Proposed Collection; Comment Request, 65592-65593 [2012-26541]
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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
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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
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Federal Register / Vol. 77, No. 209 / Monday, October 29, 2012 / Notices
a representative survey or study of the
costs of Commission rules and forms.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule. An agency may not conduct
or sponsor, and a person is not required
to respond to, a collection of
information unless it displays a
currently valid control number.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
including whether the information has
practical utility; (b) the accuracy of the
Commission’s estimate of the burden of
the collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days after this
publication.
Please direct your written comments
to Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
6432 General Green Way, Alexandria,
VA 22312; or send an email to:
PRA_Mailbox@sec.gov.
Dated: October 24, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–26541 Filed 10–26–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
30239; File No. 812–14056]
PNC Capital Advisors, LLC, et al.;
Notice of Application
October 23, 2012.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 12(d)(1)(J) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
12(d)(1)(A) and (B) of the Act, and
under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1)
and (2) of the Act.
rmajette on DSK2TPTVN1PROD with
AGENCY:
The
requested order would permit certain
registered open-end management
investment companies that operate as
‘‘funds of funds’’ to acquire shares of
SUMMARY OF THE APPLICATION:
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13:18 Oct 26, 2012
Jkt 229001
certain registered open-end management
investment companies and unit
investment trusts (‘‘UITs’’) that are
within and outside the same group of
investment companies as the acquiring
investment companies.
APPLICANTS: PNC Capital Advisors, LLC
(‘‘Adviser’’) and PNC Funds and PNC
Advantage Funds (each a ‘‘Trust’’ and
together, the ‘‘Trusts’’).
DATES: Filing Dates: The application was
filed on July 13, 2012, and amended on
October 5, 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 November 19, 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: Elizabeth M. Murphy,
Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
Applicants: Daniel O. Hirsch, PNC Legal
Department, 1600 Market Street, 28th
Floor, Philadelphia, PA 19103.
FOR FURTHER INFORMATION CONTACT:
David J. Marcinkus, Attorney Advisor,
at (202) 551–6882 or David P. Bartels,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or for 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 Trust is an open-end
management investment company
registered under the Act and organized
as a Delaware statutory trust. Each Trust
is comprised of separate series that
pursue distinct investment objectives
and strategies.1 The Adviser is
1 Applicants request that the relief apply to each
existing and future series of the Trusts and to each
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Sfmt 4703
65593
registered as an investment adviser
under the Investment Advisers Act of
1940 (‘‘Advisers Act’’) and serves as
investment adviser for each of the
Funds. The Adviser is a Delaware
limited liability company.
2. Applicants request an order to
permit (a) a Fund that operates as a
‘‘fund of funds’’ (each a ‘‘Fund of
Funds’’) to acquire shares of (i)
registered open-end management
investment companies that are not part
of the same ‘‘group of investment
companies,’’ within the meaning of
section 12(d)(1)(G)(ii) of the Act, as the
Fund of Funds (‘‘Unaffiliated
Investment Companies’’) and UITs that
are not part of the same group of
investment companies as the Fund of
Funds (‘‘Unaffiliated Trusts,’’ and
together with the Unaffiliated
Investment Companies, ‘‘Unaffiliated
Funds’’) 2 or (ii) registered open-end
management companies or UITs that are
part of the same group of investment
companies as the Fund of Funds
(collectively, ‘‘Affiliated Funds,’’
together with the Unaffiliated Funds,
‘‘Underlying Funds’’) and (b) each
Underlying Fund, any principal
underwriter for the Underlying Fund,
and any broker or dealer registered
under the Securities Exchange Act of
1934 (‘‘Broker’’) to sell shares of the
Underlying Fund to the Fund of Funds.3
Applicants also request an order under
sections 6(c) and 17(b) of the Act to
exempt applicants from section 17(a) to
the extent necessary to permit
Underlying Funds to sell their shares to
Funds of Funds and redeem their shares
from Funds of Funds.
Applicants’ Legal Analysis
Investments in Underlying Funds
A. Section 12(d)(1)
1. Section 12(d)(1)(A) of the Act, in
relevant part, prohibits a registered
investment company from acquiring
shares of an investment company if the
securities represent more than 3% of the
existing and future registered open-end
management investment company or series thereof
(each a ‘‘Fund’’ and collectively, ‘‘Funds’’) that is
advised by the Adviser or any entity controlling,
controlled by or under common control with the
Adviser and which is part of the same group of
investment companies (as defined in section
12(d)(1)(G)(ii) of the Act) as the Trusts.
2 Certain of the Unaffiliated Funds may be
registered under the Act as either UITs or open-end
management investment companies and have
received exemptive relief to permit their shares to
be listed and traded on a national securities
exchange at negotiated prices (‘‘ETFs’’).
3 All entities that currently intend to rely on the
requested order are named as applicants. Any other
entity that relies on the order in the future will
comply with the terms and conditions of the
application.
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]]>Agencies
[Federal Register Volume 77, Number 209 (Monday, October 29, 2012)]
[Notices]
[Pages 65592-65593]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-26541]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
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 Sec. 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 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.
---------------------------------------------------------------------------
\1\ See rule 22e-3(a)(3).
---------------------------------------------------------------------------
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
[[Page 65593]]
a representative survey or study of the costs of Commission rules and
forms.
---------------------------------------------------------------------------
\2\ This 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 x 3 (combined number of affected funds and conduit funds) = 30
minutes.
\5\ This estimate is based on the following calculation: $378/
hour x 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.
---------------------------------------------------------------------------
Compliance with the collection of information requirements of the
rule is necessary to obtain the benefit of relying on the rule. An
agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid control number.
Written comments are invited on: (a) Whether the collection of
information is necessary for the proper performance of the functions of
the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burden of
the collection of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques or other
forms of information technology. Consideration will be given to
comments and suggestions submitted in writing within 60 days after this
publication.
Please direct your written comments to Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
email to: PRA_Mailbox@sec.gov.
Dated: October 24, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-26541 Filed 10-26-12; 8:45 am]
BILLING CODE 8011-01-P
