64000 Federal Register / Vol. 60, No. 239 / Wednesday, December 13, 1995 / Proposed Rules

(h)(2)(viii)(A)(4), and by adding a new

paragraph (h)(2)(viii)(A)(3);

3.7. By removing the word ‘‘or’’ at the

end of paragraph (h)(3)(ii)(B), by

redesignating paragraph (h)(3)(ii)(C) as

paragraph (h)(3)(ii)(D), and by adding a

new paragraph (h)(3)(ii)(C); and

3.8. By redesignating paragraphs

(h)(3)(v) (C) and (D) as paragraphs

(h)(3)(v) (D) and (E) and by adding a

new paragraph (h)(3)(v)(C). The revised

and added paragraphs read as follows:

§ 1.17 Minimum financial requirements for

futures commission merchants and

introducing brokers.

(a)(1)(i) Except as provided in

paragraph (a)(2)(i) of this section, each

person registered as a futures

commission merchant must maintain

adjusted net capital equal to or in excess

of the greatest of:

(A) $250,000;

(B) Four percent of the following

amount: The customer funds required to

be segregated pursuant to the Act and

these regulations and the foreign futures

or foreign options secured amount, less

the market value of commodity options

purchased by customers on or subject to

the rules of a contract market or a

foreign board of trade: Provided,

however, That the deduction for each

customer shall be limited to the amount

of customer funds in such customer’s

account(s) and foreign futures and

foreign options secured amounts;

(C) The amount of adjusted net capital

required by a registered futures

association of which it is a member; or

(D) For securities brokers and dealers,

the amount of net capital required by

Rule 15c3–1(a), of the Securities and

Exchange Commission (17 CFR

240.15c3–1(a)).

(ii) Except as provided in paragraph

(a)(2) of this section, each person

registered as an introducing broker must

maintain adjusted net capital equal to or

in excess of the greatest of:

(A) $30,000;

(B) The amount of adjusted net capital

required by a registered futures

association of which it is a member; or

(C) For securities brokers and dealers,

the amount of net capital required by

Rule 15c3–1(a) of the Securities and

Exchange Commission (17 CFR

240.15c3–1(a)).

* * * * *

(e) * * *

(1) * * *

(iii) 120 percent of the amount of

adjusted net capital required by a

registered futures association of which it

is a member; or

* * * * *

(h) * * *

(2) * * *

(vi) * * *

(C) * * *

(3) 120 percent of the amount of

adjusted net capital required by a

registered futures association of which it

is a member; or

* * * * *

(vii) * * *

(A) * * *

(3) 120 percent of the amount of

adjusted net capital required by a

registered futures association of which it

is a member; or

(4) For an applicant or registrant

which is also a securities broker or

dealer, the amount of net capital

specified in Rule 15c3–1d(b)(7) of the

Securities and Exchange Commission

(17 CFR 240.15c3–1d(b)(7)).

(B) * * *

(3) 120 percent of the amount of

adjusted net capital required by a

registered futures association of which it

is a member; or

(4) For an applicant or registrant

which is also a securities broker or

dealer, the amount of net capital

specified in Rule 15c3–1d(c)(5)(ii) of the

Securities and Exchange Commission

(17 CFR 240.15c3–1d(c)(5)(ii)):

Provided, however, That no special

prepayment shall be made if pre-tax

losses during the latest three-month

period were greater than 15 percent of

current excess adjusted net capital.

(C) Notwithstanding the provisions of

paragraphs (h)(2)(vii)(A) and

(h)(2)(vii)(B) of this section, in the case

of an applicant, no prepayment or

special prepayment shall occur without

the prior written approval of the

National Futures Association; in the

case of a registrant, if the requested

prepayment or special prepayment will

result in the reduction of the registrant’s

adjusted net capital by 20 percent or

more, no prepayment or special

prepayment shall occur without the

prior written approval of the designated

self-regulatory organization, if any, and

of the Commission, or, if the requested

prepayment or special prepayment will

result in the reduction of the registrant’s

adjusted net capital by less than 20

percent without the prior written

approval of the designated selfregulatory organization, if any, or of the

Commission if the registrant is not a

member of a self-regulatory

organization.

