67320 Federal Register / Vol. 76, No. 211 / Tuesday, November 1, 2011 / Rules and Regulations 

(i) Planting, 

(ii) Livestock feed, 

(iii) Charity, 

(iv) Dehydration, 

(v) Canning, 

(vi) Freezing, 

(vii) Extraction, 

(viii) Pickling, and 

(ix) Disposal. 

(2) Shipments of onions for the 

purpose of experimentation, as 

approved by the Committee, may be 

made without regard to the minimum 

grade, size, maturity, pack, and 

inspection requirements of this section. 

Assessment requirements shall be 

applicable to such shipments. 

(3) The minimum grade, size, and 

maturity requirements set forth in 

paragraph (a) of this section shall not be 

applicable to shipments of pearl onions, 

but the maximum size requirement in 

paragraph (h) of this section and the 

assessment and inspection requirements 

shall be applicable to shipments of pearl 

onions. 

(f) Safeguards. Each handler making 

shipments of onions outside the 

production area for dehydration, 

canning, freezing, extraction, pickling, 

or experimentation pursuant to 

paragraph (e) of this section shall: 

* * * * * 

Dated: October 26, 2011. 

Ellen King, 

Acting Administrator, Agricultural Marketing 

Service. 

[FR Doc. 2011–28197 Filed 10–31–11; 8:45 am] 

BILLING CODE 3410–02–P 

DEPARTMENT OF AGRICULTURE 

Agricultural Marketing Service 

7 CFR Part 984 

[Doc. No. AMS–FV–11–0062; FV11–984–1 

FR] 

Walnuts Grown in California; Increased 

Assessment Rate 

AGENCY: Agricultural Marketing Service, 

USDA. 

ACTION: Final rule. 

SUMMARY: This rule increases the 

assessment rate established for the 

California Walnut Board (Board) for the 

2011–12 and subsequent marketing 

years from $0.0174 to $0.0175 per 

kernelweight pound of assessable 

walnuts. The Board locally administers 

the marketing order which regulates the 

handling of walnuts grown in 

California. Assessments upon walnut 

handlers are used by the Board to fund 

reasonable and necessary expenses of 

the program. The marketing year began 

September 1 and ends August 31. The 

assessment rate will remain in effect 

indefinitely unless modified, 

suspended, or terminated. 

DATES: Effective Date: November 2, 

2011. 

FOR FURTHER INFORMATION CONTACT: Jeff 

Smutny, Marketing Specialist, or Kurt J. 

Kimmel, Regional Manager, California 

Marketing Field Office, Marketing Order 

and Agreement Division, Fruit and 

Vegetable Programs, AMS, USDA; 

Telephone: (559) 487–5901, Fax: (559) 

487–5906, or E-mail: 

Jeffrey.Smutny@ams.usda.gov or 

Kurt.Kimmel@ams.usda.gov. 

Small businesses may request 

information on complying with this 

regulation by contacting Laurel May, 

Marketing Order and Agreement 

Division, Fruit and Vegetable Programs, 

AMS, USDA, 1400 Independence 

Avenue SW., STOP 0237, Washington, 

DC 20250–0237; Telephone: (202) 720– 

2491, Fax: (202) 720–8938, or E-mail: 

Laurel.May@ams.usda.gov. 

SUPPLEMENTARY INFORMATION: This rule 

is issued under Marketing Order No. 

984, as amended (7 CFR part 984), 

regulating the handling of walnuts 

grown in California, hereinafter referred 

to as the ‘‘order.’’ The order is effective 

under the Agricultural Marketing 

Agreement Act of 1937, as amended 

(7 U.S.C. 601–674), hereinafter referred 

to as the ‘‘Act.’’ 

The Department of Agriculture 

(USDA) is issuing this rule in 

conformance with Executive Order 

12866. 

This final rule has been reviewed 

under Executive Order 12988, Civil 

Justice Reform. Under the marketing 

order now in effect, California walnut 

handlers are subject to assessments. 

Funds to administer the order are 

derived from such assessments. It is 

intended that the assessment rate as 

issued herein will be applicable to all 

assessable walnuts beginning on 

September 1, 2011, and continue until 

amended, suspended, or terminated. 

