13298 Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Rules and Regulations

PART 215—LOANS TO EXECUTIVE

OFFICERS, DIRECTORS, AND

PRINCIPAL SHAREHOLDERS OF

MEMBER BANKS (REGULATION O)

1. The authority citation for part 215

continues to read as follows:

Authority: 12 U.S.C. 248(i), 375a(10), 375b

(9) and (10), 1817(k)(3) and 1972(2)(G)(ii);

Pub. L. 102–242, 105 Stat. 2236.

2. Section 215.2 is amended as

follows:

a. Paragraph (d) introductory text and

paragraphs (d)(1) through (d)(3) are

redesignated as paragraph (d)(1)

introductory text and paragraphs

(d)(1)(i) through (d)(1)(iii), respectively;

b. New paragraphs (d)(2) and (d)(3)

are added;

c. Paragraph (e)(2) is revised; and

d. A new paragraph (e)(3) is added.

The additions and revisions read as

follows:

§ 215.2 Definitions.

* * * * *

(d)(1) * * *

(2) Extensions of credit to a director

of an affiliate of a bank are not subject

to §§ 215.4, 215.6, and 215.8 if—

(i) The director of the affiliate is

excluded, by resolution of the board of

directors or by the bylaws of the bank,

from participation in major

policymaking functions of the bank, and

the director does not actually participate

in such functions;

(ii) The affiliate does not control the

bank;

(iii) As determined annually, the

assets of the affiliate do not constitute

more than 10 percent of the

consolidated assets of the company

that—

(A) Controls the bank; and

(B) Is not controlled by any other

company; and

(iv) The director of the affiliate is not

otherwise subject to §§ 215.4, 215.6, and

215.8.

(3) For purposes of paragraph (d)(2)(i)

of this section, a resolution of the board

of directors or a corporate bylaw may—

(i) Include the director (by name or by

title) in a list of persons excluded from

participation in such functions; or

(ii) Not include the director in a list

of persons authorized (by name or by

title) to participate in such functions.

(e)(1) * * *

(2) Extensions of credit to an

executive officer of an affiliate of a bank

are not subject to §§ 215.4, 215.6, and

215.8 if—

(i) The executive officer is excluded,

by resolution of the board of directors or

by the bylaws of the bank, from

participation in major policymaking

functions of the bank, and the executive

officer does not actually participate in

such functions;

(ii) The affiliate does not control the

bank;

(iii) As determined annually, the

assets of the affiliate do not constitute

more than 10 percent of the

consolidated assets of the company

that—

(A) Controls the bank; and

(B) Is not controlled by any other

company; and

(iv) The executive officer of the

affiliate is not otherwise subject to

§§ 215.4, 215.6, and 215.8.

(3) For purposes of paragraphs (e)(1)

and (e)(2)(i) of this section, a resolution

of the board of directors or a corporate

bylaw may—

(i) Include the executive officer (by

name or by title) in a list of persons

excluded from participation in such

functions; or

(ii) Not include the executive officer

in a list of persons authorized (by name

or by title) to participate in such

functions.

* * * * *

3. Section 215.4 is amended by

revising paragraph (a)(2) introductory

text to read as follows:

§ 215.4 General prohibitions.

(a) * * *

(2) Exception. Nothing in this

paragraph (a) or paragraph (e)(2)(ii) of

this section shall prohibit any extension

of credit made pursuant to a benefit or

compensation program—

* * * * *

By order of the Board of Governors of the

Federal Reserve System, March 14, 1997.

William W. Wiles,

Secretary of the Board.

[FR Doc. 97–7011 Filed 3–19–97; 8:45 am]

BILLING CODE 6210–01–P

DEPARTMENT OF COMMERCE

National Oceanic and Atmospheric

Administration

15 CFR Part 902

50 CFR Parts 628 and 648

[Docket No. 970303042–7042–01; I.D.

021097C]

RIN 0648–AJ78

Fisheries of the Northeastern United

States; Consolidation of the Fishery

Management Plan for the Atlantic

Bluefish Fishery

AGENCY: National Marine Fisheries

Service (NMFS), National Oceanic and

Atmospheric Administration (NOAA),

Commerce.

ACTION: Final rule.

