U.S. Treasury Securities-State and Local Government Series, 33634-33635 [2012-13779]
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33634
Federal Register / Vol. 77, No. 110 / Thursday, June 7, 2012 / Rules and Regulations
in State X because A does not have the
intention of making a home in State X while
on vacation. This is true regardless of the
length of the vacation.
Example 4. A, an alien, travels to the
United States to work for three years in State
X. A rents a home in State X, moves his
personal possessions into the home, and his
family resides with him in the home. A
intends to reside in State X during the 3-year
period of his employment. A is a resident of
State X.
*
*
*
*
*
3. Section 478.124 is amended as
follows:
■ a. By removing and reserving
paragraph (c)(3)(ii).
■ b. In paragraph (d), by removing the
proviso after the colon and by removing
the colon and adding in its place a
period.
■ c. In paragraph (e), by removing the
words ‘‘, except for the provisions of
paragraph (c)(3)(ii)’’ at the end of the
paragraph.
■ d. In paragraph (f), by removing the
words ‘‘, and in the case of a transferee
who is an alien legally in the United
States, the transferee has resided in that
State continuously for at least 90 days
■
prior to the transfer of the firearm’’ in
the third sentence.
4. Section 478.125(f) is revised to read
as follows:
■
§ 478.125 Record of receipt and
disposition.
*
*
*
*
*
(f) Firearms receipt and disposition by
licensed collectors. (1) Each licensed
collector shall enter into a record each
receipt and disposition of firearms
curios or relics. The record required by
this paragraph shall be maintained in
bound form under the format prescribed
below. The purchase or other
acquisition of a curio or relic shall,
except as provided in paragraph (g) of
this section, be recorded not later than
the close of the next business day
following the date of such purchase or
other acquisition. The record shall show
the date of receipt, the name and
address or the name and license number
of the person from whom received, the
name of the manufacturer and importer
(if any), the model, serial number, type,
and the caliber or gauge of the firearm
curio or relic. The sale or other
disposition of a curio or relic shall be
recorded by the licensed collector not
later than 7 days following the date of
such transaction. When such
disposition is made to a licensee, the
commercial record of the transaction
shall be retained, until the transaction is
recorded, separate from other
commercial documents maintained by
the licensee, and be readily available for
inspection. The record shall show the
date of the sale or other disposition of
each firearm curio or relic, the name
and address of the person to whom the
firearm curio or relic is transferred, or
the name and license number of the
person to whom transferred if such
person is a licensee, and the date of
birth of the transferee if other than a
licensee. In addition, the licensee shall
cause the transferee, if other than a
licensee, to be identified in any manner
customarily used in commercial
transactions (e.g., a driver’s license), and
note on the record the method used.
(2) The format required for the record
of receipt and disposition of firearms by
collectors is as follows:
FIREARMS COLLECTORS ACQUISITION AND DISPOSITION RECORD
Description of firearm
Manufacturer and/or
importer
*
*
*
Model
*
Receipt
Serial No.
Type
*
Dated: June 1, 2012.
Eric H. Holder, Jr.,
Attorney General.
[FR Doc. 2012–13770 Filed 6–6–12; 8:45 am]
BILLING CODE 4410–FY–P
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 344
[Department of the Treasury Circular, Public
Debt Series No. 3–72]
wreier-aviles on DSK5TPTVN1PROD with RULES
U.S. Treasury Securities—State and
Local Government Series
Bureau of the Public Debt,
Fiscal Service, Treasury.
ACTION: Final rule.
AGENCY:
The Department of the
Treasury (Treasury) is issuing this final
rule to revise the regulations governing
State and Local Government Series
(SLGS) securities. SLGS securities are
SUMMARY:
VerDate Mar<15>2010
15:02 Jun 06, 2012
Jkt 226001
Caliber or
gauge
Date
Disposition
Name and address or name
and license
No.