The Act provides that administrative 

proceedings must be exhausted before 

parties may file suit in court. Under 

section 608c(15)(A) of the Act, any 

handler subject to an order may file 

with USDA a petition stating that the 

order, any provision of the order, or any 

obligation imposed in connection with 

the order is not in accordance with law 

and request a modification of the order 

or to be exempted therefrom. Such 

handler is afforded the opportunity for 

a hearing on the petition. After the 

hearing, USDA would rule on the 

petition. The Act provides that the 

district court of the United States in any 

district in which the handler is an 

inhabitant, or has his or her principal 

place of business, has jurisdiction to 

review USDA’s ruling on the petition, 

provided an action is filed not later than 

20 days after the date of the entry of the 

ruling. 

This rule increases the assessment 

rate established for the Board for the 

2011–12 and subsequent marketing 

years from $0.0174 to $0.0175 per 

kernelweight pound of assessable 

walnuts. 

The California walnut marketing 

order provides authority for the Board, 

with the approval of USDA, to formulate 

an annual budget of expenses and 

collect assessments from handlers to 

administer the program. The members 

of the Board are growers and handlers 

of California walnuts. They are familiar 

with the Board’s needs and with the 

costs for goods and services in their 

local area and are thus in a position to 

formulate an appropriate budget and 

assessment rate. The assessment rate is 

formulated and discussed in a public 

meeting. Thus, all directly affected 

persons have an opportunity to 

participate and provide input. 

For the 2010–11 and subsequent 

marketing years, the Board 

recommended, and USDA approved, an 

assessment rate of $0.0174 per 

kernelweight pound of assessable 

walnuts that would continue in effect 

from year to year unless modified, 

suspended, or terminated by USDA 

upon recommendation and information 

submitted by the Board or other 

information available to USDA. 

The Board met on June 9, 2011, and 

unanimously recommended 2011–12 

expenditures of $7,402,450 and an 

assessment rate of $0.0175 per 

kernelweight pound of assessable 

walnuts. In comparison, last year’s 

budgeted expenditures were $6,812,000. 

The assessment rate of $0.0175 is 

$0.0001 per pound higher than the rate 

currently in effect. The quantity of 

assessable walnuts for the 2011–12 

marketing year is estimated at 470,000 

tons (inshell), which is 35,000 tons 

more than the 435,000 during the 2010– 

11 marketing year. At the recommended 

higher assessment rate of $0.0175 per 

kernelweight pound, the Board should 

collect approximately $7,402,500 in 

assessment income, which would be 

adequate to cover its 2011–12 budgeted 

expenses of $7,402,450. 

The following table compares major 

budget expenditures recommended by 

the Board for the 2010–11 and 2011–12 

marketing years: 

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Federal Register / Vol. 76, No. 211 / Tuesday, November 1, 2011 / Rules and Regulations 67321 

Budget expense categories 2010–11 2011–12 

Employee Expenses .................................................................................................................................... $577,500 $693,500 

Travel/Board Expenses/Annual Audit .......................................................................................................... 208,000 218,000 

Office Expenses ........................................................................................................................................... 118,850 117,750 

Program Expenses Including Research: 

Controlled Purchases ........................................................................................................................... 20,000 20,000 

Crop Acreage Survey ........................................................................................................................... 95,000 95,000 

Crop Estimate ....................................................................................................................................... 105,000 115,000 

Production Research Director .............................................................................................................. 88,500 88,500 

Production Research ............................................................................................................................ 1,042,000 1,036,000 

Sustainability Project ............................................................................................................................ 0 25,000 

Grades and Standards Research ......................................................................................................... 125,000 150,000 

Block Grant Research .......................................................................................................................... 0 200,00 

Domestic Market Development ............................................................................................................ 4,400,000 4,635,000 

Reserve for Contingency ...................................................................................................................... 32,250 8,700 

The assessment rate recommended by 

the Board was derived by dividing 

anticipated expenses by expected 

shipments of California walnuts 

certified as merchantable. The 470,000 

ton (inshell) estimate for merchantable 

shipments is an average of the two prior 

year’s shipments. The Board met on 

June 9, 2011, and unanimously 

approved using a two prior years’ 

average to formulate the 2011–12 

estimate. Pursuant to § 984.51(b) of the 

order, this figure is converted to a 

merchantable kernelweight basis using a 

factor of 0.45 (470,000 tons × 2,000 

pounds per ton × 0.45), which yields 

423,000,000 kernelweight pounds. At 

$0.0175 per pound, the new assessment 

rate should generate $7,402,500 in 

assessment income and allow the Board 

to cover its expenses. 

