a
company that, immediately after
entering into the contract has at least
$1,000,000 under the management of
the investment adviser;
(ii) A natural person who, or a
company that, the investment adviser
entering into the contract (and any
person acting on his behalf) reasonably
believes, immediately prior to entering
into the contract, either:
(A) Has a net worth (together, in the
case of a natural person, with assets
held jointly with a spouse) of more than
$2,000,000. For purposes of calculating
a natural person’s net worth:
(1) The person’s primary residence
must not be included as an asset;
(2) Indebtedness secured by the
person’s primary residence, up to the
estimated fair market value of the
primary residence at the time the
investment advisory contract is entered
into may not be included as a liability
(except that if the amount of such
indebtedness outstanding at the time of
calculation exceeds the amount
outstanding 60 days before such time,
other than as a result of the acquisition
of the primary residence, the amount of
such excess must be included as a
liability); and
(3) Indebtedness that is secured by the
person’s primary residence in excess of
the estimated fair market value of the
residence must be included as a
liability; or
(B) Is a qualified purchaser as defined
in section 2(a)(51)(A) of the Investment
Company Act of 1940 (15 U.S.C. 80a–
PO 00000
Frm 00018
Fmt 4700
Sfmt 4700
2(a)(51)(A)) at the time the contract is
entered into; or
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(e) Inflation adjustments. Pursuant to
section 205(e) of the Act, the dollar
amounts specified in paragraphs
(d)(1)(i) and (d)(1)(ii)(A) of this section
shall be adjusted by order of the
Commission, on or about May 1, 2016
and issued approximately every five
years thereafter. The adjusted dollar
amounts established in such orders
shall be computed by:
(1) Dividing the year-end value of the
Personal Consumption Expenditures
Chain-Type Price Index (or any
successor index thereto), as published
by the United States Department of
Commerce, for the calendar year
preceding the calendar year in which
the order is being issued, by the yearend value of such index (or successor)
for the calendar year 1997;
(2) For the dollar amount in paragraph
(d)(1)(i) of this section, multiplying
$750,000 times the quotient obtained in
paragraph (e)(1) of this section and
rounding the product to the nearest
multiple of $100,000; and
(3) For the dollar amount in paragraph
(d)(1)(ii)(A) of this section, multiplying
$1,500,000 times the quotient obtained
in paragraph (e)(1) of this section and
rounding the product to the nearest
multiple of $100,000.
Dated: February 15, 2012.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–4046 Filed 2–21–12; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF HOMELAND
SECURITY
U.S. Customs and Border Protection
DEPARTMENT OF THE TREASURY
19 CFR Parts 10 and 163
[CBP Dec. 12–02; USCBP–2011–0030]
RIN 1515–AD75
Duty-Free Treatment of Certain Visual
and Auditory Materials
U.S. Customs and Border
Protection, Department of Homeland
Security; Department of the Treasury.
ACTION: Final rule.
AGENCY:
This document adopts as a
final rule, without change, the proposed
amendments to the U.S. Customs and
Border Protection (CBP) regulations to
permit an applicant to file the
SUMMARY:
E:\FR\FM\22FER1.SGM
22FER1
Federal Register / Vol. 77, No. 35 / Wednesday, February 22, 2012 / Rules and Regulations
documentation required for duty-free
treatment of certain visual and auditory
materials of an educational, scientific,
or cultural character under subheading
9817.00.40, Harmonized Tariff Schedule
of the United States (HTSUS), at any
time prior to the liquidation of the
entry. This change allots more time for
the importer to provide the necessary
certification documentation to CBP and
serves to align the filing of required
certification documentation with a
change in CBP policy that extended the
liquidation cycle for entries in the
ordinary course of business from 90
days to 314 days after the date of entry.
DATES: Effective date: March 23, 2012.
