83 FR 24143 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Definition of “Agency Debt Security”
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 101 (May 24, 2018)
Federal Register Volume 83, Issue 101 (May 24, 2018)
| Page Range | 24143-24145 | |
| FR Document | 2018-11093 |
[Federal Register Volume 83, Number 101 (Thursday, May 24, 2018)] [Notices] [Pages 24143-24145] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-11093] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83290; File No. SR-FINRA-2018-020] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Definition of ``Agency Debt Security'' May 18, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on May 17, 2018, the Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by FINRA. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rule 6710 to modify the definition of ``Agency Debt Security.'' The text of the proposed rule change is available on FINRA's website at http://www.finra.org, at the principal office of FINRA and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FINRA included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. FINRA has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose FINRA requires members to report to the Trade Reporting and Compliance Engine (``TRACE'') transactions in Agency Debt Securities,\3\ which includes those debt securities issued or guaranteed by a Government-Sponsored Enterprise (``GSE''). Fannie Mae (``Fannie'') and Freddie Mac (``Freddie''), both of which are GSEs, announced changes relating to the issuance structure of their credit risk transfer securities (``CRTs'').\4\ Currently, Fannie and Freddie issue CRTs as direct debt obligations, and therefore CRTs fall within the definition of ``Agency Debt Security'' for purposes of TRACE data categorization and dissemination. FINRA understands that under the new issuance structure, CRTs will be issued by a Fannie- or Freddie- sponsored trust rather than directly by Fannie or Freddie, and proceeds from the sale of the CRTs will be placed in a trust account and managed by a third-party trustee. As a result of CRTs being issued by a trust sponsored by a GSE instead of directly issued by a GSE, CRTs would no longer fall within the technical definition of ``Agency Debt Security'' and would be considered corporate debt for TRACE data and dissemination purposes. This outcome would be problematic for TRACE subscribers consuming data related to CRTs because transactions in CRTs would no longer be disseminated as part of the Agency Debt data set. In addition, the TRACE system would apply the corporate, rather than Agency, debt transaction size dissemination cap for unrated securities, specifically a $1 million dissemination cap for unrated corporate debt versus $5 million for unrated Agency Debt Securities. Thus, classifying CRTs as corporate debt would decrease transparency as to the actual size of the transaction given that unrated corporate debt is disseminated with the $1, rather than $5, million dissemination cap. --------------------------------------------------------------------------- \3\ ``Agency Debt Security'' generally includes a debt security (i) issued or guaranteed by an Agency as defined in Rule 6710(k); or (ii) issued or guaranteed by a Government-Sponsored Enterprise as defined in Rule 6710(n). Rule 6710(n) provides that ``Government- Sponsored Enterprise'' has the same meaning as defined in 2 U.S.C. 622(8). \4\ Fannie and Freddie introduced their respective CRT programs in 2013. CRTs are linked to an underlying loan pool selected and acquired by the GSE and the credit and prepayment performance of the underlying loans determines the performance of the CRTs. --------------------------------------------------------------------------- FINRA believes that the new issuance structure for CRTs will not materially change the characteristics of the CRTs to warrant altered treatment for purposes of TRACE categorization and dissemination. While a trust will be issuing the CRTs, FINRA understands that Fannie and Freddie will retain a material net economic interest \5\ in the reference tranches associated with the CRTs issued under the new structure and will enter into a credit protection agreement with the trust, including agreeing to pay any shortfall between the investment earnings on the collateral held by the trust and the one-month LIBOR. Thus, FINRA is proposing to amend Rule 6710(l) to expand the definition of ``Agency Debt Security'' to include debt issued by a trust or other entity established or sponsored by a GSE for the purpose of issuing debt securities, where the GSE provides the collateral to the entity or retains a material net economic interest in the securities issued by the entity. This proposed rule would allow CRTs to continue to fall within the definition of ``Agency Debt Security'' for TRACE purposes and would address any similar future modifications by Fannie and Freddie to other programs.