Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Rules and Regulations 64173 

1See Dodd-Frank Wall Street Reform and 

Consumer Protection Act, Public Law 111–203, 124 

Stat. 1376 (2010). The text of the Dodd-Frank Act 

can be accessed through the Commission’s Web 

site, http://www.cftc.gov. 

2 7 U.S.C. 1 et seq. The CEA also can be accessed 

through the Commission’s Web site. 

Further, the SIAPs and Takeoff 

Minimums and ODPS contained in this 

amendment are based on the criteria 

contained in the U.S. Standard for 

Terminal Instrument Procedures 

(TERPS). In developing these SIAPS and 

Takeoff Minimums and ODPs, the 

TERPS criteria were applied to the 

conditions existing or anticipated at the 

affected airports. Because of the close 

and immediate relationship between 

these SIAPs, Takeoff Minimums and 

ODPs, and safety in air commerce, I find 

that notice and public procedures before 

adopting these SIAPS, Takeoff 

Minimums and ODPs are impracticable 

and contrary to the public interest and, 

where applicable, that good cause exists 

for making some SIAPs effective in less 

than 30 days. 

Conclusion 

The FAA has determined that this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. It, therefore—(1) Is not a 

‘‘significant regulatory action’’ under 

Executive Order 12866; (2) is not a 

‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26,1979); and (3) 

does not warrant preparation of a 

regulatory evaluation as the anticipated 

impact is so minimal. For the same 

reason, the FAA certifies that this 

amendment will not have a significant 

economic impact on a substantial 

number of small entities under the 

criteria of the Regulatory Flexibility Act. 

List of Subjects in 14 CFR part 97 

Air Traffic Control, Airports, 

Incorporation by reference, and 

Navigation (Air). 

Issued in Washington, DC, on October 11, 

2013. 

John Duncan 

Director, Flight Standards Service. 

Adoption of the Amendment 

Accordingly, pursuant to the 

authority delegated to me, Title 14, 

Code of Federal Regulations, Part 97 (14 

CFR part 97) is amended by 

establishing, amending, suspending, or 

revoking Standard Instrument Approach 

Procedures and/or Takeoff Minimums 

and/or Obstacle Departure Procedures 

effective at 0902 UTC on the dates 

specified, as follows: 

PART 97—STANDARD INSTRUMENT 

APPROACH PROCEDURES 

■ 1. The authority citation for part 97 

continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40106, 

40113, 40114, 40120, 44502, 44514, 44701, 

44719, 44721–44722. 

■ 2. Part 97 is amended to read as 

follows: 

