Federal Register / Vol. 62, No. 174 / Tuesday, September 9, 1997 / Rules and Regulations 47367

1 17 CFR 200.10 through 200.30–18.

2 17 CFR 200.30–6(a).

3 17 CFR 228.10 through 228.702.

4 17 CFR 200.30–6(b).

5 17 CFR 230.251 through 230.263.

6 17 CFR 200.30–6(c).

7 17 CFR 230.651 through 230.656, rescinded in

Release No. 33–7300 (May 31, 1996) [61 FR 30397].

8 17 CFR 200.30–1(b).

9 17 CFR 230.300 through 230.346, rescinded in

Release No. 33–7300.

10 17 CFR 200.30–1(g)(2).

11 15 U.S.C. 77a through 77aa.

12 17 CFR 239.9.

13 17 CFR 239.10.

14 17 CFR 200.30–1(c)(2) and (3).

15Release No. 33–7373 (December 16, 1996) [61

FR 67200].

under the criteria of the Regulatory

Flexibility Act.

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—[AMENDED]

1. The authority citation for 14 CFR

Part 71 continues to read as follows:

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

40120; EO 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 Federal Aviation

Administration Order 7400.9D, Airspace

Designations and Reporting Points,

dated September 4, 1996, and effective

September 16, 1996, is amended as

follows:

Paragraph 6005 Class E airspace areas

extending upward from 700 feet or more

above the surface of the earth.

* * * * *

ASO FL E5 Titusville, FL [Revised]

Titusville, Space Coast Regional Airport, FL

(Lat. 28°30′50′′ N, long. 80°47′58′′ W)

NASA Shuttle Landing Facility

(Lat. 28°36′54′′ N, long. 80°41′40′′ W)

Arthur Dunn Air Park

(Lat. 28°37′21′′ N, long. 80°50′11′′ W)

That airspace extending upward from 700

feet above the surface within a 6.5-mile

radius of Space Coast Regional Airport, and

within a 7.2-mile radius of NASA Shuttle

Landing Facility and within a 6.3-mile radius

of Arthur Dunn Air Park.

* * * * *

Issued in College Park, Georgia, on August

11, 1997.

Nancy B. Shelton,

Manager, Air Traffic Division, Southern

Region.

[FR Doc. 97–23734 Filed 9–8–97; 8:45 am]

BILLING CODE 4910–13–M

SECURITIES AND EXCHANGE

COMMISSION

17 CFR Part 200

[Release No. 33–7445]

Amendment of Rules Governing the

Delegation of Authority to Regional

Directors and the Director of the

Division of Corporation Finance

AGENCY: Securities and Exchange

Commission.

ACTION: Final rule.

SUMMARY: The Securities and Exchange

Commission is adopting revisions to its

rules of general organization to

eliminate outdated provisions that

delegate authority to the Regional

Directors and the Director of the

Division of Corporation Finance.

DATES: The rule revisions are effective

September 9, 1997.

FOR FURTHER INFORMATION CONTACT:

Elliot Staffin, Attorney-Advisor,

Division of Corporation Finance, (202)

942–2829, U.S. Securities and Exchange

Commission, Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION: The

Securities and Exchange Commission

(‘‘Commission’’) is eliminating the

following ‘‘delegated authority’’

provisions in its rules of general

organization:1 Rule 30–6(a),2 which

delegates authority to its Regional

Directors regarding Regulation S–B;3

Rule 30–6(b),4 which delegates authority

to its Regional Directors regarding

Regulation A;5 Rule 30–6(c),6 which

delegates authority to its Regional

Directors regarding Regulation F;7 Rule

30–1(b),8 which delegates authority to

the Director of Corporation Finance

regarding Regulation B;9 and Rule 30–

1(g)(2),10 which grants the same

authority to the Director of Corporation

Finance as that delegated to each

Regional Director under Rule 30–6(a)

and (c).

I. DISCUSSION

A. Revision of Regional Director

‘‘Delegation of Authority’’ Rules

The Commission has delegated

authority to its Regional Directors to

perform several functions under the

statutes that it administers. Rules 30–

6(a), (b) and (c) govern the delegation of

authority to Regional Directors to

perform functions under the Securities

Act of 1933 (‘‘Securities Act’’).11 In

particular, Rule 30–6(a) grants authority

to each Regional Director to perform

functions regarding Forms SB–112 and

SB–2,13 the registration statements for

small business issuers, and related

documents filed under Regulation S–B.

Rule 30–6(b) grants to each Regional

Director the authority to perform certain

functions under Regulation A.

Regulation A provides a limited

exemption from the registration

requirements of the Securities Act for a

securities offering by certain domestic

and Canadian companies that meet the

specific conditions of the exemption.

