[Federal Register Volume 88, Number 143 (Thursday, July 27, 2023)]
[Proposed Rules]
[Pages 48592-48596]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14550]



[[Page 48591]]

Vol. 88

Thursday,

No. 143

July 27, 2023

Part XIV





Department of the Treasury





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Semiannual Regulatory Agenda

  Federal Register / Vol. 88 , No. 143 / Thursday, July 27, 2023 / UA: 
Reg Flex Agenda  

[[Page 48592]]


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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.

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

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).

Michael Briskin,
Deputy Assistant General Counsel for General Law and Regulation.

            Bureau of the Fiscal Service--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
158.......................  Revision of the Federal            1530-AA29
                             Claims Collection
                             Standards (31 CFR Parts
                             900-904) (Section 610
                             Review).
------------------------------------------------------------------------


        Financial Crimes Enforcement Network--Proposed Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
159.......................  Section 6101.                      1506-AB52
                             Establishment of National
                             Exam and Supervision
                             Priorities.
160.......................  Residential Real Estate            1506-AB54
                             Transaction Reports and
                             Records.
161.......................  Revisions to Customer Due          1506-AB60
                             Diligence Requirements
                             for Financial
                             Institutions.
------------------------------------------------------------------------


         Financial Crimes Enforcement Network--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
162.......................  Section 6212. Pilot                1506-AB51
                             Program on Sharing of
                             Information Related to
                             Suspicious Activity
                             Reports Within a
                             Financial Group.
163.......................  Beneficial Ownership               1506-AB59
                             Information Access and
                             Safeguards, and Use of
                             FinCEN Identifiers for
                             Entities.
------------------------------------------------------------------------


         Financial Crimes Enforcement Network--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
164.......................  Amendments to the                  1506-AB36
                             Definition of Broker or
                             Dealer in Securities
                             (Crowd Funding).
165.......................  Clarification of the               1506-AB41
                             Requirement to Collect,
                             Retain, and Transmit
                             Information on
                             Transactions Involving
                             Convertible Virtual
                             Currencies and Digital
                             Assets With Legal Tender
                             Status.
166.......................  Requirements for Certain           1506-AB47
                             Transactions Involving
                             Convertible Virtual
                             Currency or Digital
                             Assets.
167.......................  Section 6110. Bank Secrecy         1506-AB50
                             Act Application to
                             Dealers in Antiquities
                             and Assessment of Bank
                             Secrecy Act Application
                             to Dealers in Arts.
168.......................  Commercial Real Estate             1506-AB61
                             Transaction Reports and
                             Records.
------------------------------------------------------------------------


               Customs Revenue Function--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
169.......................  Enforcement of Copyrights          1515-AE26
                             and the Digital
                             Millennium Copyright Act.
------------------------------------------------------------------------


[[Page 48593]]


               Internal Revenue Service--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
170.......................  Guidance on the                    1545-BO91
                             Elimination of Interbank
                             Offered Rates.
171.......................  MEPs and the Unified Plan          1545-BO97
                             Rule.
------------------------------------------------------------------------


               Internal Revenue Service--Completed Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
172.......................  Information Reporting of           1545-BQ11
                             Health Insurance Coverage
                             and Other Issues Under
                             Sections 6055 and 6056.
------------------------------------------------------------------------

DEPARTMENT OF THE TREASURY (TREAS)

Bureau of the Fiscal Service (FISCAL)

Proposed Rule Stage

158.  Revision of the Federal Claims Collection Standards (31 
CFR Parts 900-904) (Section 610 Review) [1530-AA29]

    Legal Authority: 31 U.S.C. 3711
    Abstract: The Department of Justice jointly with the Department of 
the Treasury will revise the Federal Claims Collection Standards to 
address statutory changes and to improve clarity of existing 
regulations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: No.
    Agency Contact: Michelle Cordeiro, Senior Counsel, Department of 
the Treasury, Bureau of the Fiscal Service, 401 14th Street SW, 
Washington, DC 20227, Phone: 202 874-6680, Email: 
[email protected].
    RIN: 1530-AA29

