Correction to Modification of Regulations Regarding the Definition of Factual Information and Time Limits for Submission of Factual Information, 41952-41953 [2012-17284]

Download as PDF 41952 Federal Register / Vol. 77, No. 137 / Tuesday, July 17, 2012 / Proposed Rules Comments may be submitted directly to the Office of Information and Regulatory Affairs (‘‘OIRA’’) in OMB, by fax at (202) 395–6566, or by email at OIRAsubmissions@omb.eop.gov. Please provide the Commission with a copy of submitted comments so that they can be considered in connection with a final rule. Refer to the Addresses section of this release for comment submission instructions to the Commission. A copy of the supporting statements for the collections of information discussed above may be obtained by visiting www.RegInfo.gov. OMB is required to make a decision concerning the collection of information between 30 and 60 days after publication of this release in the Federal Register. Consequently, a comment to OMB is most assured of being fully effective if received by OMB (and the Commission) within 30 days after publication. List of Subjects in 17 CFR Part 39 Business and industry, Clearing, Commodity futures, Cooperatives, Reporting requirements, Swaps. For the reasons stated in the preamble, the Commission proposes to amend 17 CFR part 39 as follows: PART 39—DERIVATIVES CLEARING ORGANIZATIONS 1. The authority citation for part 39 continues to read as follows: Authority: 7 U.S.C. 2 and 7a–1 as amended by Pub. L. 111–203, 124 Stat. 1376. 2. Amend § 39.6, to add paragraph (f) to read as follows: § 39.6 Exceptions to the clearing requirement. mstockstill on DSK4VPTVN1PROD with PROPOSALS * * * * * (f) Exemption for cooperatives. Exempt cooperatives may elect not to clear certain swaps identified in paragraph (f)(2) of this section that are otherwise subject to the clearing requirement of section 2(h)(1)(A) of the Act if the following requirements are satisfied. (1) For the purposes of this paragraph, an exempt cooperative means a cooperative: (i) Formed and existing pursuant to Federal or state law as a cooperative; (ii) That is a ‘‘financial entity,’’ as defined in section 2(h)(7)(C)(i) of the Act, solely because of section 2(h)(7)(C)(i)(VIII) of the Act; and (iii) Each member of which is not a ‘‘financial entity,’’ as defined in section 2(h)(7)(C)(i) of the Act, or if any member is a financial entity solely because of section 2(h)(7)(C)(i)(VIII) of the Act, such member is: VerDate Mar<15>2010 17:09 Jul 16, 2012 Jkt 226001 (A) Exempt from the definition of ‘‘financial entity’’ pursuant to paragraph (d) of this section; or (B) A cooperative formed under Federal or state law as a cooperative and each member thereof is either not a ‘‘financial entity,’’ as defined in section 2(h)(7)(C)(i) of the Act, or is exempt from the definition of ‘‘financial entity’’ pursuant to paragraph (d) of this section. (2) An exempt cooperative may elect not to clear a swap that is subject to the clearing requirement of section 2(h)(1)(A) of the Act if the swap: (i) Is entered into with a member of the exempt cooperative in connection with originating a loan or loans for the member, which means the requirements of § 1.3(ggg)(5)(i), (ii), and (iii) are satisfied; provided that, for this purpose, the term ‘‘insured depository institution’’ as used in those sections is replaced with the term ‘‘exempt cooperative’’ and the word ‘‘customer’’ is replaced with the word ‘‘member;’’ or (ii) Hedges or mitigates commercial risk, in accordance with paragraph (c) of this section, related to loans to members or arising from a swap or swaps that meet the requirements of paragraph (f)(2)(i) of this section. (3) An exempt cooperative that elects the exemption provided in paragraph (f) of this section shall comply with the requirements of paragraph (b) of this section. For this purpose, the exempt cooperative shall be the ‘‘electing counterparty,’’ as such term is used in paragraph (b), and for purposes of paragraph (b)(1)(iii)(A), the reporting counterparty shall report that an exemption is being elected in accordance with paragraph (f) of this section. One of the primary goals of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was to lower risk to the financial system by requiring standardized swaps between financial entities to be cleared. Congress provided that non-financial entities, such as farmers, ranchers, manufacturers and other end users, should be able to choose whether or not to clear those swaps that hedge or mitigate commercial risks. Cooperatives act on behalf of and are an extension of their members. Thus, I believe it is appropriate that those cooperatives made up entirely of members that could individually qualify for the end-user exception should qualify as well themselves as end users in certain circumstances. The proposed cooperative exemption is narrowly tailored, and extends only to: • Swaps entered into with members of the cooperative in connection with originating loans for members; and • Swaps entered into by a cooperative to hedge or mitigate risks associated with member loans or member loan related swaps. Issued in Washington, DC, on July 10, 2012, by the Commission. David A. Stawick, Secretary of the Commission. Joanna Theiss at (202) 482–5052. Appendices to Clearing Exemption for Certain Swaps Entered Into by Cooperatives—Commission Voting Summary and Statements of Commissioners Note: The following appendices will not appear in the Code of Federal Regulations. Appendix 1—Commission Voting Summary On this matter, Chairman Gensler and Commissioners Sommers, Chilton, O’Malia and Wetjen voted in the affirmative; no Commissioner voted in the negative. Appendix 2—Statement of Chairman Gary Gensler I support the proposed rule that would permit certain cooperatives to choose not to clear member-related swaps. PO 00000 Frm 00023 Fmt 4702 Sfmt 4702 [FR Doc. 2012–17357 Filed 7–16–12; 8:45 am] BILLING CODE 6351–01–P DEPARTMENT OF COMMERCE International Trade Administration 19 CFR Part 351 Correction to Modification of Regulations Regarding the Definition of Factual Information and Time Limits for Submission of Factual Information Import Administration, International Trade Administration, Department of Commerce. AGENCY: FOR FURTHER INFORMATION CONTACT: Correction On July 10, 2012, the Department of Commerce published in the Federal Register the following notice: Modification of Regulations Regarding the Definition of Factual Information and Time Limits for Submission of Factual Information, 77 FR 40534 (July 10, 2012) (‘‘Modification of Factual Information Regulations’’). After publication of Modification of Factual Information Regulations, we identified an inadvertent error in this notice. Specifically, the notice does not include a Docket Number for the submission of comments through the Federal eRulemaking Portal. The Docket Number is Docket No. ITA–2012–0004. To be assured of