(viii) * * *

(A) * * *

(3) 120 percent of the amount of

adjusted net capital required by a

registered futures association of which it

is a member; or

* * * * *

(3) * * *

(ii) * * *

(C) 120 percent of the amount of

adjusted net capital required by a

registered futures association of which it

is a member; or

* * * * *

(v) * * *

(C) 120 percent of the amount of

adjusted net capital required by a

registered futures association of which it

is a member;

* * * * *

4. Section 1.58 is revised to read as

follows:

§ 1.58 Gross collection of exchange-set

margins.

(a) Each futures commission merchant

which carries a commodity futures or

commodity option position for another

futures commission merchant or for a

foreign broker on an omnibus basis must

collect, and each futures commission

merchant and foreign broker for which

an omnibus account is being carried

must deposit, initial and maintenance

margin on each position reported in

accordance with § 17.04 of this chapter

at a level no less than that established

for customer accounts by the rules of the

applicable contract market.

(b) If the futures commission

merchant which carries a commodity

futures or commodity option position

for another futures commission

merchant or for a foreign broker on an

omnibus basis allows a position to be

margined as a spread position or as a

hedged position in accordance with the

rules of the applicable contract market,

the carrying futures commission

merchant must obtain and retain a

written representation from the futures

commission merchant or from the

foreign broker for which the omnibus

account is being carried that each such

position is entitled to be so margined.

Issued in Washington, D.C. on December 7,

1995 by the Commission.

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 95–30360 Filed 12–12–95; 8:45 am]

BILLING CODE 6351–01–P

DEPARTMENT OF THE INTERIOR

Minerals Management Service

30 CFR Parts 202, 206, and 211

RIN 1010–AC02

Amendments to Gas Valuation

Regulations for Federal Leases

AGENCY: Minerals Management Service,

Interior.
Federal Register / Vol. 60, No. 239 / Wednesday, December 13, 1995 / Proposed Rules 64001

ACTION: Proposed rule; notice of meeting

and extension of comment period.

SUMMARY: The Minerals Management

Service (MMS) is scheduling a public

meeting to receive comments on a

proposed rulemaking, which was

published in the Federal Register on

November 6, 1995 (60 FR 56007). MMS

is also extending the public comment

period for the proposed rulemaking. The

proposed rule would implement the

recommendations of the Federal Gas

Valuation Negotiated Rulemaking

Committee by amending the regulations

governing the value of gas produced

from Federal leases. MMS will hold the

public meeting in Houston, Texas, on

January 22, and, if necessary on the

23rd, 1996. The meeting will allow

interested parties an opportunity to

provide direct feedback to MMS

officials regarding the proposed rule.

Interested parties are invited to attend

and participate at this meeting. MMS is

also extending the comment period for

the proposed rule from January 5, 1996,

to February 5, 1996.

DATES: A public meeting will be held on

Monday January 22, and if necessary, on

Tuesday January 23, 1996, from 9 a.m.

until 5 p.m. Comments must be received

on or before February 5, 1996.

ADDRESSES: The meeting will be held in

Room 104, first floor, at the Houston

Compliance Division Office, Minerals

Management Service, 4141 North Sam

Houston Parkway East, Houston, Texas,

77032. Comments should be sent to:

David S. Guzy, Chief, Rules and

Procedures Staff, Minerals Management

Service, Royalty Management Program,

P.O. Box 25165, MS 3101, Denver,

Colorado 80225–0165, telephone (303)

231–3432, fax (303) 231–3194, e-Mail

DavidlGuzy@smtp.mms.gov.

FOR FURTHER INFORMATION CONTACT:

David S. Guzy, Chief, Rules and

Procedures Staff, Minerals Management

Service, Royalty Management Program,

telephone (303) 231–3432, fax (303)

231–3194, e-Mail

DavidlGuzy@smtp.mms.gov. If you

plan to attend the meeting, please

contact Larry Cobb of the Valuation and

Standards Division at telephone (303)

275–7245, fax (303) 275–7227, e-mail

LarrylCobb@smtp.mms.gov prior to

January 12, 1996.

