NOTICES

INDEPENDENT REGULATORY REVIEW COMMISSION

Actions Taken by the Commission

[27 Pa.B. 4879]

   The Independent Regulatory Review Commission met publicly at 11 a.m., Thursday, September 4, 1997, and took the following actions:

Regulations Approved:

   #1832 Pennsylvania Public Utility Commission #57-183: Perfection of Security Interests in Intangible Transition Property (adds Chapter 74 to 52 Pa. Code)

   #1844 Pennsylvania Securities Commission #50-110: Registration of Securities, Broker-Dealers, agents, Investment Advisors and Administration (amends 64 Pa. Code Chapters 102, 202--204, 207, 209, 302, 606 and 609)

   #1751 Environmental Quality Board #7-296: Storage Tank Technical Standards (amends 25 Pa. Code Chapter 245)

   #1644 Environmental Quality Board #7-290: Stream Redesignations, Tinicum et al. (amends the designation of nine streams or stream groups as set forth in 25 Pa. Code Chapter 93)

Commissioners Present:   John R. McGinley, Jr., Chairperson; Robert J. Harbison, III, Vice Chairperson; Alvin C. Bush; Arthur Coccodrilli; John F. Mizner

Public Meeting held
September 4, 1997

Pennsylvania Public Utility Commission-- Perfection of Security Interests in Intangible Transition Property; Doc. No. 57-183

Order

   On April 21, 1997, the Independent Regulatory Review Commission (Commission) received this proposed regulation from the Pennsylvania Public Utility Commission (PUC). This rulemaking would add Chapter 74 to 52 Pa. Code to establish the process for perfection of security interests in intangible transition property. The regulation would also establish filing fees related to perfection of security interests in 52 Pa. Code Chapter 1. The authority for this regulation is found in section 501 of the Public Utility Code (66 Pa.C.S. § 501) and the Electric Generation Choice for Customers of Electric Cooperatives Act (Act 138) (66 Pa.C.S. §§ 2812(d)(1)--(4)). The proposed regulation was published in the May 3, 1997 Pennsylvania Bulletin with a 20-day public comment period. The final-form regulation was submitted to the Commission on August 4, 1997.

   The PUC is required under Act 138 to promulgate regulations governing the perfection of security interests in intangible transition property. The proposed regulation implements this mandate and is intended to guarantee investors that they will have first priority in the money being collected to pay off any transition bonds issued to help the electric utility manage the transition to competition.

   We have reviewed this regulation and find it to be in the public interest. The regulation reflects the requirements of Act 138 by establishing the procedures for perfection of security interests in intangible transition property.

Therefore, It Is Ordered That:

   1.  Regulation No. 57-183 from the Pennsylvania Public Utility Commission, as submitted to the Commission on August 4, 1997, is approved; and

   2.  The Commission will transmit a copy of this Order to the Legislative Reference Bureau.

Commissioners Present:  John R. McGinley, Jr., Chairperson; Robert J. Harbison, III, Vice Chairperson; Alvin C. Bush; Arthur Coccodrilli; John F. Mizner

Public Meeting held
September 4, 1997

Pennsylvania Securities Commission-- Registration of Securities, Broker-Dealers, Agents, Investment Advisors and Administration; Doc. No. 50-110

Order

   On April 24, 1997, the Independent Regulatory Review Commission (Commission) received this proposed regulation from the Pennsylvania Securities Commission (PSC). This rulemaking would amend 64 Pa. Code Chapters 102, 202--204, 207, 209, 302, 606 and 609. The authority for this regulation is 70 P. S. § 1-609(a). The proposed regulation was published in the May 31, 1997 Pennsylvania Bulletin with a 30-day public comment period. The final-form regulation was submitted to the Commission on August 7, 1997.

   The PSC is proposing amendments designed to remove, or significantly diminish, existing regulatory requirements for broker-dealers, or other persons and companies that issue securities. This is accomplished by repealing certain provisions, amending others to eliminate or substantially reduce filing requirements, and by adopting self-executing exemptions. Amendments to exemptions in Chapters 202, 203 and 302 are consistent with national uniform policies developed through the North American Securities Administrators Association.

   We have reviewed this regulation and find it to be in the public interest. The PSC estimates savings to the regulated community of $750,000 per year through a reduction in the number of required filings.

