Federal Register / Vol. 60, No. 245 / Thursday, December 21, 1995 / Rules and Regulations 66071

1 In accordance with Section 18 of the FTC Act,

15 U.S.C. 57a, the Commission submitted the NPR

to the Chairman of the Committee on Commerce,

Science and Transportation, United States Senate,

and the Chairman of the Subcommittee on

Commerce, Trade and Hazardous Materials, United

States House of Representatives, 30 days prior to its

publication.

2These procedures included: publishing a Notice

of Proposed Rulemaking; soliciting written

comments on the Commission’s proposal to repeal

the Rule; holding an informal hearing, if requested

by interested parties; receiving a final

recommendation from Commission staff; and

announcing final Commission action in the Federal

Register.

3 40 CFR 82.64 (1994).

4See Rulemaking Record, Staff Submissions:

Letter from Donna Wellington, Executive Vice

President, Ronco, Inc., dated April 18, 1995, to Mr.

Lemuel W. Dowdy.

5See Rulemaking Record, Staff Submissions:

Memorandum to File, George Brent Mickum IV,

dated April 18, 1995.

6 Id.

39°33′00′′N, long. 110°55′00′′W, thence

southwest to lat. 39°04′00′′N, long.

112°27′30′′W, thence northwest to lat.

39°48′00′′N, long. 112°50′00′′W, thence west

via lat. 39°48′00′′N, to the east edge of

Restricted Area R–6402A, and on the west by

the east edge of Restricted Area R–6402A,

Restricted Area R–6402B and Restricted Area

R–6406B and long. 113°00′03′′W; excluding

the portion within the Price, UT and the

Delta, UT, airspace areas; that airspace east

of Salt Lake City extending upward from

11,000 feet MSL bounded on the northwest

by the southeast edge of V–32, on the

southeast by the northwest edge of V–235, on

the southwest by the northeast edge of V–101

and on the west by long. 111°25′33′′W;

excluding that airspace within the Evanston,

WY, 1,200-foot Class E airspace area; that

airspace southeast of Salt Lake City

extending upward from 13,500 feet MSL

bounded on the northeast by the southwest

edge of V–484, on the south by the north

edge of V–200 and on the west by long.

111°25′33′′W; excluding the portion within

Restricted Area R–6403 and the Bonneville,

UT Class E airspace area.

* * * * *

Issued in Seattle, Washington, on

December 8, 1995.

Richard E. Prang,

Acting Assistant Manager, Air Traffic

Division, Northwest Mountain Region.

[FR Doc. 95–31101 Filed 12–20–95; 8:45 am]

BILLING CODE 4910–13–M

FEDERAL TRADE COMMISSION

16 CFR Part 417

Trade Regulation Rule Concerning the

Failure To Disclose the Lethal Effects

of Inhaling Quick-Freeze Aerosol Spray

Products Used for Frosting Cocktail

Glasses

AGENCY: Federal Trade Commission.

ACTION: Repeal of rule.

SUMMARY: The Federal Trade

Commission announces the repeal of the

Trade Regulation Rule concerning the

Failure to Disclose the Lethal Effects of

Inhaling Quick-Freeze Aerosol Spray

Products Used for Frosting Cocktail

Glasses. The Commission has reviewed

the rulemaking record and determined

that, because federal law prohibits the

sale or distribution of the products that

were the subject of the Quick-Freeze

Spray Rule, the Rule no longer serves

the public interest and should be

repealed. This document contains a

Statement of Basis and Purpose for

repeal of the Rule.

EFFECTIVE DATE: December 21, 1995.

ADDRESSES: Requests for copies of the

Statement of Basis and Purpose should

be sent to Public Reference Branch,

Room 130, Federal Trade Commission,

6th Street & Pennsylvania Avenue N.W.,

Washington, DC 20580.

FOR FURTHER INFORMATION CONTACT:

Lemuel W. Dowdy or George Brent

Mickum IV, Federal Trade Commission,

Division of Enforcement, Bureau of

Consumer Protection, Washington, D.C.

20580, (202) 326–2981, (202) 326–3132.

SUPPLEMENTARY INFORMATION:

Statement of Basis and Purpose

I. Background

The Trade Regulation Rule

concerning the Failure to Disclose the

Lethal Effects of Inhaling Quick-Freeze

Aerosol Spray Products Used for

Frosting Cocktail Glasses (Quick-Freeze

Spray Rule), 16 CFR Part 417, was

promulgated on February 20, 1969 (34

FR 2417). The Quick-Freeze Spray Rule

requires a clear and conspicuous

warning on aerosol spray products used

for frosting beverage glasses. The

warning states that the contents should

not be inhaled in concentrated form and

that doing so may cause injury or death.

On May 23, 1995, the Commission

published an Advance Notice of

Proposed Rulemaking (ANPR) seeking

comment on the proposed repeal of the

Quick-Freeze Spray Rule (60 FR 27244).

In accordance with Section 18 of the

Federal Trade Commission (FTC) Act,

15 U.S.C. 57a, the ANPR was sent to the

Chairman of the Committee on

Commerce, Science and Transportation,

United States Senate, and the Chairman

of the Subcommittee on Commerce,

Trade and Hazardous Materials, United

States House of Representatives. The

comment period closed on June 22,

1995. The Commission received no

comments.

On September 18, 1995, the

Commission published a Notice of

Proposed Rulemaking (NPR) initiating a

proceeding to consider whether the

Quick-Freeze Spray Rule should be

repealed or remain in effect (60 FR

48073).1 This rulemaking proceeding

was undertaken as part of the

Commission’s ongoing program of

evaluating trade regulation rules and

industry guides to ascertain their

effectiveness, impact, cost and need.

This proceeding also responded to

President Clinton’s National Regulatory

Reinvention Initiative, which, among

other things, urges agencies to eliminate

obsolete or unnecessary regulations. In

the NPR, the Commission announced its

determination, pursuant to 16 CFR 1.20,

to use expedited procedures in this

proceeding.2 The comment period

closed on October 18, 1995. The

Commission received no comments and

no requests to hold an informal hearing.

II. Basis for Repeal of Rule

The Commission has determined to

repeal the Quick-Freeze Spray Rule for

the following reasons:

1. The active ingredient in quickfreeze spray products was Fluorocarbon

12. The Clean Air Act, 42 U.S.C. 7401

et seq., and its implementing

regulations, ban chlorofluorocarbons in

aerosols and foams for non-essential

uses because they are ozone depleting

agents. The ban, which includes

Fluorocarbon 12, became effective on

January 17, 1994.3 A number of aerosol

products containing fluorocarbons have

been exempted from the ban, but glassfrosting aerosols are not among them.

2. Based on a 1989 review of the Rule,

the Commission determined that the last

known producer of glass-frosting

products was Ronco, Inc. Ronco last

produced its glass-frosting machines in

1980. The product was last sold to

retailers in 1982. Ronco has none of the

product in its warehouse and has sold

the tooling machinery that was used to

manufacture the product.4

3. Commission staff was unable to

locate any glass-frosting products for

sale anywhere in the country.5

4. Poison treatment centers have

reported no cases involving the

product.6

Because the products addressed by

this Rule are no longer available and

cannot be sold or distributed legally, the

Quick-Freeze Spray Rule has become

obsolete and should be repealed.

III. Regulatory Flexibility Act

The Regulatory Flexibility Act (RFA),

5 U.S.C. 601–11, requires an analysis of

the anticipated impact of the repeal of

the Rule on small businesses. The

reasons for repeal of the Rule have been

explained in this Notice. Repeal of the
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.