Federal Register / Vol. 74, No. 13 / Thursday, January 22, 2009 / Rules and Regulations 3975 

PART 240—GENERAL RULES AND 

REGULATIONS, SECURITIES 

EXCHANGE ACT OF 1934 

■ 4. The authority citation for Part 240 

continues to read, in part, as follows: 

Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 

77s, 77z–2, 77z–3, 77eee, 77ggg, 77nnn, 

77sss, 77ttt, 78c, 78d, 78e, 78f, 78g, 78i, 78j, 

78j–1, 78k, 78k–1, 78l, 78m, 78n, 78o, 78p, 

78q, 78s, 78u–5, 78w, 78x, 78ll, 78mm, 80a– 

20, 80a–23, 80a–29, 80a–37, 80b–3, 80b–4, 

80b–11, and 7201 et seq., and 18 U.S.C. 1350, 

unless otherwise noted. 

* * * * * 

■ 5. Section 240.12a–10T is added to 

read as follows: 

§ 240.12a–10T Temporary exemption of 

eligible credit default swaps from Section 

12(a) of the Act. 

(a) The provisions of Section 12(a) of 

the Act (15 U.S.C. 78l(a)) do not apply 

in respect of any eligible credit default 

swap, as defined in Rule 239T of the 

Securities Act of 1933 (17 CFR 

230.239T) issued or cleared by a 

clearing agency registered as a clearing 

agency under Section 17A of the Act (15 

U.S.C. 78q–1) or exempt from 

registration under Section 17A of the 

Act pursuant to a rule, regulation, or 

order of the Commission, that will be 

purchased by or sold to an eligible 

contract participant (as defined in 

Section 1a(12) of the Commodity 

Exchange Act (7 U.S.C. 1a(12)) as in 

effect on the date of adoption of this 

section, other than a person who is an 

eligible contract participant under 

Section 1(a)(12)(C) of the Commodity 

Exchange Act. 

(b) This temporary rule will expire on 

September 25, 2009. 

■ 6. Section 240.12h–1 is amended by 

adding paragraph (h)T to read as 

follows: 

§ 240.12h–1 Exemptions from registration 

under section 12(g) of the Act. 

* * * * * 

(h)T any eligible credit default swap, 

as defined in Rule 239T of the Securities 

Act of 1933 (17 CFR 230.239T), issued 

or cleared by a clearing agency 

registered as a clearing agency under 

Section 17A of the Act (15 U.S.C. 78q– 

1) or exempt from registration under 

Section 17A of the Act pursuant to a 

rule, regulation, or order of the 

Commission that will be purchased by 

or sold to an eligible contract 

participant (as defined in Section 1a(12) 

of the Commodity Exchange Act (7 

U.S.C. 1a(12)) as in effect on the date of 

adoption of this section, other than a 

person who is an eligible contract 

participant under Section 1(a)(12)(C) of 

the Commodity Exchange Act. This 

temporary rule will expire on 

September 25, 2009. 

PART 260—GENERAL RULES AND 

REGULATIONS, TRUST INDENTURE 

ACT OF 1939 

■ 7. The authority citation for Part 260 

continues to read as follows: 

Authority: 15 U.S.C. 77eee, 77ggg, 77nnn, 

77sss, 78ll(d), 80b–3, 80b–4, and 80b–11. 

■ 8. Section 260.4d–11T is added to 

read as follows: 

§ 260.4d–11T Temporary exemption for 

eligible credit default swaps offered and 

sold in reliance on Securities Act of 1933 

Rule 239T (§ 230.239T). 

Any eligible credit default swap (as 

defined in Rule 239T of this chapter, 17 

CFR 230.239T), whether or not issued 

under an indenture, is exempt from the 

Act if offered and sold in reliance on 

Rule 239T of this chapter. This 

temporary rule will expire on 

September 25, 2009. 

By the Commission. 

Dated: January 14, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–1123 Filed 1–21–09; 8:45 am] 

BILLING CODE 8011–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R09–OAR–2008–0705; FRL–8748–7] 

Approval and Promulgation of 

Implementation Plans; Nevada; Vehicle 

Inspection and Maintenance Program 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Final rule. 

