ReconTrust Company, N.A., et al.; Notice of Application and Temporary Order, 51589-51590 [2012-20859]
Download as PDF
<![CDATA[
Federal Register / Vol. 77, No. 165 / Friday, August 24, 2012 / Notices
or by sending an email to:
Shagufta_Ahmed@omb.eop.gov; and (ii)
Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312 or send an email
to: PRA_Mailbox@sec.gov. Comments
must be submitted to OMB within 30
days of this notice.
Dated: August 20, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–20826 Filed 8–23–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. IC–30174; 812–14068]
ReconTrust Company, N.A., et al.;
Notice of Application and Temporary
Order
August 20, 2012.
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:
erowe on DSK2VPTVN1PROD with
Summary of Application: Applicants
have received a temporary order
exempting them from section 9(a) of the
Act, with respect to an injunction
entered against ReconTrust Company,
N.A. (‘‘ReconTrust’’) on August 20, 2012
by the United States District Court for
the Western District of Washington (the
‘‘Injunction’’), until the Commission
takes final action on an application for
a permanent order. Applicants have
requested a permanent order.
Applicants: ReconTrust, BofA
Advisors, LLC (‘‘BofA Advisors’’), BofA
Distributors, Inc. (‘‘BofA Distributors’’),
Bank of America Capital Advisors LLC
(‘‘BACA’’), KECALP Inc. (‘‘KECALP’’),
and Merrill Lynch Global Private Equity
Inc. (‘‘MLGPE’’) (collectively, other than
ReconTrust, the ‘‘Fund Servicing
Applicants,’’ and, together with
ReconTrust, the ‘‘Applicants’’).1
Filing Date: The application was filed
on August 15, 2012, and amended on
August 20, 2012.
Hearing or Notification of Hearing: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
1 Applicants request that any relief granted
pursuant to the application also apply to any other
company of which ReconTrust is an affiliated
person or may become an affiliated person in the
future (together with the Applicants, the ‘‘Covered
Persons’’).
VerDate Mar<15>2010
15:22 Aug 23, 2012
Jkt 226001
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 September 14, 2012,
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, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
Applicants, ReconTrust, 1800 Tapo
Canyon Road, Simi Valley, CA 93063;
BofA Advisors, BofA Distributors and
BACA, 100 Federal Street, Boston, MA
02110; and KECALP and MLGPE, 767
Fifth Avenue, 7th Floor, New York, NY
10153.
FOR FURTHER INFORMATION CONTACT:
Emerson S. Davis, Senior Counsel, at
(202) 551–6868, or Daniele Marchesani,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The
following is a temporary order and a
summary of the application. The
complete application may be obtained
via the Commission’s Web site by
searching for the file number, or an
applicant using the Company name box,
at https://www.sec.gov/search/search.
htm or by calling (202) 551–8090.
Applicants’ Representations
1. Each of the Applicants is a direct
or indirect wholly-owned subsidiary of
Bank of America Corporation (‘‘BAC’’).
ReconTrust is a chartered national trust
bank that, among other things, acts as
foreclosure trustee responsible for
conducting nonjudicial foreclosures
within several states, including the state
of Washington until recently.
ReconTrust is not registered as a brokerdealer under the Securities Exchange
Act of 1934 or as an investment adviser
under the Investment Advisers Act of
1940 (the ‘‘Advisers Act’’).
2. BofA Advisors is a registered
investment adviser that serves as
investment adviser and subadviser to
certain money market funds registered
under the Act. BofA Distributors, a
limited purpose broker-dealer registered
with the Commission, serves as
principal underwriter of some of the
same money market funds. BACA is a
registered investment adviser that serves
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
51589
as investment adviser to certain closedend investment companies also
registered under the Act.
3. KECALP and MLGPE each serves as
investment adviser to certain
employees’ securities companies within
the meaning of section 2(a)(13) of the
Act (‘‘ESCs’’). KECALP and MLGPE are
registered as investment advisers under
the Advisers Act.
4. On August 20, 2012, the United
States District Court for the Western
District of Washington entered the
Injunction against ReconTrust, in a
matter brought by the Attorney General
of the State of Washington (the ‘‘AG’’).2
The complaint filed by the AG
(‘‘Complaint’’) 3 alleged that ReconTrust
failed to comply with the procedures of
the Washington Deeds of Trust Act
(‘‘Deeds of Trust Act’’) in foreclosures it
conducted since at least June 12, 2008.
