47718 Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Rules and Regulations 

times the SMDIA) and there are more 

than five different beneficiaries named 

in the trust, the maximum coverage 

available to A would be the greater of: 

$1,250,000 or the aggregate of each 

different beneficiary’s interest to a limit 

of $250,000 per beneficiary. The 

beneficial interests in the trust 

considered for purposes of determining 

coverage are: $250,000 for the spouse’s 

life estate, $750,000 for the children 

(because each child’s $275,000 is 

subject to the $250,000 per-beneficiary 

limitation), $15,000 for the friend, 

$175,000 for the charity, and $250,000 

for the granddaughter (because the 

granddaughter’s $310,000 remainder is 

limited by the $250,000 per-beneficiary 

limitation). The aggregate beneficial 

interests total $1,440,000. Thus, the 

maximum coverage afforded to the 

account owner would be $1,440,000, the 

greater of $1,250,000 or $1,440,000.) 

(h) Revocable trusts that become 

irrevocable trusts. Notwithstanding the 

provisions in section 330.13 on the 

insurance coverage of irrevocable trust 

accounts, if a revocable trust account 

converts in part or entirely to an 

irrevocable trust upon the death of one 

or more of the trust’s owners, the trust 

account shall continue to be insured 

under the provisions of this section. 

(Example: Assume A and B have a trust 

account in connection with a living 

trust, of which they are joint grantors. If 

upon the death of either A or B the trust 

transforms into an irrevocable trust as to 

the deceased grantor’s ownership in the 

trust, the account will continue to be 

insured under the provisions of this 

section.) 

(i) This section shall apply to all 

existing and future revocable trust 

accounts and all existing and future 

irrevocable trust accounts resulting from 

formal revocable trust accounts. 

PART 347—INTERNATIONAL 

BANKING 

■ 6. The authority citation for part 347 

continues to read as follows: 

Authority: 12 U.S.C. 1813, 1815, 1817, 

1819, 1820, 1828, 3103, 3104, 3105, 3108, 

3109; Title IX, Pub. L. 98–181, 97 Stat. 1153. 

■ 7. In § 347.202: 

■ A. Paragraph (e) is revised. 

■ B. Paragraphs (v), (w) and (x) are 

redesignated as (w), (x) and (y), 

respectively, and a new paragraph (v) is 

added. 

The revision and addition read as 

follows: 

§ 347.202 Definitions. 

* * * * * 

(e) Domestic retail deposit activity 

means the acceptance by a Federal or 

State branch of any initial deposit of 

less than an amount equal to the 

standard maximum deposit insurance 

amount (‘‘SMDIA’’). 

* * * * * 

(v) Standard maximum deposit 

insurance amount, referred to as the 

‘‘SMDIA’’ hereafter, means $250,000 

from October 3, 2008, until 

December 31, 2013. Effective January 1, 

2014, the SMDIA means $100,000 

adjusted pursuant to subparagraph (F) of 

section 11(a)(1) of the FDI Act (12 U.S.C. 

1821(a)(1)(F)). 

* * * * * 

■ 8. In § 347.206, paragraph (c) is 

revised to read as follows: 

§ 347.206 Domestic retail deposit activity 

requiring deposit insurance by U.S. branch 

of a foreign bank. 

* * * * * 

(c) Grandfathered insured branches. 

Domestic retail accounts with balances 

of less than an amount equal to the 

SMDIA that require deposit insurance 

protection may be accepted or 

maintained in an insured branch of a 

foreign bank only if such branch was an 

insured branch on December 19, 1991. 

* * * * * 

■ 9. In § 347.213, paragraph (a)(1) is 

revised to read as follows: 

§ 347.213 Establishment or operation of 

noninsured foreign branch. 

(a) * * * 

(1) The branch only accepts initial 

deposits in an amount equal to the 

SMDIA or greater; or 

* * * * * 

■ 10. In § 347.215: 

■ A. Paragraph (a) introductory text is 

revised. 

■ B. Paragraph (b)(1) is revised. 

The revisions read as follows: 

§ 347.215 Exemptions from deposit 

insurance requirement. 

