November 04, 2015
FMC Announces Final Rule to Amend OTI Regulations
The Federal Maritime Commission voted on October 21, 2015 to issue a Final Rule on ocean transportation intermediary (OTI) licensing and financial responsibility requirements. It also directed staff to create an advanced notice of rulemaking concerning contracts and NVOCC Service arrangements.
According to the FMC press release:
“OTI Rules Updated:
Under the new rules, OTIs will be required to renew licenses every three years through a convenient on-line portal beginning in late 2016, and an expedited hearing process will be provided for license denials, revocations, or suspensions. Revision to the OTI rules was first proposed in May of 2013 in an advance notice of proposed rulemaking, and then in October 2014 a proposed rule was issued by the Commission. The Commission received extensive comment from the industry throughout the process.”
The effective dates for the Final Rule has not yet been announced, but the Commission advised the assignment of license expiration dates and renewal processes will be phased out starting in late 2016.