Federal Register / Vol. 75, No. 90 / Tuesday, May 11, 2010 / Rules and Regulations 26089 

phrase ‘‘less than a majority of valid 

ballots cast were for representation.’’ 

Dated: May 5, 2010. 

Mary Johnson, 

General Counsel, National Mediation Board. 

[FR Doc. 2010–11026 Filed 5–10–10; 8:45 am] 

BILLING CODE 7550–01–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

31 CFR Part 363 

Securities Held in TreasuryDirect 

AGENCY: Bureau of the Public Debt, 

Fiscal Service, Treasury. 

ACTION: Final rule. 

SUMMARY: TreasuryDirect® is an 

account-based, book-entry, online 

system for purchasing, holding, and 

conducting transactions in Treasury 

securities. This final rule benefits 

TreasuryDirect® customers by 

simplifying the procedures for advance 

scheduling of marketable Treasury 

security purchases, enhancing the 

process of scheduling reinvestments of 

marketable Treasury securities, and 

improving the procedures when the 

proceeds of the maturing security are 

insufficient to pay for a new security. 

DATES: Effective Date: May 15, 2010. 

ADDRESSES: You can download this 

Final Rule at the following Internet 

addresses: http:// 

www.publicdebt.treas.gov or http:// 

www.gpoaccess.gov/ecfr. 

FOR FURTHER INFORMATION CONTACT: 

Elisha Whipkey, Director, Division of 

Program Administration, Office of Retail 

Securities, Bureau of the Public Debt, at 

(304) 480–6319 or 

elisha.whipkey@bpd.treas.gov. 

Susan Sharp, Attorney-Adviser, Dean 

Adams, Assistant Chief Counsel, 

Edward Gronseth, Deputy Chief 

Counsel, Office of the Chief Counsel, 

Bureau of the Public Debt, at (304) 480– 

8692 or susan.sharp@bpd.treas.gov>. 

SUPPLEMENTARY INFORMATION: 

TreasuryDirect® is an online, accountbased system for individuals and 

entities to purchase, hold, and conduct 

transactions in eligible Treasury 

securities. This final rule makes changes 

to the procedures for purchasing and 

reinvesting marketable Treasury 

securities. 

TreasuryDirect® currently allows a 

customer to schedule a marketable 

security purchase up to five years in 

advance. Because the auction schedule 

for marketable Treasury securities 

cannot be predicted with certainty that 

far in advance, some scheduled security 

purchases must be canceled when no 

matching security is available at that 

time. This final rule limits the advance 

scheduling of new purchases of 

marketable securities. One day each 

week, marketable securities that are 

scheduled for auction within 8 weeks 

will be made available on the 

TreasuryDirect® Web site for scheduling 

a purchase. These securities are the only 

marketable securities available for 

advance purchase. Marketable security 

purchases scheduled before May 15, 

2010, to take effect after July 9, 2010, 

will be canceled. 

Treasury is streamlining the 

procedures for reinvesting marketable 

Treasury securities purchased and held 

in TreasuryDirect®. Prior to the effective 

date of this rule, a customer was 

required to take several steps to reinvest 

a marketable security. First, the 

customer had to determine the date that 

the security matured, then direct that 

the proceeds of the maturing security be 

used to purchase a certificate of 

indebtedness, and then schedule a new 

purchase to coincide with the maturity 

date of the original security, with the 

payment for the new security being 

made using the redemption proceeds of 

the certificate of indebtedness. Any 

purchase of a marketable security in 

which the payment was made through 

the redemption proceeds of the 

customer’s certificate of indebtedness 

was treated as a reinvestment. The new 

procedure will streamline the 

reinvestment process by permitting the 

customer to schedule automatic 

reinvestments without requiring the 

customer to calculate dates and 

schedule purchases. Reinvestments will 

be limited at any one time to 25 times 

for a 4-week bill, 7 times for a 13-week 

bill, 3 times for a 26-week bill, and once 

for all other marketable security types. 

