Notices. Notice of application for an order of approval pursuant to Section 26(c) of the Investment Company Act of 1940, as amended (the “Act”)
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BILLING CODE 7570-02-M NUCLEAR REGULATORY COMMISSION [Docket Nos. 50-280 and 50-281] Virginia Electric and Power Company; Surry Power Station, Unit Nos. 1 and 2; Notice of Withdrawal of Application for Amendment to Facility Operating Licenses The U.S. Nuclear Regulatory Commission (the Commission) has granted the request of Virginia Electric and Power Company (the licensee) to withdraw its February 14, 2006, application for proposed amendment to Facility Operating License Nos. DPR-32 and DPR-37 for the Surry Power Station, Unit Nos. 1 and 2 (Surry 1 and 2), located in Surry County, Virginia. The proposed amendments would have revised the Technical Specifications
(TSs)pertaining to restricting the minimum cooling time and burnup of spent fuel assemblies that will be placed into storage in the NUHOMS HD spent fuel dry storage system at Surry 1 and 2 starting in the summer of 2006. Specifically, the proposed amendments would add Figure 5.4-2 to the TSs to ensure that the NUHOMS HD canister remains subcritical during operations in the Surry 1 and 2 spent fuel pool. The Commission had previously issued a Notice of Consideration of Issuance of Amendments published in the **Federal Register** on May 16, 2006 (71 FR 28390). However, by letter dated March 12, 2007, the licensee withdrew the proposed change. For further details with respect to this action, see the application for amendments dated February 14, 2006, and the licensee's letter dated March 12, 2007, which withdrew the application for license amendments. Documents may be examined, and/or copied for a fee, at the NRC's Public Document Room (PDR), located at One White Flint North, Public File Area O1 F21, 11555 Rockville Pike (first floor), Rockville, Maryland. Publicly available records will be accessible electronically from the Agencywide Documents Access and Management Systems (ADAMS) Public Electronic Reading Room on the Internet at the NRC Web site, *http://www.nrc.gov/reading-rm.html.* Persons who do not have access to ADAMS or who encounter problems in accessing the documents located in ADAMS should contact the NRC PDR Reference staff by telephone at 1-800-397-4209, or 301-415-4737 or by e-mail to *pdr@nrc.gov.* Dated at Rockville, Maryland, this 16th day of March 2007. For the Nuclear Regulatory Commission. Siva P. Lingam, Project Manager, Plant Licensing Branch II-1, Division of Operating Reactor Licensing, Office of Nuclear Reactor Regulation. [FR Doc. E7-5340 Filed 3-22-07; 8:45 am] BILLING CODE 7590-01-P NUCLEAR REGULATORY COMMISSION Request for a License To Import Radioactive Waste Pursuant to 10 CFR 110.70(C) “Public notice of receipt of an application,” please take notice that the Nuclear Regulatory Commission
(NRC)has received the following request for an import license. Copies of the request are available electronically through ADAMS and can be accessed through the Public Electronic Reading Room
(PERR)link *http://www.nrc.gov/reading-rm.html* at the NRC Homepage. A request for a hearing or petition for leave to intervene may be filed within 30 days after publication of this notice in the **Federal Register** . Any request for hearing or petition for leave to intervene shall be served by the requestor or petitioner upon the applicant, the Office of the General Counsel, U.S. Nuclear Regulatory Commission, Washington, DC 20555; the Secretary, U.S. Nuclear Regulatory Commission, Washington, DC 20555; and the Executive Secretary, U.S. Department of State, Washington, DC 20520. The information concerning this import license application follows. NRC Import License Application Name of applicant, date of application, date received, application No. docket No. Description of material Material type Total quantity End use Country of origin Westinghouse Electric Company LLC, February 28, 2007, March 1, 2007, IW021, 11005674 Contaminated materials (waste filter cake and shot) generated by Mississauga Metals & Alloys in Ontario, Canada from the decontamination of steel received from the Hematite facility in Festus, MO under NRC License XW003 Mississauga is required to return up to 74,843.0 kilograms of filter cake and 122,470.0 kilograms of shot, which it expects to generate from the decontamination process. It is expected that these materials will be contaminated with up to 3.506 kilograms uranium-235 contained in up to a total of 72.288 kilograms of uranium with a maximum enrichment of 4.9 weight percent All materials are to be disposed of at the Energy Solutions of Utah site located in Clive, Utah in accordance with an existing agreement between the parties Canada. Dated this 13th day of March 2007 at Rockville, Maryland. For the Nuclear Regulatory Commission. Margaret M. Doane, Deputy Director, Office of International Programs. [FR Doc. E7-5336 Filed 3-22-07; 8:45 am] BILLING CODE 7590-01-P NUCLEAR REGULATORY COMMISSION Advisory Committee on Reactor Safeguards (ACRS); Meeting of the Subcommittee on Plant License Renewal; Notice of Meeting The ACRS Subcommittee on Plant License Renewal will hold a meeting on April 4, 2007, Room T-2B3, 11545 Rockville Pike, Rockville, Maryland. The entire meeting will be open to public attendance. The agenda for the subject meeting shall be as follows: Wednesday, April 4, 2007—10:30 a.m. until 5 p.m. The purpose of this meeting is to review the Pilgrim license renewal application and the associated Safety Evaluation Report. The Subcommittee will hear presentations by and hold discussions with representatives of the NRC staff, Entergy Nuclear Operations, Inc., and other interested persons regarding this matter. The Subcommittee will gather information, analyze relevant issues and facts, and formulate proposed positions and actions, as appropriate, for deliberation by the full Committee. Members of the public desiring to provide oral statements and/or written comments should notify the Designated Federal Official, Ms. Maitri Banerjee (telephone 301/415-6973) five days prior to the meeting, if possible, so that appropriate arrangements can be made. Electronic recordings will be permitted. Further information regarding this meeting can be obtained by contacting the Designated Federal Official between 6:45 a.m. and 3:30 p.m. (ET). Persons planning to attend this meeting are urged to contact the above named individual at least two working days prior to the meeting to be advised of any potential changes to the agenda. Dated: March 15, 2007. Cayetano Santos, Acting Branch Chief, ACRS. [FR Doc. E7-5335 Filed 3-22-07; 8:45 am] BILLING CODE 7590-01-P RAILROAD RETIREMENT BOARD Proposed Collection; Comment Request *Summary:* In accordance with the requirement of Section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995, which provides opportunity for public comment on new or revised data collections, the Railroad Retirement Board
(RRB)will publish periodic summaries of proposed data collections. *Comments are invited on:*
(a)Whether the proposed information collection is necessary for the proper performance of the functions of the agency, including whether the information has practical utility;
(b)the accuracy of the RRB's estimate of the burden of the collection of the information;
(c)ways to enhance the quality, utility, and clarity of the information to be collected; and
(d)ways to minimize the burden related to the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. *Title and purpose of information collection:* Request for Internet Services, OMB 3220-0198. The RRB uses a Personal Identification Number (PIN)/Password system that allows RRB customers to conduct business with the agency electronically. As part of the system, the RRB collects information needed to establish a unique PIN/Password that allows customer access to RRB Internet-based services. The information collected is matched against records of the railroad employee that are maintained by the RRB. If the information is verified, the request is approved and the RRB mails a Password Request Code
(PRC)to the requestor. If the information provided cannot be verified, the requestor is advised to contact the nearest field office of the RRB to resolve the discrepancy. Once a PRC is obtained from the RRB, the requestor can apply for a PIN/Password online. Once the PIN/Password has been established, the requestor has access to RRB Internet-based services. The RRB estimates that approximately 14,040 requests for PRCs and PIN/Passwords are received annually and that it takes 5 minutes per response to secure a PRC and 1.5 minutes to establish a PIN/Password. Completion is voluntary, however, the RRB will be unable to provide a PRC or allow a requestor to establish a PIN/Password (thereby denying system access), if the requests are not completed. The RRB proposes non-burden impacting, editorial changes to the PRC and PIN/Password screens. *Additional Information or Comments:* To request more information or to obtain a copy of the information collection justification, forms, and/or supporting material, please call the RRB Clearance Officer at
(312)751-3363 or send an e-mail request to *Charles.Mierzwa@RRB.gov* . Comments regarding the information collection should be sent to Ronald J. Hodapp, Railroad Retirement Board, 844 N. Rush Street, Chicago, Illinois 60611-2092 or *Ronald.Hodapp@RRB.GOV* . Comments should be received within 60 days of this notice. Charles Mierzwa, Clearance Officer. [FR Doc. E7-5365 Filed 3-22-07; 8:45 am] BILLING CODE 7905-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. IC-27752; File No. 812-13318] John Hancock Life Insurance Company, et al. March 19, 2007. AGENCY: Securities and Exchange Commission (“Commission”). ACTION: Notice of application for an order of approval pursuant to Section 26(c) of the Investment Company Act of 1940, as amended (the “Act”). *Applicants:* John Hancock Life Insurance Company (U.S.A.) (“John Hancock USA”), John Hancock Life Insurance Company (U.S.A.) Separate Account H (“Account H”), John Hancock Life Insurance Company of New York (“John Hancock New York”) and John Hancock Life Insurance Company of New York Separate Account A (“Account A”) (collectively the “Applicants”). SUMMARY: Applicants seek an order approving the substitution of shares of certain series of John Hancock Trust (“JHT”) for shares of certain series of other, unaffiliated, registered investment companies as described herein. *Filing Date:* The application was filed on July 31, 2006, and an amended and restated application was filed on March 8, 2007. *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 Secretary of the Commission and serving Applicants with a copy of the request personally or by mail. Hearing requests must be received by the Commission by 5:30 p.m. on April 13, 2007, 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 requester'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 Secretary of the Commission. ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. Applicants, c/o Raymond A. O'Hara III, Blazzard & Hasenauer, P.C., 1375 Kings Highway East, Suite 220, Fairfield, CT 06824. FOR FURTHER INFORMATION CONTACT: Alison T. White, Senior Counsel, or Joyce M. Pickholz, Branch Chief, Office of Insurance Products, Division of Investment Management, at
(202)551-6795. SUPPLEMENTARY INFORMATION: The following is a summary of the amended and restated application. The complete application is available for a fee from the Public Reference Branch of the Commission, 100 F Street, NE., Washington, DC 20549 (202-551-8090). Applicants' Representations 1. John Hancock USA, formerly known as The Manufacturers Life Insurance Company (U.S.A.), is a stock life insurance company originally organized under the laws of Maine on August 20, 1955 by a special act of the Maine legislature. John Hancock USA redomesticated under the laws of Michigan on December 30, 1992. 2. Account H is registered under the Act as a unit investment trust (File No. 811-4113). The variable annuity contracts funded by Account H that are affected by this application are Scudder Wealthmark Annuity (File Nos. 333-70728 and 333-70730) and Scudder Wealthmark ML3 Annuity (File No. 333-70850). 3. John Hancock New York, formerly known as The Manufacturers Life Insurance Company of New York, is a wholly-owned subsidiary of John Hancock USA and is a stock life insurance company organized under the laws of New York on February 10, 1992. 4. Account A is registered under the Act as a unit investment trust (File No. 811-6584). It is used to fund variable annuity contracts of John Hancock New York. The variable annuity contracts funded by Account A that are affected by this application are Scudder Wealthmark Annuity for New York (File Nos. 33-79112 and 33-46217) and Scudder Wealthmark ML3 Annuity for New York (File No. 333-83558). 5. The individual and group variable annuity contracts affected by this application are collectively referred to as the “Contracts.” 6. Each of the Contracts permits its owners to allocate the Contract's accumulated value among numerous available Subaccounts, each of which invests in a different investment portfolio (“Fund”) of an underlying mutual fund. 7. Each Contract permits its owner to transfer the Contract's accumulated value from one Subaccount to another Subaccount of the issuing Separate Account at any time, subject to certain potential restrictions and charges described in the Contracts and Prospectuses relating to the Contracts. To the extent that the Contracts contain restrictions or limitations on an owner's right to transfer, such restrictions and limitations will be suspended in connection with the transfers as described in further detail elsewhere herein. 8. Each Insurance Company reserves the right to make certain changes, including the right to substitute, for the shares held in any Subaccount, the shares of another Fund or the shares of another underlying mutual fund, as stated in each prospectus for the Contracts. 9. Shares of JHT are sold exclusively to insurance company separate accounts to fund benefits under variable annuity contracts and variable life insurance policies sponsored by the Insurance Companies or their affiliates, and to employer pension and profit sharing plans. JHT is registered under the Act as an open-end management investment company of the series type, and its securities are registered under the 1933 Act, File Nos. 002-94157/811-04146 and 33-02081/811-04490. John Hancock Investment Management Services, LLC (formerly, Manufacturers Securities Services, LLC) (“JHIMS”), is the investment adviser to JHT, and each series has its own subadviser. 10. Each Insurance Company, on its behalf and on behalf of the Separate Accounts, proposes to make certain substitutions of shares of thirty-five funds (the “Existing Funds”) held in the Subaccounts of its respective Separate Accounts with certain Series (the “Replacement Funds”) of JHT as follows: Existing funds Replacement funds AIM V.I. Utilities Fund—Series II JHT Total Stock Market Index Trust—Series II. DWS Blue Chip VIP—Series II, Class B DWS Health Care VIP—Series I, Class B DWS Technology VIP—Series II, Class B The Dreyfus Socially Responsible Growth Fund, Inc.—Service Class JHT Quantitative All Cap Trust—Series II. DWS Dreman High Return Equity VIP—Series II, Class B DWS Janus Growth and Income VIP—Series II, Class B Alger American Leveraged AllCap Portfolio—Class S JHT All Cap Core Trust—Series II. DWS Large Cap Value VIP—Series II, Class B JHT Quantitative Value Trust—Series II. DWS Davis Venture Value VIP—Series II, Class B JHT Fundamental Value Trust—Series II. DWS Dreman Small Cap Value VIP—Series II, Class B JHT Small Cap Index Trust—Series II. DWS Small Cap Growth VIP—Series II, Class B Alger American Balanced Portfolio—Class S JHT Index Allocation Trust—Series II. DWS Balanced VIP—Series II, Class B DWS RREEF Real Estate Securities VIP—Class B JHT Real Estate Securities Trust—Series II. DWS International VIP—Series I, Class B JHT International Value Trust—Series II. DWS Global Thematic VIP—Series II, Class B JHT Global Trust—Series II. DWS Global Opportunities VIP—Series I, Class B DWS Bond VIP—Series I, Class B JHT Bond Index Trust—Series II. DWS High Income VIP—Series II, Class B JHT Active Bond Trust—Series II. DWS Strategic Income VIP—Series II, Class B DWS Core Fixed Income VIP—Series II, Class B JHT Investment Quality Bond Trust—Series II. DWS Growth Allocation VIP—Series II, Class B JHT Lifestyle Growth Trust—Series II. DWS Moderate Allocation VIP—Series II, Class B JHT Lifestyle Balanced Trust—Series II. DWS Conservative Allocation VIP—Series II, Class B JHT Lifestyle Moderate Trust—Series II. Dreyfus MidCap Stock Portfolio—Service Class JHT Mid Cap Index Trust—Series II. DWS Mid Cap Growth VIP—Series II, Class B JHT Quantitative Mid Cap Trust—Series II. DWS Turner Mid Cap Growth VIP—Series II, Class B DWS Capital Growth VIP—Series I, Class B JHT 500 Index Trust B. DWS Growth and Income VIP—Series I, Class B DWS International Select Equity VIP—Series II, Class B JHT International Equity Index Trust B. Credit Suisse Trust Emerging Markets Portfolio Credit Suisse Trust Global Small Cap Portfolio DWS Government & Agency Securities VIP—Series II, Class B JHT Money Market Trust B. DWS Money Market VIP—Series II, Class B 11. With respect to each substitution, the investment objectives and comparative fund expenses for each Existing Fund and each Replacement Fund are below. Asset sizes and comparative performance history for each Existing Fund and each Replacement Fund can be found in the application filed with the Commission. 12. AIM V.I. Utilities Fund—JHT Total Stock Market Index Trust: The AIM V.I. Utilities Fund seeks capital growth and current income. The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instruments of companies engaged in utilities-related industries. The JHT Total Stock Market Index Trust seeks to approximate the aggregate total return of the Dow Jones Wilshire 5000 Index (“Wilshire 5000 Index”). The Trust invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that are included in the Wilshire 5000 Index, and securities (which may or may not be included in the Wilshire 5000 Index) that the sub-adviser believes as a group will behave in a manner similar to the Wilshire 5000 Index. 13. DWS Blue Chip VIP—JHT Total Stock Market Index Trust: DWS Blue Chip VIP seeks growth of capital and income. Under normal circumstances, the portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of large U.S. companies that are similar in size to the companies in the S&P 500 Index and that the portfolio managers consider to be “blue chip” companies. The JHT Total Stock Market Index Trust seeks to approximate the aggregate total return of the Wilshire 5000 Index. The Trust invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that are included in the Wilshire 5000 Index, and securities (which may or may not be included in the Wilshire 5000 Index) that the sub-adviser believes as a group will behave in a manner similar to the Wilshire 5000 Index. 14. DWS Health Care VIP—JHT Total Stock Market Index Trust: DWS Health Care VIP seeks long-term growth of capital by investing at least 80% of total assets, plus the amount of any borrowings for investment purposes, in common stocks of companies in the health care sector. The JHT Total Stock Market Index Trust seeks to approximate the aggregate total return of the Wilshire 5000 Index. The Trust invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that are included in the Wilshire 5000 Index, and securities (which may or may not be included in the Wilshire 5000 Index) that the sub-adviser believes as a group will behave in a manner similar to the Wilshire 5000 Index. 