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Federal Register / Vol. 75, No. 47 / Thursday, March 11, 2010 / Notices 11627
CONFORMING PRODUCTS LIST OF EVIDENTIAL BREATH MEASUREMENT DEVICES—Continued
Manufacturer and model Mobile Nonmobile
Smith and Wesson Electronics, Springfield, Massachusetts:
Breathalyzer Model:
900 * ........................................................................................................................................................... X X
900A * ........................................................................................................................................................ X X
1000 * ......................................................................................................................................................... X X
2000 * ......................................................................................................................................................... X X
2000 (non-Humidity Sensor) * ................................................................................................................... X X
Sound-Off, Inc., Hudsonville, Michigan:
AlcoData .................................................................................................................................................... X X
Seres Alco Master ..................................................................................................................................... X X
Seres Alcopro ............................................................................................................................................ X X
Stephenson Corp.:
Breathalyzer 900 * ..................................................................................................................................... X X
Tokai-Denshi Inc., Tokyo, Japan:
ALC–PRO II (US) ...................................................................................................................................... X X
U.S. Alcohol Testing, Inc./Protection Devices, Inc., Rancho Cucamonga, California:
Alco-Analyzer 1000 ................................................................................................................................... X
Alco-Analyzer 2000 ................................................................................................................................... X
Alco-Analyzer 2100 ................................................................................................................................... X X
Verax Systems, Inc., Fairport, New York:
BAC Verifier * .................................................................................................................................................... X X
BAC Verifier Datamaster .................................................................................................................................. X X
BAC Verifier Datamaster II * ............................................................................................................................. X X
* Instruments marked with an asterisk (*) meet the Model Specifications detailed in 49 FR 48854 (December 14, 1984) (i.e., instruments tested
at 0.000, 0.050, 0.101, and 0.151 BAC.) Instruments not marked with an asterisk meet the Model Specifications detailed in 58 FR 48705 (Sep
tember 17, 1993), and were tested at BACs = 0.000, 0.020, 0.040, 0.080, and 0.160. All instruments that meet the Model Specifications currently
in effect (dated September 17, 1993) also meet the Model Specifications for Screening Devices to Measure Alcohol in Bodily Fluids.
(Authority: 23 U.S.C. 403; 49 CFR 1.50; 49 FOR FURTHER INFORMATION CONTACT: Lori (CDS) 4 that reference government
CFR Part 501). Santamorena, Lee Grandy, or Kevin securities (collectively, ‘‘the ICE Trust
Issued on: March 5, 2010. Hawkins, Bureau of the Public Debt, orders’’). Specifically, on March 6, 2009,
Jeffrey P. Michael, Department of the Treasury, at 202– Treasury granted a temporary
Associate Administrator for Research and 504–3632. exemption from certain GSA provisions
Program Development. SUPPLEMENTARY INFORMATION: The and regulations to ICE Trust, certain ICE
[FR Doc. 2010–5242 Filed 3–10–10; 8:45 am] following is Treasury’s order granting Trust participants, and certain eligible
BILLING CODE 4910–59–P temporary exemptions: contract participants (ECPs) 5 (the March
6, 2009 order).6 In the same order
I. Introduction Treasury also granted a limited
Treasury regulations govern temporary exemption from certain GSA
DEPARTMENT OF THE TREASURY transactions in government securities 1 regulatory requirements to government
by government securities brokers 2 and securities brokers and government
Order Granting Temporary Exemptions government securities dealers 3 under securities dealers that are not financial
From Certain Government Securities Section 15C of the Securities Exchange institutions. On December 7, 2009,
Act Provisions and Regulations in Act of 1934 (Exchange Act), as amended
Connection With a Request From ICE by the Government Securities Act of 4 A CDS is a bilateral contract between two
Trust U.S. LLC Related to Central 1986 (GSA). These regulations impose parties, known as counterparties. The value of this
financial contract is based on underlying
Clearing of Credit Default Swaps, and obligations concerning financial obligations of a single entity (reference entity) or on
Request for Comments responsibility, protection of customer a particular security or other debt obligation, or an
securities and balances, and index of several such entities, securities, or
AGENCY: Department of the Treasury, recordkeeping and reporting. obligations. The obligation of a seller to make
Office of the Assistant Secretary for Treasury has issued multiple orders payments under a CDS contract is triggered by a
Financial Markets. default or other credit event as to such entity or
providing temporary conditional entities or such security or securities.