consideration, comments must be received by August 24, 2012. E:\FR\FM\17JYP1.SGM 17JYP1 Federal Register / Vol. 77, No. 137 / Tuesday, July 17, 2012 / Proposed Rules Dated: July 10, 2012. Ronald K. Lorentzen, Acting Assistant Secretary for Import Administration. Docket: For access to the docket to read background documents or comments received, go to http:// www.regulations.gov and insert the docket number, found in brackets in the heading of this document, into the ‘‘Search’’ box and follow the prompts and/or go to the Division of Dockets Management, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852. FOR FURTHER INFORMATION CONTACT: Vanee Komolprasert, Center for Food Safety and Applied Nutrition (HFS– 275), Food and Drug Administration, 5100 Paint Branch Pkwy., College Park, MD 20740–3835, 240–402–1217. SUPPLEMENTARY INFORMATION: [FR Doc. 2012–17284 Filed 7–16–12; 8:45 am] BILLING CODE 3510–DS–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration 21 CFR Part 175 [Docket No. FDA–2012–F–0728] Representative Edward J. Markey; Filing of Food Additive Petition AGENCY: Food and Drug Administration, HHS. ACTION: Notice of petition. The Food and Drug Administration (FDA) is announcing that Representative Edward J. Markey has filed a petition proposing that the food additive regulations be amended to no longer provide for the use of Bisphenol A (BPA)-based epoxy resins as coatings in packaging for infant formula because these uses have been abandoned. FDA expressly requests comments on the petitioner’s request. DATES: Submit either electronic or written comments by September 17, 2012. ADDRESSES: You may submit comments, identified by Docket No. FDA–2012–F– 0728 by any of the following methods: SUMMARY: mstockstill on DSK4VPTVN1PROD with PROPOSALS Electronic Submissions Submit electronic comments in the following way: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. Written Submissions Submit written submissions in the following ways: • FAX: 301–827–6870. • Mail/Hand delivery/Courier (for paper or CD–ROM submissions): Division of Dockets Management (HFA– 305), Food and Drug Administration, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852. Instructions: All submissions received must include the Agency name and Docket No. FDA–2012–F–0728. All comments received may be posted without change to http:// www.regulations.gov, including any personal information provided. For additional information on submitting comments, see the ‘‘Comments’’ heading of the SUPPLEMENTARY INFORMATION section of this document. VerDate Mar<15>2010 17:09 Jul 16, 2012 Jkt 226001 I. Background Under section 409(b)(5) of the Federal Food, Drug, and Cosmetic Act (the FD&C Act) (21 U.S.C. 348(b)(5)), notice is given that a food additive petition (FAP 2B4791) has been filed by Representative Edward J. Markey, House of Representatives, 2108 Rayburn House Office Building, Washington, DC 20515– 2107. The petition proposes to amend the food additive regulations in § 175.300 (21 CFR 175.300) to no longer provide for the use of BPA-based epoxy resins as coatings in packaging for infant formula because these uses have been intentionally and permanently abandoned. BPA-based epoxy resins are formed by the reaction of 4,4’isopropylenediphenol (i.e., BPA), and epichlorohydrin. II. Abandonment Under section 409(i) of the FD&C Act, FDA ‘‘shall by regulation prescribe the procedure by which regulations under the foregoing provisions of this section may be amended or repealed, and such procedure shall conform to the procedure provided in this section for the promulgation of such regulations.’’ FDA’s regulations specific to administrative actions for food additives provide as follows: ‘‘The Commissioner, on his own initiative or on the petition of any interested person, pursuant to part 10 of this chapter, may propose the issuance of a regulation amending or repealing a regulation pertaining to a food additive or granting or repealing an exception for such additive.’’ (§ 171.130(a) (21 CFR 171.130(a))). These regulations further provide: ‘‘Any such petition shall include an assertion of facts, supported by data, showing that new information exists with respect to the food additive or that new uses have been developed or old uses abandoned, that new data are available as to toxicity of the chemical, or that experience with the existing regulation or exemption PO 00000 Frm 00024 Fmt 4702 Sfmt 4702 41953 may justify its amendment or appeal. New data shall be furnished in the form specified in §§ 171.1 and 171.100 for submitting petitions.’’ (§ 171.130(b)). Under these regulations, a petitioner may propose that FDA amend a food additive regulation if the petitioner can demonstrate that there are ‘‘old uses abandoned’’ for the relevant food additive. Such abandonment must be complete for any intended uses in the U.S. market. While section 409 of the FD&C Act and § 171.130 also provide for amending or revoking a food additive regulation based on safety, an amendment or revocation based on abandonment is not based on safety, but is based on the fact that the regulatory authorization is no longer necessary because the use of the food additive has been abandoned. Abandonment may be based on the abandonment of certain authorized food additive uses for a substance (e.g., if a substance is no longer used in certain product categories), or on the abandonment of all authorized food additive uses of a substance (e.g., if a substance is no longer being manufactured). If a petition seeks an amendment to a food additive regulation based on the abandonment of certain uses of the food additive, such uses must be adequately defined so that both the scope of the abandonment and any amendment to the food additive regulation are clear. The petition submitted by Representative Markey contains public information and information collected from a survey of the U.S. registered manufacturers of infant formula to support the petitioner’s claim that all U.S. infant formula manufacturers have abandoned the use of BPA-based epoxy resins as coatings in all food contact packaging for infant formula. According to the petition, these companies accounted for 100% of the current infant formula market in the United States. FDA expressly requests comments on the petitioner’s request that FDA amend the food additive regulations to no longer permit the use of BPA-based epoxy resins as coatings in packaging for infant formula. For the purposes of this petition, FDA considers the use of BPA-based epoxy resins as coatings (as described in § 175.300(a)) in packaging of infant formula to mean a metal substrate (single use) or any suitable substrate (repeated use) being coated with BPA-based epoxy resins as a continuous film or enamel, serving as a functional barrier between the infant formula (powder or liquid) and the substrate. As noted, the basis for the proposed amendment is that the use of E:\FR\FM\17JYP1.SGM 17JYP1

