Federal Advisory Committee Act Federal Advisory Committee Act Overview Overview Marilyn Marilyn Kuray Kuray Attorney Attorney EPA Office of General Counsel EPA Office of General Counsel June 21, 2005 June 21, 2005 Federal Advisory Committee Act Federal Advisory Committee Act ° " FACA"

FACA"

° Enacted in 1972 Enacted in 1972 ° Established a system governing the creation,

Established a system governing the creation,

operation, and termination of Executive operation, and termination of Executive Branch advisory committees Branch advisory committees Purpose of FACA Purpose of FACA ° Provide a structure for the establishment of Provide a structure for the establishment of groups to provide advice to the Federal groups to provide advice to the Federal government government ° Maximize public access to advisory committee Maximize public access to advisory committee deliberations and minimize the influence of deliberations and minimize the influence of special interest groups special interest groups ° Reduce wasteful expenditures Reduce wasteful expenditures General FACA Requirements General FACA Requirements ° Provide advice and recommendations Provide advice and recommendations   do not do not make decisions make decisions ° Advisory committees are to be Advisory committees are to be fairly balanced fairly balanced in in terms of the points of view represented and the terms of the points of view represented and the functions to be performed functions to be performed ° The recommendations of an advisory committee The recommendations of an advisory committee are to be the result of the committee's are to be the result of the committee's independent judgment independent judgment General Requirements General Requirements ° A Designated Federal Officer ( DFO) must be Designated Federal Officer ( DFO) must be appointed for each committee. The DFO appointed for each committee. The DFO approves all meetings and agendas and attends approves all meetings and agendas and attends all meetings all meetings ° The committee may not meet if the DFO or The committee may not meet if the DFO or designee is not present designee is not present °° Any advisory committee meeting conducted in Any advisory committee meeting conducted in whole or part by a teleconference,

whole or part by a teleconference,

videoconference, the Internet, or other videoconference, the Internet, or other electronic medium must meet the FACA electronic medium must meet the FACA requirements requirements Charters Charters ° The committee's charter must be filed with The committee's charter must be filed with Congress Congress before before the committee can meet or the committee can meet or conduct any business conduct any business ° The charter sets out the scope of activity and The charter sets out the scope of activity and objectives of the committee as well as objectives of the committee as well as membership, frequency of meetings and membership, frequency of meetings and funding.

funding. Requirements for Meetings Requirements for Meetings ° Advisory committee meetings are required to be Advisory committee meetings are required to be open open to the public, with to the public, with limited exceptions limited exceptions.

° Meeting notices and agendas must be published Meeting notices and agendas must be published in the Federal Register at least 15 days before in the Federal Register at least 15 days before the meeting.

the meeting.

° Any member of the public is permitted to file a Any member of the public is permitted to file a written statement with the advisory committee written statement with the advisory committee. Requirements for Meetings Requirements for Meetings ° Any member of the public may provide oral Any member of the public may provide oral comments comments ° Amount of time provided for comments may be Amount of time provided for comments may be limited limited ° Advisory committee meetings must be held at Advisory committee meetings must be held at a reasonable time and in a manner or place a reasonable time and in a manner or place reasonably accessible to the public, to include reasonably accessible to the public, to include facilities that are readily accessible to and facilities that are readily accessible to and usable by persons with disabilities usable by persons with disabilities Requirements for Meetings Requirements for Meetings ° Detailed minutes Detailed minutes of each advisory committee of each advisory committee meeting must be kept and certified by the chair meeting must be kept and certified by the chair as accurate as accurate   Record of persons present Record of persons present   Complete and accurate description of matters Complete and accurate description of matters discussed and conclusions reached discussed and conclusions reached   Copies of all reports issued, received or Copies of all reports issued, received or approved by the committee approved by the committee Document Requirements Document Requirements ° All documents prepared by or for or presented to All documents prepared by or for or presented to the chartered committee must be available for the chartered committee must be available for public inspection and copying ( subject to FOIA)

public inspection and copying ( subject to FOIA)

