Retail Foreign Exchange Transactions, 33374-33375 [2016-12390]
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33374
Federal Register / Vol. 81, No. 102 / Thursday, May 26, 2016 / Rules and Regulations
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(k) Related Information
(1) Refer to Mandatory Continuing
Airworthiness Information (MCAI) Canadian
Airworthiness Directive CF–2016–10, dated
April 27, 2016, for related information. You
may examine the MCAI on the Internet at
https://www.regulations.gov by searching for
and locating Docket No. FAA–2016–6892.
(2) Service information identified in this
AD that is not incorporated by reference is
available at the addresses specified in
paragraphs (l)(3) and (l)(4) of this AD.
sradovich on DSK3TPTVN1PROD with RULES
ANE–170, FAA, has the authority to approve
AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In
accordance with 14 CFR 39.19, send your
request to your principal inspector or local
Flight Standards District Office, as
appropriate. If sending information directly
to the ACO, send it to ATTN: Program
Manager, Continuing Operational Safety,
FAA, New York ACO, 1600 Stewart Avenue,
Suite 410, Westbury, NY 11590; telephone
516–228–7300; fax 516–794–5531. Before
using any approved AMOC, notify your
appropriate principal inspector, or lacking a
principal inspector, the manager of the local
flight standards district office/certificate
holding district office. The AMOC approval
letter must specifically reference this AD.
(2) Contacting the Manufacturer: As of the
effective date of this AD, for any requirement
in this AD to obtain corrective actions from
a manufacturer, the action must be
accomplished using a method approved by
the Manager, New York ACO, ANE–170,
FAA; or TCCA; or Bombardier, Inc.’s TCCA
DAO. If approved by the DAO, the approval
must include the DAO-authorized signature.
Rule 15b12–1, by its terms,
will expire and no longer be effective on
July 31, 2016. Interested persons should
be aware that as of that date, any broker
or dealer, including a broker or dealer
that is also dually registered as a futures
commission merchant (‘‘BD/FCM’’),
shall be prohibited under the
Commodity Exchange Act (‘‘CEA’’) from
offering or entering into a transaction
described in the CEA with a person who
is not an eligible contract participant
(‘‘retail forex transaction’’).
DATES: May 26, 2016.
FOR FURTHER INFORMATION CONTACT:
Paula Jenson, Deputy Chief Counsel;
Catherine Moore, Senior Special
Counsel; or Stephen J. Benham, Special
Counsel, at (202) 551–5550 or Division
of Trading and Markets, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–7010.
SUPPLEMENTARY INFORMATION: Section
2(c)(2)(E) of the CEA, as added by the
Dodd-Frank Wall Street Reform and
Consumer Protection Act, provides that
a person for which there is a Federal
regulatory agency, including a brokerdealer registered under Section 15(b)
(except pursuant to paragraph (11)
thereof) or 15C of the Securities and
Exchange Act of 1934 (‘‘Exchange Act’’),
shall not enter into or offer to enter into
a retail forex transaction, except
pursuant to a rule or regulation of a
Federal regulatory agency allowing the
transaction under such terms and
conditions as the Federal regulatory
agency shall prescribe.1
Section 2(c)(2)(E) of the CEA took
effect on July 16, 2011. As of that date,
(l) Material Incorporated by Reference
(1) The Director of the Federal Register
approved the incorporation by reference
(IBR) of the service information listed in this
paragraph under 5 U.S.C. 552(a) and 1 CFR
part 51.
(2) You must use this service information
as applicable to do the actions required by
this AD, unless this AD specifies otherwise.
(i) Bombardier Repair Engineering Order
670–54–51–034, ‘‘Repair for Missing or
Loose/Protruding Fasteners in Upper and
Lower Pylon Skins FS 1088–FS 1098, PBL
69.3 L & RHS,’’ dated March 7, 2016.
(ii) Bombardier Temporary Revision 54–
0007, dated March 8, 2016, to the CRJ700/
900/1000 Aircraft Maintenance Manual.
(3) For service information identified in
ˆ
this AD, contact Bombardier, Inc., 400 Cote´
Vertu Road West, Dorval, Quebec H4S 1Y9,
Canada; telephone 514–855–5000; fax 514–
855–7401; email thd.crj@
aero.bombardier.com; Internet https://
www.bombardier.com.
