Parkland Management Company, L.L.C.; Notice of Application, 10155-10156 [E5-826]
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Federal Register / Vol. 70, No. 40 / Wednesday, March 2, 2005 / Notices
Dated at Rockville, Maryland, this 23rd day
of February 2005.
For the Nuclear Regulatory Commission.
Brenda Jo. Shelton,
NRC Clearance Officer, Office of the Chief
Information Officer.
[FR Doc. 05–3979 Filed 3–1–05; 8:45 am]
Jamey Basham, Branch Chief, at (202)
942–0719 (Division of Investment
Management, Office of Investment
Adviser Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained for a fee at the SEC’s
Public Reference Branch.
BILLING CODE 7590–01–P
Applicant’s Representations
Internet electronic mail to
INFOCOLLECTS@NRC.GOV.
1. Applicant was organized as an
Ohio corporation in 1987 by the H.R.H.
SECURITIES AND EXCHANGE
Family Trust (the ‘‘Trust’’), which
COMMISSION
owned all of Applicant’s outstanding
[Rel. No. IA–2362/803–179]
stock. The Trust beneficiaries were
certain members of the Harry R. Horvitz
Parkland Management Company,
and Lois U. Horvitz family. In 1998,
L.L.C.; Notice of Application
Applicant was reorganized as a single
member Ohio limited liability company,
February 24, 2005.
and in January 2003, ownership was
AGENCY: Securities and Exchange
transferred equally to the three children
Commission (‘‘SEC’’); Notice of
of Harry R. Horvitz and Lois U. Horvitz.
Application.
2. Applicant operates as the ‘‘family
ACTION: Notice of Application for
office’’ for Lois U. Horvitz and (i) the
Exemption under the Investment
lineal descendants of Lois and her nowAdvisers Act of 1940 (‘‘Advisers Act’’).
deceased husband Harry R. Horvitz, (ii)
Applicant: Parkland Management
the spouses of those lineal descendants,
Company, L.L.C. (‘‘Applicant’’).
(iii) the sister of one such spouse and
Relevant Advisers Act Sections:
(iv) the mother and two children of that
Exemption requested under section
sister (collectively the ‘‘Family’’). In
202(a)(11)(F) from section 202(a)(11).
addition to the Family, Applicant’s
Summary of Application: Applicant
other clients consist of (i) trusts,
requests an order declaring it to be a
partnerships, limited liability
person not within the intent of section
companies, corporations, and other
202(a)(11), which defines the term
entities that both (A) are wholly-owned
‘‘investment adviser.’’
or controlled by members of the Family
Filing Dates: The application was
and (B) were created either for the sole
filed on December 4, 2003 and amended benefit of Family members or for the
on June 28, 2004, September 8, 2004,
benefit of both Family members and
and January 18, 2005.
charitable organizations and (ii)
Hearing or Notification of Hearing: An foundations created by members of the
order granting the application will be
Family (collectively ‘‘Clients’’).
issued unless the SEC orders a hearing.
3. Applicant represents that the
Interested persons may request a
‘‘family office’’ services it provides to
hearing by writing to the SEC’s
Clients include: developing asset
Secretary and serving Applicant with a
allocation strategies; serving as the
copy of the request, personally or by
general partner to three partnerships
mail. Hearing requests should be
wholly owned by the Family, which
received by the SEC by 5:30 p.m. on
hold investments in private equity
March 21, 2005 and should be
funds and hedge funds managed by
accompanied by proof of service on
third parties; recommending investment
Applicant, in the form of an affidavit or, advisers and monitoring and
for lawyers, a certificate of service.
recommending termination of such
Hearing requests should state the nature advisers; managing cash; preparing
of the writer’s interest, the reason for the financial and tax reports; developing tax
request, and the issues contested.
planning strategies; implementing estate
Persons may request notification of a
planning activities; bill paying; travel
hearing by writing to the SEC’s
planning; household staff supervision
Secretary.
and payroll administration; and
ADDRESSES: Secretary, SEC, 450 Fifth
administering grant and scholarship
Street, NW., Washington, DC 20549.
programs for foundations established by
Applicant, Parkland Management
the Family.
Company, L.L.C., c/o Leo Krulitz, 1001
4. Applicant represents that the fees it
Lakeside Avenue, Suite 900, Cleveland, receives have not generated, and are not
Ohio 44114.
intended to generate, a profit for
Applicant. Applicant represents that its
FOR FURTHER INFORMATION CONTACT:
fees are structured so that fees it
Daniel S. Kahl, Senior Counsel, or
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15:00 Mar 01, 2005
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10155
receives from Clients only cover its
direct costs and overhead costs.
