New Postal Product, 65016-65017 [2013-25665]

Download as PDF 65016 Federal Register / Vol. 78, No. 210 / Wednesday, October 30, 2013 / Notices 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 October 31, 2013. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Shoshana M. Grove, Secretary. [FR Doc. 2013–25666 Filed 10–29–13; 8:45 am] BILLING CODE 7710–FW–P POSTAL REGULATORY COMMISSION [Docket Nos. MC2014–2 and CP2014–2; Order No. 1859] New Postal Product Postal Regulatory Commission. Notice. AGENCY: ACTION: The Commission is noticing recent Postal Service filings requesting the addition of Priority Mail Contract 66 to the competitive product list. This notice informs the public of the filings, invites public comment, and takes other administrative steps. DATES: Comments are due: October 31, 2013. ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. FOR FURTHER INFORMATION CONTACT: Stephen L. Sharfman, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: SUMMARY: Table of Contents emcdonald on DSK67QTVN1PROD with NOTICES I. Introduction II. Notice of Filings III. Ordering Paragraphs I. Introduction In accordance with 39 U.S.C. 3642 and 39 CFR 3020.30 et seq., the Postal Service filed a request and associated supporting information to add Priority Mail Contract 66 to the competitive product list.1 It is the successor agreement to the contract approved in Docket Nos. MC2010–32 and CP2010– of the United States Postal Service to Add Priority Mail Contract 66 to Competitive Product List and Notice of Filing (Under Seal) of Unredacted Governors’ Decision, Contract, and Supporting Data, October 23, 2013 (Request). 77.2 Request at 1. The Postal Service asserts that Priority Mail Contract 66 is a competitive product ‘‘not of general applicability’’ within the meaning of 39 U.S.C. 3632(b)(3). Id. The Request has been assigned Docket No. MC2014–2. The Postal Service contemporaneously filed a redacted contract related to the proposed new product. Id. Attachment B. The instant contract has been assigned Docket No. CP2014–2. 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 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 one business day after the Commission issues all necessary regulatory approval. Id. at 2. The contract will expire three 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 contract also allows two 90-day extensions of the agreement if the preparation of a successor agreement is active and the Commission is notified within 7 days of the contract’s expiration. Id. The Postal Service 1 Request VerDate Mar<15>2010 16:58 Oct 29, 2013 Jkt 232001 2 See Docket Nos. MC2010–32 and CP2010–77, Order No. 510, Order Approving Priority Mail Contract 27 Negotiated Service Agreement, August 6, 2010. PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 represents that the contract is consistent with 39 U.S.C. 3633(a).3 The Postal Service filed much of the supporting materials, including the related contract, under seal. Id. Attachment F. It maintains that the redacted portions of the Governors’ Decision, 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 customeridentifying information from public disclosure indefinitely. Id. at 7. II. Notice of Filings The Commission establishes Docket Nos. MC2014–2 and CP2014–2 to consider the Request pertaining to the proposed Priority Mail Contract 66 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 October 31, 2013. The public portions of these filings can be accessed via the Commission’s Web site (https:// www.prc.gov). The Commission appoints Pamela A. Thompson to serve as Public Representative in these dockets. III. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket Nos. MC2014–2 and CP2014–2 to consider the matters raised in each docket. 2. Pursuant to 39 U.S.C. 505, Pamela A. Thompson 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 October 31, 2013. 4. The Secretary shall arrange for publication of this order in the Federal Register. 3 Although the Request appears to state that the certification only pertains to paragraphs (1) and (3) of 39 U.S.C. 3633(a), the certification itself contains an assertion that the prices are in compliance with 39 U.S.C. 3633(a)(1), (2), and (3). See Request at 2; Attachment E. E:\FR\FM\30OCN1.SGM 30OCN1 Federal Register / Vol. 78, No. 210 / Wednesday, October 30, 2013 / Notices By the Commission. Shoshana M. Grove, Secretary. [FR Doc. 2013–25665 Filed 10–29–13; 8:45 am] BILLING CODE 7710–FW–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30763; 812–14200] VTL Associates, LLC, et al.; Notice of Application October 24, 2013. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c–1 under the Act, under sections 6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J) of the Act for an exemption from sections 12(d)(1)(A) and (B) of the Act. AGENCY: VTL Associates, LLC (‘‘VTL’’), RevenueShares ETF Trust (the ‘‘Trust’’), and Foreside Fund Services, LLC (the ‘‘Distributor’’). SUMMARY OF APPLICATION: Applicants request an order that permits: (a) Actively-managed series of certain open-end management investment companies to issue shares (‘‘Shares’’) redeemable in large aggregations only (‘‘Creation Units’’); (b) secondary market transactions in Shares to occur at negotiated market prices; (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days from the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series in connection with the purchase and redemption of Creation Units; and (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the series to acquire Shares. DATES: Filing Dates: The application was filed on August 12, 2013 and amended on October 18, 2013. emcdonald on DSK67QTVN1PROD with NOTICES APPLICANTS: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving HEARING OR NOTIFICATION OF HEARING: VerDate Mar<15>2010 16:58 Oct 29, 2013 Jkt 232001 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 18, 2013, 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: VTL and the Trust: Vincent T. Lowry, VTL Associates, LLC, One Commerce Square, 2005 Market Street, Suite 2020, Philadelphia, PA 19103; Distributor: Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, ME 04101. FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at (202) 551–6876 or Daniele Marchesani, Branch Chief, at (202) 551–6821 (Division of Investment Management, Exemptive Applications Office). 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. The Trust is registered as an openend management investment company under the Act and is a statutory trust organized under the laws of Delaware. The Trust initially will offer one series, the RevenueShares Active Navellier Overall A–100 Fund (the ‘‘Initial Fund’’), which applicants state will seek long-term capital growth. The Initial Fund will seek to achieve its investment objective by investing primarily in equity securities listed on North American exchanges. 2. VTL, a Pennsylvania limited liability company, is registered as an investment adviser under the Investment Advisers Act of 1940 (‘‘Advisers Act’’) and will serve as investment adviser to the Initial Fund. The Advisor (as defined below) may in the future retain one or more subadvisors (each a ‘‘Sub-Advisor’’) to manage the portfolios of the Funds (as defined below). Any Sub-Advisor will be registered, or not subject to registration, under the Advisers Act. PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 65017 The Distributor is a registered brokerdealer (‘‘Broker’’) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) and will act as the distributor and principal underwriter of the Funds. 3. Applicants request that the order apply to the Initial Fund and any future series of the Trust as well as other openend management companies that may utilize active management investment strategies (‘‘Future Funds’’). Any Future Fund will (a) be advised by VTL or an entity controlling, controlled by, or under common control with VTL (VTL and each such other entity and any successor thereto included in the term ‘‘Advisor’’),1 and (b) comply with the terms and conditions of the application.2 The Initial Fund and Future Funds together are the ‘‘Funds’’.3 Each Fund will consist of a portfolio of securities (including fixed income securities and/or equity securities) and/ or currencies traded in the U.S. and/or non-U.S. markets, and derivatives, other assets, and other investment positions (‘‘Portfolio Instruments’’).4 Funds may invest in ‘‘Depositary Receipts’’.5 Each Fund will operate as an actively managed exchange-traded fund (‘‘ETF’’). 4. Applicants also request that any exemption under section 12(d)(1)(J) of the Act from sections 12(d)(1)(A) and (B) apply to: (i) Any Fund that is currently or subsequently part of the same ‘‘group of investment companies’’ as the Initial Fund within the meaning 1 For the purposes of the requested order, a ‘‘successor’’ is limited to an entity that results from a reorganization into another jurisdiction or a change in the type of business organization. 2 Any Advisor to a Future Fund will be registered as an investment adviser under the Advisers Act. All entities that currently intend to rely on the 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. 3 Applicants further request that the order apply to any future distributor and principal underwriter of the Funds (included in the term ‘‘Distributor’’), which would be a registered broker-dealer under the Exchange Act and would comply with the terms and conditions of the Application. The Distributor of any Fund may be an affiliated person of the Advisor and/or Sub-Advisors. 4 If a Fund invests in derivatives, then (a) the board of trustees (‘‘Board’’) of the Fund will periodically review and approve the Fund’s use of derivatives and how the Fund’s investment adviser assesses and manages risk with respect to the Fund’s use of derivatives and (b) the Fund’s disclosure of its use of derivatives in its offering documents and periodic reports will be consistent with relevant Commission and staff guidance. 5 Depositary Receipts are typically issued by a financial institution, a ‘‘depositary’’, and evidence ownership in a security or pool of securities that have been deposited with the depositary. A Fund will not invest in any Depositary Receipts that the Advisor or any Sub-Advisor deems to be illiquid or for which pricing information is not readily available. No affiliated persons of applicants, any Future Fund, any Advisor, or any Sub-Advisor will serve as the depositary bank for any Depositary Receipts held by a Fund. E:\FR\FM\30OCN1.SGM 30OCN1

Agencies

[Federal Register Volume 78, Number 210 (Wednesday, October 30, 2013)]
[Notices]
[Pages 65016-65017]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-25665]


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POSTAL REGULATORY COMMISSION

[Docket Nos. MC2014-2 and CP2014-2; Order No. 1859]


New Postal Product

AGENCY: Postal Regulatory Commission.