(4) You may view this service information
at the FAA, Transport Airplane Directorate,
1601 Lind Avenue SW., Renton, WA. For
information on the availability of this
material at the FAA, call 425–227–1221.
(5) You may view this service information
that is incorporated by reference at the
National Archives and Records
Administration (NARA). For information on
the availability of this material at NARA, call
202–741–6030, or go to: https://
VerDate Sep<11>2014
17:45 May 25, 2016
Jkt 238001
Issued in Renton, Washington, on May 17,
2016.
Dionne Palermo,
Acting Manager, Transport Airplane
Directorate, Aircraft Certification Service.
[FR Doc. 2016–12157 Filed 5–25–16; 8:45 am]
BILLING CODE 4910–13–P
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Part 240
RIN 3235–AL19
[Release No. 34–77874; File No. S7–30–11]
Retail Foreign Exchange Transactions
Securities and Exchange
Commission.
ACTION: Expiration of regulation.
AGENCY:
SUMMARY:
17
PO 00000
U.S.C. 2(c)(2)(E).
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broker-dealers, including broker-dealers
also registered with the Commodity
Futures Trading Commission as futures
commission merchants, for which the
Commission is the federal regulatory
agency could no longer engage in retail
forex transactions except pursuant to a
rule adopted by the Commission.2
A retail forex transaction includes an
agreement, contract, or transaction in
foreign currency that is a contract of sale
of a commodity for future delivery (or
an option on such a contract) or an
option (other than an option executed or
traded on a national securities exchange
registered pursuant to section 6(a) of the
Exchange Act) that is offered to, or
entered into with, a person that is not
an eligible contract participant as
defined in section 1(a)(18) of the CEA.3
Certain foreign exchange transactions
are not ‘‘retail forex transactions’’ under
the CEA, even where one of the
counterparties is a person that is not an
eligible contract participant. These
transactions include: 4 (i) ‘‘spot forex
transactions’’ where one currency is
bought for another and the two
currencies are exchanged within two
days; 5 (ii) forward contracts that create
an enforceable obligation to make or
take delivery, provided that each
counterparty has the ability to deliver
and accept delivery in connection with
its line of business; and (iii) options that
are executed or traded on a national
securities exchange registered pursuant
to section 6(a) of the Exchange Act.
The term ‘‘eligible contract
participant’’ is defined in Section 1a(18)
of the CEA and, in general terms,
comprises certain enumerated regulated
persons, entities that meet a specified
total asset test or an alternative
monetary test coupled with a
nonmonetary component, certain
employee benefit plans, and certain
government entities and individuals
that meet defined thresholds.6 An
2 See 7 U.S.C. 2(c)(2)(B)(i)(II)(cc) and 2(c)(2)(E).
Congress expressly excludes from the CFTC’s
jurisdiction retail forex transactions where the
counterparty, or the person offering to be the
counterparty, is a broker or dealer registered under
Section 15(b) (other than paragraph (11) thereof) or
15C of the Exchange Act.
3 7 U.S.C. 2(c)(2)(B)(i)(I).
4 See, generally, the discussion in Exchange Act
Release No. 69964 (Jul. 11, 2013), 78 FR 42439 (Jul.
16, 2013) at 42439–40.
5 In August 2012, the CFTC issued an
interpretation in a joint rulemaking with the
Commission that ‘‘conversion trades’’—trades in
which a foreign exchange transaction facilitates the
settlement of a foreign security transaction—are
spot transactions and, therefore, are not subject to
the prohibition under the CEA. See Exchange Act
Release No. 67453 (Jul. 18, 2012), 77 FR 48207
(Aug. 13, 2012).
6 See 7 U.S.C. 1a(18). The Commission and the
CFTC adopted rules under the CEA that further
define ‘‘eligible contract participant’’ with respect
E:\FR\FM\26MYR1.SGM
26MYR1
Federal Register / Vol. 81, No. 102 / Thursday, May 26, 2016 / Rules and Regulations
individual is an eligible contract
participant if the individual has
aggregate amounts invested on a
discretionary basis of more than $10
million or more than $5 million if such
individual enters into the transaction to
manage the risk associated with an asset
owned or liability incurred, or
reasonably likely to be owned or
incurred by such individual.7
The Commission adopted Rule
15b12–1 (17 CFR 240.15b12–1) on a
time-limited basis to permit a registered
broker-dealer to engage in a retail forex
business.8 The Commission is taking no
further action, and pursuant to Rule
15b12–1(d), Rule 15b12–1 will expire
and no longer be effective on July 31,
2016. Upon expiration of the rule on
July 31, 2016, a broker-dealer registered
pursuant to Section 15(b) of the
Exchange Act, including an entity that
is registered as both a broker-dealer and
a futures commission merchant, shall be
prohibited from offering or entering into
a retail forex transaction pursuant to
Section 2(c)(2)(E) of the CEA.