The customer can schedule a 

reinvestment either at the time of 

purchase or after the security is issued 

into the account. However, the customer 

cannot schedule, edit, or cancel a 

reinvestment when the maturing 

security goes into a closed book period, 

or when a noncompetitive bid for the 

replacement security is no longer 

accepted, whichever comes first. 

Because of the changes made to the 

reinvestment process, any marketable 

security purchase scheduled prior to the 

effective date of this rule, and with an 

effective issue date on or after the 

effective date of this rule (except for 

purchases scheduled to take effect after 

July 9, 2010, which, as noted above, will 

be canceled), will be treated as a new 

purchase, even if the transaction would 

have been treated as a reinvestment 

prior to this rule. 

In addition, the procedure is changing 

whenever there are insufficient funds 

from the maturing security to pay the 

full purchase price of the replacement 

security. Previously, in that event, 

TreasuryDirect® would cancel the 

transaction. This final rule provides 

that, in the event that the proceeds of 

the maturing security are insufficient to 

pay the full purchase price of the 

replacement security, the additional 

amount will be paid by either debiting 

the customer’s primary account at a 

financial institution or by using the 

redemption proceeds from the 

customer’s certificate of indebtedness. 

The source for the additional funds 

depends on how the maturing security 

was acquired. If the maturing security 

was purchased within TreasuryDirect®

prior to the effective date of this rule, or 

purchased after the effective date of this 

rule and the source of the funds to 

purchase the security was a debit from 

a financial institution account, or if the 

maturing security was received through 

a transfer, then the customer’s primary 

account at a financial institution will be 

debited for the additional amount. If 

there are insufficient funds in the 

customer’s primary account at a 

financial institution, the reinvestment 

will be canceled. If the maturing 

security was purchased after the 

effective date of this rule using 

redemption proceeds from the 

customer’s certificate of indebtedness, 

then a redemption from the customer’s 

certificate of indebtedness will be made 

for the additional funds. If the amount 

available for redemption from the 

certificate of indebtedness is insufficient 

to pay the additional amount, the 

reinvestment will be canceled. 

Procedural Requirements 

Executive Order 12866. This rule is 

not a significant regulatory action 

pursuant to Executive Order 12866. 

Administrative Procedure Act (APA). 

Because this rule relates to United 

States securities, which are contracts 

between Treasury and the owner of the 

security, this rule falls within the 

contract exception to the APA, 5 U.S.C. 

553(a)(2). As a result, the notice, public 

comment, and delayed effective date 

provisions of the APA are inapplicable 

to this rule. 

Regulatory Flexibility Act. The 

provisions of the Regulatory Flexibility 

Act, 5 U.S.C. 601 et seq., do not apply 

to this rule because, pursuant to 5 

U.S.C. 553(a)(2), it is not required to be 

issued with notice and opportunity for 

public comment. 


jlentini on DSKJ8SOYB1PROD with RULES
26090 Federal Register / Vol. 75, No. 90 / Tuesday, May 11, 2010 / Rules and Regulations 

Paperwork Reduction Act (PRA). 

There is no new collection of 

information contained in this final rule 

that would be subject to the PRA, 44 

U.S.C. 3501 et seq. Under the PRA, an 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a valid OMB control number. 

The Office of Management and Budget 

already has approved all collections of 

information in 31 CFR part 363 under 

OMB control number 1535–0138. 

Congressional Review Act (CRA). This 

rule is not a major rule pursuant to the 

CRA, 5 U.S.C. 801 et seq., because it is 

a minor amendment that requires less 

reporting, and is not anticipated to have 

any effect on investors; therefore, it is 

not expected to lead to any of the results 

listed in 5 U.S.C. 804(2). This rule may 

take immediate effect after we submit a 

copy of it to Congress. 

List of Subjects in 31 CFR Part 363 

Bonds, Electronic funds transfer, 

Federal Reserve system, Government 

securities, Securities. 

