Federal Register / Vol. 62, No. 158 / Friday, August 15, 1997 / Rules and Regulations 43639

‘‘conservatorship’’ shall be read for

‘‘receiver’’ and ‘‘receivership’’.

(e) The conservator may also take any

other action the conservator considers

appropriate or expedient to the

continuing operation of the Corporation.

§ 650.67 Inventory, examination, and

reports to stockholders.

(a) As soon as practicable after taking

possession of the Corporation, the

conservator shall take an inventory of

the assets and liabilities of the

Corporation as of the date possession

was taken. One copy of the inventory

shall be filed with the Farm Credit

Administration.

(b) The conservatorship shall be

examined by the Farm Credit

Administration in accordance with

section 8.11 of the Act.

(c) The conservatorship shall prepare

and file financial reports and other

documents in accordance with the

requirements of § 620.40 and part 621 of

this chapter. The conservator of the

Corporation shall provide the

certification required in § 621.14 of this

chapter.

§ 650.68 Final discharge and release of the

conservator.

At such time as the conservator shall

be relieved of its conservatorship duties,

the conservator shall file a report on the

conservator’s activities with the Farm

Credit Administration. The conservator

shall thereupon be completely and

finally released.

Dated: August 7, 1997.

Floyd Fithian,

Secretary, Farm Credit Administration Board.

[FR Doc. 97–21671 Filed 8–14–97; 8:45 am]

BILLING CODE 6705–01–P

DEPARTMENT OF HEALTH AND

HUMAN SERVICES

Food and Drug Administration

21 CFR Part 314

New Drug Applications and

Abbreviated New Drug Applications;

Editorial Amendments

AGENCY: Food and Drug Administration,

HHS.

ACTION: Final rule.

SUMMARY: The Food and Drug

Administration (FDA) is amending its

new drug application (NDA) and

abbreviated new drug application

(ANDA) regulations to reflect a

reorganization in the Center for Drug

Evaluation and Research (CDER). This

action will improve the accuracy of the

regulations.

EFFECTIVE DATE: August 15, 1997.

FOR FURTHER INFORMATION CONTACT:

Olivia A. Vieira, Center for Drug

Evaluation and Research (HFD–7), Food

and Drug Administration, 5600 Fishers

Lane, Rockville, MD 20857, 301–594–

2041.

SUPPLEMENTARY INFORMATION: FDA is

amending its NDA and ANDA

regulations to reflect a reorganization in

CDER. The name of the former Division

of Regulatory Affairs (HFD–360) has

been changed to the Regulatory Policy

Staff (HFD–7). Furthermore, the division

is no longer part of the Office of

Compliance and now reports to the

Associate Director for Policy (HFD–5).

The regulations are being amended in

21 CFR 314.110 (a)(3) and (b),

314.120(a)(3), and 314.440(a)(3) to

reflect this change.

Publication of this document

constitutes final action on these changes

under the Administrative Procedures

Act (5 U.S.C. 553). Because the

amendments are wholly editorial and

nonsubstantive in nature, FDA finds

that notice and public procedure are

unnecessary.

List of Subjects in 21 CFR Part 314

Administrative practice and

procedure, Confidential business

information, Drugs, Reporting and

recordkeeping requirements.

Therefore, under the Federal Food,

Drug, and Cosmetic Act and under

authority delegated to the Commissioner

of Food and Drugs, 21 CFR part 314 is

amended as follows:

PART 314—APPLICATIONS FOR FDA

APPROVAL TO MARKET A NEW DRUG

OR AN ANTIBIOTIC DRUG

1. The authority citation for 21 CFR

part 314 continues to read as follows:

Authority: Secs. 201, 301, 501, 502, 503,

505, 506, 507, 701, 704, 721 of the Federal

Food, Drug, and Cosmetic Act (21 U.S.C. 321,

331, 351, 352, 353, 355, 356, 357, 371, 374,

379e).