° Includes drafts, reports, transcripts, minutes,

Includes drafts, reports, transcripts, minutes,

working papers, studies, agenda or other working papers, studies, agenda or other documents prepared by or for or presented to the documents prepared by or for or presented to the full committee full committee Document Requirements Document Requirements ° Materials shared with one or two other Materials shared with one or two other members do not become committee members do not become committee materials that must be provided to the materials that must be provided to the public. If, however, such materials are public. If, however, such materials are provided to the entire committee for its provided to the entire committee for its consideration, the materials must be made consideration, the materials must be made available to the public available to the public Membership Membership ° Members are appointed and may be removed by Members are appointed and may be removed by the EPA Administrator or his designee the EPA Administrator or his designee ° Members serve at the discretion of the Members serve at the discretion of the Administrator Administrator Representative vs. Special Representative vs. Special Government Employee Government Employee ° Representative members are not subject to the Representative members are not subject to the government ethics laws government ethics laws ° SGEs SGEs are subject to ethics rules are subject to ethics rules   Must submit financial disclosure Must submit financial disclosure documentation annually documentation annually   Must have ethics training each year Must have ethics training each year   Do not represent a group, but provide Do not represent a group, but provide independent independent advice advice Limitations Limitations ° Advisory Committees provide only advice and Advisory Committees provide only advice and recommendations recommendations ° Decisionmaking Decisionmaking and implementation authority and implementation authority remains with EPA remains with EPA ° The DFO has the authority to close a meeting The DFO has the authority to close a meeting when it is in the public interest to do so when it is in the public interest to do so EPA Policy on EPA Policy on Subcommittees Subcommittees ° Follow all of Follow all of FACA's FACA's openness requirements ( open openness requirements ( open meetings, timely public notice of meetings, document meetings, timely public notice of meetings, document availability, etc.) and balanced membership requirement availability, etc.) and balanced membership requirement ° Report their recommendations to the chartered Report their recommendations to the chartered committee committee ° The chartered committee must discuss and deliberate on The chartered committee must discuss and deliberate on the subcommittee recommendations ( may not be a the subcommittee recommendations ( may not be a " rubber stamp")

" rubber stamp")

° A DFO usually is assigned to and attends all A DFO usually is assigned to and attends all subcommittee meetings subcommittee meetings Work Groups Work Groups ° A group made up of only a few committee members to A group made up of only a few committee members to analyze relevant issues and facts, draft proposed analyze relevant issues and facts, draft proposed position papers, or conduct research ( often include position papers, or conduct research ( often include individuals who are not members of the chartered individuals who are not members of the chartered committee)

committee)

° Exempt from Exempt from FACA's FACA's openness and balance openness and balance requirements, but EPA encourages working groups to requirements, but EPA encourages working groups to hold open meetings and balance membership where hold open meetings and balance membership where feasible feasible ° Documents are available to the public under FACA only if Documents are available to the public under FACA only if they are presented to the chartered committee they are presented to the chartered committee Limitations Limitations ° Subcommittees and Working Groups may not Subcommittees and Working Groups may not advise EPA directly; must work through the advise EPA directly; must work through the chartered committee chartered committee ° EPA staff may not rely on advice prior to its EPA staff may not rely on advice prior to its being forwarded to EPA as the recommendation being forwarded to EPA as the recommendation of the chartered committee of the chartered committee Lobbying Lobbying ° Members may not lobby Congress in their Members may not lobby Congress in their capacity as an advisory committee member capacity as an advisory committee member ° While on EPA While on EPA paid travel, members should not paid travel, members should not contact or lobby Congress on the days he/ she is contact or lobby Congress on the days he/ she is performing FACA performing FACA related duties related duties Lobbying Lobbying ° EPA employees may not encourage members to EPA employees may not encourage members to lobby Congress lobby Congress ° Members may not develop strategies for Members may not develop strategies for lobbying Congress during an advisory committee lobbying Congress during an advisory committee meeting or using advisory committee funds meeting or using advisory committee funds Privilege Privilege ° Documents created by or for an advisory Documents created by or for an advisory committee are not privileged or confidential committee are not privileged or confidential ° Generally, other documents provided to the Generally, other documents provided to the FACA also are not privileged or confidential FACA also are not privileged or confidential ° If confidential or privileged materials are If confidential or privileged materials are provided to the committee, the DFO will provided to the committee, the DFO will notify the members and inform them of notify the members and inform them of confidentiality procedures confidentiality procedures


[Federal Register Volume 77, Number 139 (Thursday, July 19, 2012)]
[Notices]
[Page 42548]
[FR Doc No: 2012-17612]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Agency Information Collection Activities: Requests for Comments;
Clearance of Renewed Approval of Information Collection: Commercial Air
Tour Operator Reports

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew for three-year clearance
an information collection that has been granted emergency clearance.
The Federal Register Notice with a 60-day comment period soliciting
comments on the following collection of information was published on
May 9, 2012, vol. 77, no. 90, page 27271-27272. The commercial air tour
operational data provided to the FAA and NPS will be used by the
agencies as background information useful in the development of air
tour management plans and voluntary agreements for purposes of meeting
the mandate of the National Parks Air Tour Management Act (NPATMA) of
2000.

DATES: Written comments should be submitted by August 20, 2012.

