17768 Federal Register / Vol. 74, No. 73 / Friday, April 17, 2009 / Rules and Regulations 

other nominating organizations would 

be considered small businesses, while 

most importers and exporters would 

not. Cooperative and other nominating 

organizations would be expected to 

generally reflect the size of the entities 

that they represent. 

Taking into account the duplicative 

nature of the new Packers Order with 

the Honey Order, the Department 

previously suspended assessment 

collection under the Honey Order on 

May 21, 2008. This action will now 

terminate all of the provisions of the 

Honey Order and regulations issued 

thereunder and remove the regulatory 

impact on all entities subject to the 

requirements of the Honey Order and its 

regulations. 

In accordance with the Paperwork 

Reduction Act of 1995 [44 U.S.C. 

Chapter 35], the information collection 

requirements under the Honey Order 

were approved by the Office of 

Management and Budget (OMB) and 

assigned OMB numbers 0581–0093 and 

0581–0001. When assessment 

collections were terminated on May 21, 

2008, these information collection 

requirements were also suspended. Now 

that the Honey Order is being 

terminated, these requirements also are 

eliminated. The costs and burden on the 

industry associated with these 

requirements are also eliminated. 

Termination Order 

Taking into account the duplicative 

nature of the Packers Order with the 

Honey Order, it is found that the current 

Honey Order issued under the Honey 

Research, Promotion and Consumer 

Information Act does not tend to 

effectuate the purposes of the Act. It is 

therefore ordered, that pursuant to 

section 13 of the Act, the Honey Order, 

and its rules and regulations [7 CFR part 

1240] are hereby terminated. 

Pursuant to 5 U.S.C. 553, it is also 

found and determined that good cause 

exists for not postponing the effective 

date of this rule until 30 days after 

publication in the Federal Register 

because: (1) The assets of the Honey 

Board have been liquidated, and (2) a 

final audit of the Board’s books has been 

conducted. 

List of Subjects in 7 CFR Part 1240 

Administrative practice and 

procedure, Advertising, Consumer 

information, Marketing agreements, 

Honey promotion, Reporting and 

recordkeeping requirements. 

PART 1240—[REMOVED] 

■ For the reasons set forth in the 

preamble, and under the authority of 7 

U.S.C. 4601–4613, 7 CFR part 1240 is 

removed. 

Dated: April 13, 2009. 

Robert C. Keeney, 

Acting Associate Administrator, Agricultural 

Marketing Service. 

[FR Doc. E9–8852 Filed 4–16–09; 8:45 am] 

BILLING CODE 

FEDERAL RESERVE SYSTEM 

12 CFR Part 230 

[Regulation DD; Docket No. R–1315] 

Truth in Savings; Correction 

AGENCY: Board of Governors of the 

Federal Reserve System (Board). 

ACTION: Final rule; technical correction. 

SUMMARY: On January 29, 2009, the 

Board published final rules amending 

Regulation DD, which implements the 

Truth in Savings Act, and the official 

staff commentary to the regulation. The 

final rule, among other things, requires 

all depository institutions to disclose 

aggregate overdraft fees on periodic 

statements, and not solely institutions 

that promote the payment of overdrafts. 

However, the document published in 

the Federal Register on January 29, 

2009 contains a technical error in the 

formatting of the sample form 

illustrating how institutions may 

comply with this requirement. To 

correct this error, this document 

republishes the appropriate sample 

form. 

DATES: This correction is effective 

January 1, 2010. 

FOR FURTHER INFORMATION CONTACT: 

Dana E. Miller, Attorney, Vivian W. 

Wong, Senior Attorney, or Ky TranTrong, Counsel, Division of Consumer 

and Community Affairs, Board of 

Governors of the Federal Reserve 

System, 20th and C Streets, NW., 

Washington, DC 20551, at (202) 452– 

3667 or (202) 452–2412. For users of a 

Telecommunications Device for the Deaf 

(TDD) only, contact (202) 263–4869. 