Therefore, It Is Ordered That:

   1.  Regulation No. 50-110 from the Pennsylvania Securities Commission, as submitted to the Commission on August 7, 1997, is approved; and

   2.  The Commission will transmit a copy of this Order to the Legislative Reference Bureau.

Commissioners Present: John R. McGinley, Jr., Chairperson; Robert J. Harbison, III, Vice Chairperson; Alvin C. Bush; Arthur Coccodrilli; John F. Mizner

Public Meeting held
September 4, 1997

Environmental Quality Board-- Storage Tank Technical Standards; Doc. No. 7-296

Order

   On June 11, 1996, the Independent Regulatory Review Commission (Commission) received this proposed regulation from the Environmental Quality Board (EQB). This rulemaking would amend 25 Pa. Code Chapter 245. The authority for this regulation is found in sections 106, 301(a), (b) and (d), 501, 304, 501(b), 504, 1101 and 1102 of the Storage Tank and Spill Prevention Act (Act) (35 P. S. §§ 6021.106, 6021.301(a), (b) and (d), 6021.304, 6021.501 and 501(b), 6021.504, 6021.1101 and 6021.1102)); section 5(b)(1) of The Clean Streams Law (35 P. S. § 691.5(b)(1)); and section 1920-A of The Administrative Code of 1929 (71 P. S. § 510-20). The proposed regulation was published in the June 29, 1996 Pennsylvania Bulletin with a 60-day public comment period. The final-form regulation was submitted to the Commission on August 5, 1997.

   The regulation incorporates the Federal underground storage tank regulations found at 40 CFR Part 280, with minor changes and additions. In addition, the EQB is creating new subchapters establishing a permitting program for storage tanks. The regulation also provides separate technical and operational standards for small and large aboveground storage tanks.

   We have reviewed this regulation and find it to be in the public interest. The regulation is the final major new rulemaking package needed to implement Pennsylvania's storage tank program under the act.

Therefore, It Is Ordered That:

   1.  Regulation No. 7-296 from the Environmental Quality Board, as submitted to the Commission on August 5, 1997, is approved; and

   2.  The Commission will transmit a copy of this Order to the Legislative Reference Bureau.

Commissioners Present:   John R. McGinley, Jr., Chairperson; Robert J. Harbison, III, Vice Chairperson; Alvin C. Bush; Arthur Coccodrilli; John F. Mizner

Public Meeting held
September 4, 1997

Environmental Quality Board-- Stream Redesignations: Tinicum Creek, et al.; Doc. No. 7-290

Order

   On July 25, 1995, the Independent Regulatory Review Commission (Commission) received this proposed regulation from the Environmental Quality Board (EQB). This rulemaking would amend the designation of nine streams or stream groups as set forth in 25 Pa. Code Chapter 93. The authority for this regulation is found in The Clean Streams Law (35 P. S. §§ 691.5(b)(1) and 691.402); section 303 of the Federal Clean Water Act (33 U.S.C.A. § 1313); 40 CFR 131.32, relating to EPA (Environmental Protection Agency) promulgation of water quality standards; and section 1920-A of The Administrative Code of 1929, as amended (71 P. S. § 510-20). The proposed regulation was published in the August 5, 1995 edition of the Pennsylvania Bulletin, with a 60-day public comment period. The final-form regulation was submitted to the Commission on August 5, 1997.

   These amendments would modify Chapter 93 to reflect the recommended redesignation of the following streams: Tinicum Creek (Bucks County); Unami Creek (Montgomery County); Little Fishing Creek (Columbia County); Lick Run (Columbia County); Finley Run (Cameron County); Pine Creek (Tioga County); Letort Spring Run (Cumberland County); Shirley Run (Crawford County); and Sideling Hill Creek (Fulton County). The current designation of Lofty Creek (Schuylkill County), while reexamined, remains unchanged.

   We have reviewed this regulation and find it to be in the public interest. The amendments will provide increased protection for those streams which possess environmental features that merit additional protection under Pennsylvania and Federal law.

Therefore, It Is Ordered That:

   1.  Regulation No. 7-290 from the Environmental Quality Board, as submitted to the Commission on August 5, 1997, is approved; and

   2.  The Commission will transmit a copy of this Order to the Legislative Reference Bureau.

JOHN R. MCGINLEY, Jr.,   
Chairperson

[Pa.B. Doc. No. 97-1513. Filed for public inspection September 19, 1997, 9:00 a.m.]

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