Denying any wrongdoing as alleged by
the AG or otherwise, ReconTrust
consented to the entry of the Injunction,
which enjoined ReconTrust from doing
business as a foreclosure trustee under
deeds of trust with respect to property
located in the State of Washington,
except in certain circumstances.4
Applicants’ Legal Analysis
1. Section 9(a)(2) of the Act, in
relevant part, prohibits a person who
has been enjoined from acting as a bank,
or from engaging in or continuing any
conduct or practice in connection with
such activity, 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 unit investment
trust (‘‘UIT’’) or registered face-amount
certificate company. Section 9(a)(3) of
the Act extends the prohibitions of
section 9(a)(2) 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,
among others, any person directly or
indirectly controlling, controlled by, or
under common control with, the other
person. Applicants state that
ReconTrust is, or may be considered to
be, under common control with and
therefore an affiliated person of each of
2 State of Washington v. ReconTrust Company,
N.A. No. 2:11–cv–1460 (W.D. Wash. August 20,
2012).
3 The Complaint was initially filed in the State of
Washington King County Superior Court in a civil
action and the matter was later removed to the
United States Western District Court of Washington.
4 This Injunction will terminate three years after
its entry. As described in the application,
ReconTrust is required to take certain remedial
actions to address the conduct that served as the
basis for the Injunction.
E:\FR\FM\24AUN1.SGM
24AUN1
51590
Federal Register / Vol. 77, No. 165 / Friday, August 24, 2012 / Notices
erowe on DSK2VPTVN1PROD with
the other Applicants. Applicants state
that the entry of the Injunction may
result in Applicants being subject to the
disqualification provisions of section
9(a) of the Act because ReconTrust is
enjoined from engaging in or continuing
particular conduct or practice in
connection with banking activity.5
2. 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 the Applicants’ conduct has been
such as not to make it against the public
interest or the protection of investors to
grant the exemption. Applicants have
filed an application pursuant to section
9(c) seeking a temporary and permanent
order exempting the Applicants and the
other Covered Persons from the
disqualification provisions of section
9(a) of the Act.
3. Applicants believe they meet the
standard for exemption specified in
section 9(c). Applicants state that the
prohibitions of section 9(a) as applied to
them would be unduly and
disproportionately severe and that the
conduct of Applicants has been such as
not to make it against the public interest
or the protection of investors to grant
the exemption from section 9(a).
4. Applicants state that the conduct
giving rise to the Injunction did not
involve any of the Applicants acting in
the capacity as investment adviser, subadviser, or principal underwriter (as
defined in section 2(a)(29) of the Act)
for any registered investment companies
(‘‘RIC’’) or ESCs (together with any
business development company,
‘‘Funds’’). Applicants state that to the
best of their reasonable knowledge none
of the Applicants’ current directors,
officers or employees who is involved in
providing services as investment
adviser, subadviser or depositor for any
Funds or principal underwriter (as
defined in section 2(a)(29) of the Act)
for any registered open-end company,
UIT or registered face amount certificate
company (collectively, the ‘‘Fund
Servicing Activities’’) (or any other
persons in such roles during the time
5 Applicants represent that the foreclosure trustee
activity specified in the Injunction is the same as
or similar to at least some of the loan servicing
activity deemed banking activity by an
administrative order issued by the Office of the
Comptroller of the Currency. See In the Matter of
Bank of America, N.A., The Office of the
Comptroller of the Currency Stipulation & Consent
Order No. AA–EC–11–12 (Apr. 13, 2011) (the ‘‘OCC
Order’’). Applicants state that under the standard
set forth in the OCC Order, ReconTrust is enjoined
from engaging in or continuing particular conduct
or practice in connection with banking activity.
VerDate Mar<15>2010
15:22 Aug 23, 2012
Jkt 226001
period covered by the Complaint)
participated in the conduct alleged in
the Complaint that constitutes the
violations that provide a basis for the
Injunction. Applicants also state that the
alleged conduct giving rise to the
Injunction did not involve any Fund for
which an Applicant provided Fund
Servicing Activities.
