81 FR 37366 - Semiannual Agenda
DEPARTMENT OF THE TREASURY Federal Register Volume 81, Issue 111 (June 9, 2016)
Federal Register Volume 81, Issue 111 (June 9, 2016)
| Page Range | 37366-37367 | |
| FR Document | 2016-12914 |
[Federal Register Volume 81, Number 111 (Thursday, June 9, 2016)] [Unknown Section] [Pages 37366-37367] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-12914] [[Page 37365]] Vol. 81 Thursday, No. 111 June 9, 2016 Part XV Department of the Treasury ----------------------------------------------------------------------- Semiannual Regulatory Agenda Federal Register / Vol. 81 , No. 111 / Thursday, June 9, 2016 / Unified Agenda [[Page 37366]] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY 31 CFR Subtitles A and B Semiannual Agenda AGENCY: Department of the Treasury. ACTION: Semiannual regulatory agenda. ----------------------------------------------------------------------- SUMMARY: This notice is given pursuant to the requirements of the Regulatory Flexibility Act and Executive Order 12866 (``Regulatory Planning and Review''), which require the publication by the Department of a semiannual agenda of regulations. FOR FURTHER INFORMATION CONTACT: The Agency contact identified in the item relating to that regulation. SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda includes regulations that the Department has issued or expects to issue and rules currently in effect that are under departmental or bureau review. Beginning with the fall 2007 edition, the Internet has been the primary medium for disseminating the Unified Agenda. The complete Unified Agenda will be available online at www.reginfo.gov and www.regulations.gov, in a format that offers users an enhanced ability to obtain information from the Agenda database. Because publication in the Federal Register is mandated for the regulatory flexibility agenda required by the Regulatory Flexibility Act (5 U.S.C. 602), Treasury's printed agenda entries include only: (1) Rules that are in the regulatory flexibility agenda, in accordance with the Regulatory Flexibility Act, because they are likely to have a significant economic impact on a substantial number of small entities; and (2) Rules that have been identified for periodic review under section 610 of the Regulatory Flexibility Act. Printing of these entries is limited to fields that contain information required by the Regulatory Flexibility Act's Agenda requirements. Additional information on these entries is available in the Unified Agenda available on the Internet. The semiannual agenda of the Department of the Treasury conforms to the Unified Agenda format developed by the Regulatory Information Service Center (RISC). Brian J. Sonfield, Deputy Assistant General Counsel for General Law and Regulation. Financial Crimes Enforcement Network--Completed Actions ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 223....................... Financial Crimes 1506-AB25 Enforcement Network: Customer Due Diligence Requirements for Financial Institutions. ------------------------------------------------------------------------ Customs Revenue Function--Proposed Rule Stage ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 224....................... Mandated use of the 1515-AE06 Automated Commercial Environment for Submission of International Trade Data System Agency Information Accompanying Electronic Entry/Entry Summary (Cargo Release and Related Entry). ------------------------------------------------------------------------ Internal Revenue Service--Proposed Rule Stage ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 225....................... Deemed Distributions Under 1545-BN07 Section 305(c) of Stock and Rights to Acquire Stock. ------------------------------------------------------------------------ Internal Revenue Service--Final Rule Stage ------------------------------------------------------------------------ Regulation Sequence No. Title Identifier No. ------------------------------------------------------------------------ 226....................... Issue Price Definition for 1545-BM46 Tax-Exempt Bonds. ------------------------------------------------------------------------ DEPARTMENT OF THE TREASURY (TREAS) Financial Crimes Enforcement Network (FINCEN) Completed Actions 223. Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial Institutions Legal Authority: 31 U.S.C. 5311 to 5314; 12 U.S.C. 1829(b) Abstract: The Financial Crimes Enforcement Network (FinCEN), after consulting with staff from various Federal supervisory authorities, is proposing rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: (i) Banks; (ii) brokers or dealers in securities; (iii) mutual funds; and (iv) futures commission merchants and introducing brokers in commodities. The proposed rules would contain explicit customer due diligence requirements and would include a new requirement to identify beneficial owners of legal entity customers, subject to certain exemptions. Completed: ------------------------------------------------------------------------ Reason Date FR Cite ------------------------------------------------------------------------ Final Action........................ 