33832 Federal Register / Vol. 66, No. 123 / Tuesday, June 26, 2001 / Rules and Regulations

Section Remove Add

31.6071(a)–1(a)(1), last sentence ...................... or by a Federal Reserve Bank ........................

31.6071(a)–1(c), last sentence .......................... a Federal Reserve Bank or by ........................

31.6151–1(b), first sentence .............................. Federal Reserve Banks and ............................

31.6302–1(c)(1), first sentence .......................... a Federal Reserve Bank or ............................. an

31.6302–1(c)(2)(i) introductory text .................... a Federal Reserve Bank or ............................. an

31.6302–1(c)(3) introductory text, first sentence a Federal Reserve Bank or ............................. an

31.6302–1(i)(3), third sentence .......................... 214 or, at the election of the employer, to a

Federal Reserve Bank.

203

31.6302–1(i)(5) ................................................... the Federal Reserve Bank or ..........................

31.6302(c)–2A(b)(1)(i) ........................................ with a Federal Reserve Bank or ......................

31.6302(c)–2A(b)(3) ........................................... with a Federal Reserve Bank or ......................

31.6302(c)–3(a)(1)(i) .......................................... with a Federal Reserve Bank or ......................

31.6302(c)–3(a)(1)(ii) .......................................... with a Federal Reserve Bank or ......................

31.6302(c)–3(a)(3) .............................................. with a Federal Reserve Bank or ......................

31.6302(c)–3(b)(2), second sentence ................ 214 or, at the election of the employer, to a

Federal Reserve Bank.

203

31.6302(c)–3(b)(2), third sentence ..................... the Federal Reserve Bank or ..........................

35.3405–1T,e–10A., first sentence .................... a Federal Reserve Bank or .............................

36.3121(l)(10)–4 ................................................. a Federal Reserve Bank or ............................. an

40.6302(c)–1(d)(1) .............................................. 214 or to a Federal Reserve Bank .................. 203

301.6302–1(a) .................................................... Federal Reserve Banks and authorized commercial banks.authorized financial institutions

301.6302–1(b)(1) ................................................ Federal Reserve Banks or authorized commercial banks.authorized financial institutions

301.6302–1(b)(2) ................................................ Federal Reserve Banks or authorized commercial banks.authorized financial institutions

301.9100–5T(c) concluding text ......................... Federal Reserve Banks and ............................

601.401(a)(5) heading ........................................ Federal Reserve Banks and ............................

601.401(a)(5)(iii), first sentence ......................... a Federal Reserve Bank or ............................. an

601.401(a)(5)(iii), second sentence .................... a Federal Reserve Bank or ............................. an

601.401(a)(5)(iv), first sentence ......................... a Federal Reserve Bank or a financial institution authorized in accordance with Treasury

Department Circular No. 1079, revised, to

accept remittances of these taxes for transmission to a Federal Reserve Bank.

an authorized financial institution

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: June 15, 2001.

Mark A. Weinberger,

Assistant Secretary of the Treasury (Tax

Policy).

[FR Doc. 01–15747 Filed 6–25–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 357

[Department of the Treasury Circular, Public

Debt Series, No. 2–86]

Determination Regarding State

Statutes Adopting Revised Article 9 of

the Uniform Commercial Code;

Determination Regarding Rhode Island

AGENCY: Bureau of the Public Debt,

Fiscal Service, Treasury.

ACTION: Determination of substantially

identical state statute.

SUMMARY: A number of states have

recently enacted laws adopting Revised

Article 9 of the Uniform Commercial

Code—Secured Transactions (‘‘Revised

Article 9’’), which contains amendments

to Revised Article 8 of the Uniform

Commercial Code—Investment

Securities (‘‘Revised Article 8’’).

Treasury is confirming that for states for

which it has previously published a

determination that their statutes were

‘‘substantially identical’’ to the uniform

version of Revised Article 8 for

purposes of interpreting the rules in 31

CFR Part 357, Subpart B (the ‘‘TRADES

regulations’’), such determination is not

affected by a State’s adoption of

amendments in Revised Article 9.

