[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Proposed Rules]
[Pages 40114-40117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-15495]





[[Page 40113]]



Vol. 76



Thursday,



No. 130



July 7, 2011



Part XIII











Department of the Treasury











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Semiannual Regulatory Agenda



  Federal Register / Vol. 76 , No. 130 / Thursday, July 7, 2011 / 

Unified Agenda  



[[Page 40114]]





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DEPARTMENT OF THE TREASURY



31 CFR Subtitles A and B




Semiannual Agenda



AGENCY: Department of the Treasury.



ACTION: Semiannual regulatory agenda.



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SUMMARY: This notice is given pursuant to the requirements of the 

Regulatory Flexibility Act (Pub. L. 96-354, September 19, 1980) and 

Executive Order 12866 (``Regulatory Planning and Review''), which 

require the publication by the Department of a semiannual agenda of 

regulations.



FOR FURTHER INFORMATION CONTACT: The Agency contact identified in the 

item relating to that regulation.



SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda consists of 

regulations that the Department has issued or expects to issue and 

rules currently in effect that are under departmental or agency review. 

The Internet is the basic means for disseminating the Unified Agenda, 

and the complete Unified Agenda accordingly will be available online at 

www.reginfo.gov and www.regulations.gov, in a format that offers users 

an enhanced ability to obtain information from the Agenda database.

    Only the regulatory flexibility agendas required by the Regulatory 

Flexibility Act (5 U.S.C. 602) are published in the Federal Register. 

For Treasury, these consist of:

    (1) Rules that are in the regulatory flexibility agenda, in 

accordance with the Regulatory Flexibility Act, because they are likely 

to have a significant economic impact on a substantial number of small 

entities; and

    (2) Rules that have been identified for periodic review under 

section 610 of the Regulatory Flexibility Act.

    The information printed in the Federal Register is limited to 

fields that contain information required by the Regulatory Flexibility 

Act's Agenda requirements. Additional information on these entries is 

available in the Unified Agenda published on the Internet. The 

semiannual agenda of the Department of the Treasury conforms to the 

Unified Agenda format developed by the Regulatory Information Service 

Center (RISC).



    Dated: February 25, 2011.

Brian J. Sonfield,

Deputy Assistant General Counsel for General Law and Regulation.



         Financial Crimes Enforcement Network--Final Rule Stage

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

263.......................  Amendment to the Bank              1506-AB07

                             Secrecy Act Regulations--

                             Definitions and Other

                             Regulations Relating to

                             Prepaid Access.

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              Internal Revenue Service--Proposed Rule Stage

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

------------------------------------------------------------------------

264.......................  User Fees Relating to              1545-BJ65

                             Enrollment, Registered

                             Tax Return Preparers, and

                             Continuing Education

                             Programs.

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               Internal Revenue Service--Final Rule Stage

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

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265.......................  Indoor Tanning Services...         1545-BJ40

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DEPARTMENT OF THE TREASURY (TREAS)



Financial Crimes Enforcement Network (FINCEN)



Final Rule Stage



263. Amendment to the Bank Secrecy Act Regulations--Definitions and 

Other Regulations Relating to Prepaid Access



    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1959; 31 U.S.C. 

5311 to 5314; 31 U.S.C. 5316 to 5332

    Abstract: The Financial Crimes Enforcement Network (FinCEN), a 

bureau of the Department of the Treasury (Treasury), is proposing to 

revise the Bank Secrecy Act (BSA) regulations applicable to Money 

Services Businesses to include stored value or prepaid access. In this 

proposed rulemaking, we are reviewing the stored value/prepaid access 

regulatory framework with a focus on developing appropriate BSA 

regulatory oversight without impeding continued development of the 

industry, as well as improving the ability of FinCEN, other regulators 

and law enforcement to safeguard the U.S. financial system from the 

abuses of terrorist financing, money laundering, and other financial 

crime.

    The proposed changes are intended to address regulatory gaps that 

have resulted from the proliferation of prepaid innovations over the 

last 10 years and their increasing use as an accepted payment method. 

If these gaps are not addressed, there is increased potential for the 

use of prepaid access as a means for furthering money laundering, 

terrorist financing, and other illicit transactions through the 

financial system. This would significantly undermine many of the 

efforts previously taken by government and industry to safeguard the 

financial system through the application of BSA requirements to other 

areas of the financial sector.

