79608 Federal Register / Vol. 73, No. 250 / Tuesday, December 30, 2008 / Rules and Regulations 

disallowed purchased credit card 

relationships, any disallowed creditenhancing interest-only strips, and any 

disallowed deferred tax assets. 

(ii) For purposes of this limitation, all 

existing temporary differences should 

be assumed to fully reverse at the 

calendar quarter-end date. The recorded 

amount of deferred tax assets that are 

dependent upon future taxable income, 

net of any valuation allowance for 

deferred tax assets, in excess of this 

limitation will be deducted from assets 

and from equity capital for purposes of 

determining Tier 1 capital under this 

part. The amount of deferred tax assets 

that can be realized from taxes paid in 

prior carryback years and from the 

reversal of existing taxable temporary 

differences generally would not be 

deducted from assets and from equity 

capital. 

(iii) Notwithstanding paragraph 

(h)(1)(B)(ii) of this section, the amount 

of carryback potential that may be 

considered in calculating the amount of 

deferred tax assets that a savings 

association that is part of a consolidated 

group (for tax purposes) may include in 

Tier 1 capital may not exceed the 

amount which the association could 

reasonably expect to have refunded by 

its parent. 

(2) Projected future taxable income. 

Projected future taxable income should 

not include net operating loss 

carryforwards to be used within one 

year of the most recent calendar quarterend date or the amount of existing 

temporary differences expected to 

reverse within that year. Projected 

future taxable income should include 

the estimated effect of tax planning 

strategies that are expected to be 

implemented to realize tax 

carryforwards that will otherwise expire 

during that year. Future taxable income 

projections for the current fiscal year 

(adjusted for any significant changes 

that have occurred or are expected to 

occur) may be used when applying the 

capital limit at an interim calendar 

quarter-end date rather than preparing a 

new projection each quarter. 

(3) Unrealized holding gains and 

losses on available-for-sale debt 

securities. The deferred tax effects of 

any unrealized holding gains and losses 

on available-for-sale debt securities may 

be excluded from the determination of 

the amount of deferred tax assets that 

are dependent upon future taxable 

income and the calculation of the 

maximum allowable amount of such 

assets. If these deferred tax effects are 

excluded, this treatment must be 

followed consistently over time. 

Dated: December 15, 2008. 

John C. Dugan, 

Comptroller of the Currency. 

By order of the Board of Governors of the 

Federal Reserve System, December 19, 2008. 

Jennifer J. Johnson, 

Secretary of the Board. 

Dated at Washington, DC, this 16th day of 

December, 2008. 

By order of the Board of Directors. 

Federal Deposit Insurance Corporation. 

Robert E. Feldman, 

Executive Secretary. 

Dated: December 15, 2008. 

By the Office of Thrift Supervision. 

John Reich, 

Director. 

[FR Doc. E8–30780 Filed 12–29–08; 8:45 am] 

BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P; 

6720–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 140 

RIN 3038–AC68 

Delegation of Authority and Change in 

Position Title 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Final rules. 

SUMMARY: The Commodity Futures 

Trading Commission (‘‘Commission’’) is 

amending certain provisions of its part 

140 regulations to add the Chief 

Economist and the Deputy Chief 

Economist of the Office of the Chief 

Economist as persons to whom certain 

authorities are delegated. The 

Commission is also amending part 140 

to reflect a change in position title from 

‘‘Regional Coordinators’’ to ‘‘Regional 

Administrators.’’ 

DATES: Effective Date: December 30, 

2008. 

FOR FURTHER INFORMATION CONTACT: 

Megan Sperling, Office of the General 

Counsel, U.S. Commodity Futures 

Trading Commission, Three Lafayette 

Centre, 1155 21st Street, NW., 

Washington, DC 20581. Telephone: 

202–418–5150. E-mail: 

msperling@cftc.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background Information 

On July 1, 2002, the Commission 

reassigned the responsibilities of the 

former Division of Trading and Markets 

and Division of Economic Analysis to 

the newly established Division of 

Clearing and Intermediary Oversight, 

Division of Market Oversight and Office 

of the Chief Economist. On October 7, 

2002, the Commission amended several 

of its rules in Chapter I of Title 17 of the 

Code of Federal Regulations to reflect 

the reassignment of responsibilities, 

including delegations of authority, 

resulting from the reorganization of its 

staff. The Commission failed to include 

certain delegations of authority to the 

Chief Economist of the Office of the 

Chief Economist. 

