Federal Register / Vol. 62, No. 174 / Tuesday, September 9, 1997 / Rules and Regulations 47367 under the criteria of the Regulatory SUMMARY: The Securities and Exchange small business issuers, and related Flexibility Act. Commission is adopting revisions to its documents filed under Regulation S–B. rules of general organization to Rule 30–6(b) grants to each Regional List of Subjects in 14 CFR Part 71 eliminate outdated provisions that Director the authority to perform certain Airspace, Incorporation by reference, delegate authority to the Regional functions under Regulation A. Navigation (air). Directors and the Director of the Regulation A provides a limited Adoption of the Amendment Division of Corporation Finance. exemption from the registration requirements of the Securities Act for a In consideration of the foregoing, the DATES: The rule revisions are effective securities offering by certain domestic Federal Aviation Administration September 9, 1997. and Canadian companies that meet the amends 14 CFR Part 71 as follows: FOR FURTHER INFORMATION CONTACT: specific conditions of the exemption. Under Rule 30–6(b), each Regional PART 71Ð[AMENDED] Elliot Staffin, Attorney-Advisor, Division of Corporation Finance, (202) Director possesses the same authority 1. The authority citation for 14 CFR 942–2829, U.S. Securities and Exchange regarding Regulation A offering Part 71 continues to read as follows: Commission, Washington, D.C. 20549. statements as that delegated to the Director of the Division of Corporation Authority: 49 U.S.C. 106(g), 40103, 40113, SUPPLEMENTARY INFORMATION: The 40120; EO 10854, 24 FR 9565, 3 CFR, 1959– Finance under Rules 30–1(c)(2) and 14 1963 Comp., p. 389. Securities and Exchange Commission (3). This authority includes issuing (‘‘Commission’’) is eliminating the orders that qualify offering statements or § 71.1 [Amended] following ‘‘delegated authority’’ that declare them withdrawn or 2. The incorporation by reference in provisions in its rules of general abandoned. 14 CFR 71.1 of Federal Aviation organization:1 Rule 30–6(a),2 which This delegation of authority to Administration Order 7400.9D, Airspace delegates authority to its Regional Regional Directors regarding Designations and Reporting Points, Directors regarding Regulation S–B;3 Regulations S–B and A documents was dated September 4, 1996, and effective Rule 30–6(b),4 which delegates authority necessary because, until recently, a September 16, 1996, is amended as to its Regional Directors regarding small business issuer conducting an follows: Regulation A;5 Rule 30–6(c),6 which initial public offering and a Regulation A issuer had the option of filing, Paragraph 6005 Class E airspace areas delegates authority to its Regional extending upward from 700 feet or more Directors regarding Regulation F;7 Rule respectively, its Regulation S–B above the surface of the earth. 30–1(b),8 which delegates authority to registration statement and Form 1–A offering statement either at the * * * * * the Director of Corporation Finance regarding Regulation B;9 and Rule 30– Commission’s Headquarters in ASO FL E5 Titusville, FL [Revised] 1(g)(2),10 which grants the same Washington, D.C. or in the Regional or Titusville, Space Coast Regional Airport, FL authority to the Director of Corporation District Office for the region closest to (Lat. 28°30′50′′ N, long. 80°47′58′′ W) Finance as that delegated to each the registrant’s principal place of NASA Shuttle Landing Facility Regional Director under Rule 30–6(a) business. However, in December 1996, (Lat. 28°36′54′′ N, long. 80°41′40′′ W) and (c). the Commission revised Forms SB–1, Arthur Dunn Air Park SB–2 and 1–A to eliminate the Regional (Lat. 28°37′21′′ N, long. 80°50′11′′ W) I. DISCUSSION Office filing option and to require these That airspace extending upward from 700 A. Revision of Regional Director forms to be filed at the Commission’s feet above the surface within a 6.5-mile 15 radius of Space Coast Regional Airport, and ‘‘Delegation of Authority’’ Rules Headquarters in Washington, D.C. within a 7.2-mile radius of NASA Shuttle These revisions were part of a broader Landing Facility and within a 6.3-mile radius The Commission has delegated Commission initiative to improve of Arthur Dunn Air Park. authority to its Regional Directors to generally the regulatory conditions for * * * * * perform several functions under the small business by creating a new Issued in College Park, Georgia, on August statutes that it administers. Rules 30– Headquarters operations unit that 11, 1997. 