FOR FURTHER INFORMATION CONTACT: Kathy DePaepe at<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:
    OMB Control Number: 2120-0750.
    Title: Commercial Air Tour Operator Reports.
    Form Numbers: There are no FAA forms associated with this
collection.
    Type of Review: Request for three-year clearance of an information
collection that has been granted short-term emergency clearance.
    Background: The FAA Modernization and Reform Act of 2012 included
amendments to the National Parks Air Tour Management Act (NPATMA) of
2000. One of these amendments requires commercial air tour operators
conducting tours over national park units to begin reporting on the
number of operations they conduct and any such other information
prescribed by the FAA Administrator and the Director of the National
Park Service (NPS). The Administrator and Director have 90 days from
date of enactment of the FAA Modernization and Reform Act of 2012
(enacted February 14, 2012) to jointly issue an initial request for
reports and the specified frequency and format of these reports. OMB
granted emergency clearance of this information collection on April 25,
2012, expiring on October 31, 2012.
    Respondents: Approximately 75 air tour operators.
    Frequency: Information is collected quarterly, or annually for park
units with fewer than 50 tours per year.
    Estimated Average Burden per Response: 11.66 hours.
    Estimated Total Annual Burden: 3,300 hours.

ADDRESSES: Interested persons are invited to submit written comments on
the proposed information collection to the Office of Information and
Regulatory Affairs, Office of Management and Budget. Comments should be
addressed to the attention of the Desk Officer, Department of
Transportation/FAA, and sent via electronic mail to<EMAIL_ADDRESS>or faxed to<PHONE_NUMBER>, or mailed to the
Office of Information and Regulatory Affairs, Office of Management and
Budget, Docket Library, Room 10102, 725 17th Street NW., Washington, DC
20503.
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.

    Issued in Washington, DC on July 12, 2012.
Albert R. Spence,
FAA Assistant Information Collection Clearance Officer, IT Enterprises
Business Services Division, AES-200.
[FR Doc. 2012-17612 Filed 7-18-12; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 15 (Tuesday, January 24, 2012)]
[Notices]
[Pages 3531-3532]
[FR Doc No: 2012-1289]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66179; File No. SR-DTC-2011-08]

 Self-Regulatory Organizations; The Depository Trust Company;
Order Approving Proposed Rule Change To Enhance Risk Management
Controls Associated With the Receiver Authorized Delivery Function

January 18, 2012.

I. Introduction

    On November 16, 2011, The Depository Trust Company (``DTC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-DTC-2011-08 pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4\2\
thereunder. The proposed rule change was published for comment in the
Federal Register on December 2, 2011.\3\ The Commission received no
comment letters regarding the proposal. For the reasons discussed
below, the Commission is granting approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-65831 (November 28,
2011), 76 FR 75570 (December 2, 2011). In its filing with the
Commission, DTC included statements concerning the purpose of and
basis for the proposed rule change. The text of these statements is
incorporated into the discussion of the proposed rule change in
Section II below.
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II. Description

