24954 Federal Register / Vol. 61, No. 97 / Friday, May 17, 1996 / Notices

individuals who wish to perform

actuarial services under ERISA. The

Joint Board has established an Advisory

Committee on Actuarial Examinations

(Advisory Committee) to assist in its

examination duties mandated by ERISA.

The term of the current Advisory

Committee will expire on November 1,

1996. This notice describes the

Advisory Committee and invites

applications from those interested in

service on it.

1. General

To qualify for enrollment to perform

actuarial services under ERISA, an

applicant must have requisite pension

actuarial experience and must satisfy

knowledge requirements as provided in

the Joint Board’s regulations. The

knowledge requirements may be

satisfied by successful completion of

Joint Board examinations in basic

actuarial mathematics and methodology

and in actuarial mathematics and

methodology relating to pension plans

qualifying under ERISA.

The Joint Board, the Society of

Actuaries and the American Society of

Pension Actuaries jointly offer

examinations acceptable to the Joint

Board for enrollment purposes and

acceptable to those actuarial

organizations as part of their respective

examination programs.

2. Purposes

The Advisory Committee plays an

integral role in the examination program

by assisting the Joint Board in offering

examinations which will enable

examination candidates to demonstrate

the knowledge necessary to qualify for

enrollment. The purpose of the

Advisory Committee, as renewed, will

remain that of assisting the Joint Board

in fulfilling this responsibility. The

Advisory Committee will discuss the

philosophy of such examinations, will

review topics appropriately covered in

them, and will make recommendations

relative thereto. It also will recommend

to the Joint Board proposed examination

questions. The Joint Board will maintain

liaison with the Advisory Committee in

this process to ensure that its views on

examination content are understood.

3. Function

The manner in which the Advisory

Committee functions in preparing

examination questions is intertwined

with the jointly administered

examination program. Under that

program, the participating actuarial

organizations draft questions and

submit them to the Advisory Committee

for its consideration. After review of the

draft questions, the Advisory Committee

selects appropriate questions, modifies

them as it deems desirable, and then

prepares one or more drafts of actuarial

examinations to be recommended to the

Joint Board. (In addition to revisions of

the draft questions, it may be necessary

for the Advisory Committee to originate

questions and include them in what is

recommended.)

4. Membership

The Joint Board will take steps to

ensure maximum practicable

representation on the Advisory

Committee of points of view regarding

the Joint Board’s actuarial examination

extant in the community at large and

from nominees provided by the

actuarial organizations. Since the

members of the actuarial organizations

comprise a large segment of the

actuarial profession, this appointive

process ensures expression of a broad

spectrum of viewpoints. All members of

the Advisory Committee will be

expected to act in the public interest,

that is, to produce examinations which

will help ensure a level of competence

among those who will be accorded

enrollment to perform actuarial services

under ERISA.

Membership normally will be limited

to actuaries previously enrolled by the

Joint Board. However, individuals

having academic or other special

qualifications of particular value for the

Advisory Committee’s work also will be

considered for membership. The

Advisory Committee will meet about

four times a year. Advisory Committee

members should be prepared to devote

from 100 to 150 hours, including

meeting time, to the work of the

Advisory Committee over the course of

a year. Members will be reimbursed for

Advisory Committee travel, meals and

lodging expenses incurred in

accordance with applicable government

regulations.

Actuaries interested in serving on the

Advisory Committee should express

their interest and fully state their

qualifications in a letter addressed to:

Joint Board for the Enrollment of

Actuaries, c/o Office of Director of

Practice, Internal Revenue Service, Suite

600, 801 Pennsylvania Avenue, NW.,

Washington, DC 20004.

Any questions may be directed to the

Joint Board’s Executive Director at 202–

376–1421.

The deadline for accepting

applications is September 3, 1996.

Dated: May 9, 1996.

Robert I. Brauer,

Advisory Committee Management Officer,

Joint Board for the Enrollment of Actuaries.

[FR Doc. 96–12492 Filed 5–16–96; 8:45 am]

BILLING CODE 4830–01–U

Advisory Committee on Actuarial

Examinations; Meeting

Notice is hereby given that the

Advisory Committee on Actuarial

Examinations will meet in Conference

Room A of the Office of Director of

Practice, Suite 600, 801 Pennsylvania

Avenue, NW, Washington, DC, on

Monday and Tuesday, July 8 and 9,

1996, from 8:30 a.m. to 5 p.m. each day.