Date
non-marketable Treasury securities that
are only available for purchase by
issuers of tax-exempt securities. Current
financial market conditions have
resulted in extraordinarily low yields in
the secondary market for some
marketable Treasury securities. As a
result, rates applicable to nonmarketable State and Local Government
Series (SLGS) securities sold to issuers
of tax-exempt securities could be
negative. To prevent this, Treasury is
instituting a floor on the daily SLGS
rate, by amending the definition of
‘‘SLGS rate’’ and the definition of the
‘‘annualized effective Demand Deposit
rate’’ for Demand Deposit SLGS
securities. Additionally, Treasury is
revising the definition of ‘‘Y’’ in the
annualized effective Demand Deposit
rate calculation formula to clarify the
calculation method to be used during a
year that contains a leap day.
DATES: This final rule is effective June
7, 2012.
ADDRESSES: You can download this
Final Rule at the following Internet
addresses: https://
PO 00000
Frm 00030
Fmt 4700
Sfmt 4700
Name and address or name
and license
No.
Date of birth if
non-licensee
Driver’s license No. or
other identification if nonlicensee
www.publicdebt.treas.gov, https://
www.gpo.gov, or https://
www.regulations.gov. It is also available
for public inspection and copying at the
Treasury Department Library, Main
Treasury Building, 1500 Pennsylvania
Avenue NW., Washington, DC 20220.
To visit the library, call (202) 622–0990
for an appointment.
FOR FURTHER INFORMATION CONTACT:
Debra Hines, Assistant Commissioner,
Office of the Assistant Commissioner for
Public Debt Accounting, Bureau of the
Public Debt, at (304) 480–5101 or opdasib@bpd.treas.gov, Edward Gronseth,
Deputy Chief Counsel, Elizabeth Spears,
Senior Attorney, or Brian Metz,
Attorney-Adviser, Office of the Chief
Counsel, Bureau of the Public Debt at
(304) 480–8692.
SUPPLEMENTARY INFORMATION: The SLGS
program assists state and local
government issuers and other entities in
complying with the yield restriction and
rebate requirements applicable to taxexempt bonds under the Internal
Revenue Code. The SLGS rate on Time
Deposit SLGS securities is derived from
E:\FR\FM\07JNR1.SGM
07JNR1
Federal Register / Vol. 77, No. 110 / Thursday, June 7, 2012 / Rules and Regulations
wreier-aviles on DSK5TPTVN1PROD with RULES
the Treasury yield curve, less Treasury’s
administrative costs. As Treasury’s costs
of administering the SLGS program have
decreased so has the amount of the
differential that exists between the
SLGS rate and the Treasury borrowing
rate. The differential was last changed
in a 2005 Final Rule (70 FR 37904, June
30, 2005) when Treasury lowered the
SLGS rate from 5 basis points below the
current Treasury borrowing rates to 1
basis point below current Treasury
borrowing rates.
In this rule, Treasury revises the
definition of ‘‘SLGS rate’’ and
‘‘annualized effective Demand Deposit
rate’’ to address the current extremely
low yield environment. The revised
definitions will prevent the calculation
of the rates for SLGS securities from
resulting in negative rates. No change is
being made to Treasury’s administrative
costs. Additionally, to add clarification
to part 344, Treasury revises the
definition of ‘‘Y’’ in the annualized
effective Demand Deposit rate
calculation formula to clarify the
calculation method to be used during a
year that contains a leap day. This
revision should not affect issuers’
practices and systems.
While the formula for calculating the
rate for Demand Deposit SLGS securities
remains unchanged under § 344.7(a), the
definition of ‘‘annualized effective
Demand Deposit rate’’ is being
amended. This has the effect of
preventing the calculation of the rate for
Demand Deposit SLGS securities from
resulting in a negative rate. Demand
Deposit SLGS securities will continue to
bear a rate of interest based on an
adjustment of the average yield for
three-month (13-week) Treasury bills at
the most recent auction. A new rate will
be effective on the first business day
following the regular auction of 13-week
Treasury bills and will continue to be
shown in the SLGS rate table. Lastly,
Treasury’s administrative costs for
administering Demand Deposit SLGS
securities remain unchanged under
§ 344.7(a)(2).
Procedural Requirements
Executive Order 12866. This final rule
is not a significant regulatory action
pursuant to Executive Order 12866,
dated September 30, 1993.
