[Federal Register: February 12, 2008 (Volume 73, Number 29)]
[Notices]
[Page 8077-8081]
[DOCID:fr12fe08-68]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28144; 812-13427]

Pioneer Bond Fund, et al.; Notice of Application

February 5, 2008.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order pursuant to (a) section
6(c) of the Investment Company Act of 1940 (the ``Act'') for an
exemption from sections 18(f) and 21(b) of the Act; (b) section
12(d)(1)(J) of the Act for an exemption from section 12(d)(1) of the
Act; (c) sections 6(c) and 17(b) of the Act for an exemption from
sections 17(a)(1) and 17(a)(3) of the Act; and (d) section 17(d) of the
Act and rule 17d-1 thereunder to permit certain joint transactions.

-----------------------------------------------------------------------

    Summary of the Application: Applicants request an order that would
permit certain registered open-end management investment companies to
participate in a joint lending and borrowing facility.
    Applicants: Pioneer Bond Fund, Pioneer Diversified High Income
Trust, Pioneer Emerging Markets Fund, Pioneer Equity Income Fund,
Pioneer Equity Opportunity Fund, Pioneer Europe Select Equity Fund,
Pioneer Floating Rate Trust, Pioneer Fund, Pioneer Fundamental Growth
Fund, Pioneer High Income Trust, Pioneer High Yield Fund, Pioneer
Ibbotson Asset Allocation Series, Pioneer Independence Fund, Pioneer
International Equity Fund, Pioneer International Value Fund, Pioneer
Mid Cap Growth Fund, Pioneer Mid Cap Value Fund, Pioneer Money Market
Trust, Pioneer Municipal High Income Trust, Pioneer Municipal High
Income Advantage Trust, Pioneer Principal Protected Trust, Pioneer Real
Estate Shares, Pioneer Research Fund, Pioneer Select Growth Fund,
Pioneer Select Value Fund, Pioneer Series Trust I, Pioneer Series Trust
II, Pioneer Series Trust III, Pioneer Series Trust IV, Pioneer Series
Trust V, Pioneer Series Trust VI, Pioneer Series Trust VII, Pioneer
Short Term Income Fund, Pioneer Small Cap Value Fund, Pioneer Strategic
Income Fund, Pioneer Municipal and Equity Income Trust, Pioneer Tax
Free Income Fund, Pioneer Value Fund, and Pioneer Variable Contracts
Trust (each, a ``Trust'' and collectively, the ``Trusts''), and Pioneer
Investment Management, Inc. (``PIM'').
    Filing Dates: The application was filed on September 24, 2007, and
amended on January 16, 2008.
    Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on March 3, 2008 and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request by
writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants, 60 State Street,
Boston, MA 02109-1820.

FOR FURTHER INFORMATION CONTACT: Lewis B. Reich, Senior Counsel, at
(202) 551-6919, or, Nadya Roytblat, Assistant Director, at (202) 551-
6821 (Office of Investment Company Regulation, Division of Investment
Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
Commission's Public Reference Branch, 100 F Street, NE., Washington, DC
20549-0102 (telephone<PHONE_NUMBER>).

Applicants' Representations

    1. Each Trust is organized as a Delaware statutory trust or
Massachusetts business trust and is either an open-end or closed-end
management investment company registered under the Act.\1\ Each Trust

consists of one or more series (``Funds''). PIM, a Delaware corporation
and an indirect wholly-owned subsidiary of UniCredito Italiano S.p.A,
is registered as an investment adviser under the Investment Advisers
Act of 1940, as amended, and serves as the investment adviser and
administrator of each Fund.
---------------------------------------------------------------------------

    \1\ Applicants request that the order also apply to any existing
or future registered management investment company that is part of
the same ``group of investment companies'' as the Trusts, as defined
in section 12(d)(1)(G)(ii) of the Act (included in the term
``Trusts''). All entities that currently intend to rely on the
requested order have been named as applicants. Any other entity that
relies on the requested order in the future will comply with the
terms and conditions set forth in the application.
---------------------------------------------------------------------------

    2. At any particular time, while some Funds are lending money to
banks or other entities by entering into repurchase agreements or
purchasing other short-term instruments, other Funds may need to borrow
money from the same or similar banks for temporary purposes to satisfy
redemption requests, to cover unanticipated cash shortfalls such as a
trade ``fail'' in which cash payment for a security sold by a Fund has
been delayed, or for other temporary purposes.
    3. Currently, certain Funds have access to bank lines of credit for
temporary borrowing purposes. If Funds borrow under those lines of
credit , they pay interest on the loan at a rate that is significantly
higher than the rate that is earned by other (non-borrowing) Funds on
investments in repurchase agreements and other short term instruments
of the same maturity as the loan. Applicants assert that this
differential represents the profit earned by the lender on loans made
under the lines of credit and is not attributable to any material
difference in the credit quality or risk of such transactions.
    4. Applicants request an order that would permit the Trusts seek to
enter into master interfund lending agreements (``Interfund Lending
Agreements'') with each other on behalf of the Funds that would permit
each Fund to lend money directly to and borrow directly from other
Funds through a credit facility for temporary purposes (``Interfund
Loan''). Applicants state that the proposed credit facility would
substantially reduce the Funds' potential borrowing costs and enhance
the ability of the lending Funds to earn higher rates of interest on
their short-term lendings. Although the proposed credit facility would
substantially reduce the Funds' need to borrow from banks, the Funds
would be free to establish committed lines of credit or other borrowing
arrangements with unaffiliated banks. Closed-end Funds and money market
Funds will not participate as borrowers in the proposed credit
facility.
    5. Applicants anticipate that the proposed credit facility would
provide a borrowing Fund with significant savings at times when the
cash position of the borrowing Fund is insufficient to meet temporary
cash requirements. This situation could arise when shareholder
redemptions exceed anticipated volumes and certain Funds have
insufficient cash on hand to satisfy such redemptions. When the Funds
liquidate portfolio securities to meet redemption requests, they often
do not receive payment in settlement for up to three days (or longer
for certain foreign transactions). However, redemption requests
normally are effected immediately. The proposed credit facility would
provide a source of immediate, short-term liquidity pending settlement
of the sale of portfolio securities.
    6. Applicants also propose that a Fund could use the proposed
credit facility when a sale of securities ``fails'' due to
circumstances beyond the Fund's control, such as a delay in the
delivery of cash to the Fund's custodian or improper delivery
instructions by the broker effecting the transaction. ``Sales fails''
may present a cash shortfall if the Fund has undertaken to purchase a
security using the proceeds from securities sold. Alternatively, the
Fund could either ``fail'' on its intended purchase due to lack of
funds from the previous sale, resulting in additional cost to the Fund
or sell a security on a same-day settlement basis, earning a lower
return on the investment. Use of the proposed credit facility under
these circumstances would enable the Fund to have access to immediate
short-term liquidity without the Fund incurring custodian overdraft or
other changes.
    7. While bank borrowings generally could supply needed cash to
cover unanticipated redemptions and sales fails, under the proposed
credit facility, a borrowing Fund would pay lower interest rates than
those that would be payable under short-term loans offered by banks. In
addition, Funds making short-term cash loans directly to other Funds
would earn interest at a rate higher than they otherwise could obtain
from investing their cash in repurchase agreements or purchasing shares
of a money market Fund. Thus, the proposed credit facility would
benefit both borrowing and lending Funds.
    8. The interest rate to be charged to the Funds on any Interfund
Loan (the ``Interfund Loan Rate'') would be the average of the ``Repo
Rate'' and the ``Bank Loan Rate,'' both as defined below. The Repo Rate
for any day would be the highest or best (after giving effect to
factors such as the credit quality of the issuer) rate available to a
lending Fund from investment in overnight repurchase agreements. The
Bank Loan Rate for any day would be calculated by PIM each day an
Interfund Loan is made according to a formula established by each
Trust's board of trustees ( ``Trustees'') intended to approximate the
lowest interest rate at which bank short-term loans would be available
to the Funds. The formula would be based upon a publicly available rate
(e.g., federal funds plus 50 basis points) and would vary with this
rate so as to reflect changing bank loan rates. The initial formula and
any subsequent modifications to the formula would be subject to the
approval of each Trust's Trustees. Each Trust's Trustees would
periodically review the continuing appropriateness of using the formula
to determine the Bank Loan Rate, as well as the relationship between
the Bank Loan Rate and current bank loan rates that would be available
to the Funds. The initial formula and any subsequent modifications to
it would subject to the approval of each Trust's Trustees.
    9. The proposed credit facility would be administered by PIM's fund
accounting department, an investment professional within PIM who serves
as a portfolio manager of money market Funds and a compliance
professional within PIM (collectively, the ``Credit Facility Team'').
Under the proposed credit facility, the portfolio managers for each
participating Fund could provide standing instructions to participate
daily as a borrower or lender. The Credit Facility Team on each
business day would collect data on the uninvested cash and borrowing
requirements of all participating Funds. Once it determined the
aggregate amount of cash available for loans and borrowing demand, the
Credit Facility Team would allocate loans among borrowing Funds without
any further communication from the portfolio managers of the Funds
(other than the money market Fund portfolio manager acting in his or
her capacity as a member of the Credit Facility Team). After the
allocating cash for Interfund Loans, the Credit Facility Team would
invest any remaining cash in accordance with the standing instructions
of the portfolio managers or such remaining amounts will be invested
directly by the portfolio managers of the Funds.
    10. The Credit Facility Team would allocate borrowing demand and
cash available for lending among the Funds on what the Credit Facility
Team believes to be an equitable basis, subject to certain
administrative procedures applicable to all Funds, such as the time of
filing requests to participate, minimum loan lot sizes and the need to

