Source: http://www.fedgovcontracts.com/pe01-47.htm
Timestamp: 2017-12-11 04:10:59
Document Index: 613120979

Matched Legal Cases: ['art 108', 'art 108', 'art 108', 'art 108', 'art 108', 'art 108', 'art 107']

4/23/01 Dispatch: Small Business Administration - New Markets Venture Capital Program
SOURCE: Federal Register, April 23, 2001, Vol. 66, No. 78, pages 20529 and 20531
ACTION: Delay of Interim Final Rule; Proposed Withdrawal of Interim Final Rule; Proposed Rule
SYNOPSIS: SBA is delaying the effective date of new Title 13 of the Code of Federal Regulations, Part 108, New Markets Venture Capital ("NMVC") Program, from April 23, 2001, to June 22, 2001; proposes to withdraw that interim final rule before it becomes effective; and proposes to replace the regulations in the interim final rule with new proposed regulations instead.
For more on the previous delay of the interim final rule's effective date, see the February 20, 2001, FEDERAL CONTRACTS DISPATCH "Small Business Administration; Delay of Effective Date of New Markets Venture Capital Program Rule."
DATES: The effective date for the interim final rule is delayed from April 23, 2001, until June 22, 2001. Comments on the proposed replacement regulations must be submitted on or before May 4, 2001.
FOR FURTHER INFORMATION CONTACT: Austin Belton, Director, Office of New Markets Venture Capital, 202-205-7027.
SBA published an interim final rule implementing the NMVC program on January 22, 2001, with an effective date of February 21, 2001, and comments on the interim final rule were due on March 23, 2001. However, on January 20, 2001, the day President Bush was inaugurated, the Executive Office of the President issued a memorandum to the heads of all federal agencies directing them to withdraw all rules and regulations that had been sent to the Federal Register but not published, and to postpone for 60 days the effective date of all rules and regulations that have been published in the Federal Register but have not taken effect. Therefore, to comply with President Bush's direction, SBA delayed the effective date of the interim final rule from February 21, 2001, to April 23, 2001.
Since the interim final rule was to go into effect today, it is being delayed an additional 60 days "to give the [Bush] Administration further opportunity to consider new regulations and to conduct a rulemaking..." The reason for this further delay is because SBA received three comments on the interim final rule, and the SBA has decided that several changes are required to 13 CFR Part 108. Therefore, SBA is proposing to withdraw the 13 CFR Part 108 that was in the interim final rule and substitute a proposed 13 CFR Part 108.
The proposed 13 CFR Part 108 is based in large part on the interim final rule's 13 CFR Part 108, but there are many technical and substantive changes between the two versions, such as definitions of terms, requirements for applications, evaluation and selection criteria (six new ones are proposed), and time periods.
Also, SBA had published a notice of funds availability (NOFA) for the NMVC, with an application deadline of April 19, 2001. This deadline has been extended to May 21, 2001, and SBA may extend it further if it is unable to complete its rulemaking in time.
EDITOR'S NOTE: The NMVC regulations have been patterned after the similar regulations governing SBA's Small Business Investment Company ("SBIC") program in 13 CFR Part 107. Since SBA has been administering the SBIC program for 43 years, most of the problems and challenges the NMVC program will face have already been addressed in the SBIC regulations. The new NMVC regulations incorporate many of the SBIC regulations that SBA believes are fundamental to the safety and soundness of the SBIC program.