48060 Federal Register / Vol. 77, No. 156 / Monday, August 13, 2012 / Rules and Regulations 

addition to the requirements of this 

section, use of the 30-minute power 

must be limited to no more than 30 

minutes per use, and no more than one 

hour per flight. The use of the 30- 

minute power must also be limited by: 

(1) The maximum rotational speed, 

which may not be greater than— 

(i) The maximum value determined 

by the rotor design; or 

(ii) The maximum value demonstrated 

during the type tests; 

(2) The maximum allowable gas 

temperature; and 

(3) The maximum allowable torque. 

Kimberly K. Smith, 

Manager, Rotorcraft Directorate, Aircraft 

Certification Service. 

[FR Doc. 2012–19444 Filed 8–10–12; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2012–0289; Airspace 

Docket No. 12–ANM–5] 

Establishment of Class E Airspace; 

Fort Morgan, CO 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This action establishes Class 

E airspace at Fort Morgan, CO, to 

accommodate aircraft using a new Area 

Navigation (RNAV) Global Positioning 

System (GPS) standard instrument 

approach procedures at Fort Morgan 

Municipal Airport. This improves the 

safety and management of Instrument 

Flight Rules (IFR) operations at the 

airport. 

DATES: Effective date, 0901 UTC, 

November 15, 2012. The Director of the 

Federal Register approves this 

incorporation by reference action under 

1 CFR part 51, subject to the annual 

revision of FAA Order 7400.9 and 

publication of conforming amendments. 

FOR FURTHER INFORMATION CONTACT: 

Richard Roberts, Federal Aviation 

Administration, Operations Support 

Group, Western Service Center, 1601 

Lind Avenue SW., Renton, WA 98057; 

telephone (425) 203–4517. 

SUPPLEMENTARY INFORMATION: 

History 

On June 7, 2012, the FAA published 

in the Federal Register a notice of 

proposed rulemaking (NPRM) to 

establish controlled airspace at Fort 

Morgan, CO (77 FR 33687). Interested 

parties were invited to participate in 

this rulemaking effort by submitting 

written comments on the proposal to the 

FAA. No comments were received. 

Class E airspace designations are 

published in paragraph 6005, of FAA 

Order 7400.9V dated August 9, 2011, 

and effective September 15, 2011, which 

is incorporated by reference in 14 CFR 

71.1. The Class E airspace designations 

listed in this document will be 

published subsequently in that Order. 

The Rule 

This action amends Title 14 Code of 

Federal Regulations (14 CFR) Part 71 by 

establishing Class E airspace extending 

upward from 700 feet above the surface, 

at Fort Morgan Municipal Airport, to 

accommodate IFR aircraft executing 

new RNAV (GPS) standard instrument 

approach procedures at the airport. This 

action is necessary for the safety and 

management of IFR operations. 

The FAA has determined this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this regulation: (1) Is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26, 1979); and (3) 

does not warrant preparation of a 

regulatory evaluation as the anticipated 

impact is so minimal. Since this is a 

routine matter that will only affect air 

traffic procedures and air navigation, it 

is certified this rule, when promulgated, 

will not have a significant economic 

impact on a substantial number of small 

entities under the criteria of the 

Regulatory Flexibility Act. The FAA’s 

authority to issue rules regarding 

aviation safety is found in Title 49 of the 

U.S. Code. Subtitle 1, Section 106 

discusses the authority of the FAA 

Administrator. Subtitle VII, Aviation 

Programs, describes in more detail the 

scope of the agency’s authority. This 

rulemaking is promulgated under the 

authority described in Subtitle VII, Part 

A, Subpart I, Section 40103. Under that 

section, the FAA is charged with 

prescribing regulations to assign the use 

of airspace necessary to ensure the 

safety of aircraft and the efficient use of 

airspace. This regulation is within the 

scope of that authority as it establishes 

controlled airspace at Fort Morgan 

Municipal Airport, Fort Morgan, CO. 

Environmental Review 

The FAA has determined that this 

action qualifies for categorical exclusion 

under the National Environmental 

Policy Act in accordance with FAA 

Order 1050.1E, ‘‘Environmental 

Impacts: Policies and Procedures,’’ 

paragraph 311a. This airspace action is 

not expected to cause any potentially 

significant environmental impacts, and 

no extraordinary circumstances exist 

that warrant preparation of an 

environmental assessment. 

List of Subjects in 14 CFR Part 71 

Airspace, Incorporation by reference, 

Navigation (air). 

