[Federal Register Volume 61, Number 40 (Wednesday, February 28, 1996)]
[Rules and Regulations]
[Page 7428]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4528]
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DEPARTMENT OF TRANSPORTATION
49 CFR Part 1175
[STB Ex Parte No. 535]
Removal of Obsolete Securities Regulations
AGENCY: Surface Transportation Board.
ACTION: Final rule.
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SUMMARY: The Surface Transportation Board (the Board) is removing
obsolete regulations concerning securities from the Code of Federal
Regulations.
EFFECTIVE DATE: January 1, 1996.
FOR FURTHER INFORMATION CONTACT: Beryl Gordon (202) 927-5610. [TDD for
the hearing impaired: (202) 927-5721.]
SUPPLEMENTARY INFORMATION: Effective January 1, 1996, the ICC
Termination Act of 1995, Pub. L. No. 104-88, 109 Stat. 803 (the Act),
abolished the Interstate Commerce Commission (the Commission) and
established within the Department of Transportation the Surface
Transportation Board. Section 204 of the Act provides that ``[t]he
Board shall promptly rescind all regulations established by the
[Commission] that are based on provisions of law repealed and not
substantively reenacted by this Act.'' 49 U.S.C. 11301, the statutory
basis for the part 1175 exempt issuance of securities and assumption of
obligations regulations, has been repealed. We are therefore removing
the now obsolete part 1175 regulations.1 These changes are not
necessarily the final modifications in the regulations resulting from
the elimination of 49 U.S.C. 11301.2
\1\ These regulations were issued in Exemption--Railroad
Regulation Under 49 U.S.C. 11301, 1 I.C.C.2d 915 (1985).
\2\ At this time, we are not removing related matters found in
the regulations concerning user fees (Sec. 1002), the environment
(Sec. 1105.6(c)(2)(ii)), certificates to construct, acquire or
operate railroad lines (Sec. 1150.10(d)), and interlocking officers
(Sec. 1185.2), because we plan to separately address those parts
shortly. Parties may submit other suggested changes to the Code of
Federal Regulation in light of the elimination of Sec. 11301.
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Because this action merely reflects, and is required by, the
enactment of the Act and will not have an adverse effect on the
interests of any person, this action will be deemed to be effective as
of January 1, 1996.
This action will not significantly affect either the quality of the
human environment or the conservation of energy resources.
List of Subjects in 49 CFR Part 1175
Administrative practice and procedure, Railroads, Reporting and
recordkeeping requirements, Securities.
Decided: February 20, 1996.
By the Board, Chairman Morgan, Vice Chairman Simmons, and
Commissioner Owen.
Vernon A. Williams,
Secretary.
For the reasons set forth in the preamble and under the authority
of 49 U.S.C. 721(a), title 49, chapter X of the Code of Federal
Regulations is amended by removing part 1175.
[FR Doc. 96-4528 Filed 2-27-96; 8:45 am]
BILLING CODE 4915-00-P