5. Applicant represents that it does
not hold itself out to the public as an
investment adviser. Applicant
represents that it is not listed in any
local telephone book as an investment
adviser and is listed in the building
directory merely by its name, which
does not connote investment advisory
activities. Applicant represents that it
does not engage in any advertising,
attend any investment managementrelated conferences as a vendor, or
conduct any marketing activities
whatsoever.
6. Applicant represents that it has no
public retail or institutional clients, and
has never solicited, and does not plan
to solicit or accept clients from the retail
or institutional investing public.
Applicant further represents that its sole
purpose is to serve as a ‘‘family office’’
for the Family, and at no time will it
seek or accept investment advisory
clients other than Clients.
Applicant’s Legal Analysis
1. Section 202(a)(11) of the Advisers
Act defines the term ‘‘investment
adviser’’ to mean any person who, for
compensation, engages in the business
of advising others, either directly or
through publications or writings, as to
the value of securities or as to the
advisability of investing in, purchasing,
or selling securities, or who, for
compensation and as part of a regular
business, issues or promulgates analyses
or reports concerning securities . . . .’’
Section 202(a)(11)(F) of the Advisers
Act authorizes the SEC to exclude from
the definition of ‘‘investment adviser’’
persons that are not within the intent of
section 202(a)(11).
2. Section 203(a) of the Advisers Act
requires investment advisers to register
with the SEC. Section 203(b) of the
Advisers Act provides exemptions from
this registration requirement.
3. Applicant asserts that it does not
qualify for any of the exemptions
provided by section 203(b). Applicant
also asserts that it is not prohibited from
registering with the SEC under Section
203A(a) because it has assets under
management of not less than
$25,000,000.
4. Applicant requests that the SEC
declare it to be a person not within the
intent of section 202(a)(11). Applicant
states that there is no public interest in
requiring it to be registered under the
Advisers Act. Applicant states that it is
a private organization that was formed
to be the ‘‘family office’’ for the Family.
Applicant represents that all of its
clients are either members of the Family
or are entities created by or for the
E:\FR\FM\02MRN1.SGM
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10156
Federal Register / Vol. 70, No. 40 / Wednesday, March 2, 2005 / Notices
benefit of the Family. Applicant states
that it has no public clients in the sense
of retail or institutional investors, and
that it has no plans to solicit or accept
clients from the retail or institutional
public. Applicant also states that it does
not hold itself out to the public as an
investment adviser, does not engage in
any advertising, or attend investment
management-related conferences as a
vendor or conduct any marketing
activities. Applicant asserts that serving
as the ‘‘family office’’ for the Family has
been, is, and will continue to be the sole
purpose for its existence and operation.
For the SEC, by the Division of Investment
Management, under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–826 Filed 3–1–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. IC–26775; 812–13168]
Boston Safe Advisors, Inc., et al.;
Notice of Application and Temporary
Order
February 24, 2005.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Temporary order and notice of
application for a permanent order under
section 9(c) of the Investment Company
Act of 1940 (‘‘Act’’).
AGENCY:
Summary of Application: Applicants
have received a temporary order
exempting them and other companies of
which CIBC Mellon Trust Company
(‘‘CIBC Mellon’’) is or becomes an
affiliated person (‘‘Covered Persons’’)
from section 9(a) of the Act with respect
to a securities-related injunction entered
against CIBC Mellon on February 24,
2005 by the U.S. District Court for
District of Columbia (the ‘‘Injunction’’)
until the Commission takes final action
on an application for a permanent order.
Applicants also have applied for a
permanent order with respect to the
Injunction.
Applicants: Boston Safe Advisors,
Inc., The Boston Company Asset
Management LLC, Dreyfus Service
Corporation (‘‘Dreyfus Service’’), The
Dreyfus Corporation, Founders Asset
Management LLC, Franklin Portfolio
Associates LLC, Mellon Capital
Management Corporation, Mellon
Equity Associates LLP, Mellon Funds
Distributor, L.P. (‘‘Mellon Funds’’),
Newton Capital Management Limited,
Pareto Partners and Standish Mellon
Asset Management Company LLC
VerDate jul<14>2003
15:00 Mar 01, 2005
Jkt 205001
(together, ‘‘Applicants,’’ included in the
term Covered Persons).
Filing Date: The application was filed
on February 17, 2005.
Hearing or Notification of Hearing: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
Applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on March 21, 2005, and
should be accompanied by proof of
service on Applicants, in the form of an
affidavit, or for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, Commission, 450
Fifth Street, NW., Washington, DC
20549–0609. Applicants, Mellon
Financial Corporation, One Mellon
Center, 500 Grant Center, Pittsburgh,
Pennsylvania 15258–0001.
FOR FURTHER INFORMATION, CONTACT:
Shannon Conaty, Attorney-Adviser, or
Todd F. Kuehl, Branch Chief, at (202)
551–6809 (Division of Investment
Management, Office of Investment
Company Regulation).