minimize the number of transactions and associated administrative
costs. To reduce transaction costs, each loan normally would be
allocated in a manner intended to minimize the number of participants
necessary to complete the loan transaction. The method of allocation
and related administrative procedures would be approved by each Trust's
Trustees, including a majority of Trustees who are not ``interested
persons'' of the Trust, as that term is defined in Section 2(a)(19) of
the Act (``Independent Trustees''), to ensure that both borrowing and
lending Funds participate on an equitable basis.
    11. PIM, through the Credit Facility Team, would administer the
proposed credit facility as part of its duties under the relevant
management, advisory or administrative contract with each Fund and
would receive no additional fee as compensation for its services in
connection with the administration of the proposed credit facility. PIM
would: (i) Monitor the Interfund Loan Rate and the other terms and
conditions of the loans; (ii) limit the borrowings and loans entered
into by each Fund to ensure that they comply with the Fund's investment
policies and limitations; (iii) ensure equitable treatment of each
Fund; and (iv) make quarterly reports to the Trustees concerning any
transactions by the Funds under the proposed credit facility and the
Interfund Loan Rate charged.
    12. No Fund may participate in the proposed credit facility unless:
(i) The Fund has obtained shareholder approval for its participation,
if such approval is required by law; (ii) the Fund has fully disclosed
all material information concerning the credit facility in its
prospectus and/or statement of additional information; and (iii) the
Fund's participation in the credit facility is consistent with its
investment objectives, limitations and organizational documents.
    13. In connection with the credit facility, applicants request an
order under (a) section 6(c) of the Act granting relief from sections
18(f) and 21(b) of the Act; (b) section 12(d)(1)(J) of the Act granting
relief from section 12(d)(1) of the Act; (c) sections 6(c) and 17(b) of
the Act granting relief from sections 17(a)(1) and 17(a)(3) of the Act;
and (d) under section 17(d) of the Act and rule 17d-1 under the Act to
permit certain joint arrangements.

Applicants' Legal Analysis

    1. Section 17(a)(3) of the Act generally prohibits any affiliated
person, or affiliated person of an affiliated person, from borrowing
money or other property from a registered investment company. Section
21(b) of the Act generally prohibits any registered management company
from lending money or other property to any person, directly or
indirectly, if that person controls or is under common control with
that company. Section 2(a)(3)(C) of the Act defines an ``affiliated
person'' of another person, in part, to be any person directly or
indirectly controlling, controlled by, or under common control with,
such other person. Section 2(a)(9) of the Act defines ``control'' as
the ``power to exercise a controlling influence over the management or
policies of a company,'' but excludes circumstances in which ``such
power is solely the result of an official position with such company.''
Applicants state that the Funds could be deemed to be under common
control by virtue of having PIM as their common investment adviser and/
or by reason of having common officers and Trustees.
    2. Section 6(c) of the Act provides that an exemptive order may be
granted where an exemption is necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from the provisions of Section 17(a) of the Act provided
that the terms of the transaction, including the consideration to be
paid or received, are fair and reasonable and do not involve
overreaching on the part of any person concerned, and the transaction
is consistent with the policy of the investment company as recited in
its registration statement and with the general purposes of the Act.
Applicants assert that the proposed arrangements satisfy these
standards for the reasons discussed below.
    3. Applicants assert that sections 17(a)(3) and 21(b) were intended
to prevent a person with strong potential adverse interests to, and
some influence over the investment decisions of, a registered
investment company from causing or inducing the investment company to
engage in lending transactions that unfairly inure to the benefit of
such person and that are detrimental to the best interests of the
investment company and its shareholders. Applicants assert that the
proposed credit facility transactions do not raise these concerns
because: (a) PIM, through the Credit Facility Team, would administer
the program as a disinterested fiduciary; (b) all Interfund Loans would
consist only of uninvested cash reserves that a Fund otherwise would
invest in short-term repurchase agreements or other short-term
instruments; (c) the Interfund Loans would not involve a greater risk
than such other investments; (d) the lending Fund would receive
interest at a rate higher than it could obtain through such other
investments; and (e) the borrowing Fund would pay interest at a rate
lower than otherwise available to it under its bank loan agreements and
avoid the quarterly commitment fees associated with committed lines of
credit. Moreover, applicants believe that the other conditions in the
application would effectively preclude the possibility of any Fund
obtaining an undue advantage over any other Fund.
    4. Section 17(a)(1) of the Act generally prohibits any affiliated
person of a registered investment company, or any affiliated person of
such a person, from selling securities or other property to the
investment company. Section 12(d)(1) of the Act generally makes it
unlawful for a registered investment company to purchasing or otherwise
acquire any security issued by any other investment company except in
accordance with the limitations set forth in that Section. Applicants
state that the obligation of a borrowing Fund to repay an Interfund
Loan may constitute a security under sections 17(a)(1) and 12(d)(1).
Section 12(d)(1)(J) provides that the Commission may exempt persons or
transactions from any provision of section 12(d)(1) if and to the
extent that such exemption is consistent with the public interest and
the protection of investors. Applicants contend that the standards
under sections 6(c), 17(b), and 12(d)(1)(J) are satisfied for all the
reasons set forth above in support of their request for relief from
sections 17(a)(3) and 21(b) and for the reasons discussed below.
    5. Applicants state that section 12(d)(1) was intended to prevent
the pyramiding of investment companies in order to avoid imposing on
investors additional and duplicative costs and fees attendant upon
multiple layers of investment companies. Applicants assert that the
proposed credit facility does not involve these abuses. Applicants note
that there will be no duplicative costs or fees to the Funds or to the
Funds' shareholders and that PIM will receive no additional
compensation for its services in administering the credit facility.
Applicants also note that the purpose of the proposed credit facility
is to provide economic benefits for all of the participating Funds.
    6. Section 18(f)(1) of the Act prohibits registered open-end
investment companies from issuing any senior security except that a
company is permitted to borrow from any bank, if immediately after the
borrowing, there

