Submission for OMB Review; Comment Request, 69693-69694 [2012-28112]
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Federal Register / Vol. 77, No. 224 / Tuesday, November 20, 2012 / Notices
banks and credit card/debit card
processors, will provide the same
chargeback protections to those using
debit cards as credit card users receive
under the Fair Credit Billing Act.
Finally, as a matter of enforcement
policy, the Enforcement Office will
consider any voucher program such as
that offered by Direct Air a per se
violation of 14 CFR Part 380, and if that
office discovers such a program it will
pursue immediate enforcement action.
A voucher program that accepts
consumer funds without the consumer
entering into a contract with specific
flight dates is not the equivalent of the
operator-participant contract required
under Part 380 and does not provide
protection of consumer funds under the
escrow provisions of section 380.34.
This revised policy regarding
approval of charter prospectuses will
take effect 30 days from the date of this
notice. Prospectuses filed after that date
will not be accepted without the
supplemental statements, outlined
above. The Enforcement Office intends
to undertake enforcement action, where
appropriate, if it obtains evidence of
violations of commitments made in
those statements, or of the acceptance of
debit purchases, or of sales initiatives
such as the voucher program described
above. Questions regarding this notice
may be addressed to the Office of
Aviation Enforcement and Proceedings
(C–70), 1200 New Jersey Avenue SE.,
Washington, DC 20590.
An electronic version of this
document is available at https://
www.regulations.gov
Dated: November 13, 2012.
Paul L. Gretch,
Director, Office of International Aviation.
Samuel Podberesky,
Assistant General Counsel for Aviation
Enforcement and Proceedings.
[FR Doc. 2012–28060 Filed 11–19–12; 8:45 am]
BILLING CODE P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
wreier-aviles on DSK5TPTVN1PROD with
November 14, 2012.
The Department of the Treasury will
submit the following information
collection request to the Office of
Management and Budget (OMB) for
review and clearance in accordance
with the Paperwork Reduction Act of
1995, Public Law 104–13, on or after the
date of publication of this notice.
DATES: Comments should be received on
or before December 20, 2012 to be
assured of consideration.
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15:12 Nov 19, 2012
Jkt 229001
Send comments regarding
the burden estimate, or any other aspect
of the information collection, including
suggestion for reducing the burden, to
(1) Office of Information and Regulatory
Affairs, Office of Management and
Budget, Attention: Desk Officer for
Treasury, New Executive Office
Building, Room 10235, Washington, DC
20503, or email at
OIRA_Submission@OMB.EOP.GOV and
(2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite
8140, Washington, DC 20220, or email
at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Copies of the submission(s) may be
obtained by calling (202) 927–5331,
email at PRA@treasury.gov, or the entire
information collection request maybe
found at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Title: Generic Clearances for
Meaningful Access Information
Collections.
OMB Control Number: NEW.
Abstract: A court order was issued in
American Council of the Blind v.
Paulson, 591 F. Supp. 2d 1 (D.D.C.
2008) (‘‘ACB v. Paulson’’) requiring the
Department of the Treasury and BEP to
‘‘provide meaningful access to United
States currency for blind and other
visually impaired persons, which steps
shall be completed, in connection with
each denomination of currency, not
later than the date when a redesign of
that denomination is next approved by
the Secretary of the Treasury * * *.’’
In compliance with the court’s order,
BEP intends to meet individually with
blind and visually impaired persons and
request their feedback about tactile
features that BEP is considering for
possible incorporation into the next U.S.
paper currency redesign. BEP
employees will attend national
conventions and conferences for
disabled persons. At those gatherings,
BEP employees will invite blind and
visually impaired persons to provide
feedback about certain tactile features
being considered for inclusion in future
United States currency paper designs.
The BEP also intends to contract with
specialists in the field of visual acuity
to develop methodologies for
conducting scientific tests. Using those
methodologies, the BEP or its contracted
specialists will conduct acuity testing
with select groups of blind and visually
impaired volunteers. The acuity tests
will help either confirm or provide
other perspectives on the results of
BEP’s information collections at
national conferences and conventions.
The acuity tests will also help ground
bases for which BEP determines the
ADDRESSES:
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69693
tactile feature to be incorporated into
the next United States paper currency
design.
The BEP’s information collection
activities at national conferences will
use identical methodologies or
otherwise share a common element.
