Drawbridge Operation Regulation; Navesink (Swimming) River, Middletown and Rumson, NJ, 26442-26443 [2015-11188]
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Federal Register / Vol. 80, No. 89 / Friday, May 8, 2015 / Rules and Regulations
term of the contract. All collateral on the
contract is required to be in U.S. dollars.
(ii) Because the contract is required to be
collateralized in an amount equal to the
upfront payment and changes in the fair
market value of the contract on a daily basis
for the entire term of the contract, the
contract is described in paragraph
(g)(4)(ii)(B)(2) of this section and paragraph
(g)(4)(i) of this section does not apply to the
contract.
(h) through (j)(1) [Reserved]. For
further guidance, see § 1.446–3(h)
through (j)(1).
(2) Application of § 1.446–3T(g)(4).
The rules provided in paragraph (g)(4)(i)
of this section apply to notional
principal contracts entered into on or
after November 4, 2015. Taxpayers may
apply the rules provided in paragraph
(g)(4)(i) of this section to notional
principal contracts entered into before
November 4, 2015. The rules provided
in paragraph (g)(4)(ii) of this section
apply to notional principal contracts
entered into on or after May 8, 2015.
Taxpayers may apply the rules provided
in paragraph (g)(4)(ii) of this section to
notional principal contracts entered into
before May 8, 2015. For the rules that
apply to notional principal contracts
with nonperiodic payments entered into
before the dates set forth in this
paragraph (j)(2), see § 1.446–3(g)(4) as
contained in 26 CFR part 1, revised
April 1, 2015.
(k) Expiration date. The applicability
of paragraph (g)(4) of this section and
paragraph (g)(6) Examples 2, 3 and 4 of
this section expires May 7, 2018.
■ Par. 4. Section 1.956–2T is amended
by revising paragraphs (b)(1)(xi), (f) and
(g) to read as follows:
§ 1.956–2T Definition of United States
property (temporary).
asabaliauskas on DSK5VPTVN1PROD with RULES
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(b) * * *
(1) * * *
(xi) An obligation of a United States
person arising from a nonperiodic
payment by a controlled foreign
corporation (within the meaning of
section 957(a)) with respect to a
notional principal contract described in
§ 1.446–3T(g)(4)(ii)(B)(1) or (2) if the
following conditions are satisfied—
(A) The controlled foreign corporation
that makes the nonperiodic payment is
either a dealer in securities (within the
meaning of section 475(c)(1)) or a dealer
in commodities; and
(B) The conditions set forth in
§ 1.446–3T(g)(4)(ii)(C)(1) (relating to full
margin or collateral in cash) are
satisfied.
(C) Examples. The following
examples illustrate the application of
this paragraph (b)(1)(xi):
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Example 1. Full margin—cleared contract.
(i) A domestic corporation (U.S.C.) wholly
owns a controlled foreign corporation (CFC)
that is a dealer in securities under section
475(c)(1). CFC enters into an interest rate
swap contract with unrelated counterparty B.
The contract is required to be cleared and is
accepted for clearing by a U.S.-registered
derivatives clearing organization (DCO). CFC
is not a member of the DCO. CFC uses a U.S.
affiliate (CM), which is a member of the DCO,
as its clearing member to submit the contract
to be cleared. CM is a domestic corporation
that is wholly owned by U.S.C.. The
standardized terms of the contract provide
that, for a term of X years, CFC will pay B
a fixed coupon of 1% per year and receive
a floating coupon on a notional principal
amount of $Y. When CFC and B enter into
the contract, the market coupon for similar
interest rate swaps is 2% per year. The DCO
requires CFC to make an upfront payment to
compensate B for the below-market annual
coupon payments that B will receive, and
CFC makes the upfront payment in cash. CFC
makes the upfront payment through CM to
the DCO, which then makes the payment to
B. The DCO also requires B to post initial
variation margin in an amount equal to the
upfront payment and requires each party to
post and collect daily variation margin in an
amount equal to the change in the fair market
value of the contract on a daily basis for the
entire term of the contract. B posts the initial
variation margin in U.S. dollars, which is
received by CFC (through DCO and CM), and
the parties post and collect daily variation
margin in U.S. dollars.