5. Applicants further represent that
the inability of Applicants (except for
ReconTrust) to continue providing Fund
Servicing Activities would result in
potentially severe financial hardships
for both the Funds and their
shareholders. Applicants state that they
will distribute written materials,
including an offer to meet in person to
discuss the materials, to the board of
directors of each Fund (excluding the
ESCs), including the directors who are
not ‘‘interested persons,’’ as defined in
section 2(a)(19) of the Act, of such
Fund, and their independent legal
counsel as defined in rule 0–1(a)(6)
under the Act, if any, regarding the
Injunction, any impact on the Funds,
and the application. The Applicants
will provide the Funds with all
information concerning the Injunction
and the application that is necessary for
the Funds to fulfill their disclosure and
other obligations under the federal
securities laws.
6. Applicants also assert that, if the
Applicants were barred from engaging
in Fund Servicing Activities, the effect
on their businesses and employees
would be severe. The Applicants state
that they have committed substantial
resources to establishing expertise in
providing Fund Servicing Activities.
7. Applicants also state that
disqualifying KECALP and MLGPE from
continuing to provide investment
advisory services to their ESCs is not in
the public interest or in furtherance of
the protection of investors and would
frustrate the expectations of eligible
employees who invest in the ESCs that
the ESCs would be managed by an
affiliate of their employer.
8. Applicants state that several
Applicants and certain of their affiliates
have previously received orders under
section 9(c), as described in greater
detail in the application.
Applicants’ Condition
Applicants agree that any order
granting the requested relief will be
subject to the following condition:
Any temporary exemption granted
pursuant to the application shall be without
prejudice to, and shall not limit the
Commission’s rights in any manner with
respect to, any Commission investigation of,
or administrative proceedings involving or
against, Covered Persons, including without
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
limitation, the consideration by the
Commission of a permanent exemption from
section 9(a) of the Act requested pursuant to
the application, or the revocation or removal
of any temporary exemptions granted under
the Act in connection with the application.
Temporary Order
The Commission has considered the
matter and finds that Applicants have
made the necessary showing to justify
granting a temporary exemption.
Accordingly,
It is hereby ordered, pursuant to
section 9(c) of the Act, that the
Applicants and the other Covered
Persons are granted a temporary
exemption from the provisions of
section 9(a), effective forthwith, solely
with respect to the Injunction, subject to
the condition in the application, until
the date the Commission takes final
action on their application for a
permanent order.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–20859 Filed 8–23–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67684; File No. SR–
NYSEMKT–2012–14]
Self-Regulatory Organizations; NYSE
MKT LLC; Order Granting Approval of
Proposed Rule Change Adopting Rules
Governing the Listing and Trading of
New Products Known as DIVS, OWLS,
and RISKS
August 17, 2012.
I. Introduction
On June 19, 2012, NYSE MKT LLC
(‘‘Exchange’’ or ‘‘NYSE MKT’’), on
behalf of NYSE Amex Options LLC,
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 adopt rules governing the
listing and trading of new products
known as DIVS, OWLS, and RISKS
(collectively, ‘‘DORS’’). The proposed
rule change was published for comment
in the Federal Register on July 6, 2012.3
The Commission received no comments
on the proposed rule change. This order
approves the proposed rule change.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 67315
(June 12, 2012), 77 FR 130 (‘‘Notice’’).
2 17
E:\FR\FM\24AUN1.SGM
24AUN1
]]>Agencies
[Federal Register Volume 77, Number 165 (Friday, August 24, 2012)]
[Notices]
[Pages 51589-51590]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-20859]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. IC-30174; 812-14068]
ReconTrust Company, N.A., et al.; Notice of Application and
Temporary Order
August 20, 2012.
AGENCY: 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'').
-----------------------------------------------------------------------
Summary of Application: Applicants have received a temporary order
exempting them from section 9(a) of the Act, with respect to an
injunction entered against ReconTrust Company, N.A. (``ReconTrust'') on
August 20, 2012 by the United States District Court for the Western
District of Washington (the ``Injunction''), until the Commission takes
final action on an application for a permanent order. Applicants have
requested a permanent order.
Applicants: ReconTrust, BofA Advisors, LLC (``BofA Advisors''),
BofA Distributors, Inc. (``BofA Distributors''), Bank of America
Capital Advisors LLC (``BACA''), KECALP Inc. (``KECALP''), and Merrill
Lynch Global Private Equity Inc. (``MLGPE'') (collectively, other than
ReconTrust, the ``Fund Servicing Applicants,'' and, together with
ReconTrust, the ``Applicants'').\1\
---------------------------------------------------------------------------
\1\ Applicants request that any relief granted pursuant to the
application also apply to any other company of which ReconTrust is
an affiliated person or may become an affiliated person in the
future (together with the Applicants, the ``Covered Persons'').