15. DWS Technology VIP—JHT Total Stock Market Index Trust: DWS Technology VIP seeks growth of capital by, under normal circumstances, investing at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of U.S. companies in the technology sector. The JHT Total Stock Market Index Trust seeks to approximate the aggregate total return of the Wilshire 5000 Index. The Trust invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that are included in the Wilshire 5000 Index, and securities (which may or may not be included in the Wilshire 5000 Index) that the sub-adviser believes as a group will behave in a manner similar to the Wilshire 5000 Index. 16. The Dreyfus Socially Responsible Growth Fund, Inc.—JHT Quantitative All Cap Trust: The Dreyfus Socially Responsible Growth Fund, Inc. seeks to provide capital growth, with current income as a secondary goal by investing, under normal circumstances, at least 80% of its assets in the common stocks of companies that, in the opinion of the fund's management, meet traditional investment standards and conduct their business in a manner that contributes to the enhancement of the quality of life in America. The JHT Quantitative All Cap Trust seeks long-term growth of capital. The portfolio seeks to achieve its objective by investing, under normal circumstances, primarily in equity securities of U.S. companies. 17. DWS Dreman High Return Equity VIP—The JHT Quantitative All Cap Trust: DWS Dreman High Return Equity VIP seeks to achieve a high rate of total return. Under normal circumstances, the portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks and other equity securities. The JHT Quantitative All Cap Trust seeks long-term growth of capital by investing, under normal circumstances, primarily in equity securities of U.S. companies. 18. DWS Janus Growth and Income VIP—JHT Quantitative All Cap Trust: DWS Janus Growth and Income VIP seeks long-term capital growth and current income. The portfolio normally emphasizes investments in equity securities. The JHT Quantitative All Cap Trust seeks long-term growth of capital. Under normal circumstances, the portfolio primarily invests in equity securities of U.S. companies. 19. Alger American Leveraged AllCap Portfolio—JHT All Cap Core Trust: The Alger American Leveraged AllCap Portfolio seeks long-term capital appreciation. The portfolio invests primarily in equity securities, such as common or preferred stocks, which are listed on U.S. exchanges or in the over-the-counter market. The JHT All Cap Core Trust seeks long-term growth of capital. The portfolio invests in common stocks and other equity securities within all asset classes (small, mid and large cap) and primarily within the Russell 3000 Index. 20. DWS Large Cap Value VIP—JHT Quantitative Value Trust: DWS Large Cap Value VIP seeks to achieve a high rate of total return. Under normal circumstances, the portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks and other equity securities, of large U.S. companies that are similar in size to the companies in the Russell 1000 Value Index and that the portfolio managers believe are undervalued. The JHT Quantitative Value Trust seeks long-term capital appreciation. The portfolio invests primarily in large-cap U.S. securities with the potential for long-term growth of capital. 21. DWS Davis Venture Value VIP—JHT Fundamental Value Trust: Both DWS Davis Venture Value VIP and JHT Fundamental Value Trust seek growth of capital. The DWS Davis Venture Value VIP invests primarily in common stocks of U.S. companies with market capitalizations of at least $5 billion. The JHT Fundamental Value Trust invests, under normal market conditions, primarily in common stocks of U.S. companies with market capitalizations of at least $10 billion. 22. DWS Dreman Small Cap Value VIP-JHT Small Cap Index Trust: DWS Dreman Small Cap Value VIP seeks long-term capital appreciation. Under normal circumstances, the portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in undervalued common stocks of small U.S. companies, which the portfolio defines as companies that are similar in market value to those in the Russell 2000 Value Index. The JHT Small Cap Index Trust seeks to approximate the aggregate total return of the Russell 2000 Index. The Trust invests, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in the common stocks that are included in the Russell 2000 Index, and securities (which may or may not be included in the Russell 2000 Index) that the sub-adviser believes as a group will behave in a manner similar to the Russell 2000 Index. 23. DWS Small Cap Growth VIP—JHT Small Cap Index Trust: DWS Small Cap Growth VIP seeks maximum appreciation of investors' capital. Under normal circumstances, the portfolio invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in small capitalization stocks similar in size to those comprising the Russell 2000 Growth Index. The JHT Small Cap Index Trust seeks to approximate the aggregate total return of the Russell 2000 Index. The Trust invests, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in the common stocks that are included in the Russell 2000 Index, and securities (which may or may not be included in the Russell 2000 Index) that the sub-adviser believes as a group will behave in a manner similar to the Russell 2000 Index. 24. Alger American Balanced Portfolio—JHT Index Allocation Trust: The Alger American Balanced Portfolio seeks current income and long-term capital appreciation. Under normal circumstances, the portfolio will invest at least 25% of its net assets in fixed-income securities and at least 25% of its net assets in equity securities. The JHT Index Allocation Trust seeks long-term growth of capital by investing approximately 30% of the portfolio's assets in fixed income index funds and approximately 70% of its assets in equity index funds. Current income is also a consideration. 25. DWS Balanced VIP—JHT Index Allocation Trust: The DWS Balanced VIP seeks high total return, a combination of income and capital appreciation. The portfolio normally invests approximately 60% of its net assets in common stocks and other equity securities and approximately 40% of its net assets in fixed income securities. The JHT Index Allocation Trust seeks long-term growth of capital by investing approximately 30% of the portfolio's assets in fixed income index funds and approximately 70% of its assets in equity index funds. Current income is also a consideration. 26. DWS RREEF Real Estate Securities VIP—JHT Real Estate Securities Trust: Both DWS RREEF Real Estate Securities VIP and the JHT Real Estate Securities Trust seek to achieve long-term capital appreciation and current income through investing, under normal market conditions, at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of real estate investment trusts and real estate companies. 27. DWS International VIP—JHT International Value Trust: DWS International VIP seeks long-term growth of capital primarily through diversified holdings of marketable foreign equity investments. Although it may invest in companies of any size and from any country, it invests mainly in common stocks of established companies in countries with developed economies. The JHT International Value Trust seeks long-term growth of capital by investing, under normal market conditions, primarily in equity securities of companies located outside the U.S., including in emerging markets. 28. DWS Global Thematic VIP—JHT Global Trust: DWS Global Thematic VIP seeks long-term capital growth by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks and other equities of companies throughout the world that the portfolio managers consider to be “blue chip” companies. The JHT Global Trust seeks long-term capital appreciation by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of companies located anywhere in the world, including emerging markets. 29. DWS Global Opportunities VIP—JHT Global Trust: DWS Global Opportunities VIP seeks above-average capital appreciation over the long term by investing at least 65% of total assets in common stocks and other equities of small companies throughout the world. The JHT Global Trust seeks long-term capital appreciation by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of companies located anywhere in the world, including emerging markets. 30. DWS Bond VIP—JHT Bond Index Trust A: DWS Bond VIP seeks to provide a high level of income consistent with a high quality portfolio of debt securities by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in bonds of any maturity. The JHT Bond Index Trust A seeks to track the performance of the Lehman Brothers Aggregate Bond Index (“Lehman Index”). The Lehman Index consists of dollar denominated, fixed rate, investment grade debt securities with maturities generally greater than one year and outstanding par values of at least $200 million. Under normal market conditions will invest at least 80% of its assets in securities listed in the Lehman Index. 31. DWS High Income VIP—JHT Active Bond Trust: DWS High Income VIP seeks to provide a high level of current income by investing, under normal circumstances, at least 65% of net assets, plus the amount of any borrowings for investment purposes, in junk bonds, which are those rated below the fourth highest credit rating category (i.e., grade BB/Ba and below). The JHT Active Bond Trust seeks income and capital appreciation by investing, normally, at least 80% of its assets in a diversified mix of debt securities and instruments, including but not limited to: U.S. Treasury and agency securities; asset-backed securities and mortgage-backed securities; corporate bonds, both U.S. and foreign; and foreign government and agency securities. 32. DWS Strategic Income VIP—JHT Active Bond Trust: DWS Strategic Income VIP seeks a high current return by investing mainly in bonds issued by U.S. and foreign corporations and governments. The JHT Active Bond Trust seeks income and capital appreciation by investing, normally, at least 80% of its assets in a diversified mix of debt securities and instruments, including but not limited to: U.S. Treasury and agency securities; asset-backed securities and mortgage-backed securities; corporate bonds, both U.S. and foreign; and foreign government and agency securities. 33. DWS Core Fixed Income VIP—JHT Investment Quality Bond Trust: DWS Core Fixed Income VIP seeks high current income by investing, under normal circumstances, at least 80% of its assets, plus the amount of any borrowings for investment purposes, in fixed income securities. The fixed income securities are primarily investment grade and within the top three rating catoegories. The JHT Investment Quality Bond Trust seeks to provide a high level of current income consistent with the maintenance of principal and liquidity by investing, under normal market conditions, at least 80% of the portfolio's net assets (plus any borrowings for investment purposes) in investment-grade bonds. 34. DWS Growth Allocation VIP—JHT Lifestyle Growth Trust: DWS Growth Allocation VIP seeks long-term growth of capital by investing in a portfolio of other portfolios (“underlying portfolios”). The portfolio managers will generally allocate the portfolio's assets in the following ranges: 20-40% in underlying portfolios which invest primarily in fixed income securities of all credit qualities and maturities; and 60-80% in underlying portfolios which invest primarily in equity securities of all capitalization levels. The JHT Lifestyle Growth Trust seeks long-term growth of capital by investing in underlying portfolios of JHT. The portfolio invests approximately 20% of its assets in underlying portfolios of JHT which invest primarily in fixed income securities and approximately 80% in underlying portfolios of JHT which invest primarily in equity securities. 35. DWS Moderate Allocation VIP—JHT Lifestyle Balanced Trust: DWS Moderate Allocation VIP seeks a balance of long-term growth of capital and current income with an emphasis on growth of capital by investing in a portfolio of other portfolios. The portfolio managers will generally allocate the portfolio's assets in the following ranges: 25-55% in underlying portfolios which invest primarily in fixed income securities of all credit qualities and maturities; and 45-75% in underlying portfolios which invest primarily in equity securities of all capitalization levels. The JHT Lifestyle Balanced Trust seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital by investing in underlying portfolios of JHT. The portfolio invests approximately 40% of its assets in underlying portfolios of JHT which invest primarily in fixed income securities and approximately 60% in underlying portfolios of JHT which invest primarily in equity securities. 36. DWS Conservative Allocation VIP—JHT Lifestyle Moderate Trust: DWS Conservative Allocation VIP seeks a balance of current income and long-term growth of capital with an emphasis on current income by investing in a portfolio of other portfolios. The portfolio managers will generally allocate the portfolio's assets in the following ranges: 45-75% in underlying portfolios which invest primarily in fixed income securities of all credit qualities and maturities; and 25-55% in underlying portfolios which invest primarily in equity securities of all capitalization levels. The JHT Lifestyle Moderate Trust seeks a balance between a high level of current income and growth of capital, with a greater emphasis on income, by investing in underlying portfolios of JHT. The portfolio invests approximately 60% of its assets in underlying portfolios of JHT which invest primarily in fixed income securities and approximately 40% in underlying portfolios of JHT which invest primarily in equity securities. 37. Dreyfus MidCap Stock Portfolio—JHT Mid Cap Index Trust: The Dreyfus MidCap Stock Portfolio seeks investment results that are greater than the total return performance of publicly traded common stocks of medium-size domestic companies in the aggregate, as represented by the Standard & Poor's MidCap 400 Index (“S&P 400 Index”). To pursue this goal, the portfolio normally invests at least 80% of its assets in stocks of midsize companies. The JHT Mid Cap Index Trust seeks to approximate the aggregate total return of the S&P 400 Index. The Trust invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that are included in the S&P 400 Index, and securities (which may or may not be included in the S&P 400 Index) that the sub-adviser believes as a group will behave in a manner similar to the S&P 400 Index. 38. DWS Mid Cap Growth VIP—JHT Quantitative Mid Cap Trust: DWS Mid Cap Growth VIP seeks long-term capital growth by investing, under normal circumstances, at least 80% of its assets in companies with market caps within the market capitalization range of the Russell MidCap Growth Index. The JHT Quantitative Mid Cap Trust seeks long-term capital growth by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. mid-cap stocks. 39. DWS Turner Mid Cap Growth VIP—JHT Quantitative Mid Cap Trust: DWS Turner Mid Cap Growth VIP seeks capital appreciation by investing in common stocks and other equity securities of U.S. companies with medium market capitalizations. The JHT Quantitative Mid Cap Trust seeks long-term capital growth by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. mid-cap stocks. 40. DWS Capital Growth VIP—JHT 500 Index Trust B: DWS Capital Growth VIP seeks to maximize long-term capital growth by investing at least 65% of total assets in common stocks of U.S. companies. The portfolio generally focuses on companies similar in size to the companies in the Standard & Poor's 500 Composite Stock Price Index or the Russell 1000 Growth Index. The JHT 500 Index Trust B seeks to approximate the aggregate total return of the Standard & Poor's 500 Index (“S&P 500 Index”). The Trust invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that are included in the S&P 500, and securities (which may or may not be included in the S&P 500 Index) that the sub-adviser believes as a group will behave in a manner similar to the S&P 500 Index. 41. DWS Growth and Income VIP—JHT 500 Index Trust B: DWS Growth and Income VIP seeks long-term growth of capital, current income and growth of income. The portfolio invests primarily in large U.S. companies. The JHT 500 Index Trust B seeks to approximate the aggregate total return of the S&P 500 Index. The Trust invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the common stocks that are included in the S&P 500, and securities (which may or may not be included in the S&P 500 Index) that the sub-adviser believes as a group will behave in a manner similar to the S&P 500 Index. 42. DWS International Select Equity VIP—JHT International Equity Index Trust B: DWS International Select Equity VIP seeks capital appreciation by investing at least 50% of its assets in securities represented in the MSCI EAFE Index. The JHT International Equity Index Trust B seeks to track the performance of Morgan Stanley Capital International All Country World Excluding U.S. Index by investing, under normal market conditions, at least 80% of its assets in securities listed on this index. 43. Credit Suisse Trust Emerging Markets Portfolio—JHT International Equity Index Trust B: Credit Suisse Trust Emerging Markets Portfolio seeks long-term growth of capital by investing at least 80% of its net assets, plus any borrowings for investment purposes, in foreign equity securities, with a focus on the world's less developed countries. The JHT International Equity Index Trust B seeks to track the performance of Morgan Stanley Capital International All Country World Excluding U.S. Index by investing, under normal market conditions, at least 80% of its assets in securities listed on this index. 44. Credit Suisse Trust Global Small Cap Portfolio—JHT International Equity Index Trust B: Credit Suisse Trust Global Small Cap Portfolio seeks long-term growth of capital by investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of post-venture-capital companies from at least three countries, including the U.S. The JHT International Equity Index Trust B seeks to track the performance of Morgan Stanley Capital International All Country World Excluding U.S. Index by investing, under normal market conditions, at least 80% of its assets in securities listed on this index. 45. DWS Government & Agency Securities VIP—JHT Money Market Trust B: DWS Government & Agency Securities VIP seeks high current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in U.S. government securities and repurchase agreements of U.S. government securities. The JHT Money Market Trust B seeks maximum current income that is consistent with maintaining liquidity and preserving capital. The trust intends to maintain a stable $1 share price and invests only in U.S. dollar-denominated securities rated within the two highest short-term credit categories and their unrated equivalents. 46. DWS Money Market VIP—JHT Money Market Trust B: DWS Money Market VIP seeks maximum current income to the extent consistent with stability of principal. The portfolio pursues its goal by investing exclusively in high quality short-term securities, as well as certain repurchase agreements that are backed by high-quality securities. The JHT Money Market Trust B seeks maximum current income that is consistent with maintaining liquidity and preserving capital. The trust intends to maintain a stable $1 share price and invests only in U.S. dollar-denominated securities rated within the two highest short-term credit categories and their unrated equivalents. 