[Federal Register Volume 82, Number 96 (Friday, May 19, 2017)]
[Notices]
[Page 22994]
[FR Doc No: 2017-10121]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC17-116-000.
    Applicants: Verde Energy USA Inc., Verde Energy USA New York, LLC,
Verde Energy USA Trading, LLC.
    Description: Application of Verde Energy USA Inc., et. al. for
Authorization Under Section 203 of the Federal Power Act and Requests
for Waivers, Confidential Treatment and Expedited Action.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5167.
    Comments Due: 5 p.m. ET 6/2/17.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER17-105-003; ER17-104-003.
    Applicants: Broadview Energy JN, LLC, Broadview Energy KW, LLC.
    Description: Notice of Non-Material Change in Status of Broadview
Energy JN, LLC, ET AL.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5131.
    Comments Due: 5 p.m. ET 6/2/17.

    Docket Numbers: ER17-1589-000.
    Applicants: ISO New England Inc., Vermont Transco, LLC.
    Description: Sec.  205(d) Rate Filing: Vermont Transco LLC Request
for Approval of Updated Depreciation Rates to be effective 7/1/2017.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5111.
    Comments Due: 5 p.m. ET 6/2/17.

    Docket Numbers: ER17-1590-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Revisions to OA Schedule 1
and OATT Att K-Appx RE Operating Reserve Demand Curve to be effective
7/12/2017.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5125.
    Comments Due: 5 p.m. ET 6/2/17.

    Docket Numbers: ER17-1591-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Amendment to Service
Agreement No. 1442; Queue No. NQ123 to be effective 6/2/2015.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5134.
    Comments Due: 5 p.m. ET 6/2/17.

    Docket Numbers: ER17-1592-000.
    Applicants: Arizona Public Service Company.
    Description: Notice of Cancellation of Rate Schedule No. 45 of
Arizona Public Service Company.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5140.
    Comments Due: 5 p.m. ET 6/2/17.

    Docket Numbers: ER17-1593-000.
    Applicants: Combined Locks Energy Center, LLC.
    Description: Tariff Cancellation: Cancellation of Market Based Rate
Tariff to be effective 5/13/2017.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5172.
    Comments Due: 5 p.m. ET 6/2/17.

    Docket Numbers: ER17-1594-000.
    Applicants: Archer Energy, LLC.
    Description: Baseline eTariff Filing: Application for Market Based
Rate Authority to be effective 7/15/2017.
    Filed Date: 5/12/17.
    Accession Number: 20170512-5173.
    Comments Due: 5 p.m. ET 6/2/17.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: May 12, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-10121 Filed 5-18-17; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 200 (Monday, October 17, 2016)]
[Rules and Regulations]
[Pages 71384-71386]
[FR Doc No: 2016-24052]

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DEPARTMENT OF TRANSPORTATION

48 CFR Chapter 63

Office of the Secretary

49 CFR Part 6

[Docket No. OST-2013-0142]
RIN 2105-AE27

Update of Department of Transportation Regulations; Termination
of the Department of Transportation Board of Contract Appeals

AGENCY: Board of Contract Appeals, Office of the Secretary (OST), U.S.
Department of Transportation (DOT).

ACTION: Final rule.

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

SUMMARY: The Department of Transportation is revising its regulations
by removing chapter 63 of Title 48 of the Code of Federal Regulations
(CFR) and amending 49 CFR part 6. These revisions result from our
ongoing efforts to review and improve our regulations, and will
harmonize the CFR with Departmental restructuring required by statutory
changes.

DATES: This final rule is effective on October 17, 2016.

FOR FURTHER INFORMATION CONTACT: Jill Laptosky, Attorney, Office of

Regulation, Office of General Counsel,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On December 9, 1999, the President signed
the Motor Carrier Safety Improvement Act of 1999, Public Law 106-159,
113 Stat. 1748, removing regulatory authority over motor carriers from
the Federal Highway Administration and vesting that authority in the
newly created Federal Motor Carrier Safety Administration (FMCSA).
Then, on November 25, 2002, the President signed the Homeland Security
Act of 2002, Public Law 107-296, 116 Stat. 2135. In addition to
creating the Department of Homeland Security (DHS), the Homeland
Security Act reorganized certain agencies of the Federal executive
branch; in particular, the Homeland Security Act transferred the United
States Coast Guard (USCG) from DOT to the newly created DHS. See id. at
Sec. 1704. This final rule revises the Department's regulations to
reflect the creation of FMCSA and the transfer of USCG to DHS.
    On January 6, 2006, the President signed the National Defense
Authorization Act for FY 2006, Public Law 109-163 (the Act),
establishing the Civilian Board of Contract Appeals (CBCA). Section 847
of the Act vests the CBCA with jurisdiction over claims that previously
would have been filed before the boards of contract appeals of
individual agencies. In light of this change, references to the now-
defunct Department of Transportation Board of Contract Appeals are
being removed from our regulations.
    Prior to the modifications announced in this final rule, 49 CFR
6.5, concerning the applicability of the Equal Access to Justice Act in
DOT proceedings, referred to the ``agency board of contract appeals.''
This regulatory language is being revised to reflect the statutory
changes discussed above, as well as the updated DOT organizational
structure.
    DOT is publishing this final rule without notice and comment under
the ``good cause'' exemption of the Administrative Procedure Act (5
U.S.C. 553). The good cause exemption allows agencies to dispense with
notice and comment if those procedures are impracticable, unnecessary,
or contrary to the public interest. We have determined that, given the
obsolete nature of the regulations affected by this final rule, notice
and comment are unnecessary. For these same reasons, we have determined
that good cause exists for the final rule to become effective
immediately.

Regulatory Analyses and Notices

Executive Order 12866 and Executive Order 13563

    Executive Orders 12866 and 13563 direct agencies to assess all the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits (including potential economic, environmental, public
health and safety effects, distributive impacts, and equity). This
final rule is not a significant regulatory action as defined by
Executive Order 12866 and, therefore, is not subject to review by the
Office of Information and Regulatory Affairs. As this rule removes and
updates obsolete regulatory provisions, we expect there to be no costs
related to the changes made in this rule.

Executive Order 13132: Federalism

    This final rule will not have a substantial effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among various levels
of government, within the meaning of Executive Order 13132.

