Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices 39303 

1Section 408(1) of FDICIA (12 U.S.C. 4421(1)) 

defines MCO to mean ‘‘a system utilized by more 

than [two] participants in which the bilateral credit 

exposures of participants arising from the 

Continued 

SUPPLEMENTARY INFORMATION: The Gulf 

of Mexico Fishery Management Council 

(Council) will convene the SEDAR Red 

Snapper Update Workshop (SEDAR) to 

conduct an update assessment of the 

SEDAR 7 red snapper benchmark stock 

assessment. An update assessment is a 

single workshop that utilizes the 

assessment models and input 

parameters from the previous full 

SEDAR benchmark assessment, with 

minor modifications if any, and updated 

data streams to update the results of the 

previous full assessment. The previous 

SEDAR 7 red snapper benchmark 

assessment was completed in 2004 with 

supplemental analyses in 2005. That 

assessment concluded that, as of 2003 

(the final year of available catch data), 

the red snapper stock was overfished 

and was undergoing overfishing. In 

addition to updating the data streams 

previously used, the update assessment 

workshop will include a discussion on 

age distribution, growth and density 

dependent mortality of juvenile red 

snapper, and composition and changes 

of red snapper in shrimp trawl bycatch. 

The workshop will also include a 

review of the data inputs with respect 

to life history, indices of abundance, 

commercial and recreational fisheries 

statistics, and fishery independent data. 

A copy of the agenda and related 

materials can be obtained by calling the 

Council office at (813) 348–1630. 

Although other non-emergency issues 

not on the agendas may come before the 

SEDAR for discussion, in accordance 

with the Magnuson-Stevens Fishery 

Conservation and Management Act 

(Magnuson-Stevens Act), those issues 

may not be the subject of formal action 

during this meeting. Actions of the 

SEDAR will be restricted to those issues 

specifically identified in the agendas 

and any issues arising after publication 

of this notice that require emergency 

action under Section 305(c) of the 

Magnuson-Stevens Act, provided the 

public has been notified of the Council’s 

intent to take action to address the 

emergency. 

Special Accommodations 

These meetings are physically 

accessible to people with disabilities. 

Requests for sign language 

interpretation or other auxiliary aids 

should be directed to Tina O’Hern at the 

Council (see ADDRESSES) 5 working days 

prior to the meeting. 

Dated: July 31, 2009. 

Tracey L. Thompson, 

Acting Director, Office of Sustainable 

Fisheries, National Marine Fisheries Service. 

[FR Doc. E9–18744 Filed 8–5–09; 8:45 am] 

BILLING CODE 3510–22–S 

DEPARTMENT OF COMMERCE 

Bureau of Industry and Security 

Materials Technical Advisory 

Committee; Notice of Partially Closed 

Meeting 

The Materials Technical Advisory 

Committee will meet on August 13, 

2009, 10 a.m., Herbert C. Hoover 

Building, Room 3884, 14th Street 

between Constitution & Pennsylvania 

Avenues, NW., Washington, DC. The 

Committee advises the Office of the 

Assistant Secretary for Export 

Administration with respect to technical 

questions that affect the level of export 

controls applicable to materials and 

related technology. 

Agenda 

Open Session 

1. Opening Remarks and Introduction. 

2. Presentation on recently mandated 

changes to the interagency Commodity 

Jurisdiction review process. 

3. Report on recent changes to the 

Commerce Control List based on 

Australia Group Regime list changes. 

4. Report of Composite Working group 

and ECCN review subgroup. 

5. New business. 

6. Public comments from 

teleconference and physical attendees. 

7. Closed session to follow. 

Closed Session 

8. Discussion of matters determined to 

be exempt from the provisions relating 

to public meetings found in 5 U.S.C. 

app. 2 §§ 10(a)(1) and 10(a)(3). 

The open session will be accessible 

via teleconference to 20 participants on 

a first come, first serve basis. To join the 

conference, submit inquiries to Ms. 

Yvette Springer at 

Yspringer@bis.doc.gov no later than 

August 6, 2009. 

A limited number of seats will be 

available during the public session of 

the meeting. Reservations are not 

accepted. To the extent time permits, 

members of the public may present oral 

statements to the Committee. Written 

statements may be submitted at any 

time before or after the meeting. 

However, to facilitate distribution of 

public presentation materials to 

Committee members, the materials 

should be forwarded prior to the 

meeting to Ms. Springer via e-mail. 

