[Federal Register Volume 70, Number 216 (Wednesday, November 9, 2005)]
[Rules and Regulations]
[Page 67901]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-22276]



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  Federal Register / Vol. 70, No. 216 / Wednesday, November 9, 2005 / 
Rules and Regulations  

[[Page 67901]]



FARM CREDIT ADMINISTRATION

12 CFR Parts 611, 612, 614, 615, and 620

RIN 3052-AC21


Organization; Standards of Conduct and Referral of Known or 
Suspected Criminal Violations; Loan Policies and Operations; Funding 
and Fiscal Affairs, Loan Policies and Operations, and Funding 
Operations; Disclosure to Shareholders; Preferred Stock; Effective Date

AGENCY: Farm Credit Administration.

ACTION: Notice of effective date.

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SUMMARY: The Farm Credit Administration (FCA) published a final rule 
under parts 611, 612, 614, 615, and 620 on September 13, 2005 (70 FR 
53901). This final rule amends our regulations governing preferred 
stock issued by Farm Credit System (FCS or System) banks, associations, 
and service corporations. This final rule requires greater board 
involvement and oversight in the retirement of preferred stock, 
enhances FCA's current standards of conduct regulations to specifically 
address insider preferred stock transactions, modifies and streamlines 
the FCA review and clearance process, and requires disclosure of senior 
officer and director preferred stock transactions. Lastly, we add a new 
provision to require FCA prior approval of investments by FCS banks, 
associations, and service corporations in preferred stock of other 
System institutions, including the Federal Agricultural Mortgage 
Corporation. In accordance with 12 U.S.C. 2252, the effective date of 
the final rule is 30 days from the date of publication in the Federal 
Register during which either or both Houses of Congress are in session. 
Based on the records of the sessions of Congress, the effective date of 
the regulation is November 3, 2005.

EFFECTIVE DATE: The regulation amending 12 CFR parts 611, 612, 614, 
615, and 620 published on September 13, 2005 (70 FR 53901) is effective 
November 3, 2005, except for the amendments to Sec. Sec.  
612.2165(b)(12)-(15), 615.5245(a), and 615.5270(d). An announcement of 
an effective date for these sections will be published at a later date.

FOR FURTHER INFORMATION CONTACT: Dennis K. Carpenter, Senior Policy 
Analyst, Office of Regulatory Policy, Farm Credit Administration, 
McLean, VA 22102-5090, (703) 883-4498, TTY (703) 883-4434; or Howard 
Rubin, Senior Attorney, Office of General Counsel, Farm Credit 
Administration, McLean, VA 22102-5090, (703) 883-4020, TTY (703) 883-
4020.

    Authority: 12 U.S.C. 2252(a)(9) and (10).

    Dated: November 3, 2005.
Jeanette C. Brinkley,
Secretary, Farm Credit Administration Board.
[FR Doc. 05-22276 Filed 11-8-05; 8:45 am]
BILLING CODE 6705-01-P