Federal Register / Vol. 77, No. 58 / Monday, March 26, 2012 / Rules and Regulations 17331 

§ 4.27 Additional reporting by advisors of 

certain large commodity pools. 

(a) General definitions. For the 

purposes of this section: 

(1) Commodity pool operator or CPO 

has the same meaning as commodity 

pool operator defined in section 1a(11) 

of the Commodity Exchange Act; 

(2) Commodity trading advisor or CTA 

has the same meaning as defined in 

section 1a(12); 

(3) Direct has the same meaning as 

defined in section 4.10(f); 

(4) Net asset value or NAV has the 

same meaning as net asset value as 

defined in section 4.10(b); 

(5) Pool has the same meaning as 

defined in section 1(a)(10) of the 

Commodity Exchange Act; 

(6) Reporting period means the 

reporting period as defined in the forms 

promulgated hereunder; 

(b) Persons required to report. A 

reporting person is: 

(1) Any commodity pool operator that 

is registered or required to be registered 

under the Commodity Exchange Act and 

the Commission’s regulations 

thereunder; or 

(2) Any commodity trading advisor 

that is registered or required to be 

registered under the Commodity 

Exchange Act and the Commission’s 

regulations thereunder. 

(c) Reporting. (1) Except as provided 

in paragraph (c)(2) of this section, each 

reporting person shall file with the 

National Futures Association, a report 

with respect to the directed assets of 

each pool under the advisement of the 

commodity pool operator consistent 

with appendix A to this part or 

commodity trading advisor consistent 

with appendix C to this part. 

(2) All financial information shall be 

reported in accordance with generally 

accepted accounting principles 

consistently applied. 

(d) Investment advisers to private 

funds. Except as otherwise expressly 

provided in this section, CPOs and 

CTAs that are dually registered with the 

Securities and Exchange Commission 

and are required to file Form PF 

pursuant to the rules promulgated under 

the Investment Advisers Act of 1940, 

shall file Form PF with the Securities 

and Exchange Commission in lieu of 

filing such other reports with respect to 

private funds as may be required under 

this section. In addition, except as 

otherwise expressly provided in this 

section, CPOs and CTAs that are dually 

registered with the Securities and 

Exchange Commission and are required 

to file Form PF pursuant to the rules 

promulgated under the Investment 

Advisers Act of 1940, may file Form PF 

with the Securities and Exchange 

Commission in lieu of filing such other 

reports with respect to commodity pools 

that are not private funds as may be 

required under this section. Dually 

registered CPOs and CTAs that file Form 

PF with the Securities and Exchange 

Commission will be deemed to have 

filed Form PF with the Commission for 

purposes of any enforcement action 

regarding any false or misleading 

statement of a material fact in Form PF. 

(e) Filing requirements. Each report 

required to be filed with the National 

Futures Association under this section 

shall: 

(1)(i) Contain an oath and affirmation 

that, to the best of the knowledge and 

belief of the individual making the oath 

and affirmation, the information 

contained in the document is accurate 

and complete; Provided, however, That 

it shall be unlawful for the individual to 

make such oath or affirmation if the 

individual knows or should know that 

any of the information in the document 

is not accurate and complete and 

(ii) Each oath or affirmation must be 

made by a representative duly 

authorized to bind the CPO or CTA. 

(2) Be submitted consistent with the 

National Futures Association’s 

electronic filing procedures. 

(f) Termination of reporting 

requirement. All reporting persons shall 

continue to file such reports as are 

required under this section until the 

effective date of a Form 7W filed in 

accordance with the Commission’s 

regulations. 

(g) Public records. Reports filed 

pursuant to this section shall not be 

considered Public Records as defined in 

§ 145.0 of this chapter. 

Editorial Note: FR DOC 2012–3390 

appearing on pages 11252–11344 in the issue 

of Friday, February 24, 2012 is being partially 

republished due to numerous errors. 

[FR Doc. C1–2012–3390 Filed 3–23–12; 8:45 a.m.] 

BILLING CODE 1505–01–D 

DEPARTMENT OF HOMELAND 

SECURITY 

U.S. Customs and Border Protection 

DEPARTMENT OF THE TREASURY 

19 CFR PARTS 4 and 24 

[CBP Dec. 12–04; USCBP–2008–0085] 

RIN 1515–AD74 

Interest on Untimely Paid Vessel 

Repair Duties 

AGENCY: U.S. Customs and Border 

Protection, Department of Homeland 

Security; Department of the Treasury. 

ACTION: Final rule. 

