23964 Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Proposed Rules 

11 15 U.S.C. 78c(a)(6). 

potential regulatory modifications in 

light of current market realities. 

Given the substantive and practical 

concerns that may arise from altering 

the current list of permitted 

investments, the Commission is seeking 

the views of all interested parties before 

regulatory changes, if any, are proposed. 

The Commission also will conduct its 

own research and analysis. Before any 

regulatory changes are adopted there 

will be an opportunity for additional 

public comment. 

The Commission requests comment 

on all aspects of Regulation 1.25, as 

follows: 

A. Permitted Investments Under the 

Act. U.S. government securities and 

municipal securities are permitted 

investments under Section 4d(a)(2) of 

the Act and Regulation 1.25(a)(1)(i)–(ii). 

Please provide any comments, 

information, research, or data regarding 

appropriate regulatory requirements that 

might be imposed in order to better 

safeguard customer segregated funds. 

B. Other Permitted Investments Under 

Regulation 1.25. Please provide any 

comments, information, research, or 

data in support of retaining, rescinding, 

or modifying authorization to invest 

customer segregated funds in the 

following instruments: 

1. Government sponsored enterprise 

securities (Regulation 1.25(a)(1)(iii)); 

2. Certificates of deposit issued by a 

bank as defined in section 3(a)(6) of the 

Securities Exchange Act of 1934,11 or a 

domestic branch of a foreign bank that 

carries deposits insured by the Federal 

Deposit Insurance Corporation 

(Regulation 1.25(a)(1)(iv)); 

3. Commercial paper (Regulation 

1.25(a)(1)(v)); 

4. Corporate notes or bonds 

(Regulation 1.25(a)(1)(vi)); 

5. General obligations of a sovereign 

nation (Regulation 1.25(a)(1)(vii)); and 

6. Interests in money market mutual 

funds (Regulation 1.25(a)(1)(viii)). 

C. Transactions in Permitted 

Investments. Please provide any 

comments, information, research, or 

data in support of retaining, rescinding, 

or modifying authorization to enter into 

the following transactions, and please 

consider the effect that a more limited 

list of permitted investments would 

have on: 

1. Repurchase and reverse repurchase 

transactions using customer cash or 

securities purchased with customer cash 

(Regulation 1.25(a)(2)(i)); 

2. Repurchase transactions using 

customer-deposited securities 

(Regulation 1.25(a)(2)(ii)); and 

3. In-house transactions by FCMs that 

are also registered as securities brokers 

or dealers (Regulation 1.25(a)(3)(i)–(iii)). 

D. Limitations and Safeguards. Please 

provide any comments, information, 

research, or data regarding the general 

terms and conditions of permitted 

instruments, including: 

1. Marketability/liquidity (Regulation 

1.25(b)(1)); 

2. Rating requirements (Regulation 

1.25(b)(2)); 

3. Restrictions on instrument features, 

such as instruments that contain an 

embedded derivative and adjustable rate 

securities (Regulation 1.25(b)(3)); 

4. Issuer concentration limits 

(Regulation 1.25(b)(4)); 

5. Time-to-maturity (for an investment 

portfolio or individual instruments) 

(Regulation 1.25(b)(5)); 

6. Investments in instruments issued 

by affiliates (Regulation 1.25(b)(6)); 

7. Requirements specific to interests 

in money market mutual funds 

(Regulation 1.25(c)); 

8. Requirements specific to 

repurchase agreements and reverse 

repurchase agreements (Regulation 

1.25(d)); and 

9. Requirements specific to in-house 

transactions (Regulation 1.25(e)). 

The Commission requests comment 

on Regulation 30.7, as follows: 

Please provide comments, 

information, research, or data on the 

effect of applying the requirements of 

Regulation 1.25 to investments of 30.7 

funds. The Commission also requests 

comments, information, research, or 

data relating to whether there is any 

basis supporting the continued 

application of two different investment 

standards. 

Issued in Washington, DC, on May 19, 

2009, by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. E9–12020 Filed 5–21–09; 8:45 am] 

BILLING CODE P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 150 

RIN 3038–AC40 

Concept Release on Whether To 

Eliminate the Bona Fide Hedge 

Exemption for Certain Swap Dealers 

and Create a New Limited Risk 

Management Exemption From 

Speculative Position Limits 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Extension of comment period. 