Unfunded Mandates Reform Act

    This final rule will not result in the expenditure by State, local
and tribal governments, in the aggregate, or by the private sector, of
$156 million or more in any one (1) year, and it will not significantly
or uniquely affect small governments. Therefore, no actions are deemed
necessary under the provisions of the Unfunded Reform Act of 1995.

Regulatory Flexibility Act

    Since notice and comment is not necessary for this rulemaking, the
provisions of the Regulatory Flexibility Act (Pub. L. 96-354, 5 U.S.C.
601-612) do not apply.

Paperwork Reduction Act

    This final rule does not contain information collection
requirements subject to the Paperwork Reduction Act.

National Environmental Policy Act

    The agency has analyzed the environmental impacts of this proposed
action pursuant to the National Environmental Policy Act of 1969 (NEPA)
(42 U.S.C. 4321 et seq.) and has determined that it is categorically
excluded pursuant to DOT Order 5610.1C, Procedures for Considering
Environmental Impacts (44 FR 56420, Oct. 1, 1979). Categorical
exclusions are actions identified in an agency's NEPA implementing
procedures that do not normally have a significant impact on the
environment and therefore do not require either an environmental
assessment (EA) or environmental impact statement (EIS). See 40 CFR
1508.4. In analyzing the applicability of a categorical exclusion, the
agency must also consider whether extraordinary circumstances are
present that would warrant the preparation of an EA or EIS. Id.
Paragraph 3.c.5 of DOT Order 5610.1C incorporates by reference the
categorical exclusions for all DOT Operating Administrations. This
action is covered by the categorical exclusion listed in the Federal
Highway Administration's implementing procedures, ``[p]romulgation of
rules, regulations, and directives.'' 23 CFR 771.117(c)(20). The
purpose of this rulemaking is to remove obsolete language from the
Department's regulations. The agency does not anticipate any
environmental impacts, and there are no extraordinary circumstances
present in connection with this rulemaking.

List of Subjects

48 CFR Parts 6301 and 6302

    Administrative practice and procedure, Government procurement.

49 CFR Part 6

    Claims, Equal access to justice, Lawyers.

    For the reasons set forth in the preamble, in accordance with sec.
847 of Public Law 109-163, (119 Stat. 3391), OST amends 48 CFR by
removing chapter 63 and, under the same authority, as well as the
authority in sec. 1704 of Public Law 107-296 (116 Stat. 2314), OST
amends 49 CFR part 6 as follows:

Title 48--Federal Acquisition Regulations System

CHAPTER 63 -- DEPARTMENT OF TRANSPORTATION BOARD OF CONTRACT APPEALS

0
1. Remove Chapter 63.

Title 49--Transportation

PART 6--IMPLEMENTATION OF EQUAL ACCESS TO JUSTICE ACT IN AGENCY
PROCEEDINGS

0
2. The authority citation for part 6 continues to read as follows:

    Authority: 5 U.S.C. 504; 28 U.S.C. 2412.

0
3. Amend Sec.  6.5 by revising paragraph (a) to read as follows:

Sec.  6.5   Proceedings covered.

    (a) The Act applies to adversarial adjudications conducted by the

Department of Transportation. These are adjudications under 5 U.S.C.
554 in which the position of the Department is represented by an
attorney or other representative who enters an appearance and
participates in the proceeding. Coverage of the Act begins at
designation of a proceeding or issuance of a charge sheet. Any
proceeding in which the Department may prescribe or establish a lawful
present or future rate is not covered by the Act. Proceedings to grant
or renew licenses are also excluded, but proceedings to modify,
suspend, or revoke licenses are covered if they are otherwise
``adversary adjudications.'' For the Department of Transportation, the
types of proceedings covered include, but may not be limited to:
National Highway Traffic Safety Administration (NHTSA) automotive fuel
economy enforcement under 49 CFR part 511; Federal Motor Carrier Safety
Administration (FMCSA) enforcement of motor carrier safety regulations
under 49 CFR 386; and the Department's aviation economic enforcement
proceedings conducted by its Office of Aviation Enforcement and
Proceedings pursuant to 14 CFR Chapter II. Also covered is any hearing
conducted under Chapter 38 of title 31 of the U.S. Code or the
Religious Freedom Restoration Act of 1993 (42 U.S.C. 2000bb et seq.).
* * * * *

    Issued under authority delegated in 49 CFR 1.27(c).
Molly J. Moran,
Acting General Counsel.
[FR Doc. 2016-24052 Filed 10-14-16; 8:45 am]
 BILLING CODE 4910-9X-P


[Federal Register Volume 79, Number 25 (Thursday, February 6, 2014)]
[Notices]
[Page 7177]
[FR Doc No: 2014-02487]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP14-173-000]

Discovery Gas Transmission LLC; Notice of Technical Conference

    Take notice that a technical conference will be held on Thursday,
February 27, 2014, at 10:00 a.m., in a room to be designated at the
offices of the Federal Energy Regulatory Commission, 888 First Street
NE., Washington, DC 20426.
    The purpose of the technical conference is to examine the issues
raised with regard the November 15, 2013 filing made by Discovery Gas
Transmission LLC (Discovery) wherein Discovery proposed to increase its
Hurricane Mitigation and Reliability Enhancement Surcharge.\1\
---------------------------------------------------------------------------

    \1\ See Discovery Gas Transmission LLC, 145 FERC ] 61,297
(2013).
---------------------------------------------------------------------------

    Commission Staff and interested persons will have the opportunity
to discuss all of the issues raised by Discovery's filing. Discovery
should be prepared to address all the concerns raised in the protests.
    FERC conferences are accessible under section 508 of the
Rehabilitation Act of 1973. For accessibility accommodations please
send an email to<EMAIL_ADDRESS>or call toll free (866) 208-
3372 (voice) or<PHONE_NUMBER> (TTY), or send a fax to<PHONE_NUMBER> with
the required accommodations.
    All interested persons are permitted to attend. For further
information please contact Anna Fernandez at<PHONE_NUMBER> or email
<EMAIL_ADDRESS>
    Dated: January 30, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-02487 Filed 2-5-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 16 (Wednesday, January 25, 2012)]
[Notices]
[Pages 3810-3818]
[FR Doc No: 2012-1482]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-29923; File No. 812-13902]

New York Life Insurance and Annuity Corporation, et al., Notice
of Application

January 19, 2012.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').

