Federal Register / Vol. 74, No. 177 / Tuesday, September 15, 2009 / Rules and Regulations 47099 

1The UOC was published as a final rule on 

January 5, 1993, at 58 FR 412, and is codified, as 

amended, at 31 CFR part 356. The UOC, together 

with the offering announcement for each auction, 

sets out the terms and conditions for the sale and 

issuance by Treasury to the public of marketable 

book-entry Treasury bills, notes, and bonds. 2Public Debt News Release on June 25, 2009, 

which is available at the Bureau of the Public Debt’s 

Web site at: http://www.treasurydirect.gov/instit/ 

annceresult/press/preanre/2009/ 

BPD_SPL_20090625_1.pdf. 

3See June 25, 2009 Treasury offering 

announcements for the 91-day, 182-day, and 364- 

day Treasury bills. As noted in § 356.10, if anything 

in the auction announcement differs from the UOC, 

the auction announcement will control. 

4Once this final rule becomes effective, we will 

no longer include the customer confirmation 

threshold amount in each specific offering 

announcement. 

5 ‘‘Customer’’ is already defined in the UOC as a 

bidder that directs a depository institution or dealer 

to submit or forward a bid for a specific amount of 

securities in a specific auction on the bidder’s 

behalf. § 356.2. 

6 § 356.24(d). See Department of the Treasury, 

Securities and Exchange Commission and Board of 

Governors of the Federal Reserve System, Joint 

Report on the Government Securities Market 7–8. 

(January 1992). 

7 § 356.24(d). 

8 If an authorized representative signs the 

confirmation, it must include the capacity in which 

the representative is acting. Id. 

9 71 FR 76150, December 20, 2006. Treasury also 

added e-mail as an acceptable method for customers 

to send confirmations. 

10See note 2, supra. 

PART 4044—ALLOCATION OF 

ASSETS IN SINGLE-EMPLOYER 

PLANS 

■ 4. The authority citation for part 4044 

continues to read as follows: 

Authority: 29 U.S.C. 1301(a), 1302(b)(3), 

1341, 1344, 1362. 

■ 5. In appendix B to part 4044, a new 

entry for October–December 2009, as set 

forth below, is added to the table. 

Appendix B to Part 4044—Interest 

Rates Used To Value Benefits 

* * * * * 

For valuation dates occurring in the months— 

The values of it are: 

it for t = it for t = it for t = 

* * * * * * * 

October–December 2009 ................................................. 0.0530 1–20 0.0501 >20 N/A N/A 

Issued in Washington, DC, on this 8th day 

of September 2009. 

Vincent K. Snowbarger, 

Acting Director, Pension Benefit Guaranty 

Corporation. 

[FR Doc. E9–22129 Filed 9–14–09; 8:45 am] 

BILLING CODE 7709–01–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

31 CFR Part 356 

[Docket No. BPD GSRS 09–02] 

Sale and Issue of Marketable BookEntry Treasury Bills, Notes, and 

Bonds; Customer Confirmation 

Reporting Requirement Threshold 

Amount 

AGENCY: Bureau of the Public Debt, 

Fiscal Service, Treasury. 

ACTION: Final rule. 

SUMMARY: Treasury recently raised the 

customer confirmation reporting 

requirement threshold amount from 

$750 million to $2 billion for all 

Treasury marketable securities auctions. 

This final rule amends Treasury’s 

auction rules to conform to the new $2 

billion threshold amount. 

DATES: Effective Date: Effective 

September 15, 2009. 

ADDRESSES: This final rule is available 

on the Bureau of the Public Debt’s Web 

site at: http://www.treasurydirect.gov. It 

is also available for public inspection 

and copying at the Treasury Department 

Library, Room 1428, Main Treasury 

Building, 1500 Pennsylvania Avenue, 

NW., Washington, DC, 20220. To visit 

the library, one can call (202) 622–0990 

for an appointment. 

FOR FURTHER INFORMATION CONTACT: Lori 

Santamorena, Lee Grandy, or Kevin 

Hawkins, Department of the Treasury, 

Bureau of the Public Debt, Government 

Securities Regulations Staff, (202) 504– 

3632. 

