66072 Federal Register / Vol. 60, No. 245 / Thursday, December 21, 1995 / Rules and Regulations

Rule would appear to have little or no

effect on small businesses. Moreover,

the Commission is not aware of any

existing federal laws or regulations that

would conflict with repeal of the Rule.

For these reasons, the Commission

certifies, pursuant to Section 605 of the

RFA, 5 U.S.C. 605, that this action will

not have a significant economic impact

on a substantial number of small

entities.

IV. Paperwork Reduction Act

The Quick-Freeze Spray Rule does not

impose ‘‘information collection

requirements’’ under the Paperwork

Reduction Act, 44 U.S.C. 3501 et seq.

Although the Rule contains disclosure

requirements, these disclosures are not

covered under the Act because the

disclosure language is mandatory and

provided by the government. Repeal of

the Rule, however, would eliminate any

burdens on the public imposed by these

disclosure requirements.

List of Subjects in 16 CFR Part 417

Hazardous substances, Labeling,

Trade practices.

PART 417—[REMOVED]

The Commission, under authority of

section 18 of the Federal Trade

Commission Act, 15 U.S.C. 57a, amends

chapter I of title 16 of the Code of

Federal Regulations by removing part

417.

By direction of the Commission.

Donald S. Clark,

Secretary.

[FR Doc. 95–30916 Filed 12–20–95; 8:45 am]

BILLING CODE 6750–01–M

SECURITIES AND EXCHANGE

COMMISSION

17 CFR Part 211

[Release No. SAB 95]

Staff Accounting Bulletin No. 95

AGENCY: Securities and Exchange

Commission.

ACTION: Publication of Staff Accounting

Bulletin.

SUMMARY: This staff accounting bulletin

rescinds the views of the staff contained

in Staff Accounting Bulletin No. 57

(Topic 5K—Contingent Stock Purchase

Warrants).

DATES: December 15, 1995.

FOR FURTHER INFORMATION CONTACT:

Michael Morrissey, Office of the Chief

Accountant (202) 942–4400, or Douglas

Tanner, Division of Corporation Finance

(202) 942–2960, Securities and

Exchange Commission, 450 Fifth Street

N.W., Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION: The

statements in staff accounting bulletins

are not rules or interpretations of the

Commission nor are they published as

bearing the Commission’s official

approval. They represent interpretations

and practices followed by the Division

of Corporation Finance and the Office of

the Chief Accountant in administering

the disclosure requirements of the

Federal securities laws.

Margaret H. McFarland,

Deputy Secretary.

Accordingly, Part 211 of Title 17 of

the Code of Federal Regulations is

amended by adding Staff Accounting

Bulletin No. 95 to the table found in

Subpart B.

PART 211—[AMENDED]

Staff Accounting Bulletin No. 95

The staff hereby deletes Staff

Accounting Bulletin No. 57 (Section K

to Topic 5 of the Staff Accounting

Bulletin Series). Staff Accounting

Bulletin No. 57 provided interpretative

guidance on the accounting for

contingent stock purchase warrants.

Footnote 2 to Staff Accounting

Bulletin No. 57 notes that in March

1984, the Financial Accounting

Standards Board (FASB) added a project

to its agenda to reconsider Accounting

Principles Board Opinion No. 25,

Accounting for Stock Issued to

Employees (APB 25). Footnote 2

indicates that when this project is

completed, the staff will consider

whether the accounting articulated in

this staff accounting bulletin is still

appropriate.

The FASB’s reconsideration of APB

25 is now complete with the issuance of

Statement of Financial Accounting

Standards No. 123, Accounting for

Stock-Based Compensation (FAS 123).

Consistent with our stated intention, the

staff has reconsidered the guidance in

Staff Accounting Bulletin No. 57 and

concludes that the interpretative

guidance providing for an intrinsic

value measurement is no longer

necessary due to the general guidance in

FAS 123 that provides for fair value

measurement for transactions with other

than employees.

FAS 123 does not provide specific

guidance on the methodology for

determining fair value for such an

arrangement or the measurement date

on which the fair value of the equity

instrument is determined. The staff

intends to request that the Emerging

Issues Task Force consider the need to

issue additional guidance that would

address those issues.