■ Accordingly, for the reasons set out in 

the preamble, 31 CFR Chapter II, 

Subchapter B, is amended as follows: 

PART 363—REGULATIONS 

GOVERNING SECURITIES HELD IN 

TREASURYDIRECT 

■ 1. The authority citation for part 363 

continues to read as follows: 

Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 

U.S.C. 3102, et seq.; 31 U.S.C. 3121, et seq. 

■ 2. Amend § 363.6 by: 

■ a. Adding the definition of ‘‘Closed 

book period’’ and ‘‘Reinvestment’’ in 

alphabetical order; and 

■ b. Revising the definition of ‘‘Owner,’’ 

to read as follows: 

§ 363.6 What special terms do I need to 

know to understand this part? 

* * * * * 

Closed book period means a period of 

four business days prior to the date a 

scheduled marketable security interest 

and/or maturity payment is made, 

during which time certain transactions 

will be delayed until after the closed 

book period is completed. (See 

§ 363.210.) 

* * * * * 

Owner when referring to an 

individual, is either the single 

individual named in the registration of 

a security held in the single owner form 

of registration, the first individual 

named on a security held in the owner 

with beneficiary form of registration, the 

first individual named on a security 

held in the primary owner with 

secondary owner form of registration, or 

either individual named on a converted 

savings bond held in the coowner form 

of registration; when referring to a 

minor linked account, the owner is the 

minor; when referring to an entity, the 

owner is the entity. 

* * * * * 

Reinvestment means using the 

redemption proceeds of a maturing 

marketable security to purchase a new 

marketable security of the same type 

and term, using the automatic 

reinvestment option available in 

TreasuryDirect. 

* * * * * 

■ 3. Amend § 363.202 by revising 

paragraph (a) to read as follows: 

§ 363.202 What marketable Treasury 

securities may I purchase and hold through 

my TreasuryDirect ® account? 

(a) Purchase. (1) Advance purchase. 

You may purchase any marketable 

Treasury security that is available for 

purchase through the TreasuryDirect ®

website. One day each week, marketable 

securities that are scheduled for auction 

within 8 weeks will be made available 

on the TreasuryDirect website for 

scheduling an advance purchase, and 

are the only marketable securities that 

you can schedule for advance purchase. 

(2) Purchases scheduled prior to May 

15, 2010, with an effective issue date on 

or after May 15, 2010. (i) Any 

marketable security purchase scheduled 

prior to May 15, 2010, and with an 

effective issue date of May 15, 2010, 

through July 9, 2010, will be treated as 

a new purchase, even if the transaction 

would have been treated as a 

reinvestment under the rules in effect 

prior to May 15, 2010. 

(ii) Any marketable security purchase 

scheduled prior to May 15, 2010, with 

an effective issue date after July 9, 2010, 

will be canceled. 

* * * * * 

■ 4. Revise § 363.205 to read as follows: 

§ 363.205 How do I reinvest the proceeds 

of a maturing security held in 

TreasuryDirect ®? 

(a) Method for reinvesting a maturing 

security. The only method of reinvesting 

a maturing marketable security in 

TreasuryDirect ® is through the 

automatic reinvestment option available 

in your TreasuryDirect account. 

Purchasing a security by directing that 

the proceeds of a maturing security be 

used to purchase a certificate of 

indebtedness, and then scheduling the 

purchase of a new security using the 

redemption proceeds of the certificate of 

indebtedness, is not a reinvestment. 

(b) When a reinvestment can be 

scheduled, edited, or canceled. You can 

schedule your reinvestment either at the 

time of purchase or after the security is 

issued into your TreasuryDirect 

account. You cannot schedule, edit, or 

cancel a reinvestment when the 

maturing security goes into a closed 

book period, or when a noncompetitive 

bid for the replacement security is no 

longer accepted, whichever comes first. 

(c) What securities can be reinvested. 

Any marketable security can be 

reinvested. 

(d) Limits on scheduling 

reinvestments. Reinvestments will be 

limited at any one time to 25 times for 

a 4-week bill, 7 times for a 13-week bill, 

3 times for a 26-week bill, and once for 

all other marketable security types. 

