Bank Secrecy Act Regulations—Definitions and Other Regulations Relating to Prepaid Access

• 2. Section 14.100 is amended by
     revising paragraph (c)(15) to read as follows:
     § 14.100 List of standing advisory committees.

(c) * * *
(15) Medical Imaging Drugs Advisory Committee. (i) Date established: May 18, 2011. (ii) Function: Reviews and evaluates data concerning the safety and effectiveness of marketed and investigational human drug products for use in diagnostic and therapeutic procedures using radioactive pharmaceuticals and contrast media used in diagnostic radiology.

Dated: July 22, 2011.
David Dorsey,
Acting Deputy Commissioner for Policy, Planning and Budget. [FR Doc. 2011–19064 Filed 7–28–11; 8:45 am] BILLING CODE 4160–01–P PENSION BENEFIT GUARANTY CORPORATION 29 CFR Part 4011 RIN 1212–AB12 Disclosure to Participants AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This final rule removes PBGC’s regulation on Disclosure to Participants. The regulation is obsolete as a result of the Pension Protection Act of 2006. Prior to the effective date of the statutory change, section 4011 of ERISA required certain underfunded plans to notify participants of plan funding status and the limits on the Pension Benefit Guaranty Corporation’s guarantee. The Pension Protection Act of 2006 repealed section 4011 for plan years beginning after 2006 and replaced the disclosure requirement under that
section with a disclosure requirement
under Title I of ERISA. This rule is consistent with Executive Order 13563 on Improving Regulation and Regulatory Review. DATES: Effective Date: July 29, 2011. FOR FURTHER INFORMATION CONTACT:
Catherine B. Klion
(Klion.Catherine@pbgc.gov), Manager, Regulatory and Policy Division, Legislative and Regulatory Department, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005, 202–326–4024. (TTY/TDD users may call the Federal relay service toll￾free at 1–800–877–8339 and ask to be connected to 202–326–4024.) SUPPLEMENTARY INFORMATION: Section 4011 of ERISA requires certain underfunded plans to give an annual notice to participants of plan funding status and the limits on PBGC’s guarantee. PBGC’s implementing regulations are at 29 CFR part 4011.
Section 501 of the Pension Protection
Act of 2006, Public Law 109–280 (2006), repealed section 4011 of ERISA for plan years beginning after 2006 and replaced the disclosure requirement under that
section with a disclosure requirement
under Title I of ERISA (under the jurisdiction of the Department of Labor). On January 22, 2007 (at 72 FR 2615), PBGC amended its regulation part 4011 to reflect that statutory change. Executive Order 13563 on Improving Regulation and Regulatory Review, among other requirements, directs agencies to periodically review regulations to remove those that are obsolete. As a result of that review, PBGC is issuing this final rule to remove
part 4011 from its regulations.
Because this rule simply removes an obsolete regulation as a result of a statutory change, PBGC has determined that notice and public comment on this amendment are unnecessary. Further, for this same reason, PBGC finds good cause for making this final rule effective immediately. The PBGC has determined that this action is not a ‘‘significant regulatory action’’ under the criteria set forth in Executive Order 12866. Because no general notice of proposed rulemaking is required for this rule, the Regulatory Flexibility Act of 1980 does not apply. See 5 U.S.C. 601(2).
PART 4011—[REMOVED]

• For the reasons given above, and
  under the authority of 29 U.S.C. 1311, PBGC amends 29 CFR Chapter XL by removing part 4011. Issued in Washington, DC, this 25th day of July 2011. Joshua Gotbaum, Director, Pension Benefit Guaranty Corporation. [FR Doc. 2011–19182 Filed 7–28–11; 8:45 am] BILLING CODE 7709–01–P DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 31 CFR Parts 1010 and 1022 RIN 1506–AB07 Bank Secrecy Act Regulations— Definitions and Other Regulations Relating to Prepaid Access AGENCY: Financial Crimes Enforcement Network (‘‘FinCEN’’), Treasury. ACTION: Final rule. SUMMARY: FinCEN is issuing this final rule to amend the Bank Secrecy Act (‘‘BSA’’) regulations applicable to Money Services Businesses (‘‘MSB’’) with regard to stored value. More specifically, this final rule amends the regulations by: renaming ‘‘stored value’’ as ‘‘prepaid access’’ and defining that term; deleting the terms ‘‘issuer’’ and ‘‘redeemer’’ of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access, and, additionally, a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. These changes address regulatory gaps that have resulted from the proliferation of prepaid innovations over the last twelve years and their increasing use as an accepted payment method. DATES: Effective Date: This rule is effective September 27, 2011. Compliance Date: The compliance date for 31 CFR 1022.380 is January 29, 2012. FOR FURTHER INFORMATION CONTACT:
  FinCEN, Regulatory Policy and Programs Division at (800) 949–2732 and select Option 1. SUPPLEMENTARY INFORMATION:
  I. Statutory and Regulatory Background
  A. In General
  The BSA, Titles I and II of Public Law 91–508, as amended, codified at 12 U.S.C. 1829b and 1951–1959, and 31 U.S.C. 5311–5314 and 5316–5332, authorizes the Secretary of the Treasury (the ‘‘Secretary’’) to issue regulations requiring financial institutions to keep records and file reports that the Secretary determines ‘‘have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, or in the conduct of intelligence or counterintelligence matters, including analysis to protect against international