Product Change-First-Class Package Service Negotiated Service Agreement, 51583-51584 [2012-20800]
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Federal Register / Vol. 77, No. 165 / Friday, August 24, 2012 / Notices
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a currently valid OMB control
number.
PBGC estimates that it will receive
1,361 domestic relations orders
annually and that the average annual
burden of this collection of information
is 4,138 hours and $870,400.
Issued in Washington, DC, this 21st day of
August 2012.
Catherine B. Klion,
Manager, Regulatory and Policy Division,
Legislative and Regulatory Department.
[FR Doc. 2012–20891 Filed 8–23–12; 8:45 am]
BILLING CODE 7709–01–P
POSTAL REGULATORY COMMISSION
[Docket Nos. MC2012–45 and CP2012–53;
Order No. 1443]
New Postal Product
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
The Commission is noticing a
recently-filed Postal Service request to
add First-Class Package Service Contract
15 to the competitive product list. This
notice addresses procedural steps
associated with this filing.
DATES: Comments are due: August 28,
2012.
ADDRESSES: Submit comments
electronically via the Commission’s
Filing Online system at
http:www.prc.gov. Commenters who
cannot submit their views electronically
should contact the person identified in
the FOR FURTHER INFORMATION CONTACT
portion of the preamble for advice on
alternatives to electronic filing.
FOR FURTHER INFORMATION CONTACT:
Stephen L. Sharfman, General Counsel,
at 202–789–6824.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Table of Contents
I. Introduction
II. Notice of Filings
III. Ordering Paragraphs
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I. Introduction
In accordance with 39 U.S.C. 3642
and 39 CFR 3020.30 et seq., the Postal
Service filed a formal request and
associated supporting information to
add First-Class Package Service Contract
15 to the competitive product list.1 The
1 Request of the United States Postal Service to
Add First-Class Package Service Contract 15 to
Competitive Product List and Notice of Filing
(Under Seal) of Unredacted Governors’ Decision,
Contract, and Supporting Data, August 17, 2012
(Request).
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Postal Service asserts that First-Class
Package Service Contract 15 is a
competitive product ‘‘not of general
applicability’’ within the meaning of 39
U.S.C. 3632(b)(3). Request at 1. The
Request has been assigned Docket No.
MC2012–45.
The Postal Service
contemporaneously filed a redacted
contract related to the proposed new
product under 39 U.S.C. 3632(b)(3) and
39 CFR 3015.5. Id. Attachment B. The
instant contract has been assigned
Docket No. CP2012–53.
Request. To support its Request, the
Postal Service filed six attachments as
follows:
• Attachment A—a redacted copy of
Governors’ Decision No. 11–6,
authorizing the new product;
• Attachment B—a redacted copy of
the contract;
• Attachment C—proposed changes
to the Mail Classification Schedule
competitive product list with the
addition underlined;
• Attachment D—a Statement of
Supporting Justification as required by
39 CFR 3020.32;
• Attachment E—a certification of
compliance with 39 U.S.C. 3633(a); and
• Attachment F—an application for
non-public treatment of materials to
maintain redacted portions of the
contract and related financial
information under seal.
In the Statement of Supporting
Justification, Dennis R. Nicoski,
Manager, Field Sales Strategy and
Contracts, asserts that the contract will
cover its attributable costs, make a
positive contribution to covering
institutional costs, and increase
contribution toward the requisite 5.5
percent of the Postal Service’s total
institutional costs. Id. Attachment D at
1. Mr. Nicoski contends that there will
be no issue of market dominant
products subsidizing competitive
products as a result of this contract. Id.
Related contract. The Postal Service
included a redacted version of the
related contract with the Request. Id.
Attachment B. The contract is
scheduled to become effective on the
date that the Commission issues all
regulatory approval. Id. at 2. The
contract will expire 3 years from the
effective date unless, among other
things, either party terminates the
agreement upon 30 days’ written notice
to the other party. Id. The Postal Service
represents that the contract is consistent
with 39 U.S.C. 3633(a). Id. Attachment
D.
