Product Change-First-Class Package Service Negotiated Service Agreement, 65592 [2012-26462]
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65592
Federal Register / Vol. 77, No. 209 / Monday, October 29, 2012 / Notices
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: October 29, 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 October 22,
2012, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add First-Class
Package Service Contract 21 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2013–8, CP2013–8.
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–26463 Filed 10–26–12; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—First-Class Package
Service Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
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: October 29, 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 October 22,
2012, it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add First-Class
Package Service Contract 22 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2013–9, CP2013–9.
SUMMARY:
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–26462 Filed 10–26–12; 8:45 am]
BILLING CODE 7710–12–P
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SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request Copies Available
From: Securities and Exchange
VerDate Mar<15>2010
13:18 Oct 26, 2012
Jkt 229001
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213
Extension:
Rule 22e–3, OMB Control No. 3235–0658,
SEC File No. 270–603.
Notice is hereby given that, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501–3520), the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Section 22(e) of the Investment
Company Act [15 U.S.C. 80a–22(e)]
(‘‘Act’’) generally prohibits funds,
including money market funds, from
suspending the right of redemption, and
from postponing the payment or
satisfaction upon redemption of any
redeemable security for more than seven
days. The provision was designed to
prevent funds and their investment
advisers from interfering with the
redemption rights of shareholders for
improper purposes, such as the
preservation of management fees.
Although section 22(e) permits funds to
postpone the date of payment or
satisfaction upon redemption for up to
seven days, it does not permit funds to
suspend the right of redemption for any
amount of time, absent certain specified
circumstances or a Commission order.
Rule 22e–3 under the Act [17 CFR
270.22e–3] exempts money market
funds from section 22(e) to permit them
to suspend redemptions in order to
facilitate an orderly liquidation of the
fund. Specifically, rule 22e–3 permits a
money market fund to suspend
redemptions and postpone the payment
of proceeds pending board-approved
liquidation proceedings if: (i) The fund’s
board of directors, including a majority
of disinterested directors, determines
pursuant to § 270.2a–7(c)(8)(ii)(C) that
the extent of the deviation between the
fund’s amortized cost price per share
and its current net asset value per share
calculated using available market
quotations (or an appropriate substitute
that reflects current market conditions)
may result in material dilution or other
unfair results to investors or existing
shareholders; (ii) the fund’s board of
directors, including a majority of
disinterested directors, irrevocably
approves the liquidation of the fund;
and (iii) the fund, prior to suspending
redemptions, notifies the Commission of
its decision to liquidate and suspend
redemptions. Rule 22e–3 also provides
an exemption from section 22(e) for
registered investment companies that
own shares of a money market fund
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pursuant to section 12(d)(1)(E) of the
Act (‘‘conduit funds’’), if the underlying
money market fund has suspended
redemptions pursuant to the rule. A
conduit fund that suspend redemptions
in reliance on the exemption provided
by rule 22e–3 is required to provide
prompt notice of the suspension of
redemptions to the Commission. Notices
required by the rule must be provided
by electronic mail, directed to the
attention of the Director of the Division
of Investment Management or the
Director’s designee.1 Compliance with
the notification requirement is
mandatory for money market funds and
conduit funds that rely on rule 22e–3 to
suspend redemptions and postpone
payment of proceeds pending a
liquidation, and are not kept
confidential.
Commission staff estimates that, on
average, one money market fund would
break the buck and liquidate every six
years.2 In addition, Commission staff
estimate that there are an average of two
conduit funds that may be invested in
a money market fund that breaks the
buck.3 Commission staff further
estimate that a money market fund or
conduit fund would spend
approximately one hour of an in-house
attorney’s time to prepare and submit
the notice required by the rule. Given
these estimates, the total annual burden
of the notification requirement of rule
22e–3 for all money market funds and
conduit funds would be approximately
30 minutes,4 at a cost of $189.5 The
estimate of average burden hours is
made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
1 See
rule 22e–3(a)(3).
estimate is based upon the Commission’s
experience with the frequency with which money
market funds have historically required sponsor
support. Although the vast majority of money
market fund sponsors have supported their money
market funds in times of market distress, for
purposes of this estimate Commission staff
conversatively estimates that one or more sponsors
may not provide support.
3 These estimates are based on a review of filings
with the Commission.
4 This estimate is based on the following
calculations: (1 hour ÷ 6 years) = 10 minutes per
year for each fund and conduit fund that is required
to provide notice under the rule. 10 minutes per
year × 3 (combined number of affected funds and
conduit funds) = 30 minutes.
5 This estimate is based on the following
calculation: $378/hour × 30 minutes = $189. The
estimated hourly wages used in this PRA analysis
were derived from reports prepared by the
Securities Industry and Financial Markets
Association, modified to account for an 1800-hour
work year and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead.
See Securities Industry and Financial Markets
Association, Management & Professional Earnings
in the Securities Industry 2011.
2 This
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]]>Agencies
[Federal Register Volume 77, Number 209 (Monday, October 29, 2012)]
[Notices]
[Page 65592]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-26462]
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--First-Class Package Service Negotiated Service
Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
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: October 29, 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
October 22, 2012, it filed with the Postal Regulatory Commission a
Request of the United States Postal Service to Add First-Class Package
Service Contract 22 to Competitive Product List. Documents are
available at www.prc.gov, Docket Nos. MC2013-9, CP2013-9.
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012-26462 Filed 10-26-12; 8:45 am]
BILLING CODE 7710-12-P