6(a), (b) and (c) govern the delegation of specializes in small company filings and Nancy B. Shelton, authority to Regional Directors to addressing the concerns of small Manager, Air Traffic Division, Southern perform functions under the Securities businesses. Since the Regional and Region. Act of 1933 (‘‘Securities Act’’).11 In District Offices no longer perform any [FR Doc. 97–23734 Filed 9–8–97; 8:45 am] particular, Rule 30–6(a) grants authority role in administering Regulation S–B BILLING CODE 4910±13±M to each Regional Director to perform and Regulation A filings, the functions regarding Forms SB–1 12 and corresponding Regional Director SB–2,13 the registration statements for ‘‘delegation of authority’’ provisions SECURITIES AND EXCHANGE have ceased to serve a useful purpose. COMMISSION 1 17 CFR 200.10 through 200.30–18. Accordingly, the Commission is 2 17 CFR 200.30–6(a). rescinding Rule 30–6(a) and (b) in their 17 CFR Part 200 3 17 CFR 228.10 through 228.702. entirety. 4 17 CFR 200.30–6(b). Rule 30–6(c) governs the delegation of [Release No. 33±7445] 5 17 CFR 230.251 through 230.263. authority to Regional Directors 6 17 CFR 200.30–6(c). concerning Regulation F documents. Amendment of Rules Governing the 7 17 CFR 230.651 through 230.656, rescinded in Until recently, Regulation F provided a Delegation of Authority to Regional Release No. 33–7300 (May 31, 1996) [61 FR 30397]. conditional limited exemption from Directors and the Director of the 8 17 CFR 200.30–1(b). Division of Corporation Finance 9 17 CFR 230.300 through 230.346, rescinded in Securities Act registration for Release No. 33–7300. assessments levied on assessable stock AGENCY: Securities and Exchange 10 17 CFR 200.30–1(g)(2). Commission. 11 15 U.S.C. 77a through 77aa. 14 17 CFR 200.30–1(c)(2) and (3). 12 ACTION: Final rule. 17 CFR 239.9. 15 Release No. 33–7373 (December 16, 1996) [61 13 17 CFR 239.10. FR 67200]. 47368 Federal Register / Vol. 62, No. 174 / Tuesday, September 9, 1997 / Rules and Regulations and for resales of forfeited assessable regarding the registration of securities organization, procedure, or practice that stock. However, in May 1996, the under the Securities Act.22 do not substantially affect the rights or Commission rescinded Regulation F in obligations of non-agency parties.28 II. Effective Date its entirety and accompanying Form 1– IV. Cost-Benefit Analysis F after determining that the availability These revisions are effective on of other exemptions, such as the limited September 9, 1997. Because these revisions relate to offering exemptions from registration set III. Certain Findings organizational or procedural rules, forth in Regulation D 16 or the private which will substantially impact the placement exemption under Securities Because the revisions to the Director Commission rather than any filer or Act Section 4(2),17 have rendered the and Regional Director ‘‘delegation of investor, a traditional cost-benefit Regulation F exemption obsolete.18 authority’’ rules relate solely to agency analysis appears unnecessary. As Since Regulation F no longer exists, the organization, procedure, or practice, previously mentioned, the revisions will corresponding Regional Director publication for notice and comment is indirectly benefit filers and investors by not required under the Administrative ‘‘delegation of authority’’ provision eliminating the possibility of confusion Procedure Act.23 Therefore, the regarding Regulation F has become caused by leaving intact obsolete requirements of the Regulatory unnecessary as well. Therefore, the organizational or procedural rules. Flexibility Act 24 are inapplicable.25 Commission is rescinding Rule 30–6(c) There do not appear to be any These ‘‘delegation of authority’’ rule in its entirety. significant costs to the public as a result revisions are effective upon publication of enacting these revisions. B. Revision of Rules Governing in the Federal Register. The Delegation of Authority To Director of Commission finds that there is good V. Statutory Basis Corporation Finance cause to dispense with the 30 day delay between publication and effectiveness The Commission is adopting these Rule 30–1 governs the Commission’s normally required by the Administrative ‘‘delegated authority’’ rule revisions delegation of authority to the Director of Procedure Act.26 Because the revisions pursuant to Section 19(a) of the 29 the Division of Corporation Finance relate solely to agency organization, Securities Act. (‘‘Director’’).19 Rule 30–1(b) concerns procedure, or practice, there will be no List of Subjects in 17 CFR Part 200 the Director’s delegated authority hardship imposed on filers by their regarding Regulation B documents. immediate implementation. Rather, the Authority delegations (Government Until recently, Regulation B provided a public will indirectly benefit by their agencies), Organization and functions conditional limited exemption from immediate implementation since the (Government agencies). Securities Act registration for offerings primary purpose of the revisions is to Text of the Amendments of ‘‘fractional undivided interests’’ in oil conform the Commission’s ‘‘delegation