61758 Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices 

CEO. Application Type: New NVO 

License. 

Skybox Cargo Consolidators, LLC 

(NVO), 2073 N. Arbor Lane, Chandler, 

AZ 85225. Officers: Michael Ramos, 

Member (Qualifying Individual), 

Arnel E. Jabile, Member. Application 

Type: New NVO License. 

Source Consulting, LLC (NVO & OFF), 

217 Lucas Street, #L, Mount Pleasant, 

SC 29464. Officer: Christopher F. 

Findlay, CEO/President (Qualifying 

Individual). Application Type: New 

NVO & OFF License. 

Tillicum Global Networks, Inc. (NVO), 

7511 Zircon Drive SW., Lakewood, 

WA 98498. Officer: Eun (AKA 

Michelle) K. Han, President/ 

Secretary/Treasurer. Application 

Type: New NVO License. 

Dated: October 1, 2010. 

Rachel E. Dickon, 

Assistant Secretary. 

[FR Doc. 2010–25163 Filed 10–5–10; 8:45 am] 

BILLING CODE 6730–01–P 

FEDERAL MARITIME COMMISSION 

Ocean Transportation Intermediary 

License Revocations 

The Federal Maritime Commission 

hereby gives notice that the following 

Ocean Transportation Intermediary 

licenses have been revoked pursuant to 

section 19 of the Shipping Act of 1984 

(46 U.S.C. Chapter 409) and the 

regulations of the Commission 

pertaining to the licensing of Ocean 

Transportation Intermediaries, 46 CFR 

Part 515, effective on the corresponding 

date shown below: 

License Number: 3106F. 

Name: I.T.E.C., Inc. 

Address: 165 Harrington Avenue, 

Warwick, RI 02888. 

Date Revoked: September 2, 2010. 

Reason: Failed to maintain a valid 

bond. 

License Number: 3565F. 

Name: B.A. International Forwarding 

Inc. 

Address: 360 Sylvan Avenue, 

Englewood Cliffs, NJ 07362. 

Date Revoked: September 25, 2010. 

Reason: Failed to maintain a valid 

bond. 

License Number: 4481F. 

Name: JFJ Freight Forwarders Inc. 

Address: 13100 NW 113th Avenue 

Road, Miami, FL 33178. 

Date Revoked: September 16, 2010. 

Reason: Failed to maintain a valid 

bond. 

License Number: 8655N. 

Name: Carpe Air & Sea Shipping, Inc. 

Address: 360 Sylvan Avenue, 

Englewood Cliffs, NJ 07632. 

Date Revoked: September 25, 2010. 

Reason: Failed to maintain a valid 

bond. 

License Number: 13853N. 

Name: Unitas Shipping Inc. 

Address: 177–25 Rockaway Blvd., 

Suite 203, Jamaica, NY 11434. 

Date Revoked: September 10, 2010. 

Reason: Failed to maintain a valid 

bond. 

License Number: 020298NF. 

Name: A A Shipping Incorporated. 

Address: 11526 Harwin Drive, 

Houston, TX 77072. 

Date Revoked: September 27, 2010. 

Reason: Failed to maintain valid 

bonds. 

License Number: 020634NF. 

Name: Sofilink Continental, Inc. 

Address: 6313 NW 99th Avenue, 

Miami, FL 33178. 

Date Revoked: September 23, 2010. 

Reason: Failed to maintain valid 

bonds. 

License Number: 021509N. 

Name: Apex Maritime Co. (PDX) Inc. 

Address: 11818 SE Mill Plain Blvd., 

Suite 309, Vancouver, WA 98684. 

Date Revoked: September 16, 2010. 

Reason: Failed to maintain a valid 

bond. 

License Number: 021520NF. 

Name: GFS Global Logistics, LLC. 

Address: 1691 Phoenix Blvd., Suite 

170, Atlanta, GA 30349. 

Date Revoked: October 1, 2010. 

Reason: Surrendered license 

voluntarily. 

License Number: 021953F. 

Name: Express Shipping Company of 

Illinois. 

Address: 670 E. Northwest Hwy., 2nd 

Floor, Arlington Heights, IL 60004. 

Date Revoked: September 2, 2010. 

Reason: Failed to maintain a valid 

bond. 