SUMMARY: This final rule adds

regulations implementing the Fishery

Management Plan (FMP) for the Atlantic

Bluefish Fishery to the consolidated

Northeast fisheries regulations at 50

CFR part 648. It also amends references

to Paperwork Reduction Act (PRA)

collection-of-information requirements

to reflect the addition. The purpose of

this final rule is to make the regulations

more concise, better organized, and

thereby easier for the public to use. This

action is part of the President’s

Regulatory Reinvention Initiative.

EFFECTIVE DATE: March 20, 1997.

ADDRESSES: Comments regarding

burden-hour estimates for collection-ofinformation requirements contained in

this rule should be sent to Andrew A.

Rosenberg, Ph.D., Regional

Administrator, 1 Blackburn Drive,

Gloucester, MA 01930 and the Office of

Information and Regulatory Affairs,

Office of Management and Budget

(OMB), Washington, D.C. 20503

(Attention: NOAA Desk Officer).

FOR FURTHER INFORMATION CONTACT:

Myles Raizin, 508–281–9104.

SUPPLEMENTARY INFORMATION:

Background

In March 1995, President Clinton

issued a directive to Federal agencies

regarding their responsibilities under

his Regulatory Reinvention Initiative.

This initiative is part of the National

Performance Review and calls for

comprehensive regulatory reform. The

President directed all agencies to

undertake a review of their regulations,

with an emphasis on eliminating or

modifying those that are obsolete,

duplicative, or otherwise in need of

reform. In response to this directive, on

July 3, 1996 (61 FR 34966), a final rule

was published that consolidated six

CFR parts setting forth Northeast Region

fishery regulations into one CFR part (50

CFR part 648). The Atlantic Bluefish

FMP was not included in this

consolidation because NMFS had

published a request for comments on a

proposal to withdraw approval of this

FMP and its implementing regulations

(61 FR 13810, March 28, 1996).

Comments received on this proposal

convinced NMFS not to withdraw this

FMP. Consequently, this final rule is

intended to carry out further the

President’s directive by adding the

regulations implementing the Atlantic

Bluefish FMP to the consolidation and

eliminating 50 CFR part 628. Portions of

the bluefish regulations that contain

identical or nearly identical provisions

to those in part 648 have been combined
Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Rules and Regulations 13299

and restructured. Paragraph headings

have been added for ease in identifying

measures, and regulatory language has

been revised to make needed technical

changes and corrections and to improve

clarity and consistency.

Section 3507(c)(B)(i) of the PRA

requires agencies to inventory and to

display a current control number

assigned by the Director, OMB, for each

agency information collection. Section

902.1(b) of 15 CFR identifies the

location of NOAA regulations for which

OMB approval numbers have been

issued. This final rule revises § 902.1(b)

by removing the reference to § 628.4.

OMB approval numbers for Atlantic

bluefish are incorporated in § 648.4.

Classification

This action has been determined to be

not significant for purposes of E.O.

12866.

Because this rule makes only

nonsubstantive and technical changes to

existing regulations, no useful purpose

would be served by providing advance

notice and opportunity for public

comment. Accordingly, the Assistant

Administrator for Fisheries, NOAA,

under 5 U.S.C. 553(b)(B), for good cause

finds that providing notice and

opportunity for public comments is

unnecessary. Because the technical

changes made by this rule are

nonsubstantive, they are not subject to

a 30-day delay in effective date under 5

U.S.C. 553(d).

Notwithstanding any other provision

of law, no person is required to respond

to, nor shall any person be subject to a

penalty for failure to comply with a

collection-of-information subject to the

requirements of the PRA, unless that

collection of information displays a

currently valid OMB Control Number.

The collection-of-information

requirement for the Atlantic Bluefish

Permit has been approved under OMB

control number 0648–202 (Northeast

Permit Family of Forms). The permit

application is estimated to take 5

minutes per response. The estimated

response time includes the time needed

for reviewing instructions, searching

existing data sources, gathering and

maintaining the data needed, and

completing and reviewing the collection

of information. Send comments

regarding: Whether this collection of

information is necessary for the proper

performance of NMFS’ functions,

including whether the information has

practical utility; the accuracy of the

burden estimate; ways to enhance the

quality, utility, and clarity of the

information to be collected; and ways to

minimize the burden of the collection of

information, to NMFS and OMB (see

ADDRESSES).

