Federal Register / Vol. 75, No. 233 / Monday, December 6, 2010 / Proposed Rules 75649 

Mail: Address to Mary Rupp, 

Secretary of the Board, National Credit 

Union Administration, 1775 Duke 

Street, Alexandria, Virginia 22314– 

3428. Hand Delivery/Courier: Same as 

mail address. 

Public Inspection: All public 

comments are available on the agency’s 

Web site at http://www.ncua.gov/ 

Resources/RegulationsOpinionsLaws/ 

ProposedRegulations.aspx as submitted, 

except as may not be possible for 

technical reasons. Public comments will 

not be edited to remove any identifying 

or contact information. Paper copies of 

comments may be inspected in NCUA’s 

law library at 1775 Duke Street, 

Alexandria, Virginia 22314, by 

appointment weekdays between 9 a.m. 

and 3 p.m. To make an appointment, 

call (703) 518–6546 or send an e-mail to 

OGCMail@ncua.gov. 

FOR FURTHER INFORMATION CONTACT: 

Jacqueline Lussier, Staff Attorney, 

Office of General Counsel; Elizabeth 

Wirick, Staff Attorney, Office of General 

Counsel; and Lisa Henderson, Staff 

Attorney, Office of General Counsel, at 

the address above or telephone (703) 

518–6540; or David Shetler, Deputy 

Director, Office of Corporate Credit 

Unions, at the address above or 

telephone (703) 518–6640. 

SUPPLEMENTARY INFORMATION: On 

November 18, 2010, the NCUA Board 

issued proposed amendments to its rule 

governing corporate credit unions 

(corporates) contained in part 704. The 

amendments include internal control 

and reporting requirements for 

corporates similar to those required for 

banks under the Federal Deposit 

Insurance Act and the Sarbanes-Oxley 

Act. The amendments require each 

corporate to establish an enterprisewide risk management committee 

staffed with at least one risk 

management expert. The amendments 

provide for the equitable sharing of 

Temporary Corporate Credit Union 

Stabilization Fund expenses among all 

members of corporates, including both 

credit union and noncredit union 

members. The amendments increase the 

transparency of decision-making by 

requiring corporates conduct all board 

of director votes as recorded votes and 

include the votes of individual directors 

in the meeting minutes. The 

amendments permit corporates to 

charge their members reasonable onetime or periodic membership fees as 

necessary to facilitate retained earnings 

growth. For senior corporate executives 

who are dual employees of corporate 

credit union service organizations 

(CUSOs), the amendments require 

disclosure of certain compensation 

received from the corporate CUSO. In 

addition, this proposal would amend 

parts 701 and 741 to limit natural 

person credit unions to membership in 

one corporate credit union at any 

particular time and provide that a 

natural person credit union may not 

make any investment in a corporate 

credit union of which the natural person 

credit union is not also a member. 75 FR 

73000 (November 29, 2010). 

NCUA requested comments on its 

proposal and set a 30-day comment 

period, originally scheduled to end on 

December 29, 2010. NCUA has received 

a request to extend the comment period. 

The NCUA Board believes a 30-day 

extension will facilitate the submission 

of comments without causing undue 

delay to the rulemaking process. 

Accordingly, the comment period is 

extended and comments must now be 

received by January 28, 2011. 

By the National Credit Union 

Administration Board on November 29, 2010. 

Mary F. Rupp, 

Secretary of the Board. 

[FR Doc. 2010–30426 Filed 12–3–10; 8:45 am] 

BILLING CODE 7535–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 65 

[Docket No.: FAA–2010–1060] 

Policy Clarifying Definition of ‘‘Actively 

Engaged’’ for Purposes of Inspector 

Authorization 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of proposed policy; 

extension of comment period. 

SUMMARY: This action extends the 

comment period for a Notice of 

Proposed Policy that was published on 

November 5, 2010. The proposed policy 

would clarify the term ‘‘actively 

engaged’’ for the purposes of application 

for and renewal of an inspection 

authorization. The proposed policy 

would amend the Flight Standards 

Management System Order 8900.1. 

DATES: The comment period for the 

Notice of Proposed Policy published on 

November 5, 2010 (75 FR 68249) was 

scheduled to close on December 6, 2010, 

and is extended to January 17, 2011. 

ADDRESSES: You may send comments 

identified by docket number FAA– 

2010–1060 using any of the following 

methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov and follow 

the online instructions for sending your 

comments electronically. 

