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Regulatory Changes for Ocean Transportation Intermediaries Get More Time for Comments

Thursday, July 18, 2013
Sandler, Travis & Rosenberg Trade Report

The Federal Maritime Commission has extended from July 31 to Aug. 30 the deadline for public comments on a number of potential changes to its regulations on the licensing, financial responsibility requirements and duties of ocean transportation intermediaries. These changes include electronic filing of all license applications and registration forms, a clarification to the requirement for three years of OTI experience for a license, a requirement for licensed foreign-based NVOCCs to establish a U.S. presence, additional reasons an OTI license may be revoked or suspended, increased financial responsibility levels, and recordkeeping. The FMC states that these revisions are intended to adapt to changing industry conditions, improve regulatory effectiveness, improve transparency, streamline processes and reduce regulatory burdens.

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