is asset coverage of at least 300 per centum for all borrowings of the
company. Under section 18(g) of the Act, the term ``senior security''
includes any bond, debenture, note or similar obligation or instrument
constituting a security and evidencing indebtedness. Applicants request
relief from section 18(f)(1) to the limited extent necessary to
implement the credit facility (because the lending Funds are not
banks).
    7. Applicants assert that granting relief under section 6(c) of the
Act is appropriate because the Funds would remain subject to the
requirement of section 18(f)(1) of the Act that all borrowings of a
Fund, including combined Interfund Loans and bank borrowings, have at
least 300 per centum asset coverage. Based on the conditions and
safeguards described in the application, applicants also assert that to
allow the Funds to borrow from other Funds pursuant to the proposed
credit facility is consistent with the purposes and policies of section
18(f)(1) of the Act.
    8. Section 17(d) and rule 17d-1 generally prohibit any affiliated
person of a registered investment company, or any affiliated person of
an affiliated person, when acting as principal, from effecting any
joint transaction in which the company participates unless the
transaction is approved by the Commission. Rule 17d-1(b) provides that
in passing upon applications filed under the rule, the Commission will
consider whether the participation of a registered investment company
in a joint enterprise on the basis proposed is consistent with the
provisions, policies, and purposes of the Act and the extent to which
the company's participation is on a basis different from or less
advantageous than that of other participants.
    9. Applicants assert that the purpose of section 17(d) is to avoid
overreaching by and unfair advantage to investment company insiders.
Applicants believe that the credit facility is consistent with the
provisions, policies and purposes of the Act in that it offers both
reduced borrowing costs and enhanced returns on loaned funds to all
participating Funds and their shareholders. Applicants note that each
Fund would have an equal opportunity to borrow and lend on equal terms
consistent with its investment policies and fundamental investment
limitations. Applicants therefore believe that each Fund's
participation in the credit facility will be on terms that are no
different from or less advantageous than that of other participating
Funds.

Applicants' Conditions

    Applicants agree that any order of the Commission granting the
requested relief will be subject to the following conditions:
    1. The Interfund Loan Rate will be the average of the Repo Rate and
the Bank Loan Rate.
    2. On each business day, the Credit Facility Team will compare the
Bank Loan Rate with the Repo Rate and will make cash available for
Interfund Loans only if the Interfund Loan Rate is: (i) More favorable
to the lending Fund than the Repo Rate and the yield of any money
market Fund in which the lending Fund could otherwise invest; and (ii)
more favorable to the borrowing Fund than the Bank Loan Rate.
    3. If a Fund has outstanding borrowings, any Interfund Loans to the
Fund: (i) Will be at an interest rate equal to or lower than any
outstanding bank loan; (ii) will be secured at least on an equal
priority basis with at least an equivalent percentage of collateral to
loan value as any outstanding bank loan that requires collateral; (iii)
will have a maturity no longer than any outstanding bank loan (and in
any event not over seven days); and (iv) will provide that, if an event
of default by the Fund occurs under any agreement evidencing an
outstanding bank loan to the Fund, that event of default will
automatically (without need for action or notice by the lending Fund)
constitute an immediate event of default under the Interfund Lending
Agreement entitling the lending Fund to call the Interfund Loan (and
exercise all rights with respect to any collateral) and that such call
will be made if the lending bank exercises its right to call its loan
under its agreement with the borrowing Fund.
    4. A Fund may make an unsecured borrowing through the proposed
credit facility if its outstanding borrowings from all sources
immediately after the interfund borrowing, total 10% or less of its
total assets, provided that if the Fund has a secured loan outstanding
from any other lender, including but not limited to another Fund, the
Fund's interfund borrowing will be secured on at least an equal
priority basis with at least an equivalent percentage of collateral to
loan value as any outstanding loan that requires collateral. If a
Fund's total outstanding borrowings immediately after an interfund
borrowing would be greater than 10% of its total assets, the Fund may
borrow through the proposed credit facility only on a secured basis. A
Fund may not borrow through the proposed credit facility or from any
other source if its total outstanding borrowings immediately after such
borrowing would be more than 33\1/3\% of its total assets.
    5. Before any Fund that has outstanding interfund borrowings may,
through additional borrowings, cause its outstanding borrowings from
all sources to exceed 10% of its total assets, the Fund must first
secure each outstanding Interfund Loan by the pledge of collateral with
a market value at least equal to 102% of the outstanding principal
value of the loan. If the total outstanding borrowings of a Fund with
outstanding Interfund Loans exceed 10% of its total assets for any
other reason (such as a decline in net asset value or because of
shareholder redemptions), the Fund will within one business day
thereafter: (i) Repay all its outstanding Interfund Loans; (ii) reduce
its outstanding indebtedness to 10% or less of its total assets; or
(iii) secure each outstanding Interfund Loan by the pledge of
segregated collateral with a market value at least equal to 102% of the
outstanding principal value of the loan until the Fund's total
outstanding borrowings cease to exceed 10% of its total assets, at
which time the collateral called for by this condition (5) shall no
longer be required. Until each Interfund Loan that is outstanding at
any time that a Fund's total outstanding borrowings exceed 10% is
repaid or the Fund's total outstanding borrowings cease to exceed 10%
of its total assets, the Fund will mark the value of the collateral to
market each day and will pledge such additional collateral as is
necessary to maintain the market value of the collateral that secures
each outstanding Interfund Loan at least equal to 102% of the
outstanding principal value of the Interfund Loan.
    6. No Fund may lend to another Fund through the proposed credit
facility if the loan would cause its aggregate outstanding loans
through the proposed credit facility to exceed 15% of the lending
Fund's current net assets at the time of the loan.
    7. A Fund's Interfund Loans to any one Fund shall not exceed 5% of
the lending Fund's net assets.
    8. The duration of Interfund Loans will be limited to the time
required to receive payment for securities sold, but in no event more
than seven days. Loans effected within seven days of each other will be
treated as separate loan transactions for purposes of this condition.
    9. A Fund's borrowings through the proposed credit facility, as
measured on the day when the most recent loan was made, will not exceed
the greater of 125% of the Fund's total net cash redemptions for the
preceding seven

