[Federal Register Volume 61, Number 40 (Wednesday, February 28, 1996)]
[Rules and Regulations]
[Page 7428]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4528]



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DEPARTMENT OF TRANSPORTATION
49 CFR Part 1175

[STB Ex Parte No. 535]


Removal of Obsolete Securities Regulations

AGENCY: Surface Transportation Board.

ACTION: Final rule.

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SUMMARY: The Surface Transportation Board (the Board) is removing 
obsolete regulations concerning securities from the Code of Federal 
Regulations.

EFFECTIVE DATE: January 1, 1996.

FOR FURTHER INFORMATION CONTACT: Beryl Gordon (202) 927-5610. [TDD for 
the hearing impaired: (202) 927-5721.]

SUPPLEMENTARY INFORMATION: Effective January 1, 1996, the ICC 
Termination Act of 1995, Pub. L. No. 104-88, 109 Stat. 803 (the Act), 
abolished the Interstate Commerce Commission (the Commission) and 
established within the Department of Transportation the Surface 
Transportation Board. Section 204 of the Act provides that ``[t]he 
Board shall promptly rescind all regulations established by the 
[Commission] that are based on provisions of law repealed and not 
substantively reenacted by this Act.'' 49 U.S.C. 11301, the statutory 
basis for the part 1175 exempt issuance of securities and assumption of 
obligations regulations, has been repealed. We are therefore removing 
the now obsolete part 1175 regulations.1 These changes are not 
necessarily the final modifications in the regulations resulting from 
the elimination of 49 U.S.C. 11301.2

    \1\ These regulations were issued in Exemption--Railroad 
Regulation Under 49 U.S.C. 11301, 1 I.C.C.2d 915 (1985).
    \2\ At this time, we are not removing related matters found in 
the regulations concerning user fees (Sec. 1002), the environment 
(Sec. 1105.6(c)(2)(ii)), certificates to construct, acquire or 
operate railroad lines (Sec. 1150.10(d)), and interlocking officers 
(Sec. 1185.2), because we plan to separately address those parts 
shortly. Parties may submit other suggested changes to the Code of 
Federal Regulation in light of the elimination of Sec. 11301.
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    Because this action merely reflects, and is required by, the 
enactment of the Act and will not have an adverse effect on the 
interests of any person, this action will be deemed to be effective as 
of January 1, 1996.
    This action will not significantly affect either the quality of the 
human environment or the conservation of energy resources.

List of Subjects in 49 CFR Part 1175

    Administrative practice and procedure, Railroads, Reporting and 
recordkeeping requirements, Securities.

    Decided: February 20, 1996.

    By the Board, Chairman Morgan, Vice Chairman Simmons, and 
Commissioner Owen.
Vernon A. Williams,
Secretary.

    For the reasons set forth in the preamble and under the authority 
of 49 U.S.C. 721(a), title 49, chapter X of the Code of Federal 
Regulations is amended by removing part 1175.

[FR Doc. 96-4528 Filed 2-27-96; 8:45 am]
BILLING CODE 4915-00-P