47. The management fees, 12b-1 fees (if applicable), other expenses and total operating expenses for each Existing and Replacement Fund are as follows: Management fees (percent) Distribution (12b-1) fees (percent) Other expenses (percent) Total annual expenses (percent) Expense waivers (percent) Net annual expenses (percent) Existing Funds: • AIM V.I. Utilities Fund—Series II 0.60 0.25 0.36 1.21 0.03 1.18 • DWS Blue Chip VIP Series II, Class B 0.65 0.25 0.19 1.09 N/A 1.09 • DWS Health Care VIP—Series I, Class B 0.75 0.25 0.27 1.27 N/A 1.27 • DWS Technology VIP—Series II, Class B 0.75 0.25 0.26 1.26 N/A 1.26 Replacement Fund: • JHT Total Stock Market Index Trust—Series II 0.49 0.25 0.04 0.78 N/A 0.78 Existing Funds: • The Dreyfus Socially Responsible Growth Fund, Inc.—Service Class 0.75 0.25 0.06 1.06 N/A 1.06 • DWS Dreman High Return Equity VIP—Series II, Class B 0.73 0.25 0.19 1.17 N/A 1.17 • DWS Janus Growth and Income VIP—Series II, Class B 0.75 0.25 0.26 1.26 N/A 1.26 Replacement Fund: • JHT Quantitative All Cap Trust—Series II 0.71 0.25 0.06 1.02 N/A 1.02 Existing Fund: • Alger American Leveraged AllCap Portfolio—Class S 0.85 0.25 0.06 1.16 N/A 1.16 Replacement Fund: • JHT All Cap Core Trust—Series II 0.80 0.25 0.07 1.12 N/A 1.12 Existing Fund: • DWS Large Cap Value VIP-Series II, Class B 0.75 0.25 0.21 1.21 N/A 1.21 Replacement Fund: • JHT Quantitative Value Trust—Series II 0.70 0.25 0.06 1.01 N/A 1.01 Existing Fund: • DWS Davis Venture Value VIP-Series II, Class B 0.94 0.25 0.22 1.41 0.16 1.25 Replacement Fund: • JHT Fundamental Value Trust—Series II 0.77 0.25 0.05 1.07 N/A 1.07 Existing Funds: • DWS Dreman Small Cap Value—Series II, Class B 0.75 0.25 0.19 1.19 N/A 1.19 • DWS Small Cap Growth VIP—Series II, Class B 0.65 0.25 0.22 1.12 0.03 1.09 Replacement Fund: • JHT Small Cap Index Trust—Series II 0.49 0.25 0.04 0.78 N/A 0.78 Existing Funds: • Alger American Balanced Portfolio—Class S 0.75 0.25 0.06 1.06 N/A 1.06 • DWS Balanced VIP—Series II, Class B 0.45 0.25 0.21 0.91 0.02 0.89 Replacement Fund: • JHT Index Allocation Trust—Series II 0.05 0.25 0.50 0.80 N/A 0.80 Existing Fund: • DWS RREEF Real Estate Securities VIP—Class B 0.90 0.25 0.68 1.83 0.33 1.50 Replacement Fund: • JHT Real Estate Securities Trust—Series II 0.70 0.25 0.06 1.01 N/A 1.01 Existing Fund: • DWS International VIP Series I, Class B 0.86 0.25 0.30 1.41 0.04 1.37 Replacement Fund: • JHT International Value Trust Series II 0.82 0.25 0.19 1.26 N/A 1.26 Existing Funds: • DWS Global Thematic VIP Series II, Class B 1.00 0.25 0.54 1.79 0.35 1.44 • DWS Global Opportunities VIP—Series I, Class B 0.98 0.25 0.31 1.54 0.30 1.24 Replacement Fund: • JHT Global Trust—Series II 0.82 0.25 0.16 1.23 N/A 1.23 Existing Fund: • DWS Bond VIP—Series I, Class B 0.48 0.25 0.31 1.04 N/A 1.04 Replacement Fund: • JHT Bond Index Trust—Series II 0.47 0.25 0.05 0.77 N/A 0.77 Existing Funds: • DWS High Income—Series II, Class B 0.60 0.25 0.25 1.10 N/A 1.10 • DWS Strategic Income—Series II, Class B 0.65 0.25 0.35 1.25 0.051 1.199 Replacement Fund: • JHT Active Bond Trust—Series II 0.60 0.25 0.07 0.92 N/A 0.92 Existing Fund: • DWS Core Fixed Income VIP—Series II, Class B 0.60 0.25 0.22 1.07 N/A 1.07 Replacement Fund: • JHT Investment Quality Bond Trust—Series II 0.60 0.25 0.09 0.94 N/A 0.94 Existing Fund: • DWS Growth Allocation VIP—Series II, Class B 0.15 0.25 0.94 1.34 N/A 1.34 Replacement Fund: • JHT Lifestyle Growth Trust—Series II 0.05 0.25 0.89 1.19 N/A 1.19 Existing Fund: • DWS Moderate Allocation VIP—Series II, Class B 0.15 0.25 0.91 1.31 N/A 1.31 Replacement Fund: • JHT Lifestyle Balanced Trust—Series II 0.05 0.25 0.86 1.16 N/A 1.16 Existing Fund: • DWS Conservative Allocation VIP—Series II, Class B 0.15 0.25 1.20 1.60 N/A 1.60 Replacement Fund: • JHT Lifestyle Moderate Trust—Series II 0.05 0.25 0.81 1.11 N/A 1.11 Existing Fund: • Dreyfus MidCap Stock Portfolio—Service Class 0.75 0.25 0.04 1.04 N/A 1.04 Replacement Fund: • JHT MidCap Index Trust—Series II 0.49 0.25 0.04 0.78 N/A 0.78 Existing Funds: • DWS Mid Cap Growth VIP—Series II, Class B 0.75 0.25 0.40 1.40 0.092 1.308 • DWS Turner Mid Cap Growth VIP—Series II, Class B 0.80 0.25 0.31 1.36 0.023 1.337 Replacement Fund: • JHT Quantitative Mid Cap Trust—Series II 0.74 0.25 0.10 1.09 N/A 1.09 Existing Funds: • DWS Capital Growth VIP—Series I, Class B 0.45 0.25 0.19 0.89 0.03 0.86 • DWS Growth and Income VIP—Series I, Class B 0.47 0.25 0.24 0.96 0.07 0.89 Replacement Fund: • JHT 500 Index Trust B 0.47 0.00 0.03 0.50 0.25 0.25 Existing Funds: • DWS International Select Equity VIP—Series II, Class B 0.75 0.25 0.26 1.26 N/A 1.26 • Credit Suisse Trust Emerging Markets Portfolio 1.25 0.00 0.40 1.65 N/A 1.65 • Credit Suisse Trust Global Small Cap Portfolio 1.25 0.00 0.34 1.59 N/A 1.59 Replacement Fund: • JHT International Equity Index Trust B 0.55 0.00 0.04 0.59 0.25 0.34 Existing Funds: • DWS Government & Agency Securities VIP—Series II, Class B 0.55 0.25 0.22 1.02 N/A 1.02 • DWS Money Market VIP—Series II, Class B 0.46 0.25 0.18 0.89 N/A 0.89 Replacement Fund: • JHT Money Market Trust B 0.49 0.00 0.04 0.53 0.25 0.28 48. The substitutions are expected to provide significant benefits to Contract owners, including improved selection of portfolio managers and simplification of fund offerings through the elimination of overlapping offerings. The Applicants believe that the subadvisers to the Replacement Funds overall are better positioned to provide consistent above-average performance for their Funds than are the advisers or sub-advisers of the Existing Funds. At the same time, Contract owners will continue to be able to select among a large number of funds, with a full range of investment objectives, investment strategies, and managers. 49. The substitutions, each of which replaces outside funds with funds for which JHIMS acts as investment adviser, will permit JHIMS, under a Multi-Manager Order to hire, monitor and replace sub-advisers as necessary to seek optimal performance and to ensure a consistent investment style. JHT has been subject to the Multi-Manager Order since 2000. 50. In addition, Contract owners with Subaccount balances invested in shares of the Replacement Funds will, in every case, have lower total expense ratios than they currently have in the Existing Funds. In each case, the Total Expenses of the Replacement Funds (even without applicable fee waivers) are lower than those of the Existing Funds with their fee waivers. For Contract owners with account balances in funds involved in the substitutions, the substitutions are therefore expected to result in decreased expense ratios. Moreover, there will be no increase in Contract fees and expenses, including mortality and expense risk fees and administration and distribution fees charged to the Separate Accounts as a result of the substitutions. The Applicants believe that the Replacement Funds have investment objectives, policies and risk profiles, as described herein, that are either substantially the same as, or sufficiently similar to, the corresponding Existing Funds to make those Replacement Funds appropriate candidates as substitutes. The Insurance Companies considered the performance history of the Existing Funds and the Replacement Funds and determined that Contract owners would not be materially adversely affected as a result of the substitutions. 51. Applicants represent that relieving the Separate Accounts of the administrative burdens of interfacing with several unaffiliated investment company complexes is expected to simplify compliance, accounting and auditing and, generally, to allow the Insurance Companies to administer the Contracts more efficiently. 52. In addition, as a result of the substitutions, neither JHIMS nor any of its affiliates will receive increased amounts of compensation from the charges to the Separate Accounts related to the Contracts or from Rule 12b-1 fees or revenue sharing currently received from the investment advisers or distributors of the Existing Funds. Applicants' Legal Analysis and Conditions 1. The prospectuses by which the Contracts are offered state that the Insurance Companies have, subject to the requirements of the Act, the right to substitute the shares of any underlying registered investment company held by the Separate Accounts with shares of another registered investment company. 2. The Contracts expressly reserve to the applicable Insurance Company the right, subject to compliance with applicable law, to substitute shares of another investment company for shares of an investment company held by a sub-account of the Separate Accounts. The prospectuses for the Contracts and the Separate Accounts contain appropriate disclosure of this right. 3. With respect to each proposed substitution, Contract owners with balances invested in the Replacement Fund will have a lower expense ratio in all cases. 4. The proposed Replacement Fund for each Existing Fund has an investment objective that is at least substantially similar to that of the Existing Fund. Moreover, the principal investment policies of the Replacement Funds are similar to those of the corresponding Existing Funds. 5. By a supplement to the prospectuses for the Contracts and the Separate Accounts, each Insurance Company has notified all owners of the Contracts of its intention to take the necessary actions, including seeking the order requested by this application, to substitute shares of the funds as described herein. The supplement advises Contract owners that from the date of the supplement until the date of the proposed substitution, owners may make transfers of Contract value (or annuity unit exchange) out of the Existing Fund Subaccount to another Subaccount permitted under their respective Contracts without the transfer (or exchange) being treated as one of a limited number of permitted transfers (or exchanges) or a limited number of transfers (or exchanges) permitted without a transfer charge. The supplement also informs Contract owners that the Insurance Company will not exercise any rights reserved under any Contract to impose additional restrictions on transfers until at least 30 days after the proposed substitutions, except that the Insurance Companies may impose restrictions on transfers to prevent or limit “market timing” activities by Contract owners or agents of Contract owners. The supplement also advises Contract owners that for at least 30 days following the proposed substitutions, the Insurance Companies will allow Contract owners affected by the substitutions to make transfers of Contract value (or annuity unit exchange) out of the Replacement Fund Subaccount to another Subaccount permitted under their respective Contracts without the transfer (or exchange) being treated as one of a limited number of permitted transfers (or exchanges) or a limited number of transfers (or exchanges) permitted without a transfer charge. 6. The proposed substitutions will take place at relative net asset value in conformity with the requirements of Section 22(c) of the Act and Rule 22c-1 thereunder with no change in the amount of any Contract owner's Contract value, cash value, or death benefit or in the dollar value of his or her investment in the Separate Accounts. 7. It is expected that the substitutions will be effected by redeeming shares of an Existing Fund for cash and using the cash to purchase shares of the Replacement Fund. 8. Contract owners will not incur any fees or charges as a result of the proposed substitutions, nor will their rights or an Insurance Company's obligations under the Contracts be altered in any way. The substitutions will not alter in any way the annuity or other insurance benefits held by Contract owners of the Contracts. All expenses incurred in connection with the proposed substitutions, including brokerage, legal, accounting, and other fees and expenses, will be paid by the Insurance Companies. In addition, the proposed substitutions will not impose any tax liability on Contract owners. The proposed substitutions will not cause the Contract fees and charges currently being paid by existing Contract owners to be greater after the proposed substitutions than before the proposed substitutions. No fees will be charged on the transfers made at the time of the proposed substitutions because the proposed substitutions will not be treated as a transfer for the purpose of assessing transfer charges or for determining the number of remaining permissible transfers in a Contract year. 9. In addition to the prospectus supplements distributed to owners of Contracts, within five business days after the proposed substitutions, Contract owners will be sent a written notice informing them that the substitutions were carried out and that they may transfer all Contract value or cash value under a Contract invested in any one of the Subaccounts on the date of the notice to another Subaccount available under their Contract at no cost and without regard to the usual limit on the frequency of transfers from the variable account options to the fixed account options. The notice will also reiterate that (other than with respect to “market timing” activity) the Insurance Company will not exercise any rights reserved by it under the Contracts to impose additional restrictions on transfers or to impose any charges on transfers until at least 30 days after the proposed substitutions. The Insurance Companies will also send each Contract owner current prospectuses for the Replacement Funds involved. 10. Each Insurance Company may also seek approval of the proposed substitutions from any state insurance regulators whose approval may be necessary or appropriate. 11. For a two year period following the date of the Substitutions, the Applicants agree that the total operating expenses of each Replacement Fund (taking into account any expense waiver or reimbursement) will not exceed on an annualized basis the net expense level of the corresponding Existing Fund for the 2005 fiscal year. 12. The Applicants agree that the Insurance Companies will not increase total separate account charges (net of any reimbursements or waivers) for any outstanding Contracts involved in the proposed substitution on the date of the substitutions for a period of two years from the date of the substitutions. Applicants and the Insurance Companies may, however, offer additional benefits through one or more Benefit Riders to owners of such Contracts during such two year period and impose additional separate account charges related to the purchase of any such additional benefits. 13. Applicants represent that none of the Replacement Funds was established for the purpose of effecting the substitutions. Conclusion For the reasons and upon the facts set forth above, Applicants submit that the requested order meets the standards set forth in Section 26(c). Applicants request an order of the Commission, pursuant to Section 26(c) of the Act, approving the Substitutions. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5315 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94-409, that the Securities and Exchange Commission will hold the following meeting during the week of March 26, 2007: A Closed Meeting will be held on Wednesday, March 28, 2007 at 2 p.m. Commissioners, Counsels to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c) (5), (7), 9(B) and
(10)and 17 CFR 200.402(a) (5), (7), 9(ii) and
(10)permit consideration of the scheduled matters at the Closed Meeting. Commissioner Nazareth, as duty officer, voted to consider the items listed for the closed meeting in a closed session. The subject matter of the Closed Meeting scheduled for Wednesday, March 28, 2007 will be: Formal orders of investigation; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; Resolution of litigation claims; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at
(202)551-5400. Dated: March 21, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5429 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-55486; File No. SR-BSE-2007-12] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Apply Non-BeX Executed Trade Fee Retroactively March 16, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on March 2, 2007, the Boston Stock Exchange, Inc. (“BSE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons and to approve the proposed rule change on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The BSE proposes to make SR-BSE-2007-11, a rule filing amending the Boston Equities Exchange (“BeX”) fee schedule to include a transaction fee to be charged to BSE Members who request a BeX Purchase & Sale Blotter reflecting the transaction information related to the execution of a single order, part of which was executed on Boston Equities Exchange (“BeX”) and part of which was executed at an away Trading Center, retroactively effective for the time period February 1, 2007 through March 2, 2007. The text of the proposed rule change is available on the Exchange's Web site ( *http://www.bostonstock.com* ) and from the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On November 20, 2006, the BSE filed SR-BSE-2006-44, a proposed rule change that amended the existing BSE fee schedule and established a fee schedule for the BeX, a facility of the Exchange. 3 This proposed rule change, among other things, deleted all Transaction Fees, Electronic File Access and Processing Fees, and Floor Operation Fees from the BSE fee schedule. The Transaction Fees and Electronic File Access and Processing Fees that were deleted from the BSE fee schedule were transferred to the BeX fee schedule. 3 *See* Securities Exchange Act Release No. 54795 (November 20, 2006), 71 FR 68850 (November 28, 2006) (Notice of Filing and Immediate Effectiveness of SR-BSE-2006-44). On March 2, 2007, the BSE filed SR-BSE-2007-11, a proposed rule change amending the BeX fee schedule to include a transaction fee that was deleted from the BSE fee schedule but not transferred to the BeX fee schedule as a part of BSE-2006-44. 4 Specifically, the BSE fee schedule contained a transaction fee titled “Floor Brokered non-BSE executions.” The fee for Floor Brokered non-BSE executions was $.0005, or $.05 per 100 shares. BSE Members were charged the Floor Brokered non-BSE execution fee when the Member requested that the information related to the execution of a single order, only a part of which had been executed on the BSE with the remaining portion executed at an away Trading Center, be reflected on a BSE Purchase & Sale Blotter rather than having only the portion executed at the BSE reflected on the BSE Purchase & Sale Blotter. In order to include the information related to the portion of an order executed at a Trading Center other than the BSE on a BSE Purchase & Sale Blotter, in other words, in order to consolidate the transaction information on single report, the BSE performed the necessary back office operations on behalf of the Member so the transaction information, including the information related to the portion of the order executed at an away Trading Center, would appear on a BSE Purchase & Sale Blotter. 4 *See* Securities Exchange Act Release No. 55450 (March 13, 2007) (Notice of Filing and Immediate Effectiveness of SR-BSE-2007-11). In SR-BSE-2007-11 the Exchange proposed charging that same fee, $.05 per 100 shares, for performing that same service, on behalf of BSE members, including BeX EAMs, who request a BeX Purchase & Sale Blotter reflecting the transaction information related to the execution of a single order, part of which was executed on BeX and part of which was executed at an away Trading Center. The fee would be titled “Non-BeX executed trades” and would appear on the BeX fee schedule. 5 5 *Id.* The purpose of the instant filing is to make the Non-BeX executed trade fee retroactively effective for the time period February 1, 2007 through March 2, 2007. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act, 6 in general, and furthers the objectives of Section 6(b)(4) of the Act, 7 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among Exchange Members and issuers and other persons using Exchange facilities. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. III. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form *http://www.sec.gov/rules.sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-BSE-2007-12 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File No. SR-BSE-2007-12. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site *(http://www.sec.gov/rules.sro.shtml)* . Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying at the Commission's Public Reference Room. Copies of such filing will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you with to make available publicly. All submissions should refer to the file number in the caption above and should be submitted on or before April 13, 2007. IV. Commission Findings and Order Granting Accelerated Approval of Proposed Rule Change The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange. 8 In particular, the Commission finds that proposed rule change is consistent with Section 6(b)(4) of the Act, which requires that the rules of the Exchange be designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. 9 The Commission believes that allowing the Exchange to charge the Non-BeX executed trade fee retroactively for the time period February 1, 2007 through March 2, 2007, is appropriate because this fee would be charged only to those members who affirmatively request that the Exchange include information on the BSE Purchase & Sale Blotter with respect to those executions resulting from a portion of an order sent to BeX being routed to an away Trading Center. 10 Further, the Commission notes that the same fee for substantively the same service had been charged to BSE members prior to the changes made to the fee schedule in SR-BSE-2006-44, 11 and the fee was reinstated pursuant to SR-BSE-2007-11, beginning March 2, 2007. 12 8 In approving this proposal, the Commission has considered its impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 9 15 U.S.C. 78f(b)(4). 10 According to the Exchange, other information included on the BSE Purchase & Sale Blotter in PDF format is provided to members free of charge. 11 *See* note 3, *supra.* 12 *See* note 4, *supra.* Accordingly, the Commission finds good cause pursuant to Section 19(b)(2) of the Act 13 for approving the proposed rule change prior to the thirtieth day after publication of the proposed rule change in the **Federal Register** . As noted above, the Commission believes that the Non-BeX executed trade fee is substantively similar to the Floor Brokered Execution fee, which was previously charged to BSE members for providing substantially the same service for which the Non-BeX executed trade fee would be charged to BSE members, and therefore no novel regulatory issues related to this fee are present. 13 15 U.S.C. 78s(b)(2). V. Conclusion *It is therefore ordered,* pursuant to Section 19(b)(2) of the Act, 14 that the proposed rule change (SR-BSE-2007-12), is hereby approved on an accelerated basis. 14 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 15 15 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5309 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-55485; File No. SR-CBOE-2007-28] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change for Early Inclusion of NYMEX Holdings, Inc. to the CBOE Exchange Index March 16, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on March 13, 2007, the Chicago Board Options Exchange, Incorporated (“CBOE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by CBOE. The Exchange filed the proposal as a “non-controversial” proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposal effective upon receipt of this filing by the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is requesting approval to add NYMEX Holdings, Inc. (“NMX”) to the CBOE Exchange Index (“EXQ”) on March 19, 2007. The text of the rule proposal is available on the Exchange's Web site ( *http://www.cboe.org/legal* ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, CBOE included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. CBOE has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this rule proposal is to obtain the Commission's approval to add NMX to the EXQ, which is a Micro Narrow-Based security index. Under CBOE's initial and maintenance standards for Micro Narrow-Based security indexes, a security must have achieved certain daily and monthly trading volume levels in *each* of the preceding six months before it is eligible for initial and/or continued inclusion in an index. 5 Therefore, under the current Exchange rules, NMX must trade for at least six months before the Exchange may add it to the EXQ. 5 *See* Rule 24.2(d)(4) (for initial inclusion, requiring average daily trading of at least 45,500 shares in each of the preceding six months); Rule 24.2(e)(4) (for continued inclusion, requiring average daily trading of at least 22,750 shares in each of the preceding six months); and Rule 24.2(e)(11) (for continued inclusion, requiring monthly trading volume of least 500,000 shares in each of the last six months). As of the date of this filing, NMX has not been trading for the past six months. The Exchange, however, is requesting Commission approval to add NMX to the EXQ at this time. Specifically, the Exchange would like to add NMX to the EXQ on March 19, 2007, which is after the March expiration (March 17, 2007). The Exchange believes that this is an ideal time to add NMX to the EXQ, since the EXQ will be rebalanced at that time. In addition, the Exchange requests that the Commission permit NMX to meet the maintenance trading volume requirements in the aggregate during the first six months after trading in order to qualify for its inclusion in the EXQ. 6 6 *See* Telephone conference among Richard Holley III and Kristie Diemer, Special Counsels, Division of Market Regulation, Commission, and Jennifer Klebes, Senior Attorney, CBOE, on March 15, 2007 (in which CBOE clarified, among other things, that the exception it seeks for the maintenance trading volume requirements applies for the first six months of trading of NMX) (“March 15 Telephone Conference”). After six months of trading, NMX then would be required to meet the maintenance trading volume levels contained in Rules 24.2(e)(4) and 24.2(e)(11). In support of this request, the Exchange states that it believes that good cause exists to permit the early inclusion of NMX to the EXQ. The Exchange believes that the addition of NMX to the EXQ will further diversify the EXQ, which is a relatively concentrated index, and will ensure that this emergent index continues to be representative of the exchange market. The Exchange also notes that options are already listed and trading on NMX. Additionally, NMX readily meets the trading volume levels, in the aggregate, required for initial inclusion in a Micro Narrow-Based security index, such as the EXQ. The EXQ was created to track the performance of stock prices of publicly traded exchanges and is a very small, equal-dollar weighted index currently composed of six security and futures exchanges. 7 Currently, the EXQ is the only Micro Narrow-Based security index on which options are traded on the Exchange. Additionally, the Exchange believes that the early inclusion of NMX to the EXQ will ensure that the EXQ more closely reflects the rapidly evolving exchange environment by including all publicly traded exchanges. 7 The Exchange began trading EXQ options on September 29, 2006. The EXQ is currently made up of six component securities. The six component securities are: CBOT Holdings, Inc. (“BOT”), Chicago Mercantile Exchange Holdings, Inc. (“CME”), InterContinental Exchange, Inc. (“ICE”), International Securities Exchange, Inc. (“ISE”), The NASDAQ Stock Market LLC (“NDAQ”) and NYSE Group, Inc. (“NYX”). Additional information regarding pricing, shares, market value and weight can be accessed at: *http://www.cboe.com/Products/IndexComponentsAuto.aspx?PRODUCT=EXQ.* NMX recently became a publicly traded company. On November 16, 2006, NMX priced its initial public offering and its shares began trading on the New York Stock Exchange on November 17, 2006. On that day alone, NMX trading volume exceeded 19.5 million shares and, on November 27, 2006, the Exchange certified that NMX met the initial listing criteria for options under CBOE Rules. The following day, on November 28, 2006, the Exchange began trading options on NMX. 8 Although the Exchange is able to list and trade options on NMX, the Exchange is currently unable to add NMX to the EXQ under its current rules and must wait until at least May 2007 to do so. 9 8 The initial trading volume level in NMX exceeded the 2.4 million shares required for initial listing under Rule 5.3. Also, the Exchange was able to list options on NMX on the earliest day possible under Exchange Rules. Specifically, Rule 5.3, Interpretation and Policy .01 requires that a security must have a closing price over $3 per share for each of the five business days prior to listing. The lowest closing price for NMX during this time period was $126.50 per share. 9 The Exchange represents that NMX meets all of the other initial listing standards for Micro Narrow-Based security indexes as set forth in Rule 24.2. Because there are only six components in the EXQ, and to ensure that the EXQ is representative of the rapidly evolving exchange environment and includes all currently publicly traded exchanges, the Exchange seeks the Commission's approval to permit the early inclusion of NMX to the EXQ. Specifically, the Exchange requests that the Commission allow the Exchange to add NMX to the EXQ on March 19, 2007 because (as will be demonstrated below), NMX has already met and exceeded the initial trading volume levels set forth in Rule 24.2(d) in the aggregate. The Exchange also requests that the Commission permit NMX to meet the maintenance trading volume levels set forth in Rules 24.2(e)(4) and (e)(11) in the aggregate during the first six months after trading of the NMX. In the aggregate, NMX currently meets the initial trading volume levels required for securities to be added to a Micro Narrow-Based security index. Specifically, Rule 24.2(d)(4), which sets forth initial listing standards, requires: The average daily trading volume in each of the preceding six months for each component security in the index is at least 45,500 shares, except that each of the lowest weighted component securities in the index that in the aggregate account for no more than 10% of the weight of the index may have an average daily trading volume of only 22,750 shares for each of the last six months. In the aggregate, the 45,500 average daily trading volume amount is comparable to an average monthly trading requirement of 1 million shares, based on a calendar month having 22 trading days, and the 22,750 average daily trading volume amount is comparable to an average monthly trading requirement of 500,000 shares. These average monthly trading volume requirements multiplied over six months would equal 6 million shares and 3 million shares respectively. Through March 6, 2007, NMX has traded a total of almost 90 million shares, averaging over 1.2 million shares per day. The following table provides total monthly (or in the case of March, partial monthly) trading volume since initial listing: Month Total Volume (in millions of shares) March 1-6, 2007 4.8 February 2007 17.5 January 2007 19.9 December 2006 13.2 November 2006 34.3 In the aggregate, NMX also currently meets the maintenance trading levels required for securities to be added to a Micro Narrow-Based security index. Specifically, Rule 24.2(e)(4), which sets forth maintenance listing standards relating to average daily trading volume, requires: The average daily trading volume in each of the preceding six months for each component security in the index is at least 22,750 shares, except that each of the lowest weighted component securities in the index that in the aggregate account for no more than 10% of the weight of the index may have an average daily trading volume of only 18,200 shares for each of the last six months. Also, Rule 24.2(e)(11), which sets forth maintenance listing standards relating to monthly trading volume, requires: Trading volume of each component security in the index must be at least 500,000 shares for each of the last six months, except that for each of the lowest weighted component securities in the index that in the aggregate account for no more than 10% of the weight of the index, trading volume must be at let 400,000 shares for each of the last six months. In the aggregate, the 22,750 average daily trading volume amount set forth in Rule 24.2(e)(4) is comparable to an average monthly trading requirement of 500,000, based on a calendar month having 22 trading days, and the 18,200 average daily trading volume amount is comparable to an average monthly trading requirement of 400,000 shares. The Exchange notes that these amounts are equivalent to the average monthly trading requirements of Rule 24.2(e)(11), and these average monthly trading volume requirements multiplied over six months would equal 3 million shares and 2.4 million shares respectively. As demonstrated above, the total trading volume through March 6, 2007 in NMX has approached 90 million shares, averaging over 1.2 million shares per day. Because the Exchange is requesting early inclusion of NMX to the EXQ, there will not be six months' worth of trading volume data to determine if NMX meets the maintenance trading volume levels set forth in Rules 24.2(e)(4) and (e)(11). As a result, the Exchange requests that the Commission permit NMX to meet the maintenance trading volume levels set forth in Rules 24.2(e)(4) and (e)(11) in the aggregate during the first six months of trading of the NMX. 10 After it has been trading for a full six months, NMX then would be required to meet the maintenance trading volume levels contained in Rules 24.2(e)(4) and 24.2(e)(11). 10 *See* March 15 Telephone Conference, *supra* note 6. The Exchange further states that NMX must satisfy all other requirements for Micro Narrow-Based security indexes set forth in Rule 24.2 in order to qualify for inclusion and continued inclusion in the EXQ. 11 11 *See* March 15 Telephone Conference, *supra* note 6 (adding “and continued inclusion” in the text above). The Exchange represents that it has an adequate surveillance program in place to monitor the component securities in the EXQ, including NMX. The Exchange may obtain trading information upon request via the Intermarket Surveillance Group (“ISG”) from other exchanges who are members or affiliates of the ISG and which list the security components contained in the EXQ. Specifically, CBOE can obtain such information from the New York Stock Exchange in connection with the trading of NMX shares. Given the high liquidity of NMX and the other component securities in the EXQ, the Exchange believes that the EXQ is not readily susceptible to manipulation, despite the concentration level of the component securities. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) of the Act 12 in general and furthers the objectives of Section 6(b)(5) of the Act 13 in particular in that it should promote just and equitable principles of trade, serve to remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest. 12 15 U.S.C. 78f(b). 13 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition CBOE does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposal. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not:
(i)Significantly affect the protection of investors or the public interest;
(ii)impose any significant burden on competition; and
(iii)become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 14 and Rule 19b-4(f)(6) thereunder. 15 14 15 U.S.C. 78s(b)(3)(A). 15 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires that a self-regulatory organization submit to the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission notes that CBOE has satisfied the five-day pre-filing notice requirement. Normally, a proposed rule change filed under 19b-4(f)(6) may not become operative prior to 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) 16 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. In its filing, the Exchange noted that waiver of the 30-day operative delay, and early addition of the NMX, would diversify the EXQ, a relatively concentrated index and would help ensure that the EXQ continues to be representative of the exchange market. In further support of its waiver request, the Exchange also noted that it would like to add NMX to the EXQ on March 19, 2007, which is after the March expiration (March 17, 2007), and believes that March 17, 2007, is an ideal time to add NMX to the EXQ, since the EXQ will be rebalanced at that time. 16 17 CFR 240.19b-4(f)(6)(iii). The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposed rule change will allow the Exchange to add NMX to the EXQ in connection with the upcoming rebalancing of the EXQ on March 17, 2007 even though NMX has not been trading for the six months specified in CBOE Rule 24.2. The Commission notes that the CBOE has been trading single-stock options on NMX since November 28, 2006. Further, the Commission notes that NMX has exceeded, by a wide margin, the initial trading volume levels in the aggregate contained in CBOE Rule 24.2(d), as well as the maintenance trading volume levels, in the aggregate, contained in CBOE Rule 24.2(e)(4) and (e)(11). Finally, inclusion of the NMX in the EXQ, given that it has met, in the aggregate and by a wide margin, the volume thresholds contained in CBOE Rule 24.2, will diversify the EXQ and should not increase any concerns about the EXQ's susceptibility to manipulation given the large depth and liquidity of trading in NMX. Accordingly, consistent with the protection of investors and the public interest, the Commission designates the proposed rule change to be effective and operative upon filing with the Commission. 17 17 For the purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-CBOE-2007-28 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-CBOE-2007-28. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of CBOE. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-CBOE-2007-28 and should be submitted on or before April 13, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 18 18 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5308 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-55488; File No. SR-DTC-2007-02] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees Charged to the CDS Clearing and Depository Services, Inc. March 19, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 notice is hereby given that on January 26, 2007, The Depository Trust Company (“DTC”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which items have been prepared primarily by DTC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change would permit DTC, effective February 1, 2007, to cease to charge fees for “Covered Services” in “Omnibus Accounts” (as each term is defined below) to the CDS Clearing and Depository Services, Inc. (“CDS”), formerly, the Canadian Depository for Securities Ltd., in exchange for CDS agreeing not to charge DTC for such services. 2 2 The National Securities Clearing Corporation (“NSCC”) has submitted a similar proposed rule change (File No. SR-NSCC-2007-02). II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, DTC included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. DTC has prepared summaries, set forth in sections (A), (B), and
(C)below, of the most significant aspects of such statements. 3 3 The Commission has modified parts of these statements.
