Agencies and Commissions January 22, 2007 – Federal Register Recent Federal Regulation Documents

The Federal Trade Commission announces the revised thresholds for interlocking directorates required by the 1990 amendment of Section 8 of the Clayton Act. Section 8 prohibits, with certain exceptions, one person from serving as a director or officer of two competing corporations if two thresholds are met. Competitor corporations are covered by Section 8 if each one has capital, surplus, and undivided profits aggregating more than $10,000,000, with the exception that no corporation is covered if the competitive sales of either corporation are less than $1,000,000. Section 8(a)(5) requires the Federal Trade Commission to revise those thresholds annually, based on the change in gross national product. The new thresholds, which take effect immediately, are $24,001,000 for Section 8(a)(1), and $2,400,100 for Section 8(a)(2)(A).

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') has amended its regulations to require that all persons registered with the Commission as futures commission merchants (``FCMs''), subject to an exception for certain notice-registered securities brokers or dealers (``BDs''), must become and remain members of at least one registered futures association (``RFA''). This action is consistent with the regulatory philosophy underlying the Commodity Futures Modernization Act of 2000 (``CFMA'').

Background On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act, as per 5 CFR 1320.16, to approve of and assign OMB control numbers to collection of information requests and requirements conducted or sponsored by the Board under conditions set forth in 5 CFR 1320 Appendix A.1. Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instruments are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number.

Section 4011 of ERISA requires certain underfunded plans to notify participants of plan funding status and the limits on the PBGC's guarantee. The Pension Protection Act of 2006 repealed section 4011 for plan years beginning after 2006 and replaced the disclosure requirement under that section with a disclosure requirement under Title I of ERISA. This rule amends PBGC's regulation on Disclosure to Participants to reflect that statutory change.

The Corporation for National and Community Service (hereinafter the ``Corporation''), as part of its continuing effort to reduce paperwork and respondent burden, conducts a pre-clearance consultation program to provide the general public and federal agencies with an opportunity to comment on proposed and/or continuing collections of information in accordance with the Paperwork Reduction Act of 1995 (PRA95) (44 U.S.C. 3506(c)(2)(A)). This program helps to ensure that requested data can be provided in the desired format, reporting burden (time and financial resources) is minimized, collection instruments are clearly understood, and the impact of collection requirement on respondents can be properly assessed. Currently, the Corporation is soliciting comments concerning its proposed renewal of the Presidential Freedom Scholarship application. These applications are used by high school students and a school representative to be considered for a scholarship. Copies of the information collection requests can be obtained by contacting the office listed in the address section of this notice.

On August 17, 2006, Tennessee Valley Authority (``TVA'') published a notice (71 FR 47557) of the commencement of its consideration process for the Time-based Metering & Communications (hereinafter called ``Smart Metering''), Interconnection, and Net Metering standards promulgated by section 111(d) of the Public Utility Regulatory Policies Act of 1978 (Pub. L. 95-617) as amended by the Energy Policy Act of 2005 (Pub. L. 109-58) (hereinafter called ``PURPA''). This notice amends and supplements the August 17 notice to (1) set new deadlines related to the consideration of the three standards which were the subject of that notice and (2) inform the public of the commencement of TVA's consideration process for the two remaining standards listed in section 111(d) of PURPA, which are the Fuel Sources and Fossil Fuel Generation Efficiency standards. TVA will consider adopting all five of these standards for itself as well as for the distributors of TVA power and will consider these standards on the basis of their effect on conservation of energy, efficient use of facilities and resources, equity among electric consumers, and the objectives of the Tennessee Valley Authority Act. In addition, the Smart Metering standard will be considered in light of whether the benefits to the electric utility and its consumers are likely to exceed the costs of new metering and communications. Comments are requested from the public on whether TVA should adopt these standards or any variations on them.