61226 Federal Register / Vol. 62, No. 221 / Monday, November 17, 1997 / Rules and Regulations

1The comment submitted in response to the

ANPR was placed on the public record, and filed

as document number B21969700001. In today’s

notice, the comment is cited as NEMA, #1.

2NEMA, #1.

3 In accordance with section 18 of the FTC Act,

15 U.S.C. 57a, the Commission submitted the NPR

to the Chairman of the Committee on Commerce,

Science, and Transportation, United States Senate,

and the Chairman of the Committee on Commerce,

United States House of Representatives, 30 days

prior to its publication in the Federal Register.

4These procedures included: publishing a Notice

of Proposed Rulemaking; soliciting written

comments on the Commission’s proposal to repeal

the Rule; holding an informal hearing, if requested

by interested parties; receiving a final

recommendation from Commission staff; and

announcing final Commission action in the Federal

Register.

and (8) do not dispose of batteries in

fire. See section 7.5 of ANSI Standard

C18.1M–1992. At a minimum, each dry

cell battery and battery package

inspected by Commission staff informed

consumers that the batteries may

explode or leak if recharged, inserted

improperly, disposed of in fire, or

mixed with different battery types.

Based on the foregoing, on March 25,

1997, the Commission published an

Advance Notice of Proposed

Rulemaking (‘‘ANPR’’) tentatively

concluding that industry members that

comply with the ANSI standard’s pointof-sale disclosure requirements also

comply with the Rule. Accordingly, the

Commission tentatively determined that

the Dry Cell Battery Rule is no longer

necessary, and sought comments on the

proposed repeal of the Rule until April

24, 1997. 62 FR 14050.

The only comment received in

response to the ANPR was submitted by

the National Electrical Manufacturers

Association (‘‘NEMA’’), a trade

association representing all major U.S.

manufacturers of dry cell batteries.1

NEMA supported repeal of the

Commission’s Dry Cell Battery Rule,

indicating that it has been superseded

effectively in the marketplace by ANSI

Standard C18.1M–1992.2

After reviewing the comment

submitted in response to the ANPR, and

in light of ANSI Standard C18.1M–1992,

on August 19, 1997, pursuant to the

Federal Trade Commission Act (‘‘FTC

Act’’), 15 U.S.C. 41–58, and the

Administrative Procedure Act, 5 U.S.C.

551–59, 701–06, the Commission

published a Notice of Proposed

Rulemaking (‘‘NPR’’) initiating a

proceeding to consider whether the Dry

Cell Battery Rule should be repealed or

remain in effect (62 FR 44099).3 This

rulemaking proceeding was undertaken

as part of the Commission’s ongoing

program of evaluating trade regulation

rules and industry guides to ascertain

their effectiveness, impact, cost and

need. This proceeding also responded to

President Clinton’s National Regulatory

Reinvention Initiative, which, among

other things, urges agencies to eliminate

obsolete or unnecessary regulations. In

the NPR, the Commission announced its

determination, pursuant to 16 CFR 1.20,

to use expedited procedures in this

proceeding.4 The NPR comment period

closed on September 18, 1997. The

Commission received no comments and

no requests to hold an informal hearing.

II. Basis for Repeal of Rule

The Commission has decided to

repeal the Dry Cell Battery Rule for the

reasons discussed in the NPR. In sum,

the Commission has reviewed the

rulemaking record and determined that

the practices that brought about the

Rule, labeling or advertising dry cell

batteries as being ‘‘leakproof,’’ are no

longer common industry practices. In

addition, general voluntary compliance

by the industry with the requirements of

ANSI Standard C18.1M–1992 Dry Cells

and Batteries—Specifications assures

compliance with the Rule. Although

repealing the Dry Cell Battery Rule

would eliminate the Commission’s

ability to obtain civil penalties for any

future misrepresentations that dry cell

batteries are leakproof, the Commission

has determined that, in these

circumstances, repealing the Rule

would not impair the Commission’s

ability to act effectively. Any significant

problems that might arise could be

addressed on a case-by-case basis under

section 5 of the FTC Act, 15 U.S.C. 45,

either administratively or through

section 13(b) actions, 15 U.S.C. 53(b),

filed in federal district court.

