Defining Bona Fide Cotton Spot Markets for the World Cotton Futures Contract, 74654-74655 [2014-29456]
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Proposed Rules
Federal Register
Vol. 79, No. 241
Tuesday, December 16, 2014
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[ACFR–2014–0001]
RIN 3095–AB84
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the Federal Register.
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On October 28, 2014, the
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DATES: The comment period for the
proposed rule published on October 28,
2014 (79 FR 64133), has been extended.
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mstockstill on DSK4VPTVN1PROD with PROPOSALS
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17:04 Dec 15, 2014
Jkt 235001
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of the Federal Register.
[FR Doc. 2014–29415 Filed 12–15–14; 8:45 am]
BILLING CODE 1505–02–P
DEPARTMENT OF AGRICULTURE
Agricultural Marketing Service
7 CFR Part 27
[Doc. #AMS–CN–14–0050]
RIN 0581–AD38
Defining Bona Fide Cotton Spot
Markets for the World Cotton Futures
Contract
Agricultural Marketing Service,
USDA.
ACTION: Proposed rule.
AGENCY:
The Agricultural Marketing
Service (AMS) is proposing to amend
SUMMARY:
PO 00000
Frm 00001
Fmt 4702
Sfmt 4702
the regulatory language to designate
which bona fide cotton spot markets
will be used to determine actual
commercial differences in value for
various grades above or below the basis
grade in the settlement of World cotton
futures contracts on the Intercontinental
Exchange (ICE). Designating bona fide
cotton spot markets for the World cotton
futures contract in the regulatory
language will allow for AMS to collect
spot market price data and publish spot
quotes for the settlement of these
specific contracts.
DATES: Comments must be received on
or before January 16, 2015.
ADDRESSES: Interested persons may
comment on the proposed rule using the
following procedures:
• Internet: https://
www.regulations.gov.
• Mail: Comments may be submitted
by mail to: Darryl Earnest, Deputy
Administrator, Cotton & Tobacco
Program, AMS, USDA, 3275 Appling
Road, Room 11, Memphis, TN 38133.
Comments should be submitted in
triplicate. All comments should
reference the docket number and the
date and the page of this issue of the
Federal Register. All comments will be
available for public inspection during
regular business hours at Cotton &
Tobacco Program, AMS, USDA, 3275
Appling Road, Memphis, TN 38133. A
copy of this notice may be found at:
www.ams.usda.gov/cotton/
rulemaking.htm.
FOR FURTHER INFORMATION CONTACT:
Darryl Earnest, Deputy Administrator,
Cotton & Tobacco Program, AMS,
USDA, 3275 Appling Road, Room 11,
Memphis, TN 38133. Telephone (901)
384–3060, facsimile (901) 384–3021, or
email darryl.earnest@ams.usda.gov.
SUPPLEMENTARY INFORMATION:
Executive Order 12866 and Executive
Order 13563
Executive Orders 12866 and 13563
direct agencies to access all costs and
benefits of available regulatory
alternatives and, if regulation is
necessary, to select regulatory
approaches that maximize net benefits
(including potential economic,
environmental, public health, and safety
effects, distributive impacts and equity).
Executive Order 13563 emphasizes the
importance of quantifying both costs
and benefits, reducing costs,
harmonizing rules, and promoting
E:\FR\FM\16DEP1.SGM
16DEP1
Federal Register / Vol. 79, No. 241 / Tuesday, December 16, 2014 / Proposed Rules
flexibility. This action has been
designated as a ‘‘non-significant
regulatory action’’ under § 3(f) of
Executive Order 12866 and therefore
has not been reviewed by the Office of
Management and Budget (OMB).
Executive Order 13175
This action has been reviewed in
accordance with the requirements of
Executive Order 13175, Consultation
and Coordination with Indian Tribal
Governments. The review reveals that
this regulation would not have
substantial and direct effects on Tribal
governments and would not have
significant Tribal implications.
