Search Results for keywords:"compliance costs"

The Federal Aviation Administration (FAA) has issued a new airworthiness directive (AD) for certain aircraft models from Piper and related corporations. This directive was prompted by reports of rudders breaking due to fatigue and corrosion, which could lead to reduced control during flight. The rule requires replacing rudders made with 1025 carbon steel posts with those made from a more durable 4130N low-alloy steel to ensure the safety of these planes. The directive also has an allowance for alternative methods of compliance (AMOCs) if approved by the FAA, giving some flexibility to aircraft operators.

The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget to extend an existing collection of information under Rule 15c2-12, which involves municipal securities disclosure. This rule requires certain actions from underwriters, like obtaining important financial statements from municipal securities issuers before making transactions, and ensuring that issuers provide ongoing financial information to the Municipal Securities Rulemaking Board. The SEC estimates that it will take hundreds of thousands of hours per year for issuers, broker-dealers, and the MSRB to comply with the rule and that compliance will cost millions of dollars over the next three years. The public can view and comment on this request by early March 2025.

The Food and Drug Administration (FDA) is proposing a new rule to set a maximum nicotine level in cigarettes and other combusted tobacco products. This measure aims to decrease the addictiveness of these products, making it easier for people who want to quit to do so, and to prevent youth from becoming addicted. The rule is expected to benefit public health by reducing the number of individuals who start smoking or continue smoking over time. The proposal could potentially improve health outcomes by reducing the overall harmful effects of tobacco addiction.

In compliance with the Paperwork Reduction Act of 1995, the Federal Energy Regulatory Commission (FERC) is inviting public comments on the FERC-725S information collection regarding Emergency Preparedness and Operations Reliability Standards. This request is part of an effort to revise and improve existing cold weather reliability standards for generators and ensure the Bulk-Power System operates reliably during extreme cold weather events. The proposed changes involve modifications to the requirements for generator cold weather preparedness and corrective action plans. Public comments are due by January 21, 2025, and can be submitted electronically or by mail.

The Federal Aviation Administration (FAA) has issued a new rule that replaces previous directives for certain Airbus SAS airplane models, including the A318, A319, A320, and A321 series. This rule requires operators to update their maintenance or inspection programs to include stricter airworthiness limitations, in order to prevent potential fuel tank explosions. The regulation takes effect on March 21, 2025, and is based on guidelines from the European Union Aviation Safety Agency (EASA). The FAA estimates compliance involves about 90 work-hours per operator.

The Treasury Department and the Internal Revenue Service (IRS) have proposed new regulations that require corporations engaging in specific tax-free separations to report their transactions annually to ensure compliance with tax laws. These rules focus on Section 355 transactions, which involve the tax-free distribution of a corporation’s stock. The new regulations mandate detailed reporting to prevent tax evasion, and this must be done via a new form attached to the corporation's annual tax return over a multi-year period. The proposed changes are intended to help narrow the federal tax gap by improving the IRS's ability to track and address potential noncompliance.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget (OMB) to continue the use of Form N-54C under the Paperwork Reduction Act of 1995. This form allows business development companies to officially notify their withdrawal from being subject to specific regulations. The SEC estimates that around eight companies file this form annually, taking about one hour per submission. The total estimated cost for these filings, including outside professional fees, is about $3,504 annually. The public can view and comment on this information collection online.

The Occupational Safety and Health Administration (OSHA) is seeking public comments on its proposal to extend approval of information collection requirements under the 4, 4'-Methylenedianiline (MDA) in Construction Standard. This rule is vital to ensuring worker safety by protecting them from the harmful effects of MDA, a chemical that can cause cancer and liver and skin diseases. OSHA aims to reduce the burden on employers by minimizing paperwork while maintaining employee safety through exposure monitoring and medical surveillance. Comments are invited until April 21, 2025, and can be submitted electronically or by mail.

The Securities and Exchange Commission (SEC) is requesting public comments on the necessity and impact of its collection of information through Form N-PX, as part of the requirements under the Paperwork Reduction Act. Form N-PX is used by registered management investment companies to report their proxy voting records annually. The SEC estimates that the cost and time burden for filing this form is approximately $17.66 million and 47,984 hours for all affected funds. They invite written comments on ways to improve or reduce the burden of this data collection within 60 days.

The Federal Aviation Administration (FAA) has issued a new final rule that updates and replaces an earlier airworthiness directive from 2017 concerning certain Saab AB Model 340A and 340B airplanes. This new directive introduces more stringent safety requirements following recommendations from the European Union Aviation Safety Agency (EASA). It mandates revising the planes' maintenance or inspection programs to include new airworthiness limitations, especially involving the main landing gear. These updates aim to maintain the structural integrity of the aircraft and ensure ongoing aviation safety.