Treasury has also reviewed Rhode

Island’s enactment of Revised Article 8

and has determined that it is

‘‘substantially identical’’ to the uniform

version of Revised Article 8 for

purposes of the TRADES regulations.

EFFECTIVE DATE: June 26, 2001.

ADDRESSES: See Supplementary

Information section for electronic

access.

FOR FURTHER INFORMATION CONTACT:

Geraldine J. Porco-Hubenko, AttorneyAdvisor; Sandy Dyson, AttorneyAdvisor; or Cynthia E. Reese, Deputy

Chief Counsel; at (202) 691–3520.

SUPPLEMENTARY INFORMATION:

Electronic Access

Copies of this notice are available for

downloading from the Bureau of the

Public Debt home page at: http://

www.publicdebt.treas.gov.

Background

On August 23, 1996, the Department

of the Treasury (‘‘we’’) published a final

rule to govern securities held in the

commercial book-entry system, also

referred to as the Treasury/Reserve

Automated Debt Entry System

(‘‘TRADES’’), 61 FR 43626. The

regulations specify the jurisdiction

whose law governs certain matters

related to Treasury securities in the

commercial book-entry system. Sections

357.10(c) and 357.11(d) of the

regulations provide that if the

jurisdiction is a state that has not

adopted Revised Article 8, then the

applicable law is the law of that state as

though Revised Article 8 had been

adopted by that state. ‘‘Revised Article

8’’ is defined in the regulations as the

Official Text adopted by the National

Conference of Commissioners on

Uniform State Laws and the American

Law Institute.

In the commentary to the final

regulations, we stated that for the 28

Federal Register / Vol. 66, No. 123 / Tuesday, June 26, 2001 / Rules and Regulations 33833

1The states are: Alabama, Alaska, Arizona,

Arkansas, California, Colorado, Delaware, District of

Columbia, Florida, Georgia, Hawaii, Idaho, Illinois,

Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,

Maryland, Michigan, Minnesota, Mississippi,

Montana, Nebraska, Nevada, New Mexico, North

Carolina, North Dakota, Oklahoma, Pennsylvania,

Rhode Island, South Carolina, South Dakota,

Tennessee, Texas, Utah, Vermont, Virginia,

Washington, West Virginia, and Wyoming.

2 61 FR 43627, August 23, 1996, FN 4.

3For example, Revised § 8–110(e)(1)

states that had by then adopted Revised

Article 8, the versions enacted were

‘‘substantially identical’’ to the uniform

(official) version for purposes of the

rule. We also indicated in the

commentary that as additional states

adopted Revised Article 8, we would

provide notice in the Federal Register

as to whether the enactments were

substantially identical to the uniform

version so that the federal application of

Revised Article 8 would no longer be in

effect for those states. We adopted this

approach in an attempt to provide

certainty in application of the rule in

response to public comments.

We have subsequently published

notices setting forth our determination

concerning 22 additional states’

enactment of Revised Article 8. See 62

FR 26, January 2, 1997; 62 FR 34010,

June 18, 1997; 62 FR 61912, November

20, 1997; 63 FR 20099, April 23, 1998;

63 FR 35807, July 1, 1998; and 63 FR

50159, September 21, 1998. Thus, a total

of 50 jurisdictions (including the

District of Columbia and Puerto Rico,

which are treated as states), have

enacted statutes substantially identical

to the uniform version of Revised

Article 8.

Revised Article 9

At least 42 states 1 that were

determined by Treasury to have statutes

‘‘substantially identical’’ to Revised

Article 8 for purposes of the TRADES

regulations, have now enacted Revised

Article 9. Revised Article 9 includes

conforming amendments to Article 8,

and also amends provisions in Article 9

that were part of the conforming

amendments to Revised Article 8.

Revised Article 9 will become effective

on July 1, 2001, in the vast majority of

states that have enacted it.