SUPPLEMENTARY INFORMATION: The
following is a temporary order and a
summary of the application for a
permanent order. The complete
application may be obtained for a fee at
the Commission’s Public Reference
Branch, 450 Fifth Street, NW.,
Washington, DC 20549–0102 (telephone
(202) 942–8090).
Applicants’ Representations
1. CIBC Mellon, a Canadian
corporation, is engaged in the business
of providing transfer agent and
corporate trust services. Applicants
(other than Dreyfus Service and Mellon
Funds) serve as investment adviser or
sub-adviser for one or more registered
investment companies (‘‘Funds’’).
Dreyfus Service and Mellon Funds act
as the depositor or principal
underwriter for certain Funds.
2. On February 24, 2005, the U.S.
District Court for the District of
Columbia entered the Injunction against
CIBC Mellon in a matter brought by the
Commission.1 The Commission alleged
in the complaint (‘‘Complaint’’) that
CIBC Mellon violated sections 5(a)(1)
1 Securities and Exchange Commission v. CIBC
Mellon Trust Company, 1:05CV0333 (D.D.C., filed
February 24, 2005) (the ‘‘Action’’).
PO 00000
Frm 00086
Fmt 4703
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and (2) of the Securities Act of 1933,
sections 10(b), 15(a) and 17A of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) and rule 10b–5 under
the Exchange Act. The Complaint
alleged that CIBC Mellon participated in
a fraudulent scheme to promote,
distribute and sell the stock of a now
defunct Canadian telecommunications
company by supplying the perpetrators
of the scheme with a virtually limitless
supply of purportedly ‘‘free trading’’
stock and that CIBC Mellon failed to
register with the Commission as a
transfer agent and as a broker-dealer.
The Injunction enjoined CIBC Mellon,
its agents, servants, employees,
attorneys and all persons in active
concert or in participation with them
from violating the provisions of the
federal securities laws cited in the
Complaint. Without admitting or
denying the allegations in the
Complaint, CIBC Mellon consented to
the entry of the Injunction as well as the
payment of disgorgement and penalties
and other equitable relief.
Applicants’ Legal Analysis
Section 9(a)(2) of the Act, in relevant
part, prohibits a person who has been
enjoined from engaging in or continuing
any conduct or practice in connection
with the purchase or sale of a security
from acting, among other things, as an
investment adviser or depositor of any
registered investment company or a
principal underwriter for any registered
open-end investment company,
registered UIT or registered face-amount
certificate company. Section 9(a)(3) of
the Act makes the prohibition in section
9(a)(2) applicable to a company, any
affiliated person of which has been
disqualified under the provisions of
section 9(a)(2). Section 2(a)(3) of the Act
defines ‘‘affiliated person’’ to include
any person directly or indirectly
controlling, controlled by, or under
common control with, the other person.
Applicants state that CIBC Mellon is an
affiliated person of the Applicants
within the meaning of section 2(a)(3) of
the Act. Applicants state that the entry
of the Injunction would result in
Applicants being subject to the
disqualification provisions of section
9(a) of the Act.
1. Section 9(c) of the Act provides that
the Commission shall grant an
application for exemption from the
disqualification provisions of section
9(a) if it is established that these
provisions, as applied to Applicants, are
unduly or disproportionately severe or
that Applicants’ conduct has been such
as not to make it against the public
interest or the protection of investors to
grant the application. Applicants have
E:\FR\FM\02MRN1.SGM
02MRN1
]]>Agencies
[Federal Register Volume 70, Number 40 (Wednesday, March 2, 2005)]
[Notices]
[Pages 10155-10156]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-826]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IA-2362/803-179]
Parkland Management Company, L.L.C.; Notice of Application
February 24, 2005.
AGENCY: Securities and Exchange Commission (``SEC''); Notice of
Application.
ACTION: Notice of Application for Exemption under the Investment
Advisers Act of 1940 (``Advisers Act'').
-----------------------------------------------------------------------
Applicant: Parkland Management Company, L.L.C. (``Applicant'').
Relevant Advisers Act Sections: Exemption requested under section
202(a)(11)(F) from section 202(a)(11).
Summary of Application: Applicant requests an order declaring it to
be a person not within the intent of section 202(a)(11), which defines
the term ``investment adviser.''
Filing Dates: The application was filed on December 4, 2003 and
amended on June 28, 2004, September 8, 2004, and January 18, 2005.
Hearing or Notification of Hearing: An order granting the
application will be issued unless the SEC orders a hearing. Interested
persons may request a hearing by writing to the SEC's Secretary and
serving Applicant with a copy of the request, personally or by mail.
Hearing requests should be received by the SEC by 5:30 p.m. on March
21, 2005 and should be accompanied by proof of service on Applicant, in
the form of an affidavit or, for lawyers, a certificate of service.