Administrative Procedure Act (APA).
Because this rule relates to United
States securities, which are contracts
between Treasury and the owner of the
security, this rule falls within the
contract exception to the APA, 5 U.S.C.
553(a)(2). As a result, the notice, public
comment, and delayed effective date
provisions of the APA are inapplicable
to this rule.
VerDate Mar<15>2010
15:02 Jun 06, 2012
Jkt 226001
Regulatory Flexibility Act. The
provisions of the Regulatory Flexibility
Act, 5 U.S.C. 601 et seq., do not apply
to this rule because, pursuant to 5
U.S.C. 553(a)(2), it is not required to be
issued with notice and opportunity for
public comment.
Paperwork Reduction Act (PRA). We
ask for no collections of information in
this final rule. Therefore, the Paperwork
Reduction Act (44 U.S.C. 3501 et seq.)
does not apply.
Congressional Review Act (CRA). This
rule is not a major rule pursuant to the
CRA, 5 U.S.C. 801 et seq., because it is
a minor amendment that is not expected
to lead to any of the results listed in 5
U.S.C. 804(2). This rule will take effect
upon publication in the Federal
Register, after we submit a copy of it to
Congress and the Comptroller General.
List of Subjects in 31 CFR Part 344
Bonds, Government securities,
Reporting and recordkeeping
requirements.
Accordingly, for the reasons set forth
in the preamble, Treasury amends 31
CFR part 344 as follows:
PART 344—U.S. TREASURY
SECURITIES—STATE AND LOCAL
GOVERNMENT SERIES
1. The authority citation for part 344
continues to read as follows:
■
Authority: 26 U.S.C. 141 note; 31 U.S.C.
3102, 3103, 3104, and 3121.
2. Amend § 344.1 by revising the
definition of ‘‘SLGS rate,’’ to read as
follows:
■
§ 344.1 What special terms do I need to
know to understand this part?
*
*
*
*
*
SLGS rate means the current Treasury
borrowing rate, less one basis point, as
released daily by Treasury in a SLGS
rate table. If the current Treasury
borrowing rate, together with the one
basis point adjustment, results in a
negative rate, such corresponding SLGS
rate will be set at zero.
*
*
*
*
*
■ 3. Amend § 344.7 by:
■ a. Revising paragraph (a) introductory
text; and
■ b. Revising ‘‘I’’ and ‘‘Y’’ in Equation
1 in paragraph (a)(1)(i) to read as
follows:
§ 344.7 What are Demand Deposit
securities?
*
*
*
*
*
(a) How is the rate for Demand
Deposit securities determined? Each
security shall bear a rate of interest
based on an adjustment of the average
yield for 13-week Treasury bills at the
PO 00000
Frm 00031
Fmt 4700
Sfmt 4700
33635
most recent auction. A new annualized
effective Demand Deposit rate and daily
factor for the Demand Deposit rate are
effective on the first business day
following the regular auction of 13-week
Treasury bills and are shown in the
SLGS rate table. Interest is accrued and
added to the principal daily. Interest is
computed on the balance of the
principal, plus interest accrued through
the preceding day.
(1) * * *
(i) * * *
(Equation 1)
*
*
*
*
*
I = Annualized effective Demand Deposit rate
in decimals. If the rate is determined to
be negative, such rate will be reset to
zero.
*
*
*
*
*
Y = 365 (if the year following issue date of
the 13-week Treasury bill does not
contain a leap year day) or 366 (if the
year following issue date of the 13-week
Treasury bill does contain a leap year
day).
*
*
*
*
*
Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2012–13779 Filed 6–6–12; 8:45 am]
BILLING CODE 4810–39–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Part 1010
RIN 1506–AB17
Amendment to the Bank Secrecy Act
Regulations—Requirement That Clerks
of Court Report Certain Currency
Transactions
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
ACTION: Final rule.
