18062 Federal Register / Vol. 76, No. 63 / Friday, April 1, 2011 / Rules and Regulations 

TAO may not be issued to the Office of 

Chief Counsel. 

* * * * * 

(f) Effective/applicability date. These 

regulations are applicable for TAOs 

issued on or after April 1, 2011, except 

that paragraph (e) of this section is 

applicable beginning March 20, 1992. 

Steven T. Miller, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: March 25, 2011. 

Michael Mundaca, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. 2011–7770 Filed 3–31–11; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

31 CFR Parts 306, 356, 357, and 363 

U.S. Securities; Sale and Issue of 

Marketable Book-Entry Treasury Bills, 

Notes, and Bonds; Book-Entry 

Treasury Bonds, Notes and Bills Held 

in Treasury/Reserve Automated Debt 

Entry System (TRADES) and Legacy 

Treasury Direct; Securities Held in 

TreasuryDirect 

AGENCY: Bureau of the Public Debt, 

Fiscal Service, Treasury. 

ACTION: Final rule. 

SUMMARY: In order to reduce costs and 

duplication of systems, the Department 

of the Treasury (Treasury) is limiting 

options available in its Legacy Treasury 

Direct system. New customer accounts 

will no longer be opened and transfers 

of securities from other book-entry 

systems will no longer be accepted. 

Treasury also intends to limit the 

securities that will be available for 

purchase or reinvestment in existing 

accounts. 

DATES: Effective date: May 1, 2011. 

ADDRESSES: You can download this 

Final Rule at the following Internet 

addresses: http://www.publicdebt.

treas.gov, http://www.gpo.gov, or http:// 

www.regulations.gov. 

FOR FURTHER INFORMATION CONTACT: 

Elisha Whipkey, Director, Division of 

Program Administration, Office of Retail 

Securities, Bureau of the Public Debt, at 

(304) 480–6319 or 

elisha.whipkey@bpd.treas.gov. 

Lisa Martin, Attorney-Adviser; Mary 

Schaffer, Attorney-Adviser; Edward 

Gronseth, Deputy Chief Counsel, Office 

of the Chief Counsel, Bureau of the 

Public Debt, at (304) 480–8692 or 

lisa.martin@bpd.treas.gov. 

SUPPLEMENTARY INFORMATION: Legacy 

Treasury Direct ® is a book-entry, nonInternet-based system established in 

1986 for customers to buy, hold, and 

conduct permitted transactions in 

eligible marketable Treasury securities 

directly with Treasury rather than 

indirectly through an intermediary such 

as a dealer or a depository institution 

(51 FR 18260–01 (May 16, 1986) 

(codified at 31 CFR part 357)). Legacy 

Treasury Direct customers conduct 

transactions in paper form, although 

certain transactions can be made 

through an Internet interface or through 

an automated phone system. 

In 2002, Treasury launched 

TreasuryDirect ®, an Internet-based 

system for purchasing, holding, and 

conducting permitted transactions in 

eligible Treasury securities in bookentry form directly with Treasury rather 

than indirectly through an intermediary 

(67 FR 64276–01 (Oct. 17, 2002) 

(codified at 31 CFR part 363)). 

TreasuryDirect allows customers to 

invest in both savings bonds and 

marketable Treasury securities— 

Treasury bills, notes, bonds, and 

inflation-protected securities (TIPS)— 

using one Web-based account. In 

TreasuryDirect, customers can purchase 

securities and manage their holdings 

online and can conduct most 

transactions without assistance. 

When TreasuryDirect was 

implemented, the goal was to provide 

an up-to-date system that would 

eventually become Treasury’s only 

system for holding marketable securities 

directly with Treasury. It remains 

Treasury’s long-term plan to consolidate 

all retail sales of marketable Treasury 

securities in one system to avoid 

duplication of services and to create an 

all-electronic, cost-effective 

environment for holding marketable 

Treasury securities directly with 

Treasury. By gradually eliminating 

redundant systems and eventually 

consolidating all directly-held 

marketable securities into one system, 

Treasury will realize savings in 

administrative costs, and customers will 

be able to manage their accounts 

independently. 

