Applications for New Awards; Training of Interpreters for Individuals Who Are Deaf or Hard of Hearing and Individuals Who Are Deaf-Blind Program; Correction, 53475-53476 [2016-19269]

Download as PDF mstockstill on DSK3G9T082PROD with NOTICES Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices potentially ending up in bankruptcy. In addition, clearinghouses could not liquidate investments in the Reserve Fund. And there could have easily been a widespread run on money market funds, but for the emergency actions taken by the U.S. government. As a result of the crisis, as well as the collapse of MF Global, the CFTC and our selfregulatory organizations took a number of actions to better protect customer funds. We required customer funds to be strictly segregated and limited the ways they can be invested. We enhanced accounting and auditing procedures at FCMs, including by requiring daily verification from depositories of the amounts deposited by FCMs. Today, CFTC rules require that customer funds be invested in highly liquid assets and be convertible into cash within one business day without a material discount in value. Our rules also require that clearinghouses invest initial margin deposits in a manner that allows them to promptly liquidate any such investment. Over the last few years, the Securities and Exchange Commission (SEC) has also taken action in response to the lessons of the financial crisis, by adopting a number of measures to address the potential vulnerabilities of money market funds. One such recent reform, which takes effect in October of this year, sets forth the circumstances where prime money market funds are permitted, or in some circumstances required, to suspend redemptions in order to prevent the risk of investor runs. While we recognize the benefit of the SEC’s new rule in preventing investor runs, a suspension of redemptions by a money market fund would mean investments in such funds are not accessible and cannot be promptly liquidated. Such an event could result in customers, FCMs, and clearinghouses being unable to access the funds necessary to satisfy margin obligations. Therefore, CFTC staff is today providing guidance making clear that Commission rules prohibit a clearing member from investing customer funds, or a clearinghouse from investing amounts deposited as initial margin, in such money market funds. Some industry participants have suggested we should interpret or revise our rules to permit investments of at least some customer monies in such money market funds unless and until redemptions are suspended. We have declined to do so, as it would be too late to protect customers at that point. Moreover, there are alternatives to prime funds, including certain government money markets funds or Treasury securities. In fact, investments in prime money market funds represent a relatively small portion of the total customer funds on deposit and the total initial margin deposits at clearinghouses. Some of our clearinghouses and FCMs do not have any investments in prime funds. Staff has been careful not to be overly restrictive, and therefore has issued no-action relief to allow FCMs to invest certain ‘‘excess’’ proprietary funds held in customer accounts in these money market funds. That is, our existing rules require FCMs to deposit their own funds (i.e., targeted residual interest) into customer accounts to make sure VerDate Sep<11>2014 18:42 Aug 11, 2016 Jkt 238001 that there are sufficient funds in the segregated customer accounts to cover all obligations due to customers. FCMs frequently deposit an amount of their own funds that is in excess of the targeted residual interest amount required under our rules, and that excess amount can be withdrawn at any time. Indeed, if an FCM should default, customers—and the system as a whole—are better off if excess funds are on deposit, and we do not wish to incentivize FCMs to withdraw such excess funds from the segregated account. Therefore, the no action relief makes clear that FCMs can continue to invest their own funds in excess of their targeted residual interest in such money market funds, even though they cannot invest the customer funds—or any proprietary funds they are required to deposit—in this manner. Finally, the Commission is taking action today that will further ensure the safety of customer funds. We are issuing an order that will help make it possible for systemically important clearinghouses to deposit customer funds at Federal Reserve Banks. Our order makes clear that a Federal Reserve Bank that opens such an account would be subject to the same standards of liability that generally apply to it as a depository, rather than any potentially conflicting standard under the commodity laws. Although Federal Reserve accounts for customer funds held by systemically important clearinghouses do not exist today, they are allowed under the Dodd-Frank Act, and we have been working with the Board of Governors to facilitate them. The two clearinghouses designated as systemically important in our markets have been approved to open Federal Reserve Bank accounts for their proprietary funds. We hope that with today’s action, accounts for customer funds can be opened soon. Doing so will help protect customer funds and enhance the resiliency of clearinghouses. I thank the dedicated CFTC staff and my fellow Commissioners for their work on these matters. Appendix 3—Concurring Statement of Commissioner Sharon Y. Bowen I am pleased to concur with the two Commission actions: The ‘‘Order Exempting the Federal Reserve Banks from Sections 4d and 22 of the Commodity Exchange Act’’ and ‘‘Written Acknowledgment of Customer Funds from Federal Reserve Banks.’’ I have long believed that, in order to protect customer funds, we need to keep that money at our central bank. In the event of a major market event, I, and I believe the rest of the American people, would feel much better knowing that investors’ money is at the Federal Reserve instead of at multiple central counterparties. I am glad that our agency and the Federal Reserve have come to an agreement on an effective way to accomplish this. I am similarly pleased with the Division of Clearing and Risk’s (DCR) ‘‘Staff Interpretation Regarding CFTC Part 39 In Light Of Revised SEC Rule 2a–7,’’ which clearly outlines the staff’s understanding that, given the limitations that the Securities and Exchange Commission (SEC) has PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 53475 imposed on redemptions for prime money market funds, that they are no longer considered Rule 1.25 assets. This is the correct interpretation. The key feature in a Rule 1.25 asset is that it must be available quickly in times of crisis or illiquidity. And we know that funds are more likely to close the gates on redemptions when market dislocation happens. That is just the time when futures commission merchants (FCMs) and customers would need access to their money, and a multi-day delay can mean catastrophe for some businesses. For that very reason, I have concerns about the Division of Swap Dealer and Intermediary Oversight’s (DSIO) ‘‘No-Action Relief With Respect to CFTC Regulation 1.25 Regarding Money Market Funds.’’ While the 4(c) exemption and the DCR interpretation are clearly customer protection initiatives, the DSIO no action letter is not. This no action letter would allow FCMs to keep money in segregated customer accounts that actually would not be readily available in a crisis. Thus, while it may appear that an FCM had considerable funds available to settle customer accounts during a market dislocation, in fact that would be only be an illusion; a portion of those funds could be locked down behind the prime money market funds’ gates and therefore not actually be available when needed. I do not think that the staff of the Commission should be supporting this kind of ‘‘window dressing’’—giving the impression of greater security than there actually is. If the funds are not suitable investments for customer funds, then they are not suitable for the additional capital that the FCMs put in those accounts to protect against potential shortfalls. Having lived through bankruptcies, such as MF Global and Peregrine, I have a healthy respect for the importance of having strong clearing members with a large cushion of funds that can be accessed when needed. This no action letter undermines that effort. Given the importance of this topic to the general public, we should at least have asked for comments or even held a roundtable before making this change. I therefore hope to reexamine this subject in the near future. [FR Doc. 2016–19210 Filed 8–11–16; 8:45 am] BILLING CODE 6351–01–P DEPARTMENT OF EDUCATION Applications for New Awards; Training of Interpreters for Individuals Who Are Deaf or Hard of Hearing and Individuals Who Are Deaf-Blind Program; Correction Catalog of Federal Domestic Assistance (CFDA) Number: 84.160C. Office of Special Education and Rehabilitative Services, Department of Education. ACTION: Notice; correction. AGENCY: On July 25, 2016, we published in the Federal Register (81 FR 48409) a notice inviting SUMMARY: E:\FR\FM\12AUN1.SGM 12AUN1 53476 Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices applications (NIA) for new awards for fiscal year (FY) 2016 for the Training of Interpreters for Individuals Who Are Deaf or Hard of Hearing and Individuals Who Are Deaf-blind program. That notice incorrectly stated that match in the amount of 10 percent was required in order for applicants to meet the required cost match. This document corrects the error. FOR FURTHER INFORMATION CONTACT: Kristen Rhinehart-Fernandez, U.S. Department of Education, 400 Maryland Avenue SW., Room 5062, Potomac Center Plaza, Washington, DC 20202– 2800. Telephone: (202) 245–6103 or by email: Kristen.Rhinehart@ed.gov. If you use a telecommunications device for the deaf (TDD) or a text telephone (TTY), call the Federal Relay Service, toll free, at 1–800–877–8339. SUPPLEMENTARY INFORMATION: This document corrects the percentage of the required cost match. All other requirements and conditions stated in the NIA remain the same. mstockstill on DSK3G9T082PROD with NOTICES Corrections In the Federal Register of July 25, 2016 (81 FR 48409), on page 48409, in the third column, we revise the section ‘‘2. Cost Sharing or Matching’’ to read as follows: ‘‘2. Cost Sharing or Matching: The Commissioner may award grants to public or private nonprofit agencies or organizations to pay part of the costs for interpreter training programs (section 302(f)(1)(A) of the Rehabilitation Act of 1973). Therefore, in order to be considered for funding, applicants must identify in the application budget and budget narrative a percentage of match towards the total cost of the project. It is up to the applicant to determine an appropriate percentage for the match contribution. To calculate match, applicants may use the match-calculator available at: https://rsa.ed.gov/matchcalculator.cfm.’’ Program Authority: 29 U.S.C. 772(f). Accessible Format: Individuals with disabilities can obtain this document and a copy of the application package in an accessible format (e.g., braille, large print, audiotape, or compact disc) on request to the program contact person listed under FOR FURTHER INFORMATION CONTACT. Electronic Access to This Document: The official version of this document is the document published in the Federal Register. Free Internet access to the official edition of the Federal Register and the Code of Federal Regulations is available via the Federal Digital System at: www.gpo.gov/fdsys. At this site you can view this document, as well as all other documents of this Department VerDate Sep<11>2014 18:42 Aug 11, 2016 Jkt 238001 published in the Federal Register, in text or Portable Document Format (PDF). To use PDF you must have Adobe Acrobat Reader, which is available free at the site. You may also access documents of the Department published in the Federal Register by using the article search feature at: www.federalregister.gov. Specifically, through the advanced search feature at this site, you can limit your search to documents published by the Department. Dated: August 9, 2016. Sue Swenson, Acting Assistant Secretary for Special Education and Rehabilitative Services. [FR Doc. 2016–19269 Filed 8–11–16; 8:45 am] BILLING CODE 4000–01–P DEPARTMENT OF EDUCATION Applications for New Awards; Training of Interpreters for Individuals Who Are Deaf or Hard of Hearing and Individuals Who Are Deaf-Blind Program Office of Special Education and Rehabilitative Services, Department of Education. ACTION: Notice. AGENCY: Overview Information Training of Interpreters for Individuals Who Are Deaf or Hard of Hearing and Individuals Who Are DeafBlind Program Notice inviting applications for new awards for fiscal year (FY) 2016. Catalog of Federal Domestic Assistance (CFDA) Number: 84.160D. DATES Applications Available: August 12, 2016. Deadline for Transmittal of Applications: September 12, 2016. using spoken, visual, and tactile modes of communication; ensure the maintenance of the interpreting skills of qualified interpreters; and provide opportunities for interpreters to improve their skills in order to meet both the highest standards approved by certifying associations and the communication needs of individuals who are deaf or hard of hearing and individuals who are deaf-blind. Priority: This priority is from the notice of final priority for this program (NFP) published elsewhere in this issue of the Federal Register. Absolute Priority: For FY 2016, this priority is an absolute priority. Under 34 CFR 75.105(c)(3), we consider only applications that meet this priority. This priority is: Interpreter Training in Specialized Areas Program Authority: 29 U.S.C. 772(f). Applicable Regulations: (a) The Education Department General Administrative Regulations (EDGAR) in 34 CFR parts 75, 77, 79, 81, 82, 84, 86, and 99. (b) The Office of Management and Budget Guidelines to Agencies on Governmentwide Debarment and Suspension (Nonprocurement) in 2 CFR part 180, as adopted and amended as regulations of the Department in 2 CFR part 3485. (c) The Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards in 2 CFR part 200, as adopted and amended as regulations of the Department in 2 CFR part 3474. (d) The regulations for this program in 34 CFR part 396. (e) The NFP. Note: The regulations in 34 CFR part 79 apply to all applicants except federally recognized American Indian tribes. Note: The regulations in 34 CFR part 86 apply to institutions of higher education only. Full Text of Announcement II. Award Information I. Funding Opportunity Description Type of Award: Discretionary grants. Estimated Available Funds: $1,600,000. Contingent upon availability of funds and the quality of applications, we may make additional awards in FY 2017 and FY 2018 from the list of unfunded applications from this competition. Estimated Range of Awards: $375,000–$400,000. Estimated Average Size of Awards: $385,000. Maximum Award Amount: We will reject any application that proposes a budget exceeding $400,000 for a single budget period of 12 months. Estimated Number of Awards: 4. Purpose of Program: Under the Rehabilitation Act of 1973 (Rehabilitation Act), as amended by the Workforce Innovation and Opportunity Act, the Rehabilitation Services Administration (RSA) makes grants to public and private nonprofit agencies and organizations, including institutions of higher education (IHE), to establish interpreter training programs or to provide financial assistance for ongoing interpreter training programs to train a sufficient number of qualified interpreters throughout the country. The grants are designed to train interpreters to effectively interpret and transliterate PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\12AUN1.SGM 12AUN1

