SSE Telecom, Inc., Strategic Alliance Group, Inc., (n/k/a CruiseCam International, Inc.), Stratasec, Inc., Superfly Advertising, Inc. (f/k/a Morlex, Inc.), SVI Media, Inc., Symons International Group, Inc., Synergy Renewable Resources, Inc., and Syntech International, Inc. (n/k/a Avalon Technology Group, Inc.); Order of Suspension of Trading, 36455-36456 [2010-15585]
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Federal Register / Vol. 75, No. 122 / Friday, June 25, 2010 / Notices
Contracts where a 9% Credit was
applied, Applicants will recapture only
an amount equal to 6.5% of the
purchase payment to which the 9%
Credit related. Applicants represent that
no withdrawal charge will be deducted
in any instance where a Credit is
recaptured.
4. The amounts recaptured equal the
Credit provided by each Insurance
Company from its own general account
assets. Applicants argue that when
Insurance Company recaptures the
Credit, it is merely retrieving its own
assets, and the owner has not been
deprived of a proportionate share of the
Account’s assets, because his or her
interest in the Credit amount has not
vested. With respect to a Credit
recaptured upon the exercise of the freelook privilege, it would be unfair to
allow an owner exercising that privilege
to retain the Credit under a Contract that
has been returned for a refund after a
period of only a few days. If Insurance
Company could not recapture the Credit
during the free look period, individuals
could purchase a Contract with no
intention of retaining it, and simply
return it for a quick profit. Applicants
also note that the Contract owner is
entitled to retain any investment gain
attributable to the Credit, even if the
Credit is ultimately recaptured.
Furthermore, the recapture of the Credit
if death or a medically-related surrender
occurs within 12 months after receipt of
a Credit is designed to provide the
Insurance Company with a measure of
protection against ‘‘anti-selection.’’ The
risk here is that an owner, with full
knowledge of impending death or
serious illness, will make very large
payments and thereby leave the
Insurance Company less time to recover
the cost of the Credit, to the Insurance
Company’s financial detriment.
5. The recapture of a Credit could be
viewed as involving the redemption of
redeemable securities for a price other
than one based on the current net asset
value of an Account. The recapture of
the Credit does not involve either of the
evils that Rule 22c–1 was intended to
address, namely: (i) The dilution of the
value of outstanding redeemable
securities of registered investment
companies through their sale at a price
below net asset value or redemption or
repurchase at a price above it; and
(ii) other unfair results, including
speculative trading practices.
Applicants assert that the proposed
recapture of the Credit does not pose a
threat of dilution. To effect a recapture
of a Credit, interests in an owner’s
account will be redeemed at a price
determined on the basis of the current
net asset value. The amount recaptured
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16:23 Jun 24, 2010
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will equal the amount of the Credit that
the Insurance Company paid out of its
general account assets. Although the
owner will be entitled to retain any
investment gain attributable to a Credit,
the amount of that gain will be
determined on the basis of current net
asset value. Therefore, no dilution will
occur upon the recapture of a Credit.
Applicants also submit that the second
harm that Rule 22c–1 was designed to
address, namely speculative trading
practices calculated to take advantage of
backward pricing, will not occur as a
result of the recapture of a Credit.
6. Applicants submit that their
request for an order that applies to any
Account or any Future Account
established by Pruco Life or PLNJ in
connection with the issuance of
Contracts and Future Contracts, and
distributed by PAD is appropriate in the
public interest. Such an order would
promote competitiveness in the variable
annuity market by eliminating the need
to file redundant exemptive
applications, thereby reducing
administrative expenses and
maximizing the efficient use of
Applicants’ resources. Investors would
not receive any benefit or additional
protection by requiring Applicants to
repeatedly seek exemptive relief that
would present no issue under the Act
that has not already been addressed in
the application. Having Applicants file
additional applications would impair
Applicants’ ability effectively to take
advantage of business opportunities as
they arise.
7. Applicants undertake that Future
Contracts funded by the Accounts or by
Future Accounts that seek to rely on the
order issued pursuant to the application
will be substantially similar to the
Contracts in all material respects.
Conclusion
Applicants submit that their request
for an order meets the standards set out
in Section 6(c) of the Act and that an
order should, therefore, be granted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–15362 Filed 6–24–10; 8:45 am]
BILLING CODE 8010–01–P
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36455
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
SSE Telecom, Inc., Strategic Alliance
Group, Inc., (n/k/a CruiseCam
International, Inc.), Stratasec, Inc.,
Superfly Advertising, Inc. (f/k/a Morlex,
Inc.), SVI Media, Inc., Symons
International Group, Inc., Synergy
Renewable Resources, Inc., and
Syntech International, Inc. (n/k/a
Avalon Technology Group, Inc.); Order
of Suspension of Trading
June 23, 2010.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of SSE
Telecom, Inc. because it has not filed
any periodic reports since the period
ended December 30, 2000.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Strategic
Alliance Group, Inc. (n/k/a CruiseCam
International, Inc.) because it has not
filed any periodic reports since the
period ended December 31, 2005.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Stratasec,
Inc. because it has not filed any periodic
reports since the period ended March
31, 2003.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Superfly
Advertising, Inc. (f/k/a Morlex, Inc.)
because it has not filed any periodic
reports since the period ended
December 31, 2007.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of SVI Media,
Inc. because it has not filed any periodic
reports since the period ended
September 30, 2007.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Symons
International Group, Inc. because it has
not filed any periodic reports since the
period ended March 31, 2003.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Synergy
Renewable Resources, Inc. because it
has not filed any periodic reports since
the period ended December 31, 1996.
