July 12, 2019 – Federal Register Recent Federal Regulation Documents

The FAA proposes to adopt a new airworthiness directive (AD) for certain The Boeing Company Model 747-400 and 747-400F series airplanes. This proposed AD was prompted by an evaluation that determined fatigue cracks could develop in the underwing longerons. This proposed AD would require repetitive inspections of the underwing longerons and certain fuselage skins for any crack, and applicable on- condition actions. The FAA is proposing this AD to address the unsafe condition on these products.

On July 9, 2019, the Rural Utilities Service (RUS), a Rural Development agency of the United States Department of Agriculture (USDA), published a final rule that revised several regulations to streamline its procedures for Electric Program borrowers. RUS has determined it is necessary to accelerate the effective date of the final rule.

The Environmental Protection Agency (EPA) is proposing to approve State Implementation Plan (SIP) revisions submitted by the State of New Hampshire. These revisions consist of single-source Orders that New Hampshire adopted to meet reasonably available control technology requirements (RACT), and of requests made by New Hampshire to withdraw from its SIP a number of previously issued RACT Orders. This action is being taken under the Clean Air Act.

Comments are invited on proposed revisions to the regulations, fees for services, and procedures established under the Plant Variety Protection Act. The proposed revisions are needed to conform with recent amendments to the Plant Variety Protection Act, which added authority for the Plant Variety Protection Office to issue certificates of protection for varieties of plants that are reproduced asexually. The proposed rule would add references to the term ``asexual reproduction'' to the regulations established under the Act. The proposed rule would also modernize the regulations by simplifying the fee schedule for PVPO services and updating the regulations relating to administrative procedures to reflect current business practices.

The Coast Guard is establishing seven temporary safety zones for fireworks displays within the Captain of the Port (COTP) Long Island Sound (LIS) Zone. These temporary safety zones are necessary to provide for the safety of life on navigable waters during these seven events. Entry into, transit through, mooring or anchoring within these limited access areas is prohibited unless authorized by the COTP LIS.

This action proposes to amend the Class E surface airspace and Class E airspace extending upward from 700 feet above the surface at Fairmont Municipal Airport, Fairmont, MN. The FAA is proposing this action as the result of an airspace review caused by the decommissioning of the Fairmont VHF omnidirectional range (VOR) navigation aid, which provided navigation information for the instrument procedures at this airport, as part of the VOR Minimum Operational Network (MON) Program. The geographic coordinates of the Fairmont Municipal Airport would also be updated to coincide with the FAA's aeronautical database. Airspace redesign is necessary for the safety and management of instrument flight rules (IFR) operations at this airport.

This action proposes to amend the Class E surface airspace and the Class E airspace extending upward from 700 feet above the surface and establish a Class E airspace area designated as an extension to a Class C surface area at Huntsville International-Carl T. Jones Field, Huntsville, AL. The FAA is proposing this action as the result of the decommissioning of the Decatur VHF omnidirectional range (VOR) navigation aid, which provided navigation information for the instrument procedures at this airport, as part of the VOR Minimum Operational Network (MON) Program. The names of Huntsville International-Carl T. Jones Field, Redstone AAF, Pryor Field Regional Airport, and Huntsville Executive Tom Sharp Jr. Field and the geographic coordinates of Huntsville International-Carl T. Jones Field, Pryor Field Regional Airport, and Huntsville Executive Tom Sharp Jr. Field would also be updated to coincide with the FAA's aeronautical database. Airspace redesign is necessary for the safety and management of instrument flight rules (IFR) operations at this airport.

NMFS is proposing to adjust regulatory measures put in place to manage bluefin tuna bycatch in the pelagic longline fishery for Atlantic highly migratory species (HMS), specifically addressing the Northeastern United States Closed Area, the Cape Hatteras Gear Restricted Area, and the Spring Gulf of Mexico Gear Restricted Area as well as the weak hook requirement in the Gulf of Mexico. Several of the proposed measures would have an evaluation period component to determine whether the current area-based management measure remains necessary to reduce and/or maintain low numbers of bluefin tuna discards and interactions in the pelagic longline fishery. Other proposed measures would eliminate the Cape Hatteras Gear Restricted Area and would adjust the requirement to use weak hooks from a year- round requirement to a seasonal (January-June) requirement. The proposed measures would affect the HMS pelagic longline fishery in the Atlantic and Gulf of Mexico.

The FAA proposes to supersede Airworthiness Directive (AD) 2009-09-02, which applies to certain Bombardier, Inc., Model DHC-8-400 series airplanes. AD 2009-09-02 requires repetitive inspections for damage of certain main landing gear (MLG) forward stabilizer brace assemblies, repetitive inspections for cracking of both MLG forward stabilizer braces, liquid penetrant inspections for cracking, and corrective actions if necessary. Since the FAA issued AD 2009-09-02, the FAA has determined that the installation of an elbow restrictor is necessary to address the unsafe condition which would extend the repetitive inspection interval. This proposed AD would retain the existing actions and also require installation of an elbow restrictor. The FAA is proposing this AD to address the unsafe condition on these products.

The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of a section of the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''), which excludes from the definition of ``investment adviser'' any broker or dealer that provides advisory services when such services are ``solely incidental'' to the conduct of the broker or dealer's business and when such incidental advisory services are provided for no special compensation.

The Securities and Exchange Commission (the ``Commission'') is adopting a new rule under the Securities Exchange Act of 1934 (``Exchange Act''), establishing a standard of conduct for broker- dealers and natural persons who are associated persons of a broker- dealer (unless otherwise indicated, together referred to as ``broker- dealer'') when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities (``Regulation Best Interest''). Regulation Best Interest enhances the broker-dealer standard of conduct beyond existing suitability obligations, and aligns the standard of conduct with retail customers' reasonable expectations by requiring broker-dealers, among other things, to: Act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker-dealer ahead of the interests of the retail customer; and address conflicts of interest by establishing, maintaining, and enforcing policies and procedures reasonably designed to identify and fully and fairly disclose material facts about conflicts of interest, and in instances where we have determined that disclosure is insufficient to reasonably address the conflict, to mitigate or, in certain instances, eliminate the conflict. The standard of conduct established by Regulation Best Interest cannot be satisfied through disclosure alone. The standard of conduct draws from key principles underlying fiduciary obligations, including those that apply to investment advisers under the Investment Advisers Act of 1940 (``Advisers Act''). Importantly, regardless of whether a retail investor chooses a broker-dealer or an investment adviser (or both), the retail investor will be entitled to a recommendation (from a broker-dealer) or advice (from an investment adviser) that is in the best interest of the retail investor and that does not place the interests of the firm or the financial professional ahead of the interests of the retail investor.