Under Rule 30–6(b), each Regional

Director possesses the same authority

regarding Regulation A offering

statements as that delegated to the

Director of the Division of Corporation

Finance under Rules 30–1(c)(2) and

(3).14 This authority includes issuing

orders that qualify offering statements or

that declare them withdrawn or

abandoned.

This delegation of authority to

Regional Directors regarding

Regulations S–B and A documents was

necessary because, until recently, a

small business issuer conducting an

initial public offering and a Regulation

A issuer had the option of filing,

respectively, its Regulation S–B

registration statement and Form 1–A

offering statement either at the

Commission’s Headquarters in

Washington, D.C. or in the Regional or

District Office for the region closest to

the registrant’s principal place of

business. However, in December 1996,

the Commission revised Forms SB–1,

SB–2 and 1–A to eliminate the Regional

Office filing option and to require these

forms to be filed at the Commission’s

Headquarters in Washington, D.C.15

These revisions were part of a broader

Commission initiative to improve

generally the regulatory conditions for

small business by creating a new

Headquarters operations unit that

specializes in small company filings and

addressing the concerns of small

businesses. Since the Regional and

District Offices no longer perform any

role in administering Regulation S–B

and Regulation A filings, the

corresponding Regional Director

‘‘delegation of authority’’ provisions

have ceased to serve a useful purpose.

Accordingly, the Commission is

rescinding Rule 30–6(a) and (b) in their

entirety.

Rule 30–6(c) governs the delegation of

authority to Regional Directors

concerning Regulation F documents.

Until recently, Regulation F provided a

conditional limited exemption from

Securities Act registration for

assessments levied on assessable stock
47368 Federal Register / Vol. 62, No. 174 / Tuesday, September 9, 1997 / Rules and Regulations

16 17 CFR 230.501 through 230.508.

17 15 U.S.C. 77d(2).

18Release No. 33–7300 [61 FR at 30398].

19 17 CFR 200.30–1.

20Former 17 CFR 230.302(a).

21Release No. 33–7300 [61 FR at 30398].

22Rule 30–1(a).

23 5 U.S.C. 553(b).

24 5 U.S.C. 601 through 612.

25 5 U.S.C. 603(a).

26 5 U.S.C. 553(d).

27 44 U.S.C. 3501 through 3520.

28 5 U.S.C. 804(3)(C).

29 15 U.S.C. 77s(a).

and for resales of forfeited assessable

stock. However, in May 1996, the

Commission rescinded Regulation F in

its entirety and accompanying Form 1–

F after determining that the availability

of other exemptions, such as the limited

offering exemptions from registration set

forth in Regulation D16 or the private

placement exemption under Securities

Act Section 4(2),17 have rendered the

Regulation F exemption obsolete.18

Since Regulation F no longer exists, the

corresponding Regional Director

‘‘delegation of authority’’ provision

regarding Regulation F has become

unnecessary as well. Therefore, the

Commission is rescinding Rule 30–6(c)

in its entirety.

B. Revision of Rules Governing

Delegation of Authority To Director of

Corporation Finance

Rule 30–1 governs the Commission’s

delegation of authority to the Director of

the Division of Corporation Finance

(‘‘Director’’).19 Rule 30–1(b) concerns

the Director’s delegated authority

regarding Regulation B documents.

Until recently, Regulation B provided a

conditional limited exemption from

Securities Act registration for offerings

of ‘‘fractional undivided interests’’ in oil

or gas rights of up to $250,000 per

offering.20 However, the Commission

rescinded Regulation B and all

accompanying forms and schedules in

May 1996 for reasons substantially

similar to those justifying the rescinding

of Regulation F.21 Since Regulation B no

longer exists, the corresponding Director

‘‘delegation of authority’’ provision has

become obsolete. Therefore, the

Commission is rescinding Rule 30–1(b)

in its entirety.

Rule 30–1(g)(2) grants to the Director

the same authority as that delegated to

each Regional Director under Rule 30–

6(a) and (c). As previously explained,

these latter provisions govern the

delegation of authority to Regional

Directors concerning Regulation S–B

and Regulation F documents. Since the

Commission is today rescinding Rule

30–6(a) and (c), it is rescinding Rule 30–

1(g)(2) as well. The Director will

continue to have authority to administer

the Regulation S–B registration regimen

under the Commission’s rule of

organization that delegates authority to

the Director to perform functions

regarding the registration of securities

under the Securities Act.22

II. Effective Date

These revisions are effective on

September 9, 1997.

