Product Change-First-Class Package Service Negotiated Service Agreement, 65592 [2012-26462]

Download as PDF 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 rmajette on DSK2TPTVN1PROD with 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 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 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 E:\FR\FM\29OCN1.SGM 29OCN1

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]


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POSTAL SERVICE


Product Change--First-Class Package Service Negotiated Service 
Agreement

AGENCY: Postal ServiceTM.

ACTION: Notice.

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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