Search Results for keywords:"exemptions"

The Board of Governors of the Federal Reserve System has proposed a rule to change how Suspicious Activity Reports (SARs) are filed by certain financial institutions, like state member banks and bank holding companies. The rule aims to allow for exemptions from these requirements to help banks more effectively meet Bank Secrecy Act requirements, potentially leading to innovative ways to tackle financial crime. The Board will coordinate with FinCEN on exemption requests and is seeking public comments on the proposal until February 22, 2021. The proposal emphasizes that these exemptions won't relieve institutions from complying with FinCEN’s SAR regulations.

The Environmental Protection Agency (EPA) has finalized a rule to address health risks posed by trichloroethylene (TCE) under the Toxic Substances Control Act. The rule includes prohibitions on the manufacture, processing, distribution, and use of TCE across various industrial and commercial applications, with certain phase-outs and exemptions focusing on critical uses such as in lead-acid battery separators and essential aerospace operations. All consumer uses of TCE are prohibited, and strict workplace controls are mandated for remaining uses until prohibition is fully implemented. These measures aim to eliminate the unreasonable health risks associated with TCE exposure, while providing time for affected industries to transition to safer alternatives.

The National Credit Union Administration (NCUA) Board is proposing a rule change that would allow federally insured credit unions to request exemptions from certain requirements for filing Suspicious Activity Reports (SARs). This rule is aimed at providing relief to credit unions that develop innovative ways to comply with the Bank Secrecy Act while ensuring safe and sound practices. The proposal includes a 30-day comment period for public feedback and outlines that exemptions may be granted conditionally or unconditionally after consulting with relevant agencies. This change aims to support financial institutions in using new technologies and approaches for monitoring and reporting financial crimes.

The Department of Health and Human Services (HHS) has issued a final rule regarding the "NIH Police Records" system, which contains law enforcement records maintained by the National Institutes of Health (NIH) Police Division. This rule establishes exemptions from certain requirements of the Privacy Act, allowing the NIH to withhold access to specific investigatory records to protect law enforcement procedures and sources. The exemptions apply to both criminal and non-criminal investigatory materials to prevent interference with ongoing investigations and safeguard the integrity of investigatory techniques. The rule is set to become effective on February 18, 2025, and it has been determined that it will not have significant economic impacts on small entities or impose significant expenses on state or local governments.

The U.S. Department of Energy is implementing a new rule that exempts certain records from the Privacy Act of 1974 because those records contain classified information. This new system, known as DOE-85, involves research, technology, and economic security reviews and aims to manage risks related to national security and foreign policy. The rule is effective January 16, 2025, and is tailored to protect classified information while allowing DOE to coordinate effectively with other agencies. Despite public concerns, the DOE maintains that these exemptions are necessary and do not violate laws like the Freedom of Information Act.

The Agricultural Marketing Service of the Department of Agriculture has finalized a rule making clarifying changes to the Paper and Paper-Based Packaging Promotion, Research, and Information Order. These changes update definitions and processes such as nominations, voting methods for Board meetings, financial reporting, and when exemptions can be requested, to better align with current industry practices. The updates also address how partnerships are recognized and clarify the obligations for paying assessments. Despite some mixed feedback during the public comment period, the rule aims to reduce confusion and improve fairness in the paper and paper-based packaging industry.

The Federal Energy Regulatory Commission (FERC) is proposing to approve new reliability standards related to frequency and voltage settings, known as PRC-024-4 and PRC-029-1. These standards, submitted by the North American Electric Reliability Corporation (NERC), aim to ensure that electric generators and other inverter-based resources (IBRs) can handle changes in electrical disturbances without shutting down unexpectedly. FERC is seeking public comments on the proposal and plans to direct NERC to provide detailed information on any granted exemptions, especially for older equipment that can't easily meet the new requirements. Comments on this proposal are due by March 24, 2025.

The Environmental Protection Agency (EPA) is proposing updates to the fees charged under the Toxic Substances Control Act (TSCA) for fiscal years 2022 to 2024. This proposal aims to adjust existing fees and introduce new fee categories to ensure the fees offset a portion of the costs of the EPA's responsibilities under TSCA. New exemptions are also proposed for certain manufacturers to reduce the burden on smaller entities and those engaged in specific activities, like research and development. EPA seeks to redistribute the fees more equitably among manufacturers based on production volume, aiming to refine the fee process from previous implementations and ensure industries that contribute to chemical manufacturing support EPA's oversight and evaluation efforts.

The Social Security Administration (SSA) has finalized changes to its Freedom of Information Act (FOIA) regulations to align with the FOIA Improvement Act of 2016. These updates aim to make procedures for accessing information more accessible and clearly outlined for public understanding. The new rule reorganizes SSA's FOIA guidelines, clarifies terms like "commercial interest," and provides extensive details on processing requests, fees, and exemptions. The SSA hopes these changes will improve transparency and efficiency for both the agency and the public.

The Securities and Exchange Commission (SEC) has announced a notice regarding an application for exemptions from certain provisions of the Investment Company Act of 1940. The applicants, Strategas Securities, LLC and Strategas Trust, seek permission for unit investment trusts (UITs) to impose deferred sales charges and offer exchange and rollover options to unitholders, among other requests. They also ask for relief from requirements related to net worth and capital gains distributions, arguing it's necessary to facilitate their investment strategies. Interested parties may request a hearing on the matter by March 15, 2021.