or gas rights of up to $250,000 per of authority’’ rules of organization with In accordance with the foregoing, offering.20 However, the Commission previously adopted revisions to Title 17, Chapter II of the Code of rescinded Regulation B and all Securities Act regulations, which it has Federal Regulations is amended as accompanying forms and schedules in already determined to be of benefit to follows: May 1996 for reasons substantially the public. Furthermore, by eliminating similar to those justifying the rescinding organizational or procedural rules that PART 200ÐORGANIZATION; of Regulation F.21 Since Regulation B no have become obsolete, the ‘‘delegation CONDUCT AND ETHICS; AND longer exists, the corresponding Director of authority’’ revisions will reduce INFORMATION AND REQUESTS ‘‘delegation of authority’’ provision has confusion and promote simplicity and Subpart AÐOrganization and Program become obsolete. Therefore, the efficiency in the Commission’s Management Commission is rescinding Rule 30–1(b) regulatory framework. Balancing these in its entirety. benefits against the possible confusion and harm to filers and investors of 1. The authority citation for part 200, Rule 30–1(g)(2) grants to the Director leaving intact obsolete organizational or Subpart A continues to read in part as the same authority as that delegated to procedural rules, the Commission finds follows: each Regional Director under Rule 30– good cause for making these rules Authority: 15 U.S.C. 77s, 78d–1, 78d–2, 6(a) and (c). As previously explained, immediately effective. 78w, 78ll(d), 79t, 77sss, 80a–37, 80b–11, these latter provisions govern the These ‘‘delegation of authority’’ unless otherwise noted. delegation of authority to Regional revisions fail to fall within the scope of * * * * * Directors concerning Regulation S–B the Paperwork Reduction Act of 1995 27 and Regulation F documents. Since the because they do not constitute a 2. Section 200.30–1 is amended by Commission is today rescinding Rule substantive or material change to a removing paragraphs (b) and (g)(2); 30–6(a) and (c), it is rescinding Rule 30– collection of information. redesignating paragraphs (c) through (f) 1(g)(2) as well. The Director will Under 5 U.S.C. 804, these rule as paragraphs (b) through (e), paragraph continue to have authority to administer revisions are exempt from the definition (g)(3) as paragraph (g)(2) and paragraphs the Regulation S–B registration regimen of the term ‘‘rule’’ for purposes of (g) through (l) as paragraphs (f) through under the Commission’s rule of Chapter 8, entitled ‘‘Congressional (k). organization that delegates authority to Review of Agency Rulemaking,’’ since 3. Section 200.30–6 is amended by the Director to perform functions they constitute rules of agency removing paragraphs (a), (b) and (c) and redesignating paragraphs (d) through (h) 16 17 CFR 230.501 through 230.508. 22 Rule 30–1(a). as paragraphs (a) through (e). 17 15 U.S.C. 77d(2). 23 5 U.S.C. 553(b). 18 Release No. 33–7300 [61 FR at 30398]. 24 5 U.S.C. 601 through 612. Dated: September 3, 1997. 19 17 CFR 200.30–1. 25 5 U.S.C. 603(a). 20 Former 17 CFR 230.302(a). 26 5 U.S.C. 553(d). 28 5 U.S.C. 804(3)(C). 21 Release No. 33–7300 [61 FR at 30398]. 27 44 U.S.C. 3501 through 3520. 29 15 U.S.C. 77s(a). Federal Register / Vol. 62, No. 174 / Tuesday, September 9, 1997 / Rules and Regulations 47369

By the Commission. requirements, Volatile organic Carrier Bureau, (202) 418–1500 or Margaret H. McFarland, compounds. Sheryl Todd, Common Carrier Bureau, Deputy Secretary. Dated: August 27, 1997. (202) 418–7400. [FR Doc. 97–23830 Filed 9–8–97; 8:45 am] John Wise, SUPPLEMENTARY INFORMATION: This is a BILLING CODE 8010±01±P Acting Regional Administrator. summary of the Commission’s Order on [FR Doc. 97–23834 Filed 9–8–97; 8:45 am] Reconsideration and Second Report and Order adopted and released on August BILLING CODE 6560±50±P 15, 1997. The full text is available for ENVIRONMENTAL PROTECTION inspection and copying during normal AGENCY FEDERAL COMMUNICATIONS business hours in the FCC Reference 40 CFR Part 52 COMMISSION Center (Room 239), 1919 M St., N.W., Washington, D.C. Pursuant to the [CA 179±0051; FRL±5890±7] 47 CFR Parts 54, 64, and 69 Telecommunications Act of 1996, the Commission released a Notice of Withdrawal of Direct Final Rule for [CC Docket Nos. 96±45; 97±21; FCC 97± Proposed Rulemaking and Order Approval and Promulgation of 292] Establishing a Joint Board, Federal-State Implementation Plans; California State Changes to the Board of Directors of Joint Board on Universal Service, CC Implementation Plan Revision, Bay the National Exchange Carrier Docket No. 96–45, on March 8, 1996 (61 Area Air Quality Management District Association, Inc. and Federal-State FR 10499 (March 14, 1996)), a Recommended Decision on November 8, AGENCY: Environmental Protection