As a step toward achieving this goal, 

Treasury will no longer accept the 

establishment of new accounts in 

Legacy Treasury Direct or transfers of 

marketable securities into existing 

Legacy Treasury Direct accounts, 

effective May 1, 2011. Concurrently, 

Treasury intends to limit the 

opportunities for purchasing and 

reinvesting in new securities in Legacy 

Treasury Direct by reducing the number 

of securities offered for auction that are 

eligible to be held in Legacy Treasury 

Direct. Treasury further intends to 

discontinue all offerings of securities 

eligible to be held in Legacy Treasury 

Direct by November 2012. 

For now, customers with existing 

Legacy Treasury Direct accounts can 

continue to hold and make permitted 

transactions in securities in those 

accounts. Current Legacy Treasury 

Direct account holders will be 

encouraged to transfer their holdings to 

accounts in TreasuryDirect. Customers 

will be provided with information about 

creating TreasuryDirect accounts and 

the transfer process, and assistance will 

be available for those choosing to make 

the transition to TreasuryDirect. 

Procedural Requirements 

Executive Order 12866. This rule is 

not a significant regulatory action 

pursuant to Executive Order 12866. 

Administrative Procedure Act (APA). 

Because this rule relates to United 

States securities, which are contracts 

between Treasury and the owner of the 

security, this rule falls within the 

contract exception to the APA, 5 U.S.C. 

553(a)(2). As a result, the notice, public 

comment, and delayed effective date 

provisions of the APA are inapplicable 

to this rule. 

Regulatory Flexibility Act. The 

provisions of the Regulatory Flexibility 

Act, 5 U.S.C. 601 et seq., do not apply 

to this rule because, pursuant to 5 

U.S.C. 553(a)(2), it is not required to be 

issued with notice and opportunity for 

public comment. 

Paperwork Reduction Act (PRA). 

There is no new collection of 

information contained in this final rule 

that would be subject to the PRA, 44 

U.S.C. 3501 et seq. Under the PRA, an 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a valid OMB control number. 

The Office of Management and Budget 

already has approved all collections of 

information for these parts (OMB No. 

1535–0059, OMB No. 1535–0112, OMB 

No. 1535–0068, and OMB No. 1535– 

0138). 

Congressional Review Act (CRA). This 

rule is not a major rule pursuant to the 

CRA, 5 U.S.C. 801 et seq., because it is 

a minor amendment that is expected to 

decrease costs for taxpayers; therefore, 

this rule is not expected to lead to any 

of the results listed in 5 U.S.C. 804(2). 

This rule may take immediate effect 

after we submit a copy of it to Congress 

and the Comptroller General. 


jlentini on DSKJ8SOYB1PROD with RULES
Federal Register / Vol. 76, No. 63 / Friday, April 1, 2011 / Rules and Regulations 18063 

List of Subjects 

31 CFR Part 306 

Government securities. 

31 CFR Part 356 

Bonds, Federal Reserve system, 

Government securities, Securities. 

31 CFR Part 357 

Banks, Banking, Bonds, Electronic 

funds transfers, Government securities, 

Reporting and recordkeeping 

requirements. 

31 CFR Part 363 

Bonds, Electronic funds transfer, 

Federal Reserve system, Government 

securities, Securities. 

Accordingly, for the reasons set out in 

the preamble, 31 CFR Chapter II, 

Subchapter B, is amended as follows: 

PART 306—GENERAL REGULATIONS 

GOVERNING U.S. SECURITIES 

■ 1. The authority citation for part 306 

continues to read as follows: 

Authority: 31 U.S.C. Chapter 31; 5 U.S.C. 

301; 12 U.S.C. 391. 

■ 2. Revise § 306.23 to read as follows: 

§ 306.23 Securities eligible to be held in 

the Legacy Treasury Direct® Book-entry 

Securities System. 

(a) Eligible issues. The Secretary has 

published in the Federal Register 

notices describing Treasury issues of 

bonds and notes issued before August 1, 

1986, that are eligible for conversion to 

the Legacy Treasury Direct book-entry 

securities system. 

