Consistent with Executive and Secretary's orders, ONRR proposes to amend ONRR's Federal oil, gas, and coal valuation regulations and to specify the standard of review for Director-level appeals. This rulemaking also proposes changes that will likely reduce cost and burden to industry and the Federal Government by simplifying regulatory requirements and ultimately incentivize production to unleash energy dominance. ONRR solicits comments on all aspects of this proposed action.

The Department of the Interior (DOI or Department), through the Bureau of Safety and Environmental Enforcement (BSEE), is incorporating by reference a collection of production measurement industry standards and safety industry standards into its regulations governing oil, gas, and sulfur operations on the Outer Continental Shelf (OCS). Incorporation of these documents by reference will provide industry with up-to-date standards for measuring oil and gas production volumes and enhancing safety. Compliance with these standards will reduce uncertainty in the measurement of oil and gas production and update the minimum standards in the safety regulations.

The Securities and Exchange Commission ("Commission") is proposing amendments that are intended to facilitate capital formation in the public securities markets. Specifically, the proposed amendments would make Form S-3 and the ability to conduct shelf offerings available to significantly more issuers, extend certain benefits currently reserved for "well-known seasoned issuers" to a broader set of issuers, and modernize Form S-1 by expanding the ability to incorporate information by reference into that form. The proposed amendments also would make conforming changes to the registration, communication, and offering process for certain business development companies and registered closed-end investment companies that register securities on Form N-2. We also are proposing to amend the communication rules to permit broad-based advertising for certain insurance products. In addition, we are proposing certain other amendments that are intended to modernize certain rules. Finally, to mitigate the costs and complexity of conducting a registered offering, the proposed amendments would preempt State securities law registration and qualification requirements for all registered offerings.