(e) Canceling reinvestments. If there is 

no security available for reinvestment 

with an issue date that coincides with 

the maturity date or call date, if 

invoked, of the maturing security, and 

with the same type and term, the 

scheduled reinvestment will be 

canceled and the proceeds of the 

maturing security will be returned to the 

customer. 

(f) Procedure if there are insufficient 

funds from the maturing security to pay 

the full purchase price of the 

replacement security. If there are 

insufficient funds from the maturing 

security to pay the full purchase price 

of the replacement security, we will 

either debit your primary account at a 

financial institution or pay the 

additional funds using the redemption 

proceeds of your certificate of 

indebtedness. 

(1) Debit from primary account at 

financial institution. If the maturing 

security is purchased on or after May 

15, 2010, we will pay the additional 

funds by a debit from your primary 

account at a financial institution if the 

maturing security was purchased within 

TreasuryDirect by a debit from a 

financial institution account or if the 

maturing security was received through 

a transfer. If we are unable to obtain 

sufficient funds from your primary 

account at a financial institution, the 

reinvestment will be canceled and we 

will refund the proceeds of the maturing 

security. 

(2) Withdrawal of funds from 

certificate of indebtedness. If the 

maturing security is purchased on or 

after May 15, 2010, we will pay the 

additional funds using the redemption 

proceeds of your certificate of 

indebtedness if the purchase of the 

maturing security was made using the 

certificate of indebtedness. If the 

amount available from a redemption of 

the certificate of indebtedness is 

insufficient to pay the additional 

amount, the reinvestment will be 


jlentini on DSKJ8SOYB1PROD with RULES
Federal Register / Vol. 75, No. 90 / Tuesday, May 11, 2010 / Rules and Regulations 26091 

canceled and we will refund the 

proceeds of the maturing security. 

(3) Special rules if the maturing 

security was purchased prior to May 15, 

2010. If the maturing security was 

purchased within TreasuryDirect or 

received through a transfer prior to May 

15, 2010, we will debit your primary 

account at a financial institution for the 

additional funds. If we are unable to 

obtain sufficient funds from your 

primary account at a financial 

institution, the reinvestment will be 

canceled and we will refund the 

proceeds of the maturing security 

■ 5. Revise § 363.210 to read as follows: 

§ 363.210 Is there any period of time 

during which I will be unable to process 

certain transactions regarding my security? 

A closed book period will be in effect 

for four business days prior to the date 

a marketable security interest and/or 

redemption payment is made. During 

the closed book period, you cannot 

change the registration of the security, 

change the payment destination of the 

proceeds, change the view or 

transaction rights, make transfers, 

initiate a SellDirect ® transaction, or 

schedule, edit, or cancel a reinvestment. 

We will hold transactions requiring 

submission of a form for processing 

until the closed book period ends. If the 

security entered the closed book period 

due to a scheduled interest payment, we 

will delay until after the closed book 

period any SellDirect requests 

scheduled but not processed prior to the 

closed book period. If the security 

entered the closed book period due to a 

maturity payment, we will cancel 

SellDirect requests scheduled but not 

processed prior to the closed book 

period. 

Richard L. Gregg, 

Acting Fiscal Assistant Secretary. 

[FR Doc. 2010–11141 Filed 5–10–10; 8:45 am] 

BILLING CODE 4810–39–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[Docket No. USCG–2010–0312] 

Regattas and Marine Parades; Great 

Lakes Annual Marine Events 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of enforcement of 

regulation. 

SUMMARY: The Coast Guard will enforce 

the local regulations for annual regattas 

and marine parades in the Captain of 

the Port Detroit zone from 8 a.m. on 

June 25, 2010 through 8 p.m. on July 25, 

2010. This action is necessary and 

intended to ensure safety of life on the 

navigable waters immediately prior to, 

during, and immediately after regattas 

or marine parades. This rule will 

establish restrictions upon, and control 

movement of, vessels in specified areas 

immediately prior to, during, and 

immediately after regattas or marine 

parades. During the enforcement 

periods, no person or vessel may enter 

the regulated areas without permission 

of the Captain of the Port. 