ACTION: Notice of application for an order pursuant to Section 26(c) of
the Investment Company Act of 1940, as amended, (the ``1940 Act'')
approving certain substitutions of securities (``Substitutions'') and
an order of exemption pursuant to Section 17(b) of the 1940 Act from
Section 17(a) of the 1940 Act.

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    Applicants: New York Life Insurance and Annuity Corporation
(``NYLIAC'') and NYLIAC Variable Annuity Separate Account--I (``VA
I''), NYLIAC Variable Annuity Separate Account--II (``VA II''), NYLIAC
Variable Annuity Separate Account--III (``VA III''), NYLIAC Variable
Annuity Separate Account--IV (``VA IV''), NYLIAC Variable Universal
Life Separate Account--I (``VUL I''), NYLIAC Corporate Sponsored
Variable Universal Life Separate Account--I (``Corporate VUL I''),
NYLIAC Private Placement Variable Universal Life Separate Account--I
(``Private VUL I''), and NYLIAC Private Placement Variable Universal
Life Separate Account--II (``Private VUL II'') (collectively, the
``Separate Accounts'' and, together with NYLIAC, the ``Section 26
Applicants''); and Mainstay VP Funds Trust (``MVPFT'' and, together
with NYLIAC and the Separate Accounts, the ``Section 17 Applicants'').
The Section 26 Applicants and the Section 17 Applicants are
collectively referred to herein as the ``Applicants.''
    Summary of Application: The Section 26 Applicants seek an order
approving the substitution of shares of certain series of MVPFT (the
``Replacement Portfolios'') for shares of series of other registered
investment companies (the ``Existing Portfolios'') held by the Separate
Accounts to fund certain group and individual variable annuity
contracts (``VA Contracts'') and variable universal life insurance
policies (``VUL Policies'') issued by NYLIAC (collectively, the
``Contracts''). The Section 17 Applicants seek an order pursuant to
Section 17(b) of the 1940 Act to the extent necessary to permit them to
effectuate the Substitutions by redeeming all or a portion of the
securities of one or more of the Existing Portfolios in-kind and using
those securities received to purchase shares of the Replacement
Portfolios (as defined herein) (the ``In-Kind Transactions'').

    Filing Date: The application was filed on May 10, 2011 and amended
applications were filed on December 30, 2011, and January 18, 2012 (as
amended, the ``Application'').
    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 the 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 February 13, 2012, and should be accompanied
by proof of service on the 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 20549-1090. Applicants: New York Life Insurance and
Annuity Corporation and its Separate Accounts, 51 Madison Avenue, New
York, New York 10010, Attn: Charles A. Whites, Esq.; MainStay VP Funds
Trust c/o New York Life Investment Management LLC, 169 Lackawanna
Avenue, Parsippany, New Jersey 07054, Attn: Kevin M. Bopp, Esq. Copy to
Jorden Burt, LLP, 1025 Thomas Jefferson Street, NW., Suite 400 East,
Washington, DC, 20007, Attn: Richard T. Choi, Esq.

FOR FURTHER INFORMATION CONTACT: Patrick Scott, Senior Counsel, at
(202) 551-6763 or Zandra Bailes, Branch Chief, at<PHONE_NUMBER>,
Office of Insurance Products, Division of Investment Management, SEC.

SUPPLEMENTARY INFORMATION: The following is a summary of the
Application. The complete Application may be obtained via the
Commission's Web site by searching for the file number, or for an
Applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. NYLIAC is a Delaware stock life insurance company that is
licensed to sell life, accident and health insurance, and annuities in
the District of Columbia and all states.
    2. NYLIAC serves as the depositor of the Separate Accounts, which
are segregated asset accounts of NYLIAC established under Delaware law
pursuant to resolutions of NYLIAC's Board of Directors to fund the
Contracts.
    3. Each Separate Account, except for Private VUL I and II, is
registered under the 1940 Act as a unit investment trust. Private VUL I
and II are exempt from registration under the 1940 Act pursuant to
Sections 3(c)(1) and 3(c)(7) thereof. Each Separate Account meets the
definition of ``separate account'' contained in Section 2(a)(37) of the
1940 Act.
    4. Interests under the Contracts, except for Contracts issued
through Private VUL I and II, are registered under the Securities Act
of 1933, as amended (the ``1933 Act''). Contracts issued through
Private VUL I and II are sold without registration under the 1933 Act
in reliance on the private offering exemption of Section 4(2) of the
1933 Act and Regulation D thereunder. Additional information regarding
the Contracts affected by the Substitutions, including the applicable
registration statements in which they are described, is set out in the
Application.
    5. Each Separate Account is divided into subaccounts (each a
``Subaccount,'' collectively, the ``Subaccounts''). Each Subaccount
invests in the shares of a single portfolio of an underlying mutual
fund (``Portfolio''). Contract owners and participants in group
Contracts (each a ``Contract Owner'' and collectively, the ``Contract
Owners'') may allocate some or all of their Contract value (``Contract
value'') to one or more Subaccounts that are available as investment
options under the Contracts.
    6. Under the Contracts, NYLIAC reserves the right to substitute,
for the shares of a Portfolio held in any Subaccount, the shares of
another Portfolio. The prospectuses or offering documents, as
applicable, for the Contracts include disclosure of this reservation of
right.
    7. MVPFT is a Delaware statutory trust that is registered with the
Commission as an open-end management investment company under the 1940
Act (File No. 811-03833-01). MVPFT currently consists of 21 series
(``Series''), each of which generally offers two classes of shares,
namely the Initial Class and Service Class. The Initial and Service
Classes differ only in that the Service Class shares are subject to a
distribution plan adopted and administered pursuant to Rule 12b-1 under
the 1940 Act, which plan imposes a 12b-1 fee equal to an annual rate of
0.25% of the average daily net assets attributable to the Service
Class. Shares of the Series are registered under the 1933 Act (File No.
002-86082). On July 7, 2011, MVPFT filed an amendment to its Form N-1A
registration statement to register the Replacement Portfolios under the
1940 Act and the offering of their shares under the 1933 Act.
    8. New York Life Investment Management LLC (``New York Life
Investments'' or the ``Manager''), an indirect wholly-owned subsidiary
of New York Life, serves as the investment manager of each Series of
MVPFT. MVPFT has received an order from the Commission that, subject to
certain conditions, including approval of the MVPFT Board of Trustees
(``Board''), including Trustees who are not ``interested persons,'' as
defined in Section 2(a)(19) of the 1940 Act, and without the approval
of shareholders, to: (i) Engage a new or additional sub-adviser
(``Subadvisor'') for each Series; (ii) enter into and materially amend
existing sub-advisory agreements; and (iii) terminate and replace
Subadvisors (File No. 812-13257; the ``Manager of Managers Order'').
    9. NYLIAC, on behalf of itself and its Separate Accounts, proposes
to exercise its contractual right to substitute Portfolio shares held
in Subaccounts of its Separate Accounts by replacing shares of the
Existing Portfolios listed below with shares of the corresponding
Replacement Portfolios listed below:

------------------------------------------------------------------------
    Substitution         Existing Portfolio       Replacement Portfolio
------------------------------------------------------------------------
1...................  Van Eck VIP Global Hard   MainStay VP Van Eck
                       Assets Fund--Initial      Global Hard Assets
                       Class.                    Portfolio--Initial
                                                 Class
2...................  Janus Aspen Balanced      MainStay VP Janus
                       Portfolio--Institutiona   Balanced Portfolio--
                       l Shares.                 Initial Class*
                      Janus Aspen Balanced      MainStay VP Janus
                       Portfolio--Service        Balanced Portfolio--
                       Shares.                   Service Class
3...................  MFS Utilities Series--    MainStay VP MFS
                       Initial Class.            Utilities Portfolio--
                                                 Initial Class
                      MFS Utilities Series--    MainStay VP MFS
                       Service Class.            Utilities Portfolio--
                                                 Service Class
4...................  T. Rowe Price Equity      MainStay VP T. Rowe
                       Income Portfolio--I.      Price Equity Income
                                                 Portfolio--Initial
                                                 Class
                      T. Rowe Price Equity      MainStay VP T. Rowe
                       Income Portfolio--II.     Price Equity Income
                                                 Portfolio--Service
                                                 Class

5...................  PIMCO Real Return         MainStay VP PIMCO Real
                       Portfolio--Administrati   Return Portfolio--
                       ve Class.                 Initial Class
                      PIMCO Real Return         MainStay VP PIMCO Real
                       Portfolio--Advisor        Return Portfolio--
                       Class.                    Service Class
6...................  Universal Institutional   MainStay VP DFA/DuPont
                       Funds, Inc. (``UIF'')     Capital Emerging
                       Emerging Markets Equity   Markets Equity
                       Portfolio--Class I.       Portfolio--Initial
                                                 Class
                      UIF Emerging Markets      MainStay VP DFA/DuPont
                       Equity Portfolio--Class   Capital Emerging
                       II.                       Markets Equity
                                                 Portfolio--Service
                                                 Class
7...................  Alger Small Cap Growth    MainStay VP Eagle Small
                       Portfolio--Class I-2      Cap Growth Portfolio--
                       Shares.                   Initial Class*
                      Alger Small Cap Growth    MainStay VP Eagle Small
                       Portfolio--Class S        Cap Growth Portfolio--
                       Shares.                   Service Class
8...................  Royce Small-Cap           MainStay VP Eagle Small
                       Portfolio--Investment     Cap Growth Portfolio--
                       Class.                    Initial Class*
9...................  Calvert VP SRI Balanced   MainStay VP Janus
                       Portfolio.                Balanced Portfolio--
                                                 Initial Class*
------------------------------------------------------------------------
* For VA Contracts, following the Proposed Substitutions, the Initial
  Class of these Replacement Portfolios will be available only to those
  VA Contract Owners who had Contract values allocated to the
  Subaccounts investing in the Institutional or Class I-2 shares, as
  applicable, of the corresponding Existing Portfolios on the
  Substitution Date. VA Contract Owners who transfer their entire
  Contract value out of the Subaccounts corresponding to these
  Replacement Portfolios will not be permitted to transfer back in.

    10. The investment objectives of each Existing Portfolio and its
corresponding Replacement Portfolio are set out below. Additional
information for each Existing Portfolio and Replacement Portfolio,
including principal investment strategies, principal risks, asset
sizes, and comparative performance history can be found in the
Application.

------------------------------------------------------------------------
           Existing Portfolio                 Replacement Portfolio
------------------------------------------------------------------------
The Van Eck VIP Global Hard Assets Fund  The MainStay VP Van Eck Global
 seeks long-term capital appreciation     Hard Assets Portfolio seeks
 by investing primarily in hard asset     long-term capital appreciation
 securities. Income is a secondary        by investing primarily in hard
 consideration.                           asset securities. Income is a
                                          secondary consideration.
The Janus Aspen Balanced Portfolio       The MainStay VP Janus Balanced
 seeks long-term capital growth,          Portfolio seeks long-term
 consistent with preservation of          capital growth, consistent
 capital and balanced by current income.  with preservation of capital
                                          and balanced by current
                                          income.
The MFS Utilities Series' investment     The MainStay VP MFS Utilities
 objective is to seek total return.       Portfolio seeks total return.
The T. Rowe Price Equity Income          The MainStay VP T. Rowe Price
 Portfolio seeks to provide substantial   Equity Income Portfolio seeks
 dividend income as well as long-term     to provide substantial
 growth of capital through investments    dividend income as well as
 in the common stocks of established      long-term growth of capital
 companies.                               through investments in the
                                          common stocks of established
                                          companies.
The PIMCO Real Return Portfolio seeks    The MainStay VP PIMCO Real
 maximum real return, consistent with     Return Portfolio seeks maximum
 preservation of real capital and         real return, consistent with
 prudent investment management.           preservation of real capital
                                          and prudent investment
                                          management.
The Universal Institutional Funds Inc.   The MainStay VP DFA/DuPont
 (``UIF'') Emerging Markets Equity        Capital Emerging Markets
 Portfolio seeks long-term capital        Equity Portfolio seeks long-
 appreciation by investing primarily in   term capital appreciation.
 growth-oriented equity securities of
 issuers in emerging market countries.
The Alger Small Cap Growth Portfolio     The MainStay VP Eagle Small Cap
 seeks long-term capital appreciation.    Growth Portfolio seeks long-
                                          term capital appreciation.
The Royce Small-Cap Portfolio's          The MainStay VP Eagle Small Cap
 investment goal is long-term growth of   Growth Portfolio seeks long-
 capital.                                 term capital appreciation.
The Calvert VP SRI Balanced Portfolio    The MainStay VP Janus Balanced
 seeks to achieve a competitive total     Portfolio seeks long-term
 return through an actively managed       capital growth, consistent
 portfolio of stocks, bonds, and money    with preservation of capital
 market instruments which offer income    and balanced by current
 and capital growth opportunity and       income.
 which satisfy the investment criteria,
 including financial, sustainability
 and social responsibility factors.
------------------------------------------------------------------------