FOR FURTHER INFORMATION CONTACT:
Robert Dinerstein, Valuation and
Special Programs Branch, Regulations
and Rulings, Office of International
Trade, (202) 325–0132.
SUPPLEMENTARY INFORMATION:
Background
On August 19, 2011, U.S. Customs
and Border Protection (CBP) published
in the Federal Register (76 FR 51914) a
proposal to amend title 19 of the Code
of Federal Regulations (19 CFR)
regarding the filing of documentation
for duty-free treatment of certain visual
and auditory materials of an
educational, scientific, or cultural
character under subheading 9817.00.40,
HTSUS. Specifically, CBP proposed
amendments to the regulations to
provide for the suspension of the
liquidation cycle for entries in the
ordinary course of business from 90
days to 314 days after the date of entry,
or until the required documentation is
submitted, whichever occurs first. This
proposal also proposed to make a nonsubstantive change to the listing in the
Appendix to Part 163 to reflect the State
Department rather than the abolished
U.S. Information Agency (USIA).
CBP solicited comments from the
public on the proposed rulemaking;
however, CBP received no comments in
response to its solicitation in 76 FR
51914.
wreier-aviles on DSK5TPTVN1PROD with RULES
Conclusion
In light of the fact that no comments
were submitted in response to CBP’s
solicitation of public comment, CBP has
determined to adopt as a final rule the
proposed amendments in the Notice of
Proposed Rulemaking published in the
Federal Register (76 FR 51914) on
August 19, 2011.
agencies to examine the impact a rule
will have on small entities. A small
entity may be: a small business (defined
as any independently owned and
operated business not dominant in its
field that qualifies as a small business
under the Small Business Act); a small
not-for-profit organization; or a small
governmental jurisdiction (locality with
fewer than 50,000 people). Because
these amendments provide more time
for an importer to obtain the State
Department certificate, CBP certifies
under 5 U.S.C. 605(b) that the
amendments will not have a significant
economic impact on a substantial
number of small entities. Further, these
amendments do not meet the criteria for
a ‘‘significant regulatory action’’ as
specified in Executive Order 12866.
Paperwork Reduction Act
As there are no new collections of
information in this document, the
provisions of the Paperwork Reduction
Act of 1995 (44 U.S.C. 3507) are
inapplicable.
Signing Authority
This rulemaking is being issued in
accordance with 19 CFR 0.1(a)(1),
pertaining to the authority of the
Secretary of the Treasury (or his/her
delegate) to approve regulations related
to certain CBP revenue functions.
List of Subjects
United States (HTSUS)), 1321, 1481, 1484,
1498, 1508, 1623, 1624, 3314.
*
*
*
Customs duties and inspection, Entry,
Imports, Preference programs, Reporting
and recordkeeping requirements, Trade
agreements.
19 CFR Part 163
Administrative practice and
procedure, Customs duties and
inspection, Exports, Imports, Reporting
and recordkeeping requirements, Trade
agreements.
Amendments to the CBP Regulations
For the reasons set forth above, parts
10 and 163 of title 19 of the Code of
Federal Regulations (19 CFR parts 10
and 163) are amended as set forth
below.
*
*
*
§ 10.121 Visual or auditory materials of an
educational, scientific, or cultural character.
*
*
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*
(b) Articles entered under subheading
9817.00.40, HTSUS, will be released
from CBP custody prior to submission of
the document required in paragraph (a)
of this section only upon the deposit of
estimated duties with the port director.
Liquidation of an entry which has been
released under this procedure will be
suspended for a period of 314 days from
the date of entry or until the required
document is submitted, whichever
comes first. In the event that
documentation is not submitted before
liquidation, the merchandise will be
classified and liquidated in the ordinary
course, without regard to subheading
9817.00.40, HTSUS.