Section 984.69 of the order authorizes 

the Board to maintain a financial reserve 

of not more than two years’ budgeted 

expenses. Excess assessment funds may 

be retained in the reserve or may be 

used temporarily to defray expenses of 

the subsequent marketing year, but if so 

used, must be made available to the 

handlers from whom they were 

collected within five months after the 

end of the marketing year. 

The assessment rate established in 

this rule will continue in effect 

indefinitely unless modified, 

suspended, or terminated by USDA 

upon recommendation and information 

submitted by the Board or other 

available information. 

Although this assessment rate will be 

in effect for an indefinite period, the 

Board will continue to meet prior to or 

during each marketing year to 

recommend a budget of expenses and 

consider recommendations for 

modification of the assessment rate. The 

dates and times of Board meetings are 

available from the Board or USDA. 

Board meetings are open to the public 

and interested persons may express 

their views at these meetings. USDA 

will evaluate Board recommendations 

and other available information to 

determine whether modification of the 

assessment rate is needed. Further 

rulemaking will be undertaken as 

necessary. The Board’s 2011–12 budget 

and those for subsequent marketing 

years would be reviewed and, as 

appropriate, approved by USDA. 

Final Regulatory Flexibility Analysis 

Pursuant to requirements set forth in 

the Regulatory Flexibility Act (RFA) 

(5 U.S.C. 601–612), the Agricultural 

Marketing Service (AMS) has 

considered the economic impact of this 

action on small entities. Accordingly, 

AMS has prepared this final regulatory 

flexibility analysis. 

The purpose of the RFA is to fit 

regulatory actions to the scale of 

business subject to such actions in order 

that small businesses will not be unduly 

or disproportionately burdened. 

Marketing orders issued pursuant to the 

Act, and the rules issued thereunder, are 

unique in that they are brought about 

through group action of essentially 

small entities acting on their own 

behalf. 

There are approximately 4,500 

growers of California walnuts in the 

production area and approximately 74 

handlers subject to regulation under the 

marketing order. Small agricultural 

producers are defined by the Small 

Business Administration (SBA) (13 CFR 

121.201) as those having annual receipts 

of less than $750,000, and small 

agricultural service firms are defined as 

those having annual receipts of less than 

$7,000,000. 

According to the 2007 Census of 

Agriculture, approximately 89 percent 

of California’s walnut farms were 

smaller than 100 acres. 

USDA’s National Agricultural 

Statistics Service (NASS) reports that 

the average yield for the 2010–11 crop 

was 2.22 tons per acre. NASS also 

reported the average price received for 

the 2010–11 crop was $2,110 per ton. 

A 100-acre farm with an average yield 

of 2.22 tons per acre would therefore 

have been expected to produce about 

222 tons of walnuts during 2010–11. At 

$2,110 per ton, that farm’s production 

would have had an approximate value 

of $468,420. Assuming that the majority 

of California’s walnut farms are smaller 

than 100 acres, it could be concluded 

that the majority of the growers had 

receipts of less than $468,420 in 2010– 

11, which is well below the SBA 

threshold of $750,000. Thus, the 

majority of California’s walnut growers 

would be considered small growers 

according to SBA’s definition. 

According to information supplied by 

the industry, approximately two-thirds 

of California’s walnut handlers shipped 

merchantable walnuts valued under 

$7,000,000 during the 2010–11 

marketing year and would therefore be 

considered small handlers according to 

the SBA definition. 

This rule increases the assessment 

rate established for the Board and 

collected from handlers for the 2011–12 

and subsequent marketing years from 

$0.0174 to $0.0175 per kernelweight 

pound of assessable walnuts. The Board 

unanimously recommended 2011–12 

expenditures of $7,402,450 and an 

assessment rate of $0.0175 per 

kernelweight pound of assessable 

walnuts. The assessment rate of $0.0175 

is $0.0001 higher than the 2010–11 rate. 

The quantity of assessable walnuts for 

the 2011–12 marketing year is estimated 

at 470,000 tons inshell weight, or 

423,000,000 pounds kernelweight. 

Thus, the $0.0175 rate should provide 

$7,402,500 in assessment income and be 

adequate to meet this year’s expenses. 

The increased assessment rate is 

primarily due to increased budget 

expenditures. 