It appears to the Securities and
Exchange Commission that there is a
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36456
Federal Register / Vol. 75, No. 122 / Friday, June 25, 2010 / Notices
lack of current and accurate information
concerning the securities of Syntech
International, Inc. (n/k/a Avalon
Technology Group, Inc.) because it has
not filed any periodic reports since the
period ended September 30, 1994.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies.
Therefore, it is ordered, pursuant to
section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed companies
is suspended for the period from 9:30
a.m. e.d.t. on June 23, 2010, through
11:59 p.m. e.d.t. on July 7, 2010.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2010–15585 Filed 6–23–10; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
Channel America Television Network,
Inc., EquiMed, Inc., Kore Holdings, Inc.,
Robotic Vision Systems, Inc. (n/k/a
Acuity Cimatrix, Inc.), Security
Investments Group, Inc., Shared
Technologies Cellular, Inc., Shimoda
Resources Holdings, Inc., Tri Star
Holdings, Inc. (f/k/a Silver Star Foods,
Inc.), and V–One Corp.; Order of
Suspension of Trading
mstockstill on DSKH9S0YB1PROD with NOTICES
June 23, 2010.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Channel
America Television Network, Inc.
because it has not filed any periodic
reports since the period ended
December 31, 1994.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of EquiMed,
Inc. because it has not filed any periodic
reports since the period ended
September 30, 1997.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Kore
Holdings, Inc. because it has not filed
any periodic reports since the period
ended September 30, 2005.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Robotic
Vision Systems, Inc. (n/k/a Acuity
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16:23 Jun 24, 2010
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Cimatrix, Inc.) because it has not filed
any periodic reports since the period
ended June 30, 2004.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Security
Investments Group, Inc. because it has
not filed any periodic reports since the
period ended September 30, 1995.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Shared
Technologies Cellular, Inc. because it
has not filed any periodic reports since
the period ended September 30, 2001.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Shimoda
Resources Holdings, Inc. because it has
not filed any periodic reports since the
period ended August 31, 2003.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Tri Star
Holdings, Inc. (f/k/a Silver Star Foods,
Inc.) because it has not filed any
periodic reports since the period ended
December 31, 2003.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of V–One
Corp. because it has not filed any
periodic reports since the period ended
September 30, 2004.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted companies is suspended for the
period from 9:30 a.m. EDT on June 23,
2010, through 11:59 p.m. EDT on July 7,
2010.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2010–15586 Filed 6–23–10; 4:15 pm]
BILLING CODE 8010–01–P
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62325; File No. SR–Phlx–
2010–85]
Self-Regulatory Organizations;
NASDAQ OMX PHLX, Inc.; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
FLEX Equity Options
June 18, 2010.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1, and rule 19b–4 thereunder,2
notice is hereby given that on June 15,
2010, NASDAQ OMX PHLX, Inc.
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to assess a
transaction charge for members trading
Flexible Exchange® Options (‘‘FLEX
Options’’).3
While changes to the Exchange’s Fee
Schedule pursuant to this proposal are
effective upon filing, the Exchange has
designated this proposal to be effective
for trades settling on or after June 30,
2010.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaqtrader.com/
micro.aspx?id=PHLXfilings, at the
principal office of the Exchange, at the
Commission’s Public Reference Room,
and on the Commission’s Web site at
https://www.sec.gov.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 A FLEX option is a customized option that
provides parties to the transaction with the ability
to fix terms including the exercise style, expiration
date, and certain exercise prices. See Exchange Rule
1079. FLEX Options are a trademark of the Chicago
Board Options Exchange.
2 17
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]]>Agencies
[Federal Register Volume 75, Number 122 (Friday, June 25, 2010)]
[Notices]
[Pages 36455-36456]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-15585]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[File No. 500-1]
SSE Telecom, Inc., Strategic Alliance Group, Inc., (n/k/a
CruiseCam International, Inc.), Stratasec, Inc., Superfly Advertising,
Inc. (f/k/a Morlex, Inc.), SVI Media, Inc., Symons International Group,
Inc., Synergy Renewable Resources, Inc., and Syntech International,
Inc. (n/k/a Avalon Technology Group, Inc.); Order of Suspension of
Trading
June 23, 2010.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
SSE Telecom, Inc. because it has not filed any periodic reports since
the period ended December 30, 2000.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Strategic Alliance Group, Inc. (n/k/a CruiseCam International, Inc.)
because it has not filed any periodic reports since the period ended
December 31, 2005.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Stratasec, Inc. because it has not filed any periodic reports since the
period ended March 31, 2003.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Superfly Advertising, Inc. (f/k/a Morlex, Inc.) because it has not
filed any periodic reports since the period ended December 31, 2007.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
SVI Media, Inc. because it has not filed any periodic reports since the
period ended September 30, 2007.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Symons International Group, Inc. because it has not filed any periodic
reports since the period ended March 31, 2003.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Synergy Renewable Resources, Inc. because it has not filed any periodic
reports since the period ended December 31, 1996.
It appears to the Securities and Exchange Commission that there is
a
[[Page 36456]]
lack of current and accurate information concerning the securities of
Syntech International, Inc. (n/k/a Avalon Technology Group, Inc.)
because it has not filed any periodic reports since the period ended
September 30, 1994.
The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed companies.
Therefore, it is ordered, pursuant to section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed companies is suspended for the period from 9:30 a.m.
e.d.t. on June 23, 2010, through 11:59 p.m. e.d.t. on July 7, 2010.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2010-15585 Filed 6-23-10; 4:15 pm]
BILLING CODE 8011-01-P
