Semiannual Agenda and Regulatory Plan, 11278-11283 [2023-02032]
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Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
DEPARTMENT OF THE TREASURY
31 CFR Subtitles A and B
Semiannual Agenda and Regulatory
Plan
Department of the Treasury.
Semiannual Regulatory Agenda
and Annual Regulatory Plan.
AGENCY:
ACTION:
This notice is given pursuant
to the requirements of the Regulatory
Flexibility Act and Executive Order
(E.O.) 12866 (‘‘Regulatory Planning and
Review’’), which require the publication
by the Department of a semiannual
agenda of regulations. E.O. 12866 also
requires the publication by the
Department of a regulatory plan for the
upcoming fiscal year. The purpose of
the agenda is to provide advance
information about pending regulatory
activities and encourage public
participation in the regulatory process.
FOR FURTHER INFORMATION CONTACT: The
Agency contact identified in the item
relating to that regulation.
SUPPLEMENTARY INFORMATION: The
semiannual regulatory agenda includes
regulations that the Department has
issued or expects to issue and rules
currently in effect that are under
departmental or bureau review. For this
edition of the regulatory agenda, the
most important significant regulatory
actions and a Statement of Regulatory
SUMMARY:
Priorities are included in the Regulatory
Plan, which appears in both the online
Unified Agenda and in part II of the
Federal Register publication that
includes the Unified Agenda.
The complete Unified Agenda will be
available online at www.reginfo.gov and
www.regulations.gov in a format that
offers users an enhanced ability to
obtain information from the Agenda
database. Because publication in the
Federal Register is mandated for the
regulatory flexibility agenda required by
the Regulatory Flexibility Act (5 U.S.C.
602), Treasury’s printed agenda entries
include only:
(1) Rules that are in the regulatory
flexibility agenda, in accordance with
the Regulatory Flexibility Act, because
they are likely to have a significant
economic impact on a substantial
number of small entities; and
(2) Rules that have been identified for
periodic review under section 610 of the
Regulatory Flexibility Act.
Printing of these entries is limited to
fields that contain information required
by the Regulatory Flexibility Act’s
Agenda requirements. Additional
information on these entries is available
in the Unified Agenda published on the
internet. In addition, for fall editions of
the Agenda, the entire Regulatory Plan
will continue to be printed in the
Federal Register, as in past years.
The Department has listed in this
agenda all regulations and regulatory
reviews pending at the time of
publication, except for technical, minor,
and routine actions. On occasion, a
regulatory matter may be inadvertently
left off of the agenda or an emergency
may arise that requires the Department
to initiate a regulatory action not yet on
the agenda. There is no legal
significance to the omission of an item
from this agenda. For most entries,
Treasury includes a projected date for
the next rulemaking action; however,
the date is an estimate and is not a
commitment to publish on the projected
date. In addition, some agenda entries
are marked as ‘‘withdrawn’’ when there
has been no publication activity.
Withdrawal of a rule from the agenda
does not necessarily mean that a rule
will not be included in a future agenda
but may mean that further consideration
is warranted and that the regulatory
action is unlikely in the next 12 months.
Public participation in the rulemaking
process is the foundation of effective
regulations. For this reason, the
Department invites comments on all
regulatory and deregulatory items
included in the agenda and invites
input on items that should be included
in the semiannual agenda.
Michael Briskin,
Deputy Assistant General Counsel for General
Law and Regulation.
FINANCIAL CRIMES ENFORCEMENT NETWORK—PROPOSED RULE STAGE
Sequence No.
399
400
401
402
....................
....................
....................
....................
Regulation
Identifier No.
Title
Section 6101. Establishment of National Exam and Supervision Priorities ....................................................
Real Estate Transaction Reports and Records ...............................................................................................
Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities ........
Revisions to Customer Due Diligence Requirements for Financial Institutions ..............................................
1506–AB52
1506–AB54
1506–AB59
1506–AB60
FINANCIAL CRIMES ENFORCEMENT NETWORK—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
403 ....................
Section 6212. Pilot Program on Sharing of Information Related to Suspicious Activity Reports Within a Financial Group.
1506–AB51
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FINANCIAL CRIMES ENFORCEMENT NETWORK—LONG-TERM ACTIONS
Regulation
Identifier No.
Sequence No.
Title
404 ....................
405 ....................
Amendments to the Definition of Broker or Dealer in Securities (Crowd Funding) ........................................
Clarification of the Requirement to Collect, Retain, and Transmit Information on Transactions Involving
Convertible Virtual Currencies and Digital Assets With Legal Tender Status.
Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets .................
Section 6110. Bank Secrecy Act Application to Dealers in Antiquities and Assessment of Bank Secrecy
Act Application to Dealers in Arts.
406 ....................
407 ....................
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1506–AB36
1506–AB41
1506–AB47
1506–AB50
Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
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FINANCIAL CRIMES ENFORCEMENT NETWORK—COMPLETED ACTIONS
Regulation
Identifier No.
Sequence No.
Title
408 ....................
Beneficial Ownership Information Reporting Requirements ............................................................................
1506–AB49
CUSTOMS REVENUE FUNCTION—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
409 ....................
Enforcement of Copyrights and the Digital Millennium Copyright Act ............................................................
1515–AE26
INTERNAL REVENUE SERVICE—FINAL RULE STAGE
Regulation
Identifier No.
Sequence No.
Title
410 ....................
411 ....................
412 ....................
Guidance on the Elimination of Interbank Offered Rates ................................................................................
MEPs and the Unified Plan Rule .....................................................................................................................
Information Reporting of Health Insurance Coverage and Other Issues Under Sections 6055 and 6056 ....
1545–BO91
1545–BO97
1545–BQ11
INTERNAL REVENUE SERVICE—COMPLETED ACTIONS
Sequence No.
413
414
415
416
417
....................
....................
....................
....................
....................
Section 42 Low-Income Housing Credit Average Income Test Regulations ..................................................
Requirements Related to Surprise Billing, Part 1 ............................................................................................
Requirements Related to Surprise Billing, Part 2 ............................................................................................
Requirements Related to Surprise Billing, Part 1 (Temporary Regulation) ....................................................
Requirements Related to Surprise Billing, Part 2 (Temporary Regulation) ....................................................
DEPARTMENT OF THE TREASURY
(TREAS)
Financial Crimes Enforcement Network
(FINCEN)
Proposed Rule Stage
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399. Section 6101. Establishment of
National Exam and Supervision
Priorities [1506–AB52]
21:34 Feb 21, 2023
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(iii) provides for certain technical
changes. Once finalized, this proposed
rule will affect all financial institutions
subject to regulations under the Bank
Secrecy Act and have AML/CFT
program obligations.