The following table compares major 

budget expenditures recommended by 

the Board for the 2010–11 and 2011–12 

marketing years: 

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67322 Federal Register / Vol. 76, No. 211 / Tuesday, November 1, 2011 / Rules and Regulations 

Budget expense categories 2010–11 2011–12 

Employee Expenses .................................................................................................................................... $577,500 $693,500 

Travel/Board Expenses/Annual Audit .......................................................................................................... 208,000 218,000 

Office Expenses ........................................................................................................................................... 118,850 117,750 

Program Expenses Including Research: 

Controlled Purchases ........................................................................................................................... 20,000 20,000 

Crop Acreage Survey ........................................................................................................................... 95,000 95,000 

Crop Estimate ....................................................................................................................................... 105,000 115,000 

Production Research Director .............................................................................................................. 88,500 88,500 

Production Research ............................................................................................................................ 1,042,000 1,036,000 

Sustainability Project ............................................................................................................................ 0 25,000 

Grades and Standards Research ......................................................................................................... 125,000 150,000 

Block Grant Research .......................................................................................................................... 0 200,000 

Domestic Market Development ............................................................................................................ 4,400,000 4,635,000 

Reserve for Contingency ...................................................................................................................... 32,250 8,700 

The Board reviewed and unanimously 

recommended 2011–12 expenditures of 

$7,402,450. Prior to arriving at this 

budget, the Board considered alternative 

expenditure levels but ultimately 

decided that the recommended levels 

were reasonable to properly administer 

the order. The assessment rate of 

$0.0175 per kernelweight pound of 

assessable walnuts was derived by 

dividing anticipated expenses of 

$7,402,450 by expected shipments of 

California walnuts certified as 

merchantable. Merchantable shipments 

for the year are estimated at 423,000,000 

pounds, which should provide 

$7,402,500 in assessment income and 

allow the Board to cover its expenses. 

Unexpended funds may be retained in 

a financial reserve, provided that funds 

in the financial reserve do not exceed 

approximately two years’ budgeted 

expenses. If not retained in a financial 

reserve, unexpended funds may be used 

temporarily to defray expenses of the 

subsequent marketing year, but must be 

made available to the handlers from 

whom collected within 5 months after 

the end of the year, according to 

§ 984.69 of the order. 

According to NASS, the season 

average grower prices for the years 2009 

and 2010 were $1,710 and $2,110 per 

ton, respectively. These prices provide a 

range within which the 2011–12 season 

average price could fall. Dividing these 

average grower prices by 2,000 pounds 

per ton provides an inshell price per 

pound range of $0.86 to $1.06. Dividing 

these inshell prices per pound by the 

0.45 conversion factor (inshell to 

kernelweight) established in the order 

yields a 2011–12 price range estimate of 

$1.91 to $2.36 per kernelweight pound 

of assessable walnuts. 

To calculate the percentage of grower 

revenue represented by the assessment 

rate, the assessment rate of $0.0175 per 

kernelweight pound is divided by the 

low and high estimates of the price 

range. The estimated assessment 

revenue for the 2011–12 marketing year 

as a percentage of total grower revenue 

will thus likely range between .74 and 

.92 percent. 

This action increases the assessment 

obligation imposed on handlers. While 

assessments impose some additional 

costs on handlers, the costs are minimal 

and uniform on all handlers. Some of 

the additional costs may be passed on 

to growers. However, these costs are 

offset by the benefits derived by the 

operation of the marketing order. In 

addition, the Board’s meeting was 

widely publicized throughout the 

California walnut industry, and all 

interested persons were invited to 

attend the meeting and participate in 

Board deliberations on all issues. Like 

all Board meetings, the June 9, 2011, 

meeting was a public meeting and all 

entities, both large and small, were able 

to express views on this issue. 

In accordance with the Paperwork 

Reduction Act of 1995, (44 U.S.C. 

Chapter 35), the order’s information 

collection requirements have been 

previously approved by the Office of 

Management and Budget (OMB) and 

assigned OMB No. 0581–0178 (Walnuts 

Grown in California). No changes in 

those requirements as a result of this 

action are necessary. Should any 

changes become necessary, they would 

be submitted to OMB for approval. 