calendar days or 102% of the Fund's sales fails for the preceding seven
calendar days.
    10. Each Interfund Loan may be called on one business day's notice
by a lending Fund and may be repaid on any day by a borrowing Fund.
    11. A Fund's participation in the proposed credit facility must be
consistent with its investment objectives, and limitations and
organizational documents.
    12. The Credit Facility Team will calculate total Fund borrowing
and lending demand through the proposed credit facility, and allocate
loans on an equitable basis among the Funds, without the intervention
of any portfolio manager of the Funds (other than the money market Fund
portfolio manager acting in his or her capacity as a member of the
Credit Facility Team). All allocations will require the approval of at
least one member of the Credit Facility Team who is not the money
market Fund portfolio manager. The Credit Facility Team will not
solicit cash for the proposed credit facility from any Fund or
prospectively publish or disseminate loan demand data to portfolio
managers (except to the extent that the money market Fund portfolio
manager on the Credit Facility Team has access to loan demand data).
The Credit Facility Team will invest any amounts remaining after
satisfaction of borrowing demand in accordance with the standing
instructions of the portfolio managers or such remaining amounts will
be invested directly by the portfolio managers of the Funds.
    13. PIM will monitor the Interfund Loan Rate and the other terms
and conditions of the Interfund Loans and will make a quarterly report
to the Trustees of each Trust concerning the participation of the Funds
in the proposed credit facility and the terms and other conditions of
any extensions of credit under the credit facility.
    14. The Trustees of each Trust, including a majority of the
Independent Trustees, will: (i) Review, no less frequently than
quarterly, each Fund's participation in the proposed credit facility
during the preceding quarter for compliance with the conditions of any
order permitting such transactions; (ii) establish the Bank Loan Rate
formula used to determine the interest rate on Interfund Loans and
review, no less frequently than annually, the continuing
appropriateness of the Bank Loan Rate formula; and (iii) review, no
less frequently than annually, the continuing appropriateness of each
Fund's participation in the proposed credit facility.
    15. In the event an Interfund Loan is not paid according to its
terms and such default is not cured within two business days from its
maturity or from the time the lending Fund makes a demand for payment
under the provisions of the Interfund Lending Agreement, PIM will
promptly refer such loan for arbitration to an independent arbitrator
selected by the Trustees of each Fund involved in the loan who will
serve as arbitrator of disputes concerning Interfund Loans.\2\ The
arbitrator will resolve any problem promptly, and the arbitrator's
decision will be binding on both Funds. The arbitrator will submit, at
least annually, a written report to the Trustees setting forth a
description of the nature of any dispute and the actions taken by the
Funds to resolve the dispute.
---------------------------------------------------------------------------

    \2\ If the dispute involves Funds with different Trustees, the
respective Trustees of each Fund will select an independent
arbitrator that is satisfactory to each Fund.
---------------------------------------------------------------------------

    16. Each Fund will maintain and preserve for a period of not less
than six years from the end of the fiscal year in which any transaction
by it under the proposed credit facility occurred, the first two years
in an easily accessible place, written records of all such transactions
setting forth a description of the terms of the transactions, including
the amount, the maturity and the Interfund Loan Rate, the rate of
interest available at the time on overnight repurchase agreements and
commercial bank borrowings, the yield of any money market Fund in which
the lending Fund could otherwise invest, and such other information
presented to the Fund's Trustees in connection with the review required
by conditions 13 and 14.
    17. PIM will prepare and submit to the Trustees for review an
initial report describing the operations of the proposed credit
facility and the procedures to be implemented to ensure that all Funds
are treated fairly. After the commencement of the proposed credit
facility, PIM will report on the operations of the proposed credit
facility at the Trustees' quarterly meetings.
    In addition, for two years following the commencement of the credit
facility, the independent public accountant for each Fund shall prepare
an annual report that evaluates PIM's assertion that it has established
procedures reasonably designed to achieve compliance with the terms and
conditions of the order. The report will be prepared in accordance with
the Statements on Standards for Attestation Engagements No. 10 and it
shall be filed pursuant to Item 77Q3 of Form N-SAR as such Statements
or Form may be revised, amended or superseded from time to time. In
particular, the report shall address procedures designed to achieve the
following objectives: (i) That the Interfund Loan Rate will be higher
than the Repo Rate, and, if applicable, the yield of the money market
Funds, but lower than the Bank Loan Rate; (ii) compliance with the
collateral requirements as set forth in the Application; (iii)
compliance with the percentage limitations on interfund borrowing and
lending; (iv) allocation of interfund borrowing and lending demand in
an equitable manner and in accordance with procedures established by
the Board; and (v) that the Interfund Loan Rate does not exceed the
interest rate on any third party borrowings of a borrowing Fund at the
time of the Interfund Loan.
    After the final report is filed, each Fund's independent auditors,
in connection with their audit examination of the Funds, will continue
to review the operation of the proposed credit facility for compliance
with the conditions of the Application and their review will form the
basis, in part, of the auditor's report on internal accounting controls
in Form N-SAR.
    18. No Fund will participate in the proposed credit facility upon
receipt of requisite regulatory approval unless it has fully disclosed
in its prospectus and/or statement of additional information all
material facts about its intended participation.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-2472 Filed 2-11-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 90 (Wednesday, May 10, 2023)]
[Notices]
[Pages 30128-30129]
[FR Doc No: 2023-09917]

-----------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OEJECR-2023-0099; FRL-10939-01-OA]

White House Environmental Justice Advisory Council; Notification
of Public Meeting

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notification for a public meeting.