Hearing requests should state the nature of the writer's interest, the
reason for the request, and the issues contested. Persons may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street, NW., Washington, DC 20549.
Applicant, Parkland Management Company, L.L.C., c/o Leo Krulitz, 1001
Lakeside Avenue, Suite 900, Cleveland, Ohio 44114.
FOR FURTHER INFORMATION CONTACT: Daniel S. Kahl, Senior Counsel, or
Jamey Basham, Branch Chief, at (202) 942-0719 (Division of Investment
Management, Office of Investment Adviser Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant was organized as an Ohio corporation in 1987 by the
H.R.H. Family Trust (the ``Trust''), which owned all of Applicant's
outstanding stock. The Trust beneficiaries were certain members of the
Harry R. Horvitz and Lois U. Horvitz family. In 1998, Applicant was
reorganized as a single member Ohio limited liability company, and in
January 2003, ownership was transferred equally to the three children
of Harry R. Horvitz and Lois U. Horvitz.
2. Applicant operates as the ``family office'' for Lois U. Horvitz
and (i) the lineal descendants of Lois and her now-deceased husband
Harry R. Horvitz, (ii) the spouses of those lineal descendants, (iii)
the sister of one such spouse and (iv) the mother and two children of
that sister (collectively the ``Family''). In addition to the Family,
Applicant's other clients consist of (i) trusts, partnerships, limited
liability companies, corporations, and other entities that both (A) are
wholly-owned or controlled by members of the Family and (B) were
created either for the sole benefit of Family members or for the
benefit of both Family members and charitable organizations and (ii)
foundations created by members of the Family (collectively
``Clients'').
3. Applicant represents that the ``family office'' services it
provides to Clients include: developing asset allocation strategies;
serving as the general partner to three partnerships wholly owned by
the Family, which hold investments in private equity funds and hedge
funds managed by third parties; recommending investment advisers and
monitoring and recommending termination of such advisers; managing
cash; preparing financial and tax reports; developing tax planning
strategies; implementing estate planning activities; bill paying;
travel planning; household staff supervision and payroll
administration; and administering grant and scholarship programs for
foundations established by the Family.
4. Applicant represents that the fees it receives have not
generated, and are not intended to generate, a profit for Applicant.
Applicant represents that its fees are structured so that fees it
receives from Clients only cover its direct costs and overhead costs.
5. Applicant represents that it does not hold itself out to the
public as an investment adviser. Applicant represents that it is not
listed in any local telephone book as an investment adviser and is
listed in the building directory merely by its name, which does not
connote investment advisory activities. Applicant represents that it
does not engage in any advertising, attend any investment management-
related conferences as a vendor, or conduct any marketing activities
whatsoever.
6. Applicant represents that it has no public retail or
institutional clients, and has never solicited, and does not plan to
solicit or accept clients from the retail or institutional investing
public. Applicant further represents that its sole purpose is to serve
as a ``family office'' for the Family, and at no time will it seek or
accept investment advisory clients other than Clients.
Applicant's Legal Analysis
1. Section 202(a)(11) of the Advisers Act defines the term
``investment adviser'' to mean any person who, for compensation,
engages in the business of advising others, either directly or through
publications or writings, as to the value of securities or as to the
advisability of investing in, purchasing, or selling securities, or
who, for compensation and as part of a regular business, issues or
promulgates analyses or reports concerning securities . . . .'' Section
202(a)(11)(F) of the Advisers Act authorizes the SEC to exclude from
the definition of ``investment adviser'' persons that are not within
the intent of section 202(a)(11).
2. Section 203(a) of the Advisers Act requires investment advisers
to register with the SEC. Section 203(b) of the Advisers Act provides
exemptions from this registration requirement.
3. Applicant asserts that it does not qualify for any of the
exemptions provided by section 203(b). Applicant also asserts that it
is not prohibited from registering with the SEC under Section 203A(a)
because it has assets under management of not less than $25,000,000.
4. Applicant requests that the SEC declare it to be a person not
within the intent of section 202(a)(11). Applicant states that there is
no public interest in requiring it to be registered under the Advisers
Act. Applicant states that it is a private organization that was formed
to be the ``family office'' for the Family. Applicant represents that
all of its clients are either members of the Family or are entities
created by or for the
[[Page 10156]]
benefit of the Family. Applicant states that it has no public clients
in the sense of retail or institutional investors, and that it has no
plans to solicit or accept clients from the retail or institutional
public. Applicant also states that it does not hold itself out to the
public as an investment adviser, does not engage in any advertising, or
attend investment management-related conferences as a vendor or conduct
any marketing activities. Applicant asserts that serving as the
``family office'' for the Family has been, is, and will continue to be
the sole purpose for its existence and operation.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-826 Filed 3-1-05; 8:45 am]
BILLING CODE 8010-01-P
