Federal Register / Vol. 83, No. 247 / Thursday, December 27, 2018 / Rules and Regulations 66621 

18The exemption cross-references the definition 

from section 402 of the Federal Deposit Insurance 

Corporation Improvement Act of 1991, 12 U.S.C. 

4402. 

Treasury is also exempting MSSB 

from the recordkeeping requirements of 

the rule with respect to any QFC entered 

into by MSSB with a clearing 

organization for the purpose of 

facilitating the clearance or settlement 

of any QFC subject to the exemption 

discussed above. As used in the 

exemption, the term ‘‘clearing 

organization’’ includes, among other 

things, clearing agencies registered with 

the SEC and derivatives clearing 

organizations registered with the 

CFTC.18 The records required by the 

rule regarding such clearing 

organization QFCs should not be needed 

by the FDIC to address the clearance or 

settlement of MSSB’s exempted 

customer QFCs. 

Further, given the limited nature of 

MSSB’s business and the limited types 

of QFCs entered into by MSSB with its 

clients, Treasury is exempting MSSB 

from the recordkeeping requirements of 

the rule with respect to any QFC 

between MSSB and an affiliate of MSSB 

if (i) the affiliate is required to maintain 

the records described in section 148.4 of 

the rule and (ii) the QFC is entered into 

by MSSB in order to enable MSSB to 

fulfill its obligations under QFCs with 

its customers or to hedge risk arising 

from QFCs with its customers. Such 

QFCs could include, for example, a 

securities lending agreement MSSB may 

enter into with an affiliate in order to 

obtain securities to lend to MSSB’s 

customers or a QFC MSSB may enter 

into with an affiliate to hedge risk 

arising from QFCs MSSB engages in 

with its customers. Treasury is limiting 

the scope of this exemption to QFCs 

with affiliates of MSSB that are 

themselves records entities because if 

the FDIC is appointed as receiver of 

MSSB, the FDIC would, by reference to 

records of the inter-affiliate QFCs 

maintained by such affiliated records 

entities, be able to decide whether or 

not to transfer such QFCs to a bridge 

financial company. Treasury has 

determined not to provide an exemption 

with respect to such QFCs with affiliates 

of MSSB that are not records entities 

because the size of such QFCs and the 

risks they impose could be such that the 

FDIC would need the records required 

by the rule to make a transfer 

determination. 

Conditions of the Exemption 

The exemption granted below is based 

on the factual representations made by 

Morgan Stanley on behalf of MSSB to 

Treasury, the FDIC, the SEC, and the 

CFTC in its submissions, including the 

factual representations regarding 

MSSB’s registration as a broker-dealer, 

investment advisor, and introducing 

broker, the limitations on its business 

lines, the limitations on the types of 

clients it serves and the types of 

products and services it offers its 

clients, the frequency, size, and dollar 

amounts of QFCs with clients, the lack 

of complexity of the QFCs it has with 

clients, and the number of client 

accounts it maintains. 

Treasury reserves the right to rescind 

or modify the exemption at any time. 

Further, Treasury intends to reassess the 

exemption in five years. At that time, 

Treasury, in consultation with the FDIC 

and the primary financial regulatory 

agencies, would evaluate any material 

changes in the nature of MSSB’s 

business as well as any relevant changes 

to market structure or applicable law or 

other relevant factors that might affect 

the reasons for granting the exemptions. 

Treasury may request an updated 

submission from MSSB as to its 

business at that time. Treasury expects 

that it would provide notice to MSSB 

prior to any modification or rescission 

of the exemption and that, in the event 

of a rescission or modification, Treasury 

would grant MSSB a limited period of 

time in which to come into compliance 

with the applicable recordkeeping 

requirements of the rule. 