Prosecuting serious misrepresentations

in district court allows the Commission

to obtain injunctive relief as well as

equitable remedies, such as redress or

disgorgement. Accordingly, the

Commission hereby announces the

repeal of the Dry Cell Battery Rule.

III. Regulatory Flexibility Act

The Regulatory Flexibility Act

(‘‘RFA’’), 5 U.S.C. 601–12, requires an

analysis of the anticipated impact of the

repeal of the rule on small businesses.

The reasons for repeal of the Rule have

been explained in this notice. Repeal of

the rule would appear to have little or

no effect on small businesses. Moreover,

the Commission is not aware of any

existing federal laws or regulations that

would conflict with repeal of the Dry

Cell Battery Rule. Further, no comments

suggested any adverse effect on small

business from repeal. For these reasons,

the Commission certifies, pursaunt to

section 605 of the RFA, 5 U.S.C. 605,

that this action will not have a

significant economic impact on a

substantial number of small entities.

IV. Paperwork Reduction Act

The Dry Cell Battery Rule imposes no

third-party disclosure requirements that

constitute ‘‘information collection

requirements’’ under the Paperwork

Reduction Act, 44 U.S.C. 3501 et seq.

Since 1964, therefore, the Rule has

imposed no paperwork burdens on

marketers of dry cell batteries. In any

event, repeal of the Dry Cell Battery

Rule will permanently eliminate any

burdens on the public imposed by the

Rule.

List of Subjects in 16 CFR Part 403

Advertising, Dry cell batteries,

Labeling, Trade practices.

PART 403—[REMOVED]

The Commission, under authority of

Section 18 of the Federal Trade

Commission Act, 15 U.S.C. 57a, amends

chapter I of title 16 of the Code of

Federal Regulations by removing Part

403.

By direction of the Commission.

Donald S. Clark,

Secretary.

[FR Doc. 97–30111 Filed 11–14–97; 8:45 am]

BILLING CODE 6750–01–M

COMMODITY FUTURES TRADING

COMMISSION

17 CFR Part 15

Changes in Reporting Levels for Large

Trader Reports

AGENCY: Commodity Futures Trading

Commission.

ACTION: Final rulemaking.

SUMMARY: The Commodity Futures

Trading Commission (Commission) is

amending its regulations to raise the

nominal reporting level at which futures

commission merchants, clearing

members, foreign brokers, and traders

must file large trader reports in

Standard and Poors (S&P) 500 futures

from 300 to 600 contracts. Levels for

filing reports in the E-mini S&P 500

futures will remain at 300 contracts. The

effect of this rule amendment is to

maintain at current levels the amount of

information the Commission receives

concerning large traders in these

contracts.

EFFECTIVE DATE: December 17, 1997.

FOR FURTHER INFORMATION CONTACT:

Lamont L. Reese, Commodity Futures

Trading Commission, Division of
Federal Register / Vol. 62, No. 221 / Monday, November 17, 1997 / Rules and Regulations 61227

1Firms which carry accounts for traders who

hold ‘‘reportable positions’’ are required to identify

such accounts on a form 102 and report on the

series ’01 forms any reportable positions in the

account, the delivery notices issued or stopped by

the account and any exchanges of futures for

physicals. Traders who own or control reportable

positions are required to file annually a CFTC form

40 giving certain background information

concerning their trading in commodity futures and,

on call by the Commission, must submit a form 103

showing positions and transactions in the contract

market specified in the call.

Economic Analysis, Three Lafayette

Centre, 1155 21st Street, N.W.,

Washington, D.C. 20581, telephone

(202) 418-5310.

