[Federal Register Volume 81, Number 111 (Thursday, June 9, 2016)]
[Proposed Rules]
[Pages 37366-37367]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12914]



[[Page 37365]]

Vol. 81

Thursday,

No. 111

June 9, 2016

Part XV





Department of the Treasury





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Semiannual Regulatory Agenda

  Federal Register / Vol. 81 , No. 111 / Thursday, June 9, 2016 / 
Unified Agenda  

[[Page 37366]]


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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 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 includes 
regulations that the Department has issued or expects to issue and 
rules currently in effect that are under departmental or bureau review.
    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 available 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).

 Brian J. Sonfield,
Deputy Assistant General Counsel for General Law and Regulation.

         Financial Crimes Enforcement Network--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
223.......................  Financial Crimes                   1506-AB25
                             Enforcement Network:
                             Customer Due Diligence
                             Requirements for
                             Financial Institutions.
------------------------------------------------------------------------


              Customs Revenue Function--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
224.......................  Mandated use of the                1515-AE06
                             Automated Commercial
                             Environment for
                             Submission of
                             International Trade Data
                             System Agency Information
                             Accompanying Electronic
                             Entry/Entry Summary
                             (Cargo Release and
                             Related Entry).
------------------------------------------------------------------------


              Internal Revenue Service--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
225.......................  Deemed Distributions Under         1545-BN07
                             Section 305(c) of Stock
                             and Rights to Acquire
                             Stock.
------------------------------------------------------------------------


               Internal Revenue Service--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
226.......................  Issue Price Definition for         1545-BM46
                             Tax-Exempt Bonds.
------------------------------------------------------------------------


DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Completed Actions

223. Financial Crimes Enforcement Network: Customer Due Diligence 
Requirements for Financial Institutions

    Legal Authority: 31 U.S.C. 5311 to 5314; 12 U.S.C. 1829(b)
    Abstract: The Financial Crimes Enforcement Network (FinCEN), after 
consulting with staff from various Federal supervisory authorities, is 
proposing rules under the Bank Secrecy Act to clarify and strengthen 
customer due diligence requirements for: (i) Banks; (ii) brokers or 
dealers in securities; (iii) mutual funds; and (iv) futures commission 
merchants and introducing brokers in commodities. The proposed rules 
would contain explicit customer due diligence requirements and would 
include a new requirement to identify beneficial owners of legal entity 
customers, subject to certain exemptions.
    Completed:

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               Reason                    Date            FR Cite
------------------------------------------------------------------------
Final Action........................   05/11/16  81 FR 29398
Final Action Effective..............   05/11/16
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Michael Vallely, Phone: 703 905-3851, Email: 
[email protected].
    RIN: 1506-AB25

BILLING CODE 4810-02-P


[[Page 37367]]



DEPARTMENT OF THE TREASURY (TREAS)

Customs Revenue Function (CUSTOMS)

Proposed Rule Stage

224.  Mandated Use of the Automated Commercial Environment for 
Submission of International Trade Data System Agency Information 
Accompanying Electronic Entry/Entry Summary (Cargo Release and Related 
Entry)

    Legal Authority: Not Yet Determined
    Abstract: This document proposes to amend the U.S. Customs and 
Border Protection (CBP) regulations to reflect new requirements for 
filing in the Automated Commercial Environment (ACE). Pursuant to the 
Security and Accountability for Every (SAFE) Port Act of 2006, CBP 
plans to implement the International Trade Data System (ITDS) by making 
ACE the single window for processing of all entry and entry summary 
data. CBP expects that making ACE the single window for trade 
processing will help CBP eliminate redundant information submissions, 
efficiently regulate the flow of commerce, and effectively enforce laws 
and regulations relating to international trade, as mandated by the 
SAFE Port Act of 2006. To realize the full benefit of the single 
window, CBP proposes new regulations that will require filers 
submitting entry or entry summary data electronically in ACE also to 
file associated ITDS Agency data electronically in ACE, subject to 
limited exceptions. This rule will make each discrete entry or entry 
summary more uniform, as each transaction will be filed entirely in 
electronic format or entirely in paper format. This will enhance the 
ability of the U.S. Government to enforce the legal requirements 
pertaining to those transactions.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/00/16
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Suzanne Kingsbury, Attorney, Regulations Branch, 
Department of the Treasury, Office of Regulations and Rulings, 1300 
Pennsylvania Avenue NW., Washington, DC 20229, Phone: 202 572-8763.
    RIN: 1515-AE06

BILLING CODE 9111-14-P

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Proposed Rule Stage

225.  Deemed Distributions Under Section 305(C) of Stock and 
Rights To Acquire Stock

    Legal Authority: 26 U.S.C. 7805
    Abstract: Provide guidance on the amount and timing of 
distributions under section 305(c) and 305(b), and to clarify that 
deemed distributions caused by changes in conversion ratios are 
considered a distribution of additional rights to acquire the 
underlying stock, and not a distribution of the underlying stock 
itself. Guidance is also provided to withholding agents regarding their 
withholding obligations, and on information reporting for such 
distributions under sections 860G, 861, 1441, 1461, 1471, 1473 and 
6045B.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/13/16  81 FR 21795
NPRM Comment Period End.............   07/12/16
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Maurice LaBrie, Attorney, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Ave. NW., 
Washington, DC 20224, Phone: 202 317-5024.
    RIN: 1545-BN07

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Final Rule Stage

226. Issue Price Definition for Tax-Exempt Bonds

    Legal Authority: 26 U.S.C. 148(i); 26 U.S.C. 7805
    Abstract: The final regulations define issue price for purposes of 
the arbitrage restrictions under section 148 of the Internal Revenue 
Code applicable to tax-exempt bonds and other tax-advantaged bonds.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   06/24/15  80 FR 36301
NPRM Comment Period End.............   09/22/15
Final Action........................   09/00/16
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Lewis Bell, Tax Attorney, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW., 
Washington, DC 20224, Phone: 202 317-4565, Fax: 855 574-9028, Email: 
[email protected].
    RIN: 1545-BM46

[FR Doc. 2016-12914 Filed 6-8-16; 8:45 am]
 BILLING CODE 4810-01-P