III. Certain Findings

Because the revisions to the Director

and Regional Director ‘‘delegation of

authority’’ rules relate solely to agency

organization, procedure, or practice,

publication for notice and comment is

not required under the Administrative

Procedure Act.23 Therefore, the

requirements of the Regulatory

Flexibility Act 24 are inapplicable.25

These ‘‘delegation of authority’’ rule

revisions are effective upon publication

in the Federal Register. The

Commission finds that there is good

cause to dispense with the 30 day delay

between publication and effectiveness

normally required by the Administrative

Procedure Act.26 Because the revisions

relate solely to agency organization,

procedure, or practice, there will be no

hardship imposed on filers by their

immediate implementation. Rather, the

public will indirectly benefit by their

immediate implementation since the

primary purpose of the revisions is to

conform the Commission’s ‘‘delegation

of authority’’ rules of organization with

previously adopted revisions to

Securities Act regulations, which it has

already determined to be of benefit to

the public. Furthermore, by eliminating

organizational or procedural rules that

have become obsolete, the ‘‘delegation

of authority’’ revisions will reduce

confusion and promote simplicity and

efficiency in the Commission’s

regulatory framework. Balancing these

benefits against the possible confusion

and harm to filers and investors of

leaving intact obsolete organizational or

procedural rules, the Commission finds

good cause for making these rules

immediately effective.

These ‘‘delegation of authority’’

revisions fail to fall within the scope of

the Paperwork Reduction Act of 199527

because they do not constitute a

substantive or material change to a

collection of information.

Under 5 U.S.C. 804, these rule

revisions are exempt from the definition

of the term ‘‘rule’’ for purposes of

Chapter 8, entitled ‘‘Congressional

Review of Agency Rulemaking,’’ since

they constitute rules of agency

organization, procedure, or practice that

do not substantially affect the rights or

obligations of non-agency parties.28

IV. Cost-Benefit Analysis

Because these revisions relate to

organizational or procedural rules,

which will substantially impact the

Commission rather than any filer or

investor, a traditional cost-benefit

analysis appears unnecessary. As

previously mentioned, the revisions will

indirectly benefit filers and investors by

eliminating the possibility of confusion

caused by leaving intact obsolete

organizational or procedural rules.

There do not appear to be any

significant costs to the public as a result

of enacting these revisions.

V. Statutory Basis

The Commission is adopting these

‘‘delegated authority’’ rule revisions

pursuant to Section 19(a) of the

Securities Act.29

List of Subjects in 17 CFR Part 200

Authority delegations (Government

agencies), Organization and functions

(Government agencies).

Text of the Amendments

In accordance with the foregoing,

Title 17, Chapter II of the Code of

Federal Regulations is amended as

follows:

PART 200—ORGANIZATION;

CONDUCT AND ETHICS; AND

INFORMATION AND REQUESTS

Subpart A—Organization and Program

Management

1. The authority citation for part 200,

Subpart A continues to read in part as

follows:

Authority: 15 U.S.C. 77s, 78d–1, 78d–2,

78w, 78ll(d), 79t, 77sss, 80a–37, 80b–11,

unless otherwise noted.

* * * * *

2. Section 200.30–1 is amended by

removing paragraphs (b) and (g)(2);

redesignating paragraphs (c) through (f)

as paragraphs (b) through (e), paragraph

(g)(3) as paragraph (g)(2) and paragraphs

(g) through (l) as paragraphs (f) through

(k).

3. Section 200.30–6 is amended by

removing paragraphs (a), (b) and (c) and

redesignating paragraphs (d) through (h)

as paragraphs (a) through (e).

Dated: September 3, 1997.
Federal Register / Vol. 62, No. 174 / Tuesday, September 9, 1997 / Rules and Regulations 47369

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–23830 Filed 9–8–97; 8:45 am]

BILLING CODE 8010–01–P

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 52

[CA 179–0051; FRL–5890–7]

Withdrawal of Direct Final Rule for

Approval and Promulgation of

Implementation Plans; California State

Implementation Plan Revision, Bay

Area Air Quality Management District

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Withdrawal of direct final rule.

SUMMARY: Due to an adverse comment,

EPA is withdrawing the direct final rule

for the approval of revisions to the

California State Implementation Plan.

EPA published the direct final rule on

August 4, 1997 at 62 FR 41865,

approving revisions to rules from the

Bay Area Air Quality Management

District (BAAQMD). As stated in that

Federal Register document, if adverse

or critical comments were received by

September 3, 1997, the effective date

would be delayed and notice would be

published in the Federal Register. EPA

subsequently received adverse

comments on that direct final rule. EPA

will address the comments received in

a subsequent final action in the near

future. EPA will not institute a second

comment period on this document.

DATES: The direct final rule published at

62 FR 41865 is withdrawn as of

September 9, 1997.

FOR FURTHER INFORMATION CONTACT:

Christine Vineyard, Rulemaking Office

(AIR–4), Air Division, U.S.

Environmental Protection Agency,

Region IX, 75 Hawthorne Street, San

Francisco, CA 94105, Telephone: (415)

744–1197.