Effective 14 NOVEMBER 2013 

Indianapolis, IN, Indianapolis 

Executive, VOR/DME RWY 36, Amdt 

9A 

Cape Girardeau, MO, Cape Girardeau 

Rgnl, VOR RWY 10, AMDT 3A 

Fayetteville, NC, Fayetteville Rgnl/

Grannis Field, RNAV (GPS) RWY 4, 

Amdt 3 

Fayetteville, NC, Fayetteville Rgnl/

Grannis Field, RNAV (GPS) RWY 22, 

Amdt 5 

Effective 12 DECEMBER 2013 

Red Bluff, CA, Red Bluff Muni, RNAV 

(GPS) RWY 15, Amdt 1 

Red Bluff, CA, Red Bluff Muni, VOR/

DME RWY 15, Amdt 8 

Savanna, IL, Tri-Township, RNAV 

(GPS) RWY 13, Orig-A 

Rocky Mount, NC, Rocky Mount-Wilson 

Rgnl, RNAV (GPS) RWY 4, Amdt 2 

Rocky Mount, NC, Rocky Mount-Wilson 

Rgnl, RNAV (GPS) RWY 22, Amdt 2 

Fremont, NE., Fremont Muni, RNAV 

(GPS) RWY 14, Amdt 2 

Fremont, NE., Fremont Muni, RNAV 

(GPS) RWY 32, Orig 

Fremont, NE., Fremont Muni, Takeoff 

Minimums and Obstacle DP, Amdt 6A 

Fremont, NE., Fremont Muni, VOR/

DME RWY 14, Amdt 3 

Norwich, NY, Lt Warren Eaton, VOR/

DME-A, Amdt 4, CANCELED 

Oneonta, NY, Oneonta Muni, LOC RWY 

24, Amdt 2B 

Columbus, OH, Port Columbus Intl, ILS 

OR LOC RWY 10R, ILS RWY 10R (SA 

CAT I), ILS RWY 10R (SA CAT II), 

Amdt 9A 

Memphis, TN, Memphis Intl, ILS OR 

LOC RWY 27, Amdt 4 

Memphis, TN, Memphis Intl, RNAV 

(GPS) RWY 27, Amdt 2 

Memphis, TN, Memphis Intl, Takeoff 

Minimums and Obstacle DP, Amdt 4 

Coleman, TX, Coleman Muni, RNAV 

(GPS) RWY 33, Orig 

[FR Doc. 2013–25190 Filed 10–25–13; 8:45 am] 

BILLING CODE 4910–13–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 23 

RIN 3038–AE00 

Swap Dealers and Major Swap 

Participants; Clerical or Ministerial 

Employees 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Final rule. 

SUMMARY: The Commodity Futures 

Trading Commission is adopting an 

amendment to its regulations to clarify 

certain responsibilities of a swap dealer 

or major swap participant regarding its 

employees who solicit, accept or effect 

swaps in a clerical or ministerial 

capacity. 

DATES: Effective November 27, 2013. 

FOR FURTHER INFORMATION CONTACT: 

Christopher W. Cummings, Special 

Counsel, or Barbara S. Gold, Associate 

Director, Division of Swap Dealer and 

Intermediary Oversight, Commodity 

Futures Trading Commission, 1155 21st 

Street NW., Washington, DC 20581. 

Telephone number: (202) 418–6700 and 

electronic mail: ccummings@cftc.gov or 

bgold@cftc.gov. 

SUPPLEMENTARY INFORMATION: 

I. Introduction 

A. Background 

The Dodd-Frank Wall Street Reform 

and Consumer Protection Act (DoddFrank Act) 1 was signed into law July 21, 

2010. The Dodd-Frank Act amended the 

Commodity Exchange Act (CEA or Act) 2

to require the registration of swap 

dealers (SDs) and major swap 

participants (MSPs), and to establish a 

comprehensive new regulatory 

framework for swaps. One such 

amendment was new CEA section 

4s(b)(6), which states that except to the 

extent otherwise specifically provided 

by rule, regulation, or order, it shall be 

unlawful for a swap dealer or a major 

swap participant to permit any person 

associated with a swap dealer or a major 

swap participant who is subject to a 

statutory disqualification to effect or be 

involved in effecting swaps on behalf of 

the swap dealer or major swap 

participant, if the swap dealer or major 

swap participant knew, or in the 

exercise of reasonable care should have 

known, of the statutory disqualification 

(‘‘Prohibition’’). 

A related amendment that the DoddFrank Act made was to add a definition 

of ‘‘associated person of a swap dealer 

or major swap participant’’ in new CEA 

section 1a(4), which provides that the 

term ‘‘associated person of a swap 

dealer or major swap participant’’ 

means a person who is associated with 

a swap dealer or major swap participant 

as a partner, officer, employee, or agent 


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64174 Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Rules and Regulations 

3See 77 FR 2613 (Jan. 19, 2012). 

4 17 CFR 1.3(aa)(6). The Commission’s regulations 

also can be accessed through the Commission’s Web 

site. 

5See also CEA Section 4k(1), which excludes 

from associated person registration a person who, 

in a clerical or ministerial capacity, solicits or 

accept customer orders for a futures commission 

merchant or an introducing broker. 

6Letter from Thomas W. Sexton, Senior Vice 

President and General Counsel, NFA, to Gary 

Barnett, Director of the Division of Swap Dealer and 

Intermediary Oversight, dated November 12, 2012. 

NFA is a registered futures association (and the sole 

association so registered) under CEA Section 17. 

7 78 FR 20848 (Apr. 8, 2013). 

8 In this regard, the Commission noted in the 

Proposal that pursuant to the authority granted it 

in CEA section 4s(b)(6), it had previously adopted 

an exception from the Prohibition for a person 

already listed as a principal of, or already registered 

as an associated person of, another Commission 

registrant, notwithstanding a statutory 

disqualification. See Regulation 23.22(b), proviso. 

9Comment letter from Chris Barnard at page 1 

(June 3, 2013). 

10 5 U.S.C. 601 et seq. (2006). 