Sandra L. Kusumoto, 

Director, Bureau of Certification and 

Licensing. 

[FR Doc. 2010–25156 Filed 10–5–10; 8:45 am] 

BILLING CODE P 

FINANCIAL STABILITY OVERSIGHT 

COUNCIL 

Public Input for the Study Regarding 

the Implementation of the Prohibitions 

on Proprietary Trading and Certain 

Relationships With Hedge Funds and 

Private Equity Funds 

AGENCY: Financial Stability Oversight 

Council. 

ACTION: Notice and request for 

information. 

SUMMARY: The Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

(the ‘‘Dodd-Frank Act’’) prohibits 

banking entities from engaging in 

proprietary trading and from 

maintaining certain relationships with 

hedge funds and private equity funds. 

These prohibitions, commonly known 

as the ‘‘Volcker Rule,’’ are contained in 

Section 619 of the Dodd-Frank Act. 

Section 619 of the Dodd-Frank Act 

requires the Financial Stability 

Oversight Council (‘‘FSOC’’) to study 

and make recommendations on 

implementing the Volcker Rule. Under 

Section 619, the Office of the 

Comptroller of the Currency (‘‘OCC’’), 

the Federal Deposit Insurance 

Corporation (‘‘FDIC’’), the Board of 

Governors of the Federal Reserve 

System (‘‘Board’’), the Securities and 

Exchange Commission (‘‘SEC’’) and the 

Commodity Futures Trading 

Commission (‘‘CFTC’’) must consider the 

recommendations of the FSOC study in 

developing and adopting regulations to 

implement the Volcker Rule. To assist 

the FSOC in conducting the study and 

formulating its recommendations, the 

FSOC is issuing this request for 

information through public comment. 

DATES: Comment Due Date: November 5, 

2010. 

ADDRESSES: Interested persons are 

invited to submit comments regarding 

this notice according to the instructions 

for ‘‘Electronic Submission of 

Comments’’ below. All submissions 

must refer to the document title and one 

of the above docket numbers. The FSOC 

encourages the early submission of 

comments. 

Electronic Submission of Comments. 

Interested persons must submit 

comments electronically through the 

Federal eRulemaking Portal at http:// 

www.regulations.gov. Electronic 

submission of comments allows the 

commenter maximum time to prepare 

and submit a comment, ensures timely 

receipt, and enables the FSOC to make 

them available to the public. Comments 

submitted electronically through the 

http://www.regulations.gov Web site can 

be viewed by other commenters and 

interested members of the public. 

Commenters should follow the 

instructions provided on that site to 

submit comments electronically. 

Note: To receive consideration as public 

comments, comments must be submitted 

through the method specified above. Again, 

all submissions must refer to the docket 

number and title of the notice. 

Public Inspection of Public 

Comments. All properly submitted 

comments will be available for 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices 61759 

1 Dodd-Frank Wall Street Reform and Consumer 

Protection Act, Public Law No. 111–203, 124 Stat. 

1376 (2010). 

2The term ‘‘banking entity’’ is defined in section 

13(h)(1) of the Bank Holding Company Act, as 

amended by section 619 of the Dodd-Frank Act. The 

term generally means any insured depository 

institution, any company that controls an insured 

depository institution, any company that is treated 

as a bank holding company for the purposes of 

section 8 of the International Banking Act of 1978, 

and any affiliate or subsidiary of any such entity. 

3The term ‘‘nonbank financial companies 

supervised by the Board’’ refers to those nonbank 

financial companies that may be designated by the 

FSOC under section 113 of the Act to be supervised 

by the Board and subject to enhanced prudential 

standards. 

inspection and downloading at 

http://www.regulations.gov. 

Additional Instructions. Please note 

the number of the question to which 

you are responding at the top of each 

response. Though the responses will be 

screened for obscenities and 

appropriateness, in general comments 

received, including attachments and 

other supporting materials, are part of 

the public record and are immediately 

available to the public. Do not enclose 

any information in your comment or 

supporting materials that you consider 

confidential or inappropriate for public 

disclosure. 