    While seeking to address vulnerabilities existing currently in the 

prepaid industry, FinCEN also intends for this proposed rule to provide 

the necessary flexibility to address new developments in technology, 

markets, and consumer behavior. This is important, in order to avoid 

creating artificial limits on a mechanism that can be an avenue to meet 

the financial services needs of the unbanked and the underbanked.

    This rule proposes to subject certain providers of prepaid access 

to a comprehensive BSA regime. To make BSA reports and records valuable 

and meaningful, the proposed changes impose obligations on the party 

within any given prepaid access transaction



[[Page 40115]]



chain with predominant oversight and control, as well as others in a 

unique position to provide meaningful information to regulators and law 

enforcement. More specifically, the proposed changes include the 

following: (1) Renaming ``stored value'' as ``prepaid access'' and 

defining that term; (2) deleting the terms ``issuer and redeemer'' of 

stored value; (3) imposing registration, suspicious activity reporting 

and customer information recordkeeping requirements on providers of 

prepaid access, and new transactional recordkeeping requirements on 

both providers and sellers of prepaid access; and (4) exempting certain 

categories of prepaid access products and services posing lower risks 

of money laundering and terrorist financing from certain requirements.

    FinCEN recognizes that the Credit CARD Act of 2009 mandated the 

increased regulation of prepaid access, as well as the consideration of 

the issue of international transport, and we will address these 

mandates, either through regulatory text or solicitation of comment in 

this rulemaking. In the course of our regulatory research into the 

operation of the prepaid industry, we have encountered a number of 

distinct issues, such as the appropriate obligations of payment 

networks and financial transparency at the borders, and we anticipate 

future rulemakings in these areas. We will seek to phase in any 

additional requirements, however, as the most prudent course of action 

for an evolving segment of the money services business (MSB) community.

    Timetable:



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               Action                    Date            FR Cite

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NPRM................................   06/28/10  75 FR 36589

NPRM Comment Period End.............   07/28/10  .......................

NPRM Comment Period Extended........   08/28/10  75 FR 41788

Final Action........................   06/00/11  .......................

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    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Elizabeth Baltierra, Regulatory Policy Project 

Officer, Department of the Treasury, Financial Crimes Enforcement 

Network, PO Box 39, Vienna, VA 22183, Phone: 703 905-5132, E-mail: 

[email protected].

    Koko (Nettie) Ives, Department of the Treasury, Financial Crimes 

Enforcement Network, Suite 4600, 1099 14th Street, NW., Washington, DC 

20005, Phone: 202 354-6014, E-mail: [email protected].

    RIN: 1506-AB07

BILLING CODE 4830-01-P



DEPARTMENT OF THE TREASURY (TREAS)



Internal Revenue Service (IRS)



Proposed Rule Stage



264. User Fees Relating to Enrollment, Registered Tax Return Preparers, 

and Continuing Education Programs



    Legal Authority: 31 U.S.C. 9701

    Abstract: These proposed regulations will update and separate the 

user fees regarding enrolled agents and enrolled retirement plan 

agents. These regulations will also impose user fees to take the 

competency examination to become a registered tax return preparer and 

to provide continuing education programs.

    Timetable:



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               Action                    Date            FR Cite

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NPRM................................   12/00/11  .......................

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    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Emily M. Lesniak, Attorney, Department of the 

Treasury, Internal Revenue Service, 1111 Constitution Avenue, NW., Room 

5137, Washington, DC 20224, Phone: 202 622-4570, Fax: 202 622-4500, E-

mail: [email protected].

    RIN: 1545-BJ65



DEPARTMENT OF THE TREASURY (TREAS)



Internal Revenue Service (IRS)



Final Rule Stage



265. Indoor Tanning Services



    Legal Authority: 26 U.S.C. 7805

    Abstract: Proposed regulations provide guidance on the indoor 

tanning services tax made by the Patient Protection and Affordable Care 

Act of 2010, affecting users and providers of indoor tanning services.

    Timetable:



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               Action                    Date            FR Cite

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NPRM................................   06/15/10  75 FR 33740

NPRM Comment Period End.............   09/13/10  .......................

Final Action........................   12/00/11  .......................

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    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Michael H. Beker, Attorney, Department of the 

Treasury, Internal Revenue Service, 1111 Constitution Avenue, NW., Room 

5022, Washington, DC 20224, Phone: 202 622-7755, Fax: 202 622-4804, E-

mail: [email protected].

    RIN: 1545-BJ40



[FR Doc. 2011-15495 Filed 7-6-11; 8:45 am]

BILLING CODE 4830-01-P