The Assistant Secretary for 

Administration, with the concurrence of 

the delegate of the General Counsel, 

formally determined on October 1, 2008, 

pursuant to Section 10(d) of the Federal 

Advisory Committee Act, as amended, 

that the portion of the meeting dealing 

with matters the premature disclosure of 

which would likely frustrate the 

implementation of a proposed agency 

action as described in 5 U.S.C. 

552b(c)(9)(B) shall be exempt from the 

provisions relating to public meetings 

found in 5 U.S.C. app. 2 §§ 10(a)(1) and 

10(a)(3). The remaining portions of the 

meeting will be open to the public. 

For more information, call Yvette 

Springer at (202) 482–2813. 

Dated: July 31, 2009. 

Yvette Springer, 

Committee Liaison Officer. 

[FR Doc. E9–18846 Filed 8–5–09; 8:45 am] 

BILLING CODE 3510–JT–P 

COMMODITY FUTURES TRADING 

COMMISSION 

RIN 3038–AC 

Determination of Appropriateness of 

the Supervision by the Bundesanstalt 

fu ̈r Finanzdienstleistungaufsicht 

(BaFin), in Conjunction With Deutsche 

Bundesbank (Bundesbank), Both of 

the Federal Republic of Germany, With 

Respect to the Clearing Activities of 

Eurex Clearing AG (Eurex) 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice and Order. 

SUMMARY: The Commodity Futures 

Trading Commission (CFTC) is issuing 

an order, pursuant to Section 409(b)(3) 

of FDICIA, stating that the supervision 

provided by BaFin, in conjunction with 

the Bundesbank, with respect to the 

clearing activities of Eurex satisfies 

appropriate standards (the Order). The 

Order will permit Eurex to operate a 

multilateral clearing organization (MCO) 

in the United States for any over-thecounter (OTC) derivative instrument. 

DATES: Effective Date: July 31, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Robert B. Wasserman, Associate 

Director, (202) 418–5092, 

rwasserman@cftc.gov, or Nancy 

Schnabel, Attorney-Advisor, (202) 418– 

5334, nschnabel@cftc.gov, Division of 

Clearing and Intermediary Oversight, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1151 21st Street, NW., Washington, DC 

20581. 

SUPPLEMENTARY INFORMATION: Section 

409(a) of FDICIA provides that, in order 

to operate an MCO 1 in the United States 


jlentini on DSKJ8SOYB1PROD with NOTICES
39304 Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices 

transactions cleared are effectively eliminated and 

replaced by a system of guarantees, insurance, or 

mutualized risk of loss.’’ 

2Section 408(2) of FDICIA (12 U.S.C. 4421(2)) 

defines ‘‘OTC derivative instrument.’’ 

3 12 U.S.C. 4422(a). 

4 12 U.S.C. 4422(b)(3). 

5Section 409(b)(3) of FDICIA (12 U.S.C. 

4422(b)(3)). The CFTC has issued three previous 

orders, pursuant to Section 409(b)(3) of FDICIA, 

determining that the supervision of a particular 

MCO by a foreign financial regulator met 

appropriate standards. The foreign financial 

regulators involved were (i) the Norwegian Banking, 

Insurance and Securities Commission, (ii) the 

Alberta (Canada) Securities Commission, and (iii) 

the United Kingdom Financial Services Authority. 

See 67 FR 2419 (January 17, 2002), 71 FR 10958 

(March 3, 2006), and 73 FR 44706 (July 31, 2008), 

respectively. 

6The Bundesbank is the central bank of the 

Federal Republic of Germany. See http:// 

www.bundesbank.de/aufgaben/aufgaben.en.php. 

7See Letter, dated March 27, 2009, from Paul 

Architzel of Alston & Bird LLP, submitted on behalf 

of Eurex, to David A. Stawick, Secretary of the 

CFTC, with enclosure and appendices thereto 

(collectively, the Application). 

BaFin is authorized under the German Banking 

Act to (i) supervise the operation of a ‘‘credit 

institution’’ conducting ‘‘banking business’’ 

(including a central counterparty) domiciled in 

Germany, and to (ii) enforce compliance with 

applicable laws, rules and regulations. Because 

clearing comprises ‘‘banking business’’ under the 

German Banking Act, BaFin has the authority to 

regulate any entity engaged in the clearing of OTC 

derivative instruments. BaFin undertakes such 

supervision with the assistance of Bundesbank. See 

Sections 6 and 7 of the German Banking Act. 