FOR FURTHER INFORMATION CONTACT: For 

further information regarding this 

interim final rule contact the Office of 

Domestic Finance, Treasury, at (202) 

622–1703. All responses to this Notice 

and Request for Information should be 

submitted via http:// 

www.regulations.gov to ensure 

consideration. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Dodd-Frank Act was enacted on 

July 21, 2010.1 Under section 619 of the 

Dodd-Frank Act, banking entities 2 are 

prohibited from engaging in proprietary 

trading and from maintaining certain 

relationships with hedge funds and 

private equity funds. These prohibitions 

and other provisions of section 619 are 

commonly known, and referred to 

herein, as the ‘‘Volcker Rule.’’ Section 

619 of the Dodd-Frank Act requires the 

FSOC to study and make 

recommendations on implementing the 

Volcker Rule. Under Section 619, the 

OCC, the Board, the FDIC, the SEC and 

the CFTC must consider the findings of 

the FSOC study in developing and 

adopting regulations to carry out the 

Volcker Rule. 

Section 619(b) provides certain 

specific guidance with respect to the 

FSOC study and recommendations, 

stating as follows: 

‘‘(1) STUDY.—Not later than 6 months after 

the date of enactment of this section, the 

Financial Stability Oversight Council shall 

study and make recommendations on 

implementing the provisions of this section 

so as to— 

‘‘(A) promote and enhance the safety and 

soundness of banking entities; 

‘‘(B) protect taxpayers and consumers and 

enhance financial stability by minimizing the 

risk that insured depository institutions and 

the affiliates of insured depository 

institutions will engage in unsafe and 

unsound activities; 

‘‘(C) limit the inappropriate transfer of 

Federal subsidies from institutions that 

benefit from deposit insurance and liquidity 

facilities of the Federal Government to 

unregulated entities; 

‘‘(D) reduce conflicts of interest between 

the self-interest of banking entities and 

nonbank financial companies supervised by 

the Board, and the interests of the customers 

of such entities and companies; 

‘‘(E) limit activities that have caused undue 

risk or loss in banking entities and nonbank 

financial companies supervised by the Board, 

or that might reasonably be expected to 

create undue risk or loss in such banking 

entities and nonbank financial companies 

supervised by the Board; 

‘‘(F) appropriately accommodate the 

business of insurance within an insurance 

company, subject to regulation in accordance 

with the relevant insurance company 

investment laws, while protecting the safety 

and soundness of any banking entity with 

which such insurance company is affiliated 

and of the United States financial system; 

and 

‘‘(G) appropriately time the divestiture of 

illiquid assets that are affected by the 

implementation of the prohibitions under 

subsection (a).’’ 

II. Solicitation for Comments on the 

Volcker Rule Study 

To assist the FSOC in conducting the 

study and formulating its 

recommendations concerning the 

Volcker Rule, the FSOC seeks public 

comment on the following questions: 

1. Commenters are invited to submit 

views on ways in which the 

implementation of the Volcker Rule can 

best serve to: 

(i) Promote and enhance the safety 

and soundness of banking entities; 

(ii) Protect taxpayers and consumers 

and enhance financial stability by 

minimizing the risk that insured 

depository institutions and the affiliates 

of insured depository institutions will 

engage in unsafe and unsound activities; 

(iii) Limit the inappropriate transfer of 

federal subsidies from institutions that 

benefit from deposit insurance and 

liquidity facilities of the federal 

government to unregulated entities; 

(iv) Reduce conflicts of interest 

between the self-interest of banking 

entities and nonbank financial 

companies supervised by the Board,3

and the interests of the customers of 

such entities and companies; 

(v) Limit activities that have caused 

undue risk or loss in banking entities 

and nonbank financial companies 

supervised by the Board, or that might 

reasonably be expected to create undue 

risk or loss in such banking entities and 

nonbank financial companies 

supervised by the Board; 

(vi) Appropriately accommodate the 

business of insurance within an 

insurance company, subject to 

regulation in accordance with the 

relevant insurance company investment 

laws, while protecting the safety and 

soundness of any banking entity with 

which such insurance company is 

affiliated and of the United States 

financial system; and 

(vii) Appropriately time the 

divestiture of illiquid assets that are 

affected by the implementation of the 

prohibitions under the Volcker Rule. 

2. What are the key factors and 

considerations that should be taken into 

account in making recommendations on 

implementing the proprietary trading 

provisions of the Volcker Rule? 