The Postal Service filed much of the
supporting materials, including the
related contract, under seal. Id.
Attachment F. It maintains that the
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51583
redacted portions of the contract,
customer-identifying information, and
related financial information should
remain confidential. Id. at 3. This
information includes the price structure,
underlying costs and assumptions,
pricing formulas, information relevant
to the customer’s mailing profile, and
cost coverage projections. Id. The Postal
Service asks the Commission to protect
customer-identifying information from
public disclosure indefinitely. Id. at 7.
II. Notice of Filings
The Commission establishes Docket
Nos. MC2012–45 and CP2012–53 to
consider the Request pertaining to the
proposed First-Class Package Service
Contract 15 product and the related
contract, respectively.
Interested persons may submit
comments on whether the Postal
Service’s filings in the captioned
dockets are consistent with the policies
of 39 U.S.C. 3632, 3633, or 3642, 39 CFR
3015.5, and 39 CFR part 3020, subpart
B. Comments are due no later than
August 28, 2012. The public portions of
these filings can be accessed via the
Commission’s Web site (https://
www.prc.gov).
The Commission appoints Natalie Rea
Ward to serve as Public Representative
in these dockets.
III. It is ordered
It is ordered:
1. The Commission establishes Docket
Nos. MC2012–45 and CP2012–53 to
consider the matters raised in each
docket.
2. Pursuant to 39 U.S.C. 505, Natalie
Rea Ward is appointed to serve as an
officer of the Commission (Public
Representative) to represent the
interests of the general public in these
proceedings.
3. Comments by interested persons in
these proceedings are due no later than
August 28, 2012.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2012–20852 Filed 8–23–12; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
Product Change—First-Class Package
Service Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
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51584
Federal Register / Vol. 77, No. 165 / Friday, August 24, 2012 / Notices
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective Date: August 24, 2012.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on August 17,
2012, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add First-Class
Package Service Contract 15 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2012–45, CP2012–53.
SUMMARY:
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–20800 Filed 8–23–12; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
erowe on DSK2VPTVN1PROD with
Extension:
Rule 10f–3; SEC File No. 270–237; OMB
Control No. 3235–0226.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension and approval of
the collections of information discussed
below.
Section 10(f) of the Investment
Company Act of 1940 (15 U.S.C. 80a)
(the ‘‘Act’’) prohibits a registered
investment company (‘‘fund’’) from
purchasing any security during an
underwriting or selling syndicate if the
fund has certain relationships with a
principal underwriter for the security.
Congress enacted this provision in 1940
to protect funds and their shareholders
by preventing underwriters from
‘‘dumping’’ unmarketable securities on
affiliated funds.
Rule 10f–3 (17 CFR 270.10f–3)
permits a fund to engage in a securities
transaction that otherwise would violate
section 10(f) if, among other things: (i)
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Jkt 226001
Each transaction effected under the rule
is reported on Form N–SAR; (ii) the
fund’s directors have approved
procedures for purchases made in
reliance on the rule, regularly review
fund purchases to determine whether
they comply with these procedures, and
approve necessary changes to the
procedures; and (iii) a written record of
each transaction effected under the rule
is maintained for six years, the first two
of which in an easily accessible place.
The written record must state: (i) From
whom the securities were acquired; (ii)
the identity of the underwriting
syndicate’s members; (iii) the terms of
the transactions; and (iv) the
information or materials on which the
fund’s board of directors has determined
that the purchases were made in
compliance with procedures established
by the board.
The rule also conditionally allows
managed portions of fund portfolios to
purchase securities offered in otherwise
off-limits primary offerings. To qualify
for this exemption, rule 10f–3 requires
that the subadviser that is advising the
purchaser be contractually prohibited
from providing investment advice to
any other portion of the fund’s portfolio
and consulting with any other of the
fund’s advisers that is a principal
underwriter or affiliated person of a
principal underwriter concerning the
fund’s securities transactions.