ACTION: Notice of temporary exemptions to permit ICE Trust U.S. 5 ECPs are defined in Section 1a(12) of the
exemptions. LLC (ICE Trust) to clear and settle Commodity Exchange Act, 7 U.S.C. 1 et seq. The
transactions in credit default swaps use of the term ECPs in this order refers to the
SUMMARY: The Department of the definition of ECPs in effect on the date of this order,
and excludes persons that are ECPs under Section
Treasury (Treasury) is granting 1 The term government securities is defined at 15
1a(12)(C). The temporary exemption provided to
temporary exemptions from certain U.S.C. 78c(a)(42). ECPs in this order also applies to interdealer
Government Securities Act provisions 2 A government securities broker generally is ‘‘any brokers that are ECPs.
and regulations regarding the central person regularly engaged in the business of 6 74 FR 10647, March 11, 2009 Order Granting
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effecting transactions in government securities for Temporary Exemptions from Certain Provisions of
clearing of credit default swaps that the account of others,’’ with certain exclusions. 15 the Government Securities Act and Treasury’s
reference government securities. The U.S.C. 78c(a)(43). Government Securities Act Regulations in
temporary exemptions were requested 3 A government securities dealer generally is ‘‘any Connection with a Request on Behalf of ICE US
by ICE Trust U.S. LLC. Treasury is also person engaged in the business of buying and Trust LLC Related to Central Clearing of Credit
soliciting public comment on this order. selling government securities for his own account, Default Swaps, and Request for Comments,
through a broker or otherwise,’’ with certain available at: http://www.treasurydirect.gov/instit/
DATES: Effective Date March 7, 2010. exclusions. 15 U.S.C. 78c(a)(44). statreg/gsareg/gsareq_treasexemptiveorder309.pdf.
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11628 Federal Register / Vol. 75, No. 47 / Thursday, March 11, 2010 / Notices
Treasury extended the expiration date of the ability of ICE Trust to continue Treasury is not determining whether
these temporary exemptions until operations; that any regulatory risk to particular CDS are ‘‘government
March 7, 2010 (the December 7, 2009 the use of ICE Trust as a central securities’’ under 15 U.S.C. § 78c(a)(42).
order).7 Also, on January 28, 2010, counterparty (CCP) could create a
II. Discussion
Treasury granted a temporary, significant barrier to the goal of
conditional exemption 8 until March 7, encouraging the use of CCPs in the A. ICE Trust’s Clearing Activity
2010, to certain ICE Trust clearing clearing of CDS; and that it would be In its request for an extension, ICE
members and certain ECPs to premature to allow the orders to expire Trust represents that, other than as
accommodate using ICE Trust to clear in the absence of a clear framework for
discussed in its request, there have been
customer CDS transactions (the January continuing ICE Trust’s service. ICE
no material changes to the operations of
28, 2010 order). Trust also notes that the orders provide
ICE Trust and the representations made
On February 23, 2010, Treasury regulatory agencies with adequate
in their previous letters requesting the
received a letter (the request) 9 from ICE authority to monitor ICE Trust’s
relief Treasury provided in the ICE
Trust asking that Treasury extend the activities, and that ICE Trust is also
Trust orders.
temporary exemptions in the March 6, comprehensively monitored and
The request states that, to date, the
2009 and January 28, 2010 orders. The regulated by state and federal banking
products eligible for clearing at ICE
request relates to the exemption for ICE supervisors.