Adoption of the Amendment 

In consideration of the foregoing, the 

Federal Aviation Administration 

amends 14 CFR part 71 as follows: 

PART 71—DESIGNATION OF CLASS A, 

B, C, D AND E AIRSPACE AREAS; AIR 

TRAFFIC SERVICE ROUTES; AND 

REPORTING POINTS 

■ 1. The authority citation for 14 CFR 

part 71 continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E. O. 10854, 24 FR 9565, 3 CFR, 1959– 

1963 Comp., p. 389. 

§ 71.1 [Amended] 

2. The incorporation by reference in 

14 CFR 71.1 of the Federal Aviation 

Administration Order 7400.9V, Airspace 

Designations and Reporting Points, 

dated August 9, 2011, and effective 

September 15, 2011 is amended as 

follows: 

Paragraph 6005 Class E airspace areas 

extending upward from 700 feet or more 

above the surface of the earth. 

* * * * * 

ANM CO E5 Fort Morgan, CO [New] 

Fort Morgan Municipal Airport, CO 

(Lat. 40°20′02′′ N., Long.103°48′15′′ W.) 

That airspace extending upward from 700 

feet above the surface within 7.5-mile radius 

of the Fort Morgan Municipal Airport. 

Issued in Seattle, Washington, on August 3, 

2012. 

Robert Henry, 

Acting Manager, Operations Support Group, 

Western Service Center. 

[FR Doc. 2012–19701 Filed 8–10–12; 8:45 am] 

BILLING CODE 4910–13–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 43 

RIN 3038–AD08 

Real-Time Public Reporting of Swap 

Transaction Data; Correction 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Final rule; correction. 

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Federal Register / Vol. 77, No. 156 / Monday, August 13, 2012 / Rules and Regulations 48061 

1Section 608 of the Dodd-Frank Act adds to 

paragraph 7 of the definition of ‘‘covered 

transaction’’ in Section 23A of the Federal Reserve 

Act (12 U.S.C. 371(c)): ‘‘A derivative transaction, as 

defined in paragraph (3) of section 5200(b) of the 

Revised Statutes of the United States (12 U.S.C. 

84(b)), with an affiliate, to the extent that the 

transaction causes a member bank or a subsidiary 

to have credit exposure to the affiliate.’’ Hence, all 

derivatives transactions will be subjected to Section 

23A of the Federal Reserve Act to the extent that 

they cause the bank to have credit exposure to the 

affiliate. Section 23B of the Federal Reserve Act 

contains an arm’s-length requirement stating that a 

member bank and its subsidiaries may engage in 

any covered transaction with an affiliate only ‘‘on 

terms and under circumstances, including credit 

standards, that are substantially the same, or at least 

as favorable to such bank or its subsidiary, as those 

prevailing at the time for comparable transactions 

with or involving other nonaffiliated companies, or 

in the absence of comparable transactions, on terms 

and under circumstances, including credit 

standards, that in good faith would be offered to, 

or would apply to, nonaffiliated companies.’’ 

SUMMARY: The Commodity Futures 

Trading Commission (‘‘CFTC’’ or 

‘‘Commission’’) published the RealTime Public Reporting of Swap 

Transaction Data (‘‘Real-Time Public 

Reporting’’) rule and an accompanying 

preamble in the Federal Register on 

Monday, January 9, 2012 (77 FR 1182). 

This document makes an editorial 

correction to language of the preamble 

that conflicted with the rule text of the 

final rule. 

DATES: Effective Date: These corrections 

are effective August 13, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Nancy Markowitz, Deputy Director, 

202–418–5453, nmarkowitz@cftc.gov, 

Laurie Gussow, Attorney-Advisor, 202– 

418–7623, lgussow@cftc.gov, Division of 

Market Oversight, Commodity Futures 

Trading Commission, Three Lafayette 

Center, 1155 21st Street NW., 

Washington, DC 20581. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Commission published the final 

rule entitled Real-Time Public Reporting 

of Swap Transaction Data (‘‘Final 

Rule’’) in the Federal Register on 

January 9, 2012, (77 FR 1182), adopting 

rules to implement a framework for the 

real-time public reporting of swap 

transactions and pricing data for all 

swap transactions. The final rule, which 

became effective on March 9, 2012, 

contains a sentence in a footnote that 

created an inconsistency as to the type 

of swap transactions that may be 

considered ‘‘publicly reportable swap 

transactions’’ under the Final Rule. The 

sentence is corrected in this release to 

eliminate the inconsistent language in 

the footnote and, thus, make clear that 

certain, and not all, covered transactions 

as described in Sections 23A and 23B of 

the Federal Reserve Act may be 

considered ‘‘publicly-reportable swap 

transactions.’’ 

