Federal Register / Vol. 60, No. 244 / Wednesday, December 20, 1995 / Proposed Rules 65605

controlled airspace for aircraft executing

the SIAP at Atlantic Municipal Airport.

DATES: Comments must be received on

or before January 15, 1996.

ADDRESSES: Send comments on the

proposal in triplicate to: Manager, Air

Traffic Operations Branch, ACE–530,

Federal Aviation Administration,

Docket No. 95–ACE–14, 601 East 12th

Street, Kansas City, MO. 64106

The official docket may be examined

in the Office of the Assistant Chief

Counsel for the Central Region at the

same address between 9:00 a.m. and

3:00 p.m., Monday through Friday,

except Federal holidays.

An informal docket may also be

examined during normal business hours

in the office of the Manager, Air Traffic

Operations Branch, Air Traffic Division,

at the address listed above.

FOR FURTHER INFORMATION CONTACT:

Kathy Randolph, Air Traffic Division,

Air Traffic Operations Branch, ACE–

530c, Federal Aviation Administration,

601 East 12th Street, Kansas City,

Missouri 64106; telephone number:

(816) 426–3408.

SUPPLEMENTARY INFORMATION:

Comments Invited

Interested parties are invited to

participate in this proposed rulemaking

by submitting such written data, views,

or arguments as they may desire.

Comments that provide the factual basis

supporting the views and suggestions

presented are particularly helpful in

developing reasoned regulatory

decisions on the proposal. Comments

are specifically invited on the overall

regulatory, economic, environmental,

and energy-related aspects of the

proposal. Communications should

identify the airspace docket number and

be submitted in triplicate to the address

listed above. Commenters wishing the

FAA to acknowledge receipt of their

comments on this notice must submit

with those comments a self-addressed,

stamped postcard on which the

following statement is made:

‘‘Comments to Airspace Docket No. 95–

ACE 14’’ The postcard will be date/time

stamped and returned to the

commenter. All communications

received on or before the closing date

for comments will be considered before

taking action on the proposed rule. The

proposal contained in this notice may

be changed in light of comments

received. All comments submitted will

be available for examination in the

Rules Docket both before and after the

closing date for comments. A report

summarizing each substantive public

contact with FAA personnel concerned

with this rulemaking will be filed in the

docket.

Availability of NPRMs

Any person may obtain a copy of this

Notice of Proposed Rulemaking (NPRM)

by submitting a request to the Federal

Aviation Administration, Office of

Public Affairs, Attention: Public Inquiry

Center, APA–230, 800 Independence

Avenue, SW, Washington, DC 20591, or

by calling (202) 267–3484.

Communications must identify the

notice number of this NPRM. Persons

interested in being placed on a mailing

list for future NPRMs should also

request a copy of Advisory Circular No.

11–2A, which describes the procedures.

The Proposal

The FAA is considering an

amendment to part 71 of the Federal

Aviation Regulations (14 CFR part 71) to

provide additional controlled airspace

of a new SIAP based on the GPS at the

Atlantic, IA, Municipal Airport. The

additional airspace would segregate

aircraft operating under VFR conditions

from aircraft operating under IFR

procedures. The area would be depicted

on appropriate aeronautical charts

thereby enabling pilots to

circumnavigate the area or otherwise

comply with IFR procedures. Class E

airspace designations for airspace areas

extending upward from 700 feet or more

above the surface of the earth are

published in paragraph 6005 of FAA

Order 7400.9C, dated August 17, 1995,

and effective September 16, 1995, which

is incorporated by reference in 14 CFR

71.1. The Class E airspace designation

listed in this document would be

published subsequently in the Order.

The FAA has determined that this

proposed regulation only involves an

established body of technical

regulations for which frequent and

routine amendments are necessary to

keep them operationally current.