Timetable:
Action
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a
Notice of Proposed Rulemaking (NPRM)
as part of the establishment of national
exam and supervision priorities. The
proposed rule implements Section
6101(b) of the Anti-Money Laundering
Act of 2020 (AML Act), enacted into law
as part of the National Defense
Authorization Act for Fiscal Year 2021
(NDAA), that requires the Secretary of
the Treasury (Secretary) to issue and
promulgate rules for financial
institutions to carry out the governmentwide anti-money laundering and
countering the financing of terrorism
priorities (AML/CFT Priorities). The
proposed rule: (i) incorporates a risk
assessment requirement for financial
institutions; (ii) requires financial
institutions to incorporate AML/CFT
Priorities into risk-based programs; and
VerDate Sep<11>2014
Regulation
Identifier No.
Title
Date
NPRM ..................
NPRM Comment
Period End.
FR Cite
03/00/23
05/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Department of the
Treasury, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA
22183, Phone: 800 767–2825, Email:
frc@fincen.gov.
RIN: 1506–AB52
400. Real Estate Transaction Reports
and Records [1506–AB54]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a
Notice of Proposed Rulemaking (NPRM)
to address money laundering threats in
the U.S. real estate sector.
Timetable:
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Action
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
NPRM Comment
Period End.
Date
12/08/21
02/07/22
1545–BO92
1545–BQ01
1545–BQ02
1545–BQ04
1545–BQ05
FR Cite
86 FR 69589
04/00/23
06/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Department of the
Treasury, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA
22183, Phone: 800 767–2825, Email:
frc@fincen.gov.
RIN: 1506–AB54
401. • Beneficial Ownership
Information Access and Safeguards,
and Use of FinCEN Identifiers for
Entities [1506–AB59]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a
Notice of Proposed Rulemaking (NPRM)
entitled Beneficial Ownership
Information Access and Safeguards, and
Use of FinCEN Identifiers for Entities.
The proposed regulations will establish
protocols to protect the security and
confidentiality of the beneficial
ownership information (BOI) that will
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be reported to FinCEN pursuant to
Section 6403 of the Corporate
Transparency Act (CTA), and will
establish the framework for access by
authorized recipients to the BOI
reported. The proposed regulations will
also specify when and how reporting
companies can use FinCEN identifiers
to report the BOI of entities. The CTA
was enacted into law as part of the
National Defense Authorization Act for
Fiscal Year 2021 (NDAA). This
proposed rule is the second of three
rulemakings FinCEN is required to issue
under the CTA. With regard to the first
required rulemaking, FinCEN issued a
final rule entitled ‘‘Beneficial
Ownership Information Reporting
Requirements’’ (BOI reporting rule).
The third required rulemaking will
revise the customer due diligence (CDD)
requirements for financial institutions.
FinCEN previously issued an Advance
Notice of Proposed Rulemaking
(ANPRM) entitled Beneficial Ownership
Information Reporting Requirements on
April 5, 2021, that solicited comments
on a wide range of questions that
concerned all three rulemakings.
FinCEN also previously issued a Notice
of Proposed Rulemaking with the same
title on December 8, 2021 (BOI
Reporting NPRM) that addressed only
the first of the three rulemakings, but
the comments FinCEN received related
to all three subjects. This proposed rule
reflects FinCEN’s consideration of
public comments that have been
received in response to the ANPRM and
BOI Reporting NPRM. The proposed
rule will also re-issue certain provisions
of the BOI Reporting NPRM related to
the use of FinCEN identifiers.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
FR Cite
12/00/22
02/00/23
Action
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Department of the
Treasury, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA
22183, Phone: 800 767–2825, Email:
frc@fincen.gov.
RIN: 1506–AB59
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Due Diligence Requirements for
Financial Institutions, relating to
Section 6403(d) of the Corporate
Transparency Act (CTA). The CTA was
enacted into law as part of the National
Defense Authorization Act for Fiscal
Year 2021 (NDAA). Section 6403(d) of
the CTA requires FinCEN to revise its
customer due diligence (CDD)
requirements for financial institutions to
account for the changes created by the
two other rulemakings FinCEN is
required to issue pursuant to the CTA.
With regard to the first required
rulemaking, FinCEN issued a final rule
entitled ‘‘Beneficial Ownership
Information Reporting Requirements’’
(BOI reporting rule). The second
required rulemaking relates to access by
authorized recipients to beneficial
ownership information (BOI) that will
be reported to FinCEN and the use of
FinCEN identifiers. FinCEN previously
issued an ANPRM entitled Beneficial
Ownership Information Reporting
Requirements on April 5, 2021, that
solicited comments on a wide range of
questions that concerned all three
rulemakings. FinCEN also previously
issued a Notice of Proposed Rulemaking
with the same title on December 8, 2021
(BOI Reporting NPRM) that addressed
only the first of the three rulemakings,
but the comments FinCEN received
related to all three subjects. The
proposed rule reflects FinCEN’s
consideration of public comments that
have been received in response to the
ANPRM and BOI Reporting NPRM. The
CTA requires that the revisions to the
CDD requirements be finalized within
one year after the effective date of the
BOI reporting rule.
Timetable:
402. • Revisions to Customer Due
Diligence Requirements for Financial
Institutions [1506–AB60]
Date
NPRM ..................
NPRM Comment
Period End.
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Final Rule Stage
403. Section 6212. Pilot Program on
Sharing of Information Related to
Suspicious Activity Reports Within a
Financial Group [1506–AB51]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a
Final Rule in order to implement
Section 6212 of the Anti-Money
Laundering Act of 2020 (the AML Act).
This section amends the Bank Secrecy
Act (31 U.S.C. 5318(g)) to establish a
pilot program that permits financial
institutions to share suspicious activity
report (SAR) information with their
foreign branches, subsidiaries, and
affiliates for the purpose of combating
illicit finance risks. The section further
requires the Secretary of the Treasury to
issue rules to implement the
amendment within one year of
enactment of the AML Act.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Rule ............
Date
01/25/22
03/28/22
FR Cite
87 FR 3719
08/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Department of the
Treasury, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA
22183, Phone: 800 767–2825, Email:
frc@fincen.gov.
RIN: 1506–AB51
DEPARTMENT OF THE TREASURY
(TREAS)
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Department of the
Treasury, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA
22183, Phone: 800 767–2825, Email:
frc@fincen.gov.