11By its terms, the RFA does not apply to 

‘‘individuals.’’ See 48 FR 14933, 14954 n. 115 (Apr. 

6, 1983). 

12See 77 FR 2613, 2620 (Jan. 19, 2012). 

13 44 U.S.C. 3501 et seq. 

14 78 FR 20848, 20849 (Apr. 8, 2013). 

(or any person occupying a similar 

status or performing similar functions), 

in any capacity that involves: (i) The 

solicitation or acceptance of swaps; or 

(ii) the supervision of any person or 

persons so engaged. The definition 

contains an exclusion, however, stating 

that other than for purposes of CEA 

section 4s(b)(6), the term ‘‘associated 

person of a swap dealer or major swap 

participant’’ does not include any 

person associated with a swap dealer or 

major swap participant the functions of 

which are solely clerical or ministerial. 

Thus, except to the extent that the 

Commodity Futures Trading 

Commission (Commission or CFTC) 

specifically provided by rule, 

regulation, or order, an SD or MSP 

would be subject to the prohibition 

against permitting a person associated 

with the SD or MSP (including a person 

employed in a clerical or ministerial 

capacity) to effect or be involved in 

effecting swaps if the associated person 

were subject to a statutory 

disqualification. 

On January 19, 2012, the Commission 

published in the Federal Register 

regulations that provide for the 

registration of SDs and MSPs.3 Among 

these new regulations were Regulation 

1.3(aa)(6),4 which amended the existing 

definition of ‘‘associated person’’ in the 

Commission’s regulations to include 

associated persons of SDs and MSPs, 

and Regulation 23.22, which 

incorporated the prohibition set forth in 

CEA section 4s(b)(6). With respect to 

SDs or MSPs, Regulation 1.3(aa)(6) 

provides that the term ‘‘associated 

person’’ means any natural person who 

is associated with an SD or MSP as a 

partner, officer, employee, agent (or any 

natural person occupying a similar 

status or performing similar functions), 

in any capacity that involves the 

solicitation or acceptance of swaps 

(other than in a clerical or ministerial 

capacity); or the supervision of any 

person or persons so engaged. The 

exclusion in Regulation 1.3(aa)(6) from 

the definition of associated person of an 

SD or MSP for persons who act in a 

clerical or ministerial capacity is 

consistent with the definition (and 

exclusion for clerical or ministerial 

activity) in the other provisions in 

Regulation 1.3(aa) that define the term 

‘‘associated person’’ in the context of 

other Commission registrants.5

B. The Proposal 

Regulation 23.22, by its terms, applies 

to an associated person of an SD or MSP 

as defined in section 1a(4) of the Act 

and Regulation 1.3(aa). Because 

Regulation 1.3(aa)(6) contains a general 

exclusion from the associated person 

definition for a person employed in a 

clerical or ministerial capacity, and the 

exclusion in CEA section 1a(4) must be 

read in conjunction with CEA section 

4s(b)(6), in November 2012 the National 

Futures Association (NFA) 6

recommended that the Commission 

clarify that the prohibition in CEA 

section 4s(b)(6) does not bar association 

with an SD or MSP by employees who 

are employed in a clerical or ministerial 

capacity. 

In light of NFA’s recommendation, 

and in accordance with the language in 

CEA section 4s(b)(6) that qualifies the 

Prohibition (‘‘Except to the extent 

otherwise specifically provided by rule, 

regulation, or order’’), the Commission 

proposed to amend paragraph (a) of 

Regulation 23.22 (‘‘Proposal’’) 7 to 

clarify that the Prohibition does not 

apply to an individual employed by an 

SD or MSP in a clerical or ministerial 

capacity.8

II. Comments on the Proposal 

The Commission received one 

comment letter on the Proposal. It stated 

that adoption of the Proposal would 

‘‘reduce regulatory burden and reduce 

the costs of determining whether a 

clerical or ministerial employee is 

statutorily disqualified’’ and, further, 

that ‘‘[t]he Proposed rule is reasonable 

and will improve regulatory 

efficiency.’’ 9

III. The Final Regulation 

In light of the foregoing, the 

Commission is adopting as proposed an 

amendment to paragraph (a) of 

Regulation 23.22 to clarify that the 

Prohibition does not apply to an 

individual employed by an SD or MSP 

in a clerical or ministerial capacity. 