(b) Conversion of Registered Security 

to book-entry form to be held in Legacy 

Treasury Direct. To convert a registered 

security to book-entry form to be held in 

Legacy Treasury Direct, the owner must 

contact the Bureau of the Public Debt, 

P.O. Box 426, Parkersburg, West 

Virginia 26106–0426, for instructions. A 

security that has been converted to 

book-entry form in Legacy Treasury 

Direct shall be subject to subpart C and 

other applicable portions of 31 CFR part 

357, and the provisions of 31 CFR part 

306 shall no longer apply. 

(c) Securities held under subpart O of 

this part may not be transferred to 

Legacy Treasury Direct. 

PART 356—SALE AND ISSUE OF 

MARKETABLE BOOK-ENTRY 

TREASURY BILLS, NOTES, AND 

BONDS (DEPARTMENT OF THE 

TREASURY CIRCULAR, PUBLIC DEBT 

SERIES NO. 1–93) 

■ 3. The authority citation for part 356 

continues to read as follows: 

Authority: 5 U.S.C. 301; 31 U.S.C. 3102, et 

seq.; 12 U.S.C. 391. 

■ 4. Amend § 356.2 to revise the 

definition of ‘‘Book-entry security’’ to 

read as follows: 

§ 356.2 What definitions do I need to know 

to understand this part? 

* * * * * 

Book-entry security means a security 

that is issued or maintained as an 

accounting entry or electronic record in 

either the commercial book-entry 

system or in one of Treasury’s two 

direct-hold systems—TreasuryDirect® or 

Legacy Treasury Direct®. (See § 356.4.) 

* * * * * 

■ 5. Amend § 356.4 by revising the 

heading and the first three sentences of 

the introductory text to read as follows: 

§ 356.4 What are the book-entry systems 

in which auctioned Treasury securities may 

be issued or maintained? 

There are three book-entry securities 

systems—the commercial book-entry 

system, TreasuryDirect®, and Legacy 

Treasury Direct®—into which we issue 

marketable Treasury securities. We 

maintain and transfer securities in these 

three book-entry systems (except that 

securities may not be transferred into 

the Legacy Treasury Direct system) at 

their par amount. Par amounts of 

Treasury inflation-protected securities 

do not include adjustments for inflation. 

Securities may be transferred from one 

system to the other (except that 

securities may not be transferred into 

the Legacy Treasury Direct system), 

unless the securities are not eligible to 

be held in the receiving system. * * * 

* * * * * 

PART 357—REGULATIONS 

GOVERNING BOOK-ENTRY 

TREASURY BONDS, NOTES AND 

BILLS HELD IN TREASURY/RESERVE 

AUTOMATED DEBT ENTRY SYSTEM 

(TRADES) AND LEGACY TREASURY 

DIRECT 

■ 6. The authority citation for part 357 

continues to read as follows: 

Authority: 31 U.S.C. chapter 31; 5 U.S.C. 

301; 12 U.S.C. 391. 

■ 7. Amend § 357.0 by revising 

paragraph (b) and removing paragraph 

(c) to read as follows: 

§ 357.0 Book-entry systems. 

* * * * * 

(b) Transferability between Legacy 

Treasury Direct and other systems. A 

Treasury security maintained in Legacy 

Treasury Direct may be transferred to an 

account in TRADES or to an account in 

TreasuryDirect in accordance with 

§ 357.22(a). Securities may not be 

transferred to Legacy Treasury Direct 

from other systems. 

§ 357.2 [Amended] 

■ 8. Amend § 357.2 by removing the 

words ‘‘to be maintained in the 

commercial book-entry system, Legacy 

Treasury Direct, or TreasuryDirect’’ from 

the definition of ‘‘Original issue’’. 

■ 9. Amend § 357.20 by: 

■ a. Revising the first sentence and 

removing the second and third 

sentences of paragraph (c); 

■ b. Revising paragraphs (1)(a) and (b) of 

footnote 1 to paragraph (e); and 

■ c. Adding paragraph (h) to read as 

follows: 

§ 357.20 Securities account in Legacy 

Treasury Direct®. 