05/11/16 81 FR 29398 Final Action Effective.............. 05/11/16 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Michael Vallely, Phone: 703 905-3851, Email: [email protected]. RIN: 1506-AB25 BILLING CODE 4810-02-P [[Page 37367]] DEPARTMENT OF THE TREASURY (TREAS) Customs Revenue Function (CUSTOMS) Proposed Rule Stage 224.Mandated Use of the Automated Commercial Environment for Submission of International Trade Data System Agency Information Accompanying Electronic Entry/Entry Summary (Cargo Release and Related Entry) Legal Authority: Not Yet Determined Abstract: This document proposes to amend the U.S. Customs and Border Protection (CBP) regulations to reflect new requirements for filing in the Automated Commercial Environment (ACE). Pursuant to the Security and Accountability for Every (SAFE) Port Act of 2006, CBP plans to implement the International Trade Data System (ITDS) by making ACE the single window for processing of all entry and entry summary data. CBP expects that making ACE the single window for trade processing will help CBP eliminate redundant information submissions, efficiently regulate the flow of commerce, and effectively enforce laws and regulations relating to international trade, as mandated by the SAFE Port Act of 2006. To realize the full benefit of the single window, CBP proposes new regulations that will require filers submitting entry or entry summary data electronically in ACE also to file associated ITDS Agency data electronically in ACE, subject to limited exceptions. This rule will make each discrete entry or entry summary more uniform, as each transaction will be filed entirely in electronic format or entirely in paper format. This will enhance the ability of the U.S. Government to enforce the legal requirements pertaining to those transactions. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 07/00/16 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Suzanne Kingsbury, Attorney, Regulations Branch, Department of the Treasury, Office of Regulations and Rulings, 1300 Pennsylvania Avenue NW., Washington, DC 20229, Phone: 202 572-8763. RIN: 1515-AE06 BILLING CODE 9111-14-P DEPARTMENT OF THE TREASURY (TREAS) Internal Revenue Service (IRS) Proposed Rule Stage 225. Deemed Distributions Under Section 305(C) of Stock and Rights To Acquire Stock Legal Authority: 26 U.S.C. 7805 Abstract: Provide guidance on the amount and timing of distributions under section 305(c) and 305(b), and to clarify that deemed distributions caused by changes in conversion ratios are considered a distribution of additional rights to acquire the underlying stock, and not a distribution of the underlying stock itself. Guidance is also provided to withholding agents regarding their withholding obligations, and on information reporting for such distributions under sections 860G, 861, 1441, 1461, 1471, 1473 and 6045B. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 04/13/16 81 FR 21795 NPRM Comment Period End............. 07/12/16 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Maurice LaBrie, Attorney, Department of the Treasury, Internal Revenue Service, 1111 Constitution Ave. NW., Washington, DC 20224, Phone: 202 317-5024. RIN: 1545-BN07 DEPARTMENT OF THE TREASURY (TREAS) Internal Revenue Service (IRS) Final Rule Stage 226. Issue Price Definition for Tax-Exempt Bonds Legal Authority: 26 U.S.C. 148(i); 26 U.S.C. 7805 Abstract: The final regulations define issue price for purposes of the arbitrage restrictions under section 148 of the Internal Revenue Code applicable to tax-exempt bonds and other tax-advantaged bonds. Timetable: ------------------------------------------------------------------------ Action Date FR Cite ------------------------------------------------------------------------ NPRM................................ 06/24/15 80 FR 36301 NPRM Comment Period End............. 09/22/15 Final Action........................ 09/00/16 ------------------------------------------------------------------------ Regulatory Flexibility Analysis Required: Yes. Agency Contact: Lewis Bell, Tax Attorney, Department of the Treasury, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224, Phone: 202 317-4565, Fax: 855 574-9028, Email: [email protected]. RIN: 1545-BM46 [FR Doc. 2016-12914 Filed 6-8-16; 8:45 am] BILLING CODE 4810-01-P
![Federal Register / Vol. 81, No. 111 / Thursday, June 9, 2016 / Unified Agenda 37367
DEPARTMENT OF THE TREASURY Timetable: Regulatory Flexibility Analysis
(TREAS) Required: Yes.