Terms and Conditions of the Exemption 

MSSB is hereby granted an exemption 

from the requirements of 31 CFR 148.3 

and 148.4 for (i) any QFC entered into 

by MSSB with or on behalf of any 

customer of MSSB that is booked and 

carried in accounts at MSSB maintained 

for the benefit of such customer; (ii) any 

QFC entered into by MSSB with a 

clearing organization in order to 

facilitate the clearance or settlement of 

any QFC referenced in clause (i); and 

(iii) any QFC entered into by MSSB with 

an affiliate of MSSB in order to enable 

MSSB to fulfill its obligations under 

QFCs referenced in clause (i) or to hedge 

risk arising from QFCs referenced in 

clause (i), provided that such affiliate is 

a records entity required to maintain the 

records specified in 31 CFR 148.4. For 

purposes of the exemption, ‘‘customer’’ 

means a person who is a customer as 

defined in 15 U.S.C. 78lll(2) with 

respect to any transactions or accounts 

it has with MSSB, and ‘‘clearing 

organization’’ has the meaning provided 

in 12 U.S.C. 4402. 

The exemption is subject to 

modification or revocation at any time 

the Secretary determines that such 

action is necessary or appropriate in 

order to assist the FDIC as receiver for 

a covered financial company in being 

able to exercise its rights and fulfill its 

obligations under sections 210(c)(8), (9), 

or (10) of the Act. The exemption 

extends only to MSSB and to no other 

entities. 

Dated: December 17, 2018. 

Peter Phelan, 

Deputy Assistant Secretary for Capital 

Markets. 

[FR Doc. 2018–28074 Filed 12–26–18; 8:45 am] 

BILLING CODE 4810–25–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2017–0926] 

RIN 1625–AA09 

Drawbridge Operation Regulation; 

Hudson River, Albany and Rensselaer, 

NY 

AGENCY: Coast Guard, DHS. 

ACTION: Final rule. 

SUMMARY: The Coast Guard is modifying 

the operating schedule that governs the 

CSX Transportation Bridge 

(alternatively referred to as the 

‘‘Livingston Ave Bridge’’) across the 

Hudson River, mile 146.2, between 

Albany and Rensselaer, New York. The 

bridge owner, National Railroad 

Passenger Corporation (Amtrak), 

submitted a request to allow the bridge 

to require four hours notice for bridge 

openings. This final rule would extend 

the notice required for bridge opening 

during the summer months due to the 

infrequent number of requests, and 

reduce burden on the bridge tender. 

DATES: This rule is effective January 28, 

2019. 

ADDRESSES: To view documents 

mentioned in this preamble as being 

available in the docket, go to http://

www.regulations.gov. Type USCG– 

2017–0926 in the ‘‘SEARCH’’ box and 

click ‘‘SEARCH.’’ Click on Open Docket 

Folder on the line associated with this 

rulemaking. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call or 

email Miss Stephanie E. Lopez, Bridge 

Management Specialist, First Coast 

Guard District, telephone (212) 514– 

4335, email Stephanie.E.Lopez@

uscg.mil. 

SUPPLEMENTARY INFORMATION: 


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66622 Federal Register / Vol. 83, No. 247 / Thursday, December 27, 2018 / Rules and Regulations 

I. Table of Abbreviations 

CFR Code of Federal Regulations 

DHS Department of Homeland Security 

FR Federal Register 

OMB Office of Management and Budget 

NPRM Notice of Proposed Rulemaking 

(Advance, Supplemental) 

§ Section 

U.S.C. United States Code 

II. Background Information and 

Regulatory History 

On August 10, 2018, the Coast Guard 

published a notice of proposed 

rulemaking entitled ‘‘Proposed Rule 

Drawbridge Operations: Hudson River, 

Albany and Rensselaer, New York’’ in 

the Federal Register (83 FR 39636). No 

comments were received on this rule. 

III. Legal Authority and Need for Rule 

The Coast Guard is issuing this rule 

under authority 33 U.S.C. 499. 