ACTION: Notice.

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SUMMARY: The Commission is noticing recent Postal Service filings 
requesting the addition of Priority Mail Contract 66 to the competitive 
product list. This notice informs the public of the filings, invites 
public comment, and takes other administrative steps.

DATES: Comments are due: October 31, 2013.

ADDRESSES: Submit comments electronically via the Commission's Filing 
Online system at https://www.prc.gov. Those who cannot submit comments 
electronically should contact the person identified in the FOR FURTHER 
INFORMATION CONTACT section by telephone for advice on filing 
alternatives.

FOR FURTHER INFORMATION CONTACT: Stephen L. Sharfman, General Counsel, 
at 202-789-6820.

SUPPLEMENTARY INFORMATION:

Table of Contents

I. Introduction
II. Notice of Filings
III. Ordering Paragraphs

I. Introduction

    In accordance with 39 U.S.C. 3642 and 39 CFR 3020.30 et seq., the 
Postal Service filed a request and associated supporting information to 
add Priority Mail Contract 66 to the competitive product list.\1\ It is 
the successor agreement to the contract approved in Docket Nos. MC2010-
32 and CP2010-77.\2\ Request at 1. The Postal Service asserts that 
Priority Mail Contract 66 is a competitive product ``not of general 
applicability'' within the meaning of 39 U.S.C. 3632(b)(3). Id. The 
Request has been assigned Docket No. MC2014-2.
---------------------------------------------------------------------------

    \1\ Request of the United States Postal Service to Add Priority 
Mail Contract 66 to Competitive Product List and Notice of Filing 
(Under Seal) of Unredacted Governors' Decision, Contract, and 
Supporting Data, October 23, 2013 (Request).
    \2\ See Docket Nos. MC2010-32 and CP2010-77, Order No. 510, 
Order Approving Priority Mail Contract 27 Negotiated Service 
Agreement, August 6, 2010.
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    The Postal Service contemporaneously filed a redacted contract 
related to the proposed new product. Id. Attachment B. The instant 
contract has been assigned Docket No. CP2014-2.
    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 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 one business day after the Commission 
issues all necessary regulatory approval. Id. at 2. The contract will 
expire three 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 contract also allows two 90-day extensions of 
the agreement if the preparation of a successor agreement is active and 
the Commission is notified within 7 days of the contract's expiration. 
Id. The Postal Service represents that the contract is consistent with 
39 U.S.C. 3633(a).\3\
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    \3\ Although the Request appears to state that the certification 
only pertains to paragraphs (1) and (3) of 39 U.S.C. 3633(a), the 
certification itself contains an assertion that the prices are in 
compliance with 39 U.S.C. 3633(a)(1), (2), and (3). See Request at 
2; Attachment E.
---------------------------------------------------------------------------

    The Postal Service filed much of the supporting materials, 
including the related contract, under seal. Id. Attachment F. It 
maintains that the redacted portions of the Governors' Decision, 
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. MC2014-2 and CP2014-2 to 
consider the Request pertaining to the proposed Priority Mail Contract 
66 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 October 31, 2013. 
The public portions of these filings can be accessed via the 
Commission's Web site (https://www.prc.gov).
    The Commission appoints Pamela A. Thompson to serve as Public 
Representative in these dockets.

III. Ordering Paragraphs

    It is ordered:
    1. The Commission establishes Docket Nos. MC2014-2 and CP2014-2 to 
consider the matters raised in each docket.
    2. Pursuant to 39 U.S.C. 505, Pamela A. Thompson 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 October 31, 2013.
    4. The Secretary shall arrange for publication of this order in the 
Federal Register.


[[Page 65017]]


    By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2013-25665 Filed 10-29-13; 8:45 am]
BILLING CODE 7710-FW-P