1302 Federal Register / Vol. 83, No. 8 / Thursday, January 11, 2018 / Rules and Regulations 

48 44 U.S.C. 3501 et seq. 

49The most recent Paperwork Reduction Act 

analysis for Form ADV is based upon the number 

of registered advisers and exempt reporting advisers 

as of May 1, 2016. Because approximately five 

months had passed between the signing of the 

FAST Act and May 1, 2016, we believe that most 

of the advisers who wanted to change their 

registration status as a result of the FAST Act, did 

so in that five month period and are therefore 

included in the most recent Paperwork Reduction 

Act analysis for Form ADV. Form ADV under the 

Investment Advisers Act of 1940 (OMB Control No. 

3235–0049). 

50See Section IV above. In the Proposing Release, 

we requested comment on whether our belief that 

the amendments would not impose substantive new 

burdens on the overall population of respondents 

or affect the current over all burden estimates for 

the affected forms was correct. We did not receive 

any responses to our request for comment. 

51 5 U.S.C. 603(b). 

52Under Commission rules, for the purposes of 

the Advisers Act and the Regulatory Flexibility Act, 

an investment adviser generally is a small entity if 

it: (i) Has assets under management having a total 

value of less than $25 million; (ii) did not have total 

assets of $5 million or more on the last day of its 

most recent fiscal year; and (iii) does not control, 

is not controlled by, and is not under common 

control with another investment adviser that has 

assets under management of $25 million or more, 

or any person (other than a natural person) that had 

total assets of $5 million or more on the last day 

of its most recent fiscal year. Rule 0–7(a) (17 CFR 

275.0–7(a)). 

within the meaning of the Paperwork 

Reduction Act of 1995.48

The amendments to reflect the 

changes made by the FAST Act as 

described in Section II above may shift 

the number of advisers between each 

class of advisers as well as include 

advisers solely to SBICs that take on 

additional non-SBIC venture capital 

fund or private fund clients and 

therefore would become exempt 

reporting advisers. 

We believe that the current burden 

and cost estimates for the existing 

collection of information requirements 

remain appropriate.49 Thus, we believe 

that the amendments should not impose 

substantive new burdens on the overall 

population of respondents or affect the 

current overall burden estimates for the 

affected forms.50 Accordingly, we are 

not revising any burden and cost 

estimates in connection with these 

amendments. 

VI. Regulatory Flexibility Act 

Certification 

The Commission certified, pursuant 

to section 605(b) of the Regulatory 

Flexibility Act of 1980 51 that the 

proposed amendments to Advisers Act 

rules 203(l)–1 and 203(m)–1, if adopted, 

would not have a significant economic 

impact on a substantial number of small 

entities.52 We included this certification 

in Section V of the Proposing Release. 

Although we encouraged written 

comments regarding this certification, 

no commenters responded to this 

request. 

VII. Statutory Authority 

The Commission is amending rule 

203(l)–1 under the authority set forth in 

sections 211(a) and 203(l) of the 

Advisers Act, (15 U.S.C. 80b–11(a) and 

80b–3(l), respectively). The Commission 

is amending rule 203(m)–1 under the 

authority set forth in sections 211(a) and 

203(m) of the Advisers Act (15 U.S.C. 

80b–11(a) and 80b–3(m), respectively). 

List of Subjects in 17 CFR Part 275 

Reporting and recordkeeping 

requirements, Securities. 

Text of Rule Amendments 

For the reasons set forth in the 

preamble, the Commission amends title 

17, chapter II of the Code of Federal 

Regulations as follows. 

PART 275—RULES AND 

REGULATIONS, INVESTMENT 

ADVISERS ACT OF 1940 

■ 1. The authority citation for part 275 

continues to read, in part, as follows: 

Authority: 15 U.S.C. 80b–2(a)(11)(G), 80b– 

2(a)(11)(H), 80b–2(a)(17), 80b–3, 80b–4, 80b– 

4a, 80b–6(4), 80b–6a, and 80b–11, unless 

otherwise noted. 

* * * * * 

■ 2. Amend § 275.203(l)–1 by revising 

the introductory text to paragraph (a) to 

read as follows: 

§ 275.203(l)–1 Venture capital fund 

defined. 

(a) Venture capital fund defined. For 

purposes of section 203(l) of the Act (15. 

U.S.C. 80b–3(l)), a venture capital fund 

is any entity described in subparagraph 

(A), (B), or (C) of section 203(b)(7) of the 

Act (15 U.S.C. 80b–3(b)(7)) (other than 

an entity that has elected to be regulated 

or is regulated as a business 

development company pursuant to 

section 54 of the Investment Company 

Act of 1940 (15 U.S.C. 80a–53)) or any 

private fund that: 

* * * * * 

■ 3. Amend § 275.203(m)–1 by revising 

paragraph (d)(1) to read as follows: 

§ 275.203(m)–1 Private fund adviser 

exemption. 