By the Commission.
Dated: May 20, 2016.
Brent J. Fields,
Secretary.
33375
The Federal Energy
Regulatory Commission is denying
requests for rehearing and granting, in
part, clarification of its determinations
in Order No. 816, which amended its
regulations that govern market-based
rate authorizations for wholesale sales
of electric energy, capacity, and
ancillary services by public utilities
pursuant to the Federal Power Act.
DATES: This rule will become effective
July 25, 2016.
FOR FURTHER INFORMATION CONTACT:
Greg Basheda (Technical Information),
Office of Energy Market Regulation,
Federal Energy Regulatory
Commission, 888 First Street NE.,
Washington, DC 20426, (202) 502–
6479.
Carol Johnson (Legal Information),
Office of the General Counsel, Federal
Energy Regulatory Commission, 888
First Street NE., Washington, DC
20426, (202) 502–8521.
SUPPLEMENTARY INFORMATION:
SUMMARY:
[FR Doc. 2016–12390 Filed 5–25–16; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
18 CFR Part 35
[Docket No. RM14–14–001; Order No. 816–
A]
Refinements to Policies and
Procedures for Market-Based Rates for
Wholesale Sales of Electric Energy,
Capacity and Ancillary Services by
Public Utilities
Federal Energy Regulatory
Commission, DOE.
ACTION: Final rule; Order on rehearing
and clarification.
AGENCY:
Table of Contents
Paragraph
Nos.
I. Introduction ...........................................................................................................................................................................................
II. Discussion ............................................................................................................................................................................................
A. Sellers with Fully Committed Long-Term Generation Capacity ...............................................................................................
B. Reporting of Long-Term Firm Purchases ....................................................................................................................................
C. Clarification of the Definition or Duration of Long-Term Firm Transmission Reservations ...................................................
D. Notices of Change in Status .........................................................................................................................................................
E. New Affiliation and Behind-the-Meter Generation ....................................................................................................................
F. Corporate Organizational Charts ..................................................................................................................................................
G. Part 101 Waivers ...........................................................................................................................................................................
H. Capacity Ratings ...........................................................................................................................................................................
I. Inputs to Electric Power Production .............................................................................................................................................
J. Transmission/Natural Gas Assets Sheet .......................................................................................................................................
K. Long-Term Firm Power Purchases List .......................................................................................................................................
L. Generation Assets Sheet, Rows [B] and [H] ................................................................................................................................
III. Information Collection Statement ......................................................................................................................................................
IV. Document Availability .......................................................................................................................................................................
V. Effective Date .......................................................................................................................................................................................
Order No. 816–A
(Commission) issued Order No. 816,1
which amended its regulations that
govern market-based rate authorizations
for wholesale sales of electric energy,
capacity, and ancillary services by
public utilities pursuant to the Federal
Order on Rehearing and Clarification
I. Introduction
sradovich on DSK3TPTVN1PROD with RULES
1. On October 16, 2015, the Federal
Energy Regulatory Commission
to transactions with major swap participants, swap
dealers, major security-based swap participants,
security-based swap dealers, and commodity pools.
See Exchange Act Release No. 66868 (Apr. 27,
2012), 77 FR 30596 (May 23, 2012).
7 7 U.S.C. 1a(18)(A)(xi).
8 See Exchange Act Release No. 69964 (Jul. 11,
2013), 77 FR 42439 (Jul. 16, 2013). By its terms,
Rule 15b12–1 expires on July 31, 2016. The
Commission previously adopted Rule 15b12–1 as
an interim final temporary rule, and extended it
once on July 11, 2012. See Exchange Act Release
Nos. 64874 (Jul. 13, 2011), 76 FR 41676 (Jul. 15,
2011) and 67405 (Jul. 11, 2012), 77 FR 41671 (Jul.