---------------------------------------------------------------------------
Filing Date: The application was filed on August 15, 2012, and
amended on August 20, 2012.
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 September 14, 2012, 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, U.S. Securities and Exchange Commission, 100 F
Street NE., Washington, DC 20549-1090. Applicants, ReconTrust, 1800
Tapo Canyon Road, Simi Valley, CA 93063; BofA Advisors, BofA
Distributors and BACA, 100 Federal Street, Boston, MA 02110; and KECALP
and MLGPE, 767 Fifth Avenue, 7th Floor, New York, NY 10153.
FOR FURTHER INFORMATION CONTACT: Emerson S. Davis, Senior Counsel, at
(202) 551-6868, or Daniele Marchesani, Branch Chief, at (202) 551-6821
(Division of Investment Management, Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The following is a temporary order and a
summary of the application. The complete application may be obtained
via the Commission's Web site by searching for the file number, or an
applicant using the Company name box, at https://www.sec.gov/search/search.htm or by calling (202) 551-8090.
Applicants' Representations
1. Each of the Applicants is a direct or indirect wholly-owned
subsidiary of Bank of America Corporation (``BAC''). ReconTrust is a
chartered national trust bank that, among other things, acts as
foreclosure trustee responsible for conducting nonjudicial foreclosures
within several states, including the state of Washington until
recently. ReconTrust is not registered as a broker-dealer under the
Securities Exchange Act of 1934 or as an investment adviser under the
Investment Advisers Act of 1940 (the ``Advisers Act'').
2. BofA Advisors is a registered investment adviser that serves as
investment adviser and subadviser to certain money market funds
registered under the Act. BofA Distributors, a limited purpose broker-
dealer registered with the Commission, serves as principal underwriter
of some of the same money market funds. BACA is a registered investment
adviser that serves as investment adviser to certain closed-end
investment companies also registered under the Act.
3. KECALP and MLGPE each serves as investment adviser to certain
employees' securities companies within the meaning of section 2(a)(13)
of the Act (``ESCs''). KECALP and MLGPE are registered as investment
advisers under the Advisers Act.
4. On August 20, 2012, the United States District Court for the
Western District of Washington entered the Injunction against
ReconTrust, in a matter brought by the Attorney General of the State of
Washington (the ``AG'').\2\ The complaint filed by the AG
(``Complaint'') \3\ alleged that ReconTrust failed to comply with the
procedures of the Washington Deeds of Trust Act (``Deeds of Trust
Act'') in foreclosures it conducted since at least June 12, 2008.
Denying any wrongdoing as alleged by the AG or otherwise, ReconTrust
consented to the entry of the Injunction, which enjoined ReconTrust
from doing business as a foreclosure trustee under deeds of trust with
respect to property located in the State of Washington, except in
certain circumstances.\4\
---------------------------------------------------------------------------
\2\ State of Washington v. ReconTrust Company, N.A. No. 2:11-cv-
1460 (W.D. Wash. August 20, 2012).
\3\ The Complaint was initially filed in the State of Washington
King County Superior Court in a civil action and the matter was
later removed to the United States Western District Court of
Washington.
\4\ This Injunction will terminate three years after its entry.
As described in the application, ReconTrust is required to take
certain remedial actions to address the conduct that served as the
basis for the Injunction.
---------------------------------------------------------------------------
Applicants' Legal Analysis
1. Section 9(a)(2) of the Act, in relevant part, prohibits a person
who has been enjoined from acting as a bank, or from engaging in or
continuing any conduct or practice in connection with such activity,
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 unit investment
trust (``UIT'') or registered face-amount certificate company. Section
9(a)(3) of the Act extends the prohibitions of section 9(a)(2) 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, among others, any person directly or
indirectly controlling, controlled by, or under common control with,
the other person. Applicants state that ReconTrust is, or may be
considered to be, under common control with and therefore an affiliated
person of each of
[[Page 51590]]
the other Applicants. Applicants state that the entry of the Injunction
may result in Applicants being subject to the disqualification
provisions of section 9(a) of the Act because ReconTrust is enjoined
from engaging in or continuing particular conduct or practice in
connection with banking activity.\5\
---------------------------------------------------------------------------
\5\ Applicants represent that the foreclosure trustee activity
specified in the Injunction is the same as or similar to at least
some of the loan servicing activity deemed banking activity by an
administrative order issued by the Office of the Comptroller of the
Currency. See In the Matter of Bank of America, N.A., The Office of
the Comptroller of the Currency Stipulation & Consent Order No. AA-
EC-11-12 (Apr. 13, 2011) (the ``OCC Order''). Applicants state that
under the standard set forth in the OCC Order, ReconTrust is
enjoined from engaging in or continuing particular conduct or
practice in connection with banking activity.