RIN: 1506–AB60
PO 00000
Financial Crimes Enforcement Network
(FINCEN)
FR Cite
11/00/23
01/00/24
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue an
NPRM entitled Revisions to Customer
DEPARTMENT OF THE TREASURY
(TREAS)
Financial Crimes Enforcement Network
(FINCEN)
Long-Term Actions
404. Amendments to the Definition of
Broker or Dealer in Securities (Crowd
Funding) [1506–AB36]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5332
Abstract: FinCEN is finalizing
amendments to the regulatory
definitions of ‘‘broker or dealer in
securities’’ under the regulations
implementing the Bank Secrecy Act.
The changes are intended to expand the
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current scope of the definitions to
include funding portals. In addition,
these amendments would require
funding portals to implement policies
and procedures reasonably designed to
achieve compliance with all of the Bank
Secrecy Act requirements that are
currently applicable to brokers or
dealers in securities. The rule to require
these organizations to comply with the
Bank Secrecy Act regulations is
intended to help prevent money
laundering, terrorist financing, and
other financial crimes.
Note: This is not a new requirement; it
replaces RINs 1506–AB24 and 1506–AB29.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
04/04/16
06/03/16
FR Cite
81 FR 19086
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Phone: 800 767–2825,
Email: frc@fincen.gov.
RIN: 1506–AB36
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405. Clarification of the Requirement
To Collect, Retain, and Transmit
Information on Transactions Involving
Convertible Virtual Currencies and
Digital Assets With Legal Tender Status
[1506–AB41]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: The Board of Governors of
the Federal Reserve System and FinCEN
(collectively, the ‘‘Agencies’’) intend to
issue a revised proposal to clarify the
meaning of ‘‘money’’ as used in the
rules implementing the Bank Secrecy
Act requiring financial institutions to
collect, retain, and transmit information
on certain funds transfers and
transmittals of funds. The Agencies
intend that the revised proposal will
ensure that the rules apply to domestic
and cross-border transactions involving
convertible virtual currency, which is a
medium of exchange (such as
cryptocurrency) that either has an
equivalent value as currency, or acts as
a substitute for currency, but lacks legal
tender status. The Agencies further
intend that the revised proposal will
clarify that these rules apply to
domestic and cross-border transactions
involving digital assets that have legal
tender status.
Timetable:
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Action
Date
NPRM ..................
NPRM Comment
Period End.
Second NPRM ....
Second NPRM
Comment Period End.
10/27/20
11/27/20
FR Cite
85 FR 68005
02/00/24
04/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Phone: 800 767–2825,
Email: frc@fincen.gov.
RIN: 1506–AB41
406. Requirements for Certain
Transactions Involving Convertible
Virtual Currency or Digital Assets
[1506–AB47]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN is amending the
regulations implementing the Bank
Secrecy Act (BSA) to require banks and
money service businesses (MSBs) to
submit reports, keep records, and verify
the identity of customers in relation to
transactions involving convertible
virtual currency (CVC) or digital assets
with legal tender status (‘‘legal tender
digital assets’’ or ‘‘LTDA’’) held in
unhosted wallets, or held in wallets
hosted in a jurisdiction identified by
FinCEN.
Timetable:
Action
Date
NPRM ..................
NPRM Comment
Period End.
Final Action .........
12/23/20
01/04/21
FR Cite
85 FR 83840
02/00/24
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Phone: 800 767–2825,
Email: frc@fincen.gov.
RIN: 1506–AB47
407. Section 6110. Bank Secrecy Act
Application to Dealers in Antiquities
and Assessment of Bank Secrecy Act
Application to Dealers in Arts [1506–
AB50]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a
Notice of Proposed Rulemaking to
implement Section 6110 of the AntiMoney Laundering Act of 2020 (the
AML Act). This section amends the
Bank Secrecy Act (31 U.S.C. 5312(a)(2))
to include as a financial institution a
person engaged in the trade of
antiquities, including an advisor,
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consultant, or any other person who
engages as a business in the solicitation
or the sale of antiquities, subject to
regulations prescribed by the Secretary
of the Treasury. The section further
requires the Secretary of the Treasury to
issue proposed rules to implement the
amendment within 360 days of
enactment of the AML Act.
Timetable:
Action
ANPRM ...............
ANPRM Comment
Period End.
NPRM ..................
Date
09/24/21
10/25/21
FR Cite
86 FR 53021
To Be Determined
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Phone: 800 767–2825,
Email: frc@fincen.gov.
RIN: 1506–AB50
DEPARTMENT OF THE TREASURY
(TREAS)
Financial Crimes Enforcement Network
(FINCEN)
Completed Actions
408. Beneficial Ownership Information
Reporting Requirements [1506–AB49]
Legal Authority: 12 U.S.C. 1829b; 12
U.S.C. 1951 to 1960; 31 U.S.C. 5311 to
5314; 31 U.S.C. 5316 to 5336
Abstract: On September 30, 2022,
FinCEN issued a final rule entitled
‘‘Beneficial Ownership Information
Reporting Requirements’’ (BOI reporting
rule), requiring certain entities to file
with FinCEN reports that identify two
categories of individuals: the beneficial
owners of the entity, and individuals
who have filed an application with
specified governmental authorities to
create the entity or register it to do
business. These regulations implement
Section 6403 of the Corporate
Transparency Act (CTA), enacted into
law as part of the National Defense
Authorization Act for Fiscal Year 2021
(NDAA), and describe who must file a
report, what information must be
provided, and when a report is due.
This final rule is the first of three
rulemakings FinCEN is required to issue
pursuant to the CTA. The other two
required rulemakings which are
discussed elsewhere in this regulatory
plan are: (i) a regulation focused on
establishing protocols to protect the
security and confidentiality of beneficial
ownership information (BOI) that will
be reported to FinCEN, establishing the
terms of access by authorized recipients
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to the BOI reported, and the use of
FinCEN identifiers in making BOI
reports; and (ii) revisions to FinCEN’s
customer due diligence (CDD)
requirements for financial institutions.
The final BOI reporting rule is effective
January 1, 2024.
Completed:
Reason
Date
Final Action .........
Final Action Effective.
09/30/22
01/01/24
FR Cite
87 FR 59498
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: FinCEN Regulatory
Support Section, Phone: 800 767–2825,
Email: frc@fincen.gov.
RIN: 1506–AB49
DEPARTMENT OF THE TREASURY
(TREAS)
Internal Revenue Service (IRS)
Final Rule Stage
410. Guidance on the Elimination of
Interbank Offered Rates [1545–BO91]
Legal Authority: 26 U.S.C. 882c and
7805; 26 U.S.C. 7805
Abstract: The final regulations will
provide guidance on the tax
consequences of the phased elimination
of interbank offered rates (IBORs) that is
underway in the United States and
many foreign countries. Taxpayers have
requested guidance that addresses the
transition from IBOR to other reference
rates and the determination of the
interest expense deduction of a foreign
corporation.