AGENCY:
FinCEN is amending the rules
relating to the reporting of certain
currency transactions consistent with a
recent statutory amendment authorizing
FinCEN to require clerks of court to file
such reports with the U.S. Department
of the Treasury. Such information
already is required to be reported by
clerks of court pursuant to regulations
issued by the Internal Revenue Service
(‘‘IRS’’), but FinCEN heretofore has been
limited in its ability to access and share
further that information because of
minor differences between the relevant
statutory authorities applicable to
FinCEN and the IRS.
DATES: Effective Date: July 9, 2012.
FOR FURTHER INFORMATION CONTACT: The
FinCEN regulatory helpline at (800)
949–2732 and select Option 6.
SUMMARY:
E:\FR\FM\07JNR1.SGM
07JNR1
]]>Agencies
[Federal Register Volume 77, Number 110 (Thursday, June 7, 2012)]
[Rules and Regulations]
[Pages 33634-33635]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-13779]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 344
[Department of the Treasury Circular, Public Debt Series No. 3-72]
U.S. Treasury Securities--State and Local Government Series
AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury (Treasury) is issuing this
final rule to revise the regulations governing State and Local
Government Series (SLGS) securities. SLGS securities are non-marketable
Treasury securities that are only available for purchase by issuers of
tax-exempt securities. Current financial market conditions have
resulted in extraordinarily low yields in the secondary market for some
marketable Treasury securities. As a result, rates applicable to non-
marketable State and Local Government Series (SLGS) securities sold to
issuers of tax-exempt securities could be negative. To prevent this,
Treasury is instituting a floor on the daily SLGS rate, by amending the
definition of ``SLGS rate'' and the definition of the ``annualized
effective Demand Deposit rate'' for Demand Deposit SLGS securities.
Additionally, Treasury is revising the definition of ``Y'' in the
annualized effective Demand Deposit rate calculation formula to clarify
the calculation method to be used during a year that contains a leap
day.
DATES: This final rule is effective June 7, 2012.
ADDRESSES: You can download this Final Rule at the following Internet
addresses: https://www.publicdebt.treas.gov, https://www.gpo.gov, or
https://www.regulations.gov. It is also available for public inspection
and copying at the Treasury Department Library, Main Treasury Building,
1500 Pennsylvania Avenue NW., Washington, DC 20220. To visit the
library, call (202) 622-0990 for an appointment.
FOR FURTHER INFORMATION CONTACT: Debra Hines, Assistant Commissioner,
Office of the Assistant Commissioner for Public Debt Accounting, Bureau
of the Public Debt, at (304) 480-5101 or opda-sib@bpd.treas.gov, Edward
Gronseth, Deputy Chief Counsel, Elizabeth Spears, Senior Attorney, or
Brian Metz, Attorney-Adviser, Office of the Chief Counsel, Bureau of
the Public Debt at (304) 480-8692.
SUPPLEMENTARY INFORMATION: The SLGS program assists state and local
government issuers and other entities in complying with the yield
restriction and rebate requirements applicable to tax-exempt bonds
under the Internal Revenue Code. The SLGS rate on Time Deposit SLGS
securities is derived from
[[Page 33635]]
the Treasury yield curve, less Treasury's administrative costs. As
Treasury's costs of administering the SLGS program have decreased so
has the amount of the differential that exists between the SLGS rate
and the Treasury borrowing rate. The differential was last changed in a
2005 Final Rule (70 FR 37904, June 30, 2005) when Treasury lowered the
SLGS rate from 5 basis points below the current Treasury borrowing
rates to 1 basis point below current Treasury borrowing rates.
In this rule, Treasury revises the definition of ``SLGS rate'' and
``annualized effective Demand Deposit rate'' to address the current
extremely low yield environment. The revised definitions will prevent
the calculation of the rates for SLGS securities from resulting in
negative rates. No change is being made to Treasury's administrative
costs. Additionally, to add clarification to part 344, Treasury revises
the definition of ``Y'' in the annualized effective Demand Deposit rate
calculation formula to clarify the calculation method to be used during
a year that contains a leap day. This revision should not affect
issuers' practices and systems.
