Federal Register / Vol. 78, No. 51 / Friday, March 15, 2013 / Rules and Regulations 16401 

That airspace extending upward from 700 

feet above the surface within a 14.8-mile 

radius of Morrisville-Stowe State Airport. 

Issued in College Park, Georgia, on March 

5, 2013. 

Barry A. Knight, 

Manager, Operations Support Group, Eastern 

Service Center, Air Traffic Organization. 

[FR Doc. 2013–05910 Filed 3–14–13; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Food and Drug Administration 

21 CFR Part 56 

[Docket No. FDA–2013–N–0003] 

Institutional Review Boards; 

Correcting Amendments 

AGENCY: Food and Drug Administration, 

HHS. 

ACTION: Final rule; correcting 

amendments. 

SUMMARY: The Food and Drug 

Administration (FDA) is amending its 

regulations regarding institutional 

review boards to address a minor 

correction to the regulatory text and to 

update contact information. This action 

is editorial in nature and is intended to 

provide accuracy and clarity to the 

Agency’s regulations. 

DATES: This final rule is effective March 

15, 2013. 

FOR FURTHER INFORMATION CONTACT: 

Kathleen Pfaender, Office of Special 

Medical Programs, Food and Drug 

Administration, 10903 New Hampshire 

Ave., Bldg. 32, Rm. 5172, Silver Spring, 

MD 20993, 301–796–8346. 

SUPPLEMENTARY INFORMATION: FDA is 

amending 21 CFR part 56 to correct a 

minor error in the Code of Federal 

Regulations (CFR), and to update 

obsolete information. A minor spelling 

error was introduced inadvertently in 

the CFR when the regulations were first 

published. Also, contact information in 

the regulations is obsolete and in need 

of updating. 

Publication of this document 

constitutes final action under the 

Administrative Procedures Act (5 U.S.C. 

553). FDA has determined that notice 

and public comment are unnecessary 

because this amendment to the 

regulations provides only technical 

changes to correct minor errors and to 

update obsolete information, and is 

nonsubstantive. 

List of Subjects in 21 CFR Part 56 

Human research subjects, Reporting 

and reporting requirements, and Safety. 

Therefore, under the Federal Food, 

Drug, and Cosmetic Act and under 

authority delegated to the Commissioner 

of Food and Drugs, 21 CFR part 56 is 

amended as follows: 

PART 56—INSTITUTIONAL REVIEW 

BOARDS 

■ 1. The authority citation for 21 CFR 

part 56 continues to read as follows: 

Authority: 21 U.S.C. 321, 343, 346, 346a, 

348, 350a, 350b, 351, 352, 353, 355, 360, 

360c–360f, 360h–360j, 371, 379e, 381; 42 

U.S.C. 216, 241, 262, 263b–263n. 

■ 2. In § 56.106 revise paragraph (d) to 

read as follows: 

§ 56.106 Registration. 

* * * * * 

(d) Where can an IRB register? Each 

IRB may register electronically through 

http://ohrp.cit.nih.gov/efile. If an IRB 

lacks the ability to register 

electronically, it must send its 

registration information, in writing, to 

the Office of Good Clinical Practice, 

Office of Special Medical Programs, 

Food and Drug Administration, 10903 

New Hampshire Ave., Bldg. 32, Rm. 

5129, Silver Spring, MD 20993. 

* * * * * 

■ 3. Section 56.107 is amended in 

paragraph (a), by revising the 3rd 

sentence to read as follows: 

§ 56.107 IRB membership. 

(a) * * * In addition to possessing the 

professional competence necessary to 

review the specific research activities, 

the IRB shall be able to ascertain the 

acceptability of proposed research in 

terms of institutional commitments and 

regulations, applicable law, and 

standards of professional conduct and 

practice. * * * 

* * * * * 

Dated: March 12, 2013. 

Leslie Kux, 

Assistant Commissioner for Policy. 

[FR Doc. 2013–06030 Filed 3–14–13; 8:45 am] 

BILLING CODE 4160–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

29 CFR Parts 4022 and 4044 

Allocation of Assets in SingleEmployer Plans; Benefits Payable in 

Terminated Single-Employer Plans; 

Interest Assumptions for Valuing and 

Paying Benefits 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Final rule. 