Timetable:
BILLING CODE 4810–02–P
Action
DEPARTMENT OF THE TREASURY
(TREAS)
Customs Revenue Function (CUSTOMS)
Final Rule Stage
409. Enforcement of Copyrights and the
Digital Millennium Copyright Act
[1515–AE26]
Legal Authority: Title III of the Trade
Facilitation and Trade Enforcement Act
of 2015 (Pub. L. 114–125); 19 U.S.C.
1595a(c)(2)(G); 19 U.S.C. 1624
Abstract: This rule amends the U.S.
Customs and Border Protection (CBP)
regulations pertaining to importations of
merchandise that violate or are
suspected of violating the copyright
laws in accordance with title III of the
Trade Facilitation and Trade
Enforcement Act of 2015 (TFTEA) and
certain provisions of the Digital
Millennium Copyright Act (DMCA).
Timetable:
Action
Date
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NPRM ..................
NPRM Comment
Period End.
Final Rule ............
10/16/19
12/16/19
FR Cite
84 FR 55251
07/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Alaina Van Horn,
Chief, Intellectual Property Enforcement
Branch, Department of the Treasury,
Customs Revenue Function, 1331
Pennsylvania Avenue NW, Washington,
DC 20229, Phone: 202 325–0083, Email:
alaina.vanhorn@cbp.dhs.gov.
RIN: 1515–AE26
21:34 Feb 21, 2023
NPRM ..................
NPRM Comment
Period End.
Final Action (TD
9961).
Final Action Effective.
Final Action .........
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FR Cite
10/09/19
11/25/19
84 FR 54068
01/04/22
87 FR 166
03/07/22
04/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Caleb Trimm,
Attorney, Department of the Treasury,
Internal Revenue Service, 1111
Constitution Avenue NW, Room 4579,
Washington, DC 20224, Phone: 202 317–
6002, Fax: 855 589–8672, Email:
caleb.w.trimm2@irscounsel.treas.gov.
RIN: 1545–BO91
411. MEPS and the Unified Plan Rule
[1545–BO97]
Legal Authority: 26 U.S.C. 7805; 26
U.S.C. 413
Abstract: These proposed regulations
provide guidance relating to the tax
qualification of multiple employer plans
(MEPs) described in section 413(e) of
the Internal Revenue Code (Code). The
proposed regulations would provide an
exception, if certain requirements are
met, to the application of the ‘‘unified
plan rule’’ for section 413(e) MEPs in
the event of a failure by one or more
participating employers to take actions
required of them to satisfy the
requirements of section 401(a) or 408 of
the Code. The regulations affect
participants in MEPs, MEP sponsors and
administrators, and employers
maintaining MEPs.
Timetable:
Action
Date
NPRM ..................
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Action
NPRM Comment
Period End.
Second NPRM ....
Second NPRM
Comment Period End.
Final Action .........
Date
FR Cite
10/01/19
03/28/22
05/27/22
87 FR 17225
05/00/23
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Jamie Dvoretzky,
Attorney, Department of the Treasury,
Internal Revenue Service, 1111
Constitution Avenue NW, Washington,
DC 20224, Phone: 202 317–4836, Fax:
885 605–5282, Email:
jamie.l.dvoretzky@irscounsel.treas.gov.
RIN: 1545–BO97
412. Information Reporting of Health
Insurance Coverage and Other Issues
Under Sections 6055 and 6056 [1545–
BQ11]
Legal Authority: 26 U.S.C. 7805; 26
U.S.C. 5000A; 26 U.S.C. 6056
Abstract: These regulations revise
notice and filing requirements under
sections 6055 and 6056 of the Internal
Revenue Code. The regulations are
needed to provide health coverage
reporters an extension of time in which
to furnish certain statements and an
alternative manner of allowing certain
health coverage reporters to provide
information to covered individuals.
These regulations also provide that the
term ‘‘minimum essential coverage’’, as
that term is defined in health insurancerelated tax laws, does not include
Medicaid coverage limited to COVID–19
testing and diagnostic services provided
pursuant to the Families First
Coronavirus Response Act.
Timetable:
Action
NPRM ..................
NPRM Comment
Period End.
Final Action .........
Date
12/06/21
02/04/22
FR Cite
86 FR 68939
12/00/22
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Gerald Semasek,
Attorney, Department of the Treasury,
Internal Revenue Service, 1111
Constitution Avenue NW, Washington,
DC 20024, Phone: 202 317–7006, Fax:
855 576–2339, Email: gerald.semasek@
irscounsel.treas.gov.
RIN: 1545–BQ11
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Federal Register / Vol. 88, No. 35 / Wednesday, February 22, 2023 / UA: Reg Flex Agenda
DEPARTMENT OF THE TREASURY
(TREAS)
Reason
TD 9965 Final
Rules.
Final Action Effective.
Internal Revenue Service (IRS)
Completed Actions
413. Section 42 Low-Income Housing
Credit Average Income Test
Regulations [1545–BO92]
Legal Authority: 26 U.S.C. 7805; 26
U.S.C. 42
Abstract: The Consolidated
Appropriations Act of 2018 added a
new applicable minimum set-aside test
under section 42(g) of the Internal
Revenue Code known as the average
income test. This proposed regulation
will implement requirements related to
the average income test.
Completed:
Reason
Date
Final Action .........
Final Action Effective.
10/12/22
10/12/22
Date
FR Cite
87 FR 61489
08/26/22
lotter on DSK11XQN23PROD with PROPOSALS13
Legal Authority: 26 U.S.C. 7805; Pub.
L. 116–260, Division BB, Title I and
Title II
Abstract: The regulations implement
the protections against surprise medical
bills under the No Surprises Act,
including requirements on group health
plans, issuers offering group or
individual health insurance coverage,
providers, facilities, and providers of air
ambulance services.
Completed:
VerDate Sep<11>2014
21:34 Feb 21, 2023
Jkt 250001
87 FR 52618
Reason
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Shira McKinlay,
Phone: 202 317–5500, Email:
shira.b.mckinlay@irscounsel.treas.gov.
RIN: 1545–BQ01
415. Requirements Related to Surprise
Billing, Part 2 [1545–BQ02]
Legal Authority: 26 U.S.C. 7805; Pub.