    The rule change will enhance the risk management controls
associated with DTC's Receiver Authorized Delivery (``RAD'') function.
The RAD function enables each Participant to control and review a
Deliver Order (``DO'')\4\ or a Payment Order (``PO'')\5\ that is
directed to its account by another Participant before its account is
updated. The RAD function was built in 1990 to route money market
instrument (``MMI'') transactions for receiver approval. In 1996, there
was a conversion for all transactions to settle in same-day funds
subject to the net debit cap control\6\ and collateral controls\7\. Any
DO that obligated a Participant to pay $15 million or more and any PO
that obligated a Participant to pay $1 million or more became subject
to RAD. (In order to minimize blockage, DTC excluded from RAD any DO
under $15 million and any PO under $1 million.) Transactions in such
lower amounts were directed to the account of the receiving Participant
without the RAD filter. For such lower amounts, the receiving
Participant has the ability on the same day as the original delivery to
instruct a matched reclaim\8\ transaction not subject to the original
delivering Participant's collateral monitor and net debit cap controls.
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    \4\ A Deliver Order is the term used to define an instruction
initiating the book-entry transfer of a security from one DTC
Participant, as delivering Participant, to another DTC Participant,
as receiving Participant.
    \5\ A Payment Order is the term used to define an instruction
initiating a transaction in which a Participant charges another
Participant for changes in value for outstanding stock loans or
option contract premiums. Payment orders involve no securities, only
money.
    \6\ The net debit cap control is designed so that DTC may
complete settlement even if a Participant fails to settle. Before
completing a transaction in which a Participant is the receiver of
securities, DTC calculates the effect the transaction would have on
such Participant's account and determines whether any resulting net
debit balance would exceed its net debit cap. Any transaction that
would cause the Participant net debit balance to exceed the
Participant's net debit cap is placed on a pending (recycling) queue
until another transaction creates sufficient credit in such
Participant's account so that the net debit cap will not be
exceeded.
    \7\ An example of a collateral control is the Collateral Monitor
(``CM''). DTC tracks collateral in a Participant's account through
the CM. At all times, the CM reflects the amount by which the
collateral value in the account exceeds the net debit balance of the
account. When processing a transaction, DTC verifies that the CM of
neither the deliverer nor the receiver will become negative when the
transaction completes. If the transaction would cause either party
to have a negative CM, the transaction will recycle until the
deficient account has sufficient collateral to proceed or until the
applicable cutoff occurs.
    \8\ A ``reclaim'' is a separate DO or PO that a receiving
Participant may use to return a DO or PO (typically received in
error).
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    With this rule filing, DTC is proposing the following revisions to
RAD:
    (i) DTC will expand RAD to include Omgeo Institutional Delivery
(``ID'') transactions in excess of $15 million at the receiving
Participant's election. If no election is made, these transactions will
be processed for receipt in the same manner as they currently are
processed. (Currently, ID transactions are not routed to RAD and are
not subject to matched reclaim.) The change will reduce the receiving
Participant's risk relating to ID transactions.
    (ii) Participants will be able to elect to have all free MMI
deliveries bypass RAD on a counterparty by counterparty basis.
Currently, all free money market instrument (``MMI'') deliveries are
routed to RAD for receiver approval.\9\ The change will help facilitate
customer account transfers.
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    \9\ A receiver that authorizes a free MMI transaction is deemed
to have made an agreement outside of DTC with the deliverer that it
will make payment outside of DTC in accordance with the agreement of
the parties. DTC does not monitor or enforce compliance with such
agreements. Participants must enforce these agreements themselves.
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    (iii) DTC will be able, in its discretion, to apply RAD to all DOs
and POs initiated by a ``Wind-Down Participant'' \10\ regardless of
value. A receiving Participant will have the option to raise its RAD
limit in accordance with its own transaction management objectives (but
not to reinstitute matched reclaims in lieu of RAD). DTC views this
improvement as a means for Participants, bilaterally, and DTC,
multilaterally, to manage liquidity and credit risk in a Wind-Down
scenario and to eliminate the risk of matched reclaims to a Wind-Down
Participant.
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    \10\ DTC Rule 32 defines a ``Wind-Down Participant'' and
provides for actions that may be taken with respect to such a
Participant.
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    (iv) DTC will exclude from RAD certain receives or deliveries
(e.g., the

OCC Market Loan program\11\ account) because these are effectively
matched and/or approved by other mechanisms.
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    \11\ For more information about the OCC's Market Loan Program,
see Securities Exchange Release Act No. 34-59298 (January 26, 2009)
74 FR 5692 (January 30, 2009) [SR-DTC-2008-15].

DTC also seeks to conform the language of its existing procedures
---------------------------------------------------------------------------
pertaining to processing of reclaims to reflect its current practices:

    (v) Receiving Participants may, only on the same day as the
original delivery, instruct a matched reclaim transaction. Any such
matched reclaim of a DO with a settlement value of less than $15
million and a PO with a value less than $1 million may be processed
without reference to the collateral monitor and net debit cap controls
for the original delivering Participant.\12\
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    \12\ For more information regarding this change, see Securities
Exchange Release Act No. 34-48121 (July 2, 2003) 68 FR 41030 (July
2, 2003) [SR-DTC-2003-06].
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III. Discussion

    Section 19(b)(2)(B) of the Act directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization.\13\ In particular, Section 17A(b)(3)(A)\14\ of the Act
requires, among other things, that the clearing agency be so organized
and have the capacity to safeguard the securities and funds which are
in the custody or control of such clearing agency or for which it is
responsible.
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    \13\ 15 U.S.C. 78s(b)(2)(B).
    \14\ 15 U.S.C. 78q-1(b)(3)(A).
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    Because the proposed change would allow DTC to enhance the risk
management controls associated with the RAD function to reduce
Participant counterparty risk, to enhance DTC's liquidity management,
and to facilitate customer account transfers, the Commission believes
that the proposed rule change is consistent with DTC's obligations
under the Act to safeguard securities and funds in its possession or
control for which it is responsible.

IV. Conclusion

    On the basis of the foregoing, the Commission finds that the
proposal is consistent with the requirements of the Act and in
particular with the requirements of Section 17A of the Act and the
rules and regulations thereunder.
    It is therefore ordered, pursuant to Section 19(b)(2) \15\ of the
Act, that the proposed rule change (File No. SR-DTC-2011-08) be, and
hereby is, approved.\16\
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    \15\ 15 U.S.C. 78s(b)(2).
    \16\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition and
capital formation. 15 U.S.C. 78c(f).
    \17\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-1289 Filed 1-23-12; 8:45 am]
BILLING CODE 8011-01-P