Oklahoma Disaster Number OK-00071, 36630-36631 [2013-14471]
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36630
Federal Register / Vol. 78, No. 117 / Tuesday, June 18, 2013 / Notices
whole. Without receipt of full payment
for its dispositions, the nonparticipating
FFI Member would not have sufficient
assets to fund its client accounts.
• These rule changes should not
create business issues or be onerous to
NSCC’s membership because requiring
FFIs to certify (and to periodically
recertify) their FATCA status, and
imposing the costs of non-compliance
on them, are becoming standard market
practice in the United States, separate
and apart from membership in NSCC.
Rule Changes
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NSCC states that managing the risks
inherent in executing securities
transactions is a key component of
NSCC’s business. NSCC’s risk tolerances
(i.e., the levels of risk NSCC is prepared
to confront, under a range of possible
scenarios, in carrying out its business
functions) are determined by the Board
of Directors, in consultation with the
Group Chief Risk Officer. NSCC uses a
combination of risk management tools,
including strict criteria for membership,
to mitigate the risks inherent in its
business.
In line with its risk management
focus, NSCC has determined that
compliance with FATCA, so that NSCC
shall not be responsible for FATCA
Withholding, should be a general
membership requirement (A) for all
applicants that are treated as non-U.S.
entities for federal income tax purposes,
and (B) for all existing FFI Members.11
NSCC is amending its rules as follows:
• Rule 1: adding ‘‘FFI Member,’’
‘‘FATCA,’’ ‘‘FATCA Certification,’’
‘‘FATCA Compliance Date’’ 12 and
‘‘FATCA Compliant’’ as defined terms;
• Rule 2, Section 4: requiring that all
FFI Members (both new and existing), in
general: (i) Agree not to conduct any
transaction or activity through NSCC if
such FFI Member is not FATCA
Compliant, (ii) certify and, as required
under the timelines set forth under
FATCA, periodically recertify, to NSCC
that they are FATCA Compliant, and
(iii) indemnify NSCC for any losses
sustained by NSCC resulting from such
FFI Member’s failure to be FATCA
Compliant;
11 NSCC may grant a waiver under certain
circumstances, provided, however, that NSCC will
not grant a waiver if it causes NSCC to be obligated
to withhold under FATCA on gross proceeds from
the sale or other disposition of any property.
12 Although Income Withholding with regard to
FFI Members approved for membership by NSCC
prior to January 1, 2014 is first required under
FATCA beginning July, 1 2014, the proposed
amendments to NSCC rules would require such
existing FFI Members to be FATCA compliant
approximately 60 days prior to July 1, 2014 in order
for NSCC to comply with its disciplinary and notice
processes as set forth in NSCC rules.
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• Rule 2A, Section 1.B.: adding
FATCA Compliance as a qualification
requirement for any applicant that will
be an FFI Member;
• Rule 2A, Section 1.B., Foot Note 1:
making a technical clarification to
expressly include the policy statement
set forth in Addendum O as other
qualification standards that NSCC has
promulgated with regard to certain
applicants;
• Rule 2A, Section 1.C.: adding that
each applicant must complete and
deliver a FATCA Certification to NSCC
as part of its membership application
unless NSCC has waived this
requirement with regard to membership
type;
• Rule 2B, Section 1: making a
technical clarification by adding a
footnote to expressly include the policy
statement set forth in Addendum O as
qualifications and standards which are
continuing membership requirements;
• Rule 2B, Section 2.B: specifying that
failure to be FATCA Compliant creates
a duty upon an FFI Member (both new
and existing) to inform NSCC;
• Addendum O: requiring applicants
that are subject to this Policy Statement
(i) to be FATCA Compliant, (ii) to
deliver to NSCC a FATCA Certification,
and to periodically recertify such
FATCA Certification, (iii) to agree not to
submit any order for processing through
NSCC if the applicant fails to be FATCA
Compliant at any time, and (iv) to agree
to indemnify NSCC for any losses
sustained by NSCC resulting from the
applicant’s failure to be FATCA
Compliant, as conditions to admission
and continued membership.