Agencies

[Federal Register Volume 77, Number 137 (Tuesday, July 17, 2012)]
[Proposed Rules]
[Pages 41952-41953]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17284]


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DEPARTMENT OF COMMERCE

International Trade Administration

19 CFR Part 351


Correction to Modification of Regulations Regarding the 
Definition of Factual Information and Time Limits for Submission of 
Factual Information

AGENCY: Import Administration, International Trade Administration, 
Department of Commerce.

FOR FURTHER INFORMATION CONTACT: Joanna Theiss at (202) 482-5052.

Correction

    On July 10, 2012, the Department of Commerce published in the 
Federal Register the following notice: Modification of Regulations 
Regarding the Definition of Factual Information and Time Limits for 
Submission of Factual Information, 77 FR 40534 (July 10, 2012) 
(``Modification of Factual Information Regulations''). After 
publication of Modification of Factual Information Regulations, we 
identified an inadvertent error in this notice. Specifically, the 
notice does not include a Docket Number for the submission of comments 
through the Federal eRulemaking Portal. The Docket Number is Docket No. 
ITA-2012-0004. To be assured of consideration, comments must be 
received by August 24, 2012.


[[Page 41953]]


    Dated: July 10, 2012.
Ronald K. Lorentzen,
Acting Assistant Secretary for Import Administration.
[FR Doc. 2012-17284 Filed 7-16-12; 8:45 am]
BILLING CODE 3510-DS-P