(ii) Because the contract is subject to initial
variation margin in an amount equal to the
upfront payment and daily variation margin
in an amount equal to the change in the fair
market value of the contract on a daily basis
for the entire term of the contract, the
contract is described in § 1.446–
3T(g)(4)(ii)(B)(1). Furthermore, because the
additional conditions set forth in this
paragraph (b)(1)(xi) are satisfied, the
obligation of CM arising from the upfront
payment by CFC does not constitute United
States property for purposes of section 956.
Example 2. Full margin—uncleared
contract. (i) Assume the same facts as in
Example 1, except for the following. CFC’s
counterparty to the contract is U.S.C., CM is
not involved, and the contract is not required
to be cleared and is not accepted for clearing
by a U.S.-registered derivatives clearing
organization. The contract requires CFC to
make an upfront payment to compensate
U.S.C. for the below-market annual coupon
payments that U.S.C. will receive, and CFC
makes the upfront payment in U.S. dollars.
Pursuant to the requirements of a federal
regulator, U.S.C. is obligated to post initial
variation margin with CFC in an amount
equal to CFC’s upfront payment, and U.S.C.
and CFC are obligated to post and collect
daily variation margin in an amount equal to
the change in the fair market value of the
contract on a daily basis for the entire term
of the contract. U.S.C. posts the initial
variation margin in U.S. dollars, which is
received by CFC, and the parties post and
collect daily variation margin in U.S. dollars.
(ii) Because the contract is subject to initial
variation margin in an amount equal to the
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upfront payment and daily variation margin
in an amount equal to the change in the fair
market value of the contract on a daily basis
for the entire term of the contract, the
contract is described in § 1.446–
3T(g)(4)(ii)(B)(2). Furthermore, because the
additional conditions set forth in this
paragraph (b)(1)(xi) are satisfied, the
obligation of U.S.C. arising from the upfront
payment by CFC does not constitute United
States property for purposes of section 956.
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(f) Effective/applicability date.
Paragraph (b)(1)(xi) of this section
applies to payments described in
§ 1.956–2T(b)(1)(xi) made on or after
May 8, 2015. Taxpayers may apply the
rules of paragraph (b)(1)(xi) to payments
made before May 8, 2015.
(g) Expiration date. The applicability
of paragraph (b)(1)(xi) of this section
expires on May 7, 2018.
John M. Dalrymple,
Deputy Commissioner for Services and
Enforcement.
Approved: April 29, 2015.
Mark J. Mazur,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. 2015–11092 Filed 5–7–15; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2015–0366]
Drawbridge Operation Regulation;
Navesink (Swimming) River,
Middletown and Rumson, NJ
Coast Guard, DHS.
Notice of deviation from
drawbridge regulation.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the operation of
the Oceanic Bridge across the Navesink
(Swimming) River, mile 4.5, between
Middletown and Rumson, New Jersey.
This deviation allows the bridge owner
to perform structural repairs at the
bridge. This deviation allows the bridge
to open only one of the two moveable
spans for passage of vessels traffic. This
temporary deviation would help
facilitate repairs to the bascule span
bearing while continuing to meet the
reasonable needs of navigation.
DATES: This deviation is effective from
May 26, 2015 through June 12, 2015.
ADDRESSES: The docket for this
deviation, [USCG–2015–0366] is
SUMMARY:
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asabaliauskas on DSK5VPTVN1PROD with RULES
Federal Register / Vol. 80, No. 89 / Friday, May 8, 2015 / Rules and Regulations
available at https://www.regulations.gov.
Type the docket number in the
‘‘SEARCH’’ box and click ‘‘SEARCH.’’
Click on Open Docket Folder on the line
associated with this deviation. You may
also visit the Docket Management
Facility in Room W12–140, on the
ground floor of the Department of
Transportation West Building, 1200
New Jersey Avenue SE., Washington,
DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal
holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or email Mr. Joe M. Arca,
Project Officer, First Coast Guard
District, telephone (212) 514–4336,
joe.m.arca@uscg.mil. If you have
questions on viewing the docket, call
Ms. Cheryl Collins, Program Manager,
Docket Operations, telephone (202)
366–9826.
