New regs for Tuesday: Syria chemical weapons determination formalized

Basel III:
The Federal Deposit Insurance Corporation is issuing 963 pages of interim final regulations revising requirements for banks involving capital, risk and disclosures.

The lengthy rule, which is largely in line with regulations put forth by other U.S. financial regulators, is part of the Basel III accord, a global initiative meant to fend off a repeat of the 2008 economic crisis. The new FDIC submission consolidates three rules that were published in the register last year.

Though considered a final rule, the FDIC is seeking public comment on the measures, which are slated to take effect in January.

Iraq ethics:
The Special Inspector General for Iraq Reconstruction (SIGIR) is removing employment restrictions on certain of its employees.

Under regulations issued in 2010, SIGIR employees – with some exceptions – were required to obtain approval before engaging in any outside employment.

However, with the agency’s mission drawing to a close, the regulations are no longer necessary, according to a final rule to take effect at the end of the month.

“The SIGIR is due to terminate its operations on September 30, 2013,” the rule states. “Accordingly, there is no need for this Chapter or any SIGIR regulation in the Code of Federal Regulations (CFR) after that date because SIGIR will not exist and will therefore have no employees subject to this rule.”

Mine safety:
The Mine Safety and Health Administration (MSHA) is issuing a notice summarizing proposals to overhaul 1977 legislation that serves as the basis for the egency’s safety rules.

The proposals, put forth by mining companies in Indiana and West Virginia, include a variety of requests to change standards or allow alternative ways to comply with existing regulations.

Comments on the proposals will be accepted for 30 days, beginning Tuesday.

Sweet corn:

The Federal Crop Insurance Corporation (FCIC) is finalizing regulations for insuring sweet corn crops in the coming years.

The final rule is part of an effort to help protect the industry, and is slated to take effect for 2014 and succeeding crop years.

Drilling safety:
The U.S. Coast Guard is issuing draft rules requiring vessels operating on the outer continental shelf to develop and carry out plans “safety and environmental management system (SEMS)” plans.

An estimated 2,200 foreign and domestic ships involved with drilling efforts are expected to be affected by the proposed regulations.

“The exploration, development, and production of oil and gas on the OCS require the careful coordination of multiple phases of complex activities,” according to the rule.” “As illustrated by the Deepwater Horizon incident on April 20, 2010, the consequences of accidents and mishaps, though infrequent, can be severe.”

Members of the public and interested groups will have 90 days to comment.