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Federal Register / Vol. 74, No. 235 / Wednesday, December 9, 2009 / Rules and Regulations

DEPARTMENT OF AGRICULTURE
Animal and Plant Health Inspection
Service
9 CFR Part 166
[Docket No. APHIS-2008-0120]
RIN 0579-AC91

Swine Health Protection; Feeding of
Processed Product to Swine
AGENCY: Animal and Plant Health
Inspection Service, USDA.
ACTION: Affirmation of interim rule as
final rule.

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SUMMARY: We are adopting as a final
rule, without change, an interim rule
that amended the swine health
protection regulations to clarify the
applicability of the regulations
regarding the treatment of garbage that
consists of industrially processed
materials. The interim rule made clear
that such materials are subject to the
same treatment requirements as other
regulated garbage, except for materials
that meet the definition of processed
product that we added to the regulations
in the interim rule. The interim rule was
necessary to ensure that garbage fed to
swine has been treated to inactivate
disease organisms that pose a risk to the
U.S. swine industry.
DATES: Effective on December 9, 2009,
we are adopting as a final rule the
interim rule published at 74 FR 1521515218 on April 3, 2009.
FOR FURTHER INFORMATION CONTACT: Dr.
Dave Pyburn, Senior Staff Veterinarian,
Swine Health Programs, VS, APHIS,
Room 891, 210 Walnut Street, Des
Moines, IA 50309; (515) 284-4122.
SUPPLEMENTARY INFORMATION:

Background
The Swine Health Protection Act (7
U.S.C. 3801 et seq., referred to below as
the Act) is intended to protect the
commerce of the United States and the
health and welfare of the people of the
United States by ensuring that food
waste fed to swine does not contain
active disease organisms that pose a risk
to U.S. swine. The regulations in 9 CFR
part 166 regarding swine health
protection (referred to below as the
regulations) were promulgated in
accordance with the Act. The
regulations contain provisions that
regulate food waste containing any meat
products fed to swine. Compliance with
the regulations ensures that all food
waste fed to swine is properly treated to
kill disease organisms. Raw or
undercooked meat may transmit
numerous infectious or communicable

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diseases to swine, including exotic viral
diseases such as foot-and-mouth
disease, African swine fever, classical
swine fever, and swine vesicular
disease. In accordance with the
regulations, food waste containing meat
may be fed to swine only if it has been
treated to kill disease organisms.
In an interim rule1 effective and
published in the Federal Register on
April 3, 2009 (74 FR 15215-15218,
Docket No. APHIS-2008-0120), we
amended the regulations to clarify the
applicability of the regulations
regarding the treatment of garbage that
consists of industrially processed
materials. The interim rule made clear
that such materials are subject to the
same treatment requirements as other
regulated garbage, except for materials
that meet the definition of processed
product that we added to the regulations
in the interim rule.
Comments on the interim rule were
required to be received on or before June
2, 2009. We did not receive any
comments. Therefore, for the reasons
given in the interim rule, we are
adopting the interim rule as a final rule
without change.
This action also affirms information
contained in the interim rule concerning
Executive Order 12866 and the
Regulatory Flexibility Act, Executive
Orders 12372 and 12988, and the
Paperwork Reduction Act.
Further, for this action, the Office of
Management and Budget has waived its
review under Executive Order 12866.
List of Subjects in 9 CFR Part 166
Animal diseases, Hogs, Reporting and
recordkeeping requirements.
PART 166—SWINE HEALTH
PROTECTION
Accordingly, we are adopting as a
final rule, without change, the interim
rule that amended 9 CFR part 166 and
that was published at 74 FR 1521515218 on April 3, 2009.
Done in Washington, DC, this 27th day
of November 2009.

■

Kevin Shea,
Acting Administrator, Animal and Plant
Health Inspection Service.
[FR Doc. E9–29265 Filed 12–8–09: 8:45 am]
BILLING CODE 3410–34–S

1To view the interim rule, go to (http://www.
regulations.gov/fdmspublic/component/main?main
=DocketDetail&d=APHIS-2008-0120).