16, 2012).
VerDate Sep<11>2014
17:45 May 25, 2016
Jkt 238001
1
12
12
18
26
29
38
45
48
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Power Act (FPA). In this order, we
address requests for rehearing and
clarification of Order No. 816.2
2. Nine requests for rehearing and
clarification were filed.3 The requests
for rehearing and clarification concern
1 Refinements to Policies and Procedures for
Market-Based Rates for Wholesale Sales of Electric
Energy, Capacity and Ancillary Services by Public
Utilities, Order No. 816, FERC Stats. & Regs. ¶
31,374 (2015) (Final Rule).
2 Order No. 816 became effective on January 28,
2016. On December 23, 2015, upon consideration of
requests for a stay of the corporate organizational
chart requirement, the Commission issued an order
granting an extension of time such that marketbased rate applicants and sellers would not be
required to comply with the corporate
organizational chart requirement prior to the
issuance of an order on the merits of the requests
for rehearing. Refinements to Policies and
Procedures for Market-Based Rates for Wholesale
Sales of Electric Energy, Capacity and Ancillary
Services by Public Utilities, 153 FERC ¶ 61,337
(2015).
3 The requests for rehearing and clarification were
filed by the following entities: EDF Renewable
Energy, Inc. and E.ON Climate & Renewables North
America LLC (IPP Developers); Edison Electric
Institute (EEI); Electric Power Supply Association
(EPSA); Invenergy Thermal Development LLC and
Invenergy Wind Development LLC (Invenergy);
National Hydropower Association (NHA); NextEra
Energy, Inc. (NextEra); Southern California Edison
Company (SoCal Edison); Southern Company
Services, Inc. (Southern); and Transmission Access
Policy Study Group (TAPS).
PO 00000
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]]>Agencies
[Federal Register Volume 81, Number 102 (Thursday, May 26, 2016)]
[Rules and Regulations]
[Pages 33374-33375]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12390]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 240
RIN 3235-AL19
[Release No. 34-77874; File No. S7-30-11]
Retail Foreign Exchange Transactions
AGENCY: Securities and Exchange Commission.
ACTION: Expiration of regulation.
-----------------------------------------------------------------------
SUMMARY: Rule 15b12-1, by its terms, will expire and no longer be
effective on July 31, 2016. Interested persons should be aware that as
of that date, any broker or dealer, including a broker or dealer that
is also dually registered as a futures commission merchant (``BD/
FCM''), shall be prohibited under the Commodity Exchange Act (``CEA'')
from offering or entering into a transaction described in the CEA with
a person who is not an eligible contract participant (``retail forex
transaction'').
DATES: May 26, 2016.
FOR FURTHER INFORMATION CONTACT: Paula Jenson, Deputy Chief Counsel;
Catherine Moore, Senior Special Counsel; or Stephen J. Benham, Special
Counsel, at (202) 551-5550 or Division of Trading and Markets,
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549-7010.
SUPPLEMENTARY INFORMATION: Section 2(c)(2)(E) of the CEA, as added by
the Dodd-Frank Wall Street Reform and Consumer Protection Act, provides
that a person for which there is a Federal regulatory agency, including
a broker-dealer registered under Section 15(b) (except pursuant to
paragraph (11) thereof) or 15C of the Securities and Exchange Act of
1934 (``Exchange Act''), shall not enter into or offer to enter into a
retail forex transaction, except pursuant to a rule or regulation of a
Federal regulatory agency allowing the transaction under such terms and
conditions as the Federal regulatory agency shall prescribe.\1\
---------------------------------------------------------------------------
\1\ 7 U.S.C. 2(c)(2)(E).
---------------------------------------------------------------------------
Section 2(c)(2)(E) of the CEA took effect on July 16, 2011. As of
that date, broker-dealers, including broker-dealers also registered
with the Commodity Futures Trading Commission as futures commission
merchants, for which the Commission is the federal regulatory agency
could no longer engage in retail forex transactions except pursuant to
a rule adopted by the Commission.\2\
---------------------------------------------------------------------------
\2\ See 7 U.S.C. 2(c)(2)(B)(i)(II)(cc) and 2(c)(2)(E). Congress
expressly excludes from the CFTC's jurisdiction retail forex
transactions where the counterparty, or the person offering to be
the counterparty, is a broker or dealer registered under Section
15(b) (other than paragraph (11) thereof) or 15C of the Exchange
Act.
