Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Rules and Regulations 45921 

(18) The central counterparty 

maintains sufficient financial resources 

to withstand, at a minimum, a default 

by the participant to which it has the 

largest exposure in extreme but 

plausible market conditions. 

(b) The Board, by order, may apply 

heightened risk-management standards 

to a particular designated financial 

market utility in accordance with the 

risks presented by that designated 

financial market utility. The Board, by 

order, may waive the application of a 

standard or standards to a particular 

designated financial market utility 

where the risks presented by or the 

design of that designated financial 

market utility would make the 

application of the standard or standards 

inappropriate. 

§ 234.5 Changes to rules, procedures, or 

operations. 

(a) Advance notice. 

(1) A designated financial market 

utility shall provide at least 60-days 

advance notice to the Board of any 

proposed change to its rules, 

procedures, or operations that could 

materially affect the nature or level of 

risks presented by the designated 

financial market utility. 

(2) The notice of the proposed change 

shall describe— 

(i) The nature of the change and 

expected effects on risks to the 

designated financial market utility, its 

participants, or the market; and 

(ii) How the designated financial 

market utility plans to manage any 

identified risks. 

(3) The Board may require the 

designated financial market utility to 

provide additional information 

necessary to assess the effect the 

proposed change would have on the 

nature or level of risks associated with 

the utility’s payment, clearing, or 

settlement activities and the sufficiency 

of any proposed risk-management 

techniques. 

(4) A designated financial market 

utility shall not implement a change to 

which the Board has an objection. 

(5) The Board will notify the 

designated financial market utility of 

any objection before the end of 60 days 

after the later of— 

(i) The date the Board receives the 

notice of proposed change; or 

(ii) The date the Board receives any 

further information it requests for 

consideration of the notice. 

(6) A designated financial market 

utility may implement a change if it has 

not received an objection to the 

proposed change before the end of 60 

days after the later of— 

(i) The date the Board receives the 

notice of proposed change; or 

(ii) The date the Board receives any 

further information it requests for 

consideration of the notice. 

(7) With respect to proposed changes 

that raise novel or complex issues, the 

Board may, by written notice during the 

60-day review period, extend the review 

period for an additional 60 days. Any 

extension under this paragraph will 

extend the time periods under 

paragraphs (a)(5) and (a)(6) of this 

section to 120 days. 

(8) A designated financial market 

utility may implement a proposed 

change before the expiration of the 

applicable review period if the Board 

notifies the designated financial market 

utility in writing that the Board does not 

object to the proposed change and 

authorizes the designated financial 

market utility to implement the change 

on an earlier date, subject to any 

conditions imposed by the Board. 

(b) Emergency changes. 

(1) A designated financial market 

utility may implement a change that 

would otherwise require advance notice 

under this section if it determines that— 

(i) An emergency exists; and 

(ii) Immediate implementation of the 

change is necessary for the designated 

financial market utility to continue to 

provide its services in a safe and sound 

manner. 

(2) The designated financial market 

utility shall provide notice of any such 

emergency change to the Board as soon 

as practicable and no later than 24 hours 

after implementation of the change. 

(3) In addition to the information 

required for changes requiring advance 

notice in paragraph (a)(2) of this section, 

the notice of an emergency change shall 

describe— 

(i) The nature of the emergency; and 

(ii) The reason the change was 

necessary for the designated financial 

market utility to continue to provide its 

services in a safe and sound manner. 

(4) The Board may require 

modification or rescission of the change 

if it finds that the change is not 

consistent with the purposes of the 

Dodd-Frank Act or any applicable rules, 

order, or standards prescribed under 

section 805(a) of the Dodd-Frank Act. 

(c) Materiality. 

(1) The term ‘‘materially affect the 

nature or level of risks presented’’ in 

paragraph (a)(1) of this section means 

matters as to which there is a reasonable 

possibility that the change would 

materially affect the overall nature or 

level of risk presented by the designated 

financial market utility, including risk 

arising in the performance of payment, 

clearing, or settlement functions. 