DATES: The regulations in 33 CFR part 

100 will be enforced as listed below 

under the subject heading 

SUPPLEMENTARY INFORMATION. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this notice, call 

or e-mail Commander Joseph Snowden, 

Prevention, U.S. Coast Guard Sector 

Detroit, 110 Mount Elliot Ave., Detroit 

MI, 48207; telephone (313)-568–9508, email Joseph.H.Snowden@uscg.mil. 

SUPPLEMENTARY INFORMATION: The Coast 

Guard will enforce the following 

regulated areas, listed in three separate 

sections of 33 CFR part 100, which were 

published in the July 18, 2008 issue of 

the Federal Register. (73 FR 41263, 

41264): 

§ 100.914 Trenton Rotary Roar on the 

River, Trenton, MI. 

This regulation is effective from 12 

p.m. on July 23, 2010 until 8 p.m. on 

July 25, 2010. This regulation will be 

enforced from 12 p.m. to 6 p.m. on July 

23, 2010; and from 8 a.m. to 8 p.m. on 

July 24 and 25, 2010. 

§ 100.915 St. Clair River Classic Offshore 

Race, St. Clair, MI. 

This regulation is effective from 11 

a.m. on July 23, 2010 until 6 p.m. on 

July 25, 2010. This regulation will be 

enforced daily from 11 a.m. to 6 p.m. on 

July 23, 24, and 25, 2010. 

§ 100.919 International Bay City River 

Roar, Bay City, MI. 

This regulation is effective from 8 

a.m. on June 25, 2010 until 6 p.m. on 

June 28, 2010. This regulation will be 

enforced from 8 a.m. to 6 p.m. on June 

25; and from 9 a.m. to 6 p.m. on June 

26 and 27, 2010. In the case of 

inclement weather on June 27, 2010, 

this regulation will also be enforced 

from 9 a.m. to 6 p.m. on June 28, 2010. 

In accordance with the general 

regulations in § 100.901 of this part, 

entry into, transiting, or anchoring 

within these regulated areas is 

prohibited unless authorized by the 

Captain of the Port Detroit, or his 

designated on-scene representative. 

These regulated areas are closed to all 

vessel traffic, except as may be 

permitted by the Captain of the Port 

Detroit or his designated on-scene 

representative. 

The ‘‘on-scene representative’’ of the 

Captain of the Port is any Coast Guard 

commissioned, warrant, or petty officer 

who has been designated by the Captain 

of the Port to act on his behalf. The onscene representative of the Captain of 

the Port will be aboard either a Coast 

Guard or Coast Guard Auxiliary vessel. 

The Captain of the Port or his 

designated on scene representative may 

be contacted via VHF Channel 16. 

Vessel operators desiring to enter or 

operate within the regulated area shall 

contact the Captain of the Port Detroit 

or his on-scene representative to obtain 

permission. 

Vessel operators given permission to 

enter or operate in the regulated area 

must comply with all directions given to 

them by the Captain of the Port or his 

on-scene representative. 

Dated: April 22, 2010. 

E. J. Marohn, 

Commander, U.S. Coast Guard, Acting 

Captain of the Port Detroit. 

[FR Doc. 2010–11081 Filed 5–10–10; 8:45 am] 

BILLING CODE 9110–04–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 147 

[Docket No. USCG–2010–0337] 

RIN 1625–AA00 

Safety Zone; Riser for DEEPWATER 

HORIZON at Mississippi Canyon 252 

Outer Continental Shelf MODU in the 

Gulf of Mexico 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a safety zone around the 

riser for the DEEPWATER HORIZON, a 

Mobile Offshore Drilling Unit (MODU), 

at Mississippi Canyon 252 in the Outer 

Continental Shelf. The safety zone is 

needed to protect personnel involved in 

oil pollution response efforts. Placing a 

safety zone around the riser will 

significantly reduce the threat of 

collisions, oil spills, and releases of 

natural gas, and thereby protect the 

safety of life, property, and the 

environment. Oil response efforts are 


jlentini on DSKJ8SOYB1PROD with RULES