* * * * * 

(c) Account master record. In order 

for a security to be maintained in Legacy 

Treasury Direct, the account owner 

must have previously established an 

account master record, except that a 

new account may be established for the 

conversion of a definitive security 

pursuant to 31 CFR 306.23. * * * 

* * * * * 

(e) * * * 

1 * * * 

(1) * * * 

(a) If a bill was deposited in Legacy 

Treasury Direct at original issue, the 

price shown will be the issue price. 

(b) If a bill was transferred to Legacy 

Treasury Direct from TRADES, the price 

shown will be that included in the 

transfer wire or supplied subsequently 

by the bill owner. If a price was not 

furnished, the price shown will be the 

weighted average price of the bill of the 

longest maturity having the identical 

CUSIP number. 

* * * * * 

(h) Closing an account. If a Legacy 

Treasury Direct account has no 

holdings, we reserve the right to close 

the account. 

■ 10. Amend § 357.21 by revising the 

next to last sentence of paragraph 

(b)(2)(i)(A) to read as follows: 

§ 357.21 Registration. 

* * * * * 

(b) * * * 

(2) * * * 

(i) * * * 

(A) Without right of survivorship. 

* * * Any registration which purports, 

by its terms, to preclude the right of 

survivorship, or any registration in the 

names of two persons without 

indicating whether survivorship rights 

attach (other than a registration under 

paragraph (b)(2)(ii) of this section), will 


jlentini on DSKJ8SOYB1PROD with RULES
18064 Federal Register / Vol. 76, No. 63 / Friday, April 1, 2011 / Rules and Regulations 

be presumed to be ownership without 

right of survivorship. * * * 

* * * * * 

■ 11. Amend § 357.22 by revising the 

second sentence of paragraph (a) and 

revising paragraph (a)(3)(i) to read as 

follows: 

§ 357.22 Transfers. 

(a) General. * * * A security may be 

transferred from an account in Legacy 

Treasury Direct® to an account in the 

commercial book-entry system or to an 

account in TreasuryDirect®. * * * 

* * * * * 

(3) When transfer effective—(i) 

Transfer within Legacy Treasury Direct. 

A transfer of a security within Legacy 

Treasury Direct is effective when an 

appropriate entry is made in the name 

of the transferee on the Legacy Treasury 

Direct records. 

* * * * * 

■ 12. Amend § 357.32 by revising the 

first two sentences to read as follows: 

§ 357.32 Submission of transaction 

requests; further information. 

Transaction requests and requests for 

forms and information may be 

submitted to any Federal Reserve Bank 

currently serving as a Treasury Retail 

Securities Site or to the Bureau of the 

Public Debt, Legacy Treasury Direct®, 

P.O. Box 426, Parkersburg, West 

Virginia 26106–0426. A list of the 

Federal Reserve Banks currently serving 

as Treasury Retail Securities Sites is 

available upon request to the Bureau. 

* * * 

PART 363—REGULATIONS 

GOVERNING SECURITIES HELD IN 

TREASURYDIRECT 

■ 13. The authority citation for part 363 

continues to read as follows: 

Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 

U.S.C. 3102, et seq.; 31 U.S.C. 3121, et seq. 

■ 14. Amend § 363.4 by revising the 

heading and the first sentence in 

paragraph (b) to read as follows: 

§ 363.4 How is TreasuryDirect® different 

from the Legacy Treasury Direct® system 

and the commercial book-entry system? 

* * * * * 

(b) Legacy Treasury Direct. The 

Legacy Treasury Direct system is a nonInternet-based book-entry system 

maintained by Treasury for holding and 

conducting permitted transactions in 

eligible marketable Treasury securities 

as book-entry products. * * * 

* * * * * 

■ 15. Amend § 363.6 by revising the 

definitions of ‘‘Legacy Treasury Direct’’ 

and ‘‘Transfer’’ to read as follows: 

§ 363.6 What special terms do I need to 

know to understand this part? 

* * * * * 

Legacy Treasury Direct® system is a 

non-Internet-based book-entry system 

maintained by Treasury since 1986 for 

holding and conducting permitted 

transactions in marketable Treasury 

securities directly with Treasury as 

book-entry products. (See § 363.4.) 

* * * * * 

Transfer is a transaction to move a 

security, or a portion of a security, to or 

from a TreasuryDirect account. (See 

§ 363.26.) 