    11. The management fees and other expenses of each Existing
Portfolio and corresponding Replacement Portfolio as of December 31,
2010, are set out below. The data for the Existing Portfolios are shown
as a percentage of average daily net assets as of December 31, 2010.
The data for the Replacement Portfolios are estimates for the current
year based on anticipated asset levels following the Substitutions.

                                                 Substitution 1
----------------------------------------------------------------------------------------------------------------
                                                     Existing Portfolio                 Replacement Portfolio
                                       -------------------------------------------------------------------------
                                                                                MainStay VP Van Eck Global
                                            Van Eck VIP Global Hard Assets Fund         Hard Assets Portfolio
----------------------------------------------------------------------------------------------------------------
Initial Class/Initial Class...........
    Management Fee....................  First $500 million: 1.00...................                         0.89
                                        Next $250 million: 0.90.
                                        Over $750 million: 0.70.
                                        Current: 0.89.
    12b-1 Fee.........................  0.00.......................................                         0.00
    Other Expenses....................  0.08.......................................                         0.07
    Total Gross Expenses..............  0.97.......................................                         0.96

    Expense Waiver....................  0.00.......................................                         0.00
    Total Net Expenses................  0.97.......................................                         0.96
----------------------------------------------------------------------------------------------------------------

                                                 Substitution 2
----------------------------------------------------------------------------------------------------------------
                                                             Existing Portfolio         Replacement Portfolio
                                                       ---------------------------------------------------------
                                                            Janus Aspen Balanced      MainStay VP Janus Balanced
                                                                 Portfolio                    Portfolio
----------------------------------------------------------------------------------------------------------------
Institutional Shares/Initial Class:
    Management Fee....................................                         0.55                         0.55
    12b-1 Fee.........................................                         0.00                         0.00
    Other Expenses....................................                         0.03                         0.05
    Total Gross Expenses..............................                         0.58                         0.60
    Expense Waiver....................................                         0.00                         0.02
    Total Net Expenses................................                         0.58                         0.58
Service Shares/Service Class:
    Management Fee....................................                         0.55                         0.55
    12b-1 Fee.........................................                         0.25                         0.25
    Other Expenses....................................                         0.03                         0.05
    Total Gross Expenses..............................                         0.83                         0.85
    Expense Waiver....................................                         0.00                         0.02
    Total Net Expenses................................                         0.83                         0.83
----------------------------------------------------------------------------------------------------------------

                                                 Substitution 3
----------------------------------------------------------------------------------------------------------------
                                                     Existing Portfolio                 Replacement Portfolio
                                       -------------------------------------------------------------------------
                                                                                MainStay VP MFS Utilities
                                                    MFS Utilities Series                      Portfolio
----------------------------------------------------------------------------------------------------------------
Initial Class/Initial Class:
    Management Fee....................  First $1 billion: 0.75                                              0.73
                                        Over $1 billion: 0.70......................
                                        Current: 0.73..............................
    12b-1 Fee.........................  0.00.......................................                         0.00
    Other Expenses....................  0.08.......................................                         0.05
    Total Gross Expenses..............  0.81.......................................                         0.78
    Expense Waiver....................  0.00.......................................                         0.00
    Total Net Expenses................  0.81.......................................                         0.78
Service Class/Service Class:
    Management Fee....................  0.73.......................................                         0.73
    12b-1 Fee.........................  0.25.......................................                         0.25
    Other Expenses....................  0.08.......................................                         0.05
    Total Gross Expenses..............  1.06.......................................                         1.03
    Expense Waiver....................  0.00.......................................                         0.00
    Total Net Expenses................  1.06.......................................                         1.03
----------------------------------------------------------------------------------------------------------------

                                                 Substitution 4
----------------------------------------------------------------------------------------------------------------
                                             Existing Portfolio                 Replacement Portfolio
                                       -------------------------------------------------------------------------
                                        T. Rowe Price Equity Income    MainStay VP T. Rowe Price Equity Income
                                                 Portfolio                            Portfolio
----------------------------------------------------------------------------------------------------------------
Class I/Initial Class:
    Management Fee....................                         0.85  First $500 million: 0.80.
                                        ...........................  Over $500 million: 0.775.
                                        ...........................  Effective Rate: 0.80.
    12b-1 Fee.........................                         0.00  0.00.
    Other Expenses....................                         0.00  0.05.
    Total Gross Expenses..............                         0.85  0.85.
    Expense Waiver....................                         0.00  0.05.
    Total Net Expenses................                         0.85  0.80.
Class II/Service Class:
    Management Fee....................                         0.85  First $500 million: 0.80.
                                        ...........................  Over $500 million: 0.775.

                                        ...........................  Effective Rate: 0.80.
    12b-1 Fee.........................                         0.25  0.25.
    Other Expenses....................                         0.00  0.05.
    Total Gross Expenses..............                         1.10  1.10.
    Expense Waiver....................                         0.00  0.05.
    Total Net Expenses................                         1.10  1.05.
----------------------------------------------------------------------------------------------------------------

                             Substitution 5
------------------------------------------------------------------------
                               Existing Portfolio        Replacement
                             ----------------------       Portfolio
                                                   ---------------------
                                PIMCO Real Return     MainStay VP PIMCO
                                    Portfolio            Real Return
                                                          Portfolio
------------------------------------------------------------------------
Administrative Class/Initial
 Class:
    Management Fee..........                  0.50                  0.50
    Service Fees............                  0.15                  0.00
    Other Expenses..........                  0.01                  0.13
    Total Gross Expenses....                  0.66                  0.63
    Expense Waiver..........                  0.00                  0.00
    Total Net Expenses......                  0.66                  0.63
Adviser Class/Service Class:
    Management Fee..........                  0.50                  0.50
    12b-1 Fee...............                  0.25                  0.25
    Other Expenses..........                  0.01                  0.13
    Total Gross Expenses....                  0.76                  0.88
    Expense Waiver..........                  0.00                  0.12
    Total Net Expenses......                  0.76                  0.76
------------------------------------------------------------------------