IV. Related Matters 

A. Regulatory Flexibility Act 

The Regulatory Flexibility Act 

(RFA) 10 requires federal agencies, in 

promulgating regulations, to consider 

whether those regulations will have a 

significant economic impact on small 

entities and, if so, to provide a 

regulatory flexibility analysis respecting 

the impact.11 The Commission 

previously has determined that SDs and 

MSPs are not ‘‘small entities’’ for RFA 

purposes.12 Moreover, adoption of the 

amendment to Regulation 23.22(a) as 

proposed will not have a significant 

economic impact on any person who 

will be affected thereby, because it will 

not impose any additional operational 

requirements or otherwise direct or 

confine the activities of affected 

persons. 

The Commission did not receive any 

comments regarding its RFA analysis in 

the Proposal. Accordingly, pursuant to 5 

U.S.C. 605(b), the Chairman, on behalf 

of the Commission, hereby certifies that 

the regulation being published in this 

Federal Register release will not have a 

significant economic impact on a 

substantial number of small entities. 

B. Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(PRA) 13 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. 

The regulation being published in this 

Federal Register release clarifies that 

the Prohibition does not apply where 

the person in question is employed in 

a clerical or ministerial capacity. As 

discussed in the Proposal, the 

amendment will not impose a ‘‘burden’’ 

or ‘‘collection of information’’ as those 

terms are defined in the PRA.14

The Commission did not receive any 

comments regarding its PRA analysis in 

the Proposal. Accordingly, for purposes 

of the PRA, the Chairman, on behalf of 

the Commission, certifies that the 

regulation being published in this 

Federal Register release will not impose 

any new reporting or recordkeeping 

requirements. 

C. Cost-Benefit Considerations 

CEA section 15(a) requires the 

Commission to consider the costs and 

benefits of its actions before issuing a 


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Federal Register / Vol. 78, No. 208 / Monday, October 28, 2013 / Rules and Regulations 64175 

rulemaking under the CEA. CEA section 

15(a) further specifies that the costs and 

benefits shall be evaluated in light of 

five broad areas of market and public 

concern: (1) Protection of market 

participants and the public; (2) 

efficiency, competitiveness and 

financial integrity of futures markets; (3) 

price discovery; (4) sound risk 

management practices; and (5) other 

public interest considerations. The 

Commission considers the costs and 

benefits resulting from its discretionary 

determinations with respect to the 

section 15(a) factors. 

As is explained above, the 

amendment to Regulation 23.22(a) 

makes a clarifying change to the text of 

one of the Commission’s regulations 

adopted to reflect changes made to the 

CEA by the Dodd-Frank Act, by 

specifying that the prohibition against 

an SD or MSP permitting a statutorily 

disqualified person to associate with it 

does not include a person employed in 

a clerical or ministerial capacity. 

Costs. With respect to costs, the 

Commission believes that adoption of 

the amendment to Regulation 23.22(a) 

will not impose any costs. This is 

because the amendment clarifies that an 

SD or MSP need not consider whether 

CEA section 4s(b)(6) applies to 

employees performing clerical or 

ministerial duties. Thus the 

Commission does not believe that any 

new costs will be imposed. 

Benefits. With respect to benefits, as 

discussed in the Proposal, the 

Commission believes that the 

amendment to Regulation 23.22(a) will 

benefit SDs and MSPs by reducing the 

search costs associated with 

determining whether a clerical or 

ministerial employee is statutorily 

disqualified. This, in turn, mitigates the 

existing cost of compliance with CEA 

section 4s(b)(6). As such, it is an ‘‘other 

public interest consideration’’ under 

CEA section 15(a), referred to above. 

Public Comment. The Commission 

invited public comment on its costbenefit considerations, but no such 

comments were received. 

List of Subjects in 17 CFR Part 23 

Associated persons, Commodity 

futures, Major swap participants, 

Ministerial or clerical employees, 

Registration, Statutory disqualification, 

Swap dealers, Swaps. 

For the reasons presented above, the 

Commodity Futures Trading 

Commission hereby amends 17 CFR part 

23 as follows: 

PART 23—SWAP DEALERS AND 

MAJOR SWAP PARTICIPANTS 

■ 1. The authority citation for part 23 

continues to read as follows: 

Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b–1, 

6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a, 

18, 19, and 21. 