This final rule imposes no additional 

reporting or recordkeeping requirements 

on either small or large California 

walnut handlers. As with all Federal 

marketing order programs, reports and 

forms are periodically reviewed to 

reduce information requirements and 

duplication by industry and public 

sector agencies. As noted in the initial 

regulatory flexibility analysis, USDA 

has not identified any relevant Federal 

rules that duplicate, overlap, or conflict 

with this final rule. 

AMS is committed to complying with 

the E-Government Act, to promote the 

use of the Internet and other 

information technologies to provide 

increased opportunities for citizen 

access to Government information and 

services, and for other purposes. 

A proposed rule concerning this 

action was published in the Federal 

Register on August 16, 2011 (75 FR 

50703). Copies of the proposed rule 

were also mailed or sent via facsimile to 

all walnut handlers. Finally, the 

proposal was made available through 

the Internet by USDA and the Office of 

the Federal Register. A 30-day comment 

period ending on September 15, 2011, 

was provided for interested persons to 

respond to the proposal. No comments 

were received. 

A small business guide on complying 

with fruit, vegetable, and specialty crop 

marketing agreements and orders may 

be viewed at: http://www.ams.usda.gov/ 

MarketingOrderSmallBusinessGuide. 

Any questions about the compliance 

guide should be sent to Laurel May at 

the previously mentioned address in the 

FOR FURTHER INFORMATION CONTACT

section. 

After consideration of all relevant 

material presented, including the 

information and recommendation 

submitted by the Board and other 

available information, it is hereby found 

that this rule, as hereinafter set forth, 

will tend to effectuate the declared 

policy of the Act. 

Pursuant to 5 U.S.C. 553, it also found 

and determined that good cause exists 

for not postponing the effective date of 

this rule until 30 days after publication 

in the Federal Register because the 

2011–12 marketing year began on 

September 1, 2011. Further, the 

marketing order requires that the rate of 

assessment for each marketing year 

apply to all assessable walnuts handled 

during the year; the Board needs to have 

sufficient funds to meet its expenses 

which are incurred on a continuous 

basis; and handlers are aware of this 

rule which was unanimously 

recommended at a public meeting. Also, 

a 30-day comment period was provided 

for in the proposed rule. 

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Federal Register / Vol. 76, No. 211 / Tuesday, November 1, 2011 / Rules and Regulations 67323 

1See generally 12 U.S.C. 5365(d). 2See 12 U.S.C. 5365(d)(1). 

List of Subjects in 7 CFR Part 984 

Marketing agreements, Nuts, 

Reporting and recordkeeping 

requirements, Walnuts. 

For the reasons set forth in the 

preamble, 7 CFR part 984 is amended as 

follows: 

PART 984—WALNUTS GROWN IN 

CALIFORNIA 

■ 1. The authority citation for 7 CFR 

part 984 continues to read as follows: 

Authority: 7 U.S.C. 601–674. 

■ 2. Section 984.347 is revised to read 

as follows: 

§ 984.347 Assessment rate. 

On and after September 1, 2011, an 

assessment rate of $0.0175 per 

kernelweight pound is established for 

California merchantable walnuts. 

Dated: October 26, 2011. 

David R. Shipman, 

Acting Administrator, Agricultural Marketing 

Service. 

[FR Doc. 2011–28198 Filed 10–31–11; 8:45 am] 

BILLING CODE 3410–02–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 243 

[Regulation QQ; Docket No. R–1414] 

RIN 7100–AD73 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

12 CFR Part 381 

RIN 3064 AD 77 

Resolution Plans Required 

AGENCY: Board of Governors of the 

Federal Reserve System (Board) and 

Federal Deposit Insurance Corporation 

(Corporation). 

ACTION: Final rule. 

SUMMARY: The Board and the 

Corporation (together the ‘‘Agencies’’) 

are adopting this final rule to implement 

the requirement in a section of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act (the ‘‘DoddFrank Act’’) regarding resolution plans. 

The Dodd-Frank Act section requires 

each nonbank financial company 

designated by the Financial Stability 

Oversight Council (the ‘‘Council’’) for 

enhanced supervision by the Board and 

each bank holding company with assets 

of $50 billion or more to report 

periodically to the Board, the 

Corporation, and the Council the plan of 

such company for rapid and orderly 

resolution in the event of material 

financial distress or failure. 

DATES: The rule is effective November 

30, 2011. 