SUPPLEMENTARY INFORMATION: The
Oceanic Bridge across Navesink
(Swimming) River, mile 4.5, between
Middletown and Rumson, New Jersey,
has a vertical clearance in the closed
position of 22 feet at mean high water
and 25 feet at mean low water, and
horizontal clearance of 75 feet. The
existing bridge operating regulations are
found at 33 CFR 117.734.
The waterway is transited by seasonal
recreational vessels of various sizes.
The bridge owner, Monmouth County,
requested a temporary deviation from
the normal operating schedule to
facilitate repairs to the bascule span
bearing.
Under this temporary deviation the
Oceanic Bridge shall open on signal,
except that, from May 26, 2015 through
June 12, 2015, only one of the two
moveable spans need open for the
passage of vessels traffic.
There are no alternate routes for
vessel traffic.
The Coast Guard will inform the users
of the waterways through our Local and
Broadcast Notice to Mariners of the
change in operating schedule for the
bridges so that vessels can arrange their
transits to minimize any impact caused
by the temporary deviation.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
Dated: April 30, 2015.
C.J. Bisignano,
Supervisory Bridge Management Specialist,
First Coast Guard District.
[FR Doc. 2015–11188 Filed 5–7–15; 8:45 am]
BILLING CODE 9110–04–P
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DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2015–0287]
RIN 1625–AA00
Safety Zone, Pamlico River;
Washington, NC
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone on
the Pamlico River in Washington, NC.
This action is necessary to protect the
life and property of the maritime public
from the hazards posed by fireworks
displays. Entry into or movement within
the safety zone during the enforcement
period is prohibited without approval of
the Captain of the Port or his designated
Representative.
DATES: This rule is effective from 8:30
p.m. to 9:30 p.m. on May 25, 2015.
ADDRESSES: Documents mentioned in
this preamble are part of docket [USCG–
2015–0287]. To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type the docket
number in the ‘‘SEARCH’’ box and click
‘‘SEARCH.’’ Click on Open Docket
Folder on the line associated with this
rulemaking. You may also visit the
Docket Management Facility in Room
W12–140 on the ground floor of the
Department of Transportation West
Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m.
and 5 p.m., Monday through Friday,
except Federal holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this rule, call or
email LT Derek J. Burrill, Waterways
Management Division Chief, Sector
North Carolina, Coast Guard; telephone
(910) 772–2230, email Derek.J.Burrill@
uscg.mil. If you have questions on
viewing or submitting material to the
docket, call Cheryl Collins, Program
Manager, Docket Operations, telephone
(202) 366–9826.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Table of Acronyms
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
A. Regulatory History and Information
The Coast Guard is issuing this
temporary final rule without prior
notice and opportunity to comment
pursuant to authority under section 4(a)
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26443
of the Administrative Procedure Act
(APA) (5 U.S.C. 553(b)). This provision
authorizes an agency to issue a rule
without prior notice and opportunity to
comment when the agency for good
cause finds that those procedures are
‘‘impracticable, unnecessary, or contrary
to the public interest.’’ Under 5 U.S.C.
553(b)(B), the Coast Guard finds that
good cause exists for not publishing a
notice of proposed rulemaking (NPRM)
with respect to this rule because
immediate action is required to provide
for the safety of mariners on the
navigable waters during the fireworks
display on May 25, 2015. Delaying the
effective date for comment would be
contrary to the public interest, since
immediate action is needed to ensure
protection of persons and vessels
transiting the area.
For similar reasons, under 5 U.S.C.
553(d)(3), the Coast Guard finds that
good cause exists for making this rule
effective less than 30 days after
publication in the Federal Register.
B. Basis and Purpose
The legal basis for this rule is 33
U.S.C. 1231; 50 U.S.C. 191; 33 CFR
1.05–1, 6.04–1, 6.04–6, 160.5; and DHS
Delegation No. 0170.1, which
collectively authorize the Coast Guard
to propose, establish, and define
regulatory safety zones.
The purpose of this safety zone is to
protect mariners and the public from
hazards to navigation associated with
the fireworks displays on Pamlico River
in Washington, NC on May 25, 2015.
