Guidance on Passive Foreign Investment Companies; Hearing, 52835 [2019-21476]

Download as PDF Federal Register / Vol. 84, No. 192 / Thursday, October 3, 2019 / Proposed Rules effect in excess of 5 percent of total annual salaries and benefits per institution, or 2.5 percent of total noninterest expenses. The FDIC believes that effects in excess of these thresholds typically represent significant effects for FDIC-supervised institutions. For the reasons provided below, the FDIC certifies that the proposed rule, if adopted in final form, would not have a significant economic impact on a substantial number of small banking organizations. Accordingly, a regulatory flexibility analysis is not required. As of March 31, 2019, the FDIC supervised 3,465 insured depository institutions, of which 2,705 are considered small banking organizations for purposes of the RFA. The proposed rule primarily affects regulations that govern State savings associations. There are 36 State savings associations considered to be small banking organizations for purposes of the RFA.3 The proposed rule would remove §§ 390.230 and 390.231, part 390, subpart M, because these sections are unnecessary, redundant of, or otherwise duplicative of other statutes and regulations, including safety and soundness standards. Therefore, rescinding subpart M would not have any substantive effects on small FDICsupervised institutions. Based on the information above, the FDIC certifies that the proposed rule would not have a significant economic impact on a substantial number of small entities. The FDIC invites comments on all aspects of the supporting information provided in this RFA section. In particular, would this rule have any significant effects on small entities that the FDIC has not identified? Federal Deposit Insurance Corporation. Dated at Washington, DC, on September 26, 2019. Robert E. Feldman, Executive Secretary. [FR Doc. 2019–21323 Filed 10–2–19; 8:45 am] BILLING CODE 6714–01–P 3 Based on data from the March 31, 2019, Call Report and Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks. VerDate Sep<11>2014 17:07 Oct 02, 2019 Jkt 250001 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–105474–18] RIN 1545–BO59, 1545–BM69 Guidance on Passive Foreign Investment Companies; Hearing Internal Revenue Service (IRS), Treasury. ACTION: Proposed rule; notice of hearing. AGENCY: This document provides a notice of public hearing on proposed regulations under sections 1291, 1297, and 1298 of the Internal Revenue Code (‘‘Code’’) regarding the determination of ownership in a passive foreign investment company within the meaning of section 1297(a) (‘‘PFIC’’) and the treatment of certain income received or accrued by a foreign corporation and assets held by a foreign corporation for purposes of section 1297. DATES: The public hearing is being held on Monday, December 9, 2019, at 10:00 a.m. The IRS must receive speakers’ outlines of the topics to be discussed at the public hearing by Friday, November 22, 2019. If no outlines are received by November 22, 2019, the public hearing will be cancelled. ADDRESSES: The public hearing is being held in the IRS Auditorium, Internal Revenue Service Building, 1111 Constitution Avenue NW, Washington, DC 20224. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In addition, all visitors must present a valid photo identification to enter the building. Send Submissions to CC:PA:LPD:PR (REG–105474–18), Room 5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday to CC:PA:LPD:PR (REG–105474– 18), Couriers Desk, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224 or sent electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG–105474– 18). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, Josephine Firehock at (202) 317–4932 (for the PFIC Insurance Exception) or Jorge M. Oben at (202) 317–6934 (for general rules, including indirect ownership and look-through rules); concerning submissions of comments, the hearing and/or to be placed on the building access list to attend the SUMMARY: PO 00000 Frm 00027 Fmt 4702 Sfmt 4702 52835 hearing, Regina Johnson at (202) 317– 6901 (not toll-free numbers), fdms.database@irscounsel.treas.gov. SUPPLEMENTARY INFORMATION: The subject of the public hearing is the notice of proposed rulemaking (REG– 105474–18) that was published in the Federal Register on Thursday, July 11, 2019 (84 FR 33120). The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments at the hearing that submitted written comments by September 9, 2019, must submit an outline of the topics to be addressed and the amount of time to be devoted to each topic by Friday, November 22, 2019. A period of 10 minutes is allotted to each person for presenting oral comments. After the deadline for receiving outlines has passed, the IRS will prepare an agenda containing the schedule of speakers. Copies of the agenda will be made available, free of charge, at the hearing or by contacting the Publications and Regulations Branch at (202) 317–6901(not a toll-free number). Because of access restrictions, the IRS will not admit visitors beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name placed on the building access list to attend the hearing, see the FOR FURTHER INFORMATION CONTACT section of this document. Crystal Pemberton, Senior Federal Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2019–21476 Filed 10–2–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG–2016–1067] RIN 1625–AA00 Safety Zone; Hurricanes, Tropical Storms and Other Disasters in South Florida Coast Guard, DHS. Supplemental notice of proposed rulemaking. AGENCY: ACTION: On June 5, 2017, the Coast Guard published a notice of proposed rulemaking (NPRM) to establish a SUMMARY: E:\FR\FM\03OCP1.SGM 03OCP1