• Mail: Send Comments to Docket 

Operations, M–30; U.S. Department of 

Transportation, 1200 New Jersey 

Avenue, SE., West Building Ground 

Floor, Room W12–140, West Building 

Ground Floor, Washington, DC 20590– 

0001. 

• Hand Delivery: Take comments to 

Docket Operations in Room W12–140 of 

the West Building Ground Floor at 1200 

New Jersey Avenue, SE., Washington, 

DC, between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

• Fax: (202) 493–2251. 

FOR FURTHER INFORMATION CONTACT: Ed 

Hall, Aircraft Maintenance General 

Aviation Branch, AFS–350, Federal 

Aviation Administration, 800 

Independence Avenue, SW., 

Washington, DC 20591; telephone: (804) 

222–7494 ext. 240; e-mail: 

ed.hall@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Comments Invited 

The FAA invites interested persons to 

submit written comments, data, or 

views concerning this proposal. The 

most helpful comments reference a 

specific portion of the proposal, explain 

the reason for any recommended 

change, and include supporting data. To 

ensure the docket does not contain 

duplicate comments, please send only 

one copy of written comments, or if you 

are filing comments electronically, 

please submit your comments only one 

time. 

The FAA will file in the docket all 

comments received, as well as a report 

summarizing each substantive public 

contact with FAA personnel concerning 

this proposal. Before acting on this 

proposal, the FAA will consider all 

comments received on or before the 

closing date for comments and any latefiled comments if it is possible to do so 

without incurring expense or delay. The 

FAA may change this proposal in light 

of comments received. 

Availability of This Proposed Policy 

You can get an electronic copy using 

the Internet by— 

(1) Searching the Federal 

eRulemaking Portal (http:// 

www.regulations.gov); 

(2) Visiting the FAA’s Regulations and 

Policies Web page at http:// 

www.faa.gov/regulations_policies/; or 

(3) Accessing the Government 

Printing Office’s Web page at http:// 

www.gpoaccess.gov/fr/index.html. 

You can also get a copy by sending a 

request to the Federal Aviation 

Administration, Office of Rulemaking, 


jdjones on DSK8KYBLC1PROD with PROPOSALS-1
75650 Federal Register / Vol. 75, No. 233 / Monday, December 6, 2010 / Proposed Rules 

1Rule 206(3)–3T [17 CFR 275.206(3)–3T]. All 

references to rule 206(3)–3T and the various 

sections thereof in this release are to 17 CFR 

275.206(3)–3T and its corresponding sections. See 

also Temporary Rule Regarding Principal Trades 

with Certain Advisory Clients, Investment Advisers 

Act Release No. 2653 (Sep. 24, 2007) [72 FR 55022 

(Sep. 28, 2007)] (‘‘2007 Principal Trade Rule 

Release’’). 

2 482 F.3d 481 (DC Cir. 2007). In the FPA 

Decision, handed down on March 30, 2007, the 

Court of Appeals for the DC Circuit vacated (subject 

to a subsequent stay until October 1, 2007) rule 

202(a)(11)–1 under the Advisers Act. Rule 

202(a)(11)–1 provided, among other things, that feebased brokerage accounts were not advisory 

accounts and were thus not subject to the Advisers 

Act. For further discussion of fee-based brokerage 

accounts, see 2007 Principal Trade Rule Release, 

Section I. 

3See 2007 Principal Trade Rule Release at nn.19– 

20 and Section VI.C. 

ARM–1, 800 Independence Avenue, 

SW., Washington, DC 20591, or by 

calling (202) 267–9680. Make sure to 

identify the docket number or notice 

number of this proposal. 

Background 

On November 5, 2010 the FAA 

published a Notice of Proposed Policy, 

entitled Policy Clarifying Definition of 

‘‘Actively Engaged’’ for the Purpose of 

Inspector Authorization. (75 FR 68249, 

Docket No. FAA–2010–1060.) 

Comments to that document were to be 

received on or before December 6, 2010. 

By letter dated November 16, 2010, 

the Experimental Aircraft Association 

(EAA) requested an extension of the 

comment period to January 17, 2011. By 

letter dated November 22, 2010, the 

Aircraft Owners and Pilots Association 

(AOPA) requested a 60-day extension of 

the comment period. Both petitioners 

stated the additional time is necessary 

to fully investigate the proposal’s 

potential negative impact on the 

industry and because of the impact of 

upcoming holidays on their opportunity 

to provide meaningful comments. 