SUPPLEMENTARY INFORMATION:

I. Background

Reporting levels are set in futures to

ensure that the Commission receives

adequate information to carry out its

market surveillance programs. These are

designed to detect and prevent market

congestion and price manipulation and

to enforce speculative position limits. In

addition, the information serves as a

basis to gauge overall hedging and

speculative uses of the futures markets,

use of the markets by foreign

participants, and other matters of public

concern.

Generally, Parts 17 and 18 of the

regulations require reports from

members of contract markets, FCMs, or

foreign brokers (firms) and traders,

respectively, when a trader holds a

‘‘reportable position’’; i.e., any open

position held or controlled by a trader

at the close of business in any one

future of a commodity traded on any

one contract market that is equal to or

in excess of the quantities fixed by the

commission in § 15.03 of the

regulations.1

Recently, however, the Commission

approved rule changes submitted by the

Chicago Mercantile Exchange (CME)

which reduce the size of the S&P futures

contract from $500 to $250 per index

point. To implement this change, the

exchange doubled the size of existing

open positions effective after the close

of the market on October 31, 1997. This

increased traders’ position size relative

to the Commission’s current reporting

level of 300 contracts, resulting in an

increased reporting burden on the

public and the processing of unneeded

reports by the Commission. In order to

maintain the current level of large trader

information it receives, the Commission

is raising the reporting level for S&P 500

futures from 300 to 600 contracts.

The CME also currently trades a

smaller size futures contract on the S&P

500 index. This contract, termed the ‘‘Emini,’’ is valued at $10 per index point

and is currently subject to the same 300-

contract reporting level as the larger

contract. Since the Commission desires

to maintain the reporting level for the

small contract at 300, the S&P E-mini

contract will be listed separately in

§ 15.03 of the regulations.

II. Related Matters

A. Notice and Comment

The Administrative Procedure Act, 5

U.S.C. 553(b), requires in most instances

that a notice of proposed rulemaking be

published in the Federal Register, and

that opportunity for comment be

provided when an agency promulgates

new regulations. Section 553(b) sets

forth an exception, however, when the

agency for good cause finds (and

incorporates the findings and a brief

statement of its reasons) that notice and

public procedure thereon are

impracticable, unnecessary, or contrary

to the public interest.

The Commission finds that notice and

public comments on the rule changes

announced herein are unnecessary,

because the amendments are routine

determinations necessitated by

technical changes to a currently-traded

contract. These routine determinations

are made to adjust reporting levels,

when such changes lead to the receipt

by the Commission of a larger number

of reports than is necessary for efficient

surveillance of the market. In this

regard, it should be further noted that

these amendments do not establish any

new obligations under the Commodity

Exchange Act (Act). On the contrary,

these changes simplify compliance with

the Act by not changing persons’

reporting obligations under the rules in

question.

B. The Regulatory Flexibility Act (RFA)

The RFA, 5 U.S.C. 601 et seq.,

requires that agencies consider the

impact of those rules on small

businesses. The Commission has

previously determined that large traders

and FCMs are not ‘‘small entities’’ for

purposes of the RFA, 47 FR 18618–

18621 (April 30, 1982). Therefore, the

Chairperson, on behalf of the

Commission, hereby certifies, pursuant

to 5 U.S.C. 605(b), that the action taken

herein will not have a significant

economic impact on a substantial

number of small entities.

C. Paperwork Reduction Act (PRA)

The PRA of 1995 (Pub. L. 104–13

(May 13, 1995)) imposes certain

requirements on federal agencies

(including the Commission) in

connection with their conducting or

sponsoring any collection of

information as defined by the PRA.

While this final rule imposes no

additional burden, the group of rules

(3038–0009) of which this is a part has

the following burden:

Average burden hours per response—

0.3607

Number of respondents—6181

Frequency of response—Daily

Copies of the Office of Management

and Budget approved information

collection package associated with this

rule may be obtained from Desk Officer,

CFTC, Office of Management and

Budget, room 10202, NEOB,

Washington, DC 20503, (202) 395–7340.