\6\ FINRA believes that this would benefit investors by ensuring the continued application of the $5 million dissemination cap for unrated Agency Debt Securities, instead of the $1 million dissemination cap for unrated corporate debt. Additionally, continuing to classify CRTs issued under the new issuance structure as Agency Debt Securities would avoid confusion by ensuring that subscribers of the Agency Debt data set continue to receive transaction information on CRTs. Finally, FINRA does not believe that the modification in issuance structure will materially change the characteristics of the CRTs for purposes of TRACE dissemination and, therefore, FINRA does not believe that classifying CRTs as corporate debt solely because of the new issuance structure is warranted. --------------------------------------------------------------------------- \5\ See, e.g., Fannie Mae, Prospectus, Connecticut Avenue Securities, Series 2018-C03 Notes Due October 2030, http://www.fanniemae.com/resources/file/credit-risk/pdf/connave-2018-c03-prospectus.pdf; see also, e.g., Freddie Mac, Offering Circular, Seasoned Credit Risk Transfer Trust, Series 2017-3, http://www.freddiemac.com/seasonedloanofferings/docs/SCRT_2017-3_OC%20Final.pdf. \6\ FINRA has discussed the proposed rule change with Fannie and Freddie, both of which support the continued inclusion of CRTs within the definition of ``Agency Debt Security.'' --------------------------------------------------------------------------- FINRA has filed the proposed rule change for immediate effectiveness. FINRA has requested that the SEC waive the requirement that the proposed rule [[Page 24144]] change not become operative for 30 days after the date of the filing, so FINRA can implement the proposed rule change immediately. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\7\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. The proposed rule change would prevent investor confusion by providing that CRTs continue to fall within the definition of ``Agency Debt Security'' for TRACE purposes. In addition, subscribers of the Agency Debt data set would continue to receive transaction information on CRTs, and investors would continue to see CRTs disseminated pursuant to the protocols applicable to Agency Debt Securities that provide a comparatively higher level of transparency as to the actual size of the transaction. As noted above, FINRA does not believe that the new issuance structure will materially change the characteristics of CRTs sufficient to warrant different treatment for TRACE purposes, and believes that the proposal is in the best interest of investors in that it would reduce confusion regarding the appropriate categorization of CRTs. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78o-3(b)(6). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. FINRA does not anticipate that the proposed rule change will lead to any material costs or benefits to members, as it does not affect the TRACE reporting requirements that are applicable today. The proposed rule change would simply allow FINRA to continue classifying the CRTs as Agency Debt Securities for data categorization and dissemination purposes. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b- 4(f)(6) thereunder.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- FINRA has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. FINRA has stated that, based on conversations with Fannie and Freddie, it understands that the first CRTs will be issued under the new structure imminently. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Such action should help avoid confusion among consumers of TRACE data products; if the proposal were not immediately operative, debt securities issued by GSE-sponsored trusts that retain economic characteristics of Agency Debt Securities would instead be treated as corporate debt securities, contrary to established expectations. In addition, the Commission's action will preserve the same degree of post-trade transparency for debt securities issued by GSE-sponsored trusts, as such securities will continue utilizing the $5 million dissemination cap and avoid the $1 million cap that would apply if securities newly issued by GSE-sponsored trusts were characterized as corporate debt securities. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\10\ --------------------------------------------------------------------------- \10\ For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-FINRA-2018-020 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2018-020. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of FINRA. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-FINRA-2018-020, and should be submitted on or before June 14, 2018. --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). [[Page 24145]] --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ Robert W. Errett, Deputy Secretary. [FR Doc. 2018-11093 Filed 5-23-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 101 / Thursday, May 24, 2018 / Notices 24143
to Competitive Product List. Documents A. Self-Regulatory Organization’s FINRA believes that the new issuance
are available at www.prc.gov, Docket Statement of the Purpose of, and structure for CRTs will not materially
Nos. MC2018–155, CP2018–224. Statutory Basis for, the Proposed Rule change the characteristics of the CRTs to