[FR Doc. 95–31086 Filed 12–20–95; 8:45 am]

BILLING CODE 8010–01–P

RAILROAD RETIREMENT BOARD

20 CFR Parts 366 and 367

RIN 3220–AB09

Collection of Debts

AGENCY: Railroad Retirement Board.

ACTION: Final rule.

SUMMARY: The Railroad Retirement

Board (Board) amends its regulations

pertaining to the collection of debts by

offset against other Federal payments

and against tax refunds to authorize use

of these collection methods for

collection of debts from businesses.

EFFECTIVE DATE: December 21, 1995.

ADDRESSES: Secretary to the Board,

Railroad Retirement Board, 844 Rush

Street, Chicago, Illinois 60611.

FOR FURTHER INFORMATION CONTACT:

Michael C. Litt, General Attorney,

Bureau of Law, Railroad Retirement

Board, 844 Rush Street, Chicago, Illinois

60611, (312) 751–4929, TDD (312) 751–

4701.

SUPPLEMENTARY INFORMATION: Part 366 of

the Board’s regulations deals with

collection of debts by means of offset

from Federal tax refunds through

referrals to the Internal Revenue

Service. This procedure is authorized by

31 U.S.C. 3720A. Part 367 deals with the

collection of debts by administrative

offset under the authority of the Debt

Collection Act of 1982, 31 U.S.C. 3716.

As currently in effect, the Board’s

regulations as to tax refund offset and

administrative offset apply to individual

debtors only. The Board believes that

amendment of these regulations to

authorize these collection procedures

against business debtors will facilitate

collection of debts which may be owed

to the Board.

On August 17, 1995, the Board

published this rule as a proposed rule

(60 FR 42818), inviting comments on or

before September 18, 1995. No

comments were received.

The Board, with the concurrence of

the Office of Management and Budget,

has determined that this is not a

significant regulatory action under

Executive Order 12866. Therefore, no

regulatory impact analysis is required.

Information collections associated with

this rule have been approved by the

Office of Management and Budget.
Federal Register / Vol. 60, No. 245 / Thursday, December 21, 1995 / Rules and Regulations 66073

List of Subjects in 20 CFR Parts 366 and

367

Railroad employees, Railroad

retirement, Railroad unemployment

insurance.

For the reasons set out in the

preamble, parts 366 and 367 of title 20,

chapter II of the Code of Federal

Regulations are amended as follows:

PART 366—COLLECTION OF DEBTS

BY FEDERAL TAX REFUND OFFSET

1. The authority citation for part 366

continues to read as follows:

Authority: 45 U.S.C. 231f(b)(5); 31 U.S.C.

3720A.

§ 366.1 [Amended]

2. Section 366.1 is amended by

removing the word ‘‘individuals’’ and

adding in its place the word ‘‘debtors’’.

3. Section 366.2 is amended by

revising the introductory text, and

paragraphs (a), (b), (e), and (f) to read as

follows:

§ 366.2 Past-due legally enforceable debt.

A past-due legally enforceable debt

which may be referred to the Internal

Revenue Service is a debt:

(a) Which arose under any statute

administered by the Board or under any

contract;

(b) Which is an obligation of a debtor

who is a natural person or a business;

* * * * *

(e) With respect to which the rights

regarding reconsideration, waiver, and

appeal, described in part 260 or 320 of

this chapter or in other law, if

applicable, have been exhausted;

(f) With respect to which either:

(1) The Board’s records do not contain

evidence that the debtor (or, if an

individual, his or her spouse) has filed

for bankruptcy under Title 11 of the

United States Code; or

(2) The Board can clearly establish at

the time of the referral that the

automatic stay under section 362 of the

Bankruptcy Code has been lifted or is no

longer in effect with respect to the

debtor (or, if an individual, his or her

spouse) and the debt was not discharged

in the bankruptcy proceeding;

* * * * *

§ 366.2 [Amended]

3. Section 366.2(j) is amended by

removing the word ‘‘individual’’ and

adding in its place the word ‘‘debtor’’.

4. Section 366.2(k) is amended by

removing the word ‘‘individual’’ and

adding in its place the word ‘‘debtor’’.