3. What are the key factors and 

considerations that should be taken into 

account in making recommendations on 

implementing the provisions of the 

Volcker Rule that restrict the ability of 

banking entities to invest in, sponsor or 

have certain other covered relationships 

with private equity and hedge funds? 

4. With respect to proprietary trading 

and hedge fund and private equity fund 

activities, what factors and 

considerations should inform decisions 

on the definitions of: 

(i) ‘‘Banking entity’’ [§ 619(h)(1)]; 

(ii) ‘‘Hedge fund’’ [§ 619(h)(2)]; 

(iii) ‘‘Private equity fund’’ 

[§ 619(h)(2)]; 

(iv) ‘‘Such similar funds’’ [§ 619(h)(2)]; 

(v) ‘‘Proprietary trading’’ [§ 619(h)(4)]; 

(vi) ‘‘Sponsor’’ [§ 619(h)(5)]; 

(vii) ‘‘Trading account’’ [§ 619(h)(6)]; 

(viii) ‘‘Short term’’ [§ 619(h)(6)]; 

(ix) ‘‘Illiquid fund’’ [§ 619(h)(7)]; 

(x) A transaction ‘‘in connection with 

underwriting or market making related 

activities * * * designed not to exceed 

the reasonably expected near-term 

demands of clients, customers or 

counterparties’’ [§ 619(d)(1)(B)]; 

(xi) ‘‘Risk-mitigating hedging 

activities’’ [§ 619(d)(1)(C)]; 

(xii) ‘‘The purchase, sale, acquisition, 

disposition of securities or other 

instruments ‘on behalf of customers’ ’’ 

[§ 619(d)(1)(D)]; 

(xiii) Investments in ‘‘small business 

investment companies’’ and certain 

‘‘public welfare’’ investments 

[§ 619(d)(1)(E)]; 

(xiv) A permitted activity by an 

insurance company [§ 619(d)(1)(F)]; and 

mstockstill on DSKH9S0YB1PROD with NOTICES

61760 Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices 

(xv) Such other activities as ‘‘would 

promote and protect the safety and 

soundness of banking entities and the 

financial stability of the United States’’ 

[§ 619(d)(1)(J)];? 

5. With respect to proprietary trading 

and hedge fund and private equity fund 

activities, what factors and 

considerations should be taken into 

account as indicative that a transaction, 

class of transactions or activity: 

(i) Would involve or result in a 

material conflict of interest between a 

banking entity (or a nonbank financial 

company supervised by the Board) and 

its clients, customers or counterparties; 

(ii) Would result, directly or 

indirectly, in a material exposure by a 

banking entity (or a nonbank financial 

company supervised by the Board) to 

high-risk assets or high-risk trading 

strategies; or 

(iii) Would pose a threat to the safety 

and soundness of a banking entity (or a 

nonbank financial company supervised 

by the Board)? 

6. What factors and considerations 

should be taken into account in making 

recommendations on whether 

additional capital and quantitative 

limitations are appropriate to protect the 

safety and soundness of banking entities 

or nonbank financial companies 

supervised by the Board engaged in 

activities permitted under the Volcker 

Rule? 

7. With respect to proprietary trading 

and hedge fund and private equity fund 

activities, which practices, types of 

transactions or corporate structures in 

general have historically accounted for 

or involved increased risks or may 

account for or involve increased risks in 

the future? 

8. With respect to proprietary trading 

and hedge fund and private equity fund 

activities, what practices, policies or 

procedures have historically been 

utilized that may have mitigated or 

exacerbated risks or losses? What 

practices, policies or procedures might 

be useful in limiting undue risk or loss 

in the future? 

9. What factors and considerations 

should be taken into account in making 

recommendations to safeguard against 

evasion of the Volcker Rule? 

10. How should the international 

context be considered when 

implementing the Volcker Rule? Are 

there any factors or considerations that 

should be taken into account regarding 

the application of the Volcker Rule to 

banking entities or nonbank financial 

companies that operate outside the 

United States? What issues does 

implementation of the Volcker Rule 

present with respect to the following: 

(i) Domestic banking entities that have 

access to foreign exchanges, 

(ii) foreign affiliates of domestic 

banking entities, and 

(iii) foreign non-bank financial 

companies 

11. What timing issues are raised in 

connection with the divestiture of 

illiquid assets affected by the 

prohibitions of the Volcker Rule, and 

how might such issues be appropriately 

addressed? 