The CSX Transportation Bridge 

(Livingston Ave) Bridge at mile 146.2, 

across the Hudson River, between 

Albany and Rensselaer, New York, has 

a vertical clearance of 25 feet at mean 

high water and 32 feet at mean low 

water. Vertical clearance is unlimited 

when the draw is open. Horizontal 

clearance is approximately 98 feet. 

The existing drawbridge regulation is 

33 CFR 117.791(c). The existing 

regulation requires the draw of the 

Livingston Avenue Bridge to open on 

signal; except that, from December 16 

through March 31, the draw shall open 

on signal if at least 24 hours notice is 

given. 

The owner of the bridge, National 

Railroad Passenger Corporation, 

requested a change to the drawbridge 

operating regulations to allow the bridge 

owner to require 4 hours notice before 

the draw opens on signal between April 

1 and December 15, 11 p.m. and 7 a.m. 

due to infrequent requests to open the 

bridge. This rule change will allow for 

more efficient and economical operation 

of the bridge while still meeting the 

needs of navigation. 

Review of the bridge logs in the last 

three years between 11 p.m. and 7 a.m. 

from April 1 to December 15 shows that 

the bridge averages 24 openings during 

this period per year. The waterway 

users include recreational and 

commercial vessels including tugboat/ 

barge combinations as well as tour/ 

dinner boats. 

IV. Discussion of Comments, Changes 

and the Final Rule 

The Coast Guard provided 60 days for 

comment and no comments were 

received. There are no changes in the 

regulatory text of this rule from the 

proposed rule in the NPRM. 

V. Discussion of Final Rule 

The rule provides that from April 1 

through December 15; between the 

hours of 7:00 a.m. and 11:00 p.m., the 

draw shall open on signal, and between 

the hours of 11:00 p.m. and 7:00 a.m., 

the draw shall open on signal if at least 

4 hours notice is given. It is our opinion 

that this rule meets the reasonable needs 

of marine and rail traffic. 

VI. Regulatory Analyses 

We developed this rule after 

considering numerous statutes and 

Executive Orders related to rulemaking. 

Below we summarize our analyses 

based on a number of these statutes and 

Executive Orders, and we discuss First 

Amendment rights of protesters. 

A. Regulatory Planning and Review 

Executive Orders 12866 and 13563 

direct agencies to assess the costs and 

benefits of available regulatory 

alternatives and, if regulation is 

necessary, to select regulatory 

approaches that maximize net benefits. 

Executive Order 13771 directs agencies 

to control regulatory costs through a 

budgeting process. This rule has not 

been designated a ‘‘significant 

regulatory action,’’ under Executive 

Order 12866. Accordingly, it has not 

been reviewed by the Office of 

Management and Budget (OMB) and 

pursuant to OMB guidance it is exempt 

from the requirements of Executive 

Order 13771. 

This regulatory action determination 

is based on the ability that vessels can 

still open the draw and transit the 

bridge given advanced notice. We 

believe that this change to the 

drawbridge operation regulations at 33 

CFR 117.791(c) will meet the reasonable 

needs of navigation. 

B. Impact on Small Entities 

The Regulatory Flexibility Act of 1980 

(RFA), 5 U.S.C. 601–612, as amended, 

requires federal agencies to consider the 

potential impact of regulations on small 

entities during rulemaking. The term 

‘‘small entities’’ comprises 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. 

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. 

The bridge provides 25 feet of vertical 

clearance at mean high water that 

should accommodate all the present 

vessel traffic except deep draft vessels. 

The bridge will continue to open on 

signal for any vessel provided at least 4 

hour advance notice is given. 

While some owners or operators of 

vessels intending to transit the bridge 

may be small entities, for the reasons 

stated in section VI.A above, this rule 

will not have a significant economic 

impact on any vessel owner or operator. 

Under section 213(a) of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996 (Pub. L. 104–121), 

we want to assist small entities in 

understanding this rule. If the rule 

would affect your small business, 

organization, or governmental 

jurisdiction and you have questions 

concerning its provisions or options for 

compliance, please contact the person 

listed in the FOR FURTHER INFORMATION

CONTACT, above. 