(2) A change to rules, procedures, or 

operations that would materially affect 

the nature or level of risks presented 

includes, but is not limited to, changes 

that materially affect any one or more of 

the following: 

(i) Participant eligibility or access 

criteria; 

(ii) Product eligibility; 

(iii) Risk management; 

(iv) Settlement failure or default 

procedures; 

(v) Financial resources; 

(vi) Business continuity and disaster 

recovery plans; 

(vii) Daily or intraday settlement 

procedures; 

(viii) The scope of services, including 

the addition of a new service or 

discontinuation of an existing service; 

(ix) Technical design or operating 

platform, which results in non-routine 

changes to the underlying technological 

framework for payment, clearing, or 

settlement functions; or 

(x) Governance. 

(3) A change to rules, procedures, or 

operations that does not meet the 

conditions of paragraph (c)(2) of this 

section and would not materially affect 

the nature or level of risks presented 

includes, but is not limited to the 

following: 

(i) A routine technology systems 

upgrade; 

(ii) A change in a fee, price, or other 

charge for services provided by the 

designated financial market utility; 

(iii) A change related solely to the 

administration of the designated 

financial market utility or related to the 

routine, daily administration, direction, 

and control of employees; or 

(iv) A clerical change and other nonsubstantive revisions to rules, 

procedures, or other documentation. 

By order of the Board of Governors of the 

Federal Reserve System, July 27, 2012. 

Robert deV. Frierson, 

Deputy Secretary of the Board. 

[FR Doc. 2012–18762 Filed 8–1–12; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 21 

Alaskan Fuel Hauling as a Restricted 

Category Special Purpose Flight 

Operation 

AGENCY: Federal Aviation 

Administration (FAA), (DOT). 

ACTION: Notice of policy. 

SUMMARY: This notice of policy 

announces Alaskan fuel hauling as a 

restricted category special purpose 


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45922 Federal Register / Vol. 77, No. 149 / Thursday, August 2, 2012 / Rules and Regulations 

operation under Title 14 of the Code of 

Federal Regulations (14 CFR) 

21.25(b)(7), for aircraft type-certificated 

under 14 CFR 21.25(a)(1), for operations 

within the State of Alaska, to provide 

bulk fuel to isolated individuals or 

locations in the State of Alaska. 

DATES: This policy is August 2, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Federal Aviation Administration, 

Aircraft Certification Service, Aircraft 

Engineering Division, Certification 

Procedures Office (AIR–110), Mike 

Monroney Aeronautical Center, P.O. 

Box 26460, Oklahoma City, OK 73125. 

Attn: Jon Mowery. Telephone (405) 

954–4776, fax 405–954–2209, email to: 

jon.mowery@faa.gov. 

SUPPLEMENTARY INFORMATION: On August 

6, 2009, a notice of proposed policy was 

published in the Federal Register (74 

FR 39242) in which the FAA proposed 

to specify Alaskan fuel hauling as a 

restricted category special purpose 

operation under 14 CFR 21.25(b)(7). The 

comment period closed September 8, 

2009. This notice of policy addresses 

only one of the three special purpose 

operations proposed in 2009. The other 

two proposals are still under 

consideration and are not addressed at 

this time in this notice. 

The FAA received comments from six 

commenters, in three major areas. One 

of the comments submitted was, ‘‘The 

transport of the fuel could be made safer 

by limiting the payload on each flight to 

say 35% of the aircraft weight so there 

won’t be problems with takeoff and 

landing’’. Another commenter proposed 

that Alaska fuel hauling be limited to 

aircraft having a maximum certificated 

takeoff weight (‘‘MTOW’’) of 20,000 lb 

or less. The FAA does not agree with 

setting an arbitrary maximum weight 

limit for this special purpose, nor does 

the FAA see a need to operate below the 

certificated capabilities of the aircraft. 

To provide for safe operations, each 

aircraft used to transport fuel will be 

required to receive FAA certification for 

the purpose of fuel hauling. During 

certification the airplane payload and 

performance limits will be specified as 

part of the certification process. All 

aircraft must be operated within their 

certificated weight and balance 

limitations, and airfield performance 

limitations. No overweight operations 

will be permitted. 

One commenter suggested that the 

special purpose of fuel hauling be 

expanded to include operations outside 

the State of Alaska, while another 

commenter requested that the proposal 

be strictly limited to operations 

conducted solely within the state. The 

FAA will limit this proposed special 

purpose to operations in the State of 

Alaska only. Alaska has a unique 

dependence on aviation for delivery of 

essential supplies to remote villages that 

are not serviced by roads or rail. Most 

of these villages are served by airports 

with runways less than 3,000 feet long. 