II. Discussion
Section 19(b)(2)(C) of the Act 13
directs the Commission to approve a
proposed rule change of a selfregulatory organization if it finds that
such proposed rule change is consistent
with the requirements of the Act and
rules and regulations thereunder
applicable to such organization. Section
17A(b)(3)(F) of the Act 14 requires the
rules of a clearing agency to be designed
to, among other things, promote the
prompt and accurate clearance and
settlement of securities transactions,
assure the safeguarding of securities and
funds which are in the custody or
control of the clearing agency or for
which it is responsible, and protect
investors and the public interest. The
Commission finds that NSCC’s proposed
rule change is consistent with these
requirements because it is designed to
comply with FATCA while eliminating
13 15
14 12
PO 00000
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
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Fmt 4703
Sfmt 4703
uncertainty in funds settlement.
Specifically, based on NSCC’s
representations, the Commission
understands that the proposed rule
change is designed codify NSCC’s rules
in a way that will allow NSCC to
comply with FACTA without
developing and maintaining a complex
FATCA Withholding system and, as a
result, it will eliminate uncertainty in
funds settlement that NSCC believes
will arise if NSCC is subject to FATCA
Withholding.
In approving this proposed rule
change, the Commission is mindful of
the IRS’s jurisdiction respecting
FATCA. This Order does not interpret
FATCA. The Commission’s approval of
the proposed rule change in no way
constitutes a determination or finding
by the Commission that the proposed
rule change complies with FATCA,
which is under the purview of the IRS.
III. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of Section 17A of the
Act 15 and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (SR–NSCC–2013–
04) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–14392 Filed 6–17–13; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #13586 and #13587]
Oklahoma Disaster Number OK–00071
U.S. Small Business
Administration.
ACTION: Amendment 2.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for the State of Oklahoma
(FEMA–4117–DR), dated 05/20/2013.
Incident: Severe Storms, Tornadoes
and Flooding.
Incident Period: 05/18/2013 and
continuing through 06/02/2013.
Effective Date: 06/11/2013.
SUMMARY:
15 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
16 17 CFR 200.30–3(a)(12).
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Federal Register / Vol. 78, No. 117 / Tuesday, June 18, 2013 / Notices
Physical Loan Application Deadline
Date: 07/19/2013.
EIDL Loan Application Deadline Date:
02/20/2014.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration Processing, And
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT:
Alan Escobar, Office of Disaster
Assistance, U.S. Small Business
Administration, 409 3rd Street SW.,
Suite 6050, Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for the State of
OKLAHOMA, dated 05/20/2013 is
hereby amended to re-establish the
incident period for this disaster as
beginning 05/18/2013 and continuing
through 06/02/2013 and expand the
incident to include flooding.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Jerome Edwards,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2013–14471 Filed 6–17–13; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #13616 and #13617]
Texas Disaster #TX–00408
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
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Economic Injury (EIDL) Loan
Application Deadline Date: 03/12/2014.
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
3.750 filed at the address listed above or other
locally announced locations.
1.875
The following areas have been
6.000 determined to be adversely affected by
the disaster:
Percent
For Physical Damage:
Homeowners With Credit Available Elsewhere ......................
Homeowners Without Credit
Available Elsewhere ..............
Businesses With Credit Available Elsewhere ......................
Businesses
Without
Credit
Available Elsewhere ..............
Non-Profit Organizations With
Credit Available Elsewhere ...
Non-Profit Organizations Without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives Without Credit
Available Elsewhere ..............
Non-Profit Organizations Without Credit Available Elsewhere .....................................
SUPPLEMENTARY INFORMATION:
4.000
Primary Counties: Kent.
2.875
Contiguous Counties:
Michigan: Allegan, Barry, Ionia,
Montcalm, Muskegon, Newaygo,
Ottawa.