BILLING CODE 4810-AS-P

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Proposed Rule Stage

159. Section 6101. Establishment of National Exam and Supervision 
Priorities [1506-AB52]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking 
(NPRM) as part of the establishment of national exam and supervision 
priorities. The proposed rule implements Section 6101(b) of the Anti-
Money Laundering Act of 2020 (AML Act), enacted into law as part of the 
National Defense Authorization Act for Fiscal Year 2021 (NDAA), that 
requires the Secretary of the Treasury (Secretary) to issue and 
promulgate rules for financial institutions to carry out the 
government-wide anti-money laundering and countering the financing of 
terrorism priorities (AML/CFT Priorities). The proposed rule: (i) 
incorporates a risk assessment requirement for financial institutions; 
(ii) requires financial institutions to incorporate AML/CFT Priorities 
into risk-based programs; and (iii) provides for certain technical 
changes. Once finalized, this proposed rule will affect all financial 
institutions subject to regulations under the Bank Secrecy Act and have 
AML/CFT program obligations.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/00/23
NPRM Comment Period End.............   02/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB52

160. Residential Real Estate Transaction Reports and Records [1506-
AB54]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking 
(NPRM) to address money laundering threats in the U.S. residential real 
estate sector.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   12/08/21  86 FR 69589
ANPRM Comment Period End............   02/07/22
NPRM................................   08/00/23
NPRM Comment Period End.............   10/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB54

161. Revisions to Customer Due Diligence Requirements for Financial 
Institutions [1506-AB60]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue an NPRM entitled Revisions to 
Customer Due Diligence Requirements for Financial Institutions, 
relating to Section 6403(d) of the Corporate Transparency Act (CTA). 
The CTA was enacted into law as part of the National Defense 
Authorization Act for Fiscal Year 2021 (NDAA). Section 6403(d) of the 
CTA requires FinCEN to revise its customer due diligence (CDD) 
requirements for financial institutions to account for the changes 
created by the two other rulemakings FinCEN is required to issue 
pursuant to the CTA. With regard to the first required rulemaking, 
FinCEN issued a final rule entitled ``Beneficial Ownership Information 
Reporting Requirements'' (BOI reporting rule). The second required 
rulemaking relates to access by authorized recipients to beneficial 
ownership information (BOI) that will be reported to FinCEN and the use 
of FinCEN identifiers. FinCEN previously issued an ANPRM entitled 
Beneficial Ownership Information Reporting Requirements on April 5, 
2021, that solicited comments on a wide range of

[[Page 48594]]

questions that concerned all three rulemakings. FinCEN also previously 
issued a Notice of Proposed Rulemaking with the same title on December 
8, 2021 (BOI Reporting NPRM) that addressed only the first of the three 
rulemakings, but the comments FinCEN received related to all three 
subjects. The proposed rule reflects FinCEN's consideration of public 
comments that have been received in response to the ANPRM and BOI 
Reporting NPRM. The CTA requires that the revisions to the CDD 
requirements be finalized within one year after the effective date of 
the BOI reporting rule.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   11/00/23
NPRM Comment Period End.............   01/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB60

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Final Rule Stage

162. Section 6212. Pilot Program on Sharing of Information Related to 
Suspicious Activity Reports Within a Financial Group [1506-AB51]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a Final Rule in order to 
implement Section 6212 of the Anti-Money Laundering Act of 2020 (the 
AML Act). This section amends the Bank Secrecy Act (31 U.S.C. 5318(g)) 
to establish a pilot program that permits financial institutions to 
share suspicious activity report (SAR) information with their foreign 
branches, subsidiaries, and affiliates for the purpose of combating 
illicit finance risks. The section further requires the Secretary of 
the Treasury to issue rules to implement the amendment within one year 
of enactment of the AML Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   01/25/22  87 FR 3719
NPRM Comment Period End.............   03/28/22
Final Rule..........................   11/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB51

