Federal Register / Vol. 62, No. 32 / Tuesday, February 18, 1997 / Rules and Regulations 7155

broker-dealers will be required to follow

the ARAs’ recordkeeping rules if even a

single government securities dealer

transaction is conducted.

II. Special Analyses

This final rule amendment does not

meet the criteria for a ‘‘significant

regulatory action’’ pursuant to Executive

Order 12866. The Administrative

Procedure Act (‘‘APA’’) (5 U.S.C. 553)

generally requires that prior notice and

opportunity for comment be afforded

before the adoption of rules by federal

agencies. Inasmuch as this final rule

merely involves changes to conform

with the rule revisions currently being

adopted by the federal banking

regulatory agencies, while not involving

any substantive changes to the

regulations, the notice and comment

provisions of the APA are unnecessary

pursuant to 5 U.S.C. 553(b)(B).

As no notice and public comment are

required for this rulemaking, the

provisions of the Regulatory Flexibility

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

The Paperwork Reduction Act (44

U.S.C. 3504(h)) requires that collections

of information be submitted to the

Office of Management and Budget for

review and approval. Since this rule

revision does not include any new

collection of information given the

ARAs’ current interpretation and

application of their recordkeeping

requirements, the Paperwork Reduction

Act is inapplicable.

List of Subjects in 17 CFR Part 404

Banks, banking, Brokers, Government

securities, Reporting and recordkeeping

requirements.

For the reasons set out in the

preamble, 17 CFR Part 404 is amended

as follows:

PART 404—RECORDKEEPING AND

PRESERVATION OF RECORDS

1. The authority citation for Part 404

continues to read as follows:

Authority: 15 U.S.C. 78o–5 (b)(1)(B),

(b)(1)(C), (b)(2), (b)(4).

2. Section 404.4 is amended by

revising paragraph (a)(1) to read as

follows:

§ 404.4 Records to be made and preserved

by government securities brokers and

dealers that are financial institutions.

(a) * * *

(1) Is subject to 12 CFR part 12

(relating to national banks), 12 CFR part

208 (relating to state member banks of

the Federal Reserve System) or 12 CFR

part 344 (relating to state banks that are

not members of the Federal Reserve

System), or is a United States branch or

agency of a foreign bank and complies

with 12 CFR part 12 (for federally

licensed branches and agencies of

foreign banks) or 12 CFR part 208 (for

uninsured state-licensed branches and

agencies of foreign banks) or 12 CFR

part 344 (for insured state licensed

branches and agencies of foreign banks);

* * * * *

Dated: January 16, 1997.

John D. Hawke, Jr.,

Under Secretary for Domestic Finance.

[FR Doc. 97–3834 Filed 2–14–97; 8:45 am]

BILLING CODE 4810–39–W

Internal Revenue Service

26 CFR Part 1

[TD 8708]

RIN 1545–AL98

Computation of Foreign Taxes Deemed

Paid Under Section 902 Pursuant to a

Pooling Mechanism for Undistributed

Earnings and Foreign Taxes;

Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains a

correction to final income tax

regulations which were published in the

Federal Register on Tuesday, January 7,

1997 (62 FR 923) relating to the

computation of foreign taxes deemed

paid under section 902.

EFFECTIVE DATE: January 7, 1997.

FOR FURTHER INFORMATION CONTACT:

Caren S. Shein, (202) 622–3850 (not a

toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the

subject of this correction are under

section 902 of the Internal Revenue

Code.

Need for Correction

As published, the final regulations

contain an error which may prove to be

misleading and is in need of

clarification.

Correction of Publication

Accordingly, the publication of the

final regulations (TD 8708), which are

the subject of FR Doc. 97–153, is

corrected as follows:

§ 1.902–3 [Corrected]

On page 940, column 3, § 1.902–3(l),

the sixth line from the bottom of the

paragraph, the language ‘‘See § 1.902–

1(a)(13)(iii). For’’ is corrected to read

‘‘See § 1.902–1 (a)(13)(i). For’’.

Michael L. Slaughter,

Acting Chief, Regulations Unit, Assistant

Chief Counsel (Corporate).

[FR Doc. 97–3812 Filed 2–14–97; 8:45 am]

BILLING CODE 4830–01–U

26 CFR Part 1

[TD 8701]

RIN 1545–AC06

Treatment of Shareholders of Certain

Passive Foreign Investment

Companies; Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains a

correction to final regulations (TD 8701)

which were published in the Federal

Register on Friday, December 27, 1996

(61 FR 68149). The final regulations

provide rules for making a deemed sale

or deemed dividend election to purge a

shareholder’s holding period of stock of

a PFIC of those taxable years during

which the PFIC was not a QEF.

EFFECTIVE DATE: December 27, 1996.

FOR FURTHER INFORMATION CONTACT:

Gayle Novig (202) 622–3880 (not a tollfree number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are subject

to this correction is under section 1291

of the Internal Revenue Code.

Need for Correction

As published, the final regulations

(TD 8701) contains an error that may

prove to be misleading and is in need

of clarification.

Correction of Publication

Accordingly, the publication of final

and temporary regulations (TD 8701)

which is the subject of FR Doc. 96–

32246 is corrected as follows:

§ 1.1291–9 [Corrected]

On page 68152, column 3, § 1.1291–

9, paragraph (d)(2)(i), line 9, the

language ‘‘taxable year of inclusion of

each’’ is corrected to read ‘‘taxable year

or years of inclusion of each’’.

Michael L. Slaughter,

Acting Chief, Regulations Unit, Assistant

Chief Counsel (Corporate).

[FR Doc. 97–3950 Filed 2–14–97; 8:45 am]

BILLING CODE 4830–01–U