Based on the facts presented and the Trust include CDS transactions
Trust clearing members, including involving certain indices and CDS
certain entities affiliated with ICE Trust representations made in the request,12
Treasury is granting a temporary contracts based on individual reference
clearing members,10 and certain ECPs entities or securities (single-name CDS
from provisions of the Exchange Act exemption to certain ICE Trust clearing
members and certain ECPs from the contracts) that meet ICE Trust’s risk
governing government securities management and other criteria. The
transactions, to the extent such GSA provisions in connection with
using ICE Trust to clear both ICE Trust request also states that since the date of
provisions would otherwise apply to the March 2009 order, ICE Trust has
such ICE Trust clearing members and clearing members’ proprietary and
customer CDS transactions that cleared approximately $3.5 trillion in
ECPs in regard to cleared CDS.11 The notional amount of index-based CDS
request also relates to the temporary reference government securities.
Treasury is also granting a limited contracts and approximately $10.3
exemption previously granted to billion in notional amount of single-
registered or noticed government exemption from certain Treasury
regulatory requirements for registered or name CDS contracts. We understand
securities brokers and government that to date, ICE Trust has not cleared
securities dealers that are not financial noticed government securities brokers
and government securities dealers that any CDS contracts that reference U.S.
institutions. government securities.
ICE Trust has stated that the existing are not financial institutions with
orders have allowed the financial respect to both proprietary and B. Conditional Temporary Exemption
industry to advance the goal of central customer CDS transactions that for Certain ICE Trust Clearing Members
clearing of CDS. It also states that the reference government securities. The and Certain ECPs
orders should be extended because exemptions are subject to certain
conditions and will expire on November In the March 6, 2009 order, Treasury
allowing them to expire will jeopardize concluded that the CCP clearing facility
30, 2010, unless Treasury renews,
7 74 FR 64127, December 7, 2009 Order Extending revokes, or modifies them. These for CDS proposed by ICE Trust may
Temporary Exemptions from Certain Government temporary exemptions are consistent increase transparency, enhance
Securities Act Provisions and Regulations in with an extension of temporary counterparty risk management, and
Connection with a Request from ICE Trust U.S. LLC
exemptions the Securities and Exchange contribute generally to the goal of
Related to Central Clearing of Credit Default Swaps, mitigating systemic risk. Treasury
available at: http://www.treasurydirect.gov/instit/ Commission (SEC) recently granted to
statreg/gsareg/ ICE Trust related to the central clearing further recognized the possibility that
FR_Treasury_Order_ICE_Extension_(12–7–09).pdf. of CDS.13 applying the GSA requirements to
8 75 FR 4626, January 28, 2010 Order Granting a
In providing these temporary certain CDS market participants that are
Temporary Exemption from Certain Government
exemptions from certain provisions of not registered or noticed government
Securities Act Provisions and Regulations in securities brokers or government
Connection with a Request from ICE Trust U.S. LLC Section 15C of the Exchange Act,
Related to Central Clearing of Credit Default Swaps, securities dealers could deter some of
and Request for Comments, available at: http:// 12 See note 9, supra. The temporary exemptions them from using ICE Trust to clear CDS
www.treasurydirect.gov/instit/statreg/gsareg/ Treasury is granting in this order are based on transactions where the CDS references a
TreasuryICEOrderFedRegisterJan282010.pdf. representations made in the current request and government security, and thereby
9 Letter from Kevin McClear, General Counsel,
previous requests from ICE Trust. Treasury reduce the potential systemic risk
ICE Trust to the Commissioner of the Public Debt, recognizes, however, that there could be legal
Van Zeck, February 23, 2010, available at: http:// uncertainty in the event that one or more of the mitigation and other benefits of central
www.treasurydirect.gov/instit/statreg/gsareg/ underlying representations were to become clearing. Consistent with these findings,
gsareg.htm. inaccurate. Accordingly, if these temporary as well as with the public interest and
10 ICE Trust stated that, for purposes of its exemptions become unavailable by reason of an the protection of investors, Treasury
request, an affiliate means an entity that, directly underlying representation no longer being
or indirectly, through one or more intermediaries, materially accurate, the legal status of existing open temporarily exempted ICE Trust, certain
controls or is controlled by, or is under common positions in cleared CDS associated with persons ICE Trust clearing members, and certain
control with, a clearing member. subject to the unavailable exemptions will remain ECPs from the GSA provisions. For
11 For purposes of this order, cleared CDS means unchanged, but no new positions can be established similar reasons, in the December 7, 2009
a credit default swap that is submitted (or offered, pursuant to the temporary exemptions until all of
jlentini on DSKJ8SOYB1PROD with NOTICES
purchased, or sold on terms providing for the underlying representations are again accurate. order Treasury extended these
submission) to ICE Trust, that is offered only to, 13 See the SEC’s Web site at http://www.sec.gov temporary exemptions until March 7,
purchased only by, and sold only to ECPs (as for the recent Securities Exchange Act Release. 2010.