(a) Deposit activities not requiring 

insurance. A State branch will not be 

considered to be engaged in domestic 

retail deposit activity that requires the 

foreign bank parent to establish an 

insured U.S. bank subsidiary if the State 

branch accepts initial deposits only in 

an amount of less than an amount equal 

to the SMDIA that are derived solely 

from the following: 

* * * * * 

(b) Application for an exemption. (1) 

Whenever a foreign bank proposes to 

accept at a State branch initial deposits 

of less than an amount equal to the 

SMDIA and such deposits are not 

otherwise exempted under paragraph (a) 

of this section, the foreign bank may 

apply to the FDIC for consent to operate 

the branch as a noninsured branch. The 

Board of Directors may exempt the 

branch from the insurance requirement 

if the branch is not engaged in domestic 

retail deposit activities requiring 

insurance protection. The Board of 

Directors will consider the size and 

nature of depositors and deposit 

accounts, the importance of maintaining 

and improving the availability of credit 

to all sectors of the United States 

economy, including the international 

trade finance sector of the United States 

economy, whether the exemption would 

give the foreign bank an unfair 

competitive advantage over United 

States banking organizations, and any 

other relevant factors in making this 

determination. 

* * * * * 

Dated at Washington, DC, this 9th day of 

September 2009. 

By order of the Board of Directors. 

Robert E. Feldman, 

Executive Secretary, Federal Deposit 

Insurance Corporation. 

[FR Doc. E9–22406 Filed 9–16–09; 8:45 am] 

BILLING CODE 6714–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 73 

[Docket No. FAA–2009–0770; Airspace 

Docket No. 09–ASW–20] 

RIN 2120–AA66 

Amendment to Restricted Areas R– 

5103A, R–5103B, and R–5103C; 

McGregor, NM 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule; technical 

amendment. 

SUMMARY: This action amends the 

airspace description of Restricted Areas 

R–5103A, R–5103B, and R–5103C; 

McGregor, NM. In a final rule published 

in the Federal Register on November 3, 

1994, (59 FR 55030), an error was made 

in the airspace description to the time 

of designation for Restricted Areas R– 

5103A, R–5103B, R–5103C and R– 

5103D (R–5130D was subsequently 

revoked on January 20, 2005 (69 FR 

72113)). Specifically, the time of 

designation stated ‘‘0700–2000 local 

time, Monday–Friday, other times by 

NOTAM’’ instead of ‘‘0700–2000 local 

time Monday–Friday; other times by 

NOTAM’’. This action corrects that 

error. 


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Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Rules and Regulations 47719 

1 15 U.S.C. 77a et seq. 

2 15 U.S.C. 78a et seq. 

3 15 U.S.C. 77aaa et seq. 

DATES: Effective Dates: 0901 UTC, 

October 22, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Colby Abbott, Airspace and Rules 

Group, Office of System Operations 

Airspace and AIM, Federal Aviation 

Administration, 800 Independence 

Avenue, SW., Washington, DC 20591; 

telephone: (202) 267–8783. 

SUPPLEMENTARY INFORMATION: 

History 

On November 3, 1994, a final rule for 

Airspace Docket No. 94–ASW–12, was 

published in the Federal Register (59 

FR 55030), changing the time of 

designation for Restricted Areas R– 

5103A, R–5103B, R–5103C, and R– 

5103D at McGregor, NM. In that rule, 

the preamble discussion stated the time 

of designation was being changed from 

the existing time of designation, ‘‘0700– 

2000 local time; other times by 

NOTAM’’ to ‘‘0700–2000 local time, 

Monday–Friday; other times by 

NOTAM’’ to lessen the burden on the 

public and accurately reflect their actual 

time of use. However, in the regulatory 

language, the time of designation was 

published as ‘‘0700–2000 local time, 

Monday–Friday, other times by 

NOTAM’’. Having changed the semicolon between the days of the week and 

NOTAM provision to a comma 

unintentionally linked the NOTAM 

provision to the days of the week listed 

in the legal description only. The 

unintended consequence of this error is 

that the NOTAM provision does not 

apply to Saturdays or Sundays, as it did 

previous to that final rule. Had a semicolon been published in the regulatory 

text between the days of the week and 

the NOTAM provision, the ‘‘other times 

by NOTAM’’ provision would apply 

daily. 

Subsequent to the rule published 

November 3, 1994, (59 FR 55030), a 

second rule affecting R–5103A, R– 

5103B, R–5103C, and R–5103D was 

published December 13, 2004, (69 FR 

72113), Airspace Docket No. 04–ASW– 

11, FAA Docket No. FAA–2004–17773. 

This second rule modified the 

boundaries and designated altitudes for 

Restricted Areas R–5103A, R–5103B, 

and R–5103C, and revoked R–5103D to 

allow the U.S. Army to activate the 

restricted areas in a manner that was 

more consistent with the actual 

utilization of the airspace. As a result of 

this action, the correction to Restricted 

Area R–5103D is not necessary as it no 

longer exists. 