Similarly, the BEP’s scientific studies
will use very similar methodologies or
share a common element. Thus the BEP,
in order to comply with the court’s
order in ACB v. Paulson requests OMB
approval for two generic clearances to
conduct various information collection
activities. Over the next three years, the
BEP anticipates undertaking a variety of
new information collection activities
related to BEP’s efforts to provide
meaningful access to U.S. paper
currency for blind and visually
impaired persons. Following standard
OMB requirements, for each information
collection that BEP proposes to
undertake under each of these generic
clearances, the OMB will be notified at
least two weeks in advance and
provided with a copy of the information
collection instrument along with
supportive materials. The BEP will only
undertake a new collection if the OMB
does not object to the BEP’s proposal.
Type of Review: New Collection.
Affected Public: Individuals,
Organizations.
Respondent’s Obligation: Voluntary.
Estimated Number of Respondents:
Approximately 500 per year. The BEP
will conduct the majority of its
information collection activities at
conferences and conventions of
organizations of blind and visually
impaired persons. The BEP is able to
estimate the number of attendees at
such conferences and meetings based on
historical data. The BEP, however, only
collects information from volunteers
who stop by its information booth, and
who care to take the time responding to
questions. It is difficult, therefore, to
estimate the actual number of
respondents from whom BEP may be
able to collect information in a year. The
BEP’s scientific studies may include
more focused sample sizes, comprised
of persons volunteering to participate in
the studies.
Estimated Average Time per
Respondent: 30 minutes per response.
Estimated Total Annual Burden
Hours: Approximately 250 burden
hours.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for Office of Management and
Budget approval. All comments will
become a matter of public record. The
public is invited to submit written
comments concerning: (a) Whether the
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69694
Federal Register / Vol. 77, No. 224 / Tuesday, November 20, 2012 / Notices
collection of information is necessary
for the proper performance of the
functions of the Bureau, including
whether the information will have
practical uses; (b) the accuracy of the
above estimate of the burden of the
proposed information collection; (c)
ways to enhance the quality, usefulness,
and clarity of the information to be
collected; and (d) ways to minimize the
reporting burdens on respondents,
including the use of automated
collection techniques or other forms of
information technology.
Treasury Department PRA Clearance
Officer: Robert Dahl, Department of the
Treasury, Room 11000, 1750
Pennsylvania Avenue NW., Washington,
DC 20220.
BEP Contact: Sonya White, Deputy
Chief Counsel, United States
Department of the Treasury, Bureau of
Engraving and Printing, Room 419–A,
14th and C Streets SW., Washington, DC
20228.
Robert Dahl,
Treasury Department PRA Clearance Officer.
[FR Doc. 2012–28112 Filed 11–19–12; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Determination of Foreign Exchange
Swaps and Foreign Exchange
Forwards Under the Commodity
Exchange Act
Department of the Treasury,
Departmental Offices.
ACTION: Final determination.
AGENCY:
The Commodity Exchange
Act (‘‘CEA’’), as amended by Title VII of
the Dodd-Frank Wall Street Reform and
Consumer Protection Act (‘‘Dodd-Frank
Act’’), authorizes the Secretary of the
Treasury (‘‘Secretary’’) to issue a written
determination that foreign exchange
swaps, foreign exchange forwards, or
both, should not be regulated as swaps
under the CEA. The Secretary is issuing
a determination that exempts both
foreign exchange swaps and foreign
exchange forwards from the definition
of ‘‘swap,’’ in accordance with the
applicable provisions of the CEA.
DATES: Effective November 20, 2012.
FOR FURTHER INFORMATION CONTACT:
Office of Financial Markets, 1500
Pennsylvania Avenue NW., Washington,
DC 20220, (202) 622–2000; Thomas E.
Scanlon, Office of the General Counsel,
1500 Pennsylvania Avenue NW.,
Washington, DC 20220, (202) 622–8170.
SUPPLEMENTARY INFORMATION: Title VII
of the Dodd-Frank Act 1 amends the
wreier-aviles on DSK5TPTVN1PROD with
SUMMARY:
1 Public
Law 111–203, title VII.
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15:12 Nov 19, 2012
Jkt 229001
CEA, as well as Federal securities laws,
to provide a comprehensive regulatory
regime for swaps. Section 721 of the
Dodd-Frank Act amends section 1a of
the CEA, which, in relevant part,
defines the term ‘‘swap’’ and includes
foreign exchange swaps and foreign
exchange forwards in the definition.2
Section 1a(47)(E) of the CEA authorizes
the Secretary to make a written
determination that ‘‘foreign exchange
swaps’’ 3 or ‘‘foreign exchange
forwards,’’ 4 or both— (I) should not be
regulated as swaps under the CEA; and
(II) are not structured to evade the
Dodd-Frank Act in violation of any rule
promulgated by the Commodity Futures
Trading Commission (‘‘CFTC’’) pursuant
to section 721(c) of the Dodd-Frank
Act.5
On October 28, 2010, the Department
of the Treasury (‘‘Treasury’’) published
in the Federal Register a Notice and
Request for Comments (‘‘October 2010
Notice’’) to solicit public comment on a
wide range of issues relating to whether
foreign exchange swaps and foreign
exchange forwards should be exempt
from the definition of the term ‘‘swap’’
under the CEA.6
On May 5, 2011, Treasury published
a notice of proposed determination
(‘‘NPD’’) seeking comment on a
proposed determination that would
exempt both foreign exchange swaps
and foreign exchange forwards from the
definition of ‘‘swap,’’ as well as on the
factors that would support such a
determination.