Action Date FR Cite Agency Contact: Maurice LaBrie,
Customs Revenue Function (CUSTOMS)
NPRM .................. 07/00/16
Attorney, Department of the Treasury,
Proposed Rule Stage Internal Revenue Service, 1111
224. • Mandated Use of the Automated Regulatory Flexibility Analysis Constitution Ave. NW., Washington, DC
Commercial Environment for Required: Yes. 20224, Phone: 202 317–5024.
Submission of International Trade Data Agency Contact: Suzanne Kingsbury, RIN: 1545–BN07
System Agency Information Attorney, Regulations Branch,
Accompanying Electronic Entry/Entry Department of the Treasury, Office of
Summary (Cargo Release and Related Regulations and Rulings, 1300
DEPARTMENT OF THE TREASURY
Entry) Pennsylvania Avenue NW., Washington,
(TREAS)
Legal Authority: Not Yet Determined DC 20229, Phone: 202 572–8763.
Abstract: This document proposes to RIN: 1515–AE06 Internal Revenue Service (IRS)
amend the U.S. Customs and Border BILLING CODE 9111–14–P
Final Rule Stage
Protection (CBP) regulations to reflect
new requirements for filing in the 226. Issue Price Definition for Tax-
Automated Commercial Environment Exempt Bonds
DEPARTMENT OF THE TREASURY
(ACE). Pursuant to the Security and (TREAS) Legal Authority: 26 U.S.C. 148(i); 26
Accountability for Every (SAFE) Port U.S.C. 7805
Act of 2006, CBP plans to implement Internal Revenue Service (IRS)
the International Trade Data System Abstract: The final regulations define
Proposed Rule Stage issue price for purposes of the arbitrage
(ITDS) by making ACE the single
window for processing of all entry and 225. • Deemed Distributions Under restrictions under section 148 of the
entry summary data. CBP expects that Section 305(C) of Stock and Rights To Internal Revenue Code applicable to tax-
making ACE the single window for trade Acquire Stock exempt bonds and other tax-advantaged
processing will help CBP eliminate bonds.
Legal Authority: 26 U.S.C. 7805
redundant information submissions, Abstract: Provide guidance on the Timetable:
efficiently regulate the flow of amount and timing of distributions
commerce, and effectively enforce laws Action Date FR Cite
under section 305(c) and 305(b), and to
and regulations relating to international clarify that deemed distributions caused NPRM .................. 06/24/15 80 FR 36301
trade, as mandated by the SAFE Port by changes in conversion ratios are NPRM Comment 09/22/15
Act of 2006. To realize the full benefit considered a distribution of additional Period End.
of the single window, CBP proposes rights to acquire the underlying stock, Final Action ......... 09/00/16
new regulations that will require filers and not a distribution of the underlying
submitting entry or entry summary data stock itself. Guidance is also provided to Regulatory Flexibility Analysis
electronically in ACE also to file withholding agents regarding their Required: Yes.
associated ITDS Agency data withholding obligations, and on Agency Contact: Lewis Bell, Tax
electronically in ACE, subject to limited information reporting for such Attorney, Department of the Treasury,
exceptions. This rule will make each distributions under sections 860G, 861, Internal Revenue Service, 1111
discrete entry or entry summary more 1441, 1461, 1471, 1473 and 6045B. Constitution Avenue NW., Washington,
uniform, as each transaction will be Timetable:
DC 20224, Phone: 202 317–4565, Fax:
filed entirely in electronic format or
Action Date FR Cite 855 574–9028, Email: lewis.bell@
entirely in paper format. This will
irscounsel.treas.gov.
enhance the ability of the U.S.
Government to enforce the legal NPRM .................. 04/13/16 81 FR 21795 RIN: 1545–BM46
NPRM Comment 07/12/16
requirements pertaining to those Period End.
[FR Doc. 2016–12914 Filed 6–8–16; 8:45 am]
transactions. BILLING CODE 4810–01–P
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Document Created: 2018-02-08 07:33:48
Document Modified: 2018-02-08 07:33:48
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Unknown Section | |
| Action | Semiannual regulatory agenda. | |
| Contact | The Agency contact identified in the item relating to that regulation. | |
| FR Citation | 81 FR 37366 |
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