List of Subjects in 17 CFR Part 15

Brokers, Reporting and recordkeeping

requirements.

In consideration of the foregoing, and

pursuant to the authority contained in

the Act and, in particular, sections 4g,

4i, 5, and 8a of the Act, 7 U.S.C. 6g, 6i,

7, and 12a (1990), the Commission

hereby amends chapter I of title 17 of

the Code of Federal Regulations as

follows:

PART 15—REPORTS—GENERAL

PROVISIONS

1. The authority citation for part 15

continues to read as follows:

Authority: 7 U.S.C. 2, 4, 5, 6a, 6c(a)–(d), 6f,

6g, 6i, 6k, 6m, 6n, 7, 9, 12a, 19, and 21; 5

U.S.C. 552 and 552(b).

2. Section 15.03 is revised to read as

follows:

§ 15.03 Quantities fixed for reporting.

The quantities for the purpose of

reports filed under Parts 17 and 18 of

this chapter are as follows:

Commodity Quantity

Wheat (bushels) ........................ 500,000

Corn (bushels) .......................... 750,000

Soybeans (bushels) .................. 500,000

Oats (bushels) .......................... 500,000

Cotton (bales) ........................... 5,000

Frozen Concentrated Orange

Juice ...................................... 50

Soybean Oil (contracts) ............ 175

Soybean Meal (contracts) ......... 175

Live Cattle (contracts) ............... 100

Feeder Cattle (contracts) .......... 50

Hogs (contracts) ....................... 50

Sugar No. 11 (contracts) .......... 300

Sugar No. 14 (contracts) .......... 100

Cocoa (contracts) ..................... 100

Coffee (contracts) ..................... 50

Copper (contracts) .................... 100

Gold (contracts) ........................ 200

Silver bullion (contracts) ........... 150

Platinum (contracts) .................. 50

No. 2 Heating Oil (contracts) .... 250

Crude Oil, Sweet (contracts) .... 300

Unleaded Gasoline (contracts) 150

Natural Gas ............................... 100

Long-Term U.S. Treasury

Bonds (contracts) .................. 500
61228 Federal Register / Vol. 62, No. 221 / Monday, November 17, 1997 / Rules and Regulations

Commodity Quantity

GNMA (contracts) ..................... 100

Three-Month (13-Week) U.S.

Treasury Bills (contracts) ...... 150

Long-Term U.S. Treasury

Notes (contracts) ................... 500

Medium-Term U.S. Treasury

Notes (contracts) ................... 300

Short-Term U.S. Treasury

Notes (contracts) ................... 200

Three-Month Eurodollar Time

Deposit Rates (contracts) ..... 850

Thirty-Day Interest Rates (contracts) .................................... 100

One-Month Libor Rates (contracts) .................................... 100

Foreign Currencies (contracts) 200

U.S. Dollar Index (contracts) .... 50

Standard and Poor’s 500 Stock

Price Index (contracts) .......... 600

Standard and Poor’s 500 Stock

Price Index, E-Mini (contracts) .................................... 300

New York Stock Exchange

Composite Index (contracts) 50

Amex Major Market Index, Maxi

(contracts) ............................. 100

Nikkei Stock Index (contracts) .. 50

Municipal Bonds (contracts) ..... 100

Value Line Average Index (contracts) .................................... 50

All Other Commodities (contracts) .................................... 25

Issued in Washington, D.C., this 7th day of

November 1997 by the Commission.

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 97–29995 Filed 11–14–97; 8:45 am]

BILLING CODE 6351–01–P

DEPARTMENT OF ENERGY

Federal Energy Regulatory

Commission

18 CFR Part 11

[Docket No. RM86–2–000]

Update of the Federal Energy

Regulatory Commission’s Fees

Schedule for Annual Charges for the

Use of Government Lands

Issued November 10, 1997.

AGENCY: Federal Energy Regulatory

Commission.

ACTION: Final rule; update of Federal

land use fees.