Agencies

[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Notices]
[Pages 53475-53476]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-19269]


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DEPARTMENT OF EDUCATION


Applications for New Awards; Training of Interpreters for 
Individuals Who Are Deaf or Hard of Hearing and Individuals Who Are 
Deaf-Blind Program; Correction

Catalog of Federal Domestic Assistance (CFDA) Number: 84.160C.

AGENCY: Office of Special Education and Rehabilitative Services, 
Department of Education.

ACTION: Notice; correction.

-----------------------------------------------------------------------

SUMMARY: On July 25, 2016, we published in the Federal Register (81 FR 
48409) a notice inviting

[[Page 53476]]

applications (NIA) for new awards for fiscal year (FY) 2016 for the 
Training of Interpreters for Individuals Who Are Deaf or Hard of 
Hearing and Individuals Who Are Deaf-blind program. That notice 
incorrectly stated that match in the amount of 10 percent was required 
in order for applicants to meet the required cost match. This document 
corrects the error.

FOR FURTHER INFORMATION CONTACT: Kristen Rhinehart-Fernandez, U.S. 
Department of Education, 400 Maryland Avenue SW., Room 5062, Potomac 
Center Plaza, Washington, DC 20202-2800. Telephone: (202) 245-6103 or 
by email: Kristen.Rhinehart@ed.gov.
    If you use a telecommunications device for the deaf (TDD) or a text 
telephone (TTY), call the Federal Relay Service, toll free, at 1-800-
877-8339.

SUPPLEMENTARY INFORMATION: This document corrects the percentage of the 
required cost match. All other requirements and conditions stated in 
the NIA remain the same.

Corrections

    In the Federal Register of July 25, 2016 (81 FR 48409), on page 
48409, in the third column, we revise the section ``2. Cost Sharing or 
Matching'' to read as follows: ``2. Cost Sharing or Matching: The 
Commissioner may award grants to public or private nonprofit agencies 
or organizations to pay part of the costs for interpreter training 
programs (section 302(f)(1)(A) of the Rehabilitation Act of 1973). 
Therefore, in order to be considered for funding, applicants must 
identify in the application budget and budget narrative a percentage of 
match towards the total cost of the project. It is up to the applicant 
to determine an appropriate percentage for the match contribution. To 
calculate match, applicants may use the match-calculator available at: 
https://rsa.ed.gov/match-calculator.cfm.''
    Program Authority: 29 U.S.C. 772(f).
    Accessible Format: Individuals with disabilities can obtain this 
document and a copy of the application package in an accessible format 
(e.g., braille, large print, audiotape, or compact disc) on request to 
the program contact person listed under FOR FURTHER INFORMATION 
CONTACT.
    Electronic Access to This Document: The official version of this 
document is the document published in the Federal Register. Free 
Internet access to the official edition of the Federal Register and the 
Code of Federal Regulations is available via the Federal Digital System 
at: www.gpo.gov/fdsys. At this site you can view this document, as well 
as all other documents of this Department published in the Federal 
Register, in text or Portable Document Format (PDF). To use PDF you 
must have Adobe Acrobat Reader, which is available free at the site.
    You may also access documents of the Department published in the 
Federal Register by using the article search feature at: 
www.federalregister.gov. Specifically, through the advanced search 
feature at this site, you can limit your search to documents published 
by the Department.

    Dated: August 9, 2016.
Sue Swenson,
Acting Assistant Secretary for Special Education and Rehabilitative 
Services.
[FR Doc. 2016-19269 Filed 8-11-16; 8:45 am]
BILLING CODE 4000-01-P
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