Executive Order 12988
This proposed rule has been reviewed
under Executive Order 12988, Civil
Justice Reform. It is not intended to
have retroactive effect. There are no
administrative procedures that must be
exhausted prior to any judicial
challenge to the provisions of this rule.
mstockstill on DSK4VPTVN1PROD with PROPOSALS
Regulatory Flexibility Act
Pursuant to requirements set forth in
the Regulatory Flexibility Act (RFA) (5
U.S.C. 601–612), AMS has considered
the economic impact of this action on
small entities and has determined that
its implementation will not have a
significant economic impact on a
substantial number of small businesses.
The purpose of the RFA is to fit
regulatory actions to the scale of
businesses subject to such actions so
that small businesses will not be
disproportionately burdened. There are
approximately sixty cotton merchant
organizations of various sizes active in
trading U.S. cotton. Many of these
cotton merchants are small businesses
under the criteria established by the
Small Business Administration (13 CFR
121.201). Small business entities that
are merchants in the U.S. cotton
industry are defined as having fewer
than 100 employees. Amendments to
the regulation concerning bona fide
cotton spot market designations will not
significantly affect small businesses as
defined in the RFA because:
(1) How spot prices are estimated are
not expected to be impacted by this
action;
(2) Business practices of the U.S.
cotton industry are not expected to
change as a result of this action;
(3) Costs associated with providing
market news services will not be
significantly changed by this action;
(4) Market news services are paid for
by appropriated funds, therefore users
are not charged fees for the provision of
the services.
VerDate Sep<11>2014
17:04 Dec 15, 2014
Jkt 235001
74655
Paperwork Reduction Act
List of Subjects in 7 CFR Part 27
In compliance with OMB regulations
(5 CFR part 1320), which implement the
Paperwork Reduction Act (PRA) (44
U.S.C. 3501), the information collection
requirements contained in the
provisions to be amended by this
proposed rule have been previously
approved by OMB and were assigned
OMB control number 0581–0009, Cotton
Classification and Market News Service.
Commodity futures, cotton.
For the reasons set forth in the
preamble, 7 CFR part 27 is proposed to
be amended as follows:
Background
Frm 00002
1. The authority citation for 7 CFR
part 27 continues to read as follows:
■
Authority: 7 U.S.C. 15b, 7 U.S.C. 473b, 7
U.S.C. 1622(g).
2. In § 27.94, paragraph (a) is revised
to read as follows:
■
The Secretary of Agriculture is
authorized under the United States
Cotton Futures Act (7 U.S.C. 15b) to
designate at least five bona fide cotton
spot markets from which cotton price
information can be collected. A spot
market—also called the ‘‘cash market’’
or ‘‘physical market’’—is a market
where commodities are sold on the spot
for cash at current market prices and
delivered immediately. Designation of
these bona fide cotton spot markets and
the determination of which counties
and states compose each of these spot
markets was most recently published in
the Federal Register on April 30, 2013
(78 FR 25181). For each of these bona
fide cotton spot markets, the Cotton and
Tobacco Program of the Agricultural
Marketing Service collects market price
information under the United States
Cotton Futures Act (7 U.S.C. 15b), the
Cotton Statistics and Estimates Act (7
U.S.C. 473b) and the Agricultural
Marketing Act of 1946 (7 U.S.C.
1622(g)). This price information is then
used to calculate price differences for
the settlement of cotton futures
contracts.
In order to better manage price risk in
the global cotton market, the American
Cotton Shippers Association (ACSA)
and the International Cotton Association
(ICA) requested that the Intercontinental
Exchange (ICE) offer a World cotton
futures contract. In response, ICE
announced its intention to begin
offering World cotton contracts
beginning in the fourth quarter of 2015.
To determine actual commercial
differences in value for various grades
above or below the basis grade in the
settlement of this new World cotton
futures contract, AMS has been asked by
these same stakeholders to collect and
publish cotton spot market price
information relevant to the World cotton
contract. Therefore, AMS proposes to
amend § 27.94 to designate the same
bona fide cotton spot markets for the
World cotton futures contract as have
been designated for the No. 2 cotton
futures contract.
PO 00000
PART 27—[Amended]
Fmt 4702
Sfmt 4702
§ 27.94 Spot markets for contract
settlement purposes.