FOR FURTHER INFORMATION CONTACT: 

Board: Barbara J. Bouchard, Senior 

Associate Director, (202) 452–3072, 

Michael D. Solomon, Associate Director, 

(202) 452–3502, or Avery I. Belka, 

Counsel, (202) 736–5691, Division of 

Banking Regulation and Supervision; or 

Ann E. Misback, Associate General 

Counsel, (202) 452–3788, Dominic A. 

Labitzky, Senior Attorney, (202) 452– 

3428, or Bao Nguyen, Attorney, (202) 

736–5599, Legal Division; Board of 

Governors of the Federal Reserve 

System, 20th and C Streets, NW., 

Washington, DC 20551. Users of 

Telecommunication Device for Deaf 

(TDD) only, call (202) 263–4869. 

Corporation: Joseph Fellerman, Senior 

Program Analyst, (202) 898–6591, Office 

of Complex Financial Institutions, 

Richard T. Aboussie, Associate General 

Counsel, (703) 562–2452, David N. Wall, 

Assistant General Counsel, (703) 562– 

2440, Mark A. Thompson, Counsel, 

(703) 562–2529, or Mark G. Flanigan, 

Counsel, (202) 898–7426, Legal 

Division. 

SUPPLEMENTARY INFORMATION: 

I. Background 

To promote financial stability, section 

165(d) of the Dodd-Frank Act requires 

each nonbank financial company 

supervised by the Board and each bank 

holding company with total 

consolidated assets of $50 billion or 

more (each a ‘‘covered company’’) to 

periodically submit to the Board, the 

Corporation, and the Council a plan for 

such company’s rapid and orderly 

resolution in the event of material 

financial distress or failure. That section 

also requires each covered company to 

report on the nature and extent of credit 

exposures of such covered company to 

significant bank holding companies and 

significant nonbank financial companies 

and the nature and extent of credit 

exposures of significant bank holding 

companies and significant nonbank 

financial companies to such covered 

company.1 This final rule implements 

the resolution plan requirement set forth 

in section 165(d)(1) of the Dodd-Frank 

Act. 

Plans filed under section 165(d)(1) 

will assist covered companies and 

regulators in conducting advance 

resolution planning for a covered 

company. As demonstrated by the 

Corporation’s experience in failed bank 

resolutions, as well as the Board’s and 

the Corporation’s experience in the 

recent crisis, advance planning 

improves the efficient resolution of a 

covered company. Advance planning 

has long been a component of resiliency 

and recovery planning by financial 

companies. The resolution plan 

required of covered companies under 

this final rule will support the 

Corporation’s planning for the exercise 

of its resolution authority under the 

Dodd-Frank Act and the Federal Deposit 

Insurance Act (‘‘FDI Act’’) by providing 

the Corporation with an understanding 

of the covered companies’ structure and 

complexity as well as their resolution 

strategies and processes. The resolution 

plan required of covered companies 

under this final rule will also assist the 

Board in its supervisory efforts to ensure 

that covered companies operate in a 

manner that is both safe and sound and 

that does not pose risks to financial 

stability generally. In addition, these 

plans will enhance the Agencies’ 

understanding of the U.S. operations of 

foreign banks and improve efforts to 

develop a comprehensive and 

coordinated resolution strategy for a 

cross-border firm. 

The final rule requires each covered 

company to produce a resolution plan, 

or ‘‘living will,’’ that includes 

information regarding the manner and 

extent to which any insured depository 

institution affiliated with the company 

is adequately protected from risks 

arising from the activities of nonbank 

subsidiaries of the company; detailed 

descriptions of the ownership structure, 

assets, liabilities, and contractual 

obligations of the company; 

identification of the cross-guarantees 

tied to different securities; identification 

of major counterparties; a process for 

determining to whom the collateral of 

the company is pledged; and other 

information that the Board and the 

Corporation jointly require by rule or 

order.2 The final rule requires a strategic 

analysis by the covered company of how 

it can be resolved under Title 11 of the 

U.S. Code (the ‘‘Bankruptcy Code’’) in a 

way that would not pose systemic risk 

to the financial system. In doing so, the 

company must map its core business 

lines and critical operations to material 

legal entities and provide integrated 

analyses of its corporate structure; credit 

and other exposures; funding, capital, 

and cash flows; the domestic and 

foreign jurisdictions in which it 

operates; and its supporting information 

systems for core business lines and 

critical operations. 

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