-----------------------------------------------------------------------

SUMMARY: Pursuant to the Federal Advisory Committee Act (FACA), the
U.S. Environmental Protection Agency (EPA) hereby provides notice that
the White House Environmental Justice Advisory Council (WHEJAC) will
meet on the dates and times described below. The meeting is open to the
public. For additional information about registering to attend the
meeting or provide public comment, please see ``REGISTRATION'' under
SUPPLEMENTARY INFORMATION. Pre-Registration is required.

DATES: The WHEJAC will convene an in-person public meeting with a
virtual option on Tuesday, June 13, 2023, at approximately 6:00 p.m.
Mountain Standard Time. The WHEJAC meeting continues Wednesday, June
14, 2023, and Thursday, June 15, 2023, from approximately 9:00 a.m.-
5:00 p.m. Mountain Standard Time each day. Meeting discussions will
focus on several topics including, but not limited to, workgroup
activity, proposed recommendations for the Council on Environmental
Quality's (CEQ) consideration, CEQ briefings, new charges, and
interaction between the White House Environmental Justice Interagency
Council (IAC) and the WHEJAC. A public comment period relevant to
current WHEJAC charges will be considered by the WHEJAC at the meeting
on Tuesday, June 13, 2023, (see SUPPLEMENTARY INFORMATION). Members of
the public who wish to speak during the public comment period must
register by 11:59 p.m., Mountain Standard Time, June 6, 2023.

ADDRESSES: The WHEJAC meeting will be held at the Renaissance Phoenix
Downtown Hotel, 100 North 1st Street in Phoenix, Arizona 85004.

FOR FURTHER INFORMATION CONTACT: Audrie Washington, WHEJAC Designated
Federal Officer, U.S. EPA; email: [email protected]; telephone (312) 886-
0669. Additional information about the WHEJAC is available at: https://www.epa.gov/environmentaljustice/white-house-environmental-justice-advisory-council#meetings.

SUPPLEMENTARY INFORMATION: The Charter of the WHEJAC states that the
advisory committee will provide independent advice and recommendations
to the Chair of the CEQ and to the White House Interagency Council on
how to increase the Federal Government's efforts to address current and
historic environmental injustice, including recommendations for
updating Executive Order 12898. The WHEJAC will provide advice and
recommendations about broad cross-cutting issues related but not
limited to issues of environmental justice and pollution reduction,
energy, climate change mitigation and resiliency, environmental health,
and racial inequity. The WHEJAC's efforts will include a broad range of
strategic, scientific, technological, regulatory, community engagement,
and economic issues related to environmental justice.

I. Registration

    Individual registration is required for the public meeting. No two
individuals can share the same registration link. Information on how to
register is located at https://www.epa.gov/

environmentaljustice/white-house-environmental-justice-advisory-
council#meetings. Registration for the public meeting is available
throughout the scheduled end time of the meeting. Registration to speak
during the public comment period will close at 11:59 p.m. Mountain
Standard Time on June 6, 2023. When registering, please provide your
name, organization, city and state, and email address for follow up.
Please also indicate whether you will provide public comment during the
meeting, or if you will submit written comments.

A. Public Comment

    The WHEJAC is interested in receiving public comments relevant to
the following questions currently under consideration: (1) Please
provide any feedback on ongoing activities and resources by the federal
government agencies on environmental justice, including the Justice40
Initiative, Climate and Economic Justice Screening Tool, and
forthcoming Environmental Justice Scorecard; and (2) What resources or
tools would you find beneficial related to environmental justice from
federal government agencies? Priority to speak during the meeting will
be given to public commenters with comments relevant to the topics and
questions listed above. Every effort will be made to hear from as many
registered public commenters during the time specified on the agenda.
Individuals or groups making remarks during the public comment period
will be limited to three (3) minutes. Please be prepared to briefly
describe your issue and your recommendation relevant to the current
charges, topics, and questions under consideration by the WHEJAC.
Submitting written comments for the record is strongly encouraged. You
may submit your written comments in three different ways; (1.) by
creating comments in the Docket ID No. EPA-HQ-OEJECR-2023-0099 at
http://www.regulations.gov, (2.) by using the webform at https://www.epa.gov/environmentaljustice/forms/white-house-environmental-justice-advisory-council-whejac-public-comment, and (3.) by sending
comments via email to [email protected]. Written comments can be submitted
through June 20, 2023.

B. Information About Services for Individuals With Disabilities or
Requiring English Language Translation Assistance

    For information about access or services for individuals requiring
assistance, contact Audrie Washington at<PHONE_NUMBER> or via email at
[email protected]. To request special accommodations for a disability or
other assistance, please submit your request at least fourteen (14)
working days prior to the meeting, to give EPA sufficient time to
process your request. All requests should be sent to the address,
email, or phone number listed in the FOR FURTHER INFORMATION CONTACT
section.

Matthew Tejada,
Deputy Assistant Administrator for Environmental Justice, Office of
Environmental Justice and External Civil Rights.
[FR Doc. 2023-09917 Filed 5-9-23; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 101 (Thursday, May 24, 2018)]
[Notices]
[Pages 24124-24127]
[FR Doc No: 2018-11114]

-----------------------------------------------------------------------

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2018-N-1857]

Agency Information Collection Activities; Proposed Collection;
Comment Request; Current Good Manufacturing Practice, Hazard Analysis,
and Risk-Based Preventive Controls for Food for Animals

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Food and Drug Administration (FDA or Agency) is announcing
an opportunity for public comment on the proposed collection of certain
information by the Agency. Under the Paperwork Reduction Act of 1995
(PRA), Federal Agencies are required to publish notice in the Federal
Register concerning each proposed collection of information,

including each proposed extension of an existing collection of
information, and to allow 60 days for public comment in response to the
notice. This notice solicits comments on the information collection
requirements associated with current good manufacturing practice,
hazard analysis, and risk-based preventive controls for animal food.

DATES: Submit either electronic or written comments on the collection
of information by July 23, 2018.

ADDRESSES: You may submit comments as follows. Please note that late,
untimely filed comments will not be considered. Electronic comments
must be submitted on or before July 23, 2018. The https://www.regulations.gov electronic filing system will accept comments until
midnight Eastern Time at the end of July 23, 2018. Comments received by
mail/hand delivery/courier (for written/paper submissions) will be
considered timely if they are postmarked or the delivery service
acceptance receipt is on or before that date.

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2018-N-1857 for ``Agency Information Collection Activities;
Proposed Collection; Comment Request; Current Good Manufacturing
Practice, Hazard Analysis, and Risk-Based Preventive Controls for Food
for Animals.'' Received comments, those filed in a timely manner (see
ADDRESSES), will be placed in the docket and, except for those
submitted as ``Confidential Submissions,'' publicly viewable at https://www.regulations.gov or at the Dockets Management Staff between 9 a.m.
and 4 p.m., Monday through Friday.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.gpo.gov/fdsys/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Domini Bean, Office of Operations,
Food and Drug Administration, Three White Flint North, 10A-12M, 11601
Landsdown St., North Bethesda, MD 20852,<PHONE_NUMBER>,
[email protected].

