FMC Issues Final Rule on OTI Licensing

The Federal Maritime Commission released its final rule amending new ocean transportation intermediary (OTI) licensing and financial responsibility requirements (here). Under the new regulations, OTIs will be required to renew their licenses every three years through an on-line portal beginning in late 2016. The final rule, most of which will be effective Dec. 9, also provides for an expedited hearing process for license denials, revocations, or suspensions.