defined in Section 1a(12) of the Commodity Order Extending Temporary Exemptions Under the Also, on January 28, 2010, Treasury
Exchange Act as in effect on the date of this order Securities Exchange Act of 1934 in Connection with
(other than a person that is an ECP under paragraph Request of ICE Trust U.S. LLC Related to Central
granted until March 7, 2010, a
(C) of that section)), and that references a Clearing of Credit Default Swaps, and Request for temporary, conditional exemption to
government security. Comments. accommodate customer clearing. The
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Federal Register / Vol. 75, No. 47 / Thursday, March 11, 2010 / Notices 11629
exemption was granted to certain ICE the purposes of the Exchange Act to dealers, who should continue to comply
Trust clearing members and certain grant a temporary exemption to with existing rules.
ECPs from the GSA provisions in registered or noticed government
D. Consultations and Considerations
connection with using ICE Trust to clear securities brokers and government
CDS transactions of their customers. securities dealers that are not financial In ordering these temporary
Treasury recognized that facilitating the institutions from the regulations in 17 exemptions, Treasury has consulted
central clearing of CDS transactions, CFR parts 402, 403, 404, and 405 except with and considered the views of the
including those of ICE Trust clearing as circumscribed below.15 Treasury is staffs of the SEC, the Commodity
members’ customers, will increase providing this temporary exemption to Futures Trading Commission (CFTC),
transparency, enhance counterparty risk maintain consistency with the SEC’s and the appropriate regulatory agencies
management, and contribute generally requirements applicable to registered for financial institutions.18
to the goal of mitigating systemic risk. broker-dealers with respect to CDS Treasury continues to believe that
Treasury finds that the circumstances transactions that are submitted to ICE applying the GSA requirements to
upon which it issued the previous Trust for clearance and settlement. This certain CDS market participants that are
exemptions still exist and, therefore, exemption will expire on November 30, not registered or noticed government
Treasury believes that granting this 2010, unless Treasury renews, revokes, securities brokers or government
temporary exemption is warranted and or modifies it. securities dealers could deter some of
appropriate. them from using ICE Trust to clear CDS
For these reasons, the Secretary finds However, consistent with the March transactions where the CDS references a
that, it is consistent with the public 6, 2009 order, this order does not government security, thereby reducing
interest, the protection of investors, and exempt registered or noticed the potential systemic risk mitigation
the purposes of the Exchange Act to government securities brokers or and other benefits of central clearing.
grant the conditional, temporary government securities dealers from the Treasury also continues to believe that,
exemption set forth below. This following: (1) The capital requirements in order to avoid creating obstacles to
exemption will expire on November 30, for registered government securities the use of CCPs for CDS, the full range
2010, unless Treasury renews, revokes, brokers and government securities of GSA requirements generally should
or modifies it and is consistent with a dealers in part 402 of the GSA not be applied to government securities
recent extension of temporary regulations (which are comparable to brokers and government securities
exemptions the SEC granted related to a SEC Rule 15c3–1 on net capital); 16 (2) dealers for transactions involving CDS
request from ICE Trust concerning the provisions of part 403 of the GSA that reference government securities.