Based on the original intent of the 

final rule published November 3, 1994, 

and subsequently modified by a second 

final rule published December 13, 2004, 

the NOTAM provisions for R–5103A, R– 

5103B, and R–5103C should be 

applicable daily, outside the 0700–2000 

local time, Monday through Friday, 

published hours currently listed in that 

final rule. This action corrects that error 

by amending the time of designation for 

R–5103A, R–5103B, and R–5103C to 

read, ‘‘0700–2000 local time, Monday– 

Friday; other times by NOTAM’’. 

List of Subjects in 14 CFR Part 73 

Airspace, Prohibited areas, Restricted 

areas. 

Correction to Final Rule 

■ Accordingly, pursuant to the authority 

delegated to me, the legal description as 

published in the Federal Register on 

November 3, 1994 (59 FR 55030), 

Airspace Docket 94–ASW–12, and 

incorporated by reference in 14 CFR 73, 

is corrected as follows: 

§ 73.51 [Amended] 

■ On page 55031, correct the airspace 

description for the time of designation 

for Restricted Areas R–5103A, R–5103B, 

and R–5103C, to read as follows: 

* * * * * 

R–5103A McGregor, NM [Amended] 

By removing the current ‘‘Time of 

designation. 0700–2000 local time, MondayFriday, other times by NOTAM.’’ and 

substituting the following: ‘‘Time of 

designation. 0700–2000 local time MondayFriday; other times by NOTAM.’’ 

R–5103B McGregor, NM [Amended] 

By removing the current ‘‘Time of 

designation. 0700–2000 local time, MondayFriday, other times by NOTAM.’’ and 

substituting the following: ‘‘Time of 

designation. 0700–2000 local time MondayFriday; other times by NOTAM.’’ 

R–5103C McGregor, NM [Amended] 

By removing the current ‘‘Time of 

designation. 0700–2000 local time, MondayFriday, other times by NOTAM.’’ and 

substituting the following: ‘‘Time of 

designation. 0700–2000 local time MondayFriday; other times by NOTAM.’’ 

* * * * * 

Issued in Washington, DC, on August 27, 

2009. 

Ellen Crum, 

Acting Manager, Airspace and Rules Group. 

[FR Doc. E9–21263 Filed 9–16–09; 8:45 am] 

BILLING CODE 4910–13–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR parts 230, 240 and 260 

[Release Nos. 33–9063; 34–60663; 39–2467; 

File No. S7–02–09] 

RIN 3235–AK26 

Extension of Temporary Exemptions 

for Eligible Credit Default Swaps To 

Facilitate Operation of Central 

Counterparties To Clear and Settle 

Credit Default Swaps 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Interim final temporary rules; 

extension. 

SUMMARY: We are adopting amendments 

to the expiration dates in our interim 

final temporary rules that provide 

exemptions under the Securities Act of 

1933, the Securities Exchange Act of 

1934, and the Trust Indenture Act of 

1939 for certain credit default swaps in 

order to facilitate the operation of one 

or more central counterparties for those 

credit default swaps. Under the 

amendments, the expiration dates of the 

interim final temporary rules will be 

extended to November 30, 2010. 

DATES: Effective Date: This rule is 

effective September 17, 2009, and the 

expiration dates for the interim final 

temporary rules and amendments 

published January 22, 2009 (74 FR 3967) 

is extended from September 25, 2009 to 

November 30, 2010. 

FOR FURTHER INFORMATION CONTACT: 

Amy M. Starr, Senior Special Counsel, 

or Sebastian Gomez Abero, Attorney, 

Office of Chief Counsel, Division of 

Corporation Finance, at (202) 551–3500, 

U.S. Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–3628. 

SUPPLEMENTARY INFORMATION: We are 

adopting amendments to the following 

rules: interim final temporary Rule 239T 

and Rule 146 under the Securities Act 

of 1933 (‘‘Securities Act’’),1 interim final 

temporary Rule 12a–0T and Rule 12h– 

1(h)T under the Securities Exchange Act 

of 1934 (‘‘Exchange Act’’),2 and interim 

final temporary Rule 4d–11T under the 

Trust Indenture Act of 1939 (‘‘Trust 

Indenture Act’’).3

I. Background 

In January 2009, we adopted interim 

final temporary Rule 239T and a 

temporary amendment to Rule 146 

under the Securities Act, interim final 


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