Change warrant altered treatment for purposes
Maria W. Votsch,
of TRACE categorization and
Attorney, Corporate and Postal Business Law. 1. Purpose dissemination. While a trust will be
[FR Doc. 2018–11119 Filed 5–23–18; 8:45 am] issuing the CRTs, FINRA understands
FINRA requires members to report to
BILLING CODE 7710–12–P
the Trade Reporting and Compliance that Fannie and Freddie will retain a
Engine (‘‘TRACE’’) transactions in material net economic interest 5 in the
Agency Debt Securities,3 which reference tranches associated with the
SECURITIES AND EXCHANGE CRTs issued under the new structure
includes those debt securities issued or
COMMISSION and will enter into a credit protection
guaranteed by a Government-Sponsored
agreement with the trust, including
Enterprise (‘‘GSE’’). Fannie Mae
[Release No. 34–83290; File No. SR–FINRA– agreeing to pay any shortfall between
(‘‘Fannie’’) and Freddie Mac
2018–020] the investment earnings on the
(‘‘Freddie’’), both of which are GSEs,
collateral held by the trust and the one-
Self-Regulatory Organizations; announced changes relating to the month LIBOR. Thus, FINRA is
Financial Industry Regulatory issuance structure of their credit risk proposing to amend Rule 6710(l) to
Authority, Inc.; Notice of Filing and transfer securities (‘‘CRTs’’).4 Currently, expand the definition of ‘‘Agency Debt
Immediate Effectiveness of a Proposed Fannie and Freddie issue CRTs as direct Security’’ to include debt issued by a
Rule Change To Modify the Definition debt obligations, and therefore CRTs fall trust or other entity established or
of ‘‘Agency Debt Security’’ within the definition of ‘‘Agency Debt sponsored by a GSE for the purpose of
Security’’ for purposes of TRACE data issuing debt securities, where the GSE
May 18, 2018. categorization and dissemination. provides the collateral to the entity or
Pursuant to Section 19(b)(1) of the FINRA understands that under the new retains a material net economic interest
Securities Exchange Act of 1934 issuance structure, CRTs will be issued in the securities issued by the entity.
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 by a Fannie- or Freddie-sponsored trust This proposed rule would allow CRTs to
notice is hereby given that on May 17, rather than directly by Fannie or continue to fall within the definition of
2018, the Financial Industry Regulatory Freddie, and proceeds from the sale of ‘‘Agency Debt Security’’ for TRACE
Authority, Inc. (‘‘FINRA’’) filed with the the CRTs will be placed in a trust purposes and would address any similar
Securities and Exchange Commission account and managed by a third-party future modifications by Fannie and
(‘‘SEC’’ or ‘‘Commission’’) the proposed trustee. As a result of CRTs being issued Freddie to other programs.6 FINRA
rule change as described in Items I and by a trust sponsored by a GSE instead believes that this would benefit
II below, which Items have been of directly issued by a GSE, CRTs would investors by ensuring the continued
prepared by FINRA. The Commission is no longer fall within the technical application of the $5 million
publishing this notice to solicit definition of ‘‘Agency Debt Security’’ dissemination cap for unrated Agency
comments on the proposed rule change and would be considered corporate debt Debt Securities, instead of the $1
from interested persons. for TRACE data and dissemination million dissemination cap for unrated
purposes. This outcome would be corporate debt. Additionally, continuing
I. Self-Regulatory Organization’s
problematic for TRACE subscribers to classify CRTs issued under the new
Statement of the Terms of Substance of
consuming data related to CRTs because issuance structure as Agency Debt
the Proposed Rule Change
transactions in CRTs would no longer be Securities would avoid confusion by
FINRA is proposing to amend FINRA disseminated as part of the Agency Debt ensuring that subscribers of the Agency
Rule 6710 to modify the definition of data set. In addition, the TRACE system Debt data set continue to receive
‘‘Agency Debt Security.’’ would apply the corporate, rather than transaction information on CRTs.
The text of the proposed rule change Agency, debt transaction size Finally, FINRA does not believe that the
is available on FINRA’s website at dissemination cap for unrated modification in issuance structure will
http://www.finra.org, at the principal securities, specifically a $1 million materially change the characteristics of
office of FINRA and at the dissemination cap for unrated corporate the CRTs for purposes of TRACE
Commission’s Public Reference Room. debt versus $5 million for unrated dissemination and, therefore, FINRA
II. Self-Regulatory Organization’s Agency Debt Securities. Thus, does not believe that classifying CRTs as
Statement of the Purpose of, and classifying CRTs as corporate debt corporate debt solely because of the new
Statutory Basis for, the Proposed Rule would decrease transparency as to the issuance structure is warranted.
Change actual size of the transaction given that FINRA has filed the proposed rule
unrated corporate debt is disseminated change for immediate effectiveness.