SUMMARY: On March 24, 2009, the 

Commodity Futures Trading 

Commission (‘‘Commission’’) published 

a concept release on whether to 

eliminate the bona fide hedge 

exemption for certain swap dealers and 

create a new limited risk management 

exemption from speculative position 

limits. Comments on the proposal were 

originally due by May 26, 2009. Now, at 

the request of interested parties, the 

Commission is extending the comment 

period to June 16, 2009. 

DATES: Comments must be received by 

June 16, 2009. 

ADDRESSES: Written comments should 

be sent to David Stawick, Secretary, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581. Comments may also be sent by 

facsimile to (202) 418–5521, submitted 

via e-mail to secretary@cftc.gov. The 

words, ‘‘Concept Release, Swap 

Dealers’’ should appear in the subject 

field of responses submitted via e-mail, 

and should be clearly indicated in 

written submissions. Comments may 

also be submitted by connecting to the 

Federal eRulemaking Portal at: http:// 

www.regulations.gov and following 

comment submission instructions. 

FOR FURTHER INFORMATION CONTACT: 

Donald H. Heitman, Senior Special 

Counsel, Division of Market Oversight, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581, telephone (202) 418–5041, e-mail 

dheitman@cftc.gov. 

SUPPLEMENTARY INFORMATION: On March 

24, 2009, the Commission published 

and sought public comment regarding a 

concept release on whether to eliminate 

the bona fide hedge exemption for 

certain swap dealers and create a new 

limited risk management exemption 

from speculative position limits. 

By letters dated May 12, 2009, the 

Futures Industry Association and the 

CME Group, Inc., respectively, 

requested that the original comment 

period be extended to June 16, 2009. 

Recognizing the significance of the 

issues raised in the Concept Release, 

and to encourage the submission of 

meaningful comments, the Commission 

has decided to grant the requests. The 

comment period for the Commission’s 

Concept Release on Whether to 

Eliminate the Bona Fide Hedge 

Exemption for Certain Swap Dealers and 

Create a New Limited Risk Management 

Exemption from Speculative Position 

Limits is hereby extended to June 16, 

2009. 


erowe on PROD1PC63 with PROPOSALS-1
Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Proposed Rules 23965 

Issued in Washington, DC, on May 18, 

2009, by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. E9–12000 Filed 5–21–09; 8:45 am] 

BILLING CODE P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R05–OAR–2007–1134; FRL–8908–2] 

Approval and Promulgation of Air 

Quality Implementation Plans; 

Michigan; Consumer Products Rule 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Proposed rule. 

SUMMARY: EPA is proposing to approve 

a request submitted by the Michigan 

Department of Environmental Quality 

(MDEQ) on October 26, 2007, to revise 

the Michigan State Implementation Plan 

(SIP). The State has requested revisions 

to two rules in Part 6, ‘‘Emission 

Limitations and Prohibitions—Existing 

Sources of Volatile Organic Compound 

(VOC) Emissions.’’ The State has revised 

R 336.1660 by adopting by reference, 

with some modifications, the amended 

Ozone Transport Commission Model 

Rule published on September 13, 2006. 

The State has amended the definition of 

VOC in R 336.1661 by adopting the 

Federal definition from 40 CFR 51.100. 

DATES: Comments must be received on 

or before June 22, 2009. 

ADDRESSES: Submit your comments, 

identified by Docket ID No. EPA–R05– 

OAR–2007–1134, by one of the 

following methods: 

1. http://www.regulations.gov: Follow 

the on-line instructions for submitting 

comments. 

2. E-mail: mooney.john@epa.gov. 

3. Fax: (312) 692–2551. 

4. Mail: John M. Mooney, Chief, 

Criteria Pollutant Section, Air Programs 

Branch (AR–18J), U.S. Environmental 

Protection Agency, 77 West Jackson 

Boulevard, Chicago, Illinois 60604. 

5. Hand Delivery: John M. Mooney, 

Chief, Criteria Pollutant Section, Air 

Programs Branch (AR–18J), U.S. 