*
*
*
*
*
(a) For cotton delivered in settlement
of any Cotton No. 2 or World Cotton
contract on the Intercontinental
Exchange (ICE); the spot markets are
Southeastern, North and South Delta,
Eastern Texas and Oklahoma, West
Texas, and Desert Southwest.
*
*
*
*
*
Dated: December 11, 2014.
Rex A. Barnes,
Associate Administrator, Agricultural
Marketing Service.
[FR Doc. 2014–29456 Filed 12–15–14; 8:45 am]
BILLING CODE 3410–02–P
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[EPA–R09–OAR–2014–0703; FRL–9919–51–
Region 9]
Revisions to the California State
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Quality Management District
Environmental Protection
Agency (EPA).
ACTION: Proposed rule.
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The Environmental Protection
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E:\FR\FM\16DEP1.SGM
16DEP1
]]>Agencies
[Federal Register Volume 79, Number 241 (Tuesday, December 16, 2014)]
[Proposed Rules]
[Pages 74654-74655]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-29456]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Agricultural Marketing Service
7 CFR Part 27
[Doc. #AMS-CN-14-0050]
RIN 0581-AD38
Defining Bona Fide Cotton Spot Markets for the World Cotton
Futures Contract
AGENCY: Agricultural Marketing Service, USDA.
ACTION: Proposed rule.
-----------------------------------------------------------------------
SUMMARY: The Agricultural Marketing Service (AMS) is proposing to amend
the regulatory language to designate which bona fide cotton spot
markets will be used to determine actual commercial differences in
value for various grades above or below the basis grade in the
settlement of World cotton futures contracts on the Intercontinental
Exchange (ICE). Designating bona fide cotton spot markets for the World
cotton futures contract in the regulatory language will allow for AMS
to collect spot market price data and publish spot quotes for the
settlement of these specific contracts.
DATES: Comments must be received on or before January 16, 2015.
ADDRESSES: Interested persons may comment on the proposed rule using
the following procedures:
Internet: https://www.regulations.gov.
Mail: Comments may be submitted by mail to: Darryl
Earnest, Deputy Administrator, Cotton & Tobacco Program, AMS, USDA,
3275 Appling Road, Room 11, Memphis, TN 38133. Comments should be
submitted in triplicate. All comments should reference the docket
number and the date and the page of this issue of the Federal Register.
All comments will be available for public inspection during regular
business hours at Cotton & Tobacco Program, AMS, USDA, 3275 Appling
Road, Memphis, TN 38133. A copy of this notice may be found at:
www.ams.usda.gov/cotton/rulemaking.htm.
FOR FURTHER INFORMATION CONTACT: Darryl Earnest, Deputy Administrator,
Cotton & Tobacco Program, AMS, USDA, 3275 Appling Road, Room 11,
Memphis, TN 38133. Telephone (901) 384-3060, facsimile (901) 384-3021,
or email darryl.earnest@ams.usda.gov.
SUPPLEMENTARY INFORMATION:
Executive Order 12866 and Executive Order 13563
Executive Orders 12866 and 13563 direct agencies to access all
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits (including potential economic, environmental, public
health, and safety effects, distributive impacts and equity). Executive
Order 13563 emphasizes the importance of quantifying both costs and
benefits, reducing costs, harmonizing rules, and promoting
[[Page 74655]]
flexibility. This action has been designated as a ``non-significant
regulatory action'' under Sec. 3(f) of Executive Order 12866 and
therefore has not been reviewed by the Office of Management and Budget
(OMB).
Executive Order 13175
This action has been reviewed in accordance with the requirements
of Executive Order 13175, Consultation and Coordination with Indian
Tribal Governments. The review reveals that this regulation would not
have substantial and direct effects on Tribal governments and would not
have significant Tribal implications.
Executive Order 12988
This proposed rule has been reviewed under Executive Order 12988,
Civil Justice Reform. It is not intended to have retroactive effect.
There are no administrative procedures that must be exhausted prior to
any judicial challenge to the provisions of this rule.