L. 116–260, Division BB, Title I and
Title II
Abstract: The regulations would
implement additional protections
against surprise medical bills under the
No Surprises Act, including provisions
related to the independent dispute
resolution process.
Completed:
Date
TD 9965 Final
Rules.
Final Action Effective.
414. Requirements Related to Surprise
Billing, Part 1 [1545–BQ01]
Completed:
10/25/22
Reason
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Dillon J. Taylor,
Phone: 202 317–3734, Email:
dillon.j.taylor@irscounsel.treas.gov.
RIN: 1545–BO92
FR Cite
08/26/22
FR Cite
87 FR 52618
10/25/22
416. Requirements Related to Surprise
Billing, Part 1 (Temporary Regulation)
[1545–BQ04]
Legal Authority: 26 U.S.C. 7805; Pub.
L. 116–260, Division BB, Title I and
Title II
Abstract: This temporary regulation
implements the protections against
surprise medical bills under the No
Surprises Act.
Frm 00007
Fmt 4701
Sfmt 9990
08/26/22
FR Cite
87 FR 52618
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Kari L. DiCecco,
Phone: 202 317–5500, Email:
kari.l.dicecco@irscounsel.treas.gov.
RIN: 1545–BQ04
417. Requirements Related to Surprise
Billing, Part 2 (Temporary Regulation)
[1545–BQ05]
Legal Authority: 26 U.S.C. 7805; Pub.
L. 116–260, Division BB, Title I and
Title II
Abstract: This temporary regulation
would implement additional protections
against surprise medical bills under the
No Surprises Act and certain provisions
related to Title II of Division BB of the
Consolidated Appropriations Act.
Completed:
Reason
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Shira McKinlay,
Phone: 202 317–5500, Email:
shira.b.mckinlay@irscounsel.treas.gov.
RIN: 1545–BQ02
PO 00000
Final Rule and
Removal of
Temporary
Regulations: TD
9951.
Date
11283
Final Rule and
Removal of
Temporary
Regulations: TD
9955.
Final Rule Effective.
Date
08/26/22
FR Cite
87 FR 52618
10/25/22
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Kari L. DiCecco,
Phone: 202 317–5500, Email:
kari.l.dicecco@irscounsel.treas.gov.
RIN: 1545–BQ05
[FR Doc. 2023–02032 Filed 2–21–23; 8:45 am]
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]]>Agencies
[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Unknown Section]
[Pages 11278-11283]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02032]
[[Page 11277]]
Vol. 88
Wednesday,
No. 35
February 22, 2023
Part XIV
Department of the Treasury
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 88 , No. 35 / Wednesday, February 22, 2023 /
UA: Reg Flex Agenda
[[Page 11278]]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
31 CFR Subtitles A and B
Semiannual Agenda and Regulatory Plan
AGENCY: Department of the Treasury.
ACTION: Semiannual Regulatory Agenda and Annual Regulatory Plan.
-----------------------------------------------------------------------
SUMMARY: This notice is given pursuant to the requirements of the
Regulatory Flexibility Act and Executive Order (E.O.) 12866
(``Regulatory Planning and Review''), which require the publication by
the Department of a semiannual agenda of regulations. E.O. 12866 also
requires the publication by the Department of a regulatory plan for the
upcoming fiscal year. The purpose of the agenda is to provide advance
information about pending regulatory activities and encourage public
participation in the regulatory process.
FOR FURTHER INFORMATION CONTACT: The Agency contact identified in the
item relating to that regulation.
SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda includes
regulations that the Department has issued or expects to issue and
rules currently in effect that are under departmental or bureau review.
For this edition of the regulatory agenda, the most important
significant regulatory actions and a Statement of Regulatory Priorities
are included in the Regulatory Plan, which appears in both the online
Unified Agenda and in part II of the Federal Register publication that
includes the Unified Agenda.
The complete Unified Agenda will be available online at
www.reginfo.gov and www.regulations.gov in a format that offers users
an enhanced ability to obtain information from the Agenda database.
Because publication in the Federal Register is mandated for the
regulatory flexibility agenda required by the Regulatory Flexibility
Act (5 U.S.C. 602), Treasury's printed agenda entries include only:
(1) Rules that are in the regulatory flexibility agenda, in
accordance with the Regulatory Flexibility Act, because they are likely
to have a significant economic impact on a substantial number of small
entities; and
(2) Rules that have been identified for periodic review under
section 610 of the Regulatory Flexibility Act.
Printing of these entries is limited to fields that contain
information required by the Regulatory Flexibility Act's Agenda
requirements. Additional information on these entries is available in
the Unified Agenda published on the internet. In addition, for fall
editions of the Agenda, the entire Regulatory Plan will continue to be
printed in the Federal Register, as in past years.
The Department has listed in this agenda all regulations and
regulatory reviews pending at the time of publication, except for
technical, minor, and routine actions. On occasion, a regulatory matter
may be inadvertently left off of the agenda or an emergency may arise
that requires the Department to initiate a regulatory action not yet on
the agenda. There is no legal significance to the omission of an item
from this agenda. For most entries, Treasury includes a projected date
for the next rulemaking action; however, the date is an estimate and is
not a commitment to publish on the projected date. In addition, some
agenda entries are marked as ``withdrawn'' when there has been no
publication activity. Withdrawal of a rule from the agenda does not
necessarily mean that a rule will not be included in a future agenda
but may mean that further consideration is warranted and that the
regulatory action is unlikely in the next 12 months.
Public participation in the rulemaking process is the foundation of
effective regulations. For this reason, the Department invites comments
on all regulatory and deregulatory items included in the agenda and
invites input on items that should be included in the semiannual
agenda.
Michael Briskin,
Deputy Assistant General Counsel for General Law and Regulation.
Financial Crimes Enforcement Network--Proposed Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
399....................... Section 6101. 1506-AB52
Establishment of National
Exam and Supervision
Priorities.
400....................... Real Estate Transaction 1506-AB54
Reports and Records.
401....................... Beneficial Ownership 1506-AB59
Information Access and
Safeguards, and Use of
FinCEN Identifiers for
Entities.
402....................... Revisions to Customer Due 1506-AB60
Diligence Requirements
for Financial
Institutions.
------------------------------------------------------------------------
Financial Crimes Enforcement Network--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
403....................... Section 6212. Pilot 1506-AB51
Program on Sharing of
Information Related to
Suspicious Activity
Reports Within a
Financial Group.
------------------------------------------------------------------------
Financial Crimes Enforcement Network--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
404....................... Amendments to the 1506-AB36
Definition of Broker or
Dealer in Securities
(Crowd Funding).