SUMMARY: This document adopts as a 

final rule, without change, the proposed 

amendments to the CBP regulations that 

provide that where an owner or master 

of a vessel documented under the laws 

of the United States fails to timely pay 

the duties determined to be due to CBP 

that are associated with the purchase of 

equipment for, or repair to, the vessel 

while it is outside the United States, 

interest will accrue on the amounts 

owed to CBP and that person will be 

liable for interest. The purpose of this 

document is to ensure that the CBP 

regulations reflect that CBP collects 

interest as part of its inherent revenue 

collection functions in situations where 

an owner or master of a vessel fails to 

pay the vessel repair duties determined 

to be due within 30 days of CBP issuing 

the bill. 

DATES: Effective Date: April 25, 2012. 

FOR FURTHER INFORMATION CONTACT: 

George F. McCray, Chief, Cargo 

Security, Carriers and Immigration 

Branch, Regulations and Rulings, Office 

of International Trade, (202) 325–0082. 

SUPPLEMENTARY INFORMATION: 

Background 

On April 1, 2011, U.S. Customs and 

Border Protection (CBP) published in 

the Federal Register (76 FR 18132) a 

proposal to amend title 19 of the Code 

of Federal Regulations (19 CFR) 

regarding the payment of interest on 

untimely paid vessel repairs. 

Specifically, CBP proposed amendments 

to the regulations to provide that where 

an owner or master of a vessel 

documented under the laws of the 

United States fails to timely pay the 

duties determined to be due to CBP that 

are associated with the purchase of 

equipment for, or repair to, the vessel 

while it is outside the United States, 

interest will accrue on the amounts 

owed to CBP and that person will be 

liable for interest. 

CBP solicited comments on the 

proposed rulemaking. 

Discussion of Comment 

One commenter responded to the 

solicitation of public comment in the 

proposed rule. The comment was 

favorable and recommended adoption of 

the proposed amendments as a final 

rule. 

Conclusion 

In light of the fact that a single 

favorable comment was submitted in 

response to CBP’s solicitation of public 

comment, CBP has determined to adopt 

as final the proposed rule published in 


sroberts on DSK5SPTVN1PROD with RULES
17332 Federal Register / Vol. 77, No. 58 / Monday, March 26, 2012 / Rules and Regulations 

the Federal Register (76 FR 18132) on 

April 1, 2011 without change. 

The Regulatory Flexibility Act and 

Executive Order 12866 

Because these amendments merely 

reflect the agency’s revenue collection 

functions and rights, and impose no 

additional regulatory burden on the 

importing public, pursuant to the 

provisions of the Regulatory Flexibility 

Act, 5 U.S.C. 601 et seq., it is certified 

that the amendments will not have a 

significant economic impact on a 

substantial number of small entities. 

Further, these amendments do not meet 

the criteria for a ‘‘significant regulatory 

action’’ as specified in Executive Order 

12866. 

Paperwork Reduction Act 

As there are no new collections of 

information in this document, the 

provisions of the Paperwork Reduction 

Act of 1995 (44 U.S.C. 3507) are 

inapplicable. 

Signing Authority 

This rulemaking is being issued in 

accordance with 19 CFR 0.1(a)(1), 

pertaining to the authority of the 

Secretary of the Treasury (or his/her 

delegate) to approve regulations related 

to certain CBP revenue functions. 

List of Subjects 

19 CFR Part 4 

Administrative practice and 

procedure, Cargo vessels, Customs 

duties and inspection, Entry, Passenger 

vessels, Penalties, Repairs, Reporting 

and recordkeeping requirements, 

Shipping, Vessels. 

19 CFR Part 24 

Accounting, Claims, Customs duties 

and inspection, Exports, Imports, 

Interest, Reporting and recordkeeping 

requirements, Taxes, User fees, Wages. 

Amendments to the Regulations 

For the reasons set forth in the 

preamble, parts 4 and 24 of title 19 of 

the CFR (19 CFR Parts 4 and 24) are 

amended as set forth below. 

PART 4—VESSELS IN FOREIGN AND 

DOMESTIC TRADE 

■ 1. The general authority citation for 

part 4 continues, and the specific 

authority citation for § 4.14 is revised, to 

read as follows: 

Authority: 5 U.S.C. 301; 19 U.S.C. 66, 

1431, 1433, 1434, 1624, 2071 note; 46 U.S.C. 

501, 60105. 

* * * * * 

Section 4.14 also issued under 19 U.S.C. 

1466, 1498; 31 U.S.C. 9701. 

* * * * * 

■ 2. In § 4.14: 

■ a. The section heading is revised; 

■ b. Paragraph (i)(3) is redesignated as 

paragraph (i)(4) and a new paragraph 

(i)(3) is added; and 

■ c. Paragraph (j)(1) is amended by 

adding a new third sentence. 