12. Commenters are generally invited 

to submit views with respect to any 

qualitative or quantitative factors that 

should be considered in connection 

with the Council’s study of the Volcker 

Rule, as well as any analogous areas of 

law, economics, or industry practice, 

and any factors specific to the 

commenter’s experience. Please 

comment generally and specifically, and 

please include empirical data and other 

information in support of such 

comments, where appropriate and 

available. 

Dated: October 1, 2010. 

Alastair Fitzpayne, 

Deputy Chief of Staff and Executive Secretary, 

Department of the Treasury. 

[FR Doc. 2010–25320 Filed 10–4–10; 4:15 pm] 

BILLING CODE 4810–25–P–P 

GOVERNMENT PRINTING OFFICE 

Depository Library Council to the 

Public Printer; Meeting 

The Depository Library Council to the 

Public Printer (DLC) will meet on 

Monday, October 18, 2010, through 

Wednesday, October 20, 2010, in 

Arlington, Virginia. The sessions will 

take place from 8 a.m. to 5:30 p.m. on 

Monday through Tuesday, and 

Wednesday, 8 a.m. to 12 p.m. The 

meeting will be held at the Doubletree 

Hotel Crystal City, located at 300 Army 

Navy Drive, Arlington, VA. The purpose 

of this meeting is to discuss the Federal 

Depository Library Program. All 

sessions are open to the public. The 

sleeping rooms available at the 

Doubletree Hotel will be at the 

Government rate of $229.00 (plus 

applicable state and local taxes, 

currently 10.25%) a night for a single or 

double. The Doubletree is in compliance 

with the requirements of Title III of the 

Americans with Disabilities Act and 

meets all Fire Safety Act regulations. 

Robert C. Tapella, 

Public Printer of the United States. 

[FR Doc. 2010–25047 Filed 10–5–10; 8:45 am] 

BILLING CODE 1520–01–P 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Amendment of the Charter for the 

President’s Council on Physical 

Fitness and Sports and Establishment 

of the President’s Council on Fitness, 

Sports, and Nutrition 

AGENCY: Department of Health and 

Human Services, Office of the Secretary, 

Office of the Assistant Secretary for 

Health. 

ACTION: Notice. 

AUTHORITY: Executive Order 13265, 

dated June 6, 2002, as amended by 

Executive Order 13545, dated June 22, 

2010. The President’s Council on 

Fitness, Sports, and Nutrition (formerly 

the President’s Council on Physical 

Fitness and Sports) is governed by 

provisions of the Federal Advisory 

Committee Act, Public Law 92–463, as 

amended (5 U.S.C. App.), which sets 

forth standards for the formation and 

use of advisory committees. 

SUMMARY: The U.S. Department of 

Health and Human Services announces 

amendment of the charter for the 

President’s Council on Physical Fitness 

and Sports to establish the President’s 

Council on Fitness, Sports, and 

Nutrition, as directed by Executive 

Order 13545. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Shellie Pfohl, Executive Director, 

President’s Council on Fitness, Sports, 

and Nutrition, Tower Building, 1101 

Wootton Parkway, Suite 560, Rockville, 

MD 20852, (240) 276–9857. Information 

about PCFSN, also can be obtained at 

http://www.fitness.gov and/or by calling 

(240) 276–9866. 

SUPPLEMENTARY INFORMATION: Executive 

Order 13545 was issued by the 

President on June 22, 2010, to amend 

Executive Order 13265, dated June 6, 

2002. The President issued Executive 

Order 13545 to recognize that good 

nutrition goes hand in hand with fitness 

and sports participation. Executive 

Order 13545 directs that the title, scope, 

function, and structure of the 

President’s Council on Physical Fitness 

and Sports shall be revised. The new 

title shall be the President’s Council on 

Fitness, Sports, and Nutrition. 

To comply with stipulations in the 

authorizing directive and guidelines 

under the Federal Advisory Committee 

Act, an amended charter has been filed 

for the President’s Council on Physical 

Fitness and Sports. The amended 

charter has been filed with the 

Committee Management Secretariat in 

the General Services Administration 

(GSA), the appropriate committees in 

mstockstill on DSKH9S0YB1PROD with NOTICES