These requirements provide a
mechanism for fund boards to oversee
compliance with the rule. The required
recordkeeping facilitates the
Commission staff’s review of rule 10f–
3 transactions during routine fund
inspections and, when necessary, in
connection with enforcement actions.
The staff estimates that approximately
300 funds engage in a total of
approximately 3,700 rule 10f–3
transactions each year.1 Rule 10f–3
requires that the purchasing fund create
a written record of each transaction that
includes, among other things, from
whom the securities were purchased
and the terms of the transaction. The
staff estimates 2 that it takes an average
fund approximately 30 minutes per
transaction and approximately 1,850
hours 3 in the aggregate to comply with
this portion of the rule.
The funds also must maintain and
preserve these transactional records in
accordance with the rule’s
1 These estimates are based on staff extrapolations
from filings with the Commission.
2 Unless stated otherwise, the information
collection burden estimates are based on
conversations between the staff and representatives
of funds.
3 This estimate is based on the following
calculation: (0.5 hours × 3,700 = 1,850 hours).
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recordkeeping requirement, and the staff
estimates that it takes a fund
approximately 20 minutes per
transaction and that annually, in the
aggregate, funds spend approximately
1,233 hours 4 to comply with this
portion of the rule.
In addition, fund boards must, no less
than quarterly, examine each of these
transactions to ensure that they comply
with the fund’s policies and procedures.
The information or materials upon
which the board relied to come to this
determination also must be maintained
and the staff estimates that it takes a
fund 1 hour per quarter and, in the
aggregate, approximately 1,200 hours 5
annually to comply with this rule
requirement.
The staff estimates that reviewing and
revising as needed written procedures
for rule 10f–3 transactions takes, on
average for each fund, two hours of a
compliance attorney’s time per year.6
Thus, annually, in the aggregate, the
staff estimates that funds spend a total
of approximately 600 hours 7 on
monitoring and revising rule 10f–3
procedures. Based on an analysis of
fund filings, the staff estimates that
approximately 775 fund portfolios enter
into subadvisory agreements each year.8
Based on discussions with industry
representatives, the staff estimates that
it will require approximately 3 attorney
hours to draft and execute additional
clauses in new subadvisory contracts in
order for funds and subadvisers to be
able to rely on the exemptions in rule
10f–3. Because these additional clauses
are identical to the clauses that a fund
would need to insert in their
subadvisory contracts to rely on rules
12d3–1, 17a–10, and 17e–1, and because
we believe that funds that use one such
rule generally use all of these rules, we
apportion this 3 hour time burden
equally to all four rules. Therefore, we
estimate that the burden allocated to
rule 10f–3 for this contract change
would be 0.75 hours.9 Assuming that all
775 funds that enter into new
subadvisory contracts each year make
4 This estimate is based on the following
calculations: (20 minutes × 3,700 transactions =
74,000 minutes; 74,000 minutes/60 = 1,233 hours).
5 This estimate is based on the following
calculation: (1 hour per quarter × 4 quarters × 300
funds = 1,200 hours).
6 These averages take into account the fact that in
most years, fund attorneys and boards spend little
or no time modifying procedures and in other years,
they spend significant time doing so.
7 This estimate is based on the following
calculation: (300 funds × 2 hours = 600 hours).
8 Based on information in Commission filings, we
estimate that 44.4 percent of funds are advised by
subadvisers.
9 This estimate is based on the following
calculation (3 hours ÷ 4 rules = .75 hours).
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]]>Agencies
[Federal Register Volume 77, Number 165 (Friday, August 24, 2012)]
[Notices]
[Pages 51583-51584]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-20800]
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POSTAL SERVICE
Product Change--First-Class Package Service Negotiated Service
Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
[[Page 51584]]
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Effective Date: August 24, 2012.
FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
August 17, 2012, it filed with the Postal Regulatory Commission a
Request of the United States Postal Service to Add First-Class Package
Service Contract 15 to Competitive Product List. Documents are
available at www.prc.gov, Docket Nos. MC2012-45, CP2012-53.
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012-20800 Filed 8-23-12; 8:45 am]
BILLING CODE 7710-12-P