§ 314.110 [Amended]

2. Section 314.110 Approvable letter

to the applicant is amended in

paragraphs (a)(3) and (b) by removing

the phrase ‘‘Division of Regulatory

Affairs (HFD–360)’’ and adding in its

place the phrase ‘‘Associate Director for

Policy (HFD–5)’’.

§ 314.120 [Amended]

3. Section 314.120 Not approvable

letter to the applicant is amended in

paragraph (a)(3) by removing the phrase

‘‘Division of Regulatory Affairs (HFD–

360)’’ and adding in its place the phrase

‘‘Associate Director for Policy (HFD–5)’’.

§ 314.440 [Amended]

4. Section 314.440 Addresses for

applications and abbreviated

applications is amended in paragraph

(a)(3) by removing the phrase ‘‘Division

of Regulatory Affairs (HFD–360)’’ and

adding in its place the phrase

‘‘Associate Director for Policy (HFD–5)’’.

Dated: August 8, 1997.

William K. Hubbard,

Associate Commissioner for Policy

Coordination.

[FR Doc. 97–21649 Filed 8–14–97; 8:45 am]

BILLING CODE 4160–01–M

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Part 4044

Allocation of Assets in SingleEmployer Plans; Interest Assumptions

for Valuing Benefits

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: The Pension Benefit Guaranty

Corporation’s regulation on Allocation

of Assets in Single-Employer Plans

prescribes interest assumptions for

valuing benefits under terminating

single-employer plans. This final rule

amends the regulation to adopt interest

assumptions for plans with valuation

dates in September 1997.

EFFECTIVE DATE: September 1, 1997.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, Office of the General Counsel,

Pension Benefit Guaranty Corporation,

1200 K Street, NW., Washington, DC

20005, 202–326–4024 (202–326–4179

for TTY and TDD).

SUPPLEMENTARY INFORMATION: The

PBGC’s regulation on Allocation of

Assets in Single-Employer Plans (29

CFR part 4044) prescribes actuarial

assumptions for valuing plan benefits of

terminating single-employer plans

covered by title IV of the Employee

Retirement Income Security Act of 1974.

Among the actuarial assumptions

prescribed in part 4044 are interest

assumptions. These interest

assumptions are intended to reflect

current conditions in the financial and

annuity markets.

Two sets of interest assumptions are

prescribed, one set for the valuation of

benefits to be paid as annuities and one

set for the valuation of benefits to be

paid as lump sums. This amendment

adds to appendix B to part 4044 the

annuity and lump sum interest

assumptions for valuing benefits in
43640 Federal Register / Vol. 62, No. 158 / Friday, August 15, 1997 / Rules and Regulations

plans with valuation dates during

September 1997.

For annuity benefits, the interest

assumptions will be 5.70 percent for the

first 25 years following the valuation

date and 5.00 percent thereafter. The

annuity interest assumptions represent a

decrease (from those in effect for August

1997) of 0.40 percent for the first 25

years following the valuation date and

are otherwise unchanged. For benefits to

be paid as lump sums, the interest

assumptions to be used by the PBGC

will be 4.50 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. The lump sum interest

assumptions represent a decrease (from

those in effect for August 1997) of 0.25

percent for the period during which a

benefit is in pay status; they are

otherwise unchanged.

The 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, as

accurately as possible, current market

conditions.

Because of the need to provide

immediate guidance for the valuation of

benefits in plans with valuation dates

during September 1997, the PBGC finds

that good cause exists for making the

assumptions set forth in this

amendment effective less than 30 days

after publication.

The 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 in 29 CFR Part 4044

Pension insurance, Pensions.

In consideration of the foregoing, 29

CFR part 4044 is amended as follows:

PART 4044—ALLOCATION OF

ASSETS IN SINGLE-EMPLOYER

PLANS

1. The authority citation for part 4044

continues to read as follows:

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

1341, 1344, 1362.

2. In appendix B, a new entry is

added to Table I, and Rate Set 47 is

added to Table II, as set forth below.

The introductory text of each table is

republished for the convenience of the

reader and remains unchanged.