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
Agencies must obtain approval from the Office of Management and Budget
(OMB) for each collection of information they conduct or sponsor.
``Collection of information'' is defined in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) and includes Agency requests or requirements that members of
the public submit reports, keep records, or provide information to a
third party. Section 3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A))
requires Federal Agencies to provide a 60-day notice in the Federal
Register concerning each proposed collection of information, including
each proposed extension of an existing collection of information,
before submitting the collection to OMB for approval. To comply with
this requirement, FDA is publishing notice of the proposed collection
of information set forth in this document.
    With respect to the following collection of information, FDA
invites comments on these topics: (1) Whether the proposed collection
of information is necessary for the proper performance of FDA's
functions, including whether the information will have practical
utility; (2) the accuracy of FDA's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility, and clarity of the information to be collected; and (4) ways
to minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques, when
appropriate, and other forms of information technology.

Current Good Manufacturing Practice and Hazard Analysis and Risk-Based
Preventive Controls for Food for Animals--21 CFR Part 507 OMB Control
Number 0910-0789--Extension

    The information collection supports FDA regulations. As amended by
the FDA Food Safety Modernization Act (FSMA) (Pub. L. 111-353), the
Federal Food, Drug, and Cosmetic Act (the FD&C Act) enables the Agency
to better protect the public health by helping to ensure the safety and
security of the food supply. It enables FDA to focus

more on preventing food safety problems rather than relying primarily
on reacting to problems after they occur. FSMA recognizes the important
role industry plays in ensuring the safety of the food supply,
including the adoption of modern systems of preventive controls in food
production. Specifically, section 418 (21 U.S.C. 350g) of the FD&C Act
sets forth requirements for hazard analysis and risk-based preventive
controls for facilities that produce food for animals. To implement
these provisions, regulations were codified under 21 CFR part 507--
Current Good Manufacturing Practice, Hazard Analysis, And Risk-Based
Preventive Controls For Food For Animals. The regulations establish
requirements for a written food safety plan; hazard analysis preventive
controls; monitoring; corrective actions and corrections; verification;
supply-chain program; recall plan; and associated records and became
effective November 16, 2015. Currently, we continue to evaluate burden
associated with the information collection requirements however, for
purposes of extending the information collection we retain the
currently approved figures as shown below.
    We estimate our burden of the information collection as follows:

                  Table 1--Estimated Annual Reporting Burden for OMB Control No. 0910-0789 \1\
----------------------------------------------------------------------------------------------------------------
                                                    Number of
                                       Number of    responses      Total       Average burden per
      21 CFR section; activity        respondents      per         annual           response         Total hours
                                                    respondent   responses
----------------------------------------------------------------------------------------------------------------
507.7 exemption: Submit attestation         1,120          0.5          560  0.5 (30 minutes)......          280
 of preventive controls or
 compliance with State and local
 laws (non-federal).
507.67, 507.69, and 507.71;                     1            1            1  4.....................            4
 submission of an appeal, including
 submission of a request for an
 informal hearing.
507.85(b); requests for                         1            1            1  2.....................            2
 reinstatement of exemption.
                                     ---------------------------------------------------------------------------
    Total...........................  ...........  ...........  ...........  ......................          286
----------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of
  information.

                               Table 2--Estimated Annual Recordkeeping Burden \1\
----------------------------------------------------------------------------------------------------------------
                                                    Number of
                                       Number of    responses      Total       Average burden per
      21 CFR section; activity        respondents      per         annual           response         Total hours
                                                    respondent   responses
----------------------------------------------------------------------------------------------------------------
                                          Subpart A--General Provisions
----------------------------------------------------------------------------------------------------------------
507.7(e); records attesting that the        1,120          0.5          560  0.1 (6 minutes).......           56
 facility is a ``qualified''
 facility.
507.4(d); documentation of animal           7,469         0.75        5,579  0.05 (3 minutes)......          279
 food safety and hygiene training.
----------------------------------------------------------------------------------------------------------------
                          Subpart C--Hazard Analysis and Risk-Based Preventive Controls
----------------------------------------------------------------------------------------------------------------
507.31 through 507.55; food safety          7,469          519    3,876,411  0.1 (6 minutes).......      387,641
 plan--including hazard analysis,
 preventive controls, monitoring,
 corrective actions, verification,
 validation reanalysis,
 modifications, and implementation
 records.
----------------------------------------------------------------------------------------------------------------
                                         Subpart E--Supply-Chain Program
----------------------------------------------------------------------------------------------------------------
507.105 through 507.175; written            7,469          519    3,876,411  0.1 (6 minutes).......      387,641
 supply-chain program--including
 records documenting program.
----------------------------------------------------------------------------------------------------------------
                                   Subpart F--Requirements Applying to Records
----------------------------------------------------------------------------------------------------------------
507.200 through 507.215; general            7,469          519    3,876,411  0.1 (6 minutes).......      387,641
 requirements, additional
 requirements applying to food
 safety plan, requirements for
 record retention, use of existing
 records, and special requirements
 applicable to written assurance.
                                     ---------------------------------------------------------------------------
    Totals..........................  ...........  ...........   11,635,372  ......................    1,163,258
----------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of
  information.

                           Table 3--Estimated Annual Third-Party Disclosure Burden \1\
----------------------------------------------------------------------------------------------------------------
                                                    Number of
                                       Number of    responses      Total       Average burden per
      21 CFR section; activity        respondents      per         annual           response         Total hours
                                                    respondent   responses
----------------------------------------------------------------------------------------------------------------
507.27(b); labeling for the animal            330           10        3,300  0.25 (15 minutes).....          825
 food product contains the specific
 information and instructions needed
 so the food can be safely used for
 the intended animal species.

507.7(e)(1); change labels on               1,526            4        6,104  1.....................        6,104
 products with labels.
507.7(e)(2); change address on              1,329            1        1,329  1.....................        1,329
 labeling (sales documents) for
 qualified facilities.
507.25(a)(2); animal food, including          330          312      102,960  0.01 (36 seconds).....        1,030
 raw materials, other ingredients,
 and rework, is accurately
 identified.
507.28(b); holding and distribution        40,798            2       81,596  0.25 (15 minutes).....       20,399
 of human food byproducts for use as
 animal food.
                                     ---------------------------------------------------------------------------
    Total...........................  ...........  ...........  ...........  ......................       29,687
----------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of
  information.

    These figures are based on our regulatory impact analysis in
support of the final rule on Preventive Controls for Food for Animals,
which published in the Federal Register of September 17, 2015 (80 FR
56170). Using Agency data we estimated the number of animal food
facilities that we believe are subject to the regulations. We base our
estimate of the time necessary for the individual reporting,
recordkeeping, and third-party disclosure activities on our experience
with similar information collections.