Joint Board on Universal Service 1996 (61 FR 63778 (December 2, 1996)), Agency (EPA). AGENCY: Federal Communications a Public Notice seeking comment on ACTION: Withdrawal of direct final rule. Commission. rules to implement §§ 254 and 214(e) of ACTION: the Communications Act of 1934, as SUMMARY: Due to an adverse comment, Final rule. amended, relating to universal service EPA is withdrawing the direct final rule SUMMARY: The Order released August on November 18, 1996 (61 FR 63778 for the approval of revisions to the 15, 1997 directs NECA to assume the (December 2, 1996)), a Notice of California State Implementation Plan. duties of USAC pertaining to the Proposed Rulemaking in Changes to the EPA published the direct final rule on distribution, receipt, and processing of Board of Directors of the National August 4, 1997 at 62 FR 41865, the Universal Service Worksheet until Exchange Carrier Association, Inc. in CC approving revisions to rules from the such time as USAC is prepared to begin Docket No. 97–21, on January 10, 1997 Bay Area Air Quality Management its operations and assume these duties. (62 FR 2636 (January 17, 1997)), a District (BAAQMD). As stated in that The Order also authorizes NECA to Report and Order in Federal-State Joint Federal Register document, if adverse perform certain ministerial functions on Board on Universal Service, CC Docket or critical comments were received by behalf of the Schools and Libraries and No. 96–45, on May 8, 1997 (62 FR 32862 September 3, 1997, the effective date Rural Health Care Corporation to the (June 17, 1997)), and a Report and Order would be delayed and notice would be extent that the performance of those and Second Order on Reconsideration published in the Federal Register. EPA functions is necessary to meet the in Changes to the Board of Directors of subsequently received adverse January 1, 1998 starting date established the National Exchange Carrier comments on that direct final rule. EPA by the Commission for implementing Association, Inc. and Federal-State Joint will address the comments received in the universal service support Board on Universal Service, CC Docket a subsequent final action in the near mechanisms set forth in 47 U.S.C. § 254. Nos. 97–21 and 96–45, on July 18, 1997 future. EPA will not institute a second Additionally, the Order authorizes (62 FR 41294 (August 1, 1997)). comment period on this document. NECA, in its capacity as the DATES: The direct final rule published at Administrator of the TRS Fund, to make Summary of Report and Order 62 FR 41865 is withdrawn as of available to USAC, to NECA, to the I. Universal Service Implementation September 9, 1997. extent that it is acting on behalf of Issues FOR FURTHER INFORMATION CONTACT: USAC, and to the entity selected to be Christine Vineyard, Rulemaking Office the permanent universal service A. Authorization for NECA to Perform (AIR–4), Air Division, U.S. Administrator, certain TRS Fund Functions Relating to Distribution and Environmental Protection Agency, information consisting of the names, Processing of the Universal Service Region IX, 75 Hawthorne Street, San addresses, contact persons, type of Worksheet on Behalf of USAC Francisco, CA 94105, Telephone: (415) business, and other non-financial, We direct NECA to assume the duties 744–1197. identifying information relating to TRS assigned to USAC, as set forth in the SUPPLEMENTARY INFORMATION: See the Fund contributors. Finally, the Order NECA Order, relating to the information provided in the direct final instructs entities that currently are distribution, receipt, and processing of rule located in the final rules section of unable, without substantial difficulty, to the Universal Service Worksheet until the August 4, 1997 Federal Register, distinguish their intrastate, interstate, or USAC is prepared to assume these and in the short informational notice international revenues or are unable to duties. In making this determination, we located in the proposed rule section of provide specific, line-by-line revenue reconsider on our own motion our the August 4, 1997 Federal Register. totals for certain categories of revenues, decision in the NECA Order to provide good faith estimates of such immediately to assign these duties to List of Subjects in 40 CFR Part 52 revenues in the Universal Service USAC. In order to ensure timely Environmental protection, Air Worksheet that must be completed by distribution of the Universal Service pollution control, Hydrocarbons, September 1, 1997. Worksheet, we conclude that it is Incorporation by reference, DATES EFFECTIVE: August 15, 1997. critical that we authorize NECA to begin Intergovernmental relations, Ozone, FOR FURTHER INFORMATION CONTACT: distributing the Worksheet immediately Reporting and recordkeeping Valerie Yates, Legal Counsel, Common to potential contributors so that entities