List of Subjects

15 CFR Part 902

Reporting and recordkeeping

requirements.

50 CFR Part 628

Fisheries, Fishing.

50 CFR Part 648

Fisheries, Fishing, Reporting and

recordkeeping requirements.

Dated: March 13, 1997.

Rolland A. Schmitten,

Assistant Administrator for Fisheries,

National Marine Fisheries Services.

For the reasons set out in the

preamble, 15 CFR Chapter IX and 50

CFR Chapter VI are amended as follows:

15 CFR Chapter IX

PART 902—NOAA INFORMATION

COLLECTION REQUIREMENTS UNDER

THE PAPERWORK REDUCTION ACT;

OMB CONTROL NUMBERS

1. The authority citation for part 902

continues to read as follows:

Authority: 44 U.S.C. 3501 et seq.

2. In § 902.1, paragraph (b), the table

is amended by removing in the left

column under 50 CFR, the entry

‘‘628.4’’, and in the right column, in the

corresponding position, the control

number ‘‘–0202’’.

PART 648—FISHERIES OF THE

NORTHEASTERN UNITED STATES

3. The authority citation for part 648

continues to read as follows:

Authority: 16 U.S.C. 1801 et seq.

4. In § 648.1, paragraph (a) is revised

to read as follows:

§ 648.1 Purpose and scope.

(a) This part implements the fishery

management plans (FMP) for the

Atlantic mackerel, squid, and butterfish

fisheries (Atlantic Mackerel, Squid, and

Butterfish FMP); Atlantic salmon

(Atlantic Salmon FMP); the Atlantic sea

scallop fishery (Atlantic Sea Scallop

FMP (Scallop FMP)); the Atlantic surf

clam and ocean quahog fisheries

(Atlantic Surf Clam and Ocean Quahog

FMP); the Northeast multispecies

fishery (NE Multispecies FMP); the

summer flounder, scup, and black sea

bass fisheries (Summer Flounder, Scup,

and Black Sea Bass FMP); and the

Atlantic bluefish fishery (Atlantic

Bluefish FMP). These FMPs and the

regulations in this part govern the

conservation and management of the

above named fisheries of the

Northeastern United States.

* * * * *

5. In § 648.2, definitions for ‘‘Bluefish

Committee’’, ‘‘Person who receives

bluefish for commercial purposes’’,

‘‘Regulated Fishery’’, and ‘‘Runaround

gillnet or encircling net’’ are added, in

alphabetical order, and the definitions

for ‘‘Council’’ and ‘‘Pair trawl or pair

trawling’’ are revised to read as follows:

§ 648.2 Definitions.

* * * * *

Bluefish Committee means the

Bluefish FMP Review and Monitoring

Committee of the MAFMC.

* * * * *

Council means the New England

Fishery Management Council (NEFMC)

for the Atlantic sea scallop and the NE

multispecies fisheries, or the MidAtlantic Fishery Management Council

(MAFMC) for the Atlantic mackerel,

squid, and butterfish; the Atlantic surf

clam and ocean quahog; the summer

flounder, scup, and black sea bass

fisheries; and the Atlantic bluefish

fishery.

* * * * *

Pair trawl or pair trawling means to

tow a single net between two vessels.

* * * * *

Person who receives bluefish for

commercial purposes means any person

(excluding representatives of

governmental agencies) engaged in the

sale, barter, or trade of bluefish received

from a fisherman, or one who transports

bluefish from a fisherman.

* * * * *

Regulated fishery means any fishery

of the United States which is regulated

under the Magnuson-Stevens Act.

* * * * *

Runaround gillnet or encircling gillnet

means a rectangular net placed upright

in the water column in a circular

fashion with an opening equal to or less

than 1/4 the length of the net or with an

opening greater than 1/4 the length of

the net, if the opening is obstructed in

any fashion.

* * * * *

6. In § 648.4, the heading, paragraph

(a) introductory text, the first sentence

in paragraph (b), paragraph (c)

introductory text, (c)(1), (c)(2)

introductory text, (c)(2)(i), (f), (j), (k),

and (l) are revised and paragraphs (a)(8)

and (c)(3) are added to read as follows:

§ 648.4 Vessel and individual commercial

permits.