8Currently, Eurex intends to clear as an MCO (i) 

OTC derivative instruments that share common 

terms and conditions with commodity contracts 

that are listed on the Eurex Deutschland Exchange, 

and (ii) credit default swaps. 

9See Section 5b(c)(2) of the CEA (7 U.S.C. 7a– 

1(c)(2)(A)–(N)) and Appendix A to Part 39 of the 

Regulations (17 CFR pt. 39, app. A). 

Section 409(b)(3) of FDICIA (12 U.S.C. 4422(b)(3)) 

does not reference the supervision of the foreign 

financial regulator over trading, and the CFTC has 

accordingly not reviewed BaFin or Bundesbank 

supervision of trading in considering the Eurex 

request. 

10See Attachment to the Application entitled, 

‘‘Permit according to Section 32 of the Banking Act, 

issued by BaFin to Eurex as of December 18, 2006 

(GZ: WA 22–K 5000–10119203/2006).’’ 

11The full title of the Auditor’s Report Regulation 

is ‘‘Regulation, as of December 17, 1998, governing 

the auditing of the annual accounts and interim 

reports of credit institutions and financial services 

institutions and auditing in accordance with section 

12(1) sentence 3 of the Act on Investment 

Companies as well as the reports to be drawn up 

on these.’’ 

12The division of responsibilities between BaFin 

and the Bundesbank may be found in the 

Supervision Directive. See Attachment to the 

Application entitled, ‘‘Directive for Implementation 

and Quality Assurance of the Current Supervision 

of the Credit and Financial Service Institutions by 

the Deutsche Bundesbank.’’ 

13See Memorandum of Understanding, dated 

October 17, 1997, between the Commission and the 

German Bundesaufsichtsamt fu ̈r den 

Wertpapierhandel (i.e., the predecessor of BaFin) 

Concerning Consultation and Cooperation in the 

Administration and Enforcement of Futures Laws 

(the Memorandum of Understanding), and the Side 

Letter Relating to the Memorandum of 

Understanding, dated July 28, 2009 between the 

Commission and BaFin. 

BaFin is also a signatory of the multilateral 

Declaration on Cooperation and Supervision of 

International Futures Exchanges and Clearing 

Organizations, and the IOSCO Multilateral 

Memorandum of Understanding Concerning 

Consultation and Cooperation and the Exchange of 

Information. 

for an OTC derivative instrument,2 a 

clearing organization must meet one of 

several alternative requirements.3

Section 409(b)(3) of FDICIA sets forth 

one such alternative.4 It states that a 

clearing organization will qualify to 

operate such an MCO, if such clearing 

organization is supervised by a foreign 

financial regulator that the Comptroller 

of the Currency, the Board of Governors 

of the Federal Reserve System, the 

Federal Deposit Insurance Corporation, 

the Securities and Exchange 

Commission, or the CFTC, as applicable, 

has determined satisfies appropriate 

standards.5

Eurex, a central counterparty licensed 

by BaFin, has requested that the CFTC 

determine that the supervision provided 

by BaFin, in conjunction with the 

Bundesbank,6 with respect to Eurex’s 

clearing activities, satisfies appropriate 

standards in accordance with Section 

409(b)(3) of FDICIA.7 Such a 

determination would permit Eurex to 

operate an MCO in the United States for 

any OTC derivative instrument.8

In reviewing the request from Eurex, 

the CFTC primarily considered three 

factors. First, the CFTC considered 

whether the German statutory and 

regulatory regime applicable to Eurex 

clearing activities substantially 

corresponds with the Commodity 

Exchange Act (the CEA) including the 

core principles applicable to a 

derivatives clearing organization (DCO), 

and the regulations promulgated 

thereunder (the Regulations).9 In 

Germany, a central counterparty such as 

Eurex, is regulated as a ‘‘credit 

institution’’ conducting ‘‘banking 

business.’’ 10 Accordingly, the CFTC 

reviewed translated versions of the 

following documents, among others: (i) 

The Gesetz u ̈ ber das Kreditwesen (i.e., 

the German Banking Act); (ii) the 

guidance that BaFin or Bundesbank 

provided on compliance therewith, 

including (A) ‘‘Minimum Requirements 

for Risk Management’’ (Circular 5/2007), 

(B) Auditor’s Report Regulation,11 (C) 

Principle I (Concerning the Capital of 

Institutions), and (D) Principle II 

(Concerning Own Funds and the 

Liquidity of Institutions); and (iii) the 

Bundesgesetzblatt (i.e., the German 

Insolvency Statute); and (iv) Gesetz 

gegen Wettbewerbsbeschra ̈nkunge (i.e., 

the German Act Against Restraints of 

Competition). The CFTC also reviewed 

an analysis provided by Eurex regarding 

the correspondence between the 

German statutory and regulatory regime 

and the core principles applicable to a 

DCO. 