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FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Regulation A; Docket No. R–1371]

Extensions of Credit by Federal
Reserve Banks
AGENCY: Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
SUMMARY: This final rule amends
Regulation A to provide a process by
which the Federal Reserve Bank of New
York may determine the eligibility of
credit rating agencies in the Term Assetbacked Securities Loan Facility. The
final rule does not apply to discount
window lending or other extensions of
credit provided by the Federal Reserve
System. In addition, the final rule only
applies to asset-backed securities that
are not backed by commercial real
estate. The amendment does not
represent a change in the stance of
monetary policy.
DATES: Final rule is effective on January
8, 2010.
FOR FURTHER INFORMATION CONTACT:
William R. Nelson, Senior Associate
Director (202/452–3579), Division of
Monetary Affairs; Christopher W. Clubb,
Senior Counsel (202/452–3904), Legal
Division; for users of
Telecommunication Devices for the Deaf
(TDD) only, contact 202/263–4869.
SUPPLEMENTARY INFORMATION:

I. Background
Proposed Rule. On October 8, 2009,
the Board of Governors of the Federal
Reserve System (the ‘‘Board’’) published
for public comment a notice of proposed
rulemaking (‘‘NPRM’’) that would
amend Regulation A to provide a
process by which the Federal Reserve
Bank of New York (‘‘FRBNY’’) may
determine the eligibility of credit rating
agencies in the Term Asset-backed
Securities Loan Facility (‘‘TALF’’).1 The
Board has determined the terms and
conditions for TALF borrowing and
1 Proposed rule, 74 FR 51806 (Oct. 8, 2009). The
TALF is a funding facility to help market
participants meet the credit needs of households
and businesses by supporting the issuance of new
asset-backed securities (ABS) collateralized by
loans of various types to consumers and businesses
of all sizes. The TALF was established under
section 13(3) of the Federal Reserve Act, which
permits the Board of Governors of the Federal
Reserve Board, in unusual and exigent
circumstances, to authorize Reserve Banks to
extend credit to individuals, partnerships and
corporations that are unable to obtain adequate
credit accommodations. For the terms and
conditions and frequently asked question of the
TALF, refer to http://www.federalreserve.gov/
monetarypolicy/talf.htm.

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Federal Register / Vol. 74, No. 235 / Wednesday, December 9, 2009 / Rules and Regulations
eligible collateral, including minimum
credit ratings and the set of credit rating
agencies whose ratings may be accepted
for purposes of TALF by FRBNY. Since
TALF was established, the Board and
FRBNY have accepted credit ratings
from three credit rating agencies
(Standard & Poor’s, Moody’s Investors
Service, and Fitch Ratings). The
proposed amendment was designed to
provide FRBNY with a consistent
framework for determining the
eligibility for use in TALF of ratings
issued by individual credit rating
agencies when used in conjunction with
a separate asset-level risk assessment
process.
The NPRM proposed an objective
minimal experience-based approach
specific to the types of assets accepted
as collateral in TALF. As a threshold
requirement, the proposed rule would
permit FRBNY to accept only a credit
rating issued by a credit rating agency
that is registered with the Securities and
Exchange Commission as a ‘‘nationally
recognized statistical rating
organization’’ (NRSRO) for issuers of
asset-backed securities (ABS) pursuant
to the Credit Rating Agency Reform Act
of 2006 (CRARA).2 The proposed rule
also would require that the NRSRO had
issued ratings on at least ten
transactions within a specified asset
category since September 30, 2006. The
asset categories are:
• Category 1—auto loans, floorplan
loans, and equipment loans TALF
sectors;
• Category 2—credit card receivables
and insurance premium finance loans
TALF sectors;
• Category 3—mortgage servicing
advance receivables TALF sector; 3 and
• Category 4—student loans TALF
sector.
In addition, the proposed rule would
allow FRBNY to accept credit ratings
only from a credit rating agency that has
a current and publicly available rating
methodology specific to ABS in the
particular TALF asset sector (as defined
in the TALF haircut schedule) for which
the credit rating agency wishes its
ratings to be considered for TALF.
The proposed rule also described the
process whereby FRBNY would
determine whether an NRSRO becomes
eligible to have its ratings accepted for
TALF ABS. In addition, under the
proposed rule, FRBNY could, at any
2 CRARA (Pub. L. 109–291, 120 Stat. 1327) is
primarily codified at 15 U.S.C. 78o–7.
3 The proposed rule would permit an NRSRO to
aggregate ratings on residential mortgage-backed
securities (not currently included in the TALF) for
purposes of meeting the ten-transaction
requirement for Category 3 (mortgage servicing
advance loans TALF sector).