II. Summary of the Correction to the 

Real-Time Public Reporting Rule 

The Commission received inquiries 

whether it considered all ‘‘covered 

transactions’’ between affiliates, as 

defined in Sections 23A and 23B of the 

Federal Reserve Act 1 to be ‘‘publicly 

reportable swap transactions.’’ As 

published, the last sentence of footnote 

44 of the Final Rule reads: ‘‘The 

Commission considers any covered 

transaction between affiliates as 

described in Sections 23A and 23B of 

the Federal Reserve Act to be publicly 

reportable swap transactions.’’ This 

sentence unintentionally conflicts with 

the text of § 43.2 defining ‘‘publicly 

reportable swap transaction,’’ and with 

the preamble of the Final Rule. 

Section 43.2 defines the term 

‘‘publicly reportable swap transaction,’’ 

and also provides an example of certain 

swap transactions that do not fall within 

the definition. Under § 43.2, in 

paragraph (2)(i) of the definition of 

‘‘publicly reportable swap transaction,’’ 

certain inter-affiliate trades may not be 

reportable as the rule excludes from the 

definition of reportable swap 

transactions: ‘‘Internal swaps between 

one hundred percent owned 

subsidiaries of the same parent entity.’’ 

Paragraph (3) of the definition states 

that the examples of transactions set 

forth paragraph (2) of the definition that 

do not fall within the publicly 

reportable swap transaction definition 

‘‘represent swaps that are not at arm’s 

length and thus are not publicly 

reportable swap transactions, 

notwithstanding that they do result in a 

corresponding change in the market risk 

position between two parties.’’ Indeed, 

there may be covered transactions as 

defined in Sections 23A and 23B of the 

Federal Reserve Act that are not at 

‘‘arm’s length’’ transactions under Part 

43, but which nevertheless result in a 

corresponding change in market risk 

between the two parties. Under § 43.2, 

those types of covered transactions 

would not be ‘‘publicly reportable swap 

transactions.’’ 

Further, correction of the footnote 44 

sentence will remove any conflict with 

the preamble language. The preamble 

language immediately preceding the 

footnote states: ‘‘As adopted, the 

definition of a publicly reportable swap 

transaction also provides, by way of 

example, that internal transactions to 

move risk between wholly-owned 

subsidiaries of the same parent, without 

having credit exposure to the other 

party would not presently require 

public dissemination because such 

swaps are not arm’s-length 

transactions.’’ Again, there may be 

covered transactions as defined in 

Sections 23A and 23B of the Federal 

Reserve Act that may be internal 

transactions to move risk between 

wholly-owned subsidiaries of the same 

parent, without having credit exposure 

to the other party. Those transactions 

thus do not require public 

dissemination because they are not 

arm’s-length transactions. 

Accordingly, this document revises 

the language of the last sentence of 

footnote 44 on page 1187 of the Federal 

Register to read as follows: ‘‘Certain 

covered transactions between affiliates 

as described in Sections 23A and 23B of 

the Federal Reserve Act may be 

considered to be publicly reportable 

swap transactions.’’ 

For compliance purposes, this 

correction of the footnote sentence will 

result in a more accurate reflection of 

the regulatory language that the 

determination of whether a covered 

transaction under Section 23A or 23B of 

the Federal Reserve Act is a publicly 

reportable swap transaction should be 

made by the parties to the swap, rather 

than the Commission. In turn, the 

Commission’s review of such 

determination will be based upon the 

standards as set forth in § 43.2. 

III. Correction 

In FR Doc. 2011–33173 appearing on 

page 1182 in the Federal Register on 

Monday, January 9, 2012, the following 

correction is made: 

On page 1187, revise the last sentence 

of footnote 44 to read, ‘‘Certain covered 

transactions between affiliates as 

described in Sections 23A and 23B of 

the Federal Reserve Act may be 

considered to be publicly reportable 

swap transactions.’’ 

Dated: August 7, 2012. 

Sauntia S. Warfield, 

Assistant Secretary of the Commission. 

[FR Doc. 2012–19664 Filed 8–10–12; 8:45 am] 

BILLING CODE 6351–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R03–OAR–2012–0002; FRL–9710–7] 

Approval and Promulgation of Air 

Quality Implementation Plans; 

Pennsylvania; Regional Haze State 

Implementation Plan; Correction 

AGENCY: Environmental Protection 

Agency (EPA). 

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