Source: https://www.federalregister.gov/articles/2013/02/08/2013-02811/revision-of-regulations-defining-bona-fide-cotton-spot-markets
Timestamp: 2016-07-31 05:28:26
Document Index: 610633526

Matched Legal Cases: ['art 1320', '§ 27', '§ 27', 'art 27', 'art 27', 'ART 27', 'art 27', '§ 27', '§ 27', '§ 27', '§ 27']

Federal Register | Revision of Regulations Defining Bona Fide Cotton Spot Markets
Dates: Comments must be received on or before March 11, 2013.
78 FR 9330
-9331 (2 pages)
Doc. #AMS-CN-12-0024
Document Number: 2013-02811
Shorter URL: https://federalregister.gov/a/2013-02811 Related Topics
The Agricultural Marketing Service (AMS) is proposing to amend the regulation that specifies which states compose bona fide cotton spot markets in order to assure consistency with the revised Cotton Research and Promotion Act. Updated bona fide spot market definitions will allow for published spot quotes to consider spot prices of cotton marketed in Kansas and Virginia. AMS is also proposing to amend references to the “New York Cotton Exchange” to read the “Intercontinental Exchange.”
Mail: Comments may be submitted by mail to: Darryl Earnest, Deputy Administrator, Cotton & Tobacco Programs, AMS, USDA, 3275 Appling Road, Room 11, Memphis, TN 38133. Comments should be submitted in triplicate. All comments should reference the docket number and the date and the page of this issue of the Federal Register. All comments will be available for public inspection during regular business hours at Cotton & Tobacco Program, AMS, USDA, 3275 Appling Road, Memphis, TN 38133. A copy of this notice may be found at: www.ams.usda.gov/cotton/rulemaking.htm.
This proposed rule has been reviewed under Executive Order 12988, Civil Justice Reform. It is not intended to have retroactive effect. There are no administrative procedures that must be exhausted prior to any judicial challenge to the provisions of this rule.
In compliance with OMB regulations (5 CFR part 1320), which implement the Paperwork Reduction Act (PRA) (44 U.S.C. 3501), the information collection requirements contained in the provisions to be amended by this proposed rule have been previously approved by OMB and were assigned OMB control number 0581-0009, Cotton Classification and Market New Service.
The Food, Conservation, and Energy Act of 2008 (Pub. L. 110-234, 122 Stat. 923, enacted May 22, 2008, H.R. 2419) amended Section 17(f) of the Cotton Research and Promotion Act (7 U.S.C. 2116(f)), designating Kansas, Virginia, and Florida as cotton producing states for purposes of the Cotton Research and Promotion Act. To achieve consistency with the revised Cotton Research and Promotion Act and to allow for published spot quotes to consider spot prices of cotton marketed in the aforementioned states, § 27.93 would be amended to add all the counties of Virginia to the Southeastern spot market, and Kansas to the East Texas and Oklahoma spot market.
On September 14, 2006, New York Board of Trade—the parent company of the New York Cotton Exchange—agreed to become a unit of Intercontinental Exchange. This transaction was completed on January 12, 2007. To reflect this organizational change in the regulations, § 27.94 would amend references to the “New York Cotton Exchange” to read as the “Intercontinental Exchange.”
List of Subjects in 7 CFR Part 27 Back to Top
For the reasons set forth in the preamble, 7 CFR part 27 is proposed to be amended as follows:
PART 27—[Amended] Back to Top
1.The authority citation for 7 CFR part 27 continues to read as follows: Authority:
7 U.S.C. 15b, 7 U.S.C. 473b, 7 U.S.C. 1622(g).
2.In § 27.93, definitions of the Southeastern market and the East Texas and Oklahoma market are revised to read as follows: § 27.93 Bona fide spot markets.
Southeastern Back to Top
East Texas and Oklahoma Back to Top
3.In § 27.94, paragraph (a) is revised to read as follows: § 27.94 Spot markets for contract settlement purposes.
[FR Doc. 2013-02811 Filed 2-7-13; 8:45 am]