* * * * * 

(d) * * * 

(1) Assets under management means 

the regulatory assets under management 

as determined under Item 5.F of Form 

ADV (§ 279.1 of this chapter) except that 

the regulatory assets under management 

attributable to a private fund that is an 

entity described in subparagraph (A), 

(B), or (C) of section 203(b)(7) of the Act 

(15 U.S.C. 80b–3(b)(7)) (other than an 

entity that has elected to be regulated or 

is regulated as a business development 

company pursuant to section 54 of the 

Investment Company Act of 1940 (15 

U.S.C. 80a–53)) shall be excluded from 

the definition of assets under 

management for purposes of this 

section. 

* * * * * 

By the Commission. 

Dated: January 5, 2018. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–00299 Filed 1–10–18; 8:45 am] 

BILLING CODE 8011–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R01–OAR–2017–0266; FRL–9972–90– 

Region 1] 

Air Plan Approval; NH; Approval of 

Recordkeeping and Reporting 

Requirements and Single Source 

Order; Withdrawal of Direct Final Rule 

AGENCY: Environmental Protection 

Agency. 

ACTION: Withdrawal of direct final rule. 

SUMMARY: Due to the receipt of adverse 

comments, the Environmental 

Protection Agency (EPA) is withdrawing 

the November 14, 2017 direct final rule 

approving State Implementation Plan 

(SIP) revisions submitted by the State of 

New Hampshire. New Hampshire’s SIP 

revisions modified existing 

recordkeeping and reporting 

requirements for sources of air 

pollution, and modified an existing 

order for Sturm Ruger & Company. This 

action is being taken in accordance with 

the Clean Air Act. 

DATES: The direct final rule published at 

82 FR 52664 on November 14, 2017 is 

withdrawn effective January 11, 2018. 

FOR FURTHER INFORMATION CONTACT: Bob 

McConnell, Air Quality Planning Unit, 

U.S. Environmental Protection Agency, 

New England Regional Office, 5 Post 

Office Square, Suite 100 (Mail code 

OEP05–2), Boston, MA 02109—3912, 

telephone (617) 918–1046, facsimile 

(617) 918–0146, email: 

mcconnell.robert@epa.gov. 

SUPPLEMENTARY INFORMATION: In the 

direct final rule, EPA stated that if 

adverse comments were submitted by 

December 14, 2017, the rule would be 

withdrawn and not take effect. EPA 

received adverse comments prior to the 

close of the comment period and, 


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Federal Register / Vol. 83, No. 8 / Thursday, January 11, 2018 / Rules and Regulations 1303 

therefore, is withdrawing the direct final 

rule. EPA will address the comments in 

a subsequent final action based upon 

the proposed rule also published on 

November 14, 2017 (82 FR 52683). EPA 

will not institute a second comment 

period on this action. 

List of Subjects in 40 CFR Part 52 

Environmental protection, Air 

pollution control, Carbon monoxide, 

Incorporation by reference, 

Intergovernmental relations, Lead, 

Nitrogen dioxide, Ozone, Particulate 

matter, Regional haze, Reporting and 

recordkeeping requirements, Sulfur 

oxides, Volatile organic compounds. 

Dated: December 22, 2017. 

Kenneth Moraff, 

Acting Regional Administrator, EPA New 

England. 

■ Accordingly, the amendments to 40 

CFR 52.1520 published on November 

14, 2017 (82 FR 52664) are withdrawn 

effective January 11, 2018. 

[FR Doc. 2018–00288 Filed 1–10–18; 8:45 am] 

BILLING CODE 6560–50–P 

GENERAL SERVICES 

ADMINISTRATION 

41 CFR Part 105–70 

[FPMR Case 2018–101–1; Docket No. 2018– 

0005; Sequence No. 1] 

RIN 3090–AJ92 

Program Fraud Civil Remedies Act of 

1986, Civil Monetary Penalties Inflation 

Adjustment 

AGENCY: Office of General Counsel, 

General Services Administration. 

ACTION: Final rule. 

SUMMARY: In accordance with the 

Federal Civil Penalties Inflation 

Adjustment Act of 1990, as amended by 

the Debt Collection Improvement Act of 

1996 and further amended by the 

Federal Civil Penalties Inflation 

Adjustment Act Improvement Act of 

2015, this final rule incorporates the 

penalty inflation adjustments for the 

civil monetary penalties set forth in the 

United States Code, as codified in our 

regulations. 

DATES: Effective: February 12, 2018. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Jessica Hawkins, Assistant General 

Counsel, General Law Division (LG), 

General Services Administration, 1800 F 

Street NW, Washington DC 20405. 

Telephone Number 202–501–1460. 