Therefore, this proposed regulation—(1)

is not a ‘‘significant regulatory action’’

under Executive Order 12866; (2) is not

a ‘‘significant rule’’ under DOT

Regulatory Policies and Procedures (44

FR 11034; February 26, 1979); and (3)

does not warrant preparation of a

Regulatory Evaluation as the anticipated

impact is so minimal. Since this is a

routine matter that will only affect air

traffic procedures and air navigation, it

is certified that this proposed rule will

not have a significant economic impact

on a substantial number of small entities

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

The Proposed Amendment

Accordingly, pursuant to the

authority delegated to me, the Federal

Aviation Administration proposes to

amend part 71 of the Federal Aviation

Regulations (14 CFR part 71) as follows:

PART 71—[AMENDED]

1. The authority citation of part 71

continues to read as follows:

Authority: 49 U.S.C. 106(g); 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389; 14 CFR 11.69.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of Federal Aviation

Administration Order 7400.9C, Airspace

Designations and Reporting Points,

dated August 17, 1995, and effective

September 16, 1995, is amended as

follows:

Paragraph 6005 Class E airspace areas

extending upward from 700 feet or more

above the surface of the earth.

* * * * *

ACE IA E5 Atlantic, IA [Revised]

Atlantic Municipal Airport, IA

(Lat. 41°24′26′′ N., long. 95°02′49′′ W)

Atlantic NDB

(Lat. 41°24′26′′ N., long. 95°02′47′′ W)

That airspace extending upward from 700

feet above the surface within a 6.4-mile

radius of Atlantic Municipal Airport and

within 4 miles each side of the 315° bearing

from the Atlantic NDB extending from the

6.4-mile radius to 8.3 miles northwest of the

airport.

* * * * *

Issued in Kansas City, MO, on November

30, 1995.

Herman J. Lyons, Jr.,

Manager, Air Traffic Division, Central Region.

[FR Doc. 95–30920 Filed 12–19–95; 8:45 am]

BILLING CODE 4910–13–M

14 CFR Part 71

[Airspace Docket No. 95–ANE–61]

Proposed Amendment to Class E

airspace; Worcester, MA

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of Proposed Rulemaking.

SUMMARY: This notice proposes to

establish Class E airspace at Worcester,

MA (ORH). With the commissioning of

the Automated Surface Observation

System (ASOS) at the Worcester

Municipal Airport, weather reporting is

now continuously available at that
65606 Federal Register / Vol. 60, No. 244 / Wednesday, December 20, 1995 / Proposed Rules

airport. This action is necessary to

establish controlled airspace extending

upward from the surface for aircraft

operating under instrument flight rules

(IFR) to and from the Worcester

Municipal Airport during the times

when the air traffic control tower is

closed.

DATES: Comments must be received on

or before January 19, 1996.

ADDRESSES: Send comments on the

proposal in triplicate to: Manager,

System Management Branch, ANE–530,

Federal Aviation Administration,

Docket No. 95–ANE–60, 12 New

England Executive Park, Burlington, MA

01803–5299; telephone (617) 238–7530;

fax (617) 238–7596.

The official docket file may be

examined in the Office of the Assistant

Chief Counsel, New England Region,

ANE–7, Room 401, 12 New England

Executive Park, Burlington, MA 01803–

5299; telephone (617) 238–7040; fax

(617) 238–7055.

An informal docket may also be

examined during normal business hours

in the Air Traffic Division, Room 408,

by contacting the Manager, System

Management Branch at the first address

listed above.

FOR FURTHER INFORMATION CONTACT:

Raymond Duda, System Management

Branch, ANE–533, 12 New England

Executive Park, Burlington, MA 01803–

5299; telephone (617) 238–7533; fax

(617) 238–7596.

SUPPLEMENTARY INFORMATION:

Comments Invited

Interested parties are invited to

participate in this proposed rulemaking

by submitting such written data, views,

or arguments as they may desire.