(a) Fishery specific permit

information. * * *

(8) Atlantic bluefish individual

permits. Any person selling bluefish
13300 Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Rules and Regulations

harvested in the EEZ must have either

a valid permit issued under this part or

a valid State of landing permit to sell

bluefish.

(b) Permit conditions. Any person

who applies for a fishing permit under

this section must agree as a condition of

the permit that the vessel and the

vessel’s fishing activity, catch, and

pertinent gear (without regard to

whether such fishing occurs in the EEZ

or landward of the EEZ, and without

regard to where such fish or gear are

possessed, taken, or landed), are subject

to all requirements of this part, unless

exempted from such requirements

under this part. * * *

(c) Permit applications—(1) General.

Applicants for a permit under this

section must submit a completed

application on an appropriate form

obtained from the Regional

Administrator. The application must be

signed and submitted to the Regional

Administrator at least 30 days before the

date on which the applicant desires to

have the permit made effective. The

Regional Administrator will notify the

applicant of any deficiency in the

application pursuant to this section.

Vessel owners who are eligible to apply

for limited access or moratorium

permits under this part shall provide

information with the application

sufficient for the Regional Administrator

to determine whether the vessel meets

the applicable eligibility requirements

specified in this section.

(2) Vessel permit information

requirements. (i) With the exception of

Atlantic bluefish permits, the

requirements for which are described in

paragraph (c)(3) of this section, an

application for a permit issued under

this section, in addition to the

information specified in paragraph (c)(1)

of this section, also must contain at least

the following information, and any

other information required by the

Regional Administrator: Vessel name,

owner name or name of the owner’s

authorized representative, mailing

address, and telephone number; USCG

documentation number and a copy of

the vessel’s current USCG

documentation or, for a vessel not

required to be documented under title

46 U.S.C., the vessel’s state registration

number and a copy of the current state

registration; a copy of the vessel’s

current party/charter boat license (if

applicable), home port and principal

port of landing, length overall, GRT, NT,

engine horsepower, year the vessel was

built, type of construction, type of

propulsion, approximate fish hold

capacity, type of fishing gear used by

the vessel, number of crew, number of

party or charter passengers licensed to

be carried (if applicable), permit

category, if the owner is a corporation,

a copy of the current Certificate of

Incorporation or other corporate papers

showing the date of incorporation and

the names of the current officers of the

corporation, and the names and

addresses of all shareholders owning 25

percent or more of the corporation’s

shares; if the owner is a partnership, a

copy of the current Partnership

Agreement and the names and addresses

of all partners; if there is more than one

owner, the names of all owners having

a 25-percent interest or more; and

permit number of any current or, if

expired, previous Federal fishery permit

issued to the vessel.

* * *

(3) Atlantic bluefish individual

commercial permit information

requirements. In addition to the

information specified in paragraph (c)(1)

of this section, an application for an

Atlantic bluefish individual commercial

permit also must contain at least the

following information, and any other

information required by the Regional

Administrator: The applicant’s name;

mailing address; telephone number;

height; weight; hair color; and eye color;

if the applicant represents a corporation,

a copy of the current Certificate of

Incorporation; and percentage of annual

income derived from the sale of

bluefish.

* * * * *

(f) Change in permit information. Any

change in the information specified in

paragraphs (c)(2) or (c)(3) of this section

must be submitted by the applicant in

writing to the Regional Administrator

within 15 days of the change, or the

permit is void.

* * * * *

(j) Reissuance. A permit may be

reissued by the Regional Administrator

when requested in writing, stating the

need for reissuance, the name of the

vessel (if applicable), and the fishing

permit number assigned. An application

for the reissuance of a permit will not

be considered a new application. The

fee for a reissued permit shall be the

same as for an initial permit.

(k) Transfer. A permit issued under

this part is not transferable or

assignable. A permit will be valid only

for the fishing vessel, owner and/or

person for which it is issued.

(l) Display. A vessel permit must be

carried, at all times, on board the vessel

for which it is issued and shall be

subject to inspection upon request by

any authorized officer. A person issued

a permit under this section must be able

to present the permit for inspection

when requested by an authorized

officer. Permits must be maintained in

legible condition.