163. Beneficial Ownership Information Access and Safeguards, and Use of 
FinCEN Identifiers for Entities [1506-AB59]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a final rule entitled Beneficial 
Ownership Information Access and Safeguards, and Use of FinCEN 
Identifiers for Entities. The proposed regulations will establish 
protocols to protect the security and confidentiality of the beneficial 
ownership information (BOI) that will be reported to FinCEN pursuant to 
Section 6403 of the Corporate Transparency Act (CTA), and will 
establish the framework for authorized recipients' access to the BOI 
reported. The final rule will also specify when and how reporting 
companies can use FinCEN identifiers to report the BOI of entities. The 
CTA was enacted into law as part of the National Defense Authorization 
Act for Fiscal Year 2021 (NDAA). This rule is the second of three 
rulemakings FinCEN is required to issue under the CTA. With regard to 
the first required rulemaking, FinCEN issued a final rule entitled 
``Beneficial Ownership Information Reporting Requirements'' (BOI 
reporting rule).
    The third required rulemaking will revise the customer due 
diligence (CDD) requirements for financial institutions. FinCEN 
previously issued an Advance Notice of Proposed Rulemaking (ANPRM) 
entitled Beneficial Ownership Information Reporting Requirements on 
April 5, 2021, that solicited comments on a wide range of questions 
that concerned all three rulemakings. FinCEN also previously issued a 
Notice of Proposed Rulemaking with the same title on December 8, 2021 
(BOI Reporting NPRM) that addressed only the first of the three 
rulemakings, but the comments FinCEN received related to all three 
subjects. This rule reflects FinCEN's consideration of public comments 
that have been received in response to the ANPRM and BOI Reporting 
NPRM, as well as to the NPRM for Beneficial Ownership Information 
Access and Safeguards.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/16/22  87 FR 77404
NPRM Comment Period End.............   02/14/23
Final Action........................   09/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB59

DEPARTMENT OF THE TREASURY (TREAS)

Financial Crimes Enforcement Network (FINCEN)

Long-Term Actions

164. Amendments to the Definition of Broker or Dealer in Securities 
(Crowd Funding) [1506-AB36]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5332
    Abstract: FinCEN is finalizing amendments to the regulatory 
definitions of ``broker or dealer in securities'' under the regulations 
implementing the Bank Secrecy Act. The changes are intended to expand 
the current scope of the definitions to include funding portals 
involved in the offering or selling of securities through crowdfunding 
pursuant to section 4(a)(6) of the Securities Act of 1933. In addition, 
these amendments would require funding portals to implement policies 
and procedures reasonably designed to achieve compliance with all of 
the Bank Secrecy Act requirements that are currently applicable to 
brokers or dealers in securities. The rule to require these 
organizations to comply with the Bank Secrecy Act regulations is 
intended to help prevent money laundering, terrorist financing, and 
other financial crimes.

    Note:  This is not a new requirement; it replaces RINs 1506-AB24 
and 1506-AB29.

    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   04/04/16  81 FR 19086

[[Page 48595]]

 
NPRM Comment Period End.............   06/03/16
                                     -----------------------------------
Final Action........................           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
    RIN: 1506-AB36

165. Clarification of the Requirement To Collect, Retain, and Transmit 
Information on Transactions Involving Convertible Virtual Currencies 
and Digital Assets With Legal Tender Status [1506-AB41]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: The Board of Governors of the Federal Reserve System and 
FinCEN (collectively, the ``Agencies'') intend to issue a revised 
proposal to clarify the meaning of ``money'' as used in the rules 
implementing the Bank Secrecy Act requiring financial institutions to 
collect, retain, and transmit information on certain funds transfers 
and transmittals of funds. The Agencies intend that the revised 
proposal will ensure that the rules apply to domestic and cross-border 
transactions involving convertible virtual currency, which is a medium 
of exchange (such as cryptocurrency) that either has an equivalent 
value as currency, or acts as a substitute for currency, but lacks 
legal tender status. The Agencies further intend that the revised 
proposal will clarify that these rules apply to domestic and cross-
border transactions involving digital assets that have legal tender 
status.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/27/20  85 FR 68005
NPRM Comment Period End.............   11/27/20
Second NPRM.........................   06/00/24
Second NPRM Comment Period End......   08/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
    RIN: 1506-AB41

