Defining Bona Fide Cotton Spot Markets for the World Cotton Futures Contract, 74654-74655 [2014-29456]

Download as PDF 74654 Proposed Rules Federal Register Vol. 79, No. 241 Tuesday, December 16, 2014 This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. ADMINISTRATIVE COMMITTEE OF THE FEDERAL REGISTER 1 CFR Chapter I [ACFR–2014–0001] RIN 3095–AB84 Revision of Regulations Administrative Committee of the Federal Register. ACTION: Proposed rule; extension of comment period. AGENCY: On October 28, 2014, the Administrative Committee of the Federal Register (ACFR) published a Notice of Proposed Rulemaking and requested comments through December 29, 2014. The ACFR received a formal request to extend the comment period. The ACFR is, therefore, extending the comment period until January 28, 2015. DATES: The comment period for the proposed rule published on October 28, 2014 (79 FR 64133), has been extended. The ACFR will accept comments until January 28, 2015. ADDRESSES: You may submit comments, identified using the subject line of this document, by any of the following methods: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • Email: Fedreg.legal@nara.gov. Include the subject line of this document in the subject line of the message. • Mail: The Office of the Federal Register (F), The National Archives and Records Administration, 8601 Adelphi Road, College Park, MD 20740–6001. • Hand Delivery/Courier: Office of the Federal Register, 800 North Capitol Street NW., Suite 700, Washington, DC 20002. Docket materials are available at the Office of the Federal Register, 800 North Capitol Street NW., Suite 700, Washington, DC 20002, 202–741–6030. Please contact the persons listed in the mstockstill on DSK4VPTVN1PROD with PROPOSALS SUMMARY: FOR FURTHER INFORMATION CONTACT section to schedule your inspection of VerDate Sep<11>2014 17:04 Dec 15, 2014 Jkt 235001 docket materials. The Office of the Federal Register’s official hours of business are Monday through Friday, 8:45 a.m. to 5:15 p.m., excluding Federal holidays. FOR FURTHER INFORMATION CONTACT: Miriam Vincent, Acting Director of Legal Affairs and Policy, Office of the Federal Register, at Fedreg.legal@ nara.gov, or 202–741–6030. SUPPLEMENTARY INFORMATION: On October 28, 2014 (79 FR 64133), the Administrative Committee of the Federal Register (ACFR) published a Notice of Proposed Rulemaking and requested comments through December 29, 2014. The ACFR proposed to update its regulations for the Federal Register system to clarify certain policies and to reflect current procedures and technological advances. The proposal would also revise the regulatory text to make it more readable and consistent with plain language principles. The ACFR received a formal request to extend the comment period on the petition for an additional 90 days, making the total time to comment 150 days. After considering the request, the ACFR decided to extend the comment period an additional 30 days, to January 28, 2015. This extension gives commenters additional time to consider the proposal and submit comments on its merits. By Order of the Committee. Amy P. Bunk, Acting Secretary, Administrative Committee 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: http:// 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 ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 [EPA–R09–OAR–2014–0703; FRL–9919–51– Region 9] Revisions to the California State Implementation Plan, Feather River Air Quality Management District Environmental Protection Agency (EPA). ACTION: Proposed rule. AGENCY: The Environmental Protection Agency (EPA) is proposing to approve revisions to the Feather River Air Quality Management District (FRAQMD) portion of the California State Implementation Plan (SIP). These revisions concern emissions of particulate matter (PM), volatile organic compounds (VOCs) and oxides of nitrogen (NOX) from wood heating devices and open burning. We are proposing to approve local rules to regulate these emission sources under the Clean Air Act (CAA or the Act). DATES: Any comments on this proposal must arrive by January 15, 2015. ADDRESSES: Submit comments, identified by docket number EPA–R09– SUMMARY: 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]


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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.

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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: http://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