* * * * *

7. In § 648.14, paragraph (w) is

redesignated as paragraph (x) and a new

paragraph (w) is added as follows:

§ 648.14 Prohibitions.

* * * * *

(w) In addition to the general

prohibitions specified in § 600.725 of

this chapter, it is unlawful for any

person to do any of the following:

(1) Possess in or harvest from the EEZ

Atlantic bluefish in excess of the daily

possession limit specified in § 648.131,

unless that person has a permit meeting

the requirements of § 648.4(a)(8);

(2) Possess, have custody or control

of, ship, receive, barter, trade, transport,

offer for sale, sell, purchase, import, or

export any bluefish taken, retained, or

landed in violation of the MagnusonStevens Act, or any regulation or permit

issued under the Magnuson-Stevens

Act;

(3) Fish under a permit meeting the

requirements of § 648.4(a)(8) in

violation of a notice of restriction

published under § 648.162;

(4) Fish in the EEZ under a permit

meeting the requirements of

§ 648.4(a)(8) during a closure under

§ 648.163; or

(5) Sell any Atlantic bluefish

harvested from the EEZ unless that

person has a permit that meets the

requirements of § 648.4(a)(8).

* * * * *

8. Subpart J is added to Part 648 to

read as follows:

Subpart J—Management Measures for

the Atlantic Bluefish Fishery

Sec.

648.160 Fishing year.

648.161 Possession limit.

648.162 Catch monitoring, commercial

controls, and gear restrictions.

648.163 Closure of the fishery.

§ 648.160 Fishing year.

The fishing year is from January 1

through December 31.

§ 648.161 Possession limit.

(a) Possession limit. (1) No person

shall possess more than ten bluefish

unless he/she has a permit meeting the

requirements of § 648.4(a)(8).

(2) Bluefish caught while in

possession of a permit meeting the

requirements of § 648.4(a)(8) must be

kept separate from the pooled catch and

in the possession of the permit holder

at all times.

(3) If Atlantic bluefish are filleted into

two or more sections, such fillets shall
Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Rules and Regulations 13301

be deemed to be whole Atlantic bluefish

using a ratio of 1:2 (two fillets to one

whole fish). If Atlantic bluefish are

filleted into single (butterfly) fillets,

such fillets shall be deemed to be whole

Atlantic bluefish.

(4) Atlantic bluefish harvested from

party and charter boats or other vessels

carrying more than one person may be

commingled. Compliance with the daily

possession limit will be determined by

dividing the number of Atlantic bluefish

on board by the number of persons

aboard, provided, however, that if a

person or persons aboard are fishing

under a permit meeting the

requirements of § 648.4(a)(8), his/her

catch shall not be counted for

determining compliance with the

possession limit, if it is maintained in

the possession of such person(s). If there

is a violation of the possession limit on

board a vessel carrying more than one

person, the violation shall be deemed to

have been committed by the owner and/

or operator.

(b) Adjustment of the possession limit.

After notice and 15 days opportunity for

public comment, NMFS may adjust the

possession limit within a range of 0 to

15 Atlantic bluefish based on a

recommendation of the MAFMC and

Commission. NMFS will publish a

notice of any proposed adjustment,

together with the basis for such

adjustment, in the Federal Register.

After consideration of any public

comments, NMFS may adjust the

possession limit by publishing a notice

of adjustment in the Federal Register.

§ 648.162 Catch monitoring, commercial

controls, and gear restrictions.

(a) The Bluefish Committee will

review bluefish catch statistics, a

projection of the commercial share for

the next fishing year, and the most

recent stock assessment prior to August

15th of each year. The Bluefish

Committee will report to the MAFMC

and the Commission.

(b) The MAFMC and the Commission

will review the report of the Bluefish

Committee. If the report indicates that

the commercial catch for the next

fishing year will equal or exceed 20

percent of the total catch (recreational

catch plus commercial landings) of

Atlantic bluefish, the MAFMC and

Commission will propose the

commercial controls to be implemented

at the start of the upcoming year. If the

report indicates that the commercial

catch will be greater than 17 percent but

less than 20 percent of the total catch of

Atlantic bluefish, or that the commercial

share for the last full year is 50 percent

greater than the previous year’s

commercial share, the MAFMC and

Commission will determine whether

commercial controls are necessary. In

making such a determination the

MAFMC and Commission will consider:

(1) The most recent catch data.

