[Federal Register Volume 77, Number 29 (Monday, February 13, 2012)]
[Proposed Rules]
[Pages 7998-8001]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-1654]



[[Page 7997]]

Vol. 77

Monday,

No. 29

February 13, 2012

Part XIV





Department of the Treasury





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Semiannual Regulatory Agenda

  Federal Register / Vol. 77, No. 29 / Monday, February 13, 2012 / 
Unified Agenda  

[[Page 7998]]


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DEPARTMENT OF THE TREASURY

31 CFR Subtitles A and B


Semiannual Agenda and Fiscal Year 2012 Regulatory Plan

AGENCY: Department of the Treasury.

ACTION: Semiannual regulatory agenda and annual regulatory plan.

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SUMMARY: This notice is given pursuant to the requirements of the 
Regulatory Flexibility Act and Executive Order (EO) 12866 ``Regulatory 
Planning and Review,'' which require the publication by the Department 
of a semiannual agenda of regulations. EO 12866 also requires the 
publication by the Department of a regulatory plan for the upcoming 
fiscal year.

FOR FURTHER INFORMATION CONTACT: The Agency contact identified in the 
item relating to that regulation.

SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda includes 
regulations that the Department has issued or expects to issue and 
rules currently in effect that are under departmental or bureau review. 
For this edition of the regulatory agenda, the most important 
significant regulatory actions and a Statement of Regulatory Priorities 
are included in The Regulatory Plan, which appears in both the online 
Unified Agenda and in part II of the Federal Register publication that 
includes the Unified Agenda.
    Beginning with the fall 2007 edition, the Internet has been the 
primary medium for disseminating the Unified Agenda. The complete 
Unified Agenda 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. Because publication in 
the Federal Register is mandated for the regulatory flexibility agenda 
required by the Regulatory Flexibility Act (5 U.S.C. 602), Treasury's 
printed agenda entries include only:
    (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.
    Printing of these entries 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. In addition, for fall 
editions of the Agenda, the entire Regulatory Plan will continue to be 
printed in the Federal Register, as in past years.
    The semiannual agenda and The Regulatory Plan of the Department of 
the Treasury conform to the Unified Agenda format developed by the 
Regulatory Information Service Center (RISC).

    Dated: September 9, 2011.
Brian J. Sonfield,
Deputy Assistant General Counsel for General Law and Regulation.

         Financial Crimes Enforcement Network--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
425.......................  Amendment to the Bank              1506-AB07
                             Secrecy Act Regulations--
                             Definitions and Other
                             Regulations Relating to
                             Prepaid Access.
------------------------------------------------------------------------


              Internal Revenue Service--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
426.......................  Return Preparer Competency         1545-BK24
                             Examination User Fee.
427.......................  Special Rules Under the            1545-BK54
                             Additional Medicare Tax.
------------------------------------------------------------------------


               Internal Revenue Service--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
428.......................  Indoor Tanning Services;           1545-BJ40
                             Cosmetic Services Excise
                             Taxes.
429.......................  Modification of Treasury           1545-BK27
                             Regulations Pursuant to
                             Section 939A of the Dodd-
                             Frank Wall Street Reform
                             and Consumer Protection
                             Act (Section 610 Review).
------------------------------------------------------------------------


               Internal Revenue Service--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
430.......................  User Fees Relating to              1545-BJ65
                             Enrolled Agents and
                             Enrolled Retirement Plan
                             Agents.
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[[Page 7999]]

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Completed Actions

425. 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 
crimes.
    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 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.
    Completed:

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               Reason                    Date            FR Cite
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Final Action........................   07/29/11  76 FR 45403
Final Action Effective..............   09/27/11  .......................
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elizabeth Baltierra, Phone: 703 905-5132, Email: 
[email protected].
    Koko (Nettie) Ives, Phone: 202 354-6014, Email: 
[email protected].
    RIN: 1506-AB07
BILLING CODE 4830-01-P