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time, review the continued use of
ratings from a credit rating agency in
one or more TALF ABS sectors and
determine that such credit ratings were
no longer acceptable if the credit rating
agency no longer met the eligibility
requirements or conditions. Finally, the
proposed rule set out two conditions
that FRBNY would have to ensure were
met by an NRSRO in order for the
NRSRO to have its credit ratings
accepted for TALF ABS. First, the
NRSRO would have to agree to discuss
with the Federal Reserve its views of the
credit risk of any transaction within the
TALF asset sector that has been
submitted to TALF and upon which the
NRSRO is being or has been consulted
by the issuer. Second, the NRSRO
would have to agree to provide any
information requested by the Federal
Reserve regarding the credit rating
agency’s continued eligibility under the
factors set out in the proposed rule,
such as continuing to be properly
registered as an NRSRO with the
Securities and Exchange Commission
and continuing to have a current and
publicly available rating methodology
specific to ABS in the particular TALF
asset sector.
Public comments. The Board received
only one comment that was responsive
to the NPRM.4 The comment was from
a credit rating agency that was
supportive of the proposed rule. In
particular, the commenter supported the
objective, experience-based approach
adopted by the proposal. The
commenter also agreed that registration
as an NRSRO for issuers of ABS should
be a threshold requirement, but not the
sole requirement, for TALF. The
commenter also supported the
experience and publicly available rating
methodology requirements of the
proposed rule. Finally, the commenter
endorsed the proposed rule’s
requirement that the NRSRO confer
with the Federal Reserve regarding
relevant TALF credit risk issues and
provide requested information regarding
the NRSRO’s continuing eligibility with
respect to TALF. The commenter did
not suggest any changes to the proposed
rule.
Final rule. After carefully considering
the comments received and other facts
of record, and for the reasons discussed
herein and in the NPRM, the Board has
adopted a final rule in essentially the
same form as the proposed rule, except
4 Another comment was filed by a consumer in
the NPRM docket, but it did not provide comments
responsive to the NPRM. The comment letters are
available from the Board’s Freedom of Information
Office by calling (202) 452–3684, as well as on the
Board’s public Web site at: http://
www.federalreserve.gov/generalinfo/foia/index.cfm?

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for minor clarifying revisions. An
NRSRO may submit the information
necessary for FRBNY to make an
eligibility determination for the NRSRO
under the final rule at any time,
including prior to the effective date of
the final rule. FRBNY may make the
NRSRO eligible for TALF under the
final rule as of the effective date or
thereafter. The set of NRSROs eligible
pursuant to this final rule will take
effect commencing with the February
2010 TALF subscription.
II. Administrative Law Matters
A. Final Regulatory Flexibility Analysis
An initial regulatory flexibility
analysis (IRFA) was included in the
NPRM in accordance with the
Regulatory Flexibility Act (RFA).5 In the
IRFA, the Board specifically solicited
comment, including from small entities,
on whether the proposed rule would
have a significant economic impact on
a substantial number of small entities.
No small entities submitted comments
regarding quantification of their
projected costs. The Board expects this
rule to affect a number of small entities;
however, the cost this rule imposes
would not appear to have a significant
economic impact on a substantial
number of small entities, within the
meaning of the RFA.
Even though this rule does not appear
to have a significant economic impact
on a substantial number of small
entities, the Board has not formally
certified the rule as not having a
significant economic impact on a
substantial number of small entities, as
provided under section 605(b) of the
RFA. Instead, the Board has prepared a
Final Regulatory Flexibility Analysis
(FRFA) as described in the RFA, 5
U.S.C. 604.6
The RFA requires each FRFA to
contain:
• A succinct statement of the need
for, and objectives of, the rule;
• A summary of the significant issues
raised by the public comments in
response to the initial regulatory
flexibility analysis, a summary of the
assessment of the agency of such issues,
and a statement of any changes made in
the proposed rule as a result of such
comments;
• A description of and an estimate of
the number of small entities to which
the rule will apply or an explanation of
why no such estimate is available;
55