The purpose of the meeting is to

discuss topics and questions which may

be recommended for inclusion on future

Joint Board examinations in actuarial

mathematics and methodology referred

to in Title 29 U.S. Code, section

1242(a)(1)(B) and to review the May

1996 Joint Board examinations in order

to make recommendations relative

thereto, including the minimum

acceptable pass score. Topics for

inclusion on the syllabus for the Joint

Board’s examination program for the

November 1996 pension actuarial

examination and the May 1997 basic

actuarial examinations will be

discussed. In addition, establishing

examination guidelines and credit for

unanswered questions on the

examinations will be addressed.

A determination has been made as

required by section 10(d) of the Federal

Advisory Committee Act (Pub. L. 92–

463) that the portions of the meeting

dealing with the discussion of questions

which may appear in the Joint Board’s

examinations and review of the May

1996 Joint Board examinations fall

within the exceptions to the open

meeting requirement set forth in Title 5

U.S. Code, section 552(c)(9)(B), and that

the public interest requires that such

portions be closed to public

participation.

The portion of the meeting dealing

with the discussion of the other topics

will commence at 1:30 p.m. on July 8

and will continue for as long as

necessary to complete the discussion,

but not beyond 3 p.m. This portion of

the meeting will be open to the public

as space is available. Time permitting,

after discussion of the program,

interested persons may make statements

germane to this subject. Persons wishing

to make oral statements are requested to

notify the Committee Management

Officer in writing prior to the meeting

in order to aid in scheduling the time

available, and should submit the written
Federal Register / Vol. 61, No. 97 / Friday, May 17, 1996 / Notices 24955

text, or, at a minimum, an outline of

comments they proposed to make orally.

Such comments will be limited to ten

minutes in length. Any interested

person also may file a written statement

for consideration by the Joint Board and

Committee by sending it to the

Committee Management Officer.

Notifications and statements should be

mailed no later than June 19, 1996, to

Mr. Robert I. Brauer, Joint Board for the

Enrollment of Actuaries, c/o Office of

Director of Practice, Internal Revenue

Service, Suite 600, 801 Pennsylvania

Avenue, NW, Washington, DC 20004 or

by facsimile transmission to 202–376–

1420.

Dated: May 9, 1996.

Robert I. Brauer,

Advisory Committee Management Officer,

Joint Board for the Enrollment of Actuaries.

[FR Doc. 96–12491 Filed 5–16–96; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF JUSTICE

[AG Order No. 2029–96]

Summary of the Provisions of Title III

of the Cuban Liberty and Democratic

Solidarity (LIBERTAD) Act of 1996

AGENCY: Department of Justice.

ACTION: Notice.

SUMMARY: In accordance with the

requirement of section 302(a)(8) of the

Cuban Liberty and Democratic

Solidarity (LIBERTAD) Act of 1996, The

United States Department of Justice is

publishing this notice summarizing the

provisions of Title III of the Act. Title

III makes persons who knowingly and

intentionally ‘‘traffic’’ in confiscated

properties, as defined in the Act, subject

to private civil damage suits in Federal

district court.

EFFECTIVE DATE: This notice is effective

May 17, 1996.

FOR FURTHER INFORMATION CONTACT:

David E. Bradley, Chief Counsel,

Foreign Claims Settlement Commission,

Department of Justice, Washington DC

20579, (202) 616–6975.

SUPPLEMENTARY INFORMATION: On March

12, 1996, President Clinton signed into

law the Cuban Liberty and Democratic

Solidarity (LIBERTAD) Act of 1996, P.L.

104–114 (also known as the ‘‘HelmsBurton Act’’). Title III of the Act

discourages foreign investment in

properties that were expropriated by the

Cuban Government on or after January

1, 1959, without compensation, from

persons who are now Untied States

nationals. Title III makes persons who

knowingly and intentionally ‘‘traffic’’ in

such confiscated properties subject to

private civil damage suits in Federal

district court.