SUMMARY: This final rule amends the 

Pension Benefit Guaranty Corporation’s 

regulations on Benefits Payable in 

Terminated Single-Employer Plans and 

Allocation of Assets in Single-Employer 

Plans to prescribe interest assumptions 

under the benefit payments regulation 

for valuation dates in April 2013 and 

interest assumptions under the asset 

allocation regulation for valuation dates 

in the second quarter of 2013. The 

interest assumptions are used for 

valuing and paying benefits under 

terminating single-employer plans 

covered by the pension insurance 

system administered by PBGC. 

DATES: Effective April 1, 2013. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion 

(Klion.Catherine@PBGC.gov), Assistant 

General Counsel for Regulatory Affairs, 

Pension Benefit Guaranty Corporation, 

1200 K Street NW., Washington, DC 

20005, 202–326–4024. (TTY/TDD users 

may call the Federal relay service toll 

free at 1–800–877–8339 and ask to be 

connected to 202–326–4024.) 

SUPPLEMENTARY INFORMATION: PBGC’s 

regulations on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044) and Benefits Payable in 

Terminated Single-Employer Plans (29 

CFR part 4022) prescribe actuarial 

assumptions—including interest 

assumptions—for valuing and paying 

plan benefits under terminating singleemployer plans covered by title IV of 

the Employee Retirement Income 

Security Act of 1974. The interest 

assumptions in the regulations are also 

published on PBGC’s Web site (http:// 

www.pbgc.gov). 

The interest assumptions in Appendix 

B to Part 4044 are used to value benefits 

for allocation purposes under ERISA 

section 4044. PBGC uses the interest 

assumptions in Appendix B to Part 4022 

to determine whether a benefit is 

payable as a lump sum and to determine 

the amount to pay. Appendix C to Part 

4022 contains interest assumptions for 

private-sector pension practitioners to 

refer to if they wish to use lump-sum 

interest rates determined using PBGC’s 

historical methodology. Currently, the 

rates in Appendices B and C of the 

benefit payment regulation are the same. 

The interest assumptions are intended 

to reflect current conditions in the 

financial and annuity markets. 

Assumptions under the asset allocation 

regulation are updated quarterly; 

assumptions under the benefit payments 

regulation are updated monthly. This 

final rule updates the benefit payments 

interest assumptions for April 2013 and 

updates the asset allocation interest 


srobinson on DSK4SPTVN1PROD with RULES
16402 Federal Register / Vol. 78, No. 51 / Friday, March 15, 2013 / Rules and Regulations 

assumptions for the second quarter 

(April through June) of 2013. 

The second quarter 2013 interest 

assumptions under the allocation 

regulation will be 2.50 percent for the 

first 20 years following the valuation 

date and 3.20 percent thereafter. In 

comparison with the interest 

assumptions in effect for the first 

quarter of 2013, these interest 

assumptions represent no change in the 

select period (the period during which 

the select rate (the initial rate) applies), 

a decrease of 0.17 percent in the select 

rate, and an increase of 0.19 percent in 

the ultimate rate (the final rate). 

The April 2013 interest assumptions 

under the benefit payments regulation 

will be 1.00 percent for the period 

during which a benefit is in pay status 

and 4.00 percent during any years 

preceding the benefit’s placement in pay 

status. In comparison with the interest 

assumptions in effect for March 2013, 

these interest assumptions are 

unchanged. 

PBGC has determined that notice and 

public comment on this amendment are 

impracticable and contrary to the public 

interest. This finding is based on the 

need to determine and issue new 

interest assumptions promptly so that 

the assumptions can reflect current 

market conditions as accurately as 

possible. 

Because of the need to provide 

immediate guidance for the valuation 

and payment of benefits under plans 

with valuation dates during April 2013, 

PBGC finds that good cause exists for 

making the assumptions set forth in this 

amendment effective less than 30 days 

after publication. 

PBGC has determined that this action 

is not a ‘‘significant regulatory action’’ 

under the criteria set forth in Executive 

Order 12866. 

Because no general notice of proposed 

rulemaking is required for this 

amendment, the Regulatory Flexibility 

Act of 1980 does not apply. See 5 U.S.C. 

601(2). 

List of Subjects 

29 CFR Part 4022 

Employee benefit plans, Pension 

insurance, Pensions, Reporting and 

recordkeeping requirements. 

29 CFR Part 4044 

Employee benefit plans, Pension 

insurance, Pensions. 

In consideration of the foregoing, 29 

CFR parts 4022 and 4044 are amended 

as follows: 

PART 4022—BENEFITS PAYABLE IN 

TERMINATED SINGLE-EMPLOYER 

PLANS 

■ 1. The authority citation for part 4022 

continues to read as follows: 

Authority: 29 U.S.C. 1302, 1322, 1322b, 

1341(c)(3)(D), and 1344. 