(A)Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of the proposed rule change is to facilitate the efficient processing of cross-border securities transactions between the U.S. and Canada. CDS is a participant in both DTC and NSCC. CDS holds securities in the name of Cede & Co., DTC's nominee name, in one or more omnibus accounts at DTC and also has a clearance account at NSCC (collectively the “CDS Omnibus Accounts”). 4 4 For purposes of this rule filing, the term “CDS Omnibus Accounts” shall not include CDS's additional accounts established pursuant to the Multiple Account Number Agreement, dated October 27, 2006 between CDS and NSCC and the Additional Account Agreement, dated October 27, 2006 between DTC and CDS. In 1998, the SEC approved a proposed rule change to allow DTC to open an omnibus account at CDS thereby creating a two-way DTC-CDS interface. 5 DTC is a participant in CDS and holds securities in the nominee name of CDS & Co., CDS's nominee name, in one or more omnibus accounts in the depository and the settlement service operated by CDS (“CDSX”) (“DTC Omnibus Accounts”). The two-way interface allows but does not require DTC positions in CDS-eligible issues to be held in DTC's account at CDS. The CDS Omnibus Accounts and the DTC Omnibus Accounts shall be collectively referred to as the “Omnibus Accounts.” In 2005, the Commission approved a proposed rule change to allow DTC to operate the Canadian-Link Service, which enables DTC Participants to clear and settle transactions with CDS Participants through an omnibus account maintained by DTC at CDS. 6 5 Securities Exchange Act Release No. 40523 (October 6, 1998), 63 FR 54739 (October 13, 1998) (File No. SR-DTC-97-22). 6 Securities Exchange Act Release No. 52784 (November 16, 2005), 70 FR 70902 (November 23, 2005) [File No. SR-DTC-2005-08]. In order to more efficiently facilitate cross-border clearance and settlement DTC, NSCC and CDS have agreed not to charge each other for Covered Services 7 in Omnibus Accounts. 7 “Covered Services” includes such services as:
(a)Messaging and conversion of messages,
(b)clearing,
(c)monthly account charges,
(d)deliveries/receives,
(e)deposits and withdrawals,
(f)custody,
(g)asset servicing (dividends, reorganizations),
(h)tax services, including U.S. and Canadian tax withholding, as applicable, and non-U.S. Tax Relief and Foreign Currency Payments via the Elective Dividend Service (EDS),
(i)communications/networking,
(j)money settlement (and roll-up),
(k)reconciliation, and
(l)any other services agreed to between DTC, NSCC and CDS in writing. Currently, DTC, NSCC, and CDS charge fees in accordance with their respective standard fee schedules for securities clearing, settlement, and asset servicing in their respective Omnibus Accounts in exchange for CDS no longer charging DTC and NSCC for similar services. The proposed rule change would provide that instead of invoicing each other each month for services in the Omnibus Accounts, DTC and NSCC will no longer charge CDS for Covered Services in Omnibus Accounts. As most of the activity processed in each of the Omnibus Accounts relates to reciprocal services which are charged to DTC, NSCC and CDS respectively at different rates ( *e.g.* , DTC would be charged in accordance with the standard CDS fee schedule and vice versa), not charging each other for Covered Services will ensure that the fees of DTC and CDS are more equitably aligned. DTC, NSCC, and CDS will continue to charge their respective participants for activity in the Omnibus Accounts. This proposed rule change is consistent with the requirements Section 17A of the Act and the rules and regulations thereunder because it recognizes that most of the activity in the Omnibus Accounts represents the processing of reciprocal activity in similar services used by each of the entities which are charged to DTC, NSCC, and CDS at different rates. As such, it provides for a more equitable allocation of fees charged by DTC and NSCC.
(B)Self-Regulatory Organization's Statement on Burden on Competition DTC does not believe that the proposed rule change would have any impact or impose any burden on competition.
(C)Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to the proposed rule change have not yet been solicited or received. DTC will notify the Commission of any written comments received by DTC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule change changes fees charged clearing members by DTC, it has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and Rule 19b-4(f)(2) 9 thereunder. At any time within sixty days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 8 15 U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 240.19b-4(f)(2). IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ) or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-DTC-2007-02 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-DTC-2007-02. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Section, 100 F Street, NE., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of DTC and on DTC's Web site at *http://www.dtc.org.* All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-DTC-2007-02 and should be submitted on or before April 13, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 10 10 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5351 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-55489; File No. SR-NASDAQ-2007-023] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Trade the Shares of the PowerShares DB U.S. Dollar Index Bullish Fund and the PowerShares DB U.S. Dollar Index Bearish Fund Pursuant to Unlisted Trading Privileges March 19, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on March 9, 2007, The NASDAQ Stock Market LLC (“Nasdaq” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. This Order provides notice of the proposed rule change and approves the proposed rule change on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes to trade shares of the PowerShares DB U.S. Dollar Index Bullish Fund (the “Bullish Fund”) and the PowerShares DB U.S. Dollar Index Bearish Fund (the “Bearish Fund,” and together with the Bullish Fund, the “Funds”) pursuant to unlisted trading privileges (“UTP”). The text of the proposed rule change is available at Nasdaq, the Commission's Public Reference Room, and *nasdaq.complinet.com* . II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Pursuant to Nasdaq Rule 4630, which permits the Exchange to approve for UTP trading a “commodity-related security” that is issued by a trust, partnership, commodity pool, or similar entity that invests in any combination of commodities, futures contracts, options on futures contracts, forward contracts, commodity swaps, or other related derivatives, the Exchange proposes to trade pursuant to UTP the shares of the Funds (the “Shares”). The Shares represent beneficial ownership interests in the corresponding common units of beneficial interests of the DB U.S. Dollar Index Master Bullish Fund and the DB U.S. Dollar Index Master Bearish Fund, respectively (collectively, the “Master Funds”). A proposal to list and trade the Shares by the American Stock Exchange LLC (“Amex”) has been approved by the Commission. 3 3 *See* Securities Exchange Act Release No. 55292 (February 14, 2007), 72 FR 8406 (February 26, 2007) (SR-Amex-2006-86) (“Amex Order”); Securities Exchange Act Release No. 55110 (January 16, 2007), 72 FR 3171 (January 24, 2007) (SR-Amex-2006-86) (“Amex Notice”). The overall investment objective of each of the Funds and the Master Funds is to reflect the performance of their respective benchmark index, *less* expenses, *plus* the excess, if any, of the corresponding Master Fund's interest income from its holdings of U.S. Treasury and other high-credit-quality, short-term fixed income securities over its expenses. The Bullish Fund seeks to track the “Long Index” by investing in long positions in futures contracts (“DX Contracts”) on the U.S. Dollar Index® (“USDX”), and the Bearish Fund seeks to track the “Short Index” by investing in short positions in DX Contracts on the USDX. 4 Both the Long Index and Short Index (collectively, the “Indexes”) are designed to reflect the return from investing in the first-to-expire DX Contract. DX Contracts are traded through the FINEX currency markets of the New York Board of Trade (“NYBOT”). 4 The USDX, which is composed of six underlying foreign currencies (Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona, and Swiss Franc, collectively, the “Index Currencies”), is composed of notional amounts of each Index Currency reflecting a geometric average of the change in the Index Currencies' exchange rates against the U.S. Dollar (“USD”) relative to those as of March 1973. The value of the USDX reflects a general indication of the international value of the USD by averaging the exchange rates between the USD and the Index Currencies. The use of a long position in a DX Contract in the construction of the Long Index causes the Long Index level to rise as a result of any upward price movement in the DX Contract. Conversely, the use of a short position in a DX Contract in the construction of the Short Index causes the Short Index level to rise as a result of any downward price movement in the DX Contract. As a result, the performance of the Long Index and Short Index would reflect any rise or fall of the USD versus the underlying basket of Index Currencies. 5 5 The calculation methodologies of each Index, as well as the structure and operation of the Funds and the creation and redemption procedures for the Shares, are described in greater detail in the Amex Notice. Deutsche Bank AG London (the “Index Sponsor”) calculates the values of the Indexes during the trading day and such values are disseminated at least every 15 seconds through the facilities of the Consolidated Tape (“CT”), major market data vendors, the Web site of DB Commodity Services LLC, as operator of the Funds and Master Funds (the “Managing Owner”), and the Index Sponsor's Web site. Amex also disseminates for each of the Funds on a per-Share basis an updated “Indicative Fund Value,” which reflects the cash required for creations and redemptions for each Fund, adjusted to reflect the price changes of the DX Contracts and the holdings of U.S. Treasury securities and other high-credit-quality, short-term fixed income securities, at least every 15 seconds between 9:30 a.m. to 4:15 p.m. Eastern Time (“ET”). Shortly after 4 p.m. ET each business day, the Bank of New York (the “Administrator”), determines the net asset value (“NAV”) for each of the Funds and disseminates such NAV per Share to all market participants at the same time. 6 6 The Exchange represents that if Amex halts trading in the Shares of any Fund because the NAV per Share for such Fund is no longer disseminated to all market participants at the same time, it would also halt trading such Shares. E-mail from Jonathan Cayne, Associate General Counsel, Nasdaq, to Edward Cho, Special Counsel, Division of Market Regulation, Commission, dated March 14, 2007 (clarifying that the Exchange would also halt trading the Shares in such an event). On each business day, the Administrator makes available immediately prior to 9:30 a.m. ET the most recent Cash Deposit Amount 7 for the creation of a Basket, 8 and Amex disseminates the current value of the Cash Deposit Amount on a per-Share basis at least every 15 seconds throughout the trading day. The daily settlement prices of the DX Contracts, specific contract specifications, and delayed futures contract information on current and past trading sessions, including futures quotes and last sale information, are publicly available on NYBOT's Web site and on the Web sites of various market data vendors, news publications, automated quotation systems, or other financial information services. 7 The Cash Deposit Amount is the amount of cash equal to the NAV per Share times 200,000 Shares to be transferred to the Administrator for the purchase of one or more Baskets (as defined below). 8 A Basket is a single block of 200,000 Shares; issuances of the Shares can be made only in one or more Baskets. Information regarding the Shares is available through Amex, the Index Sponsor, and various independent sources. Specifically, Amex disseminates on a daily basis for each of the Funds information with respect to the daily trading volume of each of the Shares, the number of Shares outstanding, the closing prices of each Fund's Shares, the corresponding NAV, and a hyperlink on its Web site to the Index Sponsor's Web site. In addition, the Web site for the Funds contains the following information:
(1)The current NAV per Share daily, the prior business day's NAV, and the reported closing price;
(2)the mid-point of the bid-ask price in relation to the NAV as of the time the NAV is calculated (the “Bid-Ask Price”);
(3)the calculation of the premium or discount of such price against such NAV;
(4)data in chart form displaying the frequency distribution of discounts and premiums of the Bid-Ask Price against the NAV, within appropriate ranges for each of the four previous calendar quarters;
(5)the prospectus; and
(6)other applicable quantitative information. Nasdaq states that it will halt trading in the Shares of a Fund under the conditions specified in Nasdaq Rules 4120 and 4121. The conditions for a trading halt include a regulatory halt by the original listing market. Nasdaq will also halt trading in the Shares if the original listing market delists them. UTP trading in the Shares will be governed by provisions of Nasdaq Rule 4120(b) relating to temporary interruptions in the calculation or wide dissemination of the Indicative Fund Value or the value of the Indexes. 9 Additionally, the Exchange may cease trading the Shares if other unusual conditions or circumstances exist which, in the opinion of the Exchange, make further dealings on the Exchange detrimental to the maintenance of a fair and orderly market. The Exchange represents that it would follow any procedures with respect to initiating any trading halts as set forth in Nasdaq Rule 4120(c). 9 *See* Securities Exchange Act Release No. 55269 (February 9, 2007), 72 FR 7490 (February 15, 2007) (SR-NASDAQ-2006-050) (setting forth trading halt requirements when the Exchange is trading a product pursuant to UTP). *See also supra* note 6. Nasdaq deems the Shares of the Funds to be equity securities, and therefore, trading in the Shares would be subject to Nasdaq's existing rules governing the trading of equity securities. Trading in the Shares will also be subject to Nasdaq Rule 4630 (Trading in Commodity-Related Securities). The trading hours for the Shares on Nasdaq will be 9:30 a.m. to 4 p.m. ET. In connection with the trading of the Shares, Nasdaq will inform its members in an Information Circular, prior to the commencement of trading, of the special characteristics and risks associated with trading the Shares. Specifically, the Information Circular will discuss the following:
(1)The procedures for purchases and redemptions of Shares in Baskets (and that Shares are not individually redeemable);
(2)Nasdaq Rule 2310, which imposes suitability obligations on Nasdaq members with respect to recommending transactions in the Shares to customers;
(3)how information regarding the Indicative Fund Value is disseminated;
(4)the requirement that members deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction; 10
(5)other relevant trading information;
(6)any exemptive, no-action, and/or interpretive relief granted by the Commission from any rules under the Act;
(7)the various fees and expenses to which the Funds are subject; and
(8)the fact that the Commodity Futures Trading Commission has regulatory jurisdiction over the trading of futures contracts. The Information Circular will also disclose the trading hours of the Shares of the Funds, when the NAV for the Shares will be calculated each trading day, information about the Shares of each Fund, and the public availability of the corresponding Index values on the Funds' Web site. 10 Specifically, the Information Circular will also note that
(1)investors purchasing Shares directly from a Fund (by delivery of the corresponding Cash Deposit Amount) will receive a prospectus and