166. Requirements for Certain Transactions Involving Convertible 
Virtual Currency or Digital Assets [1506-AB47]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN is amending the regulations implementing the Bank 
Secrecy Act (BSA) to require banks and money service businesses (MSBs) 
to submit reports, keep records, and verify the identity of customers 
in relation to transactions involving convertible virtual currency 
(CVC) or digital assets with legal tender status (``legal tender 
digital assets'' or ``LTDA'') held in unhosted wallets, or held in 
wallets hosted in a jurisdiction identified by FinCEN.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   12/23/20  85 FR 83840
NPRM Comment Period End.............   01/04/21
Final Action........................   06/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
    RIN: 1506-AB47

167. Section 6110. Bank Secrecy Act Application to Dealers in 
Antiquities and Assessment of Bank Secrecy Act Application to Dealers 
in Arts [1506-AB50]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking 
to implement Section 6110 of the Anti-Money Laundering Act of 2020 (the 
AML Act). This section amends the Bank Secrecy Act (31 U.S.C. 
5312(a)(2)) to include as a financial institution a person engaged in 
the trade of antiquities, including an advisor, consultant, or any 
other person who engages as a business in the solicitation or the sale 
of antiquities, subject to regulations prescribed by the Secretary of 
the Treasury. The section further requires the Secretary of the 
Treasury to issue proposed rules to implement the amendment within 360 
days of enactment of the AML Act.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   09/24/21  86 FR 53021
ANPRM Comment Period End............   10/25/21
                                     -----------------------------------
NPRM................................           To Be Determined
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Phone: 800 767-
2825, Email: [email protected].
    RIN: 1506-AB50

168.  Commercial Real Estate Transaction Reports And Records 
[1506-AB61]

    Legal Authority: 12 U.S.C. 1829b; 12 U.S.C. 1951 to 1960; 31 U.S.C. 
5311 to 5314; 31 U.S.C. 5316 to 5336
    Abstract: FinCEN intends to issue a Notice of Proposed Rulemaking 
(NPRM) to address money laundering threats in the U.S. commercial real 
estate sector.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   09/00/24
NPRM Comment Period End.............   11/00/24
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: FinCEN Regulatory Support Section, Department of 
the Treasury, Financial Crimes Enforcement Network, P.O. Box 39, 
Vienna, VA 22183, Phone: 800 767-2825, Email: [email protected].
    RIN: 1506-AB61

BILLING CODE 4810-02-P

DEPARTMENT OF THE TREASURY (TREAS)

Customs Revenue Function (CUSTOMS)

Final Rule Stage

169. Enforcement of Copyrights and the Digital Millennium Copyright Act 
[1515-AE26]

    Legal Authority: Title III of the Trade Facilitation and Trade 
Enforcement Act of 2015 (Pub. L. 114-125); 19 U.S.C. 1595a(c)(2)(G); 19 
U.S.C. 1624
    Abstract: This rule amends the U.S. Customs and Border Protection 
(CBP) regulations pertaining to importations of merchandise that 
violate or are suspected of violating the copyright laws in accordance 
with title III of the Trade Facilitation and Trade Enforcement Act of 
2015 (TFTEA) and certain provisions of the Digital Millennium Copyright 
Act (DMCA).
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/16/19  84 FR 55251

[[Page 48596]]

