Risdon International, Danbury, CT; Notice of Termination of Investigation, 51685 [E7-17745]
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ebenthall on PRODPC61 with NOTICES
Federal Register / Vol. 72, No. 174 / Monday, September 10, 2007 / Notices
144A offering uses an offering
memorandum rather than a prospectus
that is filed with the SEC. The
marketing process is substantially
similar, except that the selling efforts
are limited to contacting QIBs and there
are no general solicitations for buyers
(e.g., no general advertising). In
addition, contracts for sale may be
entered into with investors and
securities may be priced before a selling
agreement is executed (and this is
typically the case with respect to sales
of asset-backed securities). Further,
generally, there are no non-manager
members in a Rule 144A selling
syndicate. The Applicants nonetheless
request that the proposed exemption
extend to authorization for situations
where a Merrill Lynch/BlackRock
Related Broker-Dealer acts as manager
or as a member.
43. The proposed exemption is
administratively feasible. In this regard,
compliance with the terms and
conditions of the proposed exemption
will be verifiable and subject to audit.
44. The Applicants represent that the
proposed exemption is in the interest of
participants and beneficiaries of Client
Plans that engage in the covered
transactions. In this regard, it is
represented that the proposed
exemption will greatly increase the
investment opportunities and will
reduce administrative costs for Client
Plans.
Further, the Applicants represent that
the proposed exemption is protective of
the rights of participants and
beneficiaries of affected Client Plans. In
this regard, the notification provisions
and other requirements in the proposed
exemption are similar to the conditions
set forth in other exemptions published
by the Department in similar
circumstances.
45. In summary, it is represented that
the proposed transactions meet the
statutory criteria for an exemption
under Section 408(a) of the Act and
Section 4975(c)(2) of the Code because:
(a) The Client Plans will gain access to
desirable investment opportunities; (b)
in each offering, an Asset Manager will
purchase the securities for its Client
Plans from an underwriter or brokerdealer other than a Merrill Lynch/
BlackRock Related Entity; (c) conditions
of the proposed exemption will restrict
the types of securities that may be
purchased, the types of underwriting or
selling syndicates and issuers involved,
and the price and timing of the
purchases; (d) the amount of securities
that an Asset Manager may purchase on
behalf of Client Plans will be subject to
percentage limitations; (e) a Merrill
Lynch/BlackRock Related Broker-Dealer
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will not be permitted to receive, either
directly, indirectly or through
designation, any selling concession with
respect to the securities sold to an Asset
Manager on behalf of an account of a
Client Plan; (f) prior to any purchase of
securities, an Asset Manager will make
the required disclosures to an
Independent Fiduciary of each Client
Plan and obtain authorization in
accordance with the procedures in the
proposed exemption; (g) an Asset
Manager will provide regular reporting
to an Independent Fiduciary of each
Client Plan with respect to all securities
purchased pursuant to the proposed
exemption, if granted; (h) each Client
Plan will be subject to net asset
requirements, with certain exceptions
for Pooled Funds; and (i) an Asset
Manager must have total assets under
management in excess of $5 billion and
shareholders’ or partners’ equity in
excess of $1 million, in addition to
qualifying as a QPAM, pursuant to Part
V(a) of PTE 84–14.
FOR FURTHER INFORMATION CONTACT:
Angelena C. LeBlanc of the Department,
telephone (202) 693–8540. (This is not
a toll-free number).
General Information
The attention of interested persons is
directed to the following:
(1) The fact that a transaction is the
subject of an exemption under section
408(a) of the Act and/or section
4975(c)(2) of the Code does not relieve
a fiduciary or other party in interest or
disqualified person from certain other
provisions of the Act and/or the Code,
including any prohibited transaction
provisions to which the exemption does
not apply and the general fiduciary
responsibility provisions of section 404
of the Act, which, among other things,
require a fiduciary to discharge his
duties respecting the plan solely in the
interest of the participants and
beneficiaries of the plan and in a
prudent fashion in accordance with
section 404(a)(1)(b) of the Act; nor does
it affect the requirement of section
401(a) of the Code that the plan must
operate for the exclusive benefit of the
employees of the employer maintaining
the plan and their beneficiaries;
(2) Before an exemption may be
granted under section 408(a) of the Act
and/or section 4975(c)(2) of the Code,
the Department must find that the
exemption is administratively feasible,
in the interests of the plan and of its
participants and beneficiaries, and
protective of the rights of participants
and beneficiaries of the plan;
(3) The proposed exemptions, if
granted, will be supplemental to, and
not in derogation of, any other
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51685
provisions of the Act and/or the Code,
including statutory or administrative
exemptions and transitional rules.
Furthermore, the fact that a transaction
is subject to an administrative or
statutory exemption is not dispositive of
whether the transaction is in fact a
prohibited transaction; and
(4) The proposed exemptions, if
granted, will be subject to the express
condition that the material facts and
representations contained in each
application are true and complete, and
that each application accurately
describes all material terms of the
transaction which is the subject of the
exemption.
Signed at Washington, DC, this 30th day of
August, 2007.
Ivan Strasfeld,
Director of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. E7–17676 Filed 9–7–07; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employment and Training
Administration
[TA–W–61,744]
Risdon International, Danbury, CT;
Notice of Termination of Investigation
Pursuant to section 221 of the Trade
Act of 1974, as amended, an
investigation was initiated on June 25,
2007 in response to a worker petition
filed by the Connecticut Department of
Labor on behalf of workers at Risdon
International, Danbury, Connecticut.
The petitioning group of workers is
covered by an active certification (TA–
W–61,785A) which expires on August
28, 2009. Consequently, further
investigation in this case would serve
no purpose, and the investigation has
been terminated.
Signed at Washington, DC this 28th day of
August 2007.
Linda G. Poole,
Certifying Officer, Division of Trade
Adjustment Assistance.
[FR Doc. E7–17745 Filed 9–7–07; 8:45 am]
BILLING CODE 4510–FN–P
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[Federal Register Volume 72, Number 174 (Monday, September 10, 2007)]
[Notices]
[Page 51685]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-17745]
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DEPARTMENT OF LABOR
Employment and Training Administration
[TA-W-61,744]
Risdon International, Danbury, CT; Notice of Termination of
Investigation
Pursuant to section 221 of the Trade Act of 1974, as amended, an
investigation was initiated on June 25, 2007 in response to a worker
petition filed by the Connecticut Department of Labor on behalf of
workers at Risdon International, Danbury, Connecticut.
The petitioning group of workers is covered by an active
certification (TA-W-61,785A) which expires on August 28, 2009.
Consequently, further investigation in this case would serve no
purpose, and the investigation has been terminated.
Signed at Washington, DC this 28th day of August 2007.
Linda G. Poole,
Certifying Officer, Division of Trade Adjustment Assistance.
[FR Doc. E7-17745 Filed 9-7-07; 8:45 am]
BILLING CODE 4510-FN-P