central clearing of CDS.14 regulations that incorporate and modify Moreover, Treasury continues to believe
SEC Rule 15c3–3 on reserves and that it would be premature to allow the
C. Temporary Exemption for Registered custody of securities; (3) the provisions exemptions to expire.
or Noticed Government Securities of parts 404 and 405 of the GSA Treasury bases this order on the facts
Brokers and Government Securities regulations that incorporate and modify and circumstances presented and
Dealers That Are Not Financial SEC Rules 17a–3 through 17a–5, 17h–1T representations made by ICE Trust in
Institutions and 17h–2T, on records and reports; and the request. ICE Trust has indicated that
In its March 6, 2009 order, Treasury (4) the provisions of part 404 of the GSA there have been no material changes to
provided a temporary exemption for regulations that incorporate and modify any of the facts or circumstances in its
government securities brokers and SEC Rule 17a–13 on quarterly security request for extension and expansion of
government securities dealers that are counts. This temporary exemption the March 6, 2009 order that would
not financial institutions from certain applies to these entities’ transactions in cause such representations to no longer
GSA regulations with respect to CDS cleared CDS.17 be materially accurate.
transactions that are submitted to ICE With respect to noticed government III. Solicitation of Comments
Trust for clearance and settlement. securities brokers and government
In crafting this temporary exemption, securities dealers that are financial When Treasury issued the March 6,
Treasury balanced the need to avoid institutions, the GSA regulations 2009 and January 28, 2010 orders, we
creating disincentives to the prompt use generally adopt the appropriate solicited comment on all aspects of the
of CCPs against the critical role that temporary exemptions, and specifically
regulatory agency rules for financial
certain government securities brokers requested comment as to the duration of
institutions that are comparable to the
and government securities dealers play the temporary exemptions and the
SEC rules to which the Treasury
in promoting market integrity and appropriateness of the exemptive
exemption does not apply. The GSA
protecting customers. Treasury conditions. We received no comments.
regulations also incorporate other rules In connection with this order, we
recognized that the full range of GSA of the appropriate regulatory agencies
requirements should not be applied reiterate our request for comments on
that are applicable to financial the relief we are granting and whether
immediately to government securities institutions. Consistent with Treasury’s
brokers and government securities the conditions we have placed on the
March 6, 2009 order, this temporary relief adequately protect customer funds
dealers that engage in transactions exemption does not apply to financial and securities from the threat posed by
involving CDS that reference a institution government securities a clearing member’s insolvency.
government security. brokers and government securities Treasury will continue to monitor ICE
Accordingly, in light of the risk
Trust’s progress and the development of
management and systemic benefits in 15 The rules in part 400 are excluded because they
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continuing to facilitate CDS clearing by are rules of general application. The rules in part 18 The definition of appropriate regulatory agency
ICE Trust, the Secretary finds, pursuant 401 are excluded because they cover existing with respect to a government securities broker or a
to Section 15C(a)(5) of the Exchange exemptions. The rules in part 449 are excluded government securities dealer is set out at 15 U.S.C.
because they describe forms that are required by 78c(a)(34)(G). The definition includes the Board of
Act, that it is consistent with the public other rules. Governors of the Federal Reserve System, the
interest, the protection of investors, and 16 Part 402 does not apply to registered broker-
Comptroller of the Currency, the Federal Deposit
dealers that are subject to Rule 15c3–1. Insurance Corporation, the Director of Thrift