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Proposed Rule Stage

426.  Return Preparer Competency Examination User Fee

    Legal Authority: 26 U.S.C. 7805; 31 U.S.C. 9701
    Abstract: This regulatory action proposes to establish a user fee 
to take the registered tax return preparer competency examination and a 
user fee to be fingerprinted based upon participation in the preparer 
tax identification number, acceptance agents, or authorized e-file 
provider 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, 
Email: [email protected].
    RIN: 1545-BK24

427.  Special Rules Under the Additional Medicare Tax

    Legal Authority: 26 U.S.C. 3101; 26 U.S.C. 3102; 26 U.S.C. 6402; 26 
U.S.C. 1401; 26 U.S.C. 6011; 26 U.S.C. 6205; 26 U.S.C. 6413; 26 U.S.C. 
3111; 26 U.S.C. 3121; 26 U.S.C. 7805
    Abstract: Proposed amendments of sections 31.3101, 31.3102, 
31.3111, 31.3121, 1.1401, 31.6205, 31.6011, 31.6205, 31.6402, and 
31.6413 of the Employment Tax Regulations provide guidance for 
employers and employees relating to the implementation of the 
Additional Medicare Tax, as enacted by the Affordable Care Act, and 
correction procedures for errors related to the Additional Medicare 
Tax.
    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: Sydney L. Gernstein, Attorney-Advisor, Department 
of the Treasury, Internal Revenue Service, 1111 Constitution Avenue 
NW., Room 4311, Washington, DC 20224, Phone: 202 622-8473, Fax: 202 
622-5697, Email: [email protected].

[[Page 8000]]

    Ligeia M. Donis, General Attorney, Department of the Treasury, 
Internal Revenue Service, 1111 Constitution Avenue NW., Room 4312, 
Washington, DC 20224, Phone: 202 622-0047, Fax: 202 622-5697, Email: 
[email protected].
    RIN: 1545-BK54

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Final Rule Stage

428. Indoor Tanning Services; Cosmetic Services Excise Taxes

    Legal Authority: 26 U.S.C. 6302(c); 26 U.S.C. 5000B; 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
------------------------------------------------------------------------
NPRM................................   06/15/10  75 FR 33740
NPRM Comment Period End.............   09/13/10  .......................
Public Hearing--10/11/2011..........   03/03/11  76 FR 76677
Outlines of Topics Due..............   09/28/11  .......................
Final Action........................   06/00/12  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Michael H. Beker, Attorney, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW., Room 
5314, Washington, DC 20224, Phone: 202 622-3130, Fax: 202 622-4537, 
Email: [email protected].
    RIN: 1545-BJ40

429.  Modification of Treasury Regulations Pursuant to Section 
939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Section 610 Review)

    Legal Authority: 26 U.S.C. 7805
    Abstract: The proposed regulations modify Treasury regulations to 
remove any reference to, or requirements of reliance on, credit ratings 
in such regulations and substitute in their place other standards of 
creditworthiness that the Treasury determines to be appropriate for 
such regulations.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/06/11  76 FR 39341
NPRM Comment Period End.............   08/30/11  .......................
Final Action........................   06/00/12  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: No.
    Agency Contact: Arturo Estrada, Attorney-Advisor, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW., 
Washington, DC 20224, Phone: 202 622-3900.
    RIN: 1545-BK27

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Completed Actions

430. User Fees Relating to Enrolled Agents and Enrolled Retirement Plan 
Agents

    Legal Authority: 31 U.S.C. 9701
    Abstract: These proposed regulations update and separate the user 
fees regarding enrolled agents and enrolled retirement plan agents. 
These regulations also impose user fees to take the competency 
examination to become a registered tax return preparer and to provide 
continuing education programs.
    Completed:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
Final Action Completed by TD 9523...   04/19/11  76 FR 21805
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Emily M. Lesniak, Phone: 202 622-4570, Fax: 202 
622-4500, Email: [email protected].
    RIN: 1545-BJ65

[FR Doc. 2012-1654 Filed 2-10-12; 8:45 am]
BILLING CODE 4830-01-P