§ 366.6 [Amended]

5. Section 366.6(c) is amended by

removing the words ‘‘individual owing

the debt’’ and adding in their place the

word ‘‘debtor’’.

PART 367—RECOVERY OF DEBTS

OWED TO THE UNITED STATES

GOVERNMENT BY ADMINISTRATIVE

OFFSET

6. The authority citation for part 367

continues to read as follows:

Authority: 45 U.S.C. 231f(b)(5); 31 U.S.C.

3716.

7. Section 367.2 is amended by

revising the introductory text and

paragraphs (a), (b), (e), and (f) to read as

follows:

§ 367.2 Past-due legally enforceable debt.

A past-due legally enforceable debt

which may be referred to another

governmental agency for administrative

offset is a debt:

(a) Which arose under any statute

administered by the Board or under any

contract;

(b) Which is an obligation of a debtor

who is a natural person or a business;

* * * * *

(e) With respect to which the rights

described in part 260 or 320 of this

chapter or the applicable law regarding

reconsideration, waiver, and appeal, if

applicable, have been exhausted;

(f) With respect to which either:

(1) The Board’s records do not contain

evidence that the debtor (or, if an

individual, his or her spouse) has filed

for bankruptcy under Title 11 of the

United States Code; or

(2) The Board can clearly establish at

the time of the referral that the

automatic stay under section 362 of the

Bankruptcy Code has been lifted or is no

longer in effect with respect to the

debtor (or, if an individual, his or her

spouse) and the debt was not discharged

in the bankruptcy proceeding;

* * * * *

§ 367.2 [Amended]

8. Section 367.2(i) is amended by

removing the word ‘‘individual’’ and

adding in its place the word ‘‘debtor’’,

and by removing the words ‘‘that

person’’ and adding in their place the

words ‘‘the debtor’’;

9. Section 367.2(j) is amended by

removing the words ‘‘such individual’’

and adding in their place the words ‘‘the

debtor’’;

§ 367.7 [Amended]

10. Section 367.7(c) is amended by

removing the words ‘‘individual owing

the debt’’ and adding in their place the

word ‘‘debtor’’.

Dated: December 13, 1995.

By Authority of the Board.

Beatrice Ezerski,

Secretary to the Board.

[FR Doc. 95–30999 Filed 12–20–95; 8:45 am]

BILLING CODE 7905–01–P

DEPARTMENT OF STATE

Bureau of Consular Affairs, Overseas

Citizens Services

22 CFR Part 94

[Public Notice 2290]

International Child Abduction

AGENCY: Department of State.

ACTION: Interim rule with request for

comments.

SUMMARY: This interim rule amends

regulations regarding incoming parental

abduction cases pursuant to the Hague

Convention on the Civil Aspects of

International Child Abduction.

Incoming cases will be processed by a

non-governmental organization with

oversight by the Department of State.

DATES: Effective Date: December 21,

1995. Comments are due on or before

January 22, 1995.

ADDRESSES: Interested persons are

invited to submit comments in

duplicate to the Director of the Office of

Children’s Issues, Bureau of Consular

Affairs, Room 4811, U.S. Department of

State, Washington, DC 20520; fax: 202–

647–2835.

FOR FURTHER INFORMATION CONTACT:

Leslie Rowe, Director of the Office of

Children’s Issues, Room 4811, U.S.

Department of State, Washington, D.C.

20520. tele: 202–647–2688.

SUPPLEMENTARY INFORMATION: Since

1988, the Bureau of Consular Affairs has

served as the U.S. Central Authority

under the Hague Convention on the

Civil Aspects of International Child

Abduction. As U.S. Central Authority,

the Office of Children’s Issues is

responsible for processing all Hague

Convention applications seeking the

return of children wrongfully removed

or retained in the United States or any

other Hague Convention contracting

state. In addition, the U.S. Central

Authority is responsible for facilitating

access rights under the Convention. The

Office of Children’s Issues processes

approximately 700 Hague Convention

applications annually; roughly 300 of

these cases are incoming cases, i.e.,

applications for the return of a child

wrongfully removed to or retained in

the United States.

The processing of incoming Hague

applications requires case officers to