 
NPRM Comment Period End.............   12/16/19
Final Rule..........................   07/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Alaina Van Horn, Chief, Intellectual Property 
Enforcement Branch, Department of the Treasury, Customs Revenue 
Function, 1331 Pennsylvania Avenue NW, Washington, DC 20229, Phone: 202 
325-0083, Email: [email protected].
    RIN: 1515-AE26

BILLING CODE 9111-14-P

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Final Rule Stage

170. Guidance on the Elimination of Interbank Offered Rates [1545-BO91]

    Legal Authority: 26 U.S.C. 882c and 7805; 26 U.S.C. 7805
    Abstract: The final regulations will provide guidance on the tax 
consequences of the phased elimination of interbank offered rates 
(IBORs) that is underway in the United States and many foreign 
countries. Taxpayers have requested guidance that addresses the 
transition from IBOR to other reference rates and the determination of 
the interest expense deduction of a foreign corporation.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   10/09/19  84 FR 54068
NPRM Comment Period End.............   11/25/19
Final Action (TD 9961)..............   01/04/22  87 FR 166
Final Action Effective..............   03/07/22
Final Action........................   06/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Caleb Trimm, Attorney, Department of the Treasury, 
Internal Revenue Service, 1111 Constitution Avenue NW, Room 4579, 
Washington, DC 20224, Phone: 202 317-6002, Fax: 855 589-8672, Email: 
[email protected].
    RIN: 1545-BO91

171. MEPs and the Unified Plan Rule [1545-BO97]

    Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 413
    Abstract: These proposed regulations provide guidance relating to 
the tax qualification of multiple employer plans (MEPs) described in 
section 413(e) of the Internal Revenue Code (Code). The proposed 
regulations would provide an exception, if certain requirements are 
met, to the application of the ``unified plan rule'' for section 413(e) 
MEPs in the event of a failure by one or more participating employers 
to take actions required of them to satisfy the requirements of section 
401(a) or 408 of the Code. The regulations affect participants in MEPs, 
MEP sponsors and administrators, and employers maintaining MEPs.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   07/03/19  84 FR 31777
NPRM Comment Period End.............   10/01/19
Second NPRM.........................   03/28/22  87 FR 17225
Second NPRM Comment Period End......   05/27/22
Final Action........................   06/00/23
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Jamie Dvoretzky, Attorney, Department of the 
Treasury, Internal Revenue Service, 1111 Constitution Avenue NW, 
Washington, DC 20224, Phone: 202 317-4836, Fax: 885 605-5282, Email: 
[email protected].
    RIN: 1545-BO97

DEPARTMENT OF THE TREASURY (TREAS)

Internal Revenue Service (IRS)

Completed Actions

172. Information Reporting of Health Insurance Coverage and Other 
Issues Under Sections 6055 and 6056 [1545-BQ11]

    Legal Authority: 26 U.S.C. 7805; 26 U.S.C. 5000A; 26 U.S.C. 6056
    Abstract: These regulations revise notice and filing requirements 
under sections 6055 and 6056 of the Internal Revenue Code. The 
regulations are needed to provide health coverage reporters an 
extension of time in which to furnish certain statements and an 
alternative manner of allowing certain health coverage reporters to 
provide information to covered individuals. These regulations also 
provide that the term ``minimum essential coverage'', as that term is 
defined in health insurance-related tax laws, does not include Medicaid 
coverage limited to COVID-19 testing and diagnostic services provided 
pursuant to the Families First Coronavirus Response Act.
    Completed:

------------------------------------------------------------------------
               Reason                    Date            FR Cite
------------------------------------------------------------------------
Final Action: TD 7790...............   12/15/22  87 FR 76569
Final Action Effective..............   12/15/22
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Gerald Semasek, Phone: 202 317-7006, Fax: 855 576-
2339, Email: [email protected].
    RIN: 1545-BQ11

[FR Doc. 2023-14550 Filed 7-26-23; 8:45 am]
BILLING CODE 4810-01-P