Regulatory Flexibility Act
Pursuant to requirements set forth in the Regulatory Flexibility
Act (RFA) (5 U.S.C. 601-612), AMS has considered the economic impact of
this action on small entities and has determined that its
implementation will not have a significant economic impact on a
substantial number of small businesses.
The purpose of the RFA is to fit regulatory actions to the scale of
businesses subject to such actions so that small businesses will not be
disproportionately burdened. There are approximately sixty cotton
merchant organizations of various sizes active in trading U.S. cotton.
Many of these cotton merchants are small businesses under the criteria
established by the Small Business Administration (13 CFR 121.201).
Small business entities that are merchants in the U.S. cotton industry
are defined as having fewer than 100 employees. Amendments to the
regulation concerning bona fide cotton spot market designations will
not significantly affect small businesses as defined in the RFA
because:
(1) How spot prices are estimated are not expected to be impacted
by this action;
(2) Business practices of the U.S. cotton industry are not expected
to change as a result of this action;
(3) Costs associated with providing market news services will not
be significantly changed by this action;
(4) Market news services are paid for by appropriated funds,
therefore users are not charged fees for the provision of the services.
Paperwork Reduction Act
In compliance with OMB regulations (5 CFR part 1320), which
implement the Paperwork Reduction Act (PRA) (44 U.S.C. 3501), the
information collection requirements contained in the provisions to be
amended by this proposed rule have been previously approved by OMB and
were assigned OMB control number 0581-0009, Cotton Classification and
Market News Service.
Background
The Secretary of Agriculture is authorized under the United States
Cotton Futures Act (7 U.S.C. 15b) to designate at least five bona fide
cotton spot markets from which cotton price information can be
collected. A spot market--also called the ``cash market'' or ``physical
market''--is a market where commodities are sold on the spot for cash
at current market prices and delivered immediately. Designation of
these bona fide cotton spot markets and the determination of which
counties and states compose each of these spot markets was most
recently published in the Federal Register on April 30, 2013 (78 FR
25181). For each of these bona fide cotton spot markets, the Cotton and
Tobacco Program of the Agricultural Marketing Service collects market
price information under the United States Cotton Futures Act (7 U.S.C.
15b), the Cotton Statistics and Estimates Act (7 U.S.C. 473b) and the
Agricultural Marketing Act of 1946 (7 U.S.C. 1622(g)). This price
information is then used to calculate price differences for the
settlement of cotton futures contracts.
In order to better manage price risk in the global cotton market,
the American Cotton Shippers Association (ACSA) and the International
Cotton Association (ICA) requested that the Intercontinental Exchange
(ICE) offer a World cotton futures contract. In response, ICE announced
its intention to begin offering World cotton contracts beginning in the
fourth quarter of 2015. To determine actual commercial differences in
value for various grades above or below the basis grade in the
settlement of this new World cotton futures contract, AMS has been
asked by these same stakeholders to collect and publish cotton spot
market price information relevant to the World cotton contract.
Therefore, AMS proposes to amend Sec. 27.94 to designate the same bona
fide cotton spot markets for the World cotton futures contract as have
been designated for the No. 2 cotton futures contract.
List of Subjects in 7 CFR Part 27
Commodity futures, cotton.
For the reasons set forth in the preamble, 7 CFR part 27 is
proposed to be amended as follows:
PART 27--[Amended]
0
1. The authority citation for 7 CFR part 27 continues to read as
follows:
Authority: 7 U.S.C. 15b, 7 U.S.C. 473b, 7 U.S.C. 1622(g).
0
2. In Sec. 27.94, paragraph (a) is revised to read as follows:
Sec. 27.94 Spot markets for contract settlement purposes.
* * * * *
(a) For cotton delivered in settlement of any Cotton No. 2 or World
Cotton contract on the Intercontinental Exchange (ICE); the spot
markets are Southeastern, North and South Delta, Eastern Texas and
Oklahoma, West Texas, and Desert Southwest.
* * * * *
Dated: December 11, 2014.
Rex A. Barnes,
Associate Administrator, Agricultural Marketing Service.
[FR Doc. 2014-29456 Filed 12-15-14; 8:45 am]
BILLING CODE 3410-02-P