Small businesses may send comments 

on the actions of Federal employees 

who enforce, or otherwise determine 

compliance with, Federal regulations to 

the Small Business and Agriculture 

Regulatory Enforcement Ombudsman 

and the Regional Small Business 

Regulatory Fairness Boards. The 

Ombudsman evaluates these actions 

annually and rates each agency’s 

responsiveness to small business. If you 

wish to comment on actions by 

employees of the Coast Guard, call 1– 

888–REG–FAIR (1–888–734–3247). The 

Coast Guard will not retaliate against 

small entities that question or complain 

about this rule or any policy or action 

of the Coast Guard. 

C. Collection of Information 

This rule calls for no new collection 

of information under the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3501– 

3520). 

D. Federalism and Indian Tribal 

Government 

A rule has implications for federalism 

under Executive Order 13132, 

Federalism, if it has a substantial direct 

effect on the States, on the relationship 

between the national government and 

the States, or on the distribution of 

power and responsibilities among the 

various levels of government. We have 

analyzed this rule under that Order and 

have determined that it is consistent 

with the fundamental federalism 

principles and preemption requirements 

described in Executive Order 13132. 

Also, this rule does not have tribal 

implications under Executive Order 

13175, Consultation and Coordination 

with Indian Tribal Governments, 

because it does not have a substantial 

direct effect on one or more Indian 

tribes, on the relationship between the 

Federal Government and Indian tribes, 

or on the distribution of power and 


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Federal Register / Vol. 83, No. 247 / Thursday, December 27, 2018 / Rules and Regulations 66623 

responsibilities between the Federal 

Government and Indian tribes. 

E. Unfunded Mandates Reform Act 

The Unfunded Mandates Reform Act 

of 1995 (2 U.S.C. 1531–1538) requires 

Federal agencies to assess the effects of 

their discretionary regulatory actions. In 

particular, the Act addresses actions 

that may result in the expenditure by a 

State, local, or tribal government, in the 

aggregate, or by the private sector of 

$100,000,000 (adjusted for inflation) or 

more in any one year. Though this rule 

will not result in such an expenditure, 

we do discuss the effects of this rule 

elsewhere in this preamble. 

F. Environment 

We have analyzed this rule under 

Department of Homeland Security 

Management Directive 023–01 and 

Commandant Instruction M16475.lD, 

which guides the Coast Guard in 

complying with the National 

Environmental Policy Act of 1969 

(NEPA)(42 U.S.C. 4321–4370f), and 

have made a determination that this 

action is one of a category of actions 

which do not individually or 

cumulatively have a significant effect on 

the human environment. This rule 

simply promulgates the operating 

regulations or procedures for 

drawbridges. This action is categorically 

excluded from further review, under 

figure 2–1, paragraph (32)(e), of the 

Instruction. 

A preliminary Record of 

Environmental Consideration and a 

Memorandum for the Record are not 

required for this rule. 

G. Protest Activities 

The Coast Guard respects the First 

Amendment rights of protesters. 

Protesters are asked to contact the 

person listed in the FOR FURTHER

INFORMATION CONTACT section to 

coordinate protest activities so that your 

message can be received without 

jeopardizing the safety or security of 

people, places or vessels. 

List of Subjects in 33 CFR Part 117 

Bridges. 

For the reasons discussed in the 

preamble, the Coast Guard amends 33 

CFR part 117 as follows: 

PART 117—DRAWBRIDGE 

OPERATION REGULATIONS 

■ 1. The authority citation for part 117 

continues to read as follows: 

Authority: 33 U.S.C. 499; 33 CFR 1.05–1; 

and Department of Homeland Security 

Delegation No. 0170.1. 

■ 2. Revise § 117.791(c) to read as 

follows: 

§ 117.791 Hudson River. 

