You can operate B16.5 flanges down to -155° F MDMT per ASME Section VIII Div 1 if the conditions are right. However, there other materials that may be better suited for such cold service. In any case, the following rules apply:
UCS-66(c) specifies that B16.5/ & B16.47 flanges are exempt from impact testing when used at MDMT no colder than -20° F.
UCS-66(b)(1)(b) specifies that Fig UCS-66.1 (Reduction in MDMT without impact testing) "may also be used for components not stressed in general primary membrane tensile stress, such as flat heads, covers, tubesheets, and flanges (including bolts and nuts). The MDMT of these components without impact testing as determined in UCS-66(a) or (c) may be reduced as determined from Fig UCS-66.2."
Figure UCS-66.2 is a flow chart illustrating "UCS-66 Rules for Determining Lowest MDMT Without Impact Testing".
Thus the temperature reduction curve of Fig. UCS-66.1 can be applied to standard flanges to obtain ratings colder than -20° F. Per UCS-66(b)(2), impact testing is required for MDMT colder than -55° except as per UCS-66(b)(3) (exempts from impact testing down to -155° F if the coincident ratio is 0.35 or less...see UCS-66(b)(1)(b) for coincident ratio for flanges) and UCS-68(c) (a 30° F bonus reduction if nonmandatory PWHT has been performed).
To sum up this confusing set of rules: if there is some headroom between the design pressure and the flange pressure rating, then the MDMT rating can go down to -55° F without impact testing. If the "headroom" is sufficiently large, then the MDMT rating can go down to -155° F.