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Federal Register Highlights – 10/5/15

October 5, 2015

Unpublished, time-sensitive and proposed rules for October 5, 2015:

RULE: We are publishing a new airworthiness directive (AD) for Airbus Helicopters Model AS332C, AS332C1, AS332L, and AS332L1 helicopters, which was sent previously to all known U.S. owners and operators of these helicopters. This AD requires inspecting certain tail rotor (T/R) blades, replacing the set of T/R blades if there is damage, deactivating the rotor de-icing system, revising the rotorcraft flight manual (RFM), and installing a placard. This AD is prompted by a report of a T/R de- icing system power supply box stuck in a “closed” position providing an uncontrolled and un-annunciated power supply to the system. These actions are intended to detect and prevent structural damage to the T/R blades caused by overheating, and subsequent loss of control of the helicopter. This AD becomes effective October 20, 2015 to all persons except those persons to whom it was made immediately effective by Emergency AD 2015–18–51, issued on September 11, 2015, which contains the requirements of this AD.

TEMPORARY RULE: NMFS is exchanging unused Community Development Quota (CDQ) for CDQ acceptable biological catch (ABC) reserves. This action is necessary to allow the 2015 total allowable catch of flathead sole, rock sole, and yellowfin sole in the Bering Sea and Aleutian Islands management area to be harvested. Effective October 5, 2015 through December 31, 2015.

PROPOSED RULE: The Securities and Exchange Commission (“Commission”) is proposing for public comment amendments to its Rules of Practice that would require persons involved in administrative proceedings to submit all documents and other items electronically. The proposed amendments are intended to enhance the accessibility of administrative proceedings by ensuring that filings and other information concerning administrative proceedings are more readily available to the public. Comments should be received on or before December 4, 2015. (To submit comments, visit www.regulations.gov, reference File No. S7-19-15.)

PROPOSED RULE: The Securities and Exchange Commission (“Commission”) is proposing for public comment amendments to update its Rules of Practice to, among other things, adjust the timing of hearings in administrative proceedings; allow for discovery depositions; clarify the rules for admitting hearsay and assertion of affirmative defenses; and make certain related amendments. Comments should be received on or before December 4, 2015. (To submit comments, visit www.regulations.gov, reference File No. S7-18-15.)

PROPOSED RULE: The U.S. Small Business Administration (SBA) proposes to revise the regulations for the Small Business Investment Company (SBIC) program to expand the use of Passive Businesses and provide further clarification with regard to investments in such businesses. SBICs are generally prohibited from investing in passive businesses under the Small Business Investment Act of 1958, as amended (Act). SBIC program regulations provide for two exceptions that allow an SBIC to structure an investment utilizing a passive small business as a pass- through. The first exception provides conditions under which an SBIC may structure an investment through up to two levels of passive entities to make an investment in a non-passive business that is a subsidiary of the passive business directly financed by the SBIC. The second exception enables a partnership SBIC, with SBA’s prior approval, to provide financing to a small business through a passive, wholly- owned C corporation, but only if a direct financing would cause the SBIC’s investors to incur Unrelated Business Taxable Income (UBTI). A passive C corporation formed under the second exception is commonly known as a blocker corporation. This proposed rule would clarify the first exception, and would expand the permitted use of blocker corporations and eliminate the prior approval requirement in the second exception. The rule also proposes to add new reporting and other requirements for passive investments to help protect SBA’s financial interests and ensure adequate oversight and make minor technical amendments. Comments on the proposed rule must be received on or before December 4, 2015. (To submit comments, visit www.regulations.gov, reference RIN 3245-AG67.)

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