■ 2. Amend § 23.22 by revising the 

section heading and paragraph (a) to 

read as follows: 

§ 23.22 Prohibition against statutory 

disqualification in the case of an associated 

person of a swap dealer or major swap 

participant. 

(a) Definition. For purposes of this 

section, the term ‘‘person’’ means an 

‘‘associated person of a swap dealer or 

major swap participant’’ as defined in 

section 1a(4) of the Act and § 1.3(aa)(6) 

of this chapter, but does not include an 

individual employed in a clerical or 

ministerial capacity. 

* * * * * 

Issued in Washington, DC, on October 22, 

2013, by the Commission. 

Christopher J. Kirkpatrick, 

Deputy Secretary of the Commission. 

Appendix to Swap Dealers and Major 

Swap Participants; Clerical or 

Ministerial Employees—Commission 

Voting Summary 

Note: The following appendix will not 

appear in the Code of Federal Regulations. 

Commission Voting Summary 

On this matter, Chairman Gensler and 

Commissioners Chilton, O’Malia, and Wetjen 

voted in the affirmative; no Commissioner 

voted in the negative. 

[FR Doc. 2013–25279 Filed 10–25–13; 8:45 am] 

BILLING CODE 6351–01–P 

AGENCY FOR INTERNATIONAL 

DEVELOPMENT 

22 CFR Part 233 

Hashemite Kingdom of Jordan Loan 

Guarantees Issued Under the Further 

Continuing Appropriations Act, 2013— 

Standard Terms and Conditions 

AGENCY: Agency for International 

Development (USAID). 

ACTION: Final rule. 

SUMMARY: This regulation prescribes the 

procedures and standard terms and 

conditions applicable to loan guarantees 

to be issued for the benefit of the 

Hashemite Kingdom of Jordan pursuant 

to the State, Foreign Operations, and 

Related Programs Appropriations Act of 

2012 as applied to fiscal year 2013 

funding by the Further Continuing 

Appropriations Act, 2013. 

DATES: Effective October 25, 2013. 

FOR FURTHER INFORMATION CONTACT: 

James P. Kelleher, Office of General 

Counsel, U.S. Agency for International 

Development, Washington, DC 20523– 

6601; tel. 202–712–1594, fax 202–216– 

3055. 

SUPPLEMENTARY INFORMATION: Pursuant 

to the State, Foreign Operations, and 

Related Programs Appropriations Act of 

2012 (Pub. L. 112–74) as applied to 

fiscal year 2013 funding by the Further 

Continuing Appropriations Act, 2013 

(Pub. L. 113–6), the United States of 

America, acting through the U.S. 

Agency for International Development, 

may issue certain loan guarantees 

applicable to sums borrowed by the 

Hashemite Kingdom of Jordan (the 

‘‘Borrower’’), not exceeding an aggregate 

total of U.S. $1.25 billion in principal 

amount. Upon issuance, the loan 

guarantees shall insure the Borrower’s 

repayment of 100% of principal and 

interest due under such loans and the 

full faith and credit of the United States 

of America shall be pledged for the full 

payment and performance of such 

guarantee obligations. 

This rulemaking document is not 

subject to rulemaking under 5 U.S.C. 

553 or to regulatory review under 

Executive Order 12866 because it 

involves a foreign affairs function of the 

United States. The provisions of the 

Paperwork Reduction Act (44 U.S.C. 

3501 et seq.) do not apply. 

List of Subjects in 22 CFR Part 233 

Foreign aid, Foreign relations, 

Guaranteed loans, Loan programsforeign relations. 

Authority and Issuance 

Accordingly, a new Part 233 is added 

to Title 22, Chapter II, of the Code of 

Federal Regulations, as follows: 

PART 233—HASHEMITE KINGDOM OF 

JORDAN LOAN GUARANTEES ISSUED 

UNDER THE FURTHER CONTINUING 

APPROPRIATIONS ACT, 2013, DIV. F, 

PUB. L. 113–6—STANDARD TERMS 

AND CONDITIONS 

Sec. 

233.01 Purpose. 

233.02 Definitions. 

233.03 The Guarantee. 

233.04 Guarantee eligibility. 

233.05 Non-impairment of the Guarantee. 

233.06 Transferability of Guarantee; Note 

Register. 

233.07 Fiscal Agent obligations. 

233.08 Event of Default; Application for 

Compensation; payment. 

233.09 No acceleration of Eligible Notes. 


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