The Commission is amending rules 

140.72 and 140.73 in Chapter I of Title 

17 of the Code of Federal Regulations to 

reflect delegated authority to the Chief 

Economist and the Deputy Chief 

Economist of the Office of the Chief 

Economist. Rule 140.72(a), which 

delegates authority to disclose 

confidential information to a contract 

market, registered futures association or 

self-regulatory organization, is hereby 

amended to extend delegated authority 

to the Chief Economist and the Deputy 

Chief Economist of the Office of the 

Chief Economist. In addition, the 

Commission is revising Rule 140.72(a) 

to reflect the change in name of the 

position of ‘‘Regional Coordinator’’ to 

‘‘Regional Administrator.’’ Rule 

140.73(a), which delegates authority to 

disclose information to the United 

States, States, foreign government 

agencies and foreign futures authorities, 

is amended to extend delegated 

authority to the Chief Economist and the 

Deputy Chief Economist of the Office of 

the Chief Economist. As amended, these 

rules reflect the assignment of 

delegation authority to the Office of the 

Chief Economist, and the technical 

correction of a position title. 

II. Related Matters 

A. No Notice Required Under 5 U.S.C. 

553 

The Commission has determined that 

these amendments are exempt from the 

provisions of the Administrative 

Procedure Act, 5 U.S.C. 553, which 

generally requires notice of proposed 

rulemaking and provides other 

opportunities for public participation. 

According to the exemptive language of 

5 U.S.C. 553, these amendments pertain 

to ‘‘rules of agency organization, 

procedure or practice,’’ as to which 

there exists agency discretion not to 

provide notice. If made effective 

immediately, they will promote 

efficiency and facilitate the 

Commission’s core mission without 

imposing a new burden. Thus, the 

Commission has determined to make 

the amendments to Rules 140.72 and 

140.73 effective immediately. For the 

above reasons, the notice requirements 

under 5 U.S.C. 553 are inapplicable. 


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Federal Register / Vol. 73, No. 250 / Tuesday, December 30, 2008 / Rules and Regulations 79609 

B. Regulatory Flexibility Act 

The Regulatory Flexibility Act 

(‘‘RFA’’), 5 U.S.C. 601 et seq., requires 

agencies with rulemaking authority to 

consider the impact those rules will 

have on small businesses. The RFA 

defines the term ‘‘rule’’ to mean ‘‘any 

rule for which the agency publishes a 

general notice of proposed rulemaking 

pursuant to section 553(b) of this title 

* * * for which the agency provides an 

opportunity for notice and public 

comment.’’ 5 U.S.C. 601(2). Since the 

rules are not being effected pursuant to 

section 553(b), they are not ‘‘rules’’ as 

defined in the RFA, and the analysis 

and certification process in that section 

do not apply. 

C. Paperwork Reduction Act 

The amendments to Part 140 do not 

impose a burden within the meaning 

and intent of the Paperwork Reduction 

Act of 1980, 44 U.S.C. 3501 et seq. 

D. Cost-Benefit Analysis 

Section 15(a) of the Commodity 

Exchange Act, 7 U.S.C. 19(a), requires 

the Commission to consider the costs 

and benefits of its action before issuing 

a new regulation. The Commission 

understands that, by its terms, section 

15(a) does not require the Commission 

to quantify the costs and benefits of a 

new regulation or to determine whether 

the benefits of the regulation outweigh 

its costs. Nor does it require that each 

rule be analyzed in isolation when that 

rule is a component of a larger package 

of rules or rule revisions. Rather, section 

15(a) simply requires the Commission to 

‘‘consider the costs and benefits’’ of its 

action. 

Section 15(a) further specifies that 

costs and benefits shall be evaluated in 

light of five broad areas of market and 

public concern: (1) Protection of market 

participants and the public; (2) 

efficiency, competitiveness and 

financial integrity of futures markets; (3) 

price discovery; (4) sound risk 

management practices; and (5) other 

public interest considerations. 

Accordingly, the Commission can, in its 

discretion, give greater weight to any 

one of the five enumerated areas of 

concern and can, in its discretion, 

determine that notwithstanding its 

costs, a particular rule is necessary or 

appropriate to protect the public interest 

or to effectuate any of the provisions, or 

accomplish any of the purposes, of the 

Commodity Exchange Act. 