SUPPLEMENTARY INFORMATION: The

meeting will be open to the public

without advance registration. However,

anyone that will be attending the

meeting is encouraged to call Larry

Cobb so MMS can arrange the room

seating requirements. Public attendance

may be limited to the space available.

Members of the public may make

statements during the meeting, to the

extent time permits, and are encouraged

to file written statements for

consideration.

Dated: December 6, 1995.

Kenneth R. Vogel,

Acting Associate Director for Royalty

Management.

[FR Doc. 95–30351 Filed 12–12–95; 8:45 am]

BILLING CODE 4310–MR–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 151

[CGD 89–014]

RIN 2115–AD23

Implementation of the Shore

Protection Act of 1988

AGENCY: Coast Guard, DOT.

ACTION: Notice of withdrawal.

SUMMARY: In May 1989, the Coast Guard

began rulemaking to incorporate into

regulation certain elements of the Shore

Protection Act. Its objective was to help

prevent trash, medical debris, and other

unsightly and potentially harmful

materials from being deposited into the

coastal waters of the United States as a

result of sloppy waste-handling

procedures. Because no additional

regulations are needed, the Coast Guard

is discontinuing rulemaking under

docket number 89–014.

DATES: This discontinuance is effective

on December 13, 1995.

FOR FURTHER INFORMATION CONTACT:

Lieutenant Junior Grade L.V. Kabler,

Project Manager, Office of Marine

Safety, Security, and Environmental

Protection (G–MRO–1), (202) 267–0423.

SUPPLEMENTARY INFORMATION: In a

Federal Register document published

May 24, 1989, (54 FR 22546) the Coast

Guard contemplated, at some point in

the future, establishing procedures for a

regular permit and for suspension-andrevocation proceedings under the Shore

Protection Act (33 U.S.C. 2601 et seq.).

Because the Coast Guard has

determined that the current procedures

implementing the Act are satisfactory, it

has decided to continue issuing

conditional permits to vessels carrying

waste in the coastal waters of the United

States and to discontinue any further

rulemaking under docket number 89–

014. It will, at some point in the future,

re-examine the necessity of further

rulemaking and may, at that point,

initiate a new rulemaking under a new

docket number.

Dated: December 6, 1995.

Joseph J. Angelo,

Director for Standards.

[FR Doc. 95–30400 Filed 12–12–95; 8:45 am]

BILLING CODE 4910–14–M

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 52

[PA 081–4012b; FRL–5326–6]

Approval and Promulgation of Air

Quality Implementation Plans;

Pennsylvania; Approval of Stage II

Vapor Recovery Requirements

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Proposed rule.

SUMMARY: EPA proposes to approve the

State Implementation Plan (SIP)

revision submitted by the

Commonwealth of Pennsylvania for the

purpose of approving supplemental

provisions that would correct

deficiencies in the Pennsylvania Stage II

vapor recovery rule that were previously

identified by EPA. In the Final Rules

section of this Federal Register, EPA is

approving the State’s SIP revision as a

direct final rule without prior proposal

because the Agency views this as a

noncontroversial SIP revision and

anticipates no adverse comments. A

detailed rationale for the approval is set

forth in the direct final rule. If no

adverse comments are received in

response to this proposed rule, no

further activity is contemplated in

relation to this rule. If EPA receives

adverse comments, the direct final rule

will be withdrawn and all public

comments received will be addressed in

a subsequent final rule based on this

proposed rule. EPA will not institute a

second comment period on this action.

Any parties interested in commenting

on this action should do so at this time.

DATES: Comments must be received in

writing by January 12, 1996.

ADDRESSES: Written comments on this

action should be addressed to Marcia L.

Spink, Associate Director, Air Programs,

Mailcode 3AT00, U.S. Environmental

Protection Agency, Region III, 841

Chestnut Building, Philadelphia,

Pennsylvania 19107. Copies of the

documents relevant to this action are

available for public inspection during

normal business hours at the Air,

Radiation, and Toxics Division, U.S.

Environmental Protection Agency,

Region III, 841 Chestnut Building,

Philadelphia, Pennsylvania 19107; and

the Pennsylvania Department of