SUPPLEMENTARY INFORMATION: 

I. The Debt Collection Improvement Act 

of 1996 

To maintain the remedial impact of 

civil monetary penalties (CMPs) and to 

promote compliance with the law, the 

Federal Civil Penalties Inflation 

Adjustment Act of 1990 (Pub. L. 101– 

410) was amended by the Debt 

Collection Improvement Act of 1996 

(Pub. L. 104–134) to require Federal 

agencies to regularly adjust certain 

CMPs for inflation and further amended 

by the Federal Civil Penalties Inflation 

Adjustment Act Improvement Act of 

2015 (Sec. 701 of Pub. L. 114–74). As 

amended, the law requires each agency 

to make an initial inflationary 

adjustment for all applicable CMPs, and 

to make further adjustments at least 

once every year thereafter for these 

penalty amounts. The Debt Collection 

Improvement Act of 1996 further 

stipulates that any resulting increases in 

a CMP due to the calculated inflation 

adjustments shall apply only to 

violations which occur after the date the 

increase takes effect, i.e., thirty (30) days 

after date of publication in the Federal 

Register. Pursuant to the 2015 Act, 

agencies are required to adjust the level 

of the CMP with an initial ‘‘catch up‘‘, 

and make subsequent annual 

adjustments for inflation. Catch up 

adjustments are based on the percent 

change between the Consumer Price 

Index for Urban Consumers (CPI–U) for 

the month of October for the year of the 

previous adjustment, and the October 

2015 CPI–U. Annual inflation 

adjustments will be based on the 

percent change between the October 

CPI–U preceding the date of adjustment 

and the prior year’s October CPI–U. 

II. The Program Fraud Civil Remedies 

Act of 1986 

In 1986, sections 6103 and 6104 of the 

Omnibus Budget Reconciliation Act of 

1986 (Pub. L. 99–501) set forth the 

Program Fraud Civil Remedies Act of 

1986 (PFCRA). Specifically, this statute 

imposes a CMP and an assessment 

against any person who, with 

knowledge or reason to know, makes, 

submits, or presents a false, fictitious, or 

fraudulent claim or statement to the 

Government. The General Services 

Administration’s regulations, published 

in the Federal Register (61 FR 246, 

December 20, 1996) and codified at 41 

CFR part 105–70, set forth a CMP of up 

to $10,781 for each false claim or 

statement made to the agency. Based on 

the penalty amount inflation factor 

calculation, derived from originally 

dividing the June 2015 CPI by the June 

1996 CPI and making the CPI-based 

annual adjustment thereafter, after 

rounding we are adjusting the maximum 

penalty amount for this CMP to $11,001 

per violation. 

III. Waiver of Proposed Rulemaking 

In developing this final rule, we are 

waiving the usual notice of proposed 

rulemaking and public comment 

procedures set forth in the 

Administrative Procedure Act, 5 U.S.C. 

553 (APA). The APA provides an 

exception to the notice and comment 

procedures when an agency finds there 

is good cause for dispensing with such 

procedures on the basis that they are 

impracticable, unnecessary or contrary 

to the public interest. We have 

determined that under 5 U.S.C. 

553(b)(3)(B) good cause exists for 

dispensing with the notice of proposed 

rulemaking and public comment 

procedures for this rule. Specifically, 

this rulemaking comports and is 

consistent with the statutory authority 

set forth in the Debt Collection 

Improvement Act of 1996, with no 

issues of policy discretion. Accordingly, 

we believe that opportunity for prior 

comment is unnecessary and contrary to 

the public interest, and we are issuing 

these revised regulations as a final rule 

that will apply to all future cases under 

this authority. 

IV. Executive Orders 12866 and 13563 

Executive Orders (E.O.s) 12866 and 

13563 direct agencies to assess all costs 

and benefits of available regulatory 

alternatives and, if regulation is 

necessary, to select regulatory 

approaches that maximize net benefits 

(including potential economic, 

environmental, public health and safety 

effects, distributive impacts, and 

equity). E.O. 13563 emphasizes the 

importance of quantifying both costs 

and benefits, of reducing costs, of 

harmonizing rules, and of promoting 

flexibility. This is a not significant 

regulatory action and, therefore, was not 

subject to review under Section 6(b) of 

E.O. 12866, Regulatory Planning and 

Review, dated September 30, 1993. This 

rule is not a major rule under 5 U.S.C. 

804. 

The Office of Management and Budget 

(OMB) has reviewed this final rule in 

accordance with the provisions of E.O. 

12866 and has determined that it does 

not meet the criteria for a significant 

regulatory action. As indicated above, 

the provisions contained in this final 

rulemaking set forth the inflation 

adjustments in compliance with the 

Debt Collection Improvement Act of 

1996 for specific applicable CMPs. The 

great majority of individuals, 

organizations and entities addressed 

through these regulations do not engage 


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