405....................... Clarification of the 1506-AB41
Requirement to Collect,
Retain, and Transmit
Information on
Transactions Involving
Convertible Virtual
Currencies and Digital
Assets With Legal Tender
Status.
406....................... Requirements for Certain 1506-AB47
Transactions Involving
Convertible Virtual
Currency or Digital
Assets.
407....................... Section 6110. Bank Secrecy 1506-AB50
Act Application to
Dealers in Antiquities
and Assessment of Bank
Secrecy Act Application
to Dealers in Arts.
------------------------------------------------------------------------
[[Page 11279]]
Financial Crimes Enforcement Network--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
408....................... Beneficial Ownership 1506-AB49
Information Reporting
Requirements.
------------------------------------------------------------------------
Customs Revenue Function--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
409....................... Enforcement of Copyrights 1515-AE26
and the Digital
Millennium Copyright Act.
------------------------------------------------------------------------
Internal Revenue Service--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
410....................... Guidance on the 1545-BO91
Elimination of Interbank
Offered Rates.
411....................... MEPs and the Unified Plan 1545-BO97
Rule.
412....................... Information Reporting of 1545-BQ11
Health Insurance Coverage
and Other Issues Under
Sections 6055 and 6056.
------------------------------------------------------------------------
Internal Revenue Service--Completed Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
413....................... Section 42 Low-Income 1545-BO92
Housing Credit Average
Income Test Regulations.
414....................... Requirements Related to 1545-BQ01
Surprise Billing, Part 1.
415....................... Requirements Related to 1545-BQ02
Surprise Billing, Part 2.
416....................... Requirements Related to 1545-BQ04
Surprise Billing, Part 1
(Temporary Regulation).
417....................... Requirements Related to 1545-BQ05
Surprise Billing, Part 2
(Temporary Regulation).
------------------------------------------------------------------------
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Proposed Rule Stage
399. Section 6101. Establishment of National Exam and Supervision
Priorities [1506-AB52]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking
(NPRM) as part of the establishment of national exam and supervision
priorities. The proposed rule implements Section 6101(b) of the Anti-
Money Laundering Act of 2020 (AML Act), enacted into law as part of the
National Defense Authorization Act for Fiscal Year 2021 (NDAA), that
requires the Secretary of the Treasury (Secretary) to issue and
promulgate rules for financial institutions to carry out the
government-wide anti-money laundering and countering the financing of
terrorism priorities (AML/CFT Priorities). The proposed rule: (i)
incorporates a risk assessment requirement for financial institutions;
(ii) requires financial institutions to incorporate AML/CFT Priorities
into risk-based programs; and (iii) provides for certain technical
changes. Once finalized, this proposed rule will affect all financial
institutions subject to regulations under the Bank Secrecy Act and have
AML/CFT program obligations.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/00/23
NPRM Comment Period End............. 05/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB52
400. Real Estate Transaction Reports and Records [1506-AB54]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking
(NPRM) to address money laundering threats in the U.S. real estate
sector.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 12/08/21 86 FR 69589
ANPRM Comment Period End............ 02/07/22
NPRM................................ 04/00/23
NPRM Comment Period End............. 06/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB54
401. Beneficial Ownership Information Access and Safeguards,
and Use of FinCEN Identifiers for Entities [1506-AB59]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking
(NPRM) entitled Beneficial Ownership Information Access and Safeguards,
and Use of FinCEN Identifiers for Entities. The proposed regulations
will establish protocols to protect the security and confidentiality of
the beneficial ownership information (BOI) that will
[[Page 11280]]
be reported to FinCEN pursuant to Section 6403 of the Corporate
Transparency Act (CTA), and will establish the framework for access by
authorized recipients to the BOI reported. The proposed regulations
will also specify when and how reporting companies can use FinCEN
identifiers to report the BOI of entities. The CTA was enacted into law
as part of the National Defense Authorization Act for Fiscal Year 2021
(NDAA). This proposed rule is the second of three rulemakings FinCEN is
required to issue under the CTA. With regard to the first required
rulemaking, FinCEN issued a final rule entitled ``Beneficial Ownership
Information Reporting Requirements'' (BOI reporting rule).
The third required rulemaking will revise the customer due
diligence (CDD) requirements for financial institutions. FinCEN
previously issued an Advance Notice of Proposed Rulemaking (ANPRM)
entitled Beneficial Ownership Information Reporting Requirements on
April 5, 2021, that solicited comments on a wide range of questions
that concerned all three rulemakings. FinCEN also previously issued a
Notice of Proposed Rulemaking with the same title on December 8, 2021
(BOI Reporting NPRM) that addressed only the first of the three
rulemakings, but the comments FinCEN received related to all three
subjects. This proposed rule reflects FinCEN's consideration of public
comments that have been received in response to the ANPRM and BOI
Reporting NPRM. The proposed rule will also re-issue certain provisions
of the BOI Reporting NPRM related to the use of FinCEN identifiers.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/00/22
NPRM Comment Period End............. 02/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB59
402. Revisions to Customer Due Diligence Requirements for
Financial Institutions [1506-AB60]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue an NPRM entitled Revisions to
Customer Due Diligence Requirements for Financial Institutions,
relating to Section 6403(d) of the Corporate Transparency Act (CTA).