U.S.C. 601 et seq.
promulgating a final rule, the RFA
requires agencies to prepare a FRFA unless the
agency finds that the final rule will not, if
promulgated, have a significant economic impact
on a substantial number of small entities. 5 U.S.C.
604(a) and 605(b).
6 When

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Federal Register / Vol. 74, No. 235 / Wednesday, December 9, 2009 / Rules and Regulations

• A description of the projected
reporting, recordkeeping and other
compliance requirements of the rule,
including an estimate of the classes of
small entities which will be subject to
the requirement and the type of
professional skills necessary for
preparation of the report or record; and
• A description of the steps the
agency has taken to minimize the
significant economic impact on small
entities consistent with the stated
objectives of applicable statutes,
including a statement of the factual,
policy, and legal reasons for selecting
the alternative adopted in the final rule
and why each one of the other
significant alternatives to the rule
considered by the agency which affect
the impact on small entities was
rejected.7
1. Statement of the need for, and
objectives of, the final rule. As
discussed in the preamble above, the
Board is adopting this rule to govern
FRBNY’s determination of eligibility of
NRSROs and their credit ratings for use
in TALF. The objective of the final rule
is to provide for an objective, prudent,
and reasonably consistent process for
FRBNY to determine the eligibility of
NRSROs and their credit ratings for
purposes of TALF ABS. The Board
anticipates that implementation of the
final rule will permit an expansion of
the set of NRSROs accepted for TALF
ABS, while maintaining appropriate
protection against credit risk for the U.S.
taxpayer in connection with TALF.
2. Significant issues raised by
comments in response to the IRFA.
Commenters did not raise any issues in
response to the IRFA. The Board is
adopting the final rule in essentially the
same form as the proposed rule.
3. Description and estimate of classes
of small entities affected by the final
rule. As noted in the IRFA, there are ten
NRSROs registered with the SEC. Of
those ten, the Board’s review of publicly
available information indicates that
three NRSROs are not ‘‘small entities’’
under the RFA because their asset size
(or the asset size of the NRSRO’s parent
company) is larger than the level set in
the SBA regulation. For purposes of this
FRFA, the Board will assume that all
seven of the remaining NRSROs would
qualify as ‘‘small entities’’ under the
SBA regulations.
4. Recordkeeping, Reporting and
Other Compliance Requirements. The
Board believes that the final rule does
not establish any reporting,
recordkeeping, or other compliance
requirements that are not already part of
the NRSRO registration process with the
75

U.S.C. 604(a).

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Securities and Exchange Commission or
involve records that would not
otherwise be created in the normal and
customary course of an NRSRO’s
business. In addition, other than that
which is normally required in the credit
rating agency industry, special expertise
should not be required to compile the
information necessary to submit an
eligibility request to FRBNY for use of
an NRSRO’s credit ratings in TALF.
Most NRSRO’s should have this
information readily available in the
normal and customary course of
business.
The conditions required for FRBNY to
accept ratings may similarly require
minimal expenditure of resources by an
NRSRO, but the Board believes that
such information should be readily
available in the normal and customary
course of the business of a credit rating
agency. FRBNY may request
information from an NRSRO for the
purpose of determining that the NRSRO
continues to meet the eligibility
requirements under the final rule. Also,
an NRSRO that has been consulted on
a transaction in TALF may be requested
by FRBNY to discuss its views of the
particular transaction, but it would not
be required to conduct any more
analysis than it had already conducted
in the course of its business.
5. Steps Taken to Minimize the
Economic Impact on Small Entities. As
discussed in the IRFA, the Board
considered alternatives to the approach
adopted in the proposed rule and
selected the approach adopted in the
proposed rule for the reasons set out in
the IRFA. The Board did not receive any
comments suggesting any additional
alternatives to the approach adopted in
the proposed rule. The Board is
adopting the final rule in essentially the
same form as the proposed rule.

Board standards. The respondents are
NRSROs, which may be small entities.
There is no record retention
requirement in the final rule.
The estimated burden per response is
two hours. It is estimated that there will
be ten respondents providing
information on a one-time basis.
Therefore the total amount of annual
burden is estimated to be 20 hours. No
comments specifically addressing the
burden estimate were received.
The Federal Reserve has a continuing
interest in the public’s opinions of our
collections of information. At any time,
comments regarding the burden
estimate, or any other aspect of this
collection of information, including
suggestions for reducing the burden,
may be sent to: Secretary, Board of
Governors of the Federal Reserve
System, 20th and C Streets, NW.,
Washington, DC 20551; and to the
Office of Management and Budget,
Paperwork Reduction Project (7100—to
be assigned), Washington, DC 20503.