Second, the CFTC considered whether 

the supervision provided by BaFin, in 

conjunction with Bundesbank, with 

respect to Eurex’s clearing activities, 

substantially corresponds with the 

supervision provided by the CFTC with 

respect to the activities of a DCO. 

Accordingly, the CFTC reviewed the 

manner in which BaFin, with the 

assistance of the Bundesbank, conducts 

supervision of a credit institution 

(including a central counterparty such 

as Eurex), both on an annual basis and 

through special reviews.12 The CFTC 

also reviewed the manner in which 

BaFin, as well as the Bundesbank, rely 

on external auditors of a credit 

institution in conducting certain aspects 

of such supervision, including the 

control which BaFin, as well as 

Bundesbank, exerts over such external 

auditors. 

Third, the CFTC considered whether 

the supervision provided by BaFin, with 

the assistance of the Bundesbank, 

substantially comports with the 

Principles and Objectives of Securities 

Regulation (the IOSCO Principles), as 

developed by the International 

Organization of Securities Commissions 

(IOSCO). 

In reviewing the request from Eurex, 

the CFTC also considered additional 

facts, such as (i) the risk management 

procedures implemented by Eurex with 

respect to the clearing of credit default 

swaps, and (ii) existing arrangements 

with BaFin to exchange information 

regarding Eurex.13

As a matter of courtesy, the CFTC 

invited the other federal financial 

regulators listed in Section 409(b)(3) of 

FDICIA to comment on the Application. 

The CFTC also invited the public to 

comment on the Application, by posting 

the Application on its Web site on May 

13, 2009. The CFTC received no 

comments. 

Based on its review, the CFTC has 

determined, pursuant to Section 

409(b)(3) of FDICIA, that the 

supervision provided by BaFin, in 

conjunction with the Bundesbank, with 

respect to the clearing activities of Eurex 

satisfies appropriate standards. 

Accordingly, the CFTC has issued this 

Order. Any material changes or 

omissions in the facts and 

circumstances upon which this Order is 

based might require the CFTC to 

reconsider this matter. 


jlentini on DSKJ8SOYB1PROD with NOTICES
Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices 39305 

Issued in Washington, DC, on July 31, 

2009. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. E9–18854 Filed 8–5–09; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

List of Institutions of Higher Education 

Ineligible for Federal Funds 

AGENCY: Department of Defense. 

ACTION: Notice. 

SUMMARY: This document is published 

to identify institutions of higher 

education that are ineligible for 

contracts and grants by reason of a 

determination by the Secretary of 

Defense that the institution prohibits or 

in effect prevents military recruiter 

access to the campus, students on 

campus or student directory 

information. It also implements the 

requirements set forth in section 983 of 

title 10, United States Code, and 32 CFR 

part 216. The institutions of higher 

education so identified are: 

Vermont Law School, South Royalton, 

Vermont. 

William Mitchell College of Law, St. 

Paul, Minnesota. 

ADDRESSES: Director for Accession 

Policy, Office of the Under Secretary of 

Defense for Personnel and Readiness, 

4000 Defense Pentagon, Washington, DC 

20301–4000. 

FOR FURTHER INFORMATION CONTACT: 

Lieutenant Colonel Rose Jourdan, (703) 

695–5529. 

Dated: July 29, 2009. 

Patricia L. Toppings, 

OSD Federal Register, Liaison Officer, 

Department of Defense. 

[FR Doc. E9–18827 Filed 8–5–09; 8:45 am] 

BILLING CODE 5001–06–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

Advisory Council on Dependents’ 

Education 

AGENCY: Department of Defense 

Education Activity (DoDEA), DoD. 

ACTION: Notice of open meeting. 

SUMMARY: Under the provisions of the 

Federal Advisory Committee Act of 

1972 (5 U.S.C., Appendix, as amended), 

the Government in the Sunshine Act of 

1976 (5 U.S.C. 552b, as amended), and 

41 CFR 102–3.150, the Department of 

Defense announces that the following 

Federal advisory committee meeting of 

the Advisory Council on Dependents’ 

Education will take place: 

DATES: Wednesday, October 14, 2009, 8 

a.m. to 5 p.m. Eastern Daylight Standard 

Time. 