2.875
The Interest Rates are:
4.000
Percent
2.875
The number assigned to this disaster
for physical damage is 13616 6 and for
economic injury is 13617 0.
The States which received an EIDL
Declaration # are Texas.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
This is a notice of an
Administrative declaration of a disaster
for the State of Texas dated 06/12/2013.
Incident: Severe Weather and
Flooding.
Incident Period: 05/25/2013 through
05/27/2013.
Effective Date: 06/12/2013.
Physical Loan Application Deadline
Date: 08/12/2013.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/12/2014.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
SUMMARY:
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Bexar.
Contiguous Counties:
Texas: Atascosa, Bandera, Comal,
Guadalupe, Kendall, Medina,
Wilson.
The Interest Rates are:
36631
Dated: June 12, 2013.
Karen G. Mills,
Administrator.
[FR Doc. 2013–14475 Filed 6–17–13; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #13618 and #13619]
For Physical Damage:
Homeowners With Credit Available Elsewhere ......................
Homeowners Without Credit
Available Elsewhere ..............
Businesses With Credit Available Elsewhere ......................
Businesses
Without
Credit
Available Elsewhere ..............
Non-Profit Organizations With
Credit Available Elsewhere ...
Non-Profit Organizations Without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives Without Credit
Available Elsewhere ..............
Non-Profit Organizations Without Credit Available Elsewhere .....................................
3.375
1.688
6.000
4.000
2.875
2.875
4.000
2.875
Michigan Disaster #MI–00039
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a notice of an
Administrative declaration of a disaster
for the State of Michigan dated 06/12/
2013.
Incident: Severe Storms and Flooding.
Incident Period: 04/07/2013 through
04/20/2013.
Effective Date: 06/12/2013.
Physical Loan Application Deadline
Date: 08/12/2013.
SUMMARY:
PO 00000
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The number assigned to this disaster
for physical damage is 13618 6 and for
economic injury is 13619 0.
The States which received an EIDL
Declaration # are Michigan.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Dated: June 12, 2013.
Karen G. Mills,
Administrator.
[FR Doc. 2013–14474 Filed 6–17–13; 8:45 am]
BILLING CODE 8025–01–P
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Agencies
[Federal Register Volume 78, Number 117 (Tuesday, June 18, 2013)]
[Notices]
[Pages 36630-36631]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-14471]
=======================================================================
-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration 13586 and 13587]
Oklahoma Disaster Number OK-00071
AGENCY: U.S. Small Business Administration.
ACTION: Amendment 2.
-----------------------------------------------------------------------
SUMMARY: This is an amendment of the Presidential declaration of a
major disaster for the State of Oklahoma (FEMA-4117-DR), dated 05/20/
2013.
Incident: Severe Storms, Tornadoes and Flooding.
Incident Period: 05/18/2013 and continuing through 06/02/2013.
Effective Date: 06/11/2013.
[[Page 36631]]
Physical Loan Application Deadline Date: 07/19/2013.
EIDL Loan Application Deadline Date: 02/20/2014.
ADDRESSES: Submit completed loan applications to: U.S. Small Business
Administration Processing, And Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: Alan Escobar, Office of Disaster
Assistance, U.S. Small Business Administration, 409 3rd Street SW.,
Suite 6050, Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice of the President's major disaster
declaration for the State of OKLAHOMA, dated 05/20/2013 is hereby
amended to re-establish the incident period for this disaster as
beginning 05/18/2013 and continuing through 06/02/2013 and expand the
incident to include flooding.
All other information in the original declaration remains
unchanged.
(Catalog of Federal Domestic Assistance Numbers 59002 and 59008)
Jerome Edwards,
Acting Associate Administrator for Disaster Assistance.
[FR Doc. 2013-14471 Filed 6-17-13; 8:45 am]
BILLING CODE 8025-01-P