This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents. Prices of

new books are listed in the first FEDERAL

REGISTER issue of each week.

Rules and Regulations Federal Register

19901 

Vol. 76, No. 69 

Monday, April 11, 2011 

1 5 U.S.C. 553(b)(3)(A). 

2 5 U.S.C. 601 et seq. 

3 5 U.S.C. 804(3)(C). 

4 44 U.S.C. 3501 et seq. 

SECURITIES AND EXCHANGE 

COMMISSION 

5 CFR Part 4401 

[Release No. 34–64172] 

Supplemental Standards of Ethical 

Conduct for Members and Employees 

of the Securities and Exchange 

Commission 

AGENCIES: Securities and Exchange 

Commission and Office of Government 

Ethics. 

ACTION: Final rule. 

SUMMARY: The Securities and Exchange 

Commission with the concurrence of the 

Office of Government Ethics is 

amending its Supplemental Standards 

of Conduct for Members and Employees 

to eliminate a recently established prior 

approval requirement for outside 

employment. 

DATES: Effective Date: May 11, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Shira Pavis Minton, Ethics Counsel, 

Office of the General Counsel, (202) 

551–5170, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1050. 

SUPPLEMENTARY INFORMATION: The 

Securities and Exchange Commission 

with the concurrence of the Office of 

Government Ethics (‘‘OGE’’) is amending 

its Supplemental Standards of Conduct 

for Members and Employees to 

eliminate a recently established prior 

approval requirement for outside 

employment. Staff members of the SEC 

are already subject to strict limitations 

regarding the type of employment they 

are allowed to undertake, and staff 

regularly seeks advice from the ethics 

office prior to taking any outside 

employment. In addition, the 

requirement appears to be largely 

cumulative of other measures without 

providing significant additional 

benefits. These other measures include 

the requirement that SEC staff members 

submit proposed publications or 

prepared speeches relating to the 

Commission (or to the statutes or rules 

it administers) to the General Counsel 

for review. These measures also include 

current financial disclosure regulations 

and current substantive regulations 

prohibiting conflicting outside 

employment. The requirement to obtain 

prior approval for outside employment 

has not identified any conflicts or 

otherwise enhanced the ethics program. 

I. Administrative Procedure Act, 

Regulatory Flexibility Act, and 

Paperwork Reduction Act 

The Commission finds, in accordance 

with section 553(b)(3)(A) of the 

Administrative Procedure Act,1 that 

these rules relate solely to agency 

organization, procedure, or practice. 

These rules are therefore not subject to 

the provisions of the Administrative 

Procedure Act requiring notice, 

opportunity for public comment, and 

publication. The Regulatory Flexibility 

Act 2 therefore does not apply. Because 

these rules relate to ‘‘agency 

organization, procedure or practice that 

does not substantially affect the right or 

obligations of non-agency parties,’’ they 

are not subject to the Small Business 

Regulatory Enforcement Fairness Act.3

The rules do not contain any new 

collection of information requirements 

as defined by the Paperwork Reduction 

Act of 1995, as amended.4

II. Costs and Benefits of the 

Amendments 

Taken as a whole, the Commission 

and the public have a substantial 

interest in the integrity of the 

Commission’s processes. Congress has 

directed the Commission to oversee the 

securities markets and securities 

professionals and to protect investors. 

To that end, the ethical standards 

contained in the rules enacted today 

require the Commission’s members and 

employees to maintain high standards of 

honesty, integrity, and impartiality, and 

to avoid actual, or the appearance of, 

conflicts of interest. 

In general, the costs of the procedures 

in the Commission’s rules of practice 

fall largely on the Commission and its 

employees. As noted, the amendments 

set forth in this release relate to internal 

agency management. These rules recodify pre-existing obligations on the 

Commission’s members and employees 

with certain minor modifications. As 

such, the Commission believes that the 

costs imposed by compliance with these 

amended rules have not substantially 

increased from the obligations of 

Commission members and employees 

before these amendments. 

III. Consideration of Burden on 

Competition 

Section 23(a)(2) of the Exchange Act, 

15 U.S.C. 78w(a)(2), requires the 

Commission, in making rules pursuant 

to any provision of the Exchange Act, to 

consider among other matters the 

impact any such rule would have on 

competition. The purposes of the 

Exchange Act include protection of 

interstate commerce and maintenance of 

fair and honest markets. The degree of 

trust that investors and the public have 

in the Commission and its employees is 

critical to these goals. The Commission 

and its employees must adhere to the 

highest standards of integrity and 

impartiality and avoid the appearance of 

conflicts of interest. These rules affect a 

relatively small number of persons. 

