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Federal Register Highlights – 11/10/15

November 10, 2015

Unpublished, time-sensitive and proposed rules for November 10, 2015:

TEMPORARY RULE: The Coast Guard has issued a temporary deviation from the operating schedule that governs the Burlington Northern Santa Fe Railway Company (BNSF) Railroad Bridge (BNSF Steamboat Slough Bridge) across Steamboat Slough (Snohomish River), mile 1.0 near Marysville, WA. The deviation is necessary to accommodate scheduled bridge rail joint maintenance and replacement. The deviation allows the bridge to remain in the closed-to- navigation position during the maintenance to allow safe movement of work crews. This deviation is effective from 6 a.m. on November 29, 2015 to 11:59 p.m. on December 20, 2015.

RULE: We are adopting a new airworthiness directive (AD) for all Airbus Model A318, A319, A320, and A321 series airplanes. This AD was prompted by a report of skin disbonding on a composite side shell panel of a rudder. This AD requires an inspection to determine if any rudder composite side shell panel has been repaired, a thermography inspection of each rudder that has received this repair, and related investigative and corrective actions if necessary. We are issuing this AD to detect and correct skin disbonding on the rudder, which could affect the structural integrity of the rudder, possibly resulting in reduced control of the airplane. This AD becomes effective December 15, 2015.

RULE: We are superseding Airworthiness Directive (AD) AD 2014– 20–13 for certain Pacific Aerospace Limited Model 750XL airplanes. This AD results from mandatory continuing airworthiness information (MCAI) issued by an aviation authority of another country to identify and correct an unsafe condition on an aviation product. The MCAI describes the unsafe condition as fatigue cracks on the fin forward pickup plates, which could cause it to fail. We are issuing this AD to require actions to address the unsafe condition on these products. This AD is effective December 15, 2015.

RULE: We are adopting a new airworthiness directive (AD) for Sikorsky Aircraft Corporation (Sikorsky) Model 269A, 269A–1, 269B, 269C, 269C–1, 269D, and TH–55A helicopters. This AD requires repetitively inspecting and lubricating the tail rotor (T/R) driveshaft splined fittings. This AD was prompted by a report that the T/R driveshaft can disconnect due to deterioration of the splined coupling. The actions are intended to detect and prevent excessive wear of the splined coupling, which could lead to failure of the T/R driveshaft and subsequent loss of control of the helicopter. This AD is effective December 15, 2015.

PROPOSED RULE: We are proposing amendments to Rule 147 under the Securities Act of 1933, which currently provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. Our proposal would modernize the rule and establish a new exemption to facilitate capital formation, including through offerings relying upon recently adopted intrastate crowdfunding provisions under state securities laws. The proposed amendments to the rule would eliminate the restriction on offers and ease the issuer eligibility requirements, while limiting the availability of the exemption at the federal level to issuers that comply with certain requirements of state securities laws. We further propose rule amendments to Rule 504 of Regulation D under the Securities Act to facilitate issuers’ capital raising efforts and provide additional investor protections. The proposed amendments to Rule 504 would increase the aggregate amount of securities that may be offered and sold in any twelve-month period from $1 million to $5 million and disqualify certain bad actors from participation in Rule 504 offerings. Comments should be received by January 11, 2016. (Submit comments in writing to: rule-comments@sec.gov. Please include File Number S7-22-15 on the subject line.)

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