14 See note 13, supra. 17 See note 11, supra. Supervision, and in limited circumstances the SEC.
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11630 Federal Register / Vol. 75, No. 47 / Thursday, March 11, 2010 / Notices
CCPs for the CDS market and determine (ii) Each ICE Trust clearing member (iii) of this section, the ICE Trust
to what extent, if any, additional action relying on this exemption that clearing member must segregate the
might be necessary. For example, as participates in the clearing of cleared collateral in a way that, pursuant to
circumstances warrant, certain CDS transactions on behalf of its applicable law, is reasonably expected
conditions could be added, altered, or customers must promptly provide a to protect such collateral from the ICE
eliminated from this order. certification to ICE Trust that states that Trust clearing member’s creditors. The
Treasury also will continue to consult it is relying on the temporary ICE Trust clearing member must not
with the staffs of the SEC, the CFTC, exemption. permit persons for whom it receives or
and the appropriate regulatory agencies (4) Additional conditions for certain holds such funds and securities to ‘‘opt
for financial institutions on this matter. ICE Trust clearing members. Each ICE out’’ of such segregation even if
You may send comments to: Trust clearing member relying on the regulations or laws otherwise would
Government Securities Regulations exemption that receives or holds funds permit it.
Staff, Bureau of the Public Debt, 799 9th or securities for the purpose of (v) Cooperation with SEC. The ICE
Street NW., Washington, DC 20239– purchasing, selling, clearing, settling, or Trust clearing member must be in
0001. You may also send comments by holding cleared CDS positions for U.S. compliance with any request from the
e-mail to govsecreg@bpd.treas.gov. persons (or for any persons if the ICE SEC for information, documents, or
Please provide your full name and Trust clearing member is a U.S. clearing assistance related to CDS transactions
mailing address. You may download member)—other than for an affiliate that cleared by ICE Trust.
this order, and review the comments we controls, is controlled by, or is under (vi) Requirements for third-party
receive, from the Bureau of the Public common control with the ICE Trust custodian account. An ICE Trust
Debt’s Web site at http:// clearing member—also must comply clearing member that transfers customer
www.treasurydirect.gov. The order and with the following six conditions with assets to an account held by a third-
comments also will be available for respect to such activities: party custodian under paragraph (iii) of
public inspection and copying at the (i) No natural persons. The U.S. this section must be in material
Treasury Department Library, Room persons (or any persons if the ICE Trust compliance with the SEC’s requirements
1428, Main Treasury Building, 1500 clearing member is a U.S. clearing set forth in its related exemptive order
Pennsylvania Avenue, NW., member) for whom the ICE Trust concerning third-party custodian
Washington, DC 20220. To visit the clearing member receives or holds such accounts.20
library, call (202) 622–0990 for an funds or securities may not be natural
(b) Temporary Exemption for
appointment. persons.
(ii) Disclosures. The ICE Trust Registered or Noticed Government
IV. Conclusion clearing member must disclose to such Securities Brokers and Government
U.S. persons (or to any such persons if Securities Dealers that are not Financial
It is hereby ordered, pursuant to Institutions.
Section 15C(a)(5) of the Exchange Act, the ICE Trust clearing member is a U.S.
clearing member) that: (A) the ICE Trust Registered or noticed government
that, until November 30, 2010: securities brokers and government
(a) Conditional Temporary Exemption clearing member is not regulated by
Treasury or the SEC with respect to securities dealers that are not financial
for Certain ECPs and ICE Trust Clearing
activities covered by this exemption; (B) institutions are exempt from the
Members.