Environmental Protection Agency, 77 

West Jackson Boulevard, Chicago, 

Illinois 60604. Such deliveries are only 

accepted during the Regional Office 

normal hours of operation, and special 

arrangements should be made for 

deliveries of boxed information. The 

Regional Office official hours of 

business are Monday through Friday, 

8:30 a.m. to 4:30 p.m., excluding 

Federal holidays. 

Please see the direct final rule which is 

located in the Final Rules section of this 

Federal Register for detailed 

instructions on how to submit 

comments. 

FOR FURTHER INFORMATION CONTACT: 

Andy Chang, Environmental Engineer, 

Criteria Pollutant Section, Air Programs 

Branch (AR–18J), U.S. Environmental 

Protection Agency, Region 5, 77 West 

Jackson Boulevard, Chicago, Illinois 

60604, (312) 886–0258, 

chang.andy@epa.gov. 

SUPPLEMENTARY INFORMATION: In the 

Final Rules section of this Federal 

Register, EPA is approving the State’s 

SIP submittal as a direct final rule 

without prior proposal because EPA 

views this as a noncontroversial 

submittal and anticipates no adverse 

comments. A detailed rationale for the 

approval is set forth in the direct final 

rule. If no adverse comments are 

received in response to this rule, no 

further activity is contemplated. If EPA 

receives adverse comments, the direct 

final rule will be withdrawn and all 

public comments received will be 

addressed in a subsequent final rule 

based on this proposed rule. EPA will 

not institute a second comment period; 

therefore, any parties interested in 

commenting on this action should do so 

at this time. Please note that if EPA 

receives adverse comment on an 

amendment, paragraph, or section of 

this rule and if that provision may be 

severed from the remainder of the rule, 

EPA may adopt as final those provisions 

of the rule that are not the subject of an 

adverse comment. For additional 

information, see the direct final rule 

which is located in the Final Rules 

section of this Federal Register. 

Dated: May 6, 2009. 

Walter W. Kovalick, Jr., 

Acting Regional Administrator, Region 5. 

[FR Doc. E9–11913 Filed 5–21–09; 8:45 am] 

BILLING CODE 6560–50–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

50 CFR Part 300 

[Docket No. 070717350–7391–01] 

RIN 0648–AV63 

International Fisheries; Western and 

Central Pacific Fisheries for Highly 

Migratory Species; Initial 

Implementation of the Western and 

Central Pacific Fisheries Convention 

AGENCY: National Marine Fisheries 

Service (NMFS), National Oceanic and 

Atmospheric Administration (NOAA), 

Commerce. 

ACTION: Proposed rule; request for 

comments. 

SUMMARY: NMFS proposes regulations to 

implement, in part, the Western and 

Central Pacific Fisheries Convention 

Implementation Act (Act), which 

authorizes the Secretary of Commerce to 

promulgate regulations needed to carry 

out the obligations of the United States 

under the Convention on the 

Conservation and Management of 

Highly Migratory Fish Stocks in the 

Western and Central Pacific Ocean 

(Convention), including implementing 

the decisions of the Commission for the 

Conservation and Management of 

Highly Migratory Fish Stocks in the 

Western and Central Pacific Ocean 

(WCPFC). NMFS has determined that 

this action is necessary for the United 

States to satisfy its international 

obligations under the Convention, to 

which it is a Contracting Party. It would 

have the effect of requiring that all 

relevant U.S. fishing vessels are 

operated in conformance with the 

provisions of the Convention. 

DATES: Comments must be submitted in 

writing by June 22, 2009. 

ADDRESSES: You may submit comments 

on this proposed rule, identified by 

0648–AV63, and the draft 

environmental assessment (EA) and the 

regulatory impact review (RIR) prepared 

for the proposed rule by any of the 

following methods: 

• Electronic submissions: Submit all 

electronic public comments via the 

Federal e-Rulemaking portal, at http:// 

www.regulations.gov. 

• Mail: William L. Robinson, 

Regional Administrator, NMFS Pacific 

Islands Regional Office (PIRO), 1601 

Kapiolani Blvd., Suite 1110, Honolulu, 

HI 96814. Include the identifier ‘‘0648– 

AV63’’ in the comments. 

Instructions: All comments received 

are part of the public record and 


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