Agencies

[Federal Register Volume 84, Number 192 (Thursday, October 3, 2019)]
[Proposed Rules]
[Page 52835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21476]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-105474-18]
RIN 1545-BO59, 1545-BM69


Guidance on Passive Foreign Investment Companies; Hearing

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Proposed rule; notice of hearing.

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SUMMARY: This document provides a notice of public hearing on proposed 
regulations under sections 1291, 1297, and 1298 of the Internal Revenue 
Code (``Code'') regarding the determination of ownership in a passive 
foreign investment company within the meaning of section 1297(a) 
(``PFIC'') and the treatment of certain income received or accrued by a 
foreign corporation and assets held by a foreign corporation for 
purposes of section 1297.

DATES: The public hearing is being held on Monday, December 9, 2019, at 
10:00 a.m. The IRS must receive speakers' outlines of the topics to be 
discussed at the public hearing by Friday, November 22, 2019. If no 
outlines are received by November 22, 2019, the public hearing will be 
cancelled.

ADDRESSES: The public hearing is being held in the IRS Auditorium, 
Internal Revenue Service Building, 1111 Constitution Avenue NW, 
Washington, DC 20224. Due to building security procedures, visitors 
must enter at the Constitution Avenue entrance. In addition, all 
visitors must present a valid photo identification to enter the 
building. Send Submissions to CC:PA:LPD:PR (REG-105474-18), Room 5205, 
Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand-delivered Monday through 
Friday to CC:PA:LPD:PR (REG-105474-18), Couriers Desk, Internal Revenue 
Service, 1111 Constitution Avenue NW, Washington, DC 20224 or sent 
electronically via the Federal eRulemaking Portal at 
www.regulations.gov (IRS REG-105474-18).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Josephine Firehock at (202) 317-4932 (for the PFIC Insurance Exception) 
or Jorge M. Oben at (202) 317-6934 (for general rules, including 
indirect ownership and look-through rules); concerning submissions of 
comments, the hearing and/or to be placed on the building access list 
to attend the hearing, Regina Johnson at (202) 317-6901 (not toll-free 
numbers), [email protected].

SUPPLEMENTARY INFORMATION: The subject of the public hearing is the 
notice of proposed rulemaking (REG-105474-18) that was published in the 
Federal Register on Thursday, July 11, 2019 (84 FR 33120).
    The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who 
wish to present oral comments at the hearing that submitted written 
comments by September 9, 2019, must submit an outline of the topics to 
be addressed and the amount of time to be devoted to each topic by 
Friday, November 22, 2019.
    A period of 10 minutes is allotted to each person for presenting 
oral comments. After the deadline for receiving outlines has passed, 
the IRS will prepare an agenda containing the schedule of speakers. 
Copies of the agenda will be made available, free of charge, at the 
hearing or by contacting the Publications and Regulations Branch at 
(202) 317-6901(not a toll-free number).
    Because of access restrictions, the IRS will not admit visitors 
beyond the immediate entrance area more than 30 minutes before the 
hearing starts. For information about having your name placed on the 
building access list to attend the hearing, see the FOR FURTHER 
INFORMATION CONTACT section of this document.

Crystal Pemberton,
Senior Federal Liaison, Publications and Regulations Branch, Legal 
Processing Division, Associate Chief Counsel, (Procedure and 
Administration).
[FR Doc. 2019-21476 Filed 10-2-19; 8:45 am]
 BILLING CODE 4830-01-P

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