* * * * * 

(c) The draw of the CSX 

Transportation Bridge, mile 146.2 

between Albany and Rensselaer, shall 

open on signal; except that, from April 

1 through December 15, from 11:00 p.m. 

to 7:00 a.m., the draw shall open on 

signal if at least 4 hours notice is given 

and from December 16 through March 

31, the draw shall open on signal if at 

least 24 hours notice is given. 

* * * * * 

Dated: December 3, 2018. 

A.J. Tiongson, 

Rear Admiral, U.S. Coast Guard, Commander, 

First Coast Guard District. 

[FR Doc. 2018–28122 Filed 12–26–18; 8:45 am] 

BILLING CODE 9110–04–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket Number USCG–2018–1093] 

RIN 1625–AA00 

Safety Zone; Ohio River, Miles 73 to 74, 

Wellsburg, WV 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone for 

all navigable waters of the Ohio River, 

extending the entire width of the river, 

from mile marker (MM) 73 to MM 74. 

This safety zone is necessary to protect 

persons, property, and the marine 

environment from potential hazards 

associated with a fireworks display. 

Entry of persons or vessels into this 

zone is prohibited unless authorized by 

the Captain of the Port Marine Safety 

Unit Pittsburgh or a designated 

representative. 

DATES: This rule is effective from 11:30 

p.m. on December 31, 2018 through 

12:45 a.m. on January 01, 2019. 

ADDRESSES: To view documents 

mentioned in this preamble as being 

available in the docket, go to http://

www.regulations.gov, type USCG–2018– 

1093 in the ‘‘SEARCH’’ box and click 

‘‘SEARCH.’’ Click on Open Docket 

Folder on the line associated with this 

rule. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call or 

email Petty Officer Charles Morris, 

Marine Safety Unit Pittsburgh, U.S. 

Coast Guard; telephone 412–221–0807, 

email Charles.F.Morris@uscg.mil. 

SUPPLEMENTARY INFORMATION: 

I. Table of Abbreviations 

CFR Code of Federal Regulations 

COTP Captain of the Port Marine Safety 

Unit Pittsburgh 

DHS Department of Homeland Security 

FR Federal Register 

MM Mile marker 

NPRM Notice of proposed rulemaking 

§ Section 

U.S.C. United States Code 

II. Background Information and 

Regulatory History 

The Coast Guard is issuing this 

temporary rule without prior notice and 

opportunity to comment pursuant to 

authority under section 4(a) of the 

Administrative Procedure Act (APA) (5 

U.S.C. 553(b)). This provision 

authorizes an agency to issue a rule 

without prior notice and opportunity to 

comment when the agency for good 

cause finds that those procedures are 

‘‘impracticable, unnecessary, or contrary 

to the public interest.’’ Under 5 U.S.C. 

553(b)(3)(B), the Coast Guard finds that 

good cause exists for not publishing a 

notice of proposed rulemaking (NPRM) 

with respect to this rule because it is 

impracticable. This safety zone must be 

established by December 31, 2018 and 

we lack sufficient time to provide a 

reasonable comment period and then 

consider those comments before issuing 

this rule. The NPRM process would 

delay the establishment of the safety 

zone until after the date of the fireworks 

display and compromise public safety. 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective less than 30 

days after publication in the Federal 

Register. Delaying this rule would be 

contrary to the public interest because 

immediate action is necessary to 

respond to the potential safety hazards 

associated with this fireworks display. 

III. Legal Authority and Need for Rule 

The Coast Guard is issuing this rule 

under authority in 33 U.S.C. 1231. The 

Captain of the Port Marine Safety Unit 

Pittsburgh (COTP) has determined that 

potential hazards associated with this 

fireworks display will be a safety hazard 

for anyone within a half-mile stretch of 

the Ohio River. The rule is needed to 

protect persons, property, and the 

marine environment in the navigable 

waters within the safety zone before, 

during, and after the fireworks display. 

IV. Discussion of the Rule 

This rule establishes a safety zone 

from 11:30 p.m. December 31, 2018 to 


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