SUMMARY: On May 8 ,1987, the

Commission issued its final rule

amending Part 11 of its regulations

(Order No. 469, 52 FR 18201, May 14,

1987). The final rule revised the billing

procedures for annual charges for

administering Part I of the Federal

Power Act, the billing procedures for

charges for Federal dam and land use,

and the methodology for assessing

Federal land use charges.

In accordance with the Commission’s

regulations, the Commission by its

designee, the Executive Director, is

updating its schedule of fees for the use

of government lands. The yearly update

is based on the most recent schedule of

fees for the use of linear rights-of-way

prepared by the United States Forest

Service. Since the next fiscal year will

cover the period from October 1, 1997,

through September 30, 1998, the fees in

this notice will become effective

October 1, 1997. The fees will apply to

fiscal year 1998 annual charges for the

use of government lands.

EFFECTIVE DATE: October 1, 1997.

FOR FURTHER INFORMATION CONTACT:

Fannie Kingsberry, Financial Services

Division, Office of the Executive

Director and Chief Financial Officer,

Federal Energy Regulatory Commission,

888 First Street, N.E., Washington, D.C.

20426, (202) 219–2885.

SUPPLEMENTARY INFORMATION: In

accordance with Section 11.2, 18 CFR,

the land values included in this

document will be published in the

Federal Register. In addition, the

Commission provides all interested

persons an opportunity to inspect or

copy contents of this document during

normal business hours in Room 2A at

the Commission’s Headquarters, 888

First Street, N.E., Washington, D.C.

20426.

The Commission Issuance Posting

System (CIPS), an electronic bulletin

board service, provides access to the

texts of formal documents issued by the

Commission. CIPS is available at no

charge to the user and may be accessed

using a personal computer with a

modem by dialing (202) 208–1397 if

dialing locally or 1–800–856–3920 if

dialing long distance. To access CIPS,

set your communications software to

19200, 14400, 12000, 9600, 7200, 4800,

2400, or 1200 bps, full duplex, no

parity, 8 data bits and 1 stop bit. The

full text of this order will be available

on CIPS in ASCII and WordPerfect 6.1

format. CIPS user assistance is available

at 202–208–2474.

CIPS can also be accessed over the

Internet by pointing your browser to the

URL address: http://www.ferc.fed.us.

Select the link to CIPS.

Finally, the complete text on diskette

in WordPerfect format may be

purchased from the Commission’s copy

contractor, La Dorn Systems

Corporation. La Dorn Systems

Corporation is also located in the Public

Reference Room at 888 First Street, N.E.,

Washington, D.C. 20426.

List of Subjects in 18 CFR Part 11

Electric power, Reporting and

recordkeeping requirements.

Christie McGue,

Executive Director and Chief Financial

Officer.

Accordingly, the Commission,

effective October 1, 1997, amends Part

11 of Chapter I, Title 18 of the Code of

Federal Regulations, as set forth below.

PART 11—[AMENDED]

1. The authority citation for Part 11

continues to read as follows:

Authority: 16 U.S.C. 791a–825r; 42 U.S.C.

7101–7352.

2. In Part 11, Appendix A is revised

to read as follows:

Appendix A to Part II—Fee Schedule For FY 1998

State County Rate per

acre

ALABAMA ....................................................................... ALL COUNTIES .......................................................................................... $24.43

ARKANSAS .................................................................... ALL COUNTIES .......................................................................................... 18.34

ARIZONA ........................................................................ APACHE, COCHISE, GILA, GRAHAM, LA PAZ, MOHAVE, NAVAJO,

PIMA, YAVAPAI, YUMA, COCONINO NORTH OF COLORADO

RIVER.

6.10

COCONINO SOUTH OF COLORADO RIVER, GREENLEE, MARICOPA, PINAL, SANTA CRUZ.24.43

CALIFORNIA .................................................................. IMPERIAL, INYO, LASSEN, MODOC, RIVERSIDE, SAN BERNARDINO 12.22