SUMMARY: Under the Clean Air Act, EPA 

is approving certain revisions, and 

disapproving certain other revisions, to 

the Nevada State Implementation Plan 

submitted by the Nevada Division of 

Environmental Protection. These 

revisions relate to the application of the 

State’s vehicle inspection and 

maintenance program to vehicles 

operated on Federal installations. EPA 

is also correcting certain plan revisions 

related to this subject that EPA 

previously approved in error. The 

intended effect is to ensure that vehicles 

operated on Federal installations are 

subject only to those requirements of the 

State’s vehicle inspection and 

maintenance program that apply in the 

same manner and to the same extent to 

nongovernmental entities. 

DATES: Effective Date: This rule is 

effective on February 23, 2009. 

ADDRESSES: EPA has established docket 

number EPA–R09–OAR–2008–0705 for 

this action. The index to the docket is 

available electronically at http:// 

www.regulations.gov and in hard copy 

at EPA Region IX, 75 Hawthorne Street, 

San Francisco, California. While all 

documents in the docket are listed in 

the index, some information may be 

publicly available only at the hard copy 

location (e.g., copyrighted material), and 

some may not be publicly available in 

either location (e.g., CBI). To inspect the 

hard copy materials, please schedule an 

appointment during normal business 

hours with the contact listed in the FOR

FURTHER INFORMATION CONTACT section. 

FOR FURTHER INFORMATION CONTACT: 

Eleanor Kaplan, Air Planning Office 

(AIR–2), U.S. Environmental Protection 

Agency, Region IX, (415) 947–4147, 

kaplan.eleanor@epa.gov. 

SUPPLEMENTARY INFORMATION: 

Throughout this document, ‘‘we’’, ‘‘us’’ 

and ‘‘our’’ refer to EPA. 

Table of Contents 

I. Proposed Action 

II. Public Comments 

III. EPA Action 

IV. Statutory and Executive Order Reviews 

I. Proposed Action 

On September 25, 2008 (73 FR 55466), 

under the Clean Air Act (CAA or ‘‘Act’’), 

EPA proposed to approve certain 

revisions, and to disapprove certain 

other revisions, to the Nevada State 

Implementation Plan (SIP) submitted by 

the Nevada Division of Environmental 

Protection (NDEP). These revisions 

relate to the application of the State’s 

vehicle inspection and maintenance 

(I/M) program to vehicles operated on 

Federal installations. EPA also proposed 

to correct certain SIP revisions related to 

this subject that EPA previously 

approved in error. 

Specifically, EPA proposed to 

approve paragraphs (a), (b) and (c) of 

subsection (2) of Nevada Administrative 

Code (NAC) section 445B.595 

(‘‘Inspections of vehicles owned by 

State or political subdivisions or 

operated on federal installations’’). 

NDEP submitted NAC 445B.595 to EPA 

on May 11, 2007. We proposed to 

approve these paragraphs of NAC 

445B.595(2) because they extend the 

same vehicle I/M testing, standards, and 

certification requirements to motor 

vehicles operated on Federal 

installations as apply to 

nongovernmental entities, consistent 

with CAA section 118(a). See our 

September 25, 2008 proposed rule at 73 

FR 55467. By the same token, we 


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3976 Federal Register / Vol. 74, No. 13 / Thursday, January 22, 2009 / Rules and Regulations 

proposed to disapprove paragraph (d) of 

NAC 445B.595(2) because it would 

establish an additional vehicle I/M 

requirement for motor vehicles operated 

on Federal installations that do not 

apply to nongovernmental entities and 

thereby would exceed the limits on the 

waiver of sovereign immunity 

established in CAA section 118(a). See 

our proposed rule at 73 FR 55468. 