(1) Persons eligible. This exemption is U.S. government securities broker and regulations in 17 CFR parts 402, 403,
available to any ECP 19 and any ICE government securities dealer segregation 404, and 405. However, this order does
Trust clearing member except for: ICE requirements and protections under the not exempt registered or noticed
Trust clearing members and ECPs that Securities Investor Protection Act will government securities brokers or
are registered or noticed as government not apply to any funds or securities held government securities dealers that are
securities brokers or government by the ICE Trust clearing member; (C) not financial institutions from the
securities dealers under Section the insolvency law of the applicable following:
15C(a)(1) of the Exchange Act; ECPs as jurisdiction may affect such persons’ (1) The capital requirements for
defined in Section 1a(12)(C) of the ability to recover funds and securities, registered government securities brokers
Commodity Exchange Act; and ECPs or the speed of any such recovery, in an and government securities dealers in
that are not ICE Trust clearing members insolvency proceeding; and (D) if part 402 of the GSA regulations (which
and that receive or hold funds or applicable, non-U.S. clearing members are comparable to SEC Rule 15c3–1 on
securities for the purpose of purchasing, may be subject to an insolvency regime net capital);
selling, clearing, settling, or holding that is materially different from that (2) the provisions of part 403 of the
cleared CDS positions for other persons. applicable to U.S. persons. GSA regulations that incorporate and
(2) Scope of exemption. Subject to the (iii) Prompt transfer of funds and modify SEC Rule 15c3–3 on reserves
conditions specified in paragraph (3) of securities. As promptly as practicable and custody of securities;
this section, ECPs and ICE Trust after receipt, the ICE Trust clearing (3) the provisions of parts 404 and 405
clearing members, solely with respect to member must transfer such funds and of the GSA regulations that incorporate
cleared CDS, are exempt from the securities (other than those promptly and modify SEC Rules 17a–3 through
provisions of Section 15C(a), (b), and (d) returned to such other person) to: (A) 17a–5, 17h–1T and 17h–2T, on records
(other than subsection (d)(3)) of the the ICE Trust clearing member’s and reports; and
Exchange Act, and the rules thereunder. Custodial Client Omnibus Margin (4) the provisions of part 404 of the
(3) Conditions for ICE Trust clearing Account at ICE Trust; or (B) an account GSA regulations that incorporate and
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members. held by a third-party custodian, subject modify SEC Rule 17a–13 on quarterly
(i) Each ICE Trust clearing member to the requirements in paragraph (vi) of security counts.
relying on this exemption must be in this section. This temporary exemption applies to
material compliance with ICE Trust (iv) Segregation until transfer. To the these entities’ transactions in cleared
rules. extent there is any delay in transferring CDS.
such funds and securities (collateral) to
19 See note 5, supra. the third parties identified in paragraph 20 See note 13 infra.
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Federal Register / Vol. 75, No. 47 / Thursday, March 11, 2010 / Notices 11631
The temporary exemptions contained other Federal agencies to take this comments will become a matter of
in this order are based on the facts and opportunity to comment on proposed public record.
circumstances presented in the request and/or continuing information Comments are invited on: (a) Whether
and are conditioned on compliance with collections, as required by the the collection of information is
the terms of this order. These temporary Paperwork Reduction Act of 1995, necessary for the proper performance of
exemptions could become unavailable if Public Law 104–13 (44 U.S.C. the functions of the agency, including
the facts or circumstances change such 3506(c)(2)(A)). Currently, the IRS is whether the information shall have
that the representations in the request soliciting comments concerning RP– practical utility; (b) the accuracy of the
are no longer materially accurate or in 155431–05, Revenue Procedure agency’s estimate of the burden of the
the event of non-compliance. If the SEC Regarding 6707/6707A Rescission collection of information; (c) ways to
were to withdraw or modify the terms Request Procedures. enhance the quality, utility, and clarity
of its order, Treasury may revoke or DATES: Written comments should be of the information to be collected; (d)
modify this order accordingly. The received on or before May 10, 2010 to ways to minimize the burden of the
status of cleared CDS submitted to ICE be assured of consideration. collection of information on
Trust prior to such change would be ADDRESSES: Direct all written comments respondents, including through the use
unaffected. to R. Joseph Durbala, Internal Revenue of automated collection techniques or
V. Paperwork Reduction Act Service, Room 6129, 1111 Constitution other forms of information technology;
Avenue, NW., Washington, DC 20224. and (e) estimates of capital or start-up
This order includes two requests that costs and costs of operation,
fall within the definition of FOR FURTHER INFORMATION CONTACT:
maintenance, and purchase of services
‘‘information’’ under the regulations Requests for additional information or
to provide information.
implementing the Paperwork Reduction copies of the revenue procedure should
Act (PRA). 5 CFR 1320.3(h). One is the be directed to Dawn E. Bidne at Internal Approved: February 26, 2010.