In addition, Treasury staff has
engaged in a broad outreach to
representatives from multiple market
segments, as well as market regulators
and the Federal regulatory agencies.
After assessing the comments in
response to the October 2010 Notice and
the NPD, consulting with Federal
regulators, and considering the factors
set forth in section 1b(a) of the CEA, as
discussed below, the Secretary finds
that a determination pursuant to
sections 1a(47)(E) and 1b that ‘‘foreign
exchange swaps’’ and ‘‘foreign exchange
forwards’’ should not be regulated as
swaps under the CEA, and therefore
should be exempted from the definition
of the term ‘‘swap’’ under the CEA, is
appropriate.
In making a determination pursuant
to sections 1a(47)(E) and 1b of the CEA,
the Secretary must consider, and has
considered, the following factors:
27
U.S.C. 1a(47).
U.S.C. 1a(25).
4 7 U.S.C. 1a(24).
5 7 U.S.C. 1(a)(47)(E)(i).
6 75 FR 66,426 (Oct. 28, 2010). Thirty comments
were submitted in response to the October 2010
Notice.
37
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Frm 00105
Fmt 4703
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(1) Whether the required trading and
clearing of foreign exchange swaps and
foreign exchange forwards would create
systemic risk, lower transparency, or
threaten the financial stability of the
United States;
(2) Whether foreign exchange swaps
and foreign exchange forwards are
already subject to a regulatory scheme
that is materially comparable to that
established by the CEA for other classes
of swaps;
(3) The extent to which bank
regulators of participants in the foreign
exchange market provide adequate
supervision, including capital and
margin requirements;
(4) The extent of adequate payment
and settlement systems; and
(5) The use of a potential exemption
of foreign exchange swaps and foreign
exchange forwards to evade otherwise
applicable regulatory requirements.7
I. Summary of Final Determination
The CEA, as amended by the DoddFrank Act, provides a comprehensive
regulatory regime for swaps and
derivatives, including a wide range of
foreign exchange derivatives, such as
foreign exchange options, currency
swaps, or non-deliverable forwards
(‘‘NDFs’’). Among other measures, this
regulatory regime provides for clearing
and exchange-trading requirements that
are designed to mitigate risks, promote
price transparency, and facilitate more
stable, liquid markets for derivative
instruments.
In general, swaps, including foreign
exchange derivatives, carry three types
of risks: (i) Counterparty credit risk
prior to settlement; (ii) market risk; and
(iii) settlement risk. Counterparty credit
risk prior to settlement is the risk that
a party to the transaction potentially
could default prior to the settlement
date, which could result in the nondefaulting party suffering an economic
loss associated with having to replace
the defaulted contract with another
transaction at the then-current terms.
7 7 U.S.C. 1b(a). In addition, section 1b(b) of the
CEA provides that, ‘‘[i]f the Secretary makes a
determination to exempt foreign exchange swaps
and foreign exchange forwards from the definition
of the term ‘swap’,’’ the Secretary must submit a
separate ‘‘determination’’ to the appropriate
committees of Congress, which contains (1) an
explanation as to why foreign exchange swaps and
foreign exchange forwards are ‘‘qualitatively
different from other classes of swaps’’ such that
foreign exchange swaps and foreign exchange
forwards are ‘‘ill-suited for regulation as swaps’’
and (2) an ‘‘identification of the objective
differences of foreign exchange swaps and foreign
exchange forwards with respect to standard swaps
that warrant an exempted status.’’ The Secretary has
submitted this determination to the appropriate
committees of Congress, and, therefore, this
determination is effective, pursuant to section
1a(47)(E)(ii) of the CEA.
E:\FR\FM\20NON1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 224 (Tuesday, November 20, 2012)]
[Notices]
[Pages 69693-69694]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-28112]
=======================================================================
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
November 14, 2012.
The Department of the Treasury will submit the following
information collection request to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, Public Law 104-13, on or after the date of
publication of this notice.
DATES: Comments should be received on or before December 20, 2012 to be
assured of consideration.