In our September 25, 2008 proposed 

rule, we also proposed to rescind our 

previous approval of paragraph (d) of 

NAC 445B.595(2) and our previous 

approvals of another State vehicle I/M 

requirement, paragraph (d) of NAC 

445B.461(3). We approved both of these 

provisions in our 2004 approval of the 

State’s vehicle I/M program in Las Vegas 

Valley and Boulder City, and we 

approved NAC 445B.461(3) again in our 

2008 approval of the State’s update to 

its mobile source SIP. See 69 FR 56351 

(September 21, 2004) and 73 FR 38124 

(July 3, 2008). We proposed these 

rescissions under the error correction 

authority provided to us under CAA 

section 110(k)(6). As explained in our 

proposed rule at 73 FR 55468, we 

proposed to rescind our previous 

approvals of NAC 445B.595(2)(d) and 

NAC 445B.461(3)(d) because these 

provisions establish certain additional 

requirements under the State’s vehicle I/ 

M program for motor vehicles operated 

on Federal installations that do not 

apply to nongovernmental entities and 

thus are inconsistent with the limits of 

sovereign immunity established in CAA 

section 118(a). 

Our September 25, 2008 proposed 

rule provides additional background 

information and a more detailed 

rationale for our actions summarized 

above. 

II. Public Comments 

EPA’s September 25, 2008 proposed 

rule provided a 30-day public comment 

period. No comments were submitted. 

III. EPA Action 

As authorized under section 110(k) of 

the Clean Air Act, and for the reasons 

provided in summary fashion herein 

and in more detail in our proposed rule, 

we are approving NDEP’s submittal on 

May 11, 2007 of paragraphs (a), (b), and 

(c) of NAC 445B.595(2) as consistent 

with all applicable CAA requirements 

but disapproving paragraph (d) of NAC 

445B.595(2) as inconsistent with the 

limits on the waiver of sovereign 

immunity established in CAA section 

118(a). In addition, under CAA section 

110(k)(6), we are rescinding our 

previous approvals of NAC 

445B.461(3)(d) and 445B.595(2)(d) since 

they would otherwise set forth 

additional requirements under the 

vehicle I/M program for motor vehicles 

operated on Federal installations that do 

not apply to nongovernmental entities 

and thus would be inconsistent with 

CAA section 118(a). 

IV. Statutory and Executive Order 

Reviews 

Under the Clean Air Act, the 

Administrator is required to approve a 

SIP submission that complies with the 

provisions of the Act and applicable 

Federal regulations. 42 U.S.C. 7410(k); 

40 CFR 52.02(a). Thus, in reviewing SIP 

submissions, EPA’s role is to approve 

state choices, provided that they meet 

the criteria of the Clean Air Act. 

Accordingly, this action merely 

approves state law as meeting Federal 

requirements and does not impose 

additional requirements beyond those 

imposed by state law. For that reason, 

this action: 

• Is not a ‘‘significant regulatory 

action’’ subject to review by the Office 

of Management and Budget under 

Executive Order 12866 (58 FR 51735, 

October 4, 1993); 

• Does not impose an information 

collection burden under the provisions 

of the Paperwork Reduction Act (44 

U.S.C. 3501 et seq.); 

• Is certified as not having a 

significant economic impact on a 

substantial number of small entities 

under the Regulatory Flexibility Act (5 

U.S.C. 601 et seq.); 

• Does not contain any unfunded 

mandate or significantly or uniquely 

affect small governments, as described 

in the Unfunded Mandates Reform Act 

of 1995 (Pub. L. 104–4); 

• Does not have Federalism 

implications as specified in Executive 

Order 13132 (64 FR 43255, August 10, 

1999); 

• Is not an economically significant 

regulatory action based on health or 

safety risks subject to Executive Order 

13045 (62 FR 19885, April 23, 1997); 

• Is not a significant regulatory action 

subject to Executive Order 13211 (66 FR 

28355, May 22, 2001); 

• Is not subject to requirements of 

Section 12(d) of the National 

Technology Transfer and Advancement 

Act of 1995 (15 U.S.C. 272 note) because 

application of those requirements would 

be inconsistent with the Clean Air Act; 

and 

• Does not provide EPA with the 

discretionary authority to address, as 

appropriate, disproportionate human 

health or environmental effects, using 

practicable and legally permissible 

methods, under Executive Order 12898 

(59 FR 7629, February 16, 1994). 