    Dated: May 18, 2018.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2018-11114 Filed 5-23-18; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 88, Number 212 (Friday, November 3, 2023)]
[Proposed Rules]
[Pages 75520-75523]
[FR Doc No: 2023-24166]

-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2023-2141; Project Identifier MCAI-2023-00689-T]
RIN 2120-AA64

Airworthiness Directives; Airbus SAS Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

-----------------------------------------------------------------------

SUMMARY: The FAA proposes to adopt a new airworthiness directive (AD)
for all Airbus SAS Model A350-941 and -1041 airplanes. This proposed AD
was prompted by reports of corrosion on lavatory floor fittings at
various locations. This proposed AD would require repetitive general
visual inspections of the affected parts, applicable corrective
actions, and reporting of the inspection results, as specified in a
European Union Aviation Safety Agency (EASA) AD, which is proposed for
incorporation by reference (IBR). The FAA is proposing this AD to
address the unsafe condition on these products.

DATES: The FAA must receive comments on this proposed AD by December
18, 2023.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to regulations.gov. Follow
the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    AD Docket: You may examine the AD docket at regulations.gov under
Docket No. FAA-2023-2141; or in person at Docket Operations between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD
docket contains this NPRM, the mandatory continuing airworthiness
information (MCAI), any comments received, and other information. The
street address for Docket Operations is listed above.
    Material Incorporated by Reference:
     For material that is proposed for IBR in this AD, contact
EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; telephone +49 221
8999 000; email [email protected]; website easa.europa.eu. You may
find this material on the EASA website at ad.easa.europa.eu. It is also
available at regulations.gov under Docket No. FAA-2023-2141.
     You may view this material at the FAA, Airworthiness
Products Section, Operational Safety Branch, 2200 South 216th St., Des
Moines, WA. For information on the availability of this material at the
FAA, call<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Dat Le, Aviation Safety Engineer, FAA,
1600 Stewart Avenue, Suite 410, Westbury, NY 11590; phone: (516) 228-
7300; email: [email protected].

SUPPLEMENTARY INFORMATION:

Comments Invited

    The FAA invites you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under ADDRESSES. Include ``Docket No. FAA-2023-2141; Project Identifier
MCAI-2023-00689-T'' at the beginning of your comments. The most helpful
comments reference a specific portion of the proposal, explain the
reason for any recommended change, and include supporting data. The FAA
will consider all comments received by the closing date and may amend
this proposal because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
regulations.gov, including any personal information you provide. The
agency will also post a report summarizing each substantive verbal
contact received about this NPRM.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this NPRM contain commercial
or financial

information that is customarily treated as private, that you actually
treat as private, and that is relevant or responsive to this NPRM, it
is important that you clearly designate the submitted comments as CBI.
Please mark each page of your submission containing CBI as ``PROPIN.''
The FAA will treat such marked submissions as confidential under the
FOIA, and they will not be placed in the public docket of this NPRM.
Submissions containing CBI should be sent to Dat Le, Aviation Safety
Engineer, FAA, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590;
phone:<PHONE_NUMBER>; email: [email protected]. Any commentary
that the FAA receives which is not specifically designated as CBI will
be placed in the public docket for this rulemaking.

Background

    EASA, which is the Technical Agent for the Member States of the
European Union, has issued EASA AD 2023-0102, dated May 31, 2023 (EASA
AD 2023-0102) (also referred to as the MCAI), to correct an unsafe
condition for all Airbus SAS Model A350-941 and -1041 airplanes. The
MCAI states there are reports of corrosion on lavatory floor fittings
at various locations on Model A350 airplanes.
    The FAA is proposing this AD to address this corrosion, which could
lead to lavatory module detachment, with consequent injury to cabin
crew and passengers, and possibly resulting in reduced evacuation
capacity from the airplane in case of an emergency.
    You may examine the MCAI in the AD docket at regulations.gov under
Docket No. FAA-2023-2141.

Related Service Information Under 1 CFR Part 51

    EASA AD 2023-0102 specifies procedures for repetitive general
visual inspections for corrosion and other damage (including cracks,
pitting, discoloration, and dents) of the affected lavatory floor
fittings and, depending on findings, corrective actions including
repair or replacement. EASA AD 2023-0102 also requires reporting of the
inspection results after each inspection.
    This material is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in ADDRESSES.

FAA's Determination

    This product has been approved by the aviation authority of another
country and is approved for operation in the United States. Pursuant to
the FAA's bilateral agreement with this State of Design Authority, it
has notified the FAA of the unsafe condition described in the MCAI
referenced above. The FAA is issuing this NPRM after determining that
the unsafe condition described previously is likely to exist or develop
in other products of the same type design.

Proposed AD Requirements in This NPRM

    This proposed AD would require accomplishing the actions specified
in EASA AD 2023-0102 described previously, except for any differences
identified as exceptions in the regulatory text of this proposed AD.

Explanation of Required Compliance Information

    In the FAA's ongoing efforts to improve the efficiency of the AD
process, the FAA developed a process to use some civil aviation
authority (CAA) ADs as the primary source of information for compliance
with requirements for corresponding FAA ADs. The FAA has been
coordinating this process with manufacturers and CAAs. As a result, the
FAA proposes to incorporate EASA AD 2023-0102 by reference in the FAA
final rule. This proposed AD would, therefore, require compliance with
EASA AD 2023-0102 in its entirety through that incorporation, except
for any differences identified as exceptions in the regulatory text of
this proposed AD. Using common terms that are the same as the heading
of a particular section in EASA AD 2023-0102 does not mean that
operators need comply only with that section. For example, where the AD
requirement refers to ``all required actions and compliance times,''
compliance with this AD requirement is not limited to the section
titled ``Required Action(s) and Compliance Time(s)'' in EASA AD 2023-
0102. Service information required by EASA AD 2023-0102 for compliance
will be available at regulations.gov under Docket No. FAA-2023-2141
after the FAA final rule is published.

Interim Action

    The FAA considers that this proposed AD would be an interim action.
If final action is later identified, the FAA might consider further
rulemaking then.

Costs of Compliance

    The FAA estimates that this AD, if adopted as proposed, would
affect 32 airplanes of U.S. registry. The FAA estimates the following
costs to comply with this proposed AD:

                                      Estimated Costs for Required Actions
----------------------------------------------------------------------------------------------------------------
                Labor cost                      Parts cost       Cost per product     Cost on  U.S.  operators
----------------------------------------------------------------------------------------------------------------
2 work-hours x $85 per hour = $170........                 $0                $170   $5,440
----------------------------------------------------------------------------------------------------------------

    The FAA estimates the following costs to do any necessary on-
condition actions that would be required based on the results of any
required actions. The FAA has no way of determining the number of
aircraft that might need these on-condition actions:

                 Estimated Costs of On-Condition Actions
------------------------------------------------------------------------
           Labor cost                 Parts cost       Cost per product
------------------------------------------------------------------------
3 work-hours x $85 per hour =                   $10                $265
 $255...........................
------------------------------------------------------------------------

    The FAA has included all known costs in its cost estimate.
According to the manufacturer, however, some or all of the costs of
this proposed AD may be covered under warranty, thereby

reducing the cost impact on affected operators.