APPENDIX B TO PART 4044—INTEREST RATES USED TO VALUE ANNUITIES AND LUMP SUMS

TABLE I.—ANNUITY VALUATIONS

[This table sets forth, for each indicated calendar month, the interest rates (denoted by i1, i2, * * *, and referred to generally as it) assumed to be

in effect between specified anniversaries of a valuation date that occurs within that calendar month; those anniversaries are specified in the

columns adjacent to the rates. The last listed rate is assumed to be in effect after the last listed anniversary date]

For valuation dates occurring in the month—

The values of it are:

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

* * * * * * *

September 1997 .................................................................... .0570 1–25 .0500 >25 N/A N/A

TABLE II.—LUMP SUMP VALUATIONS

[In using this table: (1) For benefits for which the participant or beneficiary is entitled to be in pay status on the valuation date, the immediate annuity rate shall apply; (2) For benefits for which the deferral period is y years (where y is an integer and 0 < y ≤ n1), interest rate i1 shall

apply from the valuation date for a period of y years, and thereafter the immediate annuity rate shall apply; (3) For benefits for which the deferral period is y years (where y is an integer and n1 < y ≤ n1 + n2), interest rate i2 shall apply from the valuation date for a period of y¥n1

years, interest rate i1 shall apply for the following n1 years, and thereafter the immediate annuity rate shall apply; (4) For benefits for which

the deferral period is y years (where y is an integer and y > n1 + n2), interest rate i3 shall apply from the valuation date for a period of

y¥n1¥n2 years, interest rate i2 shall apply for the following n2 years, interest rate i1 shall apply for the following n1 years, and thereafter the

immediate annuity rate shall apply]

Rate set

For plans with a valuation

date Immediate

annuity rate

(percent)

Deferred annuities (percent)

On or after Before i1 i2 i3 n1 n2

* * * * * * *

47 09–1–97 10–1–97 4.50 4.00 4.00 4.00 7 8
Federal Register / Vol. 62, No. 158 / Friday, August 15, 1997 / Rules and Regulations 43641

Issued in Washington, D.C., on this 8th day

of August 1997.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 97–21599 Filed 8–14–97; 8:45 am]

BILLING CODE 7708–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD07–97–031]

RIN 2115–AE46

Special Local Regulations: Hurricane

Offshore Classic, St. Petersburg, FL

AGENCY: Coast Guard, DOT.

ACTION: Final rule.

SUMMARY: The Coast Guard is

establishing permanent special local

regulations for the Hurricane Offshore

Classic. This event will be held

annually during the third Saturday and

Sunday of August, between 11 a.m. and

5 p.m. Eastern Daylight Time (EDT).

There will be approximately 400

participants and spectator craft. The

resulting congestion of navigable

channels creates an extra or unusual

hazard in the navigable waters. These

regulations are necessary to provide for

the safety of life on navigable waters

during the event.

DATES: August 15, 1997.

FOR FURTHER INFORMATION CONTACT:

LTJG B.V. Howard, Coast Guard Group,

St. Petersburg, FL at (813) 824–7533.

SUPPLEMENTARY INFORMATION:

Regulatory History

In accordance with 5 U.S.C. 553, the

final rule will be made effective in less

than 30 days from the date of

publication in the Federal Register.

Following normal rulemaking

procedures would be impracticable and

contrary to the public interest. A notice

of proposed rulemaking was published

on 16 July 1997 (62 FR 38042) with a

twenty day comment period. The final

rule will be made effective in less than

thirty days in order to hold the event.

No comments were received during the

comment period.

Discussion of Regulations

The regulations are needed to provide

for the safety of life during the

Hurricane Offshore Classic. These

regulations are intended to promote safe

navigation on the waters off St.

Petersburg during the races by

controlling the traffic entering, exiting,

and traveling within these waters. The

anticipated concentration of spectator

and participant vessels associated with

the Hurricane Offshore Classic poses a

safety concern, which is addressed in

these special local regulations. No

anchoring will be permitted west of

turns 1 and 4 nor west of turns 2 and

3, from 10 a.m. to 6 p.m. EDT.

