Coast Guard Seeks Comments on Mechanisms of Compliance With U.S. Citizenship Requirements for Owners of Vessels Engaging in Restricted Trades by Publicly Traded Companies
Under existing statutes, at least 75 percent of the ownership of vessels eligible to engage in the coastwise or fisheries trades must be vested in U.S. citizens. The Coast Guard is seeking comments and information on the various mechanisms that publicly traded companies use to assure compliance with the citizenship requirement.
The Coast Guard noted that the process for determining the citizenship relies on self-certification. The Coast Guard therefore deems the burden of proof to fall on the company to establish its qualifications when evidence of possible noncompliance is found.
Although the Coast Guard may use information obtained in response to the notice (PDF) to inform future rulemakings, it is not presently developing a new or revised regulation on this subject.