■ 2. In appendix B to part 4022, Rate Set 

234, as set forth below, is added to the 

table. 

Appendix B to Part 4022—Lump Sum 

Interest Rates for PBGC Payments 

* * * * * 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before I1 i2 i3 n1 n2

* * * * * * * 

234 .................................... 4–1–13 5–1–13 1.00 4.00 4.00 4.00 7 8 

■ 3. In appendix C to part 4022, Rate Set 

234, as set forth below, is added to the 

table. 

Appendix C to Part 4022—Lump Sum 

Interest Rates for Private-Sector 

Payments 

* * * * * 

Rate set 

For plans with a valuation 

date Immediate 

annuity rate 

(percent) 

Deferred annuities 

(percent) 

On or after Before I1 i2 i3 n1 n2

* * * * * * * 

234 .................................... 4–1–13 5–1–13 1.00 4.00 4.00 4.00 7 8 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE-EMPLOYER 

PLANS 

■ 4. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 5. In appendix B to part 4044, a new 

entry for April–June 2013, as set forth 

below, is added to the table. 

Appendix B to Part 4044—Interest 

Rates Used To Value Benefits 

* * * * * 

For valuation dates occurring in the month— 

The values of it are: 

it for t = it for t = it for t = 

* * * * * * * 

April–June 2013 ................................................................ 0.0250 1–20 0.0320 >20 N/A N/A 


srobinson on DSK4SPTVN1PROD with RULES
Federal Register / Vol. 78, No. 51 / Friday, March 15, 2013 / Rules and Regulations 16403 

Issued in Washington, DC, on this 11th day 

of March 2013. 

Leslie Kramerich, 

Acting Chief Policy Officer, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 2013–06085 Filed 3–14–13; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

31 CFR Part 561 

Iranian Financial Sanctions 

Regulations 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Final rule. 

SUMMARY: The Department of the 

Treasury’s Office of Foreign Assets 

Control is amending the Iranian 

Financial Sanctions Regulations (the 

‘‘IFSR’’) to implement sections 503 and 

504 of the Iran Threat Reduction and 

Syria Human Rights Act of 2012, which 

amended section 1245 of the National 

Defense Authorization Act for Fiscal 

Year 2012; and section 1, portions of 

section 6, and other related provisions 

of Executive Order 13622 of July 30, 

2012. 

DATES: Effective Date: March 15, 2013. 

FOR FURTHER INFORMATION CONTACT: 

Assistant Director for Sanctions 

Compliance & Evaluation, tel.: 202/622– 

2490, Assistant Director for Licensing, 

tel.: 202/622–2480, Assistant Director 

for Regulatory Affairs, tel.: 202/622– 

4855, Assistant Director for Policy, tel.: 

202/622-, Office of Foreign Assets 

Control, or Chief Counsel (Foreign 

Assets Control), tel.: 202/622–2410, 

Office of the General Counsel, 

Department of the Treasury (not toll free 

numbers). 

SUPPLEMENTARY INFORMATION: 

Electronic and Facsimile Availability 

This document and additional 

information concerning OFAC are 

available from OFAC’s Web site 

(www.treasury.gov/ofac). Certain general 

information pertaining to OFAC’s 

sanctions programs also is available via 

facsimile through a 24-hour fax-ondemand service, tel.: 202/622–0077. 

Background 

The Department of the Treasury’s 

Office of Foreign Assets Control 

(‘‘OFAC’’) originally published the 

Iranian Financial Sanctions Regulations, 

31 CFR part 561 (the ‘‘IFSR’’), on August 

16, 2010 (75 FR 49836), to implement 

subsections 104(c) and (d) and other 

related provisions of the Comprehensive 

Iran Sanctions, Accountability, and 

Divestment Act of 2010 (Pub. L. 111– 

195) (22 U.S.C. 8501–8551) 

(‘‘CISADA’’), which had been signed 

into law by the President on July 1, 

2010. Subsection 104(c) of CISADA 

required the Secretary of the Treasury to 

prescribe regulations to prohibit, or 

impose strict conditions on, the opening 

or maintaining in the United States of a 

correspondent account or a payablethrough account for a foreign financial 

institution that the Secretary finds 

knowingly engages in specified 

sanctionable activities. 