                             Substitution 6
------------------------------------------------------------------------
                                      Existing           Replacement
                                     Portfolio            Portfolio
                                ----------------------------------------
                                                      MainStay VP DFA/
                                    UIF EMERGING       DuPont Capital
                                   Markets Equity     Emerging Markets
                                     Portfolio        Equity Portfolio
------------------------------------------------------------------------
Class I/Initial Class:
    Management Fee.............  First $500                         1.20
                                  million: 1.25.
                                 Next $500
                                  million: 1.20.
                                 Next $1.5
                                  billion: 1.15.
                                 Over $2.5
                                  billion: 1.00.
                                 Current: 1.22....
    12b-1 Fee..................  0.00.............                  0.00
    Other Expenses.............  0.39.............                  0.17
    Total Gross Expenses.......  1.61.............                  1.37
    Expense Waiver.............  0.01.............                  0.00
    Total Net Expenses.........  1.60.............                  1.37
Class II/Service Class:
    Management Fee.............  1.22.............                  1.20
    12b-1 Fee..................  0.35.............                  0.25
    Other Expenses.............  0.39.............                  0.17
    Total Gross Expenses.......  1.96.............                  1.62
    Expense Waiver.............  0.31.............                  0.00
    Total Net Expenses.........  1.65.............                  1.62
------------------------------------------------------------------------

                                                 Substitution 7
----------------------------------------------------------------------------------------------------------------
                                                             Existing Portfolio         Replacement Portfolio
                                                       ---------------------------------------------------------
                                                           Alger Small Cap Growth    MainStay VP Eagle Small Cap
                                                                 Portfolio                 Growth Portfolio
----------------------------------------------------------------------------------------------------------------
Class I-2/Initial Class:
    Management Fee....................................                         0.81                         0.81
    12b-1 Fee.........................................                         0.00                         0.00
    Other Expenses....................................                         0.14                         0.08

    Total Gross Expenses..............................                         0.95                         0.89
    Expense Waiver....................................                         0.00                         0.00
    Total Net Expenses................................                         0.95                         0.89
Class S Shares/Service Class:
    Management Fee....................................                         0.81                         0.81
    12b-1 Fee.........................................                         0.25                         0.25
    Other Expenses....................................                         0.16                         0.08
    Total Gross Expenses..............................                         1.22                         1.14
    Expense Waiver....................................                         0.00                         0.00
    Total Net Expenses................................                         1.22                         1.14
----------------------------------------------------------------------------------------------------------------

                             Substitution 8
------------------------------------------------------------------------
                               Existing Portfolio        Replacement
                             ----------------------       Portfolio
                                                   ---------------------
                                 Royce Small-Cap      MainStay VP Eagle
                                    Portfolio         Small Cap Growth
                                                          Portfolio
------------------------------------------------------------------------
Investment Class/Initial
 Class:
    Management Fee..........                  1.00                  0.81
    12b-1 Fee...............                  0.00                  0.00
    Other Expenses..........                  0.06                  0.08
    Total Gross Expenses....                  1.06                  0.89
    Expense Waiver..........                  0.00                  0.00
    Total Net Expenses......                  1.06                  0.89
------------------------------------------------------------------------

                                                 Substitution 9
----------------------------------------------------------------------------------------------------------------
                                                     Existing Portfolio                 Replacement Portfolio
                                       -------------------------------------------------------------------------
                                                                                MainStay VP Janus Balanced
                                             Calvert VP SRI Balanced Portfolio                Portfolio
----------------------------------------------------------------------------------------------------------------
Undesignated Shares/Initial Class:
    Management Fee*...................  First $500 million: 0.70...................                         0.55
                                        Next $500 million: 0.65.
                                        Over $1 billion: 0.60.
                                        Current: 0.70.
    12b-1 Fee.........................  0.00.......................................                         0.00
    Other Expenses....................  0.21.......................................                         0.05
    Total Gross Expenses..............  0.91.......................................                         0.60
    Expense Waiver....................  0.00.......................................                         0.02
    Total Net Expenses................  0.91.......................................                         0.58
----------------------------------------------------------------------------------------------------------------
* Fee shown for Existing Portfolio includes administrative fee of 0.275.

    12. NYLIAC represents that it will not to increase Separate Account
expenses under the Contracts affected by the Proposed Substitutions
during any period that the contractual limitation on Portfolio expenses
described in Section II.D.4 of the Application, is in place.
    13. The Substitutions are part of an ongoing effort by NYLIAC to
not only make its Contracts more attractive to existing and prospective
Contract Owners, but also to make the Contracts easier to administer.
The Section 26 Applicants believe the Proposed Substitutions will help
to accomplish these goals for several reasons. The Substitutions are
expected to result in the same or lower Portfolio operating expenses,
either on a gross basis or on a net basis as the result of contractual
expense waivers. In addition, the Substitutions will result in fewer
and more uniform disclosures and communications, which the Section 26
Applicants believe will enable Contract Owners to more easily locate,
compare, and evaluate the information about their investment options
under the Contracts. Because the Replacement Portfolios are managed by
an affiliate of NYLIAC, greater coordination and consolidation can
occur regarding the delivery of prospectuses, supplements, and other
disclosures and communications, thereby reducing the volume of mailings
a Contract Owner might otherwise receive. Subject to shareholder
approval of the Manager of Managers arrangement, the Substitutions also
will result in more investment options under the Contracts having the
improved portfolio manager selection afforded by MVPFT's Manager of
Managers Order. Moreover, the Substitutions will enable NYLIAC to more
efficiently administer those aspects of the Contracts that pertain to
Portfolios by enabling NYLIAC to work principally with its affiliate,
New York Life Investments, rather than several third party investment
advisers (``Advisers'') in different locations with different policies,
procedures, systems, and availability. Substitutions 7, 8, and 9