SUPPLEMENTARY INFORMATION: On 

January 29, 2009, the Board published 

final rules amending Regulation DD, 

which implements the Truth in Savings 

Act, and the official staff commentary to 

the regulation. The final rule, among 

other things, requires all depository 

institutions to disclose aggregate 

overdraft fees on periodic statements, 

and not solely institutions that promote 

the payment of overdrafts. However, the 

document published in the Federal 

Register on January 29, 2009 contains a 

technical error in the formatting of the 

sample form illustrating how 

institutions may comply with this 

requirement. To correct this error, this 

document republishes the appropriate 

sample form. 

Basis for the Corrections 

The Board is issuing this technical 

correction as a final rule that will be 

effective upon publication in the 

Federal Register. The Administrative 

Procedure Act (the Act) provides that 

notice and comment procedures do not 

apply if the agency for good cause finds 

notice to be ‘‘impracticable, 

unnecessary, or contrary to the public 

interest.’’ The Act also provides that 

notice and comment procedures do not 

apply for interpretive rules. In addition, 

a rule may be made effective less than 

thirty days from publication when an 

agency finds good cause for such action. 

5 U.S.C. 553(b)(A)–(B) and (d)(3). 

The Board finds that the Act does not 

require notice of a proposed rulemaking 

before the final publication of the 

corrected sample form. There is good 

cause to publish the formatting 

requirements without notice and 

comment because these procedures are 

unnecessary. The formatting correction 

to the sample form is a non-substantive 

change to the form. The republication 

merely corrects an error that occurred in 

the printing of the sample form when it 

was originally published. For this same 

reason, the Board finds that there is 

good cause for the rule to take effect 

upon publication. 

In addition, the correction may be 

viewed as interpretative in that the form 

only indicates how the rule should 

apply, and, therefore, a notice of 

proposed rulemaking is not required. 

Paperwork Reduction Act 

This technical correction contains no 

collection of information pursuant to 

the Paperwork Reduction Act. 

■ In the final rule FR Doc. E8–31183 

published in the Federal Register on 

January 29, 2009 (74 FR 5584) make the 

following correction: 

Appendix B to Part 230—[Corrected] 

■ 1. On page 5593, in the third column, 

Form B–10. is corrected to read as 

follows: 

Appendix B to Part 230—Model Clauses 

and Sample Forms 

* * * * * 


dwashington3 on PROD1PC60 with RULES
Federal Register / Vol. 74, No. 73 / Friday, April 17, 2009 / Rules and Regulations 17769 

1FASB Staff Position No. 115–1 and 124–1, ‘‘The 

Meaning of Other-Than-Temporary Impairment and 

Its Application to Certain Investments’’ refers to 

this SAB for a discussion of considerations 

applicable to a determination as to whether a 

decline in market value below cost of an equity 

security, at a particular point in time, is other than 

temporary. 

* * * * * 

By order of the Board of Governors of the 

Federal Reserve System, April 14, 2009. 

Jennifer J. Johnson, 

Secretary of the Board. 

[FR Doc. E9–8847 Filed 4–16–09; 8:45 am] 

BILLING CODE 6210–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Part 211 

[Release No. SAB 111] 

Staff Accounting Bulletin No. 111 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Publication of Staff Accounting 

Bulletin. 

SUMMARY: This staff accounting bulletin 

(‘‘SAB’’) amends Topic 5.M. in the Staff 

Accounting Bulletin Series entitled 

Other Than Temporary Impairment of 

Certain Investments in Debt and Equity 

Securities (‘‘Topic 5.M.’’). On April 9, 

2009, the FASB issued FASB Staff 

Position No. FAS 115–2 and FAS 124– 

2, Recognition and Presentation of 

Other-Than-Temporary Impairments 

(‘‘FSP 115–2’’) to provide guidance for 

assessing whether an impairment of a 

debt security is other than temporary. 