* * * * * 

■ 16. Amend § 363.26 by revising 

paragraph (a)(2) and adding paragraph 

(a)(3) to read as follows: 

§ 363.26 What is a transfer? 

(a) * * * 

(2) Move a marketable Treasury 

security to or from a TreasuryDirect 

account and an account in the 

commercial book-entry system; 

(3) Move a marketable Treasury 

security to a TreasuryDirect account 

from a Legacy Treasury Direct® account. 

* * * * * 

§ 363.27 [Amended] 

■ 17. Amend § 363.27 by removing the 

words ‘‘Legacy Treasury Direct or’’ from 

the second sentence of paragraph (e)(4). 

§ 363.208 [Amended] 

■ 18. Amend § 363.208 by removing the 

words ‘‘to an account in Legacy Treasury 

Direct or’’. 

Richard L. Gregg, 

Fiscal Assistant Secretary. 

[FR Doc. 2011–7739 Filed 3–31–11; 8:45 am] 

BILLING CODE 4810–39–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 63 

[EPA–R09–OAR–2010–0680; FRL–9283–6] 

State of California; Request for 

Approval of Section 112(l) Authority for 

Hazardous Air Pollutants; 

Perchloroethylene Air Emission 

Standards From Dry Cleaning Facilities 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Final rule. 

SUMMARY: EPA is finalizing approval of 

California’s Airborne Toxic Control 

Measure for Emissions of 

Perchloroethylene from Dry Cleaning 

and Water-Repelling Operations, 

Requirements for Perc Manufacturers, 

and Requirements for Perc Distributors 

to be implemented and enforced in 

place of the National Perchloroethylene 

Air Emission Standards for Dry 

Cleaning Facilities. EPA is taking this 

action under section 112(l) of the Clean 

Air Act (CAA). 

DATES: This rule is effective on May 2, 

2011. The incorporation by reference of 

certain publications listed in this rule is 

approved by the Director of the Federal 

Register on May 2, 2011. 

ADDRESSES: EPA has established docket 

number EPA–R09–OAR–2010–0680 for 

this action. The index to the docket is 

available electronically at http:// 

www.regulations.gov and in hard copy 

at EPA Region IX, 75 Hawthorne Street, 

San Francisco, California. While all 

documents in the docket are listed in 

the index, some information may be 

publicly available only at the hard copy 

location (e.g., copyrighted material), and 

some may not be publicly available in 

either location (e.g., CBI). To inspect the 

hard copy materials, please schedule an 

appointment during normal business 

hours with the contact listed in the FOR

FURTHER INFORMATION CONTACT section. 

FOR FURTHER INFORMATION CONTACT: Mae 

Wang, EPA Region IX, (415) 947–4124, 

wang.mae@epa.gov. 

SUPPLEMENTARY INFORMATION: 

Throughout this document, ‘‘we,’’ ‘‘us’’ 

and ‘‘our’’ refer to EPA. 

Table of Contents 

I. Proposed Action 

II. Public Comments and EPA Responses 

III. EPA Action 

A. Major Dry Cleaning Sources 

B. California District Rules 

C. Implementation and Enforcement 

IV. Statutory and Executive Order Reviews 

I. Proposed Action 

On October 6, 2010 (75 FR 61662), 

EPA proposed to approve California’s 

Airborne Toxic Control Measure for 

Emissions of Perchloroethylene from 

Dry Cleaning and Water Repelling 

Operations, Requirements for Perc 

Manufacturers, and Requirements for 

Perc Distributors, sections 93109, 

93109.1, and 93109.2, Title 17 of the 

California Code of Regulations 

(amended dry cleaning ATCM). The 

amended dry cleaning ATCM became 

State law on December 27, 2007, and 

was submitted by the California Air 

Resources Board (CARB) to be 

implemented and enforced in lieu of the 

National Perchloroethylene Air 

Emission Standards for Dry Cleaning 

Facilities, 40 CFR Part 63, Subpart M 

(dry cleaning NESHAP), and California’s 

previously approved original dry 

cleaning ATCM. Because EPA believes 


jlentini on DSKJ8SOYB1PROD with RULES