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Federal Register Highlights – 10/5/16

October 10, 2016

Unpublished, time-sensitive and proposed rules for October 5, 2016:

TEMPORARY RULE: The Coast Guard is establishing a temporary special local regulation controlling movement of vessels for certain waters of the Arkansas River. This rule is necessary to provide for the safety of life on navigable waters during a rowing regatta on October 14 and 15, 2016. This regulation prohibits entry by all vessels, mariners, and persons into the event area, a 1.2 mile stretch of the Arkansas River extending 25-yards from the left descending bank. All vessels transiting the regulated area outside of the 25-yard zone will be limited to slowest speed for safe navigation to minimize wake unless specifically authorized by the Captain of the Port Memphis. This rule is effective from 7 a.m. on October 14, 2016 until 7 p.m. on October 15, 2016.

PROPOSED RULE: The Stop Trading on Congressional Knowledge Act (STOCK Act) was enacted on April 4, 2012. The Act imposed additional financial disclosure requirements on individuals required to file public financial disclosure statements pursuant to the Ethics in Government Act. Pursuant to section 402(b) of the Ethics in Government Act, the U.S. Office of Government Ethics (OGE) is revising the regulations governing financial disclosure to incorporate the new reporting requirements imposed by the STOCK Act. As a part of the revision, OGE also is modernizing language, making changes to the confidential filing requirements, adding and updating examples, and conforming the language of the regulation more closely to that of the Ethics in Government Act. In addition, OGE is proposing an updated definition of “widely diversified” for Excepted Investment Fund purposes that brings the definition in line with the definition of “diversified” found in the exemptions to the conflicts of interest law governing personal financial interests. Written comments are invited and must be received on or before December 5, 2016. (To submit comments, visit www.regulations.gov, reference RIN 3209–AA00.)

PROPOSED RULE: This document contains proposed regulations that incorporate the text of related temporary regulations and withdraws a portion of a notice of proposed rulemaking (REG–119305–11) to the extent not adopted by final regulations. This document also contains new proposed regulations addressing when certain obligations to restore a deficit balance in a partner’s capital account are disregarded under section 704 of the Internal Revenue Code (Code) and when partnership liabilities are treated as recourse liabilities under section 752. These regulations would affect partnerships and their partners. The notice of proposed rulemaking under sections 707 and 752 that was published in the Federal Register on January 30, 2014 (REG– 119305–11, 79 FR 4826), is partially withdrawn as of October 5, 2016. Written or electronic comments and requests for a public hearing must be received by January 3, 2017. (To submit comments, visit www.regulations.gov, reference IRS–REG–122855–15.)

TEMPORARY RULE: NMFS implements accountability measures (AMs) for the commercial sector for vermilion snapper in the exclusive economic zone (EEZ) of the South Atlantic. NMFS projects that commercial landings of vermilion snapper will reach the commercial annual catch limit (ACL) for the July through December 2016 period on October 11, 2016. Therefore, NMFS closes the commercial sector for vermilion snapper in the South Atlantic EEZ on October 11, 2016, and it will remain closed until the start of the next fishing season on January 1, 2017. This closure is necessary to protect the South Atlantic vermilion snapper resource. This rule is effective 12:01 a.m., local time, October 11, 2016, until 12:01 a.m., local time, January 1, 2017.

PROPOSED RULE: The Securities and Exchange Commission (“Commission”) proposes to amend Rule 15c6–1(a) under the Securities Exchange Act of 1934 (“Exchange Act”) to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (“T+3”) to two business days after the trade date (“T+2”). The proposed amendment is designed to reduce a number of risks, including credit risk, market risk, and liquidity risk and, as a result, reduce systemic risk for U.S. market participants. Submit comments on or before December 5, 2016. (To submit comments, visit www.regulations.gov, reference File No. S7–22–16.)

PROPOSED RULE: The Surface Transportation Board (Board) is proposing changes to its rules pertaining to Offers of Financial Assistance to improve the process and protect it against abuse. Comments are due by December 5, 2016. Reply comments are due by January 3, 2017. (To submit comments, visit www.regulations.gov, reference Docket No. EP 729.)

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