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SBA reviewed its processes and procedures for implementing the HUBZone program and determined that several of the regulations governing the program should be amended in order to resolve certain issues that have arisen. The rule constitutes a comprehensive revision of part 126 of SBA's regulations to clarify current HUBZone Program regulations, and implement various new procedures. The amendments make it easier for participants to comply with the program requirements and enables them to maximize the benefits afforded by participation. In developing this rule, SBA focused on the principles of Executive Orders 12866, 13771, and 13563 to determine whether portions of regulations should be modified, streamlined, expanded or repealed to make the HUBZone program more effective and/or less burdensome on small business concerns. At the same time, SBA maintained a framework to help identify and reduce waste, fraud, and abuse in the program.