SUPPLEMENTARY INFORMATION: The 

Department of the Treasury (‘‘Treasury,’’ 

‘‘we,’’ or ‘‘us’’) is issuing an amendment 

to 31 CFR 356.24(d) of the Uniform 

Offering Circular for the Sale and Issue 

of Marketable Book-Entry Treasury 

Bills, Notes, and Bonds (‘‘UOC’’ or 

‘‘auction rules’’) 1 to raise the threshold 

amount for the customer confirmation 

reporting requirement from $750 

million to $2 billion. In a press release 

on June 25, 2009, we announced that 

this new threshold amount would be 

effective beginning with auctions 

conducted on June 29, 2009.2 Beginning 

with the Treasury auctions announced 

on June 25, 2009, we stated the new 

threshold amount in each Treasury 

auction offering announcement.3 This 

final rule amends the UOC to conform 

to the new $2 billion threshold 

amount.4 Treasury is also restructuring, 

without making any substantive 

changes, the current § 356.24(d) to make 

clearer which provisions apply to 

customers and which apply to 

submitters and intermediaries. 

Starting in 1992, Treasury required 

customers 5 that were awarded a par 

amount of $500 million or more in a 

Treasury auction to provide written 

confirmation of their awarded bids, 

including the name of the submitter that 

submitted the bids on their behalf.6 The 

confirmation must also include a 

statement with specific information 

related to the customer’s net long 

position.7 The customer must send the 

confirmation no later than 10 a.m. on 

the day following the auction. The UOC 

requires that the confirmation be in 

writing and signed by the customer or 

by an authorized representative.8

Treasury established the customer 

confirmation reporting requirement in 

order to verify the authenticity of large 

customer bids that resulted in securities 

being awarded. Treasury subsequently 

raised the customer confirmation 

reporting requirement threshold amount 

in § 356.24(d) from $500 million to $750 

million, effective on January 1, 2007.9

Treasury auction offering amounts, on 

average, are substantially higher than 

when we last raised the customer 

confirmation reporting requirement 

threshold amount in 2007. For this 

reason, on June 25, 2009, Treasury again 

raised the customer confirmation 

threshold, from $750 million to $2 

billion.10 We now amend the UOC to 

reflect that change. 

We have restructured § 356.24(d) to 

make clearer which provisions apply to 

customers and which apply to 

submitters and intermediaries. The new 

subparagraph (d)(1) states the customer 


srobinson on DSKHWCL6B1PROD with RULES
47100 Federal Register / Vol. 74, No. 177 / Tuesday, September 15, 2009 / Rules and Regulations 

11 ‘‘Business day’’ is already defined in the UOC 

as any day on which the Federal Reserve Banks are 

open for business. § 356.2. 

requirements, including the new 

threshold amount in (d)(1)(i). 

Subparagraph (d)(2) applies to 

submitters and intermediaries. 

Also, Treasury is making one change 

to the text in the new 

§ 356.24(d)(1)(ii)(A), formerly in 

§ 356.24(d)(1), to clarify that the 

customer must provide a confirmation 

of all of its awarded bids, including the 

name of ‘‘each’’ submitter that 

submitted bids on the customer’s behalf. 

In other words, if more than one 

submitter submitted bids for a customer, 

then that customer must still confirm all 

of its awarded bids, provided the total 

amount of the awarded bids is $2 billion 

or more. 

We are making an additional change 

to the language in the new 

§ 356.24(d)(1)(i), formerly in § 356.24(d), 

to clarify that the customer must 

provide confirmation of the awarded 

bid(s) on the ‘‘next business’’ day 

following the auction.11

Regulatory Analysis and Review 

Executive Order 12866. This rule is 

not a significant regulatory action 

pursuant to Executive Order 12866. 

Administrative Procedure Act (APA). 

Because this rule relates to United 

States securities, which are contracts 

between Treasury and the owner of the 

security, this rule falls within the 

contract exception to the APA, 5 U.S.C. 

553(a)(2). As a result, the notice, public 

comment, and delayed effective date 

provisions of the APA are inapplicable 

to this rule. 

Regulatory Flexibility Act. The 

provisions of the Regulatory Flexibility 

Act, 5 U.S.C. 601 et seq., do not apply 

to this rule because, pursuant to 5 

U.S.C. 553(a)(2), it is not required to be 

issued with notice and opportunity for 

public comment. 

Paperwork Reduction Act (PRA). 

There is no new collection of 

information contained in this final rule 

that would be subject to the PRA, 44 

U.S.C. 3501 et seq. Under the PRA, an 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a valid OMB control number. 

The Office of Management and Budget 

already has approved all collections of 

information in 31 CFR part 356, under 

OMB control number 1535–0112. 

Congressional Review Act (CRA). This 

rule is not a major rule pursuant to the 

CRA, 5 U.S.C. 801 et seq., because it is 

a minor amendment to the reporting 

requirements Treasury places on 

customers submitting bids in Treasury 

marketable securities auctions. This rule 

actually requires less reporting and 

therefore, is not expected to lead to any 

of the results listed in 5 U.S.C. 804(2). 