(2)members purchasing Shares from a Fund for resale to investors will deliver a prospectus to such investors. Nasdaq believes that its surveillance procedures are adequate to address any concerns about the trading of the Shares on Nasdaq. Trading of the Shares through Nasdaq will be subject to NASD's surveillance procedures for equity securities, in general, and exchange-traded funds, in particular. 11 The Exchange may obtain information via the Intermarket Surveillance Group (“ISG”) from other exchanges who are members or affiliates of the ISG, including NYBOT. 11 NASD surveils trading on Nasdaq pursuant to a regulatory services agreement. Nasdaq is responsible for NASD's performance under this regulatory services agreement. 2. Statutory Basis The proposal is consistent with Section 6(b) of the Act 12 in general and Section 6(b)(5) of the Act 13 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market, and, in general, to protect investors and the public interest. In addition, the proposal is consistent with Rule 12f-5 under the Act 14 because Nasdaq deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchange's existing rules governing the trading of equity securities. 12 15 U.S.C. 78f(b). 13 15 U.S.C. 78f(b)(5). 14 17 CFR 240.12f-5. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purpose of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov* . Please include File Number SR-NASDAQ-2007-023 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2007-023. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal offices of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NASDAQ-2007-023 and should be submitted on or before April 13, 2007. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange. 15 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act, 16 which requires that an exchange have rules designed, among other things, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and in general to protect investors and the public interest. The Commission believes that this proposal should benefit investors by increasing competition among markets that trade the Shares. 15 In approving this rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 16 15 U.S.C. 78f(b)(5). In addition, the Commission finds that the proposal is consistent with Section 12(f) of the Act, 17 which permits an exchange to trade, pursuant to UTP, a security that is listed and registered on another exchange. 18 The Commission notes that it previously approved the listing and trading of the Shares on Amex. 19 The Commission also finds that the proposal is consistent with Rule 12f-5 under the Act, 20 which provides that an exchange shall not extend UTP to a security unless the exchange has in effect a rule or rules providing for transactions in the class or type of security to which the exchange extends UTP. The Exchange has represented that it meets this requirement because it deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchange's existing rules governing the trading of equity securities. 17 15 U.S.C. 78 *l* (f). 18 Section 12(a) of the Act, 15 U.S.C. 78 *l* (a), generally prohibits a broker-dealer from trading a security on a national securities exchange unless the security is registered on that exchange pursuant to Section 12 of the Act. Section 12(f) of the Act excludes from this restriction trading in any security to which an exchange “extends UTP.” When an exchange extends UTP to a security, it allows its members to trade the security as if it were listed and registered on the exchange even though it is not so listed and registered. 19 *See supra* note 3. 20 17 CFR 240.12f-5. The Commission further believes that the proposal is consistent with Section 11A(a)(1)(C)(iii) of the Act, 21 which sets forth Congress' finding that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. Quotations for and last sale information regarding the Shares are publicly available on the Web site of the Funds and Amex. Such Web sites also disseminate information about the current and most recent NAV per Share, the Bid-Ask Price of the Shares, and discount and premium information of the Bid-Ask Price against the NAV. The Index Sponsor calculates and publishes through the facilities of the CT and major market data vendors the intra-day values of each Index at least every 15 seconds during regular trading hours and the closing levels of each Index. In addition, Amex disseminates through the CT for each of the Funds on a per-Share basis an updated Indicative Fund Value, which generally reflects the cash required for creations and redemptions of Shares, at least every 15 seconds during the trading day. The Administrator calculates and simultaneously disseminates once each business day to all market participants the NAV per Share and publishes the most recent Cash Deposit Amount on a per-Share basis. Also, the daily settlement prices of and other applicable information regarding the DX Contracts, including futures quotes and last sale information, are publicly available on NYBOT's Web site and on the Web sites of various market data vendors, automated quotation systems, and other financial information services. 21 15 U.S.C. 78k-1(a)(1)(C)(iii). The Commission notes that, if the Shares should be delisted by the listing exchange, the Exchange would no longer have authority to trade the Shares pursuant to this order. In support of this proposal, the Exchange has made the following representations:
(1)The Exchange's surveillance procedures are adequate to address any concerns associated with the trading of the Shares on a UTP basis.
(2)The Exchange would inform its members in an Information Circular of the special characteristics and risks associated with trading the Shares, including suitability recommendation requirements.
(3)The Exchange would require its members to deliver a prospectus to investors purchasing Shares prior to or concurrently with a transaction in such Shares and will note this prospectus delivery requirement in the Information Circular. This approval order is conditioned on the Exchange's adherence to the foregoing representations. The Commission finds good cause for approving this proposal before the thirtieth day after the publication of notice thereof in the **Federal Register** . As noted above, the Commission previously found that the listing and trading of the Shares on Amex is consistent with the Act. The Commission presently is not aware of any regulatory issue that should cause it to revisit that finding or would preclude the trading of the Shares on the Exchange pursuant to UTP. Therefore, accelerating approval of this proposal should benefit investors by creating, without undue delay, additional competition in the market for such Shares. V. Conclusion *It is therefore ordered,* pursuant to Section 19(b)(2) of the Act, 22 that the proposed rule change (SR-NASDAQ-2007-023) be, and it hereby is, approved on an accelerated basis. 22 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 23 23 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5348 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-55490; File No. SR-NSCC-2007-02] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees Charged to the CDS Clearing and Depository Services, Inc. March 19, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 notice is hereby given that on January 26, 2007, the National Securities Clearing Corporation (“NSCC”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which items have been prepared primarily by NSCC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change would permit NSCC, effective February 1, 2007, to cease to charge fees for “Covered Services” in “Omnibus Accounts” (as each term is defined below) to the CDS Clearing and Depository Services, Inc. (“CDS”), formerly the Canadian Depository for Securities Ltd., in exchange for CDS agreeing not to charge NSCC for such services. 2 2 The Depository Trust Company (“DTC”) has submitted a similar proposed rule change (File No. SR-DTC-2007-02). II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NSCC included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. NSCC has prepared summaries, set forth in sections (A), (B), and
(C)below, of the most significant aspects of such statements. 3 3 The Commission has modified parts of these statements.
(A)Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of the proposed rule change is to facilitate the efficient processing of cross-border securities transactions between the U.S. and Canada. CDS is a participant in both NSCC and DTC. CDS holds securities in the name of Cede & Co., DTC's nominee name, in one or more omnibus accounts at DTC, and also has a clearance account at NSCC (collectively the “CDS Omnibus Accounts”). 4 4 For purposes of this rule filing, the term “CDS Omnibus Accounts” shall not include CDS's additional accounts established pursuant to the Multiple Account Number Agreement, dated October 27, 2006 between CDS and NSCC and the Additional Account Agreement, dated October 27, 2006 between DTC and CDS. CDS operates the New York Link Service, which enables CDS Participants to clear and settle transactions with DTC Participants through sponsored accounts maintained by CDS with DTC and NSCC. Through such sponsored accounts, CDS Participants may clear and settle transactions on a trade for trade basis or on a continuous net settlement basis through the facilities of DTC and NSCC. DTC operates the Canadian-Link Service, which enables DTC Participants to clear and settle transactions with CDS Participants through an omnibus account maintained by DTC at CDS. 5 5 Securities Exchange Act Release No. 52784 (November 16, 2005), 70 FR 70902 (November 23, 2005) [File No. SR-DTC-2005-08]. In order to more efficiently facilitate cross-border clearance and settlement DTC, NSCC, and CDS have agreed not to charge each other for Covered Services 6 in Omnibus Accounts. 6 “Covered Services” includes such services as:
(a)Messaging and conversion of messages,
(b)clearing,
(c)monthly account charges,
(d)deliveries/receives,
(e)deposits and withdrawals,
(f)custody,
(g)asset servicing (dividends, reorganizations),
(h)tax services, including U.S. and Canadian tax withholding, as applicable, and non-U.S. Tax Relief and Foreign Currency Payments via the Elective Dividend Service (EDS),
(i)communications/networking,
(j)money settlement (and roll-up),
(k)reconciliation, and
(l)any other services agreed to between DTC, NSCC, and CDS in writing. Currently, DTC, NSCC, and CDS charge fees in accordance with their respective standard fee schedules for securities clearing, settlement, and asset servicing in their respective Omnibus Accounts. The proposed rule change would provide that instead of invoicing each other each month for services in the Omnibus Accounts, DTC and NSCC will no longer charge CDS for Covered Services in Omnibus Accounts in exchange for CDS no longer charging DTC and NSCC for similar services. As most of the activity processed in each of the Omnibus Accounts relates to reciprocal services which are charged to DTC, NSCC, and CDS at different rates ( *e.g.* , DTC would be charged in accordance with the standard CDS fee schedule and vice versa) not charging each other for Covered Services will ensure that the fees of NSCC and CDS are more equitably aligned. DTC, NSCC, and CDS will continue to charge their respective participants for activity in the Omnibus Accounts. This proposed rule change is consistent with the requirements Section 17A of the Act and the rules and regulations thereunder because it recognizes that most of the activity in the Omnibus Accounts represents the processing of reciprocal activity in similar services used by each of the entities which are charged to DTC, NSCC, and CDS at different rates. As such, it provides for a more equitable allocation of fees charged by DTC and NSCC.
(B)Self-Regulatory Organization's Statement on Burden on Competition NSCC does not believe that the proposed rule change would have any impact or impose any burden on competition.
(C)Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to the proposed rule change have not yet been solicited or received. NSCC will notify the Commission of any written comments received by NSCC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule change changes fees charged clearing members by NSCC, it has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 7 and Rule 19b-4(f)(2) 8 thereunder. At any time within sixty days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 7 15 U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 240.19b-4(f)(2). IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ) or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-NSCC-2007-02 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NSCC-2007-02. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Section, 100 F Street, NE., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of NSCC and on NSCC's Web site at *http://www.nscc.org.* All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NSCC-2007-02 and should be submitted on or before April 13, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 9 9 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5350 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-55484; File No. SR-NYSEArca-2006-67] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change as Modified by Amendment No. 1 Thereto To Trade Shares of the PowerShares DB U.S. Dollar Index Funds Pursuant to Unlisted Trading Privileges March 16, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, as amended, (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on September 28, 2006, NYSE Arca, Inc. (“NYSE Arca” or “Exchange”), through its wholly owned subsidiary NYSE Arca Equities, Inc. (“NYSE Arca Equities”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. On March 6, 2006, the Exchange filed Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. This order provides notice of the proposed rule change as modified by Amendment No. 1 and approves the proposed rule change as amended on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to trade shares (“Shares”) of the PowerShares DB U.S. Dollar Index Bullish Fund and the PowerShares DB U.S. Dollar Index Bearish Fund (collectively the “Funds”) pursuant to unlisted trading privileges (“UTP”) under Commentary .02 to NYSE Arca Equities Rule 8.200. The text of the proposed rule change is available at the Exchange, the Commission's Public Reference Room, and *http://nysearca.com.* II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below. The Exchange has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Pursuant to Commentary .02 to NYSE Arca Equities Rule 8.200, the Exchange may approve for listing and trading trust issued receipts (“TIRs”) investing in shares or securities (“Investment Shares”) that hold investments in any combination of futures contracts, options on futures contracts, forward contracts, commodities, swaps or high credit quality short-term fixed income securities or other securities. 3 The Commission previously approved a proposal to list and trade the Shares by the American Stock Exchange LLC (the “Amex”). 4 3 In April 2006, the Commission approved Commentary .02 to NYSE Area Equities Rule 8.200, which sets forth the rules related to listing and trading criteria for Investment Shares, and approved trading pursuant to UTP the shares of the DB Commodity Index Tracking Fund. See Securities Exchange Act Release No. 53736 (April 27, 2006), 71 FR 26582 (May 5, 2006) (SR-PCX-2006-22). 4 *See* Securities Exchange Act Release No. 55292 (February 14, 2007), 72 FR 8406 (February 26, 2007) (the “Amex Order”). The Exchange proposes to trade pursuant to UTP the Shares of the Funds under Commentary .02 to NYSE Arca Equities Rules 8.200. The Shares represent beneficial ownership interests in the corresponding common units of beneficial interests of the DB U.S. Dollar Index Master Bullish Fund and the DB U.S. Dollar Index Master Bearish Fund, respectively (collectively, the “Master Funds”). The overall investment objective of each of the Funds and the Master Funds is to reflect the performance of their respective benchmark index, less expenses, plus the excess, if any, of the corresponding Master Fund's interest income from its holdings of U.S. Treasury and other high credit quality short-term fixed income securities over its expenses. The Bullish Fund will seek to track the “Long Index” by investing in long positions in futures contracts (“DX Contracts”) on the U.S. Dollar Index® (USDX®) while the Bearish Fund will seek to track the “Short Index” by investing in short positions in DX Contracts on the USDX (collectively, the “Indexes”). Both the Long Index and Short Index (collectively, the “Indexes”) are designed to reflect the return from investing in the first-to-expire DX Contract. DX Contracts are traded through the FINEX currency markets of the New York Board of Trade (“NYBOT”). As discussed more fully in the Amex Notice, the USDX is composed of six underlying foreign currencies (the “Index Currencies”), and the value of the USDX reflects a general indication of the international value of the U.S. Dollar (“USD”) by averaging the exchange rates between the USD and the Index Currencies. The use of a long position in a DX Contract in the construction of the Long Index would cause the Long Index level to rise as a result of any upward price movement in the DX Contract. Conversely, the use of a short position in a DX Contract in the construction of the Short Index would cause the Short Index level to rise as a result of any downward price movement in the DX Contract. As a result, the performance of the Long Index and Short Index would reflect any rise or fall of the USD versus the underlying basket of Index Currencies. *The Shares.* Issuances of the Shares will be made only in one or more blocks of 200,000 Shares (each such block, a “Basket”). Each of the Funds will issue and redeem Shares on a continuous basis, by or through participants that have entered into participant agreements (each, an “Authorized Participant”) with the Managing Owner at the net asset value (“NAV”) per Share next determined after an order to purchase a Basket is received in proper form. A Basket will be issued in exchange for a cash amount equal to the NAV per Share times 200,000 Shares (the “Cash Deposit Amount”). The Bank of New York (the “Administrator”) will determine the Cash Deposit Amount on each business day. An Authorized Participant that wishes to purchase a Basket must transfer the Cash Deposit Amount to the Administrator. Authorized Participants that wish to redeem a Basket will receive cash in exchange for each Basket surrendered in an amount equal to the NAV per Basket. 5 5 Pursuant to a telephone conversation between Andrew Stevens, Assistant General Counsel, NYSE and Ronesha A. Butler, Special Counsel, Division of Market Regulation (“Division”), Commission, on March 14, 2007, this paragraph was added to clarify the creation and redemption process for the Shares. *Availability of Information About the Indexes, the Underlying DX Contracts and the Shares.* As set forth in the Amex Order, information regarding the Shares will be available through the Amex, Deutsche Bank AG London (the “Index Sponsor”), and various independent sources. The Index Sponsor will calculate the values of the Indexes during the trading day and such values will be disseminated at least every 15 seconds through major market data vendors and the Index Sponsor's Web site. 6 The Amex will also disseminate for each of the Funds on a per-Share basis an updated “Indicative Fund Value” (or “IFV”), which reflects the cash required for creations and redemptions for each Fund, adjusted to reflect the price changes of the DX Contracts and the holdings of U.S. Treasury securities and other high-credit-quality, short-term fixed income securities, at least every 15 seconds from 9:30 a.m. to 4:15 p.m. Eastern Time (“ET”). Shortly after 4 p.m. ET each business day, the Administrator will determine the NAV for each of the Funds, and the NAV per Share for each of the Funds will be disseminated to all market participants at the same time. 7 6 Amex has represented that the Managing Owner would seek to arrange to have each Index calculated and disseminated at least every 15 seconds on a daily basis through a third party if the Index Sponsor ceases to calculate and disseminate an Index. If, however, the Managing Owner is unable to arrange the calculation and dissemination of any Index value, the Amex has represented that it will undertake to delist the Shares related to such Index. In such case, the Exchange would halt trading such Shares. *See* Amex Order, *supra* note 4. 7 The Amex has represented that if the NAV per Share for any Fund is not disseminated to all market participants at the same time, it would halt trading in the Shares of such Fund. *See* Amex Order, *supra* note 4. According to the Amex Order, on each business day, the Administrator will make available immediately prior to the opening of trading on the Amex the most recent Cash Deposit Amount for the creation of a Basket, and the Amex will disseminate the current value of the Cash Deposit Amount on a per-Share basis at least every 15 seconds throughout the trading day. The daily settlement prices of the DX Contracts, specific contract specifications, and delayed futures contract information on current and past trading sessions, including futures quotes and last sale information, are publicly available on NYBOT's Web site and on the Web sites of various market data vendors, news publications, automated quotation systems, or other financial information services. The Amex also intends to disseminate on a daily basis for each of the Funds information with respect to the daily trading volume of each of the Shares, the number of Shares outstanding, the closing prices of each Fund's Shares, the corresponding NAV, and a hyperlink on its Web site to the Index Sponsor's Web site. The Web site for the Funds is *http://www.dbfunds.db.com* . The Web site for the Funds and/or Amex, which is publicly accessible at no charge, will contain the following information:
(1)The current NAV per Share daily, the prior business day's NAV, and the reported closing price;
(2)the mid-point of the bid-ask price in relation to the NAV as of the time the NAV is calculated (the “Bid-Ask Price”);
(3)the calculation of the premium or discount of such price against such NAV;
(4)data in chart form displaying the frequency distribution of discounts and premiums of the Bid-Ask Price against the NAV, within appropriate ranges for each of the four previous calendar quarters;
(5)the prospectus; and
(6)other applicable quantitative information. *UTP Trading Criteria.* The Exchange represents that it will cease trading the Shares of a Fund if:
(a)the listing market stops trading the Shares because of a regulatory halt similar to a halt based on NYSE Arca Equities Rule 7.12 or halt trading because the IFV or the value of the Index is no longer available at least every 15 seconds 8 ; or
(b)the listing market delists the Shares. Additionally, the Exchange may cease trading the Shares if such other event shall occur or condition exists which in the opinion of the Exchange makes further dealings on the Exchange inadvisable. UTP trading in the Shares is also governed by the trading halts provisions of NYSE Arca Equities Rule 7.34 relating to temporary interruptions in the calculation or wide dissemination of the Intraday Indicative Value (which would encompass the IFV) or the value of the underlying index. 8 The Exchange clarified and represented that, in addition to the requirements contained in NYSE Arca Equities Rule 7.12, the Exchange will halt trading if the IFV or the value of the Index is not longer available at least every 15 seconds. Telephone conversation between Andrew Stevens, Assistant General Counsel, NYSE and Ronesha A. Butler, Special Counsel, Division, Commission, on March 14, 2007. *Trading Rules.* The Exchange deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchange's existing rules governing the trading of equity securities. The Shares will trade on the NYSE Arca Marketplace from 9:30 a.m. until 4:15 p.m. ET. The Exchange has appropriate rules to facilitate transactions in the Shares during this trading session. The minimum trading increment for Shares on the Exchange will be $0.01. The trading of the Shares will be subject to Commentary .02(e)(1)-(4) to NYSE Arca Equities Rule 8.200, which sets forth certain restrictions on ETP Holders acting as registered Market Makers in TIRs that invest in Investment Shares to facilitate surveillance. See “Surveillance” below for more information. With respect to trading halts, the Exchange may consider all relevant factors in exercising its discretion to halt or suspend trading in the Shares. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. These may include:
(1)The extent to which trading is not occurring in the DX Contracts, or
(2)whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. In addition, trading in Shares will be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's “circuit breaker” rule 9 or by the halt or suspension of trading of the DX Contract. See “UTP Trading Criteria” above for specific instances when the Exchange will cease trading the Shares. The Shares will not be subject to the short sale rule pursuant to a letter issued in response to a request for no-action advice under Rule 10a-1 under the Act. 10 9 *See* NYSE Arca Equities Rule 7.12. 10 *See* Letter to George T. Simon, Esq., Foley & Lardner LLP, from Racquel L. Russell, Branch Chief, Office of Trading Practices and Processing, Commission, dated June 21, 2006. *Surveillance.* The Exchange intends to utilize its existing surveillance procedures applicable to derivative products to monitor trading in the Shares. The Exchange represents that these procedures are adequate to properly monitor Exchange trading of the Shares and to deter and detect violations of Exchange rules. The Exchange's current trading surveillance focuses on detecting securities trading outside their normal patterns. When such situations are detected, surveillance analysis follows and investigations are opened, where appropriate, to review the behavior of all relevant parties for all relevant trading violations. Further, trading in the Shares will be subject to Commentary .02(e)(1)-(4) to NYSE Arca Equities Rule 8.200, which sets forth certain restrictions on ETP Holders acting as registered Market Makers in TIRs that invest in Investment Shares to facilitate surveillance. Commentary .02(e)(1) to NYSE Arca Equities Rule 8.200 requires that the ETP Holder acting as a registered Market Maker in the Shares provide the Exchange with information relating to its trading in the underlying physical asset or commodity, related futures or options on futures, or any other related derivatives. Commentary .02(e)(4) to NYSE Arca Equities Rule 8.200 prohibits the ETP Holder acting as a registered Market Maker in the Shares from using any material nonpublic information received from any person associated with an ETP Holder or employee of such person regarding trading by such person or employee in the underlying physical asset or commodity, related futures or options on futures or any other related derivative (including the Shares). In addition, Commentary .02(e)(1) to NYSE Arca Equities Rule 8.200 prohibits the ETP Holder acting as a registered Market Maker in the Shares from being affiliated with a market maker in the underlying physical asset or commodity, related futures or options on futures or any other related derivative unless adequate information barriers are in place, as provided in NYSE Arca Equities Rule 7.26. Commentary .02(e)(2)-(3) to NYSE Arca Equities Rule 8.200 requires that Market Makers handling the Shares provide the Exchange with all the necessary information relating to their trading in the underlying physical assets or commodities, related futures contracts and options thereon or any other derivative. The Exchange may obtain information via the Intermarket Surveillance Group (“ISG”) from other exchanges who are members or affiliates of the ISG, including NYBOT. 11 11 For a list of the current members and affiliate members of ISG, *see http://www.isgportal.com* . *Information Bulletin.* Prior to the commencement of trading, the Exchange will inform its ETP Holders in an Information Bulletin of the special characteristics and risks associated with trading the Shares. Specifically, the Information Bulletin will discuss the following:
(1)The procedures for purchases and redemptions of Shares in Baskets (and that Shares are not individually redeemable);
(2)NYSE Arca Equities Rule 9.2(a), 12 which imposes a duty of due diligence on its ETP Holders to learn the essential facts relating to every customer prior to trading the Shares;
(3)how information regarding the IFV is disseminated;
(4)the requirement that ETP Holders deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction; and
(5)trading information. 12 The Exchange recently amended NYSE Arca Equities Rule 9.2(a) (“Diligence as to Accounts”) to provide that ETP Holders, before recommending a transaction, must have reasonable grounds to believe that the recommendation is suitable for the customer based on any facts disclosed by the customer as to his other security holdings and as to his financial situation and needs. Further, the proposed rule amendment provides, with a limited exception, that prior to the execution of a transaction recommended to a non-institutional customer, the ETP Holders shall make reasonable efforts to obtain information concerning the customer's financial status, tax status, investment objectives, and any other information that they believe would be useful to make a recommendation. *See* Securities Exchange Act Release No. 54045 (June 26, 2006), 71 FR 37971 (July 3, 2006) (SR-PCX-2005-115). In addition, the Information Bulletin will advise ETP Holders, prior to the commencement of trading, of the prospectus delivery requirements applicable to the Funds. The Exchange notes that investors purchasing Shares directly from a Fund (by delivery of the corresponding Cash Deposit Amount) will receive a prospectus. ETP Holders purchasing Shares from a Fund for resale to investors will deliver a prospectus to such investors. The Information Bulletin will also discuss any exemptive, no-action and interpretive relief granted by the Commission from any rules under the Act. In addition, the Information Bulletin will reference that the Funds are subject to various fees and expenses described in the Registration Statement. The Information Bulletin will also reference that the CFTC has regulatory jurisdiction over the trading of futures contracts. The Information Bulletin will also disclose the trading hours of the Shares of the Funds and that the NAV for the Shares will be calculated after 4 p.m. ET each trading day. The Bulletin will disclose that information about the Shares of each Fund and the corresponding Indexes will be publicly available on the Funds' Web site. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) 13 of the Act, in general, and furthers the objectives of Section 6(b)(5) 14 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system. 13 15 U.S.C. 78f(b). 14 15 U.S.C. 78f(b)(5). In addition, the proposed rule change is consistent with Rule 12f-5 15 under the Act because it deems the Shares to be equity securities, thus rendering the Shares subject to the Exchange's rules governing the trading of equity securities. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 15 17 CFR 240.12f-5. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments on the proposed rule change were neither solicited nor received. III. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Exchange Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-NYSEArca-2006-67 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2006-67. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal offices of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2006-67 and should be submitted on or before April 13, 2007. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Change The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange. 16 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act, 17 which requires that an exchange have rules designed, among other things, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and in general to protect investors and the public interest. 16 In approving this rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 17 15 U.S.C. 78f(b)(5). In addition, the Commission finds that the proposal is consistent with Section 12(f) of the Act, 18 which permits an exchange to trade, pursuant to UTP, a security that is listed and registered on another exchange. 19 The Commission notes that it previously approved the listing and trading of the Shares on the Amex. 20 The Commission also finds that the proposal is consistent with Rule 12f-5 under the Act, 21 which provides that an exchange shall not extend UTP to a security unless the exchange has in effect a rule or rules providing for transactions in the class or type of security to which the exchange extends UTP. The Exchange has represented that it meets this requirement because it deems the Shares to be equity securities, thus trading in the Shares will be subject to the Exchange's existing rules governing the trading of equity securities. 18 15 U.S.C. 78 *l* (f). 19 Section 12(a) of the Act, 15 U.S.C. 78 *l* (a), generally prohibits a broker-dealer from trading a security on a national securities exchange unless the security is registered on that exchange pursuant to Section 12 of the Act. Section 12(f) of the Act excludes from this restriction trading in any security to which an exchange “extends UTP.” When an exchange extends UTP to a security, it allows its members to trade the security as if it were listed and registered on the exchange even though it is not so listed and registered. 20 *See* Amex Order, *supra* note 4. 21 17 CFR 240.12f-5. The Commission further believes that the proposal is consistent with Section 11A(a)(1)(C)(iii) of the Act, 22 which sets forth Congress' finding that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. 22 15 U.S.C. 78k-1(a)(1)(C)(iii). Finally, the Commission notes that, if the Shares should be delisted by the Amex, the original listing exchange, the Exchange would no longer have authority to trade the Shares pursuant to this order. In support of this proposal, the Exchange has made the following representations: 1. The Exchange has appropriate rules to facilitate transactions in this type of security in this session. 2. The Exchange's surveillance procedures are adequate to properly monitor the trading of the Shares on the Exchange. The Exchange may obtain information via the ISG from other exchanges who are members or affiliates of the ISG, including NYBOT. In addition, to facilitate surveillance, the Exchange represents that trading in the Shares will be subject to Commentary .02(e)(1)-(4) to NYSE Arca Equities Rule 8.200. 3. The Exchange will inform its ETP Holders in an Information Bulletin of the special characteristics and risks associated with trading the Shares. 4. The Exchange will require its ETP Holders to deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction and will note this prospectus delivery requirement in the Information Bulletin. 5. The Exchange will cease trading the Shares of a Fund if:
(a)the listing market stops trading the Shares because of a regulatory halt similar to a halt based on NYSE Arca Equities Rule 7.12 or a halt because the IFV or the value of the applicable Index is no longer available at least every 15 seconds; or
(b)the listing market delists the Shares. 6. The Exchange will halt trading as provided in NYSE Arca Equities Rule 7.34. This approval order is conditioned on the Exchange's adherence to these representations. The Commission finds good cause for approving this proposal before the thirtieth day after the publication of notice thereof in the **Federal Register** . As noted previously, the Commission previously found that the listing and trading of the Shares on the Amex is consistent with the Act. 23 The Commission presently is not aware of any regulatory issue that should cause it to revisit that earlier finding or preclude the trading of the Shares on the Exchange pursuant to UTP. Therefore, accelerating approval of this proposal should benefit investors by creating, without undue delay, additional competition in the market for the Shares. 23 *See* Amex Order, *supra* note 4. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 24 that the proposed rule change (SR-NYSEArca-2006-67), as modified by Amendment No. 1 be, and it hereby is, approved on an accelerated basis. 24 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 25 25 17 CFR 200.30(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E7-5316 Filed 3-22-07; 8:45 am] BILLING CODE 8010-01-P SOCIAL SECURITY ADMINISTRATION Agency Information Collection Activities: Proposed Request and Comment Request The Social Security Administration
(SSA)publishes a list of information collection packages that will require clearance by the Office of Management and Budget
(OMB)in compliance with Public Law 104-13, the Paperwork Reduction Act of 1995, effective October 1, 1995. The information collection packages that may be included in this notice are for new information collections, approval of existing information collections, revisions to OMB-approved information collections, and extensions (no change) of OMB-approved information collections. SSA is soliciting comments on the accuracy of the agency's burden estimate; the need for the information; its practical utility; ways to enhance its quality, utility, and clarity; and on ways to minimize burden on respondents, including the use of automated collection techniques or other forms of information technology. Written comments and recommendations regarding the information collection(s) should be submitted to the OMB Desk Officer and the SSA Reports Clearance Officer. The information can be mailed, faxed or e-mailed to the individuals at the addresses and fax numbers listed below:
(OMB)Office of Management and Budget, Attn: Desk Officer for SSA, Fax: 202-395-6974, E-mail address: *OIRA_Submission@omb.eop.gov* .