Paperwork Reduction Act

    A federal agency may not conduct or sponsor, and a person is not
required to respond to, nor shall a person be subject to a penalty for
failure to comply with a collection of information subject to the
requirements of the Paperwork Reduction Act unless that collection of
information displays a current valid OMB Control Number. The OMB
Control Number for this information collection is 2120-0056. Public
reporting for this collection of information is estimated to take
approximately 1 hour per response, including the time for reviewing
instructions, searching existing data sources, gathering, and
maintaining the data needed, and completing and reviewing the
collection of information. All responses to this collection of
information are mandatory. Send comments regarding this burden estimate
or any other aspect of this collection of information, including
suggestions for reducing this burden, to: Information Collection
Clearance Officer, Federal Aviation Administration, 10101 Hillwood
Parkway, Fort Worth, TX 76177-1524.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: General requirements.
Under that section, Congress charges the FAA with promoting safe flight
of civil aircraft in air commerce by prescribing regulations for
practices, methods, and procedures the Administrator finds necessary
for safety in air commerce. This regulation is within the scope of that
authority because it addresses an unsafe condition that is likely to
exist or develop on products identified in this rulemaking action.

Regulatory Findings

    The FAA determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Would not affect intrastate aviation in Alaska, and
    (3) Would not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13   [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive:

Airbus SAS: Docket No. FAA-2023-2141; Project Identifier MCAI-2023-
00689-T.

(a) Comments Due Date

    The FAA must receive comments on this airworthiness directive
(AD) by December 18, 2023.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all Airbus SAS Model A350-941 and -1041
airplanes, certificated in any category.

(d) Subject

    Air Transport Association (ATA) of America Code 25, Equipment/
Furnishings.

(e) Unsafe Condition

    This AD was prompted by reports of corrosion on lavatory floor
fittings at various locations on Model A350 airplanes. The unsafe
condition, if not addressed, could lead to lavatory module
detachment, with consequent injury to cabin crew and passengers, and
possibly resulting in reduced evacuation capacity from the airplane
in case of an emergency.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Requirements

    Except as specified in paragraph (h) of this AD: Comply with all
required actions and compliance times specified in, and in
accordance with, European Union Aviation Safety Agency (EASA) AD
2023-0102, dated May 17, 2023 (EASA AD 2023-0102).

(h) Exceptions to EASA AD 2023-0102

    (1) Where EASA AD 2023-0102 refers to its effective date, this
AD requires using the effective date of this AD.
    (2) This AD does not adopt the ``Remarks'' section of EASA AD
2023-0102.
    (3) Paragraph (4) of EASA AD 2023-0102 specifies to report
inspection results to Airbus within a certain compliance time. For
this AD, report inspection results at the applicable time specified
in paragraph (h)(3)(i) or (ii) of this AD.
    (i) For each inspection done on or after the effective date of
this AD: Submit the report within 30 days after the inspection.
    (ii) For any inspection done before the effective date of this
AD: Submit the report within 30 days after the effective date of
this AD.
    (4) Where paragraph (2) of EASA AD 2023-0102 specifies ``any
discrepancy, as defined in the SB, is detected,'' this AD requires
replacing those words with ``any corrosion and other damage is
detected.''

(i) No Requirement for Return of Parts

    Although the service information referenced in EASA AD 2023-0102
specifies to return parts to the manufacturer, this AD does not
include that requirement.

(j) Additional AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
International Validation Branch, FAA, has the authority to approve
AMOCs for this AD, if requested using the procedures found in 14 CFR
39.19. In accordance with 14 CFR 39.19, send your request to your
principal inspector or responsible Flight Standards Office, as
appropriate. If sending information directly to the International
Validation Branch, send it to the attention of the person identified
in paragraph (k) of this AD. Information may be emailed to: [email protected]. Before using any approved AMOC, notify your
appropriate principal inspector, or lacking a principal inspector,
the manager of the responsible Flight Standards Office.
    (2) Contacting the Manufacturer: For any requirement in this AD
to obtain instructions from a manufacturer, the instructions must be
accomplished using a method approved by the Manager, International
Validation Branch, FAA; or EASA; or Airbus SAS's EASA Design
Organization Approval (DOA). If approved by the DOA, the approval
must include the DOA-authorized signature.
    (3) Required for Compliance (RC): Except as required by
paragraph (j)(2) of this AD, if any service information contains
procedures or tests that are identified as RC, those procedures and
tests must be done to comply with this AD; any procedures or tests
that are not identified as RC are recommended. Those procedures and
tests that are not identified

as RC may be deviated from using accepted methods in accordance with
the operator's maintenance or inspection program without obtaining
approval of an AMOC, provided the procedures and tests identified as
RC can be done and the airplane can be put back in an airworthy
condition. Any substitutions or changes to procedures or tests
identified as RC require approval of an AMOC.

(k) Additional Information

    For more information about this AD, contact Dat Le, Aviation
Safety Engineer, FAA, 1600 Stewart Avenue, Suite 410, Westbury, NY
11590; phone:<PHONE_NUMBER>; email: [email protected].

(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless this AD specifies otherwise.
    (i) European Union Aviation Safety Agency (EASA) AD 2023-0102,
dated May 17, 2023.
    (ii) [Reserved]
    (3) For EASA AD 2023-0102, contact EASA, Konrad-Adenauer-Ufer 3,
50668 Cologne, Germany; telephone +49 221 8999 000; email
[email protected]; website easa.europa.eu. You may find this EASA
AD on the EASA website at ad.easa.europa.eu.
    (4) You may view this material at the FAA, Airworthiness
Products Section, Operational Safety Branch, 2200 South 216th St.,
Des Moines, WA. For information on the availability of this material
at the FAA, call<PHONE_NUMBER>.
    (5) You may view this material at the National Archives and
Records Administration (NARA). For information on the availability
of this material at NARA, visit www.archives.gov/federal-register/cfr/ibr-locations or email [email protected].

    Issued on October 27, 2023.
Caitlin Locke,
Director, Compliance & Airworthiness Division, Aircraft Certification
Service.
[FR Doc. 2023-24166 Filed 11-2-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: September 15, 2006 (Volume 71, Number 179)]
[Notices]
[Page 54537]
[DOCID:fr15se06-88]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

In the Matter of Indigenous Global Development Corporation; Order
of Suspension of Trading

September 13, 2006.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Indigenous Global Development Corporation (``IGDC'') because it has not
filed a periodic report since the quarter ending March 31, 2005.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed company.
    Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the above-listed
company is suspended for the period from 9:30 a.m. EDT on September 13,
2006, through 11:59 p.m. EDT, on September 26, 2006.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-7725 Filed 9-13-06; 11:18 am]

BILLING CODE 8010-01-P