The remoteness and limited 

transportation infrastructure means that 

air transportation of fuel is the only 

method to deliver fuel to these areas 

during many times of the year. 

One commenter requested that the 

FAA confirm that restricted category 

aircraft certificated for the special 

purpose of Alaskan fuel hauling would 

be permitted to conduct these 

operations in view of the provisions of 

§ 91.313, which provides the operating 

limitations for aircraft certificated in 

restricted category. Section 91.313(a) 

states that no person may operate a 

restricted category civil aircraft for any 

purpose other than the special purpose 

for which it is certificated. Section 

91.313(c) states that a restricted category 

aircraft cannot be used to carry persons 

or property for compensation or hire. 

However, this paragraph goes on to say 

that for the purposes of § 91.313(c) the 

definition of ‘‘for compensation or hire’’ 

changes if the special purpose requires 

the carriage of material necessary for 

that special purpose. Then carriage of 

that material is not considered carriage 

‘‘for compensation or hire’’, but only in 

regards to the limitations in § 91.313(c). 

For example, an airplane with a 

restricted category airworthiness 

certificate for the special purpose of 

Alaska fuel hauling may carry fuel for 

commercial gain. However, the 

operation must comply with 14 CFR 

part 119, which addresses commercial 

operations. Since Alaskan fuel hauling 

does not meet any of the exclusions in 

14 CFR part 119, the operation would 

need to meet the requirements of 14 

CFR part 135 or part 121. Operational 

approval for Alaskan fuel hauling must 

be obtained from FAA Flight Standards 

Service in accordance with the 

operating regulations. 

The special purpose of Alaskan fuel 

hauling was considered for aircraft typecertificated under § 21.25(a)(1). This 

limitation will result in a higher level of 

safety than surplus military aircraft 

type-certificated under § 21.25(a)(2). 

Compliance with 14 CFR part 36 noise 

requirements is required for this special 

purpose. The fuel hauling system must 

be shown to meet the applicable 

airworthiness regulations as required by 

§§ 21.25(a)(1), and 21.101 if appropriate. 

Upon approval of the fuel hauling 

configuration of an aircraft for Alaskan 

fuel hauling, the operator must obtain 

an airworthiness certificate for the new 

special purpose. 

Accordingly, the Aircraft Engineering 

Division hereby specifies, under 

authority delegated by the 

Administrator, that Alaskan fuel hauling 

is a restricted category special purpose 

flight operation under the provisions of 

§ 21.25(b)(7). This approval is limited to 

aircraft type-certificated under 

§ 21.25(a)(1). This action will enable 

bulk fuel to be carried to isolated 

individuals and locations (such as 

villages, towns, and mining facilities) in 

the State of Alaska, during times when 

other methods are impractical. 

Issued in Washington, DC, on June 29, 

2012. 

David W. Hempe, 

Manager, Aircraft Engineering Division, 

Aircraft Certification Service. 

[FR Doc. 2012–18557 Filed 8–1–12; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 97 

[Docket No. 30853; Amdt. No. 3488] 

Standard Instrument Approach 

Procedures, and Takeoff Minimums 

and Obstacle Departure Procedures; 

Miscellaneous Amendments 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This rule establishes, amends, 

suspends, or revokes Standard 

Instrument Approach Procedures 

(SIAPs) and associated Takeoff 

Minimums and Obstacle Departure 

Procedures for operations at certain 

airports. These regulatory actions are 

needed because of the adoption of new 

or revised criteria, or because of changes 

occurring in the National Airspace 

System, such as the commissioning of 

new navigational facilities, adding new 

obstacles, or changing air traffic 

requirements. These changes are 

designed to provide safe and efficient 

use of the navigable airspace and to 

promote safe flight operations under 

instrument flight rules at the affected 

airports. 

DATES: This rule is effective August 2, 

2012. The compliance date for each 

SIAP, associated Takeoff Minimums, 

and ODP is specified in the amendatory 

provisions. 

The incorporation by reference of 

certain publications listed in the 

regulations is approved by the Director 


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