33848 Federal Register / Vol. 63, No. 119 / Monday, June 22, 1998 /Rules and Regulations

[FR Doc. 98–16544 Filed 6–19–98; 8:45 am]

BILLING CODE 4910–13–M

COMMODITY FUTURES TRADING

COMMISSION

17 CFR Part 1

Trading Hours

AGENCY: Commodity Futures Trading

Commission.

ACTION: Final rule.

SUMMARY: The Commodity Futures

Trading Commission (‘‘Commission’’) is

making amendments to its Regulation

1.41(k) to allow additional changes in

trading hours to be deemed approved by

the Commission one business day after

receipt of written notice of a change in

accordance with the regulation.

EFFECTIVE DATE: July 22, 1998.

FOR FURTHER INFORMATION CONTACT:

Lois J. Gregory, Attorney-Advisor,

Contract Markets, Division of Trading

and Markets, Commodity Futures

Trading Commission, Three Lafayette

Centre, 1155 21st Street, NW,

Washington, D.C. 20581. Telephone:

(202) 418–5483.

SUPPLEMENTARY INFORMATION: Regulation

1.41(k) allows a change in trading hours

which does not permit trading to open

before 7:00 a.m. or close after 6:00 p.m.

local time in the city where the contract

market is located to be deemed

approved by the Commission at the

close of business one business day after

properly labeled written notice of the

change is received by the Commission if

the change is not inconsistent with the

Commodity Exchange Act or the

Commission’s other regulations. Trading

hour changes which do permit trading

to open before 7:00 a.m. or close after

6:00 p.m. local time must be submitted

to the Commission for approval

pursuant to Regulation 1.41(b).

On May 1, 1998 (63 FR 24142), the

Commission published for comment

proposed amendments to Regulation

1.41(k) to allow additional changes in

trading hours, as set forth below, to be

deemed approved by the Commission

one business day after receipt of written

notice of a change in accordance with

the regulation. The comment period for

the proposal was 15 days and closed on

May 18, 1998. The Commission received

two comments in response to the notice

and both were supportive of the

proposal.

The Commission has determined to

amend Regulation 1.41(k) in the manner

previously notice. As revised,

Regulation 1.41(k) will allow additional

changes is trading hours to be deemed

approved by the Commission one

business day after receipt of written

notice of a change in accordance with

the subsection. Specifically, if a contract

market has previously received

Commission approval for trading

between 6:00 p.m. and 7:00 a.m. in at

least one of its designated contracts, it

may submit all subsequent changes in

trading hours pursuant to Regulation

1.41(k). Thus, under revised 1.41(k), the

first time a contract market proposes

changing trading hours for any of its

designated contracts to fall between the

hours of 6:00 p.m. to 7:00 a.m., the

proposal must be submitted to the

Commission for approval pursuant to

Regulation 1.41(b). The Commission

will review such initial proposal to

ensure that adequate systems and

procedures are in place to accommodate

the expanded trading hours. Matters to

be addressed will include, among other

matters, clearing, margin, market data,

and surveillance programs. Any

subsequent change to trading hours can

be approved under the expedited

procedures of Regulation 1.41(k).

The Commission notes that listing a

contract for trading on an automated

trading system will constitute more than

a change in trading hours. It will also be

a change in the method of trading.

Accordingly, neither the initial

establishment of an electronic trading

system nor the subsequent listing of

additional contracts will be eligible for

treatment under Regulation 1.41(k).

However, changes in the trading hours

of a contract that is already listed on an

electronic system will be eligible for

treatment under revised Regulation

1.41(k).

Related Matters

A. Paperwork Reduction Act

The Paperwork Reduction Act of 1995

(Pub. L. 104–13 (May 13, 1995)) imposes

certain requirements on federal agencies

(including the Commission) in

connection with their conducting or

sponsoring any collection of

information as defined by the

Paperwork Reduction Act. While this

proposed regulation has no burden, the

group of regulations (3038–0022), of

which this is a part has the following

burden:

Average burden hours per response,

3,546.26

Number of Respondents, 10,971

Frequency of response, on occasion

Copies of the OMB approved

information collection package

associated with this regulation may be

obtained from the Desk Officer, CFTC,

Office of Management and Budget,

Room 10202, NEOB Washington DC

20503, (202) 395–7340.