(2) Trends in the fishery.

(3) Any other relevant factors.

(c) If the catch in the commercial

fishery is projected to equal or exceed

the 20 percent limit during the

upcoming year, then a state allocation

system will be implemented. This will

entail the use of landings data from the

most recent 10-year period for each

state, to determine the average

percentage of each state’s coastwide

commercial landings. These percentages

will be used to determine the amount of

the coastwide quota allocated to each

state. Quotas will apply to landings in

each state, regardless of where the

bluefish were caught. (d) If whole Atlantic bluefish are

processed into fillets at sea, then fillet

weight will be converted to whole

weight at the state of landing by

multiplying fillet weight by 2.5. If whole

Atlantic bluefish are headed and gutted

at sea, then the conversion is

accomplished by multiplying headed/

gutted weight by 1.5. (e) If the MAFMC concludes that the

increase in the commercial catch is

attributable to the use of purse seines,

pair trawls, or encircling (runaround)

gillnets, then it will propose restrictions

applicable to that gear type. In

determining what restrictions are

necessary to control the catch of

Atlantic bluefish by commercial

fishermen using these gear types, the

MAFMC may consider: (1) Trip limits;

(2) Area closures;

(3) Banning the use of these gear

types; or (4) Any other measures it deems

appropriate. (f) The Regional Administrator will

review any gear restrictions proposed by

the MAFMC. If the Regional

Administrator concurs that the

proposed gear restrictions are consistent

with the goals and objectives of the

FMP, the national standards, and other

applicable law, the Regional

Administrator will recommend that

NMFS publish a notice of the proposed

restrictions in the Federal Register with

a 30-day public comment period. After

publication of such notice and after

consideration of any public comments,

NMFS may impose such restrictions by

publishing a notice of gear restrictions

in the Federal Register. (g) NMFS may rescind any gear

restriction if it finds, based on the

advice of the MAFMC through the

process set forth in paragraphs (a) and

(b) of this section, that the restriction is

no longer necessary.

§ 648.163 Closure of the fishery.

The Regional Administrator shall

close the commercial fishery for

Atlantic bluefish in the EEZ if the

commercial fisheries for Atlantic

bluefish have been closed in all Atlantic

coastal states.

PART 628–[REMOVED]

9. Part 628 is removed.

[FR Doc. 97–6956 Filed 3–19–97; 8:45 am]

BILLING CODE 3510–22–F

COMMODITY FUTURES TRADING

COMMISSION

17 CFR Parts 15, 18 and 19

Reports by Large Traders; Cash

Position Reports in Grains (Including

Soybeans) and Cotton

AGENCY: Commodity Futures Trading

Commission.

ACTION: Final rulemaking; correction.

SUMMARY: CFTC is correcting an error in

reports by large traders previously

published in the Federal Register on

February 11, 1997, (62 FR 6112). The

original document contained an

erroneous word and inconsistent

wording.

EFFECTIVE DATE: April 14, 1997.

FOR FURTHER INFORMATION CONTACT:

Lamont Reese, Commodity Futures

Trading Commission, Division of

Economic Analysis, Three Lafayette

Centre, 1155 21st St., N.W., Washington,

D.C. 20581.

Correction

In the final rule FR Doc. 97–3395,

beginning on page 6112 in the Federal

Register issue of February 11, 1997,

make the following correction:

§ 15.01 [Corrected]

On page 6113, in the third column, in

paragraph (d)(1) of § 15.01, the reference

to ‘‘futures and option and positions’’ is

corrected to read ‘‘futures and option

positions.’’

§ 18.04 [Corrected]

On 6114, in the first column, in

§ 18.04, in the second line, the reference

to ‘‘options or futures position’’ is

corrected to read ‘‘futures and option

position.’’

§ 19.00 [Corrected]

On page 6114, in the second column,

in § 19.00, in paragraph (a)(1), the

reference to ‘‘options or futures

positions’’ is corrected to read ‘‘futures

and option positions.’’

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 97–6972 Filed 3–19–97; 8:45 am]

BILLING CODE 6351–01–M