certification that ICE Trust clearing Revenue Service, room 6129, 1111 R. Joseph Durbala,
members must provide to ICE Trust Constitution Avenue, NW., Washington, IRS Supervisory Tax Analyst.
under paragraph (a)(3)(ii) of this order, DC 20224, or at (202) 622–3933, or [FR Doc. 2010–5185 Filed 3–10–10; 8:45 am]
concerning their reliance on Treasury’s through the Internet at BILLING CODE 4830–01–P
temporary exemption. The second is the Dawn.E.Bidne@irs.gov.
disclosures that certain ICE Trust SUPPLEMENTARY INFORMATION:
clearing members must make if they Title: Revenue Procedure Regarding DEPARTMENT OF THE TREASURY
receive or hold funds or securities for 6707/6707A Rescission Request
the purpose of purchasing, selling, Procedures. Internal Revenue Service
clearing, settling, or holding cleared OMB Number: 1545–2047. Proposed Collection; Comment
CDS positions for U.S. persons, under Revenue Procedure Number: 155431–
Request for Form 8868
paragraph (a)(4)(ii) of this order. 05.
However, Treasury at this time Abstract: This revenue procedure AGENCY: Internal Revenue Service (IRS),
estimates that there will not be 10 or provides guidance to persons who are Treasury.
more ICE Trust clearing members that assessed a penalty under section 6707A ACTION: Notice and request for
will be relying on this order to clear or 6707 of the Internal Revenue Code, comments.
CDS that reference a government and who may request rescission of those
security. As a result, these requests do penalties from the Commissioner. SUMMARY: The Department of the
not constitute ‘‘collections of Current Actions: There are no changes Treasury, as part of its continuing effort
information’’ subject to the PRA. 5 CFR being made to this revenue procedure. to reduce paperwork and respondent
1320.3(c). Therefore, the PRA does not Type of Review: Extension of a burden, invites the general public and
apply to this order. previously approved collection. other Federal agencies to take this
Affected Public: Individuals or opportunity to comment on proposed
Mary J. Miller,
households, business or other for-profit. and/or continuing information
Estimated Number of Respondents: collections, as required by the
Assistant Secretary for Financial Markets.
859. Paperwork Reduction Act of 1995,
[FR Doc. 2010–5320 Filed 3–10–10; 8:45 am] Estimated Time per Respondent: 0.5 Public Law 104–13 (44 U.S.C.
BILLING CODE 4810–39–P hours. 3506(c)(2)(A)). Currently, the IRS is
Estimated Total Annual Burden soliciting comments concerning Form
Hours: 429.50. 8868, Application for Extension of Time
DEPARTMENT OF THE TREASURY An agency may not conduct or To File an Exempt Organization Return.
sponsor, and a person is not required to
Internal Revenue Service DATES: Written comments should be
respond to, a collection of information
[RP–155431–05] unless the collection of information received on or before May 10, 2010 to
displays a valid OMB control number. be assured of consideration.
Proposed Collection; Comment Books or records relating to a collection ADDRESSES: Direct all written comments
Request for Revenue Procedure of information must be retained as long to R. Joe Durbala, Internal Revenue
Service, Room 6129, 1111 Constitution
AGENCY: Internal Revenue Service (IRS),
as their contents may become material
in the administration of any internal Avenue, NW., Washington, DC 20224.
Treasury.
jlentini on DSKJ8SOYB1PROD with NOTICES
ACTION: Notice and request for
revenue law. Generally, tax returns and FOR FURTHER INFORMATION CONTACT:
comments.
tax return information are confidential, Requests for additional information or
as required by 26 U.S.C. 6103. copies of the form and instructions
SUMMARY: The Department of the Request for Comments: Comments should be directed to Elaine Christophe,
Treasury, as part of its continuing effort submitted in response to this notice will (202) 622–3179, or at Internal Revenue
to reduce paperwork and respondent be summarized and/or included in the Service, Room 6129, 1111 Constitution
burden, invites the general public and request for OMB approval. All Avenue, NW., Washington DC 20224, or
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