---------------------------------------------------------------------------
2. 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 the
Applicants' conduct has been such as not to make it against the public
interest or the protection of investors to grant the exemption.
Applicants have filed an application pursuant to section 9(c) seeking a
temporary and permanent order exempting the Applicants and the other
Covered Persons from the disqualification provisions of section 9(a) of
the Act.
3. Applicants believe they meet the standard for exemption
specified in section 9(c). Applicants state that the prohibitions of
section 9(a) as applied to them would be unduly and disproportionately
severe and that the conduct of Applicants has been such as not to make
it against the public interest or the protection of investors to grant
the exemption from section 9(a).
4. Applicants state that the conduct giving rise to the Injunction
did not involve any of the Applicants acting in the capacity as
investment adviser, sub-adviser, or principal underwriter (as defined
in section 2(a)(29) of the Act) for any registered investment companies
(``RIC'') or ESCs (together with any business development company,
``Funds''). Applicants state that to the best of their reasonable
knowledge none of the Applicants' current directors, officers or
employees who is involved in providing services as investment adviser,
subadviser or depositor for any Funds or principal underwriter (as
defined in section 2(a)(29) of the Act) for any registered open-end
company, UIT or registered face amount certificate company
(collectively, the ``Fund Servicing Activities'') (or any other persons
in such roles during the time period covered by the Complaint)
participated in the conduct alleged in the Complaint that constitutes
the violations that provide a basis for the Injunction. Applicants also
state that the alleged conduct giving rise to the Injunction did not
involve any Fund for which an Applicant provided Fund Servicing
Activities.
5. Applicants further represent that the inability of Applicants
(except for ReconTrust) to continue providing Fund Servicing Activities
would result in potentially severe financial hardships for both the
Funds and their shareholders. Applicants state that they will
distribute written materials, including an offer to meet in person to
discuss the materials, to the board of directors of each Fund
(excluding the ESCs), including the directors who are not ``interested
persons,'' as defined in section 2(a)(19) of the Act, of such Fund, and
their independent legal counsel as defined in rule 0-1(a)(6) under the
Act, if any, regarding the Injunction, any impact on the Funds, and the
application. The Applicants will provide the Funds with all information
concerning the Injunction and the application that is necessary for the
Funds to fulfill their disclosure and other obligations under the
federal securities laws.
6. Applicants also assert that, if the Applicants were barred from
engaging in Fund Servicing Activities, the effect on their businesses
and employees would be severe. The Applicants state that they have
committed substantial resources to establishing expertise in providing
Fund Servicing Activities.
7. Applicants also state that disqualifying KECALP and MLGPE from
continuing to provide investment advisory services to their ESCs is not
in the public interest or in furtherance of the protection of investors
and would frustrate the expectations of eligible employees who invest
in the ESCs that the ESCs would be managed by an affiliate of their
employer.
8. Applicants state that several Applicants and certain of their
affiliates have previously received orders under section 9(c), as
described in greater detail in the application.
Applicants' Condition
Applicants agree that any order granting the requested relief will
be subject to the following condition:
Any temporary exemption granted pursuant to the application
shall be without prejudice to, and shall not limit the Commission's
rights in any manner with respect to, any Commission investigation
of, or administrative proceedings involving or against, Covered
Persons, including without limitation, the consideration by the
Commission of a permanent exemption from section 9(a) of the Act
requested pursuant to the application, or the revocation or removal
of any temporary exemptions granted under the Act in connection with
the application.
Temporary Order
The Commission has considered the matter and finds that Applicants
have made the necessary showing to justify granting a temporary
exemption.
Accordingly,
It is hereby ordered, pursuant to section 9(c) of the Act, that the
Applicants and the other Covered Persons are granted a temporary
exemption from the provisions of section 9(a), effective forthwith,
solely with respect to the Injunction, subject to the condition in the
application, until the date the Commission takes final action on their
application for a permanent order.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-20859 Filed 8-23-12; 8:45 am]
BILLING CODE 8011-01-P