Therefore, the Commission has 

determined that the burden on 

competition is small and is necessary 

and appropriate in furtherance of the 

purposes of the Exchange Act. 

Section 2(b) of the Securities Act, 15 

U.S.C. 77b(b); Section 3(f) of the 

Exchange Act, 15 U.S.C. 78c(f); Section 

2(c) of the Investment Company Act of 

1940, 15 U.S.C. 80a–2(c); and Section 

202(c) of the Investment Advisers Act of 

1940, 15 U.S.C. 80b–2(c) require that the 

Commission consider efficiency, 

competition, and capital formation, in 

addition to the protection of investors, 

whenever it is required to consider or 

determine whether an action is 

necessary or appropriate in the public 

interest. As noted above, these rules 

apply to a relatively small number of 

people and do not substantially alter 

their pre-existing obligations. The 

Commission believes that the 

amendments that the Commission is 

adopting today will have a small impact 

on competition, the capital markets, or 

capital formation. 

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19902 Federal Register / Vol. 76, No. 69 / Monday, April 11, 2011 / Rules and Regulations 

IV. Statutory Basis and Text of the Rule 

This amendment to the Commission’s 

ethics rules is being adopted pursuant to 

statutory authority granted to OGE and 

to the Commission. These include 

5 U.S.C. 7301; 5 U.S.C. App. (Ethics in 

Government Act of 1978); section 19 of 

the Securities Act of 1933, 15 U.S.C. 

77s; section 23 of the Securities 

Exchange Act of 1934, 15 U.S.C. 78w; 

section 319 of the Trust Indenture Act 

of 1939, 15 U.S.C. 77sss; section 40 of 

the Investment Company Act of 1940, 

15 U.S.C. 80a–39; and section 211 of the 

Investment Advisers Act of 1940, 15 

U.S.C. 80b–11. 

List of Subjects in 5 CFR Part 4401 

Administrative practice and 

procedure, Conduct and ethics. 

For the reasons set out in the 

preamble, Title 5, Chapter XXXIV of the 

Code of Federal Regulations is amended 

as follows: 

PART 4401—SUPPLEMENTAL 

STANDARDS OF ETHICAL CONDUCT 

FOR MEMBERS AND EMPLOYEES OF 

THE SECURITIES AND EXCHANGE 

COMMISSION 

■ 1. The authority citation for part 4401 

continues to read as follows: 

Authority: 5 U.S.C. 7301; 5 U.S.C. App. 

(Ethics in Government Act of 1978); E.O. 

12674, 54 FR 15159; 3 CFR 1989 Comp., p. 

215, as modified by E.O. 12731, 55 FR 42547; 

3 CFR, 1990 Comp., p. 306; 5 CFR 2635.105, 

2635.403, 2635.803; 15 U.S.C. 77s, 78w, 

77sss, 80a–37, 80b–11. 

■ 2. Section 4401.103 is amended by: 

■ a. Removing and reserving paragraph 

(c)(1)(ii); 

■ b. Revising paragraph (c)(1)(iii); 

■ c. Removing paragraph (d); and 

■ d. Redesignating paragraph (e) as 

paragraph (d). 

The revision reads as follows: 

§ 4401.103 Outside employment and 

activities. 

* * * * * 

(c) * * * 

(1) * * * 

(iii) No employee shall undertake the 

following types of employment or 

activities: 

(A) Employment with any entity 

regulated by the Commission; 

(B) Employment or any activity 

directly or indirectly related to the 

issuance, purchase, sale, investment or 

trading of securities or futures on 

securities or a group of securities, 

except this prohibition does not apply 

to securities holdings or transactions 

permitted by § 4401.102; 

(C) Employment otherwise involved 

with the securities industry; or 

(D) Employment otherwise in 

violation of any applicable law, rule or 

regulation. 

* * * * * 

Dated: April 4, 2011. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

Robert I. Cusick, 

Director, Office of Government Ethics. 