The CTA was enacted into law as part of the National Defense
Authorization Act for Fiscal Year 2021 (NDAA). Section 6403(d) of the
CTA requires FinCEN to revise its customer due diligence (CDD)
requirements for financial institutions to account for the changes
created by the two other rulemakings FinCEN is required to issue
pursuant to the CTA. With regard to the first required rulemaking,
FinCEN issued a final rule entitled ``Beneficial Ownership Information
Reporting Requirements'' (BOI reporting rule). The second required
rulemaking relates to access by authorized recipients to beneficial
ownership information (BOI) that will be reported to FinCEN and the use
of FinCEN identifiers. FinCEN previously issued an ANPRM entitled
Beneficial Ownership Information Reporting Requirements on April 5,
2021, that solicited comments on a wide range of questions that
concerned all three rulemakings. FinCEN also previously issued a Notice
of Proposed Rulemaking with the same title on December 8, 2021 (BOI
Reporting NPRM) that addressed only the first of the three rulemakings,
but the comments FinCEN received related to all three subjects. The
proposed rule reflects FinCEN's consideration of public comments that
have been received in response to the ANPRM and BOI Reporting NPRM. The
CTA requires that the revisions to the CDD requirements be finalized
within one year after the effective date of the BOI reporting rule.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 11/00/23
NPRM Comment Period End............. 01/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB60
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Final Rule Stage
403. Section 6212. Pilot Program on Sharing of Information Related to
Suspicious Activity Reports Within a Financial Group [1506-AB51]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a Final Rule in order to
implement Section 6212 of the Anti-Money Laundering Act of 2020 (the
AML Act). This section amends the Bank Secrecy Act (31 U.S.C. 5318(g))
to establish a pilot program that permits financial institutions to
share suspicious activity report (SAR) information with their foreign
branches, subsidiaries, and affiliates for the purpose of combating
illicit finance risks. The section further requires the Secretary of
the Treasury to issue rules to implement the amendment within one year
of enactment of the AML Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 01/25/22 87 FR 3719
NPRM Comment Period End............. 03/28/22
Final Rule.......................... 08/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Department of
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39,
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
RIN: 1506-AB51
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Long-Term Actions
404. Amendments to the Definition of Broker or Dealer in Securities
(Crowd Funding) [1506-AB36]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5332
Abstract: FinCEN is finalizing amendments to the regulatory
definitions of ``broker or dealer in securities'' under the regulations
implementing the Bank Secrecy Act. The changes are intended to expand
the
[[Page 11281]]
current scope of the definitions to include funding portals. In
addition, these amendments would require funding portals to implement
policies and procedures reasonably designed to achieve compliance with
all of the Bank Secrecy Act requirements that are currently applicable
to brokers or dealers in securities. The rule to require these
organizations to comply with the Bank Secrecy Act regulations is
intended to help prevent money laundering, terrorist financing, and
other financial crimes.
Note: This is not a new requirement; it replaces RINs 1506-AB24
and 1506-AB29.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 04/04/16 81 FR 19086
NPRM Comment Period End............. 06/03/16
-----------------------------------
Final Action........................ To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB36
405. Clarification of the Requirement To Collect, Retain, and Transmit
Information on Transactions Involving Convertible Virtual Currencies
and Digital Assets With Legal Tender Status [1506-AB41]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: The Board of Governors of the Federal Reserve System and
FinCEN (collectively, the ``Agencies'') intend to issue a revised
proposal to clarify the meaning of ``money'' as used in the rules
implementing the Bank Secrecy Act requiring financial institutions to
collect, retain, and transmit information on certain funds transfers
and transmittals of funds. The Agencies intend that the revised
proposal will ensure that the rules apply to domestic and cross-border
transactions involving convertible virtual currency, which is a medium
of exchange (such as cryptocurrency) that either has an equivalent
value as currency, or acts as a substitute for currency, but lacks
legal tender status. The Agencies further intend that the revised
proposal will clarify that these rules apply to domestic and cross-
border transactions involving digital assets that have legal tender
status.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/27/20 85 FR 68005
NPRM Comment Period End............. 11/27/20
Second NPRM......................... 02/00/24
Second NPRM Comment Period End...... 04/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB41
406. Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets [1506-AB47]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN is amending the regulations implementing the Bank
Secrecy Act (BSA) to require banks and money service businesses (MSBs)
to submit reports, keep records, and verify the identity of customers
in relation to transactions involving convertible virtual currency
(CVC) or digital assets with legal tender status (``legal tender
digital assets'' or ``LTDA'') held in unhosted wallets, or held in
wallets hosted in a jurisdiction identified by FinCEN.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/23/20 85 FR 83840
NPRM Comment Period End............. 01/04/21
Final Action........................ 02/00/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB47
407. Section 6110. Bank Secrecy Act Application to Dealers in
Antiquities and Assessment of Bank Secrecy Act Application to Dealers
in Arts [1506-AB50]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking
to implement Section 6110 of the Anti-Money Laundering Act of 2020 (the
AML Act). This section amends the Bank Secrecy Act (31 U.S.C.
5312(a)(2)) to include as a financial institution a person engaged in
the trade of antiquities, including an advisor, consultant, or any
other person who engages as a business in the solicitation or the sale
of antiquities, subject to regulations prescribed by the Secretary of
the Treasury. The section further requires the Secretary of the
Treasury to issue proposed rules to implement the amendment within 360
days of enactment of the AML Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 09/24/21 86 FR 53021
ANPRM Comment Period End............ 10/25/21
-----------------------------------
NPRM................................ To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB50
DEPARTMENT OF THE TREASURY (TREAS)
Financial Crimes Enforcement Network (FINCEN)
Completed Actions
408. Beneficial Ownership Information Reporting Requirements [1506-
AB49]
Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C.
5311 to 5314; 31 U.S.C. 5316 to 5336
Abstract: On September 30, 2022, FinCEN issued a final rule
entitled ``Beneficial Ownership Information Reporting Requirements''
(BOI reporting rule), requiring certain entities to file with FinCEN
reports that identify two categories of individuals: the beneficial
owners of the entity, and individuals who have filed an application
with specified governmental authorities to create the entity or
register it to do business. These regulations implement Section 6403 of
the Corporate Transparency Act (CTA), enacted into law as part of the
National Defense Authorization Act for Fiscal Year 2021 (NDAA), and
describe who must file a report, what information must be provided, and
when a report is due. This final rule is the first of three rulemakings
FinCEN is required to issue pursuant to the CTA. The other two required
rulemakings which are discussed elsewhere in this regulatory plan are:
(i) a regulation focused on establishing protocols to protect the
security and confidentiality of beneficial ownership information (BOI)
that will be reported to FinCEN, establishing the terms of access by
authorized recipients
[[Page 11282]]
to the BOI reported, and the use of FinCEN identifiers in making BOI
reports; and (ii) revisions to FinCEN's customer due diligence (CDD)
requirements for financial institutions. The final BOI reporting rule
is effective January 1, 2024.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Action........................ 09/30/22 87 FR 59498
Final Action Effective.............. 01/01/24
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
RIN: 1506-AB49
BILLING CODE 4810-02-P
DEPARTMENT OF THE TREASURY (TREAS)
Customs Revenue Function (CUSTOMS)
Final Rule Stage
409. Enforcement of Copyrights and the Digital Millennium Copyright Act
[1515-AE26]
Legal Authority: Title III of the Trade Facilitation and Trade
Enforcement Act of 2015 (Pub. L. 114-125); 19 U.S.C. 1595a(c)(2)(G); 19
U.S.C. 1624
Abstract: This rule amends the U.S. Customs and Border Protection
(CBP) regulations pertaining to importations of merchandise that
violate or are suspected of violating the copyright laws in accordance
with title III of the Trade Facilitation and Trade Enforcement Act of
2015 (TFTEA) and certain provisions of the Digital Millennium Copyright
Act (DMCA).