While the formula for calculating the rate for Demand Deposit SLGS
securities remains unchanged under Sec. 344.7(a), the definition of
``annualized effective Demand Deposit rate'' is being amended. This has
the effect of preventing the calculation of the rate for Demand Deposit
SLGS securities from resulting in a negative rate. Demand Deposit SLGS
securities will continue to bear a rate of interest based on an
adjustment of the average yield for three-month (13-week) Treasury
bills at the most recent auction. A new rate will be effective on the
first business day following the regular auction of 13-week Treasury
bills and will continue to be shown in the SLGS rate table. Lastly,
Treasury's administrative costs for administering Demand Deposit SLGS
securities remain unchanged under Sec. 344.7(a)(2).
Procedural Requirements
Executive Order 12866. This final rule is not a significant
regulatory action pursuant to Executive Order 12866, dated September
30, 1993.
Administrative Procedure Act (APA). Because this rule relates to
United States securities, which are contracts between Treasury and the
owner of the security, this rule falls within the contract exception to
the APA, 5 U.S.C. 553(a)(2). As a result, the notice, public comment,
and delayed effective date provisions of the APA are inapplicable to
this rule.
Regulatory Flexibility Act. The provisions of the Regulatory
Flexibility Act, 5 U.S.C. 601 et seq., do not apply to this rule
because, pursuant to 5 U.S.C. 553(a)(2), it is not required to be
issued with notice and opportunity for public comment.
Paperwork Reduction Act (PRA). We ask for no collections of
information in this final rule. Therefore, the Paperwork Reduction Act
(44 U.S.C. 3501 et seq.) does not apply.
Congressional Review Act (CRA). This rule is not a major rule
pursuant to the CRA, 5 U.S.C. 801 et seq., because it is a minor
amendment that is not expected to lead to any of the results listed in
5 U.S.C. 804(2). This rule will take effect upon publication in the
Federal Register, after we submit a copy of it to Congress and the
Comptroller General.
List of Subjects in 31 CFR Part 344
Bonds, Government securities, Reporting and recordkeeping
requirements.
Accordingly, for the reasons set forth in the preamble, Treasury
amends 31 CFR part 344 as follows:
PART 344--U.S. TREASURY SECURITIES--STATE AND LOCAL GOVERNMENT
SERIES
0
1. The authority citation for part 344 continues to read as follows:
Authority: 26 U.S.C. 141 note; 31 U.S.C. 3102, 3103, 3104, and
3121.
0
2. Amend Sec. 344.1 by revising the definition of ``SLGS rate,'' to
read as follows:
Sec. 344.1 What special terms do I need to know to understand this
part?
* * * * *
SLGS rate means the current Treasury borrowing rate, less one basis
point, as released daily by Treasury in a SLGS rate table. If the
current Treasury borrowing rate, together with the one basis point
adjustment, results in a negative rate, such corresponding SLGS rate
will be set at zero.
* * * * *
0
3. Amend Sec. 344.7 by:
0
a. Revising paragraph (a) introductory text; and
0
b. Revising ``I'' and ``Y'' in Equation 1 in paragraph (a)(1)(i) to
read as follows:
Sec. 344.7 What are Demand Deposit securities?
* * * * *
(a) How is the rate for Demand Deposit securities determined? Each
security shall bear a rate of interest based on an adjustment of the
average yield for 13-week Treasury bills at the most recent auction. A
new annualized effective Demand Deposit rate and daily factor for the
Demand Deposit rate are effective on the first business day following
the regular auction of 13-week Treasury bills and are shown in the SLGS
rate table. Interest is accrued and added to the principal daily.
Interest is computed on the balance of the principal, plus interest
accrued through the preceding day.
(1) * * *
(i) * * *
(Equation 1)
* * * * *
I = Annualized effective Demand Deposit rate in decimals. If the
rate is determined to be negative, such rate will be reset to zero.
* * * * *
Y = 365 (if the year following issue date of the 13-week Treasury
bill does not contain a leap year day) or 366 (if the year following
issue date of the 13-week Treasury bill does contain a leap year
day).
* * * * *
Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2012-13779 Filed 6-6-12; 8:45 am]
BILLING CODE 4810-39-P