The revisions and additions read as 

follows: 

§ 4.14 Equipment purchases for, and 

repairs to, American vessels. 

* * * * * 

(i) * * * 

(3) Application for Relief; failure to 

file or denial in whole or in part. If no 

Application for Relief is filed, or if a 

timely filed Application for Relief is 

denied in whole or in part, the VRU will 

determine the amount of duty due and 

issue a bill to the party who filed the 

vessel repair entry. If the bill is not 

timely paid, interest will accrue as 

provided in § 24.3a(b)(1) of this chapter. 

(j) * * * 

(1) * * * The owner or master of the 

vessel who fails to timely pay the duty 

determined to be due is liable for 

interest as provided in § 24.3a(b)(1) of 

this chapter. 

* * * * * 

PART 24—CUSTOMS FINANCIAL AND 

ACCOUNTING PROCEDURE 

■ 3. The general authority citation for 

part 24 is revised to read as follows: 

Authority: 5 U.S.C. 301; 19 U.S.C. 58a– 

58c, 66, 1202 (General Note 3(i), Harmonized 

Tariff Schedule of the United States, 1505, 

1520, 1624; 26 U.S.C. 4461, 4462; 31 U.S.C. 

3717, 9701; Pub. L. 107–296, 116 Stat. 2135 

(6 U.S.C. 1 et seq.). 

* * * * * 

■ 4. Section 24.3a is amended: 

■ a. By revising the section heading; 

■ b. In paragraph (a): by adding, after 

the parenthetical phrase that ends with 

the word ‘‘reliquidation’’, the language 

‘‘, or vessel repair duties,’’; and by 

removing the words ‘‘shall be’’ and 

adding in their place the word ‘‘are’’; 

■ c. In the heading text to paragraph 

(b)(1), by adding after the word ‘‘for’’ the 

words ‘‘vessel repair duties,’’; 

■ d. In paragraph (b)(2)(i) introductory 

text, by removing the word ‘‘shall’’ and 

adding in its place the word ‘‘will’’; 

■ e. In paragraph (b)(2)(i)(A), by 

removing the word ‘‘shall’’ and adding 

in its place the word ‘‘will’’; 

■ f. In paragraph (b)(2)(i)(B) 

introductory text, by removing the word 

‘‘shall’’ and adding in its place the word 

‘‘will’’; 

■ g. In paragraph (b)(2)(i)(B)(1), by 

removing the word ‘‘shall’’ and adding 

in its place the word ‘‘will’’; 

■ h. In paragraph (b)(2)(i)(B)(2), by 

removing the word ‘‘shall’’ and adding 

in its place the word ‘‘will’’; 

■ i. In paragraph (b)(2)(i)(B)(3), by 

removing the word ‘‘shall’’ wherever it 

appears and adding in each place the 

word ‘‘will’’; 

■ j. In paragraph (b)(2)(i)(B)(4), by 

removing the word ‘‘shall’’ and adding 

in its place the word ‘‘will’’; 

■ k. In paragraph (b)(2)(i)(C), by 

removing the word ‘‘shall’’ and adding 

in its place the word ‘‘will’’; 

■ l. In paragraph (b)(2)(ii), by removing 

the word ‘‘shall’’ wherever it appears 

and adding in each place the word 

‘‘will’’; and 

■ m. In paragraph (c)(1), by removing 

the words ‘‘CBP Office of Finance, 

Indianapolis, Indiana’’ and adding in 

their place the language ‘‘CBP’s Revenue 

Division, Office of Administration’’. 

The revision reads as follows: 

§ 24.3a CBP bills; interest assessment on 

bills; delinquency; notice to principal and 

surety. 

* * * * * 

David V. Aguilar, 

Acting Commissioner, U.S. Customs and 

Border Protection. 

Approved: March 21, 2012. 

Timothy E. Skud, 

Deputy Assistant Secretary of the Treasury. 

[FR Doc. 2012–7229 Filed 3–23–12; 8:45 am] 

BILLING CODE 9111–14–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2012–0153] 

Drawbridge Operation Regulations; 

Pequonnock River, Bridgeport, CT, 

Maintenance 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations. 

SUMMARY: The Commander, First Coast 

Guard District, has issued a temporary 

deviation from the regulation governing 

the operation of the Metro North (Peck) 

Bridge across the Pequonnock River, 

mile 0.3, at Bridgeport, Connecticut. 

The deviation allows the bridge to 

remain in the closed position to 

facilitate miter rail repair. 

DATES: This deviation is effective from 

April 15, 2012 through June 30, 2012. 


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