Approximately 300 spectator craft

will be permitted near the race area, but

will be required to stay clear of the race

lanes. The proposed regulations would

also permit anchoring for spectators

north of the northern straightaway and

south of the southern straightaway, but

only in the designated spectator area

defined in 2.(b)(2) below.

All vessel traffic, not involved in the

Hurricane Offshore Classic, entering or

exiting the Vinoy Basin between 10 a.m.

and 6 p.m. EDT must transit around the

racecourse, taking action to avoid a

close-quarters situation until finally past

and clear of the racecourse. All vessel

traffic, not involved with the Hurricane

Offshore Classic, transiting the area off

Coffeepot Bayou, The Pier, and Bayboro

Harbor should exercise extra caution

and take action to avoid a close-quarters

situation until finally past and clear of

the racecourse.

Regulatory Evaluation

This rule is not a significant

regulatory action under Section 3(f) of

the Executive Order 12866 and does not

require an assessment of the potential

costs and benefits under Section 6(a)(3)

of that Order. It has been exempted from

review by the Office of Management and

Budget under that order. It is not

significant under the regulatory policies

and procedures of the Department of

Transportation (DOT) (44 FR 11040;

February 26, 1979).

The Coast Guard expects the

economic impact of this proposed rule

to be so minimal that a full Regulatory

Evaluation under paragraph 10e of the

regulatory policies and procedures of

DOT is unnecessary. This regulation

will last for approximately 8 hours each

day for two days.

Small Entities

Under the Regulatory Flexibility Act

(5 U.S.C. 601 et seq.), the Coast Guard

considers whether this rulemaking will

have a significant economic impact on

a substantial number of small entities.

‘‘Small entities’’ include small

businesses, not-for-profit organizations

that are independently owned and

operated and are not dominant in their

fields, and governmental jurisdictions

with populations of less than 50,000.

Therefore, the Coast Guard certifies

under 5 U.S.C. 605 (b) that this rule will

not have a significant economic impact

on a substantial number of small entities

as the regulation will be in effect for

approximately eight hours in a limited

area only two days each year.

Collection of Information

These regulations contain no

collection of information requirements

under the Paperwork Reduction Act (44

U.S.C. 3501 et seq.).

Federalism

This action has been analyzed in

accordance with the principles and

criteria contained in Executive Order

12612, and it has been determined that

the rulemaking does not have sufficient

Federalism implications to warrant the

preparation of a Federalism Assessment.

Environmental Assessment

The Coast Guard has considered the

environmental impact of this proposal

consistent with Section 2.B.2. of

Commandant Instruction M16475.1B. In

accordance with that section, this action

has been environmentally assessed (EA

completed), and the Coast Guard has

concluded that it will not significantly

affect the quality of the human

environment. An Environmental

Assessment and a Finding of No

Significant Impact have been prepared

and are available in the docket for

inspection and copying.

List of Subjects in 33 CFR Part 100

Marine Safety, Navigation (water),

Reporting and recordkeeping

requirements, Waterways.

Final Regulations

In consideration of the foregoing, the

Coast Guard amends Part 100 of Title

33, Code of Federal Regulations, as

follows:

1. The authority citation for Part 100

continues to read as follows:

PART 100—[AMENDED]

Authority: 33 U.S.C. 1233; 49 CFR 1.46, 33

CFR 100.35.

2. A new section 100.728 is added to

read as follows:

§ 100.728 Special Local Regulations;

Hurricane Offshore Classic, St. Petersburg,

FL.

(a) Regulated area. The regulated area

is formed by a line drawn from position

27°46.9′N, 082°37.45′W (onshore at

North Shore Park) east southeast to

position 27°46.39′N, 082°32.65′W;

thence due south to position

27°44.67′N, 082°32.65′W; thence due

west to position 27°44.67′N,

082°37.45′W (onshore just south of