In addition, this rule does not have 

tribal implications as specified by 

Executive Order 13175 (65 FR 67249, 

November 9, 2000), because the SIP is 

not approved to apply in Indian country 

located in the state, and EPA notes that 

it will not impose substantial direct 

costs on tribal governments or preempt 

tribal law. 

The Congressional Review Act, 5 

U.S.C. section 801 et seq., as added by 

the Small Business Regulatory 

Enforcement Fairness Act of 1996, 

generally provides that before a rule 

may take effect, the agency 

promulgating the rule must submit a 

rule report, which includes a copy of 

the rule, to each House of the Congress 

and to the Comptroller General of the 

United States. EPA will submit a report 

containing this rule and other required 

information to the U.S. Senate, the U.S. 

House of Representatives, and the 

Comptroller General of the United 

States prior to publication of the rule in 

the Federal Register. A major rule 

cannot take effect until 60 days after it 

is published in the Federal Register. 

This action is not a ‘‘major rule’’ as 

defined by 5 U.S.C. section 804(2). 

Under section 307(b)(1) of the Clean 

Air Act, petitions for judicial review of 

this action must be filed in the United 

States Court of Appeals for the 

appropriate circuit by March 23, 2009. 

Filing a petition for reconsideration by 

the Administrator of this final rule does 

not affect the finality of this rule for the 

purposes of judicial review, nor does it 

extend the time within which a petition 

for judicial review may be filed, and 

shall not postpone the effectiveness of 

such rule or action. This action may not 

be challenged later in proceedings to 

enforce its requirements. (See section 

307(b)(2).) 

List of Subjects in 40 CFR Part 52 

Environmental protection, Air 

pollution control, Incorporation by 

reference, Intergovernmental relations, 

Reporting and recordkeeping 

requirements. 

Dated: November 21, 2008. 

Laura Yoshi, 

Acting Regional Administrator, Region IX. 

■ Part 52, chapter I, title 40 of the Code 

of Federal Regulations is amended as 

follows: 

PART 52—[AMENDED] 

■ 1. The authority citation for Part 52 

continues to read as follows: 

Authority: 42 U.S.C. 7401 et seq. 

Subpart DD—Nevada 

■ 2. Section 52.1470 is amended by: 


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Federal Register / Vol. 74, No. 13 / Thursday, January 22, 2009 / Rules and Regulations 3977 

■ a. Adding paragraph (c)(48)(i)(A)(2); 

■ b. Adding paragraph (c)(71)(i)(A)(3); 

and 

■ c. Adding paragraph (c)(71)(i)(A)(4) to 

read as follows: 

§ 52.1470 Identification of plan. 

* * * * * 

(c) * * * 

(48) * * * 

(i) * * * 

(A) * * * 

(2) Previously approved on September 

21, 2004, in paragraph (c)(48)(i)(A)(1) of 

this section and now deleted from the 

SIP without replacement: Nevada 

Administrative Code (NAC) sections: 

445B.461(3)(d) and 445B.595(2)(d). 

* * * * * 

(71) * * * 

(i) * * * 

(A) * * * 

(3) Previously approved on July 3, 

2008, in paragraph (c)(71)(i)(A)(2) of this 

section and now deleted from the SIP 

without replacement: Nevada 

Administrative Code (NAC) section: 

445B.461(3)(d). 

(4) New or amended rules related to 

mobile sources, including Nevada’s 

vehicle inspection and maintenance 

program in Las Vegas Valley/Boulder 

City and Truckee Meadows: Nevada 

Administrative Code, chapter 445B 

(January 2007 revision by the Legislative 

Counsel Bureau), paragraphs (a), (b), 

and (c) of subsection (2) of section 

445B.595, ‘‘Inspections of vehicles 

owned by State or political subdivisions 

or operated on federal installations.’’ 

* * * * * 

[FR Doc. E9–903 Filed 1–21–09; 8:45 am] 

BILLING CODE 6560–50–P 


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