On February 27, 2012, OFAC 

amended the IFSR and reissued them in 

their entirety (77 FR 11724), in order to 

implement section 1245(d) of the 

National Defense Authorization Act for 

Fiscal Year 2012 (Pub. L. 112–81) (22 

U.S.C. 8513a) (‘‘NDAA’’), which had 

been signed into law by the President on 

December 31, 2011. Section 1245(d)(1) 

of the NDAA provides for the President 

to prohibit the opening, and prohibit or 

impose strict conditions on the 

maintaining, in the United States of a 

correspondent account or a payablethrough account by a foreign financial 

institution that the President determines 

has knowingly conducted or facilitated 

any significant financial transaction 

with the Central Bank of Iran or another 

Iranian financial institution designated 

by the Secretary of the Treasury 

pursuant to the International Emergency 

Economic Powers Act (50 U.S.C. 1701 et 

seq.) (‘‘IEEPA’’). 

Section 1245(d)(2) of the NDAA 

excepted transactions for the sale of 

food, medicine, or medical devices to 

Iran from the imposition of sanctions 

under section 1245(d)(1). Section 

1245(d)(3) of the NDAA limited the 

imposition of sanctions pursuant to 

section 1245(d)(1) on foreign financial 

institutions owned or controlled by the 

government of a foreign country, 

including the central bank of a foreign 

country, to significant transactions for 

the sale or purchase of petroleum or 

petroleum products to or from Iran. 

Section 1245(d)(4)(D) of the NDAA 

provided for an exception from the 

imposition of sanctions pursuant to 

section 1245(d)(1) on any foreign 

financial institution if the President 

determines and periodically reports to 

Congress that the country with primary 

jurisdiction over that foreign financial 

institution has significantly reduced its 

crude oil purchases from Iran during the 

180-day period preceding the report. 

On July 30, 2012, invoking the 

authority of, inter alia, IEEPA, the 

President issued Executive Order 13622, 

‘‘Authorizing Additional Sanctions 

With Respect to Iran’’ (77 FR 45897, 

August 2, 2012) (‘‘E.O. 13622’’). The 

President issued E.O. 13622 to take 

additional steps with respect to the 

national emergency declared in 

Executive Order 12957 of March 15, 

1995, particularly in light of the 

Government of Iran’s use of revenues 

from petroleum, petroleum products, 

and petrochemicals for illicit purposes, 

Iran’s continued attempts to evade 

international sanctions through 

deceptive practices, and the 

unacceptable risk posed to the 

international financial system by Iran’s 

activities. 

Section 1(a) of E.O. 13622 authorizes 

the Secretary of the Treasury, in 

consultation with the Secretary of State 

and subject to certain exceptions, to 

impose correspondent and payablethrough account sanctions on foreign 

financial institutions determined to 

have knowingly conducted or facilitated 

any significant financial transaction 

with the National Iranian Oil Company 

(‘‘NIOC’’); with Naftiran Intertrade 

Company (‘‘NICO’’); or for the purchase 

or acquisition of petroleum, petroleum 

products, or petrochemical products 

from Iran. Section 10 of E.O. 13622 

defines the terms NIOC and NICO as 

including any entity owned or 

controlled by, or operating for or on 

behalf of, respectively, NIOC and NICO. 

Section 1(c) of E.O. 13622 provides 

that sanctions under subsections 1(a)(i) 

and (ii) for transactions with NIOC or 

NICO or for the purchase or acquisition 

of petroleum or petroleum products 

from Iran will apply only if (1) the 

President determines under subsections 

1245(d)(4)(B) and (C) of the NDAA that 

there is a sufficient supply of petroleum 

and petroleum products from countries 

other than Iran to permit a significant 

reduction in the purchase of petroleum 

and petroleum products from Iran by or 

through foreign financial institutions; 

and (2) a significant reduction exception 

under subsection 1245(d)(4)(D) of the 

NDAA does not apply with respect to 

the transaction. 

Thus, transactions with NIOC or 

NICO or for the purchase or acquisition 

of petroleum or petroleum products 

from Iran are excepted from the 

imposition of sanctions under section 

1(a) of E.O. 13622 if the transaction 

qualifies for the significant reduction 

exception under subsection 

1245(d)(4)(D) of the NDAA. 

Transactions for the purchase or 

acquisition of petrochemical products 

from Iran are subject to sanctions under 

section 1(a) of E.O. 13622 regardless of 

whether the President makes the 

determination that there is a sufficient 

supply of petroleum and petroleum 


srobinson on DSK4SPTVN1PROD with RULES