In its filing with the Commission, with the $1, rather than $5, million FINRA has requested that the SEC waive
FINRA included statements concerning dissemination cap. the requirement that the proposed rule
the purpose of and basis for the
proposed rule change and discussed any 3 ‘‘Agency Debt Security’’ generally includes a 5 See, e.g., Fannie Mae, Prospectus, Connecticut
comments it received on the proposed debt security (i) issued or guaranteed by an Agency Avenue Securities, Series 2018–C03 Notes Due
rule change. The text of these statements as defined in Rule 6710(k); or (ii) issued or October 2030, http://www.fanniemae.com/
may be examined at the places specified guaranteed by a Government-Sponsored Enterprise resources/file/credit-risk/pdf/connave-2018-c03-
sradovich on DSK3GMQ082PROD with NOTICES
as defined in Rule 6710(n). Rule 6710(n) provides prospectus.pdf; see also, e.g., Freddie Mac, Offering
in Item IV below. FINRA has prepared that ‘‘Government-Sponsored Enterprise’’ has the Circular, Seasoned Credit Risk Transfer Trust,
summaries, set forth in sections A, B, same meaning as defined in 2 U.S.C. 622(8). Series 2017–3, http://www.freddiemac.com/
and C below, of the most significant 4 Fannie and Freddie introduced their respective seasonedloanofferings/docs/SCRT_2017-3_
aspects of such statements. CRT programs in 2013. CRTs are linked to an OC%20Final.pdf.
underlying loan pool selected and acquired by the 6 FINRA has discussed the proposed rule change
GSE and the credit and prepayment performance of with Fannie and Freddie, both of which support the
1 15 U.S.C. 78s(b)(1). the underlying loans determines the performance of continued inclusion of CRTs within the definition
2 17 CFR 240.19b–4. the CRTs. of ‘‘Agency Debt Security.’’
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![Federal Register / Vol. 83, No. 101 / Thursday, May 24, 2018 / Notices 24145
For the Commission, by the Division of DEPARTMENT OF TRANSPORTATION as described in the system of records
Trading and Markets, pursuant to delegated notice (DOT/ALL–14 FDMS), which can
authority.11 Federal Motor Carrier Safety be reviewed at http://www.dot.gov/
Robert W. Errett, Administration privacy.
Deputy Secretary. [FMCSA Docket No. FMCSA–2018–0050] II. Background
[FR Doc. 2018–11093 Filed 5–23–18; 8:45 am]
Qualification of Drivers; Exemption On March 22, 2018, FMCSA
BILLING CODE 8011–01–P
Applications; Epilepsy and Seizure published a notice announcing receipt
Disorders of applications from seven individuals
requesting an exemption from the
AGENCY: Federal Motor Carrier Safety epilepsy and seizure disorders
DEPARTMENT OF STATE Administration (FMCSA), DOT. prohibition in 49 CFR 391.41(b)(8) and
ACTION: Notice of final disposition. requested comments from the public (83
[Public Notice: 10422] FR 12641). The public comment period
SUMMARY: FMCSA announces its ended on April 23, 2018, and one
U.S. Department of State Advisory decision to exempt seven individuals comment was received.
Committee on Private International from the requirement in the Federal FMCSA has evaluated the eligibility
Law (ACPIL): Public Meeting on Micro, Motor Carrier Safety Regulations of these applicants and determined that
Small and Medium-Sized Enterprises (FMCSRs) that interstate commercial granting exemptions to these
(MSMEs) in Advance of the United motor vehicle (CMV) drivers have ‘‘no individuals would achieve a level of
Nations Commission on International established medical history or clinical safety equivalent to or greater than the
Trade Law (UNCITRAL) Commission diagnosis of epilepsy or any other level that would be achieved by
Session for 2018 condition which is likely to cause loss complying with the current regulation
of consciousness or any loss of ability to 49 CFR 391.41(b)(8).