SUPPLEMENTARY INFORMATION: See the

information provided in the direct final

rule located in the final rules section of

the August 4, 1997 Federal Register,

and in the short informational notice

located in the proposed rule section of

the August 4, 1997 Federal Register.

List of Subjects in 40 CFR Part 52

Environmental protection, Air

pollution control, Hydrocarbons,

Incorporation by reference,

Intergovernmental relations, Ozone,

Reporting and recordkeeping

requirements, Volatile organic

compounds.

Dated: August 27, 1997.

John Wise,

Acting Regional Administrator.

[FR Doc. 97–23834 Filed 9–8–97; 8:45 am]

BILLING CODE 6560–50–P

FEDERAL COMMUNICATIONS

COMMISSION

47 CFR Parts 54, 64, and 69

[CC Docket Nos. 96–45; 97–21; FCC 97–

292]

Changes to the Board of Directors of

the National Exchange Carrier

Association, Inc. and Federal-State

Joint Board on Universal Service

AGENCY: Federal Communications

Commission.

ACTION: Final rule.

SUMMARY: The Order released August

15, 1997 directs NECA to assume the

duties of USAC pertaining to the

distribution, receipt, and processing of

the Universal Service Worksheet until

such time as USAC is prepared to begin

its operations and assume these duties.

The Order also authorizes NECA to

perform certain ministerial functions on

behalf of the Schools and Libraries and

Rural Health Care Corporation to the

extent that the performance of those

functions is necessary to meet the

January 1, 1998 starting date established

by the Commission for implementing

the universal service support

mechanisms set forth in 47 U.S.C. § 254.

Additionally, the Order authorizes

NECA, in its capacity as the

Administrator of the TRS Fund, to make

available to USAC, to NECA, to the

extent that it is acting on behalf of

USAC, and to the entity selected to be

the permanent universal service

Administrator, certain TRS Fund

information consisting of the names,

addresses, contact persons, type of

business, and other non-financial,

identifying information relating to TRS

Fund contributors. Finally, the Order

instructs entities that currently are

unable, without substantial difficulty, to

distinguish their intrastate, interstate, or

international revenues or are unable to

provide specific, line-by-line revenue

totals for certain categories of revenues,

to provide good faith estimates of such

revenues in the Universal Service

Worksheet that must be completed by

September 1, 1997.

DATES EFFECTIVE: August 15, 1997.

FOR FURTHER INFORMATION CONTACT:

Valerie Yates, Legal Counsel, Common

Carrier Bureau, (202) 418–1500 or

Sheryl Todd, Common Carrier Bureau,

(202) 418–7400.

SUPPLEMENTARY INFORMATION: This is a

summary of the Commission’s Order on

Reconsideration and Second Report and

Order adopted and released on August

15, 1997. The full text is available for

inspection and copying during normal

business hours in the FCC Reference

Center (Room 239), 1919 M St., N.W.,

Washington, D.C. Pursuant to the

Telecommunications Act of 1996, the

Commission released a Notice of

Proposed Rulemaking and Order

Establishing a Joint Board, Federal-State

Joint Board on Universal Service, CC

Docket No. 96–45, on March 8, 1996 (61

FR 10499 (March 14, 1996)), a

Recommended Decision on November 8,

1996 (61 FR 63778 (December 2, 1996)),

a Public Notice seeking comment on

rules to implement §§ 254 and 214(e) of

the Communications Act of 1934, as

amended, relating to universal service

on November 18, 1996 (61 FR 63778

(December 2, 1996)), a Notice of

Proposed Rulemaking in Changes to the

Board of Directors of the National

Exchange Carrier Association, Inc. in CC

Docket No. 97–21, on January 10, 1997

(62 FR 2636 (January 17, 1997)), a

Report and Order in Federal-State Joint

Board on Universal Service, CC Docket

No. 96–45, on May 8, 1997 (62 FR 32862

(June 17, 1997)), and a Report and Order

and Second Order on Reconsideration

in Changes to the Board of Directors of

the National Exchange Carrier

Association, Inc. and Federal-State Joint

Board on Universal Service, CC Docket

Nos. 97–21 and 96–45, on July 18, 1997

(62 FR 41294 (August 1, 1997)).

Summary of Report and Order

I. Universal Service Implementation

Issues

A. Authorization for NECA to Perform

Functions Relating to Distribution and

Processing of the Universal Service

Worksheet on Behalf of USAC

We direct NECA to assume the duties

assigned to USAC, as set forth in the

NECA Order, relating to the

distribution, receipt, and processing of

the Universal Service Worksheet until

USAC is prepared to assume these

duties. In making this determination, we

reconsider on our own motion our

decision in the NECA Order

immediately to assign these duties to

USAC. In order to ensure timely

distribution of the Universal Service

Worksheet, we conclude that it is

critical that we authorize NECA to begin

distributing the Worksheet immediately

to potential contributors so that entities