In promulgating the final TRADES

regulations, we responded to a comment

asking about the potential situation

where a state, after having enacted

Revised Article 8 and having it deemed

by Treasury as ‘‘substantially identical’’

to the uniform version, then amends its

law in a manner that results in an

unsatisfactory lack of uniformity. We

stated that once Treasury has

announced its determination with

respect to a state’s enactment of Revised

Article 8, the market is entitled to rely

on that decision. We further stated that

in such an unlikely event as described,

Treasury had the authority to take

action that would result in §§ 357.10(c)

and 357.11(d) being reapplied, and

would publish such action in the

Federal Register. In this context, one

specific comment was also received

concerning the revision of Article 9,

which had begun at that time. The

commenter noted that the revision

process might lead to the result that a

state could adopt provisions different

than those in Revised Article 8. We

stated: ‘‘Treasury does not anticipate

that such an event would result in the

need to reapply §§ 357.10(c) and

357.11(d). If that were necessary,

Treasury would take the same action,

after notice, as described herein’’ [i.e.,

publish a notice in the Federal

Register].’’ 2

By this notice, we affirm Treasury’s

prior determinations that a state statute

is ‘‘substantially identical’’ to the

uniform version of Revised Article 8,

even if that state subsequently enacts

the provisions of the uniform version of

Revised Article 9 (with conforming

amendments) that amend the uniform

version of Article 8 (with conforming

amendments). After review of these

provisions in Revised Article 9, we see

no need to reapply §§ 357.10(c) and

357.11(d) to any such state.

Furthermore, consistent with the

discussion above, we do not anticipate

that a state’s non-conforming

amendments to other parts of Revised

Article 9 would result in the need to

reapply §§ 357.10(c) and 357.11(d). The

market may rely on this determination

unless Treasury publishes a notice to

the contrary in the Federal Register.

We have identified several provisions

in Revised Article 9 that may require

technical or conforming changes to the

TRADES regulations. 3 We plan to issue

a rule-making document in ‘‘plain

language’’ format, in the near future. We

will coordinate with the Government

Sponsored Enterprises (GSEs) and other

agencies having rules modeled on the

TRADES rules, in an effort to maintain

consistency among all these rules.

Rhode Island

Rhode Island has recently enacted

Article 8. We note that Rhode Island’s

enactment of Article 8 includes

revisions made by Revised Article 9

(1998), which was also enacted. We

have reviewed these changes, and

consistent with the discussion above,

conclude that the law enacted by Rhode

Island is ‘‘substantially identical’’ to the

uniform version of Revised Article 8 for

purposes of the TRADES rules.

Therefore, if either § 357.10(b) or

§ 357.11(b) directs a person to Rhode

Island, the provisions of §§ 357.10(c)

and 357.11(d) of the TRADES rules are

not applicable.

Dated: June 20, 2001.

Van Zeck,

Commissioner of the Public Debt.

[FR Doc. 01–15985 Filed 6–25–01; 8:45 am]

BILLING CODE 4810–39–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 110

[CGD11–01–003]

RIN 2115–AA98

Anchorage Regulation; San Francisco

Bay, CA

AGENCY: Coast Guard, DOT.

ACTION: Final rule.

SUMMARY: The Coast Guard is revising

the anchorage boundaries for

Anchorages 8, 9, and 24, and specifying

procedures for vessels intending to be in

a ‘‘dead ship’’ status in the San

Francisco Bay Anchorage Grounds. The

regulations concerning use of the

anchorage by vessels, and the activities

permitted in the anchorage areas are not

affected by the change in shape and size

of these anchorages.

DATES: This rule is effective July 26,

2001.

ADDRESSES: Comments and material

received from the public, as well as

documents indicated in this preamble as

being available in the docket, are part of

docket [CGD11–01–003], and are

available for inspection or copying at

Coast Guard Marine Safety Office San

Francisco Bay, Bldg. 14, Coast Guard

Island, Alameda, CA 94501, between

7:30 a.m. and 4 p.m., Monday through

Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT:

Lieutenant Patricia Springer, Vessel

Traffic Management Section, Coast

Guard Eleventh District/Pacific Area,

(510) 437–2943, email:

pspringer@d11.uscg.mil.

SUPPLEMENTARY INFORMATION:

Regulatory Information

On February 28, 2001, we published

a notice of proposed rulemaking

(NPRM) entitled Anchorage Regulation;

San Francisco Bay, California in the

Federal Register (66 FR 12742). We did

not receive any letters commenting on