Comments that provide the factual basis

supporting the views and suggestions

presented are particularly helpful in

developing reasoned regulatory

decisions on the proposal. Comments

are specifically invited on the overall

regulatory, economic, environmental,

and energy-related aspects of the

proposal. Communications should

identify the airspace docket number and

be submitted in triplicate to the address

listed first under ADDRESSES above.

Commenters wishing the FAA to

acknowledge receipt of their comments

on this notice must submit with those

comments a self-addressed, stamped

postcard on which the following

statement is made: ‘‘Comments to

Docket No. 95–ANE–61.’’ The postcard

will be date/time stamped and returned

to the commenter. All communications

received on or before the closing date

for comments will be considered before

taking action on the proposed rule. The

proposal contained in this notice may

be changed in light of comments

received. All comments submitted will

be available for examination in the

Rules Docket both before and after the

closing date for comments. A report

summarizing each substantive public

contact with FAA personnel concerned

with this rulemaking will be filed in the

docket.

Availability of NPRMs

Any person may obtain a copy of this

Notice of Proposed Rulemaking (NPRM)

by submitting a request to the Federal

Aviation Administration, Office of

Public Affairs, Attention: Public Inquiry

Center, APA–230,800 Independence

Avenue, SW, Washington, DC 20591, or

by calling (202) 267–3484.

Communications must identify the

notice number of this NPRM. Persons

interested in being placed on a mailing

list for future NPRM’s should also

request a copy of Advisory Circular No.

11–2A, which describes the application

procedures.

The Proposal

The FAA is considering an

amendment to part 71 of the Federal

Aviation Regulations (14 CFR part 71) to

establish a Class E surface area at the

Worcester Municipal Airport,

Worcester, MA (ORH). Since the air

traffic control tower (ATCT) at

Worcester does not operate

continuously, aircraft operating under

instrument flight rules (IFR) to and from

Worcester would not have had the

benefit of weather reports from the

airport during the times when the tower

is closed. The lack of continuous

weather reporting also required that the

controlled airspace for Worcester could

not extend to the surface. Recently,

however, an Automated Surface

Observation System (ASOS) has been

commissioned at Worcester, making

weather reporting now available

continuously. As result, this action is

necessary to establish controlled

airspace extending from the surface for

those aircraft operating to and from

Worcester under IFR during the times

when the ATCT is closed. Class E

airspace designations for airspace areas

extending upward from the surface of

the earth in the vicinity of airports are

published in paragraph 6002 of FAA

Order 7400.9C, dated August 17, 1995,

and effective September 16, 1995, which

is incorporated by reference in 14 CFR

71.1. The Class E airspace designation

listed in this document would be

published subsequently in this Order.

The FAA has determined that these

proposed regulations only involve an

established body of technical

regulations for which frequent and

routine amendments are necessary to

keep them operationally current.

Therefore these proposed regulations—

(1) are not ‘‘significant regulatory

actions’’ under Executive Order 12866;

(2) are not ‘‘significant rules’’ under

DOT Regulatory Policies and Procedures

(44 FR 11034; February 26, 1979); and

(3) do not warrant preparation of a

Regulatory Evaluation as these routine

matters will only affect air traffic

procedures and air navigation, it is

certified that these proposed rules will

not have significant economic impact on

a substantial number of small entities

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

The Proposed Amendment

Accordingly, pursuant to the

authority delegated to me, the Federal

Aviation Administration proposes to

amend part 71 of the Federal Aviation

Regulations (14 CFR part 71) as follows:

PART 71—[Amended]

1. The authority citation for part 71

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR 1959–

1963 Comp., p. 389; 14 CFR 11.69.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of Federal Aviation

Administration Order 7400.9C, Airspace

Designations and Reporting Points,

dated August 17, 1994, and effective

September 16, 1995, is amended as

follows:

Subpart E—Class E Airspace

* * * * *

Paragraph 6002 Class E surface areas

extending upward from the surface of the

earth.