Extension of Comment Period 

In accordance with § 11.47(c) of Title 

14, Code of Federal Regulations, the 

FAA has reviewed the petitions for 

extension by EAA and AOPA. The FAA 

agrees with the petitioners that an 

opportunity for meaningful comment is 

in the public interest. However, the 

FAA does not support extending the 

comment period by 60 days. This 

proposed policy does not constitute a 

significant change from current FAA 

policy regarding inspector authorization 

but is merely a clarification of that 

policy as stated in the Notice of 

Proposed Policy. 

The FAA supports an extension to 

January 17, 2011 to allow additional 

time to investigate and develop 

meaningful comments in light of the 

holiday schedule. The FAA has 

determined that an extension of the 

comment period is consistent with the 

public interest, and that good cause 

exists for taking this action. 

Accordingly, the comment period for 

this Notice of Proposed Policy is 

extended until January 17, 2011. Absent 

unusual circumstances, the FAA does 

not anticipate any further extension of 

the comment period. 

Issued in Washington, DC, on December 2, 

2010. 

Carol Giles, 

Manager, Aircraft Maintenance Division of 

Flight Standards Service. 

[FR Doc. 2010–30604 Filed 12–3–10; 8:45 am] 

BILLING CODE 4910–13–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Part 275 

[Release No. IA–3118; File No. S7–23–07] 

RIN 3235–AJ96 

Temporary Rule Regarding Principal 

Trades With Certain Advisory Clients 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Proposed rule. 

SUMMARY: The Securities and Exchange 

Commission is proposing to amend rule 

206(3)–3T under the Investment 

Advisers Act of 1940, a temporary rule 

that establishes an alternative means for 

investment advisers who are registered 

with the Commission as broker-dealers 

to meet the requirements of section 

206(3) of the Investment Advisers Act 

when they act in a principal capacity in 

transactions with certain of their 

advisory clients. The amendment would 

extend the date on which rule 206(3)– 

3T will sunset from December 31, 2010 

to December 31, 2012. 

DATES: Comments must be received on 

or before December 20, 2010. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/proposed.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number S7–23–07 on the subject line; 

or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov). Follow the 

instructions for submitting comments. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–23–07. This file number 

should be included on the subject line 

if e-mail is used. To help us process and 

review your comments more efficiently, 

please use only one method. The 

Commission will post all comments on 

the Commission’s Internet Web site 

(http://www.sec.gov/rules/ 

proposed.shtml). Comments are also 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. All comments received 

will be posted without change; we do 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Brian M. Johnson, Attorney-Adviser, 

Devin F. Sullivan, Senior Counsel, 

Matthew N. Goldin, Branch Chief, or 

Sarah A. Bessin, Assistant Director, at 

(202) 551–6787 or IArules@sec.gov, 

Office of Investment Adviser 

Regulation, Division of Investment 

Management, U.S. Securities and 

Exchange Commission, 100 F Street, 

NE., Washington, DC 20549–5041. 

SUPPLEMENTARY INFORMATION: The 

Securities and Exchange Commission is 

proposing an amendment to temporary 

rule 206(3)–3T [17 CFR 275.206(3)–3T] 

under the Investment Advisers Act of 

1940 [15 U.S.C. 80b] that would extend 

the date on which the rule will sunset 

from December 31, 2010 to December 

31, 2012. 

I. Background 

On September 24, 2007, we adopted, 

on an interim final basis, rule 206(3)– 

3T, a temporary rule under the 

Investment Advisers Act of 1940 (the 

‘‘Advisers Act’’) that provides an 

alternative means for investment 

advisers who are registered with us as 

broker-dealers to meet the requirements 

of section 206(3) of the Advisers Act 

when they act in a principal capacity in 

transactions with certain of their 

advisory clients.1 The purpose of the 

rule was to permit broker-dealers to sell 

to their advisory clients, in the wake of 

Financial Planning Association v. SEC 

(the ‘‘FPA Decision’’),2 certain securities 

held in the proprietary accounts of their 

firms that might not be available on an 

agency basis—or might be available on 

an agency basis only on less attractive 

terms3 — while protecting clients from 


jdjones on DSK8KYBLC1PROD with PROPOSALS-1