---------------------------------------------------------------------------
A retail forex transaction includes an agreement, contract, or
transaction in foreign currency that is a contract of sale of a
commodity for future delivery (or an option on such a contract) or an
option (other than an option executed or traded on a national
securities exchange registered pursuant to section 6(a) of the Exchange
Act) that is offered to, or entered into with, a person that is not an
eligible contract participant as defined in section 1(a)(18) of the
CEA.\3\ Certain foreign exchange transactions are not ``retail forex
transactions'' under the CEA, even where one of the counterparties is a
person that is not an eligible contract participant. These transactions
include: \4\ (i) ``spot forex transactions'' where one currency is
bought for another and the two currencies are exchanged within two
days; \5\ (ii) forward contracts that create an enforceable obligation
to make or take delivery, provided that each counterparty has the
ability to deliver and accept delivery in connection with its line of
business; and (iii) options that are executed or traded on a national
securities exchange registered pursuant to section 6(a) of the Exchange
Act.
---------------------------------------------------------------------------
\3\ 7 U.S.C. 2(c)(2)(B)(i)(I).
\4\ See, generally, the discussion in Exchange Act Release No.
69964 (Jul. 11, 2013), 78 FR 42439 (Jul. 16, 2013) at 42439-40.
\5\ In August 2012, the CFTC issued an interpretation in a joint
rulemaking with the Commission that ``conversion trades''--trades in
which a foreign exchange transaction facilitates the settlement of a
foreign security transaction--are spot transactions and, therefore,
are not subject to the prohibition under the CEA. See Exchange Act
Release No. 67453 (Jul. 18, 2012), 77 FR 48207 (Aug. 13, 2012).
---------------------------------------------------------------------------
The term ``eligible contract participant'' is defined in Section
1a(18) of the CEA and, in general terms, comprises certain enumerated
regulated persons, entities that meet a specified total asset test or
an alternative monetary test coupled with a nonmonetary component,
certain employee benefit plans, and certain government entities and
individuals that meet defined thresholds.\6\ An
[[Page 33375]]
individual is an eligible contract participant if the individual has
aggregate amounts invested on a discretionary basis of more than $10
million or more than $5 million if such individual enters into the
transaction to manage the risk associated with an asset owned or
liability incurred, or reasonably likely to be owned or incurred by
such individual.\7\
---------------------------------------------------------------------------
\6\ See 7 U.S.C. 1a(18). The Commission and the CFTC adopted
rules under the CEA that further define ``eligible contract
participant'' with respect to transactions with major swap
participants, swap dealers, major security-based swap participants,
security-based swap dealers, and commodity pools. See Exchange Act
Release No. 66868 (Apr. 27, 2012), 77 FR 30596 (May 23, 2012).
\7\ 7 U.S.C. 1a(18)(A)(xi).
---------------------------------------------------------------------------
The Commission adopted Rule 15b12-1 (17 CFR 240.15b12-1) on a time-
limited basis to permit a registered broker-dealer to engage in a
retail forex business.\8\ The Commission is taking no further action,
and pursuant to Rule 15b12-1(d), Rule 15b12-1 will expire and no longer
be effective on July 31, 2016. Upon expiration of the rule on July 31,
2016, a broker-dealer registered pursuant to Section 15(b) of the
Exchange Act, including an entity that is registered as both a broker-
dealer and a futures commission merchant, shall be prohibited from
offering or entering into a retail forex transaction pursuant to
Section 2(c)(2)(E) of the CEA.
---------------------------------------------------------------------------
\8\ See Exchange Act Release No. 69964 (Jul. 11, 2013), 77 FR
42439 (Jul. 16, 2013). By its terms, Rule 15b12-1 expires on July
31, 2016. The Commission previously adopted Rule 15b12-1 as an
interim final temporary rule, and extended it once on July 11, 2012.
See Exchange Act Release Nos. 64874 (Jul. 13, 2011), 76 FR 41676
(Jul. 15, 2011) and 67405 (Jul. 11, 2012), 77 FR 41671 (Jul. 16,
2012).
---------------------------------------------------------------------------
By the Commission.
Dated: May 20, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-12390 Filed 5-25-16; 8:45 am]
BILLING CODE 8011-01-P