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/16/19 84 FR 55251
NPRM Comment Period End............. 12/16/19
Final Rule.......................... 07/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Alaina Van Horn, Chief, Intellectual Property
Enforcement Branch, Department of the Treasury, Customs Revenue
Function, 1331 Pennsylvania Avenue NW, Washington, DC 20229, Phone: 202
325-0083, Email: [email protected].
RIN: 1515-AE26
BILLING CODE 9111-14-P
DEPARTMENT OF THE TREASURY (TREAS)
Internal Revenue Service (IRS)
Final Rule Stage
410. Guidance on the Elimination of Interbank Offered Rates [1545-BO91]
Legal Authority: 26 U.S.C. 882c and 7805; 26 U.S.C. 7805
Abstract: The final regulations will provide guidance on the tax
consequences of the phased elimination of interbank offered rates
(IBORs) that is underway in the United States and many foreign
countries. Taxpayers have requested guidance that addresses the
transition from IBOR to other reference rates and the determination of
the interest expense deduction of a foreign corporation.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 10/09/19 84 FR 54068
NPRM Comment Period End............. 11/25/19
Final Action (TD 9961).............. 01/04/22 87 FR 166
Final Action Effective.............. 03/07/22
Final Action........................ 04/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Caleb Trimm, Attorney, Department of the Treasury,
Internal Revenue Service, 1111 Constitution Avenue NW, Room 4579,
Washington, DC 20224, Phone: 202 317-6002, Fax: 855 589-8672, Email:
[email protected].
RIN: 1545-BO91
411. MEPS and the Unified Plan Rule [1545-BO97]
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 413
Abstract: These proposed regulations provide guidance relating to
the tax qualification of multiple employer plans (MEPs) described in
section 413(e) of the Internal Revenue Code (Code). The proposed
regulations would provide an exception, if certain requirements are
met, to the application of the ``unified plan rule'' for section 413(e)
MEPs in the event of a failure by one or more participating employers
to take actions required of them to satisfy the requirements of section
401(a) or 408 of the Code. The regulations affect participants in MEPs,
MEP sponsors and administrators, and employers maintaining MEPs.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 07/03/19 84 FR 31777
NPRM Comment Period End............. 10/01/19
Second NPRM......................... 03/28/22 87 FR 17225
Second NPRM Comment Period End...... 05/27/22
Final Action........................ 05/00/23
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Jamie Dvoretzky, Attorney, Department of the
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW,
Washington, DC 20224, Phone: 202 317-4836, Fax: 885 605-5282, Email:
[email protected].
RIN: 1545-BO97
412. Information Reporting of Health Insurance Coverage and Other
Issues Under Sections 6055 and 6056 [1545-BQ11]
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 5000A; 26 U.S.C. 6056
Abstract: These regulations revise notice and filing requirements
under sections 6055 and 6056 of the Internal Revenue Code. The
regulations are needed to provide health coverage reporters an
extension of time in which to furnish certain statements and an
alternative manner of allowing certain health coverage reporters to
provide information to covered individuals. These regulations also
provide that the term ``minimum essential coverage'', as that term is
defined in health insurance-related tax laws, does not include Medicaid
coverage limited to COVID-19 testing and diagnostic services provided
pursuant to the Families First Coronavirus Response Act.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 12/06/21 86 FR 68939
NPRM Comment Period End............. 02/04/22
Final Action........................ 12/00/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Gerald Semasek, Attorney, Department of the
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW,
Washington, DC 20024, Phone: 202 317-7006, Fax: 855 576-2339, Email:
[email protected].
RIN: 1545-BQ11
[[Page 11283]]
DEPARTMENT OF THE TREASURY (TREAS)
Internal Revenue Service (IRS)
Completed Actions
413. Section 42 Low-Income Housing Credit Average Income Test
Regulations [1545-BO92]
Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 42
Abstract: The Consolidated Appropriations Act of 2018 added a new
applicable minimum set-aside test under section 42(g) of the Internal
Revenue Code known as the average income test. This proposed regulation
will implement requirements related to the average income test.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Action........................ 10/12/22 87 FR 61489
Final Action Effective.............. 10/12/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Dillon J. Taylor, Phone: 202 317-3734, Email:
[email protected].
RIN: 1545-BO92
414. Requirements Related to Surprise Billing, Part 1 [1545-BQ01]
Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB,
Title I and Title II
Abstract: The regulations implement the protections against
surprise medical bills under the No Surprises Act, including
requirements on group health plans, issuers offering group or
individual health insurance coverage, providers, facilities, and
providers of air ambulance services.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
TD 9965 Final Rules................. 08/26/22 87 FR 52618
Final Action Effective.............. 10/25/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Shira McKinlay, Phone: 202 317-5500, Email:
[email protected].
RIN: 1545-BQ01
415. Requirements Related to Surprise Billing, Part 2 [1545-BQ02]
Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB,
Title I and Title II
Abstract: The regulations would implement additional protections
against surprise medical bills under the No Surprises Act, including
provisions related to the independent dispute resolution process.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
TD 9965 Final Rules................. 08/26/22 87 FR 52618
Final Action Effective.............. 10/25/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Shira McKinlay, Phone: 202 317-5500, Email:
[email protected].
RIN: 1545-BQ02
416. Requirements Related to Surprise Billing, Part 1 (Temporary
Regulation) [1545-BQ04]
Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB,
Title I and Title II
Abstract: This temporary regulation implements the protections
against surprise medical bills under the No Surprises Act.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Rule and Removal of Temporary 08/26/22 87 FR 52618
Regulations: TD 9951.
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kari L. DiCecco, Phone: 202 317-5500, Email:
[email protected].
RIN: 1545-BQ04
417. Requirements Related to Surprise Billing, Part 2 (Temporary
Regulation) [1545-BQ05]
Legal Authority: 26 U.S.C. 7805; Pub. L. 116-260, Division BB,
Title I and Title II
Abstract: This temporary regulation would implement additional
protections against surprise medical bills under the No Surprises Act
and certain provisions related to Title II of Division BB of the
Consolidated Appropriations Act.
Completed:
------------------------------------------------------------------------
Reason Date FR Cite
------------------------------------------------------------------------
Final Rule and Removal of Temporary 08/26/22 87 FR 52618
Regulations: TD 9955.
Final Rule Effective................ 10/25/22
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kari L. DiCecco, Phone: 202 317-5500, Email:
[email protected].
RIN: 1545-BQ05
[FR Doc. 2023-02032 Filed 2-21-23; 8:45 am]
BILLING CODE 4810-01-P