B. Regulatory Flexibility Act

The Regulatory Flexibility Act (RFA)

5 U.S.C. 601 et seq., requires that

agencies, in adopting regulations,

consider the impact of those regulations

on small businesses. The only entity

this rulemaking will affect would be

contract markets. The Commission has

previously determined that contract

markets are not ‘‘small entities’’ for

purposes of the Regulatory Flexibility

Act, (47 FR 18618 (April 30, 1982)).

Therefore, the Chairperson, on behalf of

the Commission, hereby certifies,

pursuant to 5 U.S.C. 605(b), that the

action taken herein will not have a

significant economic impact on a

substantial number of small entities.

List of Subjects in 17 CFR Part 1

Brokers, Commodity futures,

Consumers protection, Reporting and

recordkeeping requirements,

Segregation requirements.

In consideration of the foregoing and

pursuant to the authority contained in

the Commodity Exchange Act and, in

particular Section 8a thereof, 7 U.S.C.

12a, the Commission hereby amends

Part 1 of Chapter I of Title 17 of the

Code of Federal Regulations as follows:

PART 1—GENERAL REGULATIONS

UNDER THE COMMODITY EXCHANGE

ACT

1. The authority citation for Part 1

continues to read as follows:

Authority: 7 U.S.C. 1a, 2, 2a, 4, 4a, 6, 6a,

6b, 6c, 6d, 6e, 6f, 6g, 6h, 6i, 6j, 6k, 6l, 6m,

6n, 6o, 6p, 7, 7a, 7b, 8, 9, 12, 12a, 12c, 13a,

13a–1, 16, 16a, 19, 21, 23, and 24.

2. Section 1.41 is amended by revising

paragraph (k)(1) to read as follows: 1.41

Contract market rules; submission of

rules to the Commission, exemption of

certain rules.

* * * * *

(k) Trading Hours. (1)

Notwithstanding the provisions of

paragraph (b) of this section and except

in connection with an initial listing of

a contract on an automated trading

system, all changes in trading hours

shall be deemed approved by the

Commission at the close of business one

business day after written notice of such

a change is received by the Commission

if:

(i) The change is not inconsistent with

any provision of the Act or the

Commission’s regulations;

(ii) For a change that permits trading

anytime between 6:00 p.m. and 7:00

a.m. local time in the city where the

contract market is located, the contract
Federal Register / Vol. 63, No. 119 / Monday, June 22, 1998 /Rules and Regulations 33849

market has previously received

Commission approval for trading

between such hours in at least one of its

designated contracts; and

(iii) The contract market labels the

written notice as being submitted

pursuant to paragraph (k) of this section.

* * * * *

Issued in Washington D.C. on June 16,

1998, by the Commission.

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 98–16520 Filed 6–19–98; 8:45 am]

BILLING CODE 6351–01–M

SOCIAL SECURITY ADMINISTRATION

20 CFR Part 416

[Regulations No. 16]

RIN 0960–AE87

Supplemental Security Income for the

Aged, Blind, and Disabled; Charging

Administration Fees for Making State

Supplementary Payments

AGENCY: Social Security Administration

(SSA).

ACTION: Final rule.

SUMMARY: We are revising our rules to

reflect statutory changes that require the

Social Security Administration (SSA) to

increase the administration fees it

charges States for making

supplementary payments on behalf of

States.

EFFECTIVE DATE: This rule is effective

June 22, 1998.

FOR FURTHER INFORMATION CONTACT:

Gareth Dence, Social Insurance

Specialist, Division of Payment Policy,

Office of Program Benefits Policy, Social

Security Administration, 6401 Security

Blvd., Baltimore, MD 21235, (410) 965–

9872 for information about this rule. For

information on eligibility or claiming

benefits, call our national toll-free

number, 1–800–772–1213.

SUPPLEMENTARY INFORMATION:

Background

On October 1, 1993, pursuant to

amendments made to the Social

Security Act (the Act) and to Pub. L. No.

93–66 by section 13731 of Pub. L. No.

103–66, SSA began charging States that

had elected Federal administration of

optional and/or mandatory State

supplementary payments a fee for

administering those payments. This

regulation reflects section 5102 of Pub.

L. No. 105–33 (the Balanced Budget Act

of 1997), which increase the

administration fee SSA charges States

for making supplementary payments on

their behalf.

Present Policy

The administration fee is charged

monthly and is derived by multiplying

the number of State supplementary

payments made by SSA on behalf of a

State for a month by the applicable

dollar rate for the fiscal year (FY), as

prescribed in section 13731 of Pub. L.