ADDRESSES: DoDEA Headquarters, 4040 

N. Fairfax Drive, Arlington, VA 22203. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Leesa Rompre, at (703) 588–3128, or at 

Leesa.Rompre@hq.dodea.edu. 

SUPPLEMENTARY INFORMATION: 

Purpose of the Meeting: Recommend 

to the Director, DoDEA, general policies 

for the operation of the Department of 

Defense Dependents Schools (DoDDS); 

to provide the Director with information 

about effective educational programs 

and practices that should be considered 

by DoDDS; and to perform other tasks as 

may be required by the Secretary of 

Defense. 

Agenda: The meeting agenda will be 

the current operational qualities of 

schools, the continuous improvement 

processes, and other educational 

matters. 

Public’s Accessibility to the Meeting: 

Pursuant to 5 U.S.C. 552b and 41 CFR 

102–3.140 through 102–3.165 and the 

availability of space, this meeting is 

open to the public. Seating is on a firstcome basis. Appropriate government 

issued identification will be required to 

enter the meeting facility, which is a 

U.S. Military managed facility. 

Committee’s Point of Contact: Ms. 

Leesa Rompre, tel. (703) 588–3128, 4040 

North Fairfax Drive, Arlington, VA 

22203, e-mail: 

Leesa.Rompre@hq.dodea.edu. 

Written Statements: Pursuant to 41 

CFR 102–3.105(j) and 102–3.140 and 

section 10(a)(3) of the Federal Advisory 

Committee Act of 1972, the public or 

interested organizations may submit 

written statements to the Advisory 

Council on Dependents’ Education 

about its mission and functions. Written 

statements may be submitted at any 

time or in response to the stated agenda 

of the planned meeting of the Advisory 

Council on Dependents’ Education. 

All written statements shall be 

submitted to the Designated Federal 

Officer for the Advisory Council on 

Dependents’ Education and this 

individual will ensure that the written 

statements are provided to the 

membership for their consideration. For 

the next meeting of the Advisory 

Council on Dependents’ Education, Mr. 

Charles Toth, telephone (703) 588–3105, 

4040 North Fairfax Drive, Arlington, VA 

22203; e-mail: 

Charlie.Toth@hq.dodea.edu, will be 

acting in the capacity of the Designated 

Federal Officer for this committee. 

Statements being submitted in 

response to the agenda mentioned in 

this notice must be received by the 

Designated Federal Officer at the 

address listed above at least fourteen 

calendar days prior to the meeting 

which is the subject of this notice. 

Written statements received after this 

date may not be provided to or 

considered by the Advisory Council on 

Dependents’ Education until its next 

meeting. 

The Designated Federal Officer will 

review all timely submissions with the 

Advisory Council on Dependents’ 

Education Chairpersons and ensure they 

are provided to all members of the 

Advisory Council on Dependents’ 

Education before the meeting that is the 

subject of this notice. 

Oral Statements by the Public to the 

Membership: Pursuant to 41 CFR 102– 

3.140(d), time will be allotted for public 

comments to the Advisory Council on 

Dependents’ Education. Individual 

comments will be limited to a maximum 

of five minutes duration. The total time 

allotted for public comments will not 

exceed thirty minutes. 

Dated: July 28, 2009. 

Patricia L. Toppings, 

OSD Federal Register Liaison Officer, 

Department of Defense. 

[FR Doc. E9–18825 Filed 8–5–09; 8:45 am] 

BILLING CODE 5001–06–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

Strategic Environmental Research and 

Development Program, Scientific 

Advisory Board 

AGENCY: Department of Defense. 

ACTION: Notice. 

SUMMARY: This notice is published in 

accordance with Section 10(a)(2) of the 

Federal Advisory Committee Act (Pub. 

L. 92–463). The topic of the meeting on 

September 9–11, 2009 is to review new 

start research and development projects 

requesting Strategic Environmental 

Research and Development Program 

funds in excess of $1M. This meeting is 

open to the public. Any interested 

person may attend, appear before, or file 

statements with the Scientific Advisory 

Board at the time and in the manner 

permitted by the Board. 

DATES: Wednesday, September 9, 2009 

from 9 a.m. to 5:30 p.m., Thursday, 

September 10, 2009 from 9 a.m. to 5 

p.m., and Friday, September 11, 2009 

from 8:30 a.m. to 12 p.m. 


jlentini on DSKJ8SOYB1PROD with NOTICES