C. Discussion of the Final Rule
On May 25, 2015, the Washington
Harbor District Alliance will sponsor a
fireworks display for the ‘‘Memorial Day
Event’’ at a position located on the
southwest shore of the Pamlico River in
Washington, NC at latitude 35°32′25″ N
longitude 077°03′42″ W. The fireworks
debris fallout area will extend over the
navigable waters of the Pamlico River.
Due to the need to protect mariners and
spectators from the hazards associated
with the fireworks display, including
accidental discharge of fireworks,
dangerous projectiles, and falling hot
embers or other debris, vessel traffic
will be temporarily restricted from
transiting within the fireworks launch
and fallout area. This safety zone will be
established and enforced from 8:30 p.m.
to 9:30 p.m. on May 25, 2015.
Access to the safety zone will be
restricted during the specified date and
times. Except for vessels authorized by
the Captain of the Port or his
Representative, no person or vessel may
enter or remain in the regulated area.
The Captain of the Port will give notice
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]]>Agencies
[Federal Register Volume 80, Number 89 (Friday, May 8, 2015)]
[Rules and Regulations]
[Pages 26442-26443]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11188]
=======================================================================
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DEPARTMENT OF HOMELAND SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG-2015-0366]
Drawbridge Operation Regulation; Navesink (Swimming) River,
Middletown and Rumson, NJ
AGENCY: Coast Guard, DHS.
ACTION: Notice of deviation from drawbridge regulation.
-----------------------------------------------------------------------
SUMMARY: The Coast Guard has issued a temporary deviation from the
operating schedule that governs the operation of the Oceanic Bridge
across the Navesink (Swimming) River, mile 4.5, between Middletown and
Rumson, New Jersey. This deviation allows the bridge owner to perform
structural repairs at the bridge. This deviation allows the bridge to
open only one of the two moveable spans for passage of vessels traffic.
This temporary deviation would help facilitate repairs to the bascule
span bearing while continuing to meet the reasonable needs of
navigation.
DATES: This deviation is effective from May 26, 2015 through June 12,
2015.
ADDRESSES: The docket for this deviation, [USCG-2015-0366] is
[[Page 26443]]
available at https://www.regulations.gov. Type the docket number in the
``SEARCH'' box and click ``SEARCH.'' Click on Open Docket Folder on the
line associated with this deviation. You may also visit the Docket
Management Facility in Room W12-140, on the ground floor of the
Department of Transportation West Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary deviation, call or email Mr. Joe M. Arca, Project Officer,
First Coast Guard District, telephone (212) 514-4336,
joe.m.arca@uscg.mil. If you have questions on viewing the docket, call
Ms. Cheryl Collins, Program Manager, Docket Operations, telephone (202)
366-9826.
SUPPLEMENTARY INFORMATION: The Oceanic Bridge across Navesink
(Swimming) River, mile 4.5, between Middletown and Rumson, New Jersey,
has a vertical clearance in the closed position of 22 feet at mean high
water and 25 feet at mean low water, and horizontal clearance of 75
feet. The existing bridge operating regulations are found at 33 CFR
117.734.
The waterway is transited by seasonal recreational vessels of
various sizes.
The bridge owner, Monmouth County, requested a temporary deviation
from the normal operating schedule to facilitate repairs to the bascule
span bearing.
Under this temporary deviation the Oceanic Bridge shall open on
signal, except that, from May 26, 2015 through June 12, 2015, only one
of the two moveable spans need open for the passage of vessels traffic.
There are no alternate routes for vessel traffic.
The Coast Guard will inform the users of the waterways through our
Local and Broadcast Notice to Mariners of the change in operating
schedule for the bridges so that vessels can arrange their transits to
minimize any impact caused by the temporary deviation.
In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the effective
period of this temporary deviation. This deviation from the operating
regulations is authorized under 33 CFR 117.35.
Dated: April 30, 2015.
C.J. Bisignano,
Supervisory Bridge Management Specialist, First Coast Guard District.
[FR Doc. 2015-11188 Filed 5-7-15; 8:45 am]
BILLING CODE 9110-04-P