No. 103–66. The dollar rates are as

follows: for FY 1994, $1.67; for FY 1995,

$3.33; for FY 1996, $5.00. For FY 1997

and each succeeding FY, the statutory

rate reflected in section 13731 of Pub. L.

No. 103–66 is $5.00 or such different

rate as determined by SSA to be

appropriate for any particular State. In

making this determination, SSA may

take into account the complexity of

administering the State’s supplementary

payment program.

Revised Policy

We are amending the regulation at

§ 416.2010(b) to reflect section 5102 of

Pub. L. No. 105–33, that increases the

fees SSA is required to charge for

administering State supplementary

payments.

Regulatory Procedures

Executive Order 12866

We have consulted with the Office of

Management and Budget (OMB) and

determined that this rule does not meet

the criteria for a significant regulatory

action under Executive Order 12866.

Thus, it was not subject to OMB review.

Regulatory Flexibility Act

We certify that this rule will not have

a significant economic impact on a

substantial number of small entities.

Therefore, a regulatory flexibility

analysis as provided in the Regulatory

Flexibility Act, as amended, 5 U.S.C.

601 et seq. is not required.

Paperwork Reduction Act

This rule imposes no reporting/

recordkeeping requirements subject to

OMB clearance.

(Catalog of Federal Domestic Assistance

Program No. 96.006, Supplemental Security

Income)

Regulatory Procedures

Pursuant to section 702(a)(5) of the

Act, SSA follows the procedures

specified in the Administrative

Procedure Act (APA), 5 U.S.C. 553, in

the development of its regulations. The

APA provides exceptions to its Notice of

Proposed Rulemaking (NPRM)

procedures when an agency finds that

there is good cause for dispensing with

such procedures on the basis that they

are impracticable, unnecessary, or

contrary to the public interest. In the

case of this final rule we have

determined that, under 5 U.S.C.

553(b)(B), good cause exists for

dispensing with the NPRM procedures.

This rule contains no discretionary

policy; the changes made by this final

rule merely conform our regulation to

the statutory changes made by Pub. L.

No. 105–33. The statute requiring the

increase in State supplementation

administration fees was effective on

August 5, 1997. Therefore, we find that

opportunity for prior comment is

unnecessary. In addition, we find good

cause for dispensing with the 30-day

delay in the effective date of a

substantive rule provided for by 5

U.S.C. 553(d). We have determined that

a delay in the effective date of this rule

is unnecessary because the rule contains

no discretionary policy but merely

conforms our regulations to a statutory

provision that is already in effect.

List of Subjects in 20 CFR Part 416

Administrative practice and

procedure, Aged, Blind, Disability

benefits, Public assistance programs,

Reporting and recordkeeping

requirements, Supplemental Security

Income (SSI).

Dated: June 9, 1998.

Kenneth S. Apfel,

Commissioner of Social Security.

Subpart T of part 416 of chapter III of

title 20 of the Code of Federal

Regulations is amended as follows:

PART 416—SUPPLEMENTAL

SECURITY INCOME FOR THE AGED,

BLIND, AND DISABLED

Subpart T—[Amended]

1. The authority citation for subpart T

of part 416 continues to read as follows:

Authority: Secs. 702(a)(5), 1616, 1618, and

1631 of the Social Security Act (42 U.S.C.

902(a)(5), 1382e, 1382g, and 1383); sec. 212,

Pub. L. 93–66, 87 Stat. 155 (42 U.S.C. 1382

note); sec. 8(a), (b)(1)–(b)(3), Pub. L. 93–233,

87 Stat. 956 (7 U.S.C. 612c note, 1431 note

and 42 U.S.C. 1382e note); secs. 1(a)–(c) and

2(a), 2(b)(1), 2(b)(2), Pub. L. 93–335, 88 Stat.

291 (42 U.S.C. 1382 note, 1382e note).

2. Section 416.2010 is amended by

removing ‘‘and’’ at the end of paragraph

(b)(1)(iii), by revising (b)(1)(iv), and by

adding (b)(1) (v) through (x) to read as

follows:

§ 416.2010 Essentials of the administration

agreements.

* * * * *

(b) Administrative costs.

(1) * * *

(iv) For fiscal year 1997, $5.00;

(v) For fiscal year 1998, $6.20;

(vi) For fiscal year 1999, $7.60;