* * * * *

ANE MA E2 Worcester, MA [New]

Worcester Municipal Airport, MA

(Lat. 42°16′02′′ N, long. 71°52′32′′ W)

That airspace extending upward from the

surface within a 4.2-mile radius of Worcester

Municipal Airport. This Class E airspace area

is effective during the specific dates and

times established in advance by a Notice to

Airmen. The effective dates and times will

thereafter by continuously published in the

Airport/Facility Directory.

* * * * *
Federal Register / Vol. 60, No. 244 / Wednesday, December 20, 1995 / Proposed Rules 65607

1See Securities Exchange Act Release Nos. 20708

(‘‘Original Adopting Release’’) (March 2, 1984), 49

FR 8595 (March 8, 1984) and 19811 (‘‘Original

Proposing Release’’) (May 25, 1983), 48 FR 24725

(June 2, 1983).

2 In approving the Futures Trading Act of 1982,

Congress expressed its understanding that neither

the SEC nor the Commodity Futures Trading

Commission (‘‘CFTC’’) had intended to bar the sale

of futures on debt obligations of the United

Kingdom of Great Britain and Northern Ireland to

U.S. persons, and its expectation that

administrative action would be taken to allow the

sale of such futures contracts in the United States.

See Original Proposing Release, supra note 1, 48 FR

at 24725 (citing 128 Cong. Rec. H7492 (daily ed.

September 23, 1982) (statements of Representatives

Daschle and Wirth)).

3As originally adopted, the Rule required that the

board of trade be located in the country that issued

the underlying securities. This requirement was

eliminated in 1987. See Securities Exchange Act

Release No. 24209 (March 12, 1987), 52 FR 8875

(March 20, 1987).

4As originally adopted, the Rule applied only to

British and Canadian government securities. See

Original Adopting Release, supra note 1. In 1986,

the Rule was amended to include Japanese

government securities. See Securities Exchange Act

Release No. 23423 (July 11, 1986), 51 FR 25996

(July 18, 1986). In 1987, the Rule was amended to

include debt securities issued by Australia, France

and New Zealand. See Securities Exchange Act

Release No. 25072 (October 29, 1987), 52 FR 42277

(November 4, 1987). In 1988, the Rule was amended

to include debt securities issued by Austria,

Denmark, Finland, the Netherlands, Switzerland,

and West Germany. See Securities Exchange Act

Release No. 26217 (October 26, 1988), 53 FR 43860

(October 31, 1988). In 1992 the Rule was again

amended to (1) include debt securities offered by

the Republic of Ireland and Italy, (2) change the

country designation of ‘‘West Germany’’ to the

Continued

Issued in Burlington, MA, on December 13,

1995.

John J. Boyce, Jr.,

Acting Manager, Air Traffic Division, New

England Region.

[FR Doc. 95–30917 Filed 12–19–95; 8:45 am]

BILLING CODE 4910–13–M

SECURITIES AND EXCHANGE

COMMISSION

17 CFR Part 240

[Release No. 34–36580, International Series

Release No. 900, File No. S7–34–95]

RIN 3235–AG68

Exemption of the Securities of the

Federative Republic of Brazil, the

Republic of Argentina, and the

Republic of Venezuela Under the

Securities Exchange Act of 1934 for

Purposes of Trading Futures Contracts

on Those Securities

AGENCY: Securities and Exchange

Commission.

ACTION: Proposed rule amendment and

solicitation of public comments.

SUMMARY: The Commission proposes for

comment an amendment to Rule 3a12–

8 (‘‘Rule’’) that would designate debt

obligations issued by the Federative

Republic of Brazil (‘‘Brazil’’), the

Republic of Argentina (‘‘Argentina’’),

and the Republic of Venezuela

(‘‘Venezuela’’) (collectively the

‘‘Proposed Countries’’) as ‘‘exempted

securities’’ for the purpose of marketing

and trading of futures contracts on those

securities in the United States. The

amendment is intended to permit

futures trading on the sovereign debt of

the Proposed Countries. This change is

not intended to have any substantive

effect on the operation of the Rule.