List of Subjects in 31 CFR Part 356 

Bonds, Federal Reserve System, 

Government securities, Securities. 

■ For the reasons set forth in the 

preamble, 31 CFR part 356 is amended 

as follows: 

PART 356—SALE AND ISSUE OF 

MARKETABLE BOOK-ENTRY 

TREASURY BILLS, NOTES, AND 

BONDS (DEPARTMENT OF THE 

TREASURY CIRCULAR, PUBLIC DEBT 

SERIES NO. 1–93) 

■ 1. The authority citation for part 356 

continues to read as follows: 

Authority: 5 U.S.C. 301; 31 U.S.C. 3102 et 

seq.; 12 U.S.C. 391. 

■ 2. Revise § 356.24(d) to read as 

follows: 

§ 356.24 Will I be notified directly of my 

awards and, if I am submitting bids for 

others, do I have to provide confirmations? 

* * * * * 

(d) Customer confirmation—(1) 

Customer requirements—(i) When and 

how must a customer confirm its 

awards? Any customer awarded a par 

amount of $2 billion or more in an 

auction must send us a confirmation in 

written form or via e-mail containing 

the information in paragraph (d)(1)(ii) of 

this section. The confirmation must be 

sent no later than 10 a.m. Eastern Time 

on the next business day following the 

auction. If sent in written form, the 

confirmation must be signed by the 

customer or authorized representative. 

Confirmations sent by e-mail must be 

sent by the customer or authorized 

representative. Confirmations signed or 

sent by an authorized representative 

must include the capacity in which the 

representative is acting. 

(ii) What must the customer include 

in its confirmation? The information the 

customer must provide is: 

(A) A confirmation of the awarded 

bid(s), including the name of each 

submitter that submitted the bid(s) on 

the customer’s behalf, and 

(B) A statement indicating whether 

the customer had a reportable net long 

position as defined in § 356.13. If a 

position had to be reported, the 

statement must provide the amount of 

the position and the name of the 

submitter that the customer requested to 

report the position. 

(2) Submitter or intermediary 

requirements. A submitter or 

intermediary submitting or forwarding 

bids for a customer must notify the 

customer of the customer confirmation 

reporting requirement if we award the 

customer $2 billion or more as a result 

of those bids. 

Richard L. Gregg, 

Acting Fiscal Assistant Secretary. 

[FR Doc. E9–22147 Filed 9–14–09; 8:45 am] 

BILLING CODE 4810–39–P 

FEDERAL COMMUNICATIONS 

COMMISSION 

47 CFR Part 25 

[IB Docket No. 02–10; FCC 09–63] 

Procedures To Govern the Use of 

Satellite Earth Stations on Board 

Vessels in the 5925–6425 MHz/3700– 

4200 MHz Bands and 14.0–14.5 GHz/ 

11.7–12.2 GHz Bands 

AGENCY: Federal Communications 

Commission. 

ACTION: Final rule. 

SUMMARY: In this document, the Federal 

Communications Commission 

(Commission) modifies its C-band and 

Ku-band licensing and service rules for 

Earth Stations on Board Vessels (ESVs) 

in order to promote greater ESV 

operational flexibility without causing 

harmful interference to the fixed service 

(FS) and fixed-satellite service (FSS) 

operators and a limited number of 

Government operations in those bands. 

DATES: Effective October 15, 2009, 

except for §§ 25.221(b)(1)(i) through 

(iii), 25.222(b)(1)(i) through (iii), 

25.221(b)(1)(iv)(A), (B); 

25.222(b)(1)(iv)(A), (B), 25.221(b)(2)(i) 

through (v), 25.222(b)(2)(i) through (v), 

25.221(b)(4); 25.222(b)(4), which 

contain information collection 

requirements that are not effective until 

approved by the Office of Management 

and Budget. The Commission will 

publish a document in the Federal 

Register announcing the effective date 

for those sections. The Commission will 

send a copy of this Order on 

Reconsideration in a report to be sent to 

Congress and the Government 

Accountability Office pursuant to the 

Congressional Review Act, see 5 U.S.C. 

801(a)(1)(A). 

FOR FURTHER INFORMATION CONTACT: 

Jennifer Balatan or Howard Griboff, 

Policy Division, International Bureau, 

(202) 418–1460. 

SUPPLEMENTARY INFORMATION: This is a 

summary of the Commission’s Order on 

Reconsideration, adopted on July 30, 

2009, and released on July 31, 2009 

(FCC 09–63). The full text of this 


srobinson on DSKHWCL6B1PROD with RULES