Sunshine Act Meeting, 39593 [2010-16888]
Download as PDF
<![CDATA[
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Federal Register / Vol. 75, No. 131 / Friday, July 9, 2010 / Notices
on equitable grounds. The Applicants
contend that the Credit provisions are
generally beneficial to the Contract
Owner. The recapture provisions of the
Current Contracts temper this benefit
somewhat, but unless the Contract
Owner dies, the Contract Owner retains
the ability to avoid the Credit recapture
in the circumstances described in the
application. The Applicants state that
the Credit recapture provisions are
necessary for NWL to offer the Credits
and avoid anti-selection against it. No
CDSC would be imposed in any of the
circumstances under which a Credit
would be recaptured.
10. The Applicants submit that it
would be inequitable to NWL to permit
a Contract Owner to keep his or her
Credits upon his or her exercise of the
Current Contract’s free look provision.
Because no CDSC applies to the exercise
of the free look right, the Contract
Owner could obtain a quick profit in the
amount of the Credit at NWL’s expense
by exercising that right immediately
after the Credits were applied to the
Current Contract.
11. Likewise, the Applicants submit
that it would be inequitable to permit a
Contract Owner or beneficiary to keep
Credits in those situations where the
annuitant dies within 12 months of
applying a Credit, where Credits are
applied after the Contract Owner’s
death, or where the Contract Owner
takes a surrender or withdrawal from
the Current Contract without a CDSC
under the terms of the Long-Term Care/
Nursing Home and Terminal Illness
Waiver within 12 months of applying a
Credit. In these situations, NWL would
be unable to recover the cost of granting
the Credits because they would be
redeemed out of the Current Contract
before enough time passed for NWL to
recoup a sufficient portion of the
associated costs through the assessment
of charges, particularly the daily
Mortality and Expense Risk Charge and
the daily Administrative Charge. The
Applicants state that NWL cannot offer
the proposed Credits without the ability
to recapture those Credits in the
circumstances described herein.
12. The Applicants state, based on the
grounds presented below, that their
exemptive request meets the standards
set out in section 6(c) of the act, namely,
that the exemptions requested are
necessary or appropriate in the public
interest and consistent with the
protection of investors and the purposes
fairly intended by the policy and
provisions of the act and that, therefore,
the Commission should grant the
requested order.
13. The Applicants submit that their
request for an Order that is applicable
VerDate Mar<15>2010
15:17 Jul 08, 2010
Jkt 220001
to the Contracts and Other Accounts, as
well as Other Underwriters, is
appropriate in the public interest. The
Applicants also contend that such 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 the
Applicants’ resources. The Applicants
further assert that investors would not
receive any benefit or additional
protection by requiring the Applicants
to repeatedly seek exemptive relief that
would present no issue under the act
that has not already been addressed in
the Amended Application described
herein. The Applicants submit that
filing additional applications would
impair their ability to effectively take
advantage of business opportunities as
they arise. Furthermore, the Applicants
state that if they were repeatedly
required to seek exemptive relief with
respect to the same issues addressed in
the Amended Application described
herein, investors would not receive any
benefit or additional protection thereby.
Conclusion
Applicants submit that based on the
analysis presented above, the provisions
for recapture of the Credit under the
Contracts does not violate sections
2(a)(32) and 27(i)(2)(A) of the act and
rule 22c–1 thereunder. Applicants
further submit that there are equitable
grounds for granting the requested relief
and the exemptions requested meet the
standards of section 6(c) of the act and
respectfully request that the
Commission issue an order of approval
pursuant to section 6(c) of the act to
exempt the Applicants with respect to:
(1) The Contracts; (2) the Separate
Account and Other Accounts that
support the Contracts; and (3) NISC and
Other Underwriters, from the provisions
of sections 2(a)(32) and 27(i)(2)(A) of the
act and rule 22c–1 thereunder, to the
extent necessary to permit the recapture
of all or a portion of the Credits in the
circumstances described above.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–16754 Filed 7–8–10; 8:45 am]
BILLING CODE 8010–01–P
PO 00000
39593
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold an Open Meeting
on July 14, 2010 at 10 a.m., in the
Auditorium, Room L–002.
The Commission will consider
whether to issue a concept release to
solicit public comment as to whether
the Commission should consider
revisions to its rules to promote greater
efficiency and transparency in the U.S.
proxy system and enhance the accuracy
and integrity of the shareholder vote.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: July 7, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–16888 Filed 7–7–10; 4:15 pm]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62420; File No. SR–Phlx–
2010–72]
Self-Regulatory Organizations;
NASDAQ OMX PHLX, Inc.; Order
Granting Approval of Proposed Rule
Change To Expand Its $1 Strike
Program to 150 Classes
June 30, 2010.
I. Introduction
On May 7, 2010, NASDAQ OMX
PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and rule
19b–4 thereunder,2 a proposed rule
change to expand the Exchange’s $1
Strike Price Program 3 (the ‘‘$1 Strike
Program’’ or ‘‘Program’’) to allow the
Exchange to select 150 individual stocks
on which options may be listed at $1
strike price intervals. The proposed rule
change was published for comment in
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Phlx Rule 1012, Commentary .05(a)(i).
2 17
Frm 00101
Fmt 4703
Sfmt 4703
E:\FR\FM\09JYN1.SGM
09JYN1
]]>Agencies
[Federal Register Volume 75, Number 131 (Friday, July 9, 2010)]
[Notices]
[Page 39593]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-16888]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold an Open Meeting on July 14, 2010 at
10 a.m., in the Auditorium, Room L-002.
The Commission will consider whether to issue a concept release to
solicit public comment as to whether the Commission should consider
revisions to its rules to promote greater efficiency and transparency
in the U.S. proxy system and enhance the accuracy and integrity of the
shareholder vote.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
The Office of the Secretary at (202) 551-5400.
Dated: July 7, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-16888 Filed 7-7-10; 4:15 pm]
BILLING CODE 8010-01-P
