Minimum Cost Requirement Permitting the Transfer of Excess

Official source: Federal Register (GovInfo) (https://www.govinfo.gov/content/pkg/FR-2001-08-07/pdf/01-19787.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

Federal Register / Vol. 66, No. 152 / Tuesday, August 7, 2001 / Rules and Regulations 41133

amended by the Commodity Futures Modernization Act of 2000, Appendix E of Pub. L. No. 106–554, 114 Stat. 2763 (2000).

Section 1.32 is revised to read as follows:

§ 1.32 Segregated account; daily computation and record.

(a) Each futures commission merchant must compute as of the close of each business day:

(1) The total amount of customer funds on deposit in segregated accounts on behalf of commodity and option customers;

(2) the amount of such customer funds required by the Act and these regulations to be on deposit in segregated accounts on behalf of such commodity and option customers; and

(3) the amount of the futures commission merchant’s residual interest in such customer funds.

(b) In computing the amount of funds required to be in segregated accounts, a futures commission merchant may offset any net deficit in a particular customer’s account against the current market value of readily marketable securities, less applicable percentage deductions ( i.e., ‘‘securities haircuts’’) as set forth in Rule 15c3–1(c)(2)(vi) of the Securities and Exchange Commission (17 CFR 241.15c3–1(c)(2)(vi)), held for the same customer’s account. The futures commission merchant must maintain a security interest in the securities, including a written authorization to liquidate the securities at the futures commission merchant’s discretion, and must segregate the securities in a safekeeping account with a bank, trust company, clearing organization of a contract market, or another futures commission merchant. For purposes of this section, a security will be considered readily marketable if it is traded on a ‘‘ready market’’ as defined in Rule 15c3–1(c)(11)(i) of the Securities and Exchange Commission (17 CFR 240.15c3–1(c)(11)(i)). (c) The daily computations required by this section must be completed by the futures commission merchant prior to noon on the next business day and must be kept, together with all supporting data, in accordance with the requirements of § 1.31.

Issued in Washington, DC on August 1, 2001 by the Commission. Jean A. Webb, Secretary of the Commission.

[FR Doc. 01–19722 Filed 8–6–01; 8:45 am]

BILLING CODE 6351–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8948]

RIN 1545–AY43

Minimum Cost Requirement Permitting the Transfer of Excess Assets of a Defined Benefit Pension Plan to a Retiree Health Account; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to final regulations that were published in the Federal Register on Tuesday, June 19, 2001 (66 FR 32897) relating to the minimum cost requirement under section 420, which permits the transfer of excess assets of a defined benefit pension plan to a retiree health account.

Background

The final regulations that are the subject of these corrections are under section 420 of the Internal Revenue Code.

Need for Correction

As published, the final regulations contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8948), that were the subject of FR Doc. 01–15255, is corrected as follows:

On page 32900, column 1, amendatory instruction Paragraph 1., lines 2 and 3, the language ‘‘for part 1 continues to read in part as follows:’’ is corrected to read ‘‘for part 1 is amended by adding a new entry in numerical order to read in part as follows:’’.
On page 32900, column 1, the authority citation is corrected to read as follows:

Authority: 26 U.S.C. 7805 * -

§ 1.420–1 also issued under 26 U.S.C. 420(c)(3)(E). LaNita Van Dyke, Acting, Chief, Regulations Unit, Associate Chief Counsel (Income Tax and Accounting).

[FR Doc. 01–19787 Filed 8–6–01; 8:45 am]

BILLING CODE 4830–01–P

DATES: This correction is effective June 19, 2001.

FOR FURTHER INFORMATION CONTACT: Janet A. Laufer or Vernon S. Carter, (202) 622–6060 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 301

[TD 8961]

RIN 1545–BA04

Modification of Tax Shelter Rules II

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Temporary regulations.

SUMMARY: These temporary regulations modify the rules relating to the requirement that certain corporate taxpayers file a statement with their Federal corporate income tax returns under section 6011(a) and the registration of confidential corporate tax shelters under section 6111(d). These regulations provide the public with additional guidance needed to comply with the disclosure rules under section 6011(a), the registration requirement under section 6111(d), and the list maintenance requirement under section 6112 applicable to tax shelters. The temporary regulations affect corporations participating in certain reportable transactions, persons responsible for registering confidential corporate tax shelters, and organizers of potentially abusive tax shelters. The text of these temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section of this issue of the Federal Register .

DATES: Effective Date: These temporary regulations are effective August 2, 2001.

Background

This document amends 26 CFR parts 1 and 301 to provide modified rules relating to the disclosure of certain reportable transactions by corporate investors on their Federal corporate income tax returns under section 6011 and the registration of confidential corporate tax shelters under section 6111. On February 28, 2000, the IRS issued temporary and proposed regulations regarding section 6011 (TD 8877, REG– 103735–00), section 6111 (TD 8876, REG–110311–98), and section 6112 (TD 8875, REG–103736–00) (collectively, the February regulations). The February

Applicability Date: For dates of applicability, see § 1.6011–4T(g) and § 301.6111–2T(h).

FOR FURTHER INFORMATION CONTACT: Danielle M. Grimm (202) 622–3080 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

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