This SAB maintains the staff’s previous 

views related to equity securities. It also 

amends Topic 5.M. to exclude debt 

securities from its scope. 

DATES: Effective April 13, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Robert Malhotra, Senior Advisor, or 

Adam Brown, Professional Accounting 

Fellow, Office of the Chief Accountant, 

at (202) 551–5300; or Stephanie 

Hunsaker, Associate Chief Accountant, 

Division of Corporation Finance, at 

(202) 551–3400, Securities and 

Exchange Commission, 100 F Street, 

NE., Washington, DC 20549. 

SUPPLEMENTARY INFORMATION: The 

statements in staff accounting bulletins 

are not rules or interpretations of the 

Commission, nor are they published as 

bearing the Commission’s official 

approval. They represent interpretations 

and practices followed by the Division 

of Corporation Finance and the Office of 

the Chief Accountant in administering 

the disclosure requirements of the 

Federal securities laws. 

Dated: April 13, 2009. 

Elizabeth M. Murphy, 

Secretary. 

PART 211—[AMENDED] 

■ Accordingly, Part 211 of Title 17 of 

the Code of Federal Regulations is 

amended by adding Staff Accounting 

Bulletin No. 111 to the table found in 

Subpart B. 

Staff Accounting Bulletin No. 111 

This staff accounting bulletin (‘‘SAB’’) 

hereby amends and replaces Topic 5.M. 

in the Staff Accounting Bulletin Series 

entitled Other Than Temporary 

Impairment of Certain Investments in 

Debt and Equity Securities (‘‘Topic 

5.M.’’). On April 9, 2009, the FASB 

issued FASB Staff Position No. FAS 

115–2 and FAS 124–2, Recognition and 

Presentation of Other-Than-Temporary 

Impairments (‘‘FSP 115–2’’) to provide 

guidance for assessing whether an 

impairment of a debt security is other 

than temporary. Topic 5.M. (as 

amended) maintains the staff’s previous 

views related to equity securities. It also 

amends Topic 5.M. to exclude debt 

securities from its scope. 

Note: The text of SAB 111 will not appear 

in the Code of Federal Regulations. 

Topic 5: Miscellaneous Accounting 

* * * * * 

M. Other Than Temporary Impairment 

of Certain Investments in Equity 

Securities 

Facts: FASB Staff Position No. FAS 

115–2 and FAS 124–2, Recognition and 

Presentation of Other-Than-Temporary 

Impairments (‘‘FSP 115–2’’) does not 

define the phrase ‘‘other than 

temporary’’ for available-for-sale equity 

securities. For its available-for-sale 

equity securities, Company A has 

interpreted ‘‘other than temporary’’ to 

mean permanent impairment. Therefore, 

because Company A’s management has 

not been able to determine that its 

investment in Company B’s equity 

securities is permanently impaired, no 

realized loss has been recognized even 

though the market price of Company B’s 

equity securities is currently less than 

one-third of Company A’s average 

acquisition price. 

Question: For equity securities 

classified as available-for-sale, does the 

staff believe that the phrase ‘‘other than 

temporary’’ should be interpreted to 

mean ‘‘permanent’’? 

Interpretive Response: No. The staff 

believes that the FASB consciously 

chose the phrase ‘‘other than 

temporary’’ because it did not intend 

that the test be ‘‘permanent 

impairment,’’ as has been used 

elsewhere in accounting practice.1

The value of investments in equity 

securities classified as available-for-sale 

may decline for various reasons. The 

market price may be affected by general 

market conditions which reflect 

prospects for the economy as a whole or 

by specific information pertaining to an 

industry or an individual company. 

Such declines require further 

investigation by management. Acting 

upon the premise that a write-down 

may be required, management should 

consider all available evidence to 

evaluate the realizable value of its 

investment in equity securities 

classified as available-for-sale. 

There are numerous factors to be 

considered in such an evaluation and 

their relative significance will vary from 

case to case. The staff believes that the 

following are only a few examples of the 


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