The Commission considered the costs 

and benefits of this rule package in light 

of the specific areas of concern 

identified in section 15 when it 

reorganized its staff in 2002. It has 

additionally determined that the 

amendments will enhance the 

protection of market participants and 

further Commission programs and 

operations by delegating authority. 

List of Subjects in 17 CFR Part 140 

Authority delegations (Government 

agencies), Organization and functions 

(Government agencies). 

■ Accordingly, 17 CFR part 140 is 

amended as follows: 

PART 140—ORGANIZATION, 

FUNCTIONS, AND PROCEDURES OF 

THE COMMISSION 

■ 1. The authority citation for part 140 

is revised to read as follows: 

Authority: 7 U.S.C. 2 and 12a. 

■ 2. In § 140.72, revise the first sentence 

of paragraph (a) to read as follows: 

§ 140.72 Delegation of authority to 

disclose confidential information to a 

contract market, registered futures 

association or self-regulatory organization. 

(a) Pursuant to the authority granted 

under sections 2(a)(11), 8a(5) and 8a(6) 

of the Act, the Commission hereby 

delegates, until such time as the 

Commission orders otherwise, to the 

Executive Director, the Deputy 

Executive Director, the Special Assistant 

to the Executive Director, the Director of 

the Division of Clearing and 

Intermediary Oversight, each Deputy 

Director of the Division of Clearing and 

Intermediary Oversight, the Chief 

Accountant, the General Counsel, each 

Deputy General Counsel, the Director of 

the Division of Market Oversight, each 

Deputy Director of the Division of 

Market Oversight, the Director of the 

Market Surveillance Section, the 

Director of the Division of Enforcement, 

each Deputy Director of the Division of 

Enforcement, each Associate Director of 

the Division of Enforcement, the Chief 

Counsel of the Division of Enforcement, 

each Regional Counsel of the Division of 

Enforcement, each of the Regional 

Administrators, each of the Directors of 

the Market Surveillance Branches, the 

Chief Economist of the Office of the 

Chief Economist, the Deputy Chief 

Economist of the Office of the Chief 

Economist, the Director of the Office of 

International Affairs, and the Deputy 

Director of the Office of International 

Affairs, the authority to disclose to an 

official of any contract market, 

registered futures association, or selfregulatory organization as defined in 

section 3(a)(26) of the Securities 

Exchange Act of 1934, any information 

necessary or appropriate to effectuate 

the purposes of the Act, including, but 

not limited to, the full facts concerning 

any transaction or market operation, 

including the names of the parties 

thereto. * * * 

* * * * * 

■ 3. In § 140.73, revise the introductory 

text of paragraph (a) to read as follows: 

§ 140.73 Delegation of authority to 

disclose information to the United States, 

States, and foreign government agencies 

and foreign futures authorities. 

(a) Pursuant to sections 2(a)(11), 8a(5) 

and 8(e) of the Act, the Commission 

hereby delegates, until such time as the 

Commission orders otherwise, to the 

General Counsel or, in his or her 

absence, to each Deputy General 

Counsel, the Director of the Division of 

Enforcement, each Deputy Director of 

the Division of Enforcement, the Chief 

Counsel of the Division of Enforcement, 

each Associate Director of the Division 

of Enforcement, each Regional Counsel 

of the Division of Enforcement, the 

Director of the Division of Market 

Oversight or, in his or her absence, each 

Deputy Director of the Division of 

Market Oversight, the Director of the 

Market Surveillance Section, the 

Director of the Division of Clearing and 

Intermediary Oversight or, in his or her 

absence, each Deputy Director of the 

Division of Clearing and Intermediary 

Oversight, the Chief Economist of the 

Office of the Chief Economist, the 

Deputy Chief Economist of the Office of 

the Chief Economist, and the Director of 

the Office of International Affairs or, in 

his or her absence, the Deputy Director 

of the Office of International Affairs, the 

authority to furnish information in the 

possession of the Commission obtained 

in connection with the administration of 

the Act, upon written request, to: 

* * * * * 

Issued in Washington, DC, on December 

16, 2008 by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. E8–31001 Filed 12–29–08; 8:45 am] 

BILLING CODE 6351–01–P 


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