PART 163—RECORDKEEPING
3. The authority citation for part 163
continues to read as follows:
■
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*
Fmt 4700
Sfmt 9990
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*
Appendix to Part 163—[Amended]
4. Section IV is amended by removing
the listing ‘‘§ 10.121 Certificate from
USIA for visual/auditory materials’’ and
adding in its place the listing ‘‘§ 10.121
Certificate from the U.S. Department of
State for visual/auditory materials’’.
■
David V. Aguilar,
Acting Commissioner, U.S. Customs and
Border Protection.
Approved: February 16, 2012.
Timothy E. Skud,
Deputy Assistant Secretary of the Treasury.
[FR Doc. 2012–4091 Filed 2–21–12; 8:45 am]
BILLING CODE 9111–14–P
Authority: 19 U.S.C. 66, 1202 (General
Note 3(i), Harmonized Tariff Schedule of the
Frm 00019
*
2. Section 10.121(b) is revised to read
as follows:
■
PO 00000
*
■
PART 10—ARTICLES CONDITIONALLY
FREE, SUBJECT TO A REDUCED
RATE, ETC.
The Regulatory Flexibility Act
(5 U.S.C. 601 et seq.) requires Federal
Jkt 226001
*
Authority: 5 U.S.C. 301; 19 U.S.C. 66,
1484, 1508, 1509, 1510, 1624.
19 CFR Part 10
The Regulatory Flexibility Act and
Executive Order 12866
14:56 Feb 21, 2012
*
Section 10.121 also issued under 19 U.S.C.
2501.
1. The general authority citation for
part 10 continues to read and a specific
authority is added for § 10.121 as
follows:
VerDate Mar<15>2010
10369
E:\FR\FM\22FER1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 35 (Wednesday, February 22, 2012)]
[Rules and Regulations]
[Pages 10368-10369]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-4091]
=======================================================================
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DEPARTMENT OF HOMELAND SECURITY
U.S. Customs and Border Protection
DEPARTMENT OF THE TREASURY
19 CFR Parts 10 and 163
[CBP Dec. 12-02; USCBP-2011-0030]
RIN 1515-AD75
Duty-Free Treatment of Certain Visual and Auditory Materials
AGENCY: U.S. Customs and Border Protection, Department of Homeland
Security; Department of the Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This document adopts as a final rule, without change, the
proposed amendments to the U.S. Customs and Border Protection (CBP)
regulations to permit an applicant to file the
[[Page 10369]]
documentation required for duty-free treatment of certain visual and
auditory materials of an educational, scientific, or cultural character
under subheading 9817.00.40, Harmonized Tariff Schedule of the United
States (HTSUS), at any time prior to the liquidation of the entry. This
change allots more time for the importer to provide the necessary
certification documentation to CBP and serves to align the filing of
required certification documentation with a change in CBP policy that
extended the liquidation cycle for entries in the ordinary course of
business from 90 days to 314 days after the date of entry.
DATES: Effective date: March 23, 2012.
FOR FURTHER INFORMATION CONTACT: Robert Dinerstein, Valuation and
Special Programs Branch, Regulations and Rulings, Office of
International Trade, (202) 325-0132.
SUPPLEMENTARY INFORMATION:
Background
On August 19, 2011, U.S. Customs and Border Protection (CBP)
published in the Federal Register (76 FR 51914) a proposal to amend
title 19 of the Code of Federal Regulations (19 CFR) regarding the
filing of documentation for duty-free treatment of certain visual and
auditory materials of an educational, scientific, or cultural character
under subheading 9817.00.40, HTSUS. Specifically, CBP proposed
amendments to the regulations to provide for the suspension of the
liquidation cycle for entries in the ordinary course of business from
90 days to 314 days after the date of entry, or until the required
documentation is submitted, whichever occurs first. This proposal also
proposed to make a non-substantive change to the listing in the
Appendix to Part 163 to reflect the State Department rather than the
abolished U.S. Information Agency (USIA).
CBP solicited comments from the public on the proposed rulemaking;
however, CBP received no comments in response to its solicitation in 76
FR 51914.