[FR Doc. 2011–8485 Filed 4–8–11; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF ENERGY 

10 CFR Part 430 

[Docket Number EERE–2008–BT–TP–0020] 

RIN 1904–AB89 

Energy Conservation Program for 

Consumer Products: Decision and 

Order Granting 180-Day Extension of 

Compliance Date for Residential 

Furnaces and Boilers Test Procedure 

Amendments; Correction 

AGENCY: Office of Energy Efficiency and 

Renewable Energy, Department of 

Energy. 

ACTION: Decision and order; correction 

SUMMARY: On March 31, 2011, the U.S. 

Department of Energy (DOE) published 

a Decision and Order in the Federal 

Register which granted 27 companies 

submitting petitions before the required 

date (i.e., by February 17, 2011), a 180- 

day extension of the compliance date for 

recent amendments to the DOE test 

procedure for residential furnaces and 

boilers related to the standby mode and 

off mode energy consumption of these 

products. Recently, DOE received a 

petition dated February 17, 2011 from a 

28th manufacturer, Viessmann 

Manufacturing Company, Inc., in which 

the manufacturer also requested the 

above-referenced 180-day extension. 

Although DOE received this petition 

well after February 17, 2011, the 

Department believes a number of 

factors, including international postal 

handling and Federal mail security 

screening, contributed to the delay in 

receipt of this petition. After review, 

DOE has decided to grant the petition. 

However, DOE was not able to include 

its determination regarding this petition 

in its March 31, 2011 Decision and 

Order, because publication was already 

underway. Through this correction 

notice, DOE is modifying its Decision 

and Order to add Viessmann 

Manufacturing Company, Inc., to the list 

of companies to whom the extension of 

the compliance date has been granted. 

DATES: This correction to the abovereferenced Decision and Order is 

effective April 11, 2011. For 

representation purposes, petitioners 

must comply with all applicable 

provisions of the amended DOE test 

procedure for residential furnaces and 

boilers starting on October 15, 2011. 

FOR FURTHER INFORMATION CONTACT: Dr. 

Michael G. Raymond, U.S. Department 

of Energy, Building Technologies 

Program, Mail Stop EE–2J, 1000 

Independence Avenue, SW., 

Washington, DC 20585–0121. 

Telephone: (202) 586–9611. E-mail: 

Michael.Raymond@ee.doe.gov. 

Mr. Eric Stas, U.S. Department of 

Energy, Office of the General Counsel, 

GC–71, 1000 Independence Avenue, 

SW., Washington, DC 20585–0121. 

Telephone: (202) 586–9507. E-mail: 

Eric.Stas@hq.doe.gov. 

For information on how to access the 

docket or to view hard copies of the 

docket in the Resource Room, contact 

Ms. Brenda Edwards, U.S. Department 

of Energy, Office of Energy Efficiency 

and Renewable Energy, Building 

Technologies Program, EE–2J, 1000 

Independence Avenue, SW., 

Washington, DC 20585–0121. 

Telephone: (202) 586–2945. E-mail: 

Brenda.Edwards@ee.doe.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

On March 31, 2011, DOE published a 

notice in the Federal Register (76 FR 

17755) which announced receipt of 

petitions requesting a 180-day extension 

of the April 18, 2011 compliance date 

for representations associated with 

amendments to the DOE test procedure 

for residential furnaces and boilers in 

the October 20, 2010 final rule (75 FR 

64621) from the following 27 

companies: (1) Adams Manufacturing 

Company; (2) Allied Air Enterprises; (3) 

Bard Manufacturing Co. Inc.; (4) 

Boyertown Furnace; (5) Carrier 

Corporation; (6) Crown Boiler; (7) De 

Dietrich Boilers; (8) ECR International 

Inc.; (9) Goodman Manufacturing 

Company; (10) HTP Inc.; (11) Johnson 

Controls Inc.; (12) Laars Heating 

Systems Company; (13) Lennox 

International Inc.; (14) Lochinvar; (15) 

Newmac Furnace Company; (16) New 

Yorker Residential Heating Boilers; (17) 

Nordyne; (18) NY Thermal Inc.; (19) 

Peerless Boilers Heat LLC; (20) Raypak 

Inc.; (21) Rheem Manufacturing 

Company; (22) Slant/Fin; (23) Thermo 

Products LLC; (24) Trane; (25) Triangle 

Tube; (26) US Boiler Company; and (27) 

Weil-McLain. 

In the same March 31, 2011 Federal 

Register notice, DOE published a 

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