ADDRESSES: Send comments regarding the burden estimate, or any other
aspect of the information collection, including suggestion for reducing
the burden, to (1) Office of Information and Regulatory Affairs, Office
of Management and Budget, Attention: Desk Officer for Treasury, New
Executive Office Building, Room 10235, Washington, DC 20503, or email
at OIRA_Submission@OMB.EOP.GOV and (2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite 8140, Washington, DC 20220, or email
at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be
obtained by calling (202) 927-5331, email at PRA@treasury.gov, or the
entire information collection request maybe found at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Title: Generic Clearances for Meaningful Access Information
Collections.
OMB Control Number: NEW.
Abstract: A court order was issued in American Council of the Blind
v. Paulson, 591 F. Supp. 2d 1 (D.D.C. 2008) (``ACB v. Paulson'')
requiring the Department of the Treasury and BEP to ``provide
meaningful access to United States currency for blind and other
visually impaired persons, which steps shall be completed, in
connection with each denomination of currency, not later than the date
when a redesign of that denomination is next approved by the Secretary
of the Treasury * * *.''
In compliance with the court's order, BEP intends to meet
individually with blind and visually impaired persons and request their
feedback about tactile features that BEP is considering for possible
incorporation into the next U.S. paper currency redesign. BEP employees
will attend national conventions and conferences for disabled persons.
At those gatherings, BEP employees will invite blind and visually
impaired persons to provide feedback about certain tactile features
being considered for inclusion in future United States currency paper
designs.
The BEP also intends to contract with specialists in the field of
visual acuity to develop methodologies for conducting scientific tests.
Using those methodologies, the BEP or its contracted specialists will
conduct acuity testing with select groups of blind and visually
impaired volunteers. The acuity tests will help either confirm or
provide other perspectives on the results of BEP's information
collections at national conferences and conventions. The acuity tests
will also help ground bases for which BEP determines the tactile
feature to be incorporated into the next United States paper currency
design.
The BEP's information collection activities at national conferences
will use identical methodologies or otherwise share a common element.
Similarly, the BEP's scientific studies will use very similar
methodologies or share a common element. Thus the BEP, in order to
comply with the court's order in ACB v. Paulson requests OMB approval
for two generic clearances to conduct various information collection
activities. Over the next three years, the BEP anticipates undertaking
a variety of new information collection activities related to BEP's
efforts to provide meaningful access to U.S. paper currency for blind
and visually impaired persons. Following standard OMB requirements, for
each information collection that BEP proposes to undertake under each
of these generic clearances, the OMB will be notified at least two
weeks in advance and provided with a copy of the information collection
instrument along with supportive materials. The BEP will only undertake
a new collection if the OMB does not object to the BEP's proposal.
Type of Review: New Collection.
Affected Public: Individuals, Organizations.
Respondent's Obligation: Voluntary.
Estimated Number of Respondents: Approximately 500 per year. The
BEP will conduct the majority of its information collection activities
at conferences and conventions of organizations of blind and visually
impaired persons. The BEP is able to estimate the number of attendees
at such conferences and meetings based on historical data. The BEP,
however, only collects information from volunteers who stop by its
information booth, and who care to take the time responding to
questions. It is difficult, therefore, to estimate the actual number of
respondents from whom BEP may be able to collect information in a year.
The BEP's scientific studies may include more focused sample sizes,
comprised of persons volunteering to participate in the studies.
Estimated Average Time per Respondent: 30 minutes per response.
Estimated Total Annual Burden Hours: Approximately 250 burden
hours.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for Office of
Management and Budget approval. All comments will become a matter of
public record. The public is invited to submit written comments
concerning: (a) Whether the
[[Page 69694]]
collection of information is necessary for the proper performance of
the functions of the Bureau, including whether the information will
have practical uses; (b) the accuracy of the above estimate of the
burden of the proposed information collection; (c) ways to enhance the
quality, usefulness, and clarity of the information to be collected;
and (d) ways to minimize the reporting burdens on respondents,
including the use of automated collection techniques or other forms of
information technology.
Treasury Department PRA Clearance Officer: Robert Dahl, Department
of the Treasury, Room 11000, 1750 Pennsylvania Avenue NW., Washington,
DC 20220.
BEP Contact: Sonya White, Deputy Chief Counsel, United States
Department of the Treasury, Bureau of Engraving and Printing, Room 419-
A, 14th and C Streets SW., Washington, DC 20228.
Robert Dahl,
Treasury Department PRA Clearance Officer.
[FR Doc. 2012-28112 Filed 11-19-12; 8:45 am]
BILLING CODE 4810-25-P