Conclusion
In light of the fact that no comments were submitted in response to
CBP's solicitation of public comment, CBP has determined to adopt as a
final rule the proposed amendments in the Notice of Proposed Rulemaking
published in the Federal Register (76 FR 51914) on August 19, 2011.
The Regulatory Flexibility Act and Executive Order 12866
The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires
Federal agencies to examine the impact a rule will have on small
entities. A small entity may be: a small business (defined as any
independently owned and operated business not dominant in its field
that qualifies as a small business under the Small Business Act); a
small not-for-profit organization; or a small governmental jurisdiction
(locality with fewer than 50,000 people). Because these amendments
provide more time for an importer to obtain the State Department
certificate, CBP certifies under 5 U.S.C. 605(b) that the amendments
will not have a significant economic impact on a substantial number of
small entities. Further, these amendments do not meet the criteria for
a ``significant regulatory action'' as specified in Executive Order
12866.
Paperwork Reduction Act
As there are no new collections of information in this document,
the provisions of the Paperwork Reduction Act of 1995 (44 U.S.C. 3507)
are inapplicable.
Signing Authority
This rulemaking is being issued in accordance with 19 CFR
0.1(a)(1), pertaining to the authority of the Secretary of the Treasury
(or his/her delegate) to approve regulations related to certain CBP
revenue functions.
List of Subjects
19 CFR Part 10
Customs duties and inspection, Entry, Imports, Preference programs,
Reporting and recordkeeping requirements, Trade agreements.
19 CFR Part 163
Administrative practice and procedure, Customs duties and
inspection, Exports, Imports, Reporting and recordkeeping requirements,
Trade agreements.
Amendments to the CBP Regulations
For the reasons set forth above, parts 10 and 163 of title 19 of
the Code of Federal Regulations (19 CFR parts 10 and 163) are amended
as set forth below.
PART 10--ARTICLES CONDITIONALLY FREE, SUBJECT TO A REDUCED RATE,
ETC.
0
1. The general authority citation for part 10 continues to read and a
specific authority is added for Sec. 10.121 as follows:
Authority: 19 U.S.C. 66, 1202 (General Note 3(i), Harmonized
Tariff Schedule of the United States (HTSUS)), 1321, 1481, 1484,
1498, 1508, 1623, 1624, 3314.
* * * * *
Section 10.121 also issued under 19 U.S.C. 2501.
* * * * *
0
2. Section 10.121(b) is revised to read as follows:
Sec. 10.121 Visual or auditory materials of an educational,
scientific, or cultural character.
* * * * *
(b) Articles entered under subheading 9817.00.40, HTSUS, will be
released from CBP custody prior to submission of the document required
in paragraph (a) of this section only upon the deposit of estimated
duties with the port director. Liquidation of an entry which has been
released under this procedure will be suspended for a period of 314
days from the date of entry or until the required document is
submitted, whichever comes first. In the event that documentation is
not submitted before liquidation, the merchandise will be classified
and liquidated in the ordinary course, without regard to subheading
9817.00.40, HTSUS.
PART 163--RECORDKEEPING
0
3. The authority citation for part 163 continues to read as follows:
Authority: 5 U.S.C. 301; 19 U.S.C. 66, 1484, 1508, 1509, 1510,
1624.
* * * * *
Appendix to Part 163--[Amended]
0
4. Section IV is amended by removing the listing ``Sec. 10.121
Certificate from USIA for visual/auditory materials'' and adding in its
place the listing ``Sec. 10.121 Certificate from the U.S. Department
of State for visual/auditory materials''.
David V. Aguilar,
Acting Commissioner, U.S. Customs and Border Protection.
Approved: February 16, 2012.
Timothy E. Skud,
Deputy Assistant Secretary of the Treasury.
[FR Doc. 2012-4091 Filed 2-21-12; 8:45 am]
BILLING CODE 9111-14-P