also will simplify the Portfolio offerings by eliminating overlapping
offerings that largely duplicate one another by having substantially
similar investment objectives, strategies, and risks.
    14. The Section 26 Applicants currently expect that the
Substitutions will be carried out on or about February 17, 2012, or on
a later date for certain VUL Policies due to administrative reasons
(each a ``Substitution Date'').
    15. The Substitutions will be described in supplements to the
applicable prospectuses for the Contracts filed with the Commission or
in other supplemental disclosure documents (collectively,
``Supplements'') and delivered to all affected Contract Owners at least
30 days before each applicable Substitution Date.
    16. Each Supplement will give the relevant Contract Owners notice
of NYLIAC's intent to substitute shares of the Existing Portfolios as
described in the Application on the Substitution Date. Each Supplement
also will advise Contract Owners that from the date of the Supplement
until the Substitution Date, Contract Owners are permitted to transfer
all of or a portion of their Contract value out of any Subaccount
investing in an Existing Portfolio (``Existing Portfolio Subaccount'')
to any other available Subaccounts offered under their Contracts
without the transfer being counted as a transfer for purposes of
transfer limitations and fees that would otherwise be applicable under
the terms of the Contracts.
    17. In addition, each Supplement will (a) Instruct Contract Owners
how to submit transfer requests in light of the Proposed Substitutions;
(b) advise Contract Owners that any Contract value remaining in an
Existing Portfolio Subaccount on the Substitution Date will be
transferred to a Subaccount investing in the corresponding Replacement
Portfolio (``Replacement Portfolio Subaccount''), and that the
Substitutions will take place at relative net asset value; (c) inform
Contract Owners that for at least thirty (30) days following the
Substitution Date, NYLIAC will permit Contract Owners to make transfers
of Contract value out of each Replacement Portfolio Subaccount to any
other available Subaccounts offered under their Contracts without the
transfer being counted as a transfer for purposes of transfer
limitations and fees that would otherwise be applicable under the terms
of the Contracts; and (d) inform Contract Owners that, except as
described in the market timing limitations section of the relevant
prospectus, NYLIAC will not exercise any rights reserved by it under
the Contracts to impose additional restrictions on transfers out of a
Replacement Portfolio Subaccount for at least thirty (30) days after
the Substitution Date.
    18. NYLIAC will send Contract Owners the prospectus for the
Replacement Portfolios in accordance with applicable legal
requirements. The prospectus for the Replacement Portfolio will
disclose and explain the substance and effect of the Manager of
Managers Order and will disclose that the Replacement Portfolios may
not rely on the Order without first obtaining shareholder approval. No
Replacement Portfolio will rely on the Manager of Managers Order unless
such action is approved by a majority of each Replacement Portfolio's
outstanding voting securities, as defined in the 1940 Act, at a meeting
whose record date is after the Proposed Substitutions have been
effected.
    19. Within five (5) business days after the Substitution Date,
Contract Owners will be sent a written confirmation of the completed
Substitutions in accordance with Rule 10b-10 under the Securities
Exchange Act of 1934, as amended. The confirmation statement will
include or be accompanied by a statement that reiterates the free
transfer rights disclosed in the Supplements.
    20. Each Substitution will take place at the applicable Existing
and Replacement Portfolios' relative per share net asset values
determined on the Substitution Date in accordance with Section 22 of
the 1940 Act and Rule 22c-1 thereunder. Accordingly, the Substitutions
will have no negative financial impact on any Contract Owner. Each
Substitution will be effected by having each Existing Portfolio
Subaccount redeem its Existing Portfolio shares in cash and/or in-kind
(as described in the Application) on the Substitution Date at net asset
value per share and purchase shares of the appropriate Replacement
Portfolio at net asset value per share calculated on the same date. In
the event that either the Manager or the relevant Subadvisor of a
Replacement Portfolio declines to accept, on behalf of the Replacement
Portfolio, securities redeemed in-kind by an Existing Portfolio, such
Existing Portfolio shall instead provide cash equal to the value of the
declined securities so that Contract Owners' Contract values will not
be adversely impacted or diluted.
    21. NYLIAC or an affiliate will pay all expenses and transaction
costs reasonably related to the Substitutions, including all legal,
accounting, and brokerage expenses relating to the Substitutions, the
above-described disclosure documents, and the Application. No costs of
the Substitutions will be borne directly or indirectly by Contract
Owners. Affected Contract Owners will not incur any fees or charges as
a result of the Substitutions, nor will their rights or the obligations
of NYLIAC under the Contracts be altered in any way. The Substitutions
will not cause the fees and charges under the Contracts currently being
paid by Contract Owners to be greater after the Substitutions than
before the Substitutions.
    22. The Manager will enter into a written contract with the
Replacement Portfolios whereby during the two years following the
Substitution Date the annual net operating expenses of each Replacement
Portfolio will not exceed the annual net operating expenses of each
corresponding Existing Portfolio for the fiscal year ended December 31,
2010.

Applicants' Legal Analysis

    1. Section 26(c) of the 1940 Act makes it unlawful for any
depositor or trustee of a registered unit investment trust holding the
security of a single issuer to substitute another security for such
security unless the Commission approves the substitution. Section 26(c)
requires the Commission to issue an order approving a substitution if
the evidence establishes that it is consistent with the protection of
investors and the purposes fairly intended by the policy and provisions
of the 1940 Act.
    2. The Section 26 Applicants assert that the terms and conditions
of the Substitutions are consistent with the principles and purposes of
Section 26(c) and do not entail any of the abuses that Section 26(c) is
designed to prevent. The Substitutions will not result in the type of
costly forced redemption that Section 26(c) was intended to guard
against and, for the following reasons, are consistent with the
protection of investors and the purposes fairly intended by the 1940
Act:
    (a) The costs reasonably related to the Substitutions will be borne
by NYLIAC or an affiliate and will not be borne by Contract Owners. No
charges will be assessed to the Contract Owners to effect the
Substitutions.
    (b) The Substitutions will be effected, in all cases, at the
relative net asset values of the shares of the Existing and Replacement
Portfolios, without the imposition of any transfer or similar charge
and with no change in the amount of any Contract Owner's Contract
value.
    (c) The Substitutions will not cause the fees and charges under the
Contracts currently being paid by Contract