B. Paperwork Reduction Act Analysis
In accordance with the Paperwork
Reduction Act of 1995 (44 U.S.C. Ch.
3506; 5 CFR part 1320 Appendix A.1),
the Board reviewed the final rule under
the authority delegated to the Board by
the Office of Management and Budget
(OMB). The Federal Reserve may not
conduct or sponsor, and an organization
is not required to respond to, this
information collection unless it displays
a currently valid OMB control number.
The OMB control number will be
assigned.
The collection of information that is
revised by this rulemaking is found in
12 CFR 201.3(e)(1)(ii) and (iii). This
information is required to permit
FRBNY to determine eligibility of credit
rating agencies to have their ratings
accepted in TALF in accordance with

Authority and Issuance

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C. Plain Language
Each Federal banking agency, such as
the Board, is required to use plain
language in all proposed and final
rulemakings published after January 1,
2000. 12 U.S.C. 4809. The Board has
sought to present the final rule, to the
extent possible, in a simple and
straightforward manner.
III. Statutory Authority
Pursuant to the authority set out in
the Federal Reserve Act and particularly
section 11 (codified at 12 U.S.C. 248(j)),
the Board adopts the rules set out
below.
IV. Text of Final Rules
List of Subjects in 12 CFR Part 201
Credit.
For the reasons set forth in the
preamble, the Board is amending 12
CFR Chapter II to read as follows:

■

PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
1. The authority citation for part 201
continues to read as follows:

■

Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.

2. In § 201.3, paragraph (e) is added to
read as follows:

■

§ 201.3

Extensions of credit generally.

*

*
*
*
*
(e) Credit ratings for Term AssetBacked Securities Loan Facility (TALF).

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Federal Register / Vol. 74, No. 235 / Wednesday, December 9, 2009 / Rules and Regulations
(1) If the Board requires that a TALF
advance, discount, or other extension of
credit be against collateral (other than
commercial mortgage-backed securities)
that is rated by one or more credit rating
agencies, the Federal Reserve Bank of
New York may only accept the ratings
of any credit rating agency that:
(i) Is registered with the Securities
and Exchange Commission as a
Nationally Recognized Statistical Rating
Organization for issuers of asset-backed
securities;
(ii) Has a current and publicly
available rating methodology specific to
asset-backed securities in the particular
TALF asset sector (as defined in the
TALF haircut schedule) for which it
wishes its ratings to be accepted; and
(iii) Demonstrates that it has sufficient
experience to provide credit ratings that
would assist in the Federal Reserve
Bank of New York’s risk assessment on
the most senior classes of newly issued
asset-backed securities in the particular
TALF asset sector by having made
public or made available to a paying
subscriber base, since September 30,
2006, ratings on at least ten transactions
denominated in U.S. dollars within the
particular category to which the
particular TALF asset sector is assigned
as set out below—
(A) Category 1—auto, floorplan, and
equipment TALF sectors;
(B) Category 2—credit card and
insurance premium finance TALF
sectors;
(C) Category 3—mortgage servicing
advances TALF sector; and
(D) Category 4—student loans TALF
sector.
(2) For purposes of the requirement in
paragraph (e)(1)(iii) of this section,
ratings on residential mortgage-backed
securities may be included in Category
3 (servicer advances).
(3) The Federal Reserve Bank of New
York may in its discretion review at any
time the eligibility of a credit rating
agency to rate one or more types of
assets being offered as collateral.
(4) Process.
(i) Credit rating agencies that wish to
have their ratings accepted for TALF
transactions should send a written
notice to the Credit, Investment, and
Payment Risk group of the Federal
Reserve Bank of New York including
information on the factors listed in
paragraph (e)(1) of this section with
respect to each TALF asset sector for
which they wish their ratings to be
accepted.
(ii) The Federal Reserve Bank of New
York will notify the submitter within 5
business days of receipt of a submission
whether additional information needs to
be submitted.