(SSA)Social Security Administration, DCFAM, Attn: Reports Clearance Officer, 1333 Annex Building, 6401 Security Blvd., Baltimore, MD 21235, Fax: 410-965-6400, E-mail address: *OPLM.RCO@ssa.gov.* I. The information collections listed below are pending at SSA and will be submitted to OMB within 60 days from the date of this notice. Therefore, your comments should be submitted to SSA within 60 days from the date of this publication. You can obtain copies of the collection instruments by calling the SSA Reports Clearance Officer at 410-965-0454 or by writing to the address listed above. 1. State Agency Report of Obligations for SSA Disability Programs (SSA-4513); Time Report of Personnel Services for Disability Determination Services (SSA-4514); State Agency Schedule of Equipment Purchased for SSA Disability Programs (SSA-871)—20 CFR 404.1626-0960-0421. Forms SSA-4513, SSA-4514 and SSA-871 are used to collect data necessary for detailed analysis and evaluation of costs incurred by State Disability Determination Services in making determinations of disability for SSA. The data are also utilized in determining funding levels for each DDS. Respondents are State DDSs. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 54. *Estimated Annual Burden:* 756 hours. Respondents Frequency of response Total annual responses Average burden per response (minutes) Estimated annual burden (hours) SSA-4513 54 4 216 90 324 SSA-4514 54 4 216 90 324 SSA-871 54 4 216 30 108 Totals 54 756 2. Subpoena-Disability Hearing—20 CFR 404.916(b)(1) & 416.1416(b)(1)—0960-0428. Form SSA-1272-U4 is completed by State and Federal disability hearing officers
(DHOs)to subpoena evidence or testimony in connections with hearings required by the Social Security Act. Actual issuance of the subpoena will be done by that appropriate delegated SSA official. Respondents are DHOs. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 36. *Frequency of Response:* 1. *Average Burden Per Response:* 30 minutes. *Estimated Annual Burden:* 18 hours. 3. Summary of Evidence—20 CFR 404.913(b), 404.914(a), 416.1707, 416.1313(b), 416.1414(a)—0960-0430. Form SSA-887 is completed by a DHO from the claimant's State Disability Determination Service (DDS). The DHO summarizes all medical and vocational reports that were used to make the no-disability determination. This form, which is used to prepare for and conduct the disability hearing, is also made available to claimants so that they are aware of the basis for the no-disability decision and they can prepare for the reconsideration accordingly. Respondents are DHOs. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 49,000. *Frequency of Response:* 1. *Average Burden Per Response:* 15 minutes. *Estimated Annual Burden:* 12,250 hours. 4. Information About Joint Checking/Savings Accounts—20 CFR 416.1201(b), 416.1208—0960-0461. The SSA-2574 is used to collect information when a Supplemental Security Income
(SSI)applicant/recipient objects to the assumption that he/she owns all or part of the funds in a joint checking or savings account which bears his or her name. Information about the account is collected from both the SSI applicant/recipient and other accountholder(s). These statements regarding ownership are required to determine whether the account is a resource of the SSI claimant. The amount of resources a person owns is one of the factors considered in determining eligibility for SSI. Respondents are applicants and recipients of SSI and individuals who are joint owners of financial accounts with SSI applicants/recipients. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 200,000. *Frequency of Response:* 1. *Average Burden Per Response:* 7 minutes. *Estimated Annual Burden:* 23,333 hours. 5. Beneficiary Recontact Form—20 CFR 404.703, 404.705—0960-0502. SSA must ensure that eligibility for benefits continues after entitlement. Studies show that mothers/fathers who marry fail to report the marriage and/or the fact that they no longer have a child entitled in their care. SSA uses the SSA-1588-OCR-SM to ask mothers/fathers about their marital status and children in care to detect overpayments and avoid continuing payment to those no longer entitled. Respondents are recipients of survivor mother/father Social Security benefits. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 133,400. *Frequency of Response:* 1. *Average Burden Per Response:* 5 minutes. *Estimated Annual Burden:* 11,117 hours. 6. Wage Reports and Pension Information—20 CFR 422.122(b)—0960-0547. The information collected through 20 CFR 422.122(b) is used by SSA to identify the requestor of pension plan information and to confirm the individual is entitled to the data SSA provides. Respondents are requestors of pension plan information. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 600. *Frequency of Response:* 1. *Average Burden Per Response:* 30 minutes. *Estimated Annual Burden:* 300 hours. 7. SSI Monthly Wage Reporting System— 20 CFR 416.701-732—0960-0715. Collection Background SSI recipients are required to report changes in their income, resources and living arrangements that may affect eligibility or payment amount. Currently, SSI recipients report changes on Form SSA-8150, Reporting Events—SSI, or to an SSA teleservice representative through SSA's toll-free telephone number, or they visit their local Social Security office. Wages have, historically, been the source of SSI's highest error rate largely due to non-reporting by beneficiaries, deemors, and representative payees. Failure to report changes in wages timely accounts for approximately $400 million in overpayments each year. Consequently, SSA is evaluating methods for increasing reporting. SSA has tested and determined that given an easily accessible automated format, individuals will increase compliance with reporting responsibilities. Increased timely reporting has resulted in a decrease in improper payments. One of the methods tested, described below, is the SSI Wage Reporting System. Collection Description Participants who need to report a change in monthly wages (Comment: There are other forms of earned income that the phone line does not support) will call SSA's toll-free telephone number to report the change. The participants will access SSA's system using knowledge-based authentication (providing name, SSN and date of birth). Participants will speak their report (voice recognition technology) and/or key in the information using the telephone key pad. This automated system will then directly update our records and issue receipts in compliance with Section 202 of the Social Security Protection Act of 2004. We are requesting permanent authorization of the existing wage reporting system to continue providing an alternative, and more efficient, means by which beneficiaries, their representative payees, and deemors can report wages via a toll-free telephone number. We believe this permanent authorization is necessary to effectively implement national usage of the system and substantially increase the number of reports received via this collection method. Without permanent authorization, we are concerned that an interruption in reporting would prove detrimental to our earlier efforts to recruit and train reporters, would damage the current regularity of reporting, and would considerably mitigate SSA's potential to reduce improper payments resulting from erroneous, or deficient, wage reports. Respondents to this collection are SSI recipients, deemors and representative payees of recipients who agree to participate in the program. *Type of Request:* Revision of OMB approval. *Number of Respondents:* 50,000. *Frequency of Response:* 12. *Average Burden Per Response:* 4 minutes. *Estimated Annual Burden:* 40,000 hours. II. The information collections listed below have been submitted to OMB for clearance. Your comments on the information collections would be most useful if received by OMB and SSA within 30 days from the date of this publication. You can obtain a copy of the OMB clearance packages by calling the SSA Reports Clearance Officer at 410-965-0454, or by writing to the address listed above. 1. Complaint Form for Allegations of Discrimination in Programs or Activities Conducted by the Social Security Administration—0960-0585. The information collected on form SSA-437 is used by SSA to investigate and formally resolve complaints of discrimination based on race, color, sex, age, religion, disability, sexual orientation, status as a parent, retaliation, and national origin, including limited or no ability with English in any program or activity conducted by SSA. A person who believes that he or she has been discriminated against on any of the above basis may file a written complaint of discrimination. The information will be used to identify the complainant; identify the alleged discriminatory act; ascertain the date of such alleged act; obtain the identity of any individual(s) with information about the alleged discrimination; and ascertain other relevant information that would assist in the investigation and resolution of the complaint. The respondents are individuals who believe they have been discriminated against by SSA or by SSA's employees, contractors or agents in programs or activities conducted by SSA. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 140. *Frequency of Response:* 1. *Average Burden Per Response:* 60 minutes. *Estimated Annual Burden:* 140 hours. 2. Work Incentives Planning and Assistance Program (formerly the BPAO Program)—0960-0629. Like the Benefits Planning Assistance Outreach
(BPAO)program which it replaces, the Work Incentives Planning and Assistance
(WIPA)program collects identifying information from the project sites and the community work incentives coordinators. In addition, data are collected from the beneficiaries on background employment, training, benefits and work incentives. SSA is interested in identifying beneficiary outcomes under the WIPA program to determine the extent to which beneficiaries with disabilities achieve their employment, financial and health care goals. The data will also be valuable to SSA in its analysis and future planning for Social Security Disability Insurance and SSI programs. *Type of Request:* Revision of an OMB-approved information collection. *Estimated Annual Burden:* 5,019 hours. Respondent Number of annual responses Frequency of response Average burden per response (minutes) Estimated annual burden (hours) Site 147 1 2 5 CWIC 422 1 2 14 Beneficiary 60,000 1 5 5,000 Totals 60,569 5,019 3. Expanded Monitoring Site Review Questionnaire for Volume and Fee for Service Payees (SSA-637); Expanded Monitoring Site Review Beneficiary Interview Form (SSA-639)—20 CFR 404.2035, 404.2065, 416.665, 416.701, 416.708—0960-0633. In situations where a Social Security beneficiary or SSI recipient is incompetent or physically unable to take care of his or her own affairs, SSA may pay Social Security benefits and/or SSI payments to a relative, another person, or an organization when the best interest of the beneficiary will be served. In certain situations SSA conducts site reviews in order to ensure that payees are carrying out their responsibilities in accordance with representative payment policies and procedures. SSA is also able to identify poor payee performance, uncover misuse and initiate corrective action. Triennial site reviews are conducted for fee-for-service payees and all volume payees (i.e., organizations serving 100 or more beneficiaries and individuals serving 20 or more beneficiaries). The reviews include a face-to-face meeting with the payee (and appropriate staff), examination/verification of a sample of beneficiary records and supporting documentation, and usually include beneficiary (if competent adult) or custodian (if different from payee) interviews. Forms SSA-637 and SSA-639 are used to record the information collected during these interviews. The respondents are certain representative payees and also competent Social Security beneficiaries. *Type of Request:* Revision of an OMB-approved information collection. *Estimated Annual Burden:* 3,538 hours. Form No. Number of respondents Reports annually Time per response (minutes) Total hours SSA-637 1,763 1 75 2,204 SSA-639 8,001 1 10 1,334 Totals 9,764 3,538 4. Direct Deposit Sign-Up Form (Country)—31 CFR 210—0960-0686. The SSA-1199 form captures the direct deposit information for an account at a foreign financial institution. Our International Direct Deposit program allows beneficiaries living abroad to have their benefits deposited to an account at a financial institution outside the U.S. Routing account number information varies slightly for each country, so we use a variation of the SF-1199 A (the government standard Direct Deposit Sign-Up Form) for each country. The respondents are Social Security beneficiaries residing abroad. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 5,000. *Frequency of Response:* 1. *Average Burden Per Response:* 5 minutes. *Estimated Annual Burden:* 417 hours. 5. Certification of Prisoner Identity Information—20 CFR 422.107—0960-0688. When a valid agreement is in place, prison officials verify the identity of certain incarcerated U.S. citizens who need replacement Social Security cards. Information the prison officials provide will be taken from the official prison files and will be transcribed on their letterhead. This information will be used to establish the applicant's identity in the Social Security card process. The respondents are prison officials that certify identity of prisoners applying for replacement Social Security cards. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 1,000. *Frequency of Response:* 200. *Average Burden Per Response:* 3 minutes. *Estimated Annual Burden:* 10,000 hours. 6. Claimant Statement about Loan of Food or Shelter; Statement about Food or Shelter Provided to Another—20 CFR 416.1130-416.1148—0960-0529. Forms SSA-5062 and SSA-L5063 are used to obtain statements about food and/or shelter provided to an SSI claimant or recipient. SSA uses this information to determine whether food and/or shelter are bona fide loans or should be counted as income for SSI purposes. This determination can affect eligibility for SSI and the amount of SSI benefits payable. The respondents are claimants/recipients for SSI benefits and individuals that provide loans of food and/or shelter to SSI claimants/recipients. *Type of Request:* Revision of an OMB-approved information collection. *Estimated Annual Burden:* 21,846 hours. Collections Number of respondents Frequency of response Average burden per response (minutes) Estimated annual burden (hours) SSA-5062 65,540 1 10 10,923 SSA-L5063 65,540 1 10 10,923 Totals 131,080 21,846 7. Internet Direct Deposit Application—31 CFR 210—0960-0634. SSA uses Direct Deposit/Electronic Funds Transfer (DD/EFT) enrollment information received from beneficiaries to facilitate DD/EFT of their Social Security benefits with a financial institution. Respondents are Social Security beneficiaries who use the Internet to enroll in DD/EFT. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 80,000. *Frequency of Response:* 1. *Average Burden Per Response:* 10 minutes. *Estimated Annual Burden:* 13,333 hours. 8. Farm Self-Employment Questionnaire—20 CFR 404.1095—0960-0061. Section 211(a) of the Social Security Act requires the existence of a trade or business as a prerequisite for determining whether an individual or partnership may have “net earnings from self-employment.” Form SSA-7156 elicits the information necessary to determine the existence of an agricultural trade or business and subsequent covered earnings for Social Security entitlement purposes. The respondents are applicants for Social Security benefits, whose entitlement depends on whether the worker has covered earnings from self-employment as a farmer. *Type of Request:* Extension of an OMB-approved information collection. *Number of Respondents:* 47,500. *Frequency of Response:* 1. *Average Burden Per Response:* 10 minutes. *Estimated Annual Burden:* 7,917 hours. Dated: March 19, 2007. Elizabeth A. Davidson, Reports Clearance Officer, Social Security Administration. [FR Doc. E7-5281 Filed 3-22-07; 8:45 am] BILLING CODE 4191-02-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Notice of Intent To Request Revision From the Office of Management and Budget of a Currently Approved Information Collection Activity, Request for Comments; Pilot Records Improvement Act of 1996 AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice and request for comments. SUMMARY: The FAA invites public comments about our intention to request the Office of Management and Budget
(OMB)to approve a current information collection. Title 49 U.S.C. Section 44936(f) mandates that airlines must obtain safety records of prospective employees from the FAA and from previous air carrier employers, and the National Driver Register, before an offer of employment is made. DATES: Please submit comments by May 22, 2007. FOR FURTHER INFORMATION CONTACT: Carla Mauney on
(202)267-9895, or by e-mail at: *Carla.Mauney@faa.gov.* SUPPLEMENTARY INFORMATION: Federal Aviation Administration
(FAA)*Title:* Pilot Records Improvement Act of 1996. *Type of Request:* Revision of an approved collection. *OMB Control Number:* 2120-0607. *Forms(s):* 8060-10, 8060-10A, 8060-11, 8060-11A. *Affected Public:* A total of 16,514 Respondents. *Frequency:* The information is collected on occasion. *Estimated Average Burden per Response:* Approximately 2.5 hours per response. *Estimated Annual Burden Hours:* An estimated 41,741 hours annually. *Abstract:* Title 49 U.S.C. Section 44936(f) mandates that airlines must obtain safety records of prospective employees from the FAA and from previous air carrier employers, and the National Driver Register, before an offer of employment is made. ADDRESSES: Send comments to the FAA at the following address: Ms. Carla Mauney, Room 712, Federal Aviation Administration, Strategy and Investment Analysis Division, AIO-20, 800 Independence Ave., SW., Washington, DC 20591. *Comments are invited on:* Whether the proposed collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; the accuracy of the Department's estimates of the burden of the proposed information collection; ways to enhance the quality, utility and clarity of the information to be collected; and ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. Issued in Washington, DC, on March 19, 2007. Carla Mauney, FAA Information Collection Clearance Officer, Strategy and Investment Analysis Division, AIO-20. [FR Doc. 07-1440 Filed 3-22-07; 8:45 am]
Connectionstraces to 18
Traces to 18 documents
CFR
- Public notice of receipt of an application.§ 110.70
- Closed meetings.§ 200.402
- Delegation of authority to Director of Division of Trading and Markets.§ 200.30-3
- Disability hearing—procedures.§ 404.916
- Reconsideration procedures.§ 404.913
- Resources; general.§ 416.1201
- When evidence is needed.§ 404.703
- Information on deferred vested pension benefits.§ 422.122
- What are the responsibilities of your representative payee?§ 404.2035
- Evidence requirements.§ 422.107
- Agricultural trade or business.§ 404.1095
U.S. Code
- Open meetings§ 552b
- Registration, responsibilities, and oversight of self-regulatory organizations§ 78s
- National securities exchanges§ 78f
- Public information; agency rules, opinions, orders, records, and proceedings§ 552
- Definitions and application§ 78c
- National market system for securities; securities information processors§ 78k–1
- Employment investigations and restrictions§ 44936
10 references not yet in our index
- Pub. L. 94-409
- 17 CFR 240.19
- 17 CFR 240.12
- 15 USC 78
- 17 CFR 200.30(a)(12)
- Pub. L. 104-13
- 20 CFR 404.1626-0960
- 20 CFR 416.701-732
- 31 CFR 210
- 20 CFR 416.1130-416
Citation graph
cites case law
Notices
Notice of application for an order of approval pursuant to Section 26(c) of the Investment Company Act of 1940, as amended (the “Act”)
Pub. L.Pub. L. 94-409
Cite17 CFR 240.19
Cite17 CFR 240.12
Cites 28 · showing 12Cited by 0 across 0 sources