Owners to be greater after the Substitutions than before the
Substitutions, and in each case will result in Contract Owners'
Contract values being moved to a Replacement Portfolio with the same or
lower total expenses than those of the corresponding Existing
Portfolio.
    (d) Expense limits will be in place for two years following the
Substitution Date to assure that Contract Owners investing in
Replacement Portfolio Subaccounts will not incur expenses following the
Substitutions that are higher than what they were prior to the
Substitutions when they invested in the Existing Portfolio Subaccounts.
    (e) All affected Contract Owners will be given notice of the
Substitutions prior to the Substitution Date and will have an
opportunity to reallocate their Contract value among other available
Subaccounts without the imposition of any charge or limitation (unless
such transfers are made in connection with market timing or other
disruptive trading activity), thereby minimizing the likelihood of
being invested through a Subaccount in an undesired Portfolio.
    (f) The Substitutions will in no way alter the insurance benefits
to Contract Owners or the contractual obligations of NYLIAC.
    (g) The Substitutions will in no way alter the tax treatment of
Contract Owners in connection with their Contracts, and no tax
liability will arise for Contract Owners as a result of the
Substitutions.
    (h) No Replacement Portfolio will rely on the Manager of Managers
Order unless such action is approved by a majority of each Replacement
Portfolio's outstanding voting securities, as defined in the 1940 Act,
at a meeting whose record date is after the Proposed Substitutions have
been effected.
    4. The Section 17 Applicants request that the Commission issue an
order pursuant to Section 17(b) of the 1940 Act exempting them from the
provisions of Section 17(a) of the 1940 Act to the extent necessary to
permit them to carry out the In-Kind Transactions.
    5. Section 17(a)(1) of the 1940 Act, in relevant part, prohibits
any affiliated person of a registered investment company, or any
affiliated person of such a person, acting as principal, from knowingly
selling any security or other property to that company. Section
17(a)(2) of the 1940 Act generally prohibits the same persons, acting
as principals, from knowingly purchasing any security or other property
from the registered investment company.
    6. Section 17(b) of the 1940 Act provides that the Commission may,
upon application, issue an order exempting any proposed transaction
from the provisions of Section 17(a) if evidence establishes that: (1)
The terms of the proposed transaction, including the consideration to
be paid or received, are reasonable and fair and do not involve
overreaching on the part of any person concerned; (2) the proposed
transaction is consistent with the policy of each registered investment
company concerned, as recited in its registration statement and reports
filed under the 1940 Act; and (3) the proposed transaction is
consistent with the general purposes of the 1940 Act.
    7. Certain Existing and Replacement Portfolios may be deemed to be
affiliated persons of one another, or affiliated persons of an
affiliated person. Shares held by a separate account of an insurance
company are legally owned by the insurance company. Currently, NYLIAC,
through its Separate Accounts, owns more than 25% of the shares of each
Existing Portfolio other than the PIMCO Real Return Portfolio (NYLIAC
currently owns less than 5% of the PIMCO Real Return Portfolio), and
therefore may be deemed to be a control person of these Existing
Portfolios. In addition, New York Life Investments, as the Manager of
the Replacement Portfolios, may be deemed to be a control person
thereof. Because NYLIAC and New York Life Investments are under common
control, entities that they control likewise may be deemed to be under
common control, and thus affiliated persons of each other,
notwithstanding the fact that the Contract Owners may be considered the
beneficial owners of those shares held in the Separate Accounts.
    8. These Existing Portfolios and the Replacement Portfolios also
may be deemed to be affiliated persons of affiliated persons. This
result follows from the fact that, regardless of whether NYLIAC can be
considered to control these Existing and Replacement Portfolios, NYLIAC
may be deemed to be an affiliated person thereof because it, through
its Separate Accounts, owns of record 5% or more of the outstanding
shares of such Portfolios. In addition, NYLIAC may be deemed an
affiliated person of the Replacement Portfolios because its affiliate,
New York Life Investments, may be deemed to control the Replacement
Portfolios by virtue of serving as their investment adviser. As a
result of these relationships, each of these Existing Portfolios may be
deemed to be an affiliated person of an affiliated person (NYLIAC or
the Separate Accounts) of the Replacement Portfolios, and vice versa.
    9. The proposed In-Kind Transactions, therefore, could be seen as
the indirect purchase of shares of a Replacement Portfolio with
portfolio securities of the corresponding Existing Portfolio and
conversely the indirect sale of portfolio securities of the Existing
Portfolio for shares of the corresponding Replacement Portfolio. The
proposed In-Kind Transactions also could be categorized as a purchase
of shares of the Replacement Portfolio by the Existing Portfolio,
acting as principal, and a sale of portfolio securities by the Existing
Portfolio, acting as principal, to the Replacement Portfolio. In
addition, the proposed In-Kind Transactions could be viewed as a
purchase of securities from the Existing Portfolio and a sale of
securities to the Replacement Portfolio by NYLIAC (or the Separate
Accounts), acting as principal. If characterized in this manner, the
proposed In-Kind Transactions may be deemed to contravene Section 17(a)
due to the affiliated status of these entities.
    10. The Section 17 Applicants maintain that the terms of the
proposed In-Kind Transactions, including the consideration to be paid
and received, as described in this Application, are reasonable and fair
and do not involve overreaching on the part of any person concerned
because: (1) The proposed In-Kind Transactions will be effected at the
respective net asset values of the Existing Portfolio and the
Replacement Portfolio involved, as determined in accordance with the
procedures disclosed in their respective registration statements and as
required by Rule 22c-1 under the 1940 Act, and, therefore, will not
adversely affect or dilute the interests of Contract Owners; and (2)
the proposed In-Kind Transactions will comply with the conditions set
forth in Rule 17a-7 and the 1940 Act, other than the requirement
relating to cash consideration. Even though the proposed In-Kind
Transactions will not comply with the cash consideration requirement of
paragraph (a) of Rule 17a-7, the terms of the proposed In-Kind
Transactions will offer to the relevant Existing and Replacement
Portfolios the same degree of protection from overreaching that Rule
17a-7 generally provides in connection with the purchase and sale of
securities under that Rule in the ordinary course of business. In
particular, the Section 17 Applicants cannot effect the proposed In-
Kind Transactions at a price that is disadvantageous to either an
Existing Portfolio or a Replacement Portfolio, and the proposed In-Kind
Transactions will not occur absent an exemptive order from the
Commission.
    11. The Section 17 Applicants also submit that the proposed In-Kind