The Office of the Assistant Legal control a CMV.’’ The exemptions enable The physical qualification standard
Adviser for Private International Law, these individuals who have had one or for drivers regarding epilepsy found in
Department of State, hereby gives notice more seizures and are taking anti- 49 CFR 391.41(b)(8) states that a person
the Advisory Committee on Private seizure medication to operate CMVs in is physically qualified to drive a CMV
International Law (ACPIL) will hold a interstate commerce. if that person has no established
public meeting via teleconference to DATES: The exemptions were applicable medical history or clinical diagnosis of
discuss several matters relating to on April 26, 2018. The exemptions epilepsy or any other condition which
MSMEs. This is not a meeting of the full expire on April 26, 2020. is likely to cause the loss of
Advisory Committee. FOR FURTHER INFORMATION CONTACT: Ms.
consciousness or any loss of ability to
Christine A. Hydock, Chief, Medical control a CMV.
The UNCITRAL Commission Session, In addition to the regulations, FMCSA
which will be held June 25 through July Programs Division, (202) 366–4001,
has published advisory criteria 1 to
13, will, among other things, finalize fmcsamedical@dot.gov, FMCSA,
assist medical examiners in determining
Department of Transportation, 1200
and adopt a Legislative Guide on Key whether drivers with certain medical
New Jersey Avenue SE, Room W64–224,
Principles of a Business Registry (A/ conditions are qualified to operate a
Washington, DC 20590–0001. Office
CN.9/940) and an instrument on CMV in interstate commerce. [49 CFR
hours are from 8:30 a.m. to 5 p.m., e.t.,
Reducing the Legal Obstacles Faced by part 391, APPENDIX A TO PART 391—
Monday through Friday, except Federal
MSMEs (A/CN.9/941). Additionally, the MEDICAL ADVISORY CRITERIA,
holidays. If you have questions
Commission will consider a proposal by section H. Epilepsy: § 391.41(b)(8),
regarding viewing or submitting
the Government of Italy on possible paragraphs 3, 4, and 5.]
material to the docket, contact Docket
future work by UNCITRAL on Services, telephone (202) 366–9826. III. Discussion of Comments
alternative forms of organization to SUPPLEMENTARY INFORMATION: FMCSA received one comment in this
corporate like models (contractual
I. Electronic Access proceeding. This comment supported
networks) (A/CN.9/954). The
granting exemptions to these applicants.
Commission documents will be You may see all the comments online
available at http://www.uncitral.org/ through the Federal Document IV. Basis for Exemption Determination
uncitral/commission/sessions/ Management System (FDMS) at: http:// Under 49 U.S.C. 31136(e) and
50th.html. www.regulations.gov. 31315(b), FMCSA may grant an
Time and Place: The ACPIL public Docket: For access to the docket to exemption from the epilepsy and
meeting will take place on Tuesday, read background documents or seizure disorder prohibition in 49 CFR
June 12, 2018, from 10 a.m. to 12:00 comments, go to http:// 391.41(b)(8) if the exemption is likely to
p.m. EDT via teleconference. www.regulations.gov and/or Room achieve an equivalent or greater level of
W12–140 on the ground level of the safety than would be achieved without
Public Participation: Those planning West Building, 1200 New Jersey Avenue the exemption. The exemption allows
to participate should email pil@state.gov SE, Washington, DC, between 9 a.m. and the applicants to operate CMVs in
to obtain the call-in number. 5 p.m., e.t., Monday through Friday, interstate commerce.
except Federal holidays.
sradovich on DSK3GMQ082PROD with NOTICES
Michael J. Dennis, In reaching the decision to grant these
Privacy Act: In accordance with 5 exemption requests, FMCSA considered
Attorney-Adviser, Office of Private
U.S.C. 553(c), DOT solicits comments
International Law, Office of the Legal Adviser,
U.S. Department of State. from the public to better inform its 1 See http://www.ecfr.gov/cgi-bin/text-idx?SID=
rulemaking process. DOT posts these e47b48a9ea42dd67d999246e23d97970&mc=
[FR Doc. 2018–11173 Filed 5–23–18; 8:45 am] true&node=pt49.5.391&rgn=div5#ap49.5.391_171.a
comments, without edit, including any and https://www.gpo.gov/fdsys/pkg/CFR-2015-
BILLING CODE 4710–08–P
personal information the commenter title49-vol5/pdf/CFR-2015-title49-vol5-part391-
provides, to http://www.regulations.gov, appA.pdf.
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Document Created: 2018-05-24 00:05:26
Document Modified: 2018-05-24 00:05:26
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| FR Citation | 83 FR 24143 |
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