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(iii) Within 5 business days of receipt
of all information necessary to evaluate
a credit rating agency pursuant to the
factors set out in paragraph (e)(1) of this
section, the Federal Reserve Bank of
New York will notify the credit rating
agency regarding its eligibility.
(5) Conditions. The Federal Reserve
Bank of New York may accept credit
ratings under this subsection only from
a credit rating agency that agrees to—
(i) Discuss with the Federal Reserve
its views of the credit risk of any
transaction within the TALF asset sector
that has been submitted to TALF and
upon which the credit rating agency is
being or has been consulted by the
issuer; and
(ii) Provide any information requested
by the Federal Reserve for the purpose
of determining that the credit rating
agency continues to meet the eligibility
requirements under paragraph (e)(1) of
this section.
By order of the Board of Governors of the
Federal Reserve System, December 4, 2009.
Jennifer J. Johnson,
Secretary.
[FR Doc. E9–29296 Filed 12–8–09; 8:45 am]
BILLING CODE 6210–01–P

DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
15 CFR Part 806
[Docket No. 090130108–91414–02]
RIN 0691–AA70

Direct Investment Surveys: BE–605,
Quarterly Survey of Foreign Direct
Investment in the United States—
Transactions of U.S. Affiliate With
Foreign Parent
AGENCY: Bureau of Economic Analysis,
Commerce.
ACTION: Final rule.
SUMMARY: This final rule amends
regulations of the Bureau of Economic
Analysis (BEA) setting forth reporting
requirements for the BE–605 quarterly
survey of foreign direct investment in
the United States. The survey obtains
quarterly sample data on transactions
and positions between foreign-owned
U.S. business enterprises (U.S. affiliates)
and their ‘‘affiliated foreign groups’’
(i.e., their foreign parents and foreign
affiliates of their foreign parents).
Through this rule, BEA will make a
number of changes to the BE–605
survey. BEA will discontinue the use of
separate forms for banks. Beginning
with the first quarter of 2010, both bank
and nonbank U.S. affiliates will file

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Form BE–605. In conjunction with this
change, BEA will change the title of
Form BE–605. BEA will add and delete
certain items on the survey form and
change the reporting criteria. BEA will
also collect identification information
for affiliates filing Form BE–605 for the
first time, and make changes to the BE–
605 form and instructions to bring them
into conformity with the recently
revised annual and benchmark surveys
of foreign direct investment in the
United States.
DATES: This final rule will be effective
January 8, 2010.
FOR FURTHER INFORMATION CONTACT:
David H. Galler, Chief, Direct
Investment Division (BE–50), Bureau of
Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230;
e-mail david.galler@bea.gov or phone
(202) 606–9835.
SUPPLEMENTARY INFORMATION: In the
September 2, 2009, Federal Register, 74
FR 45383–45385, BEA published a
notice of proposed rulemaking that set
forth revised reporting criteria for the
BE–605, Quarterly Survey of Foreign
Direct Investment in the United States—
Transactions of U.S. Affiliate with
Foreign Parent. No comments on the
proposed rule were received. Thus, the
proposed rule is adopted without
change. This final rule amends 15 CFR
806.15 to set forth the reporting
requirements for the BE–605 quarterly
survey of foreign direct investment in
the United States.
The BE–605 survey is a mandatory
quarterly survey of foreign direct
investment conducted by BEA under the
International Investment and Trade in
Services Survey Act (22 U.S.C. 3101–
3108). BEA will send BE–605 survey
forms to potential respondents each
quarter; responses will be due within 30
days after the end of each quarter,
except for the final quarter of the fiscal
year when reports will be due within 45
days of the end of the quarter.
Description of Changes
BEA is making a number of changes
to the BE–605 survey. BEA is
discontinuing the use of separate forms
for banks. Beginning with the first
quarter of 2010, both bank and nonbank
U.S. affiliates will file Form BE–605. In
conjunction with this change, BEA is
changing the title of Form BE–605 to
‘‘Quarterly Survey of Foreign Direct
Investment in the United States—
Transactions of U.S. Affiliate with
Foreign Parent.’’ Changes to language
and instructions are being made to align
Form BE–605 with recent changes to the
annual and benchmark surveys of
foreign direct investment.

E:\FR\FM\09DER1.SGM

09DER1