DATES: Comments should be submitted

by January 19, 1996.

ADDRESSES: All comments should be

submitted in triplicate and addressed to

Jonathan G. Katz, Secretary, Securities

and Exchange Commission, 450 Fifth

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

All comments should refer to File No.

S7–34–95, and will be available for

public inspection and copying at the

Commission’s Public Reference Room,

450 Fifth Street, N.W., Washington, D.C.

FOR FURTHER INFORMATION CONTACT:

James T. McHale, Attorney, Office of

Market Supervision (‘‘OMS’’), Division

of Market Regulation (‘‘Division’’),

Securities and Exchange Commission

(Mail Stop 5–1), 450 Fifth Street, N.W.,

Washington, D.C. 20549, at 202/942–

0190.

SUPPLEMENTARY INFORMATION:

I. Introduction

Under the Commodity Exchange Act

(‘‘CEA’’), it is unlawful to trade a futures

contract on any individual security

unless the security in question is an

exempted security (other than a

municipal security) under the Securities

Act of 1933 (‘‘Securities Act’’) or the

Securities Exchange Act of 1934

(‘‘Exchange Act’’). Debt obligations of

foreign governments are not exempted

securities under either of these statutes.

The Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’),

however, has adopted Rule 3a12–8

under the Exchange Act to designate

debt obligations issued by certain

foreign governments as exempted

securities under the Exchange Act solely

for the purpose of marketing and trading

futures contracts on those securities in

the United States. As amended, the

foreign governments currently

designated in the Rule are Great Britain,

Canada, Japan, Australia, France, New

Zealand, Austria, Denmark, Finland,

The Netherlands, Switzerland,

Germany, the Republic of Ireland, Italy,

Spain, and Mexico (the ‘‘Designated

Foreign Governments’’). As a result,

futures contracts on the debt obligations

of these countries may be sold in the

United States, as long as the other terms

of the Rule are satisfied.

The Commission today is soliciting

comments on a proposal to amend Rule

3a12–8 (17 CFR 240.3a12–8) to add the

debt obligations of Brazil, Argentina,

and Venezuela to the list of Designated

Foreign Government securities that are

exempted by Rule 3a12–8. To qualify for

the exemption, futures contracts on debt

obligations of the Proposed Countries

would have to meet all the other

existing requirements of the Rule.

II. Background

Rule 3a12–8 was adopted in 1984 1

pursuant to the exemptive authority in

Section 3(a)(12) of the Exchange Act in

order to provide a limited exception

from the CEA’s prohibition on futures

overlying individual securities.2 As

originally adopted, the Rule provided

that the debt obligations of Great Britain

and Canada would be deemed to be

exempted securities, solely for the

purpose of permitting the offer, sale,

and confirmation of ‘‘qualifying foreign

futures contracts’’ on such securities.

The securities in question were not

eligible for the exemption if they were

registered under the Securities Act or

were the subject of any American

depositary receipt so registered. A

futures contract on such a debt

obligation is deemed under the Rule to

be a ‘‘qualifying foreign futures

contract’’ if the contract is deliverable

outside the United States and is traded

on a board of trade.3

The conditions imposed by the Rule

were intended to facilitate the trading of

futures contracts on foreign government

securities in the United States while

requiring offerings of foreign

government securities to comply with

the federal securities laws. Accordingly,

the conditions set forth in the Rule were

designed to ensure that, absent

registration, a domestic market in

unregistered foreign government

securities would not develop, and that

markets for futures on these instruments

would not be used to avoid the

securities law registration requirements.

In particular, the Rule was intended to

ensure that futures on exempted

sovereign debt did not operate as a

surrogate means of trading the

unregistered debt.

Subsequently, the Commission

amended the Rule to include the debt

securities issued by Japan, Australia,

France, New Zealand, Austria,

Denmark, Finland, the Netherlands,

Switzerland, Germany, Ireland, Italy,

Spain, and, most recently, Mexico.4