The Act defines ‘‘trafficking’’ broadly,

with several exceptions, as set forth

below. A trafficker may be liable to the

U.S. claimant for the value of the claim,

plus interest, reasonable attorney’s fees

and court costs. In addition, under

certain circumstances described below,

a person who trafficks in U.S. claimed

property may be liable to the claimant

for triple the amount of the value of the

claim, excluding interest, fees and court

costs.

Title III is scheduled to take effect on

August 1, 1996. However, the law does

not immediately permit U.S. claimants

to bring suit to recover from traffickers.

First, traffickers will have a three month

‘‘grace period’’ beginning on the

effective date during which they may

dispose of their interest in the claimed

property and avoid liability under Title

III. Under the scheduled effective date,

therefore, traffickers who dispose of

their interests in confiscated property

before November 1, 1996, will not be

subject to liability to the owner of the

claim. Second, until March 13, 1998,

only those persons with claims that

were certified by the Foreign Claims

Settlement Commission (‘‘FCSC’’) may

bring a Title III lawsuit. Third, the Act

provides the President with the

authority to suspend the effective date

for six months, and for additional six

month periods, if he determines

suspension is necessary to the national

interests of the United States and will

expedite a transition to democracy in

Cuba. Additional requirements and

conditions are described below.

Section 302(a)(8) of the Act requires

the Attorney General to publish in the

Federal Register not later than sixty

days after enactment ‘‘a concise

summary of the provisions of this title,

including a statement of the liability

under this title of a person trafficking in

confiscated property, and the remedies

available to United States nationals

under this title.’’ This notice and the

accompanying Summary of the

provisions of Title III fulfill the Attorney

General’s obligations under this section.

The Department has coordinated the

issuance of this Summary with the

Department of State.

Interested persons should refer to the

text of the Act itself or consult a private

attorney for further information and

clarification.

For the reasons set forth in the

preamble, and by the authority vested in

me as Attorney general, I hereby issue

the following Summary of the

Provisions of Title III of the Cuban

Liberty and Democratic Solidarity

(LIBERTAD) Act of 1996:

Summary of the Provisions of Title III

of the Cuban Liberty and Democratic

Solidarity (LIBERTAD) Act of 1996

1. Liability Under Title III

(a) Under section 302(a)(1) of Title III

of the Cuban Liberty and Democratic

Solidarity (LIBERTAF) Act of 1996

(hereinafter ‘‘Title III’’) subject to certain

requirements, conditions, and possible

suspensions, a United States national

with a claim to property expropriated by

the Government of Cuba on or after

January 1, 1959, may bring a private

lawsuit in U.S. federal district court

against a person who trafficks in that

property beginning three months after

Title III’s effective date. The scheduled

effective date is August 1, 1996, subject

to the President’s authority to suspend

Title III.

(b) Section 4(13) of the Act defines a

trafficker as a person who knowingly

and intentionally:

(i) Sells, transfers, distributes,

dispenses, brokers, manages, or

otherwise disposes of confiscated

property, or purchases, leases, receives,

possesses, obtains control of, manages,

uses, or otherwise acquires or holds an

interest in confiscated property;

(ii) Engages in a commercial activity

using or otherwise benefiting from

confiscated property; or

(iii) Causes, directs, participates in, or

profits from trafficking by another

person, or otherwise engages in

trafficking through another person,

without the authorization of any United

States national who holds a claim to the

property.

(c) Trafficking under section 4(13)

does not include:

(i) The delivery of international

telecommunication signals to Cuba;

(ii) The trading or holding of

securities publicly traded or held,

unless the trading is with or by a person

determined by the Secretary of the

Treasury to be a specially designated

national;

(iii) Transactions and uses of property

incident to lawful travel to Cuba, to the

extent that such transactions and uses of

property are necessary to the conduct of

such travel; or

(iv) Transactions and uses of property

by a person who is both a citizen and

a resident of Cuba, and who is not an

official of the Cuban Government or the

ruling political party in Cuba.

(d) Section 4(11) defines ‘‘person’’ for

purposes of the Libertad Act as any

person or entity, including any agency

or instrumentality of a foreign state.

(e) For purposes of Title III, ‘‘United

States national’’ is defined under