Privacy Act of 1974; System of Records; Correction, 69107 [2021-26366]
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Federal Register / Vol. 86, No. 231 / Monday, December 6, 2021 / Notices
[Release No. PA–57A; File No. S7–14–21]
Privacy Act of 1974; System of
Records; Correction
Securities and Exchange
Commission.
ACTION: Notice; correction.
AGENCY:
The Securities and Exchange
Commission published a document in
the Federal Register on November 29,
2021, concerning a Privacy Act of 1974;
System of Records. The document
contained an incorrect comment due
date. Comments are due on December
29, 2021.
FOR FURTHER INFORMATION CONTACT:
Ronnette McDaniel, Privacy and
Information Assurance Branch Chief,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549,
(202) 551–7200.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Correction
In the Federal Register of November
29, 2021 in FR Doc. 2021–25871, on
page 67755, in the first column, correct
the DATES section to read:
The changes will become
effective November 29, 2021, to permit
public comment on the revised routine
uses. The Commission will publish a
new notice if the effective date is
delayed to review comments or if
changes are made based on comments
received. To assure consideration,
comments should be received on or
before December 29, 2021.
DATES:
Dated: December 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–26366 Filed 12–3–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
34429; 812–15263]
Fortune V Separate Account, et al.
khammond on DSKJM1Z7X2PROD with NOTICES
November 30, 2021.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of an application under section
6(c) of the Investment Company Act of
1940 (the ‘‘Act’’) for an exemption from
sections 12(b), 18(f)(1) and 18(i) of the
Act.
VerDate Sep<11>2014
20:32 Dec 03, 2021
Jkt 256001
Applicants
request an order to permit a registered
open-end investment company that
offers variable annuity contracts
(‘‘Contracts’’) to issue multiple classes
of units (‘‘Units’’) with varying
administrative and/or distribution
expenses and other expenses, and to
permit an arrangement for financing the
distribution of those Contracts.
APPLICANTS: Fortune V Separate
Account (‘‘Fortune V’’) and Universal
Financial Services (‘‘UFS’’).
FILING DATES: The application was filed
on September 20, 2021 and amended on
October 29, 2021, November 12, 2021,
and November 30, 2021.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by emailing the
Commission’s Secretary at SecretarysOffice@sec.gov and serving applicants
with a copy of the request by email.
Hearing requests should be received by
the Commission by 5:30 p.m. on
December 22, 2021, and should be
accompanied by proof of service on the
applicants, in the form of an affidavit,
or, for lawyers, a certificate of service.
Pursuant to rule 0–5, 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 emailing to the
Commission’s Secretary at SecretarysOffice@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
c/o Dodie Kent, by email to dodiekent@
eversheds-sutherland.com.
FOR FURTHER INFORMATION CONTACT:
Harry Eisenstein, Senior Special
Counsel, at (202) 551–6764 or Nadya
Roytblat, Assistant Chief Counsel, at
(202) 551–6825 (Division of Investment
Management, Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained by searching the
Commission’s website, at https://
www.sec.gov/search/search.htm, using
the application’s file number or the
applicant’s name, or by calling (202)
551–8090.
SUMMARY OF APPLICATION:
SECURITIES AND EXCHANGE
COMMISSION
Applicants’ Representations
1. Fortune V was established under
the laws of Puerto Rico in 2007 by
Universal Life Insurance Company
(‘‘Universal’’), a stock life insurance
company domiciled in Puerto Rico, and
offers Contracts exclusively to residents
of Puerto Rico. Until May 24, 2021,
Fortune V was exempt from regulation
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Fmt 4703
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69107
under the Act pursuant to section 6(a)(1)
of the Act. That exemption was repealed
on May 24, 2018, effective May 24,
2021. On May 24, 2021, Fortune V filed
a Notification of Registration under the
Act on Form N–8A as an open-end
investment company. In addition, with
the repeal of Section 6(a)(l) of the Act,
the exemption in section 3(a)(11) of the
Securities Act of 1933 is no longer
applicable to the Contracts.
2. UFS, a subsidiary of Universal, is
registered with the Commission as an
investment adviser under the
Investment Advisers Act of 1940 and as
a broker-dealer under the Securities
Exchange Act of 1934, and acts as
investment adviser and the distributor
for Fortune V.
3. Fortune V is comprised of several
sub-accounts, each of which has a
generally defined investment strategy
and invests in a portfolio of separate
underlying mutual funds (the ‘‘SubAccounts’’). Applicants calculate the
value of the assets in each Sub-Account
as of the close of every business day.
Fortune V deducts expenses from the
net assets of each Sub-Account each
business day for investment
management, administrative and
distribution services.
4. Fortune V offers different classes of
Units 1 in a Sub-Account with different
levels of expenses that reflect the
different liquidity options and death
benefits made available to Contract
owners, as described in the application.
With the exception of Contracts sold
until 2011, all classes incur a base
annual account charge of 1.40% and, in
addition, may be subject to additional
charges based on which liquidity option
is selected and whether the optional
death benefit is selected (not including
the base annual account charge, these
additional charges are referred to as
‘‘Covered Expenses’’).
5. All expenses incurred by Fortune V
are allocated among its various classes
of Units based on the respective average
daily net assets attributable to each such
class, except that the Unit value and
expenses of each class will reflect the
Covered Expenses attributable to the
class. Covered Expenses of Fortune V
allocated to a particular class of Units
will be borne on a pro rata basis by each
Unit of that class.
6. On November 12, 2021, the board
of directors of Fortune V (the ‘‘Board’’),
including a majority of disinterested
Board members, adopted a multiple
class plan in accordance with Rule 18f–
1 ‘‘Units’’ refers to accumulation units, which are
used to calculate the value allocated to each of the
Sub-Accounts in the variable account before the
annuitization date.
E:\FR\FM\06DEN1.SGM
06DEN1
]]>Agencies
[Federal Register Volume 86, Number 231 (Monday, December 6, 2021)]
[Notices]
[Page 69107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26366]
[[Page 69107]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. PA-57A; File No. S7-14-21]
Privacy Act of 1974; System of Records; Correction
AGENCY: Securities and Exchange Commission.
ACTION: Notice; correction.
-----------------------------------------------------------------------
SUMMARY: The Securities and Exchange Commission published a document in
the Federal Register on November 29, 2021, concerning a Privacy Act of
1974; System of Records. The document contained an incorrect comment
due date. Comments are due on December 29, 2021.
FOR FURTHER INFORMATION CONTACT: Ronnette McDaniel, Privacy and
Information Assurance Branch Chief, Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549, (202) 551-7200.
SUPPLEMENTARY INFORMATION:
Correction
In the Federal Register of November 29, 2021 in FR Doc. 2021-25871,
on page 67755, in the first column, correct the DATES section to read:
DATES: The changes will become effective November 29, 2021, to permit
public comment on the revised routine uses. The Commission will publish
a new notice if the effective date is delayed to review comments or if
changes are made based on comments received. To assure consideration,
comments should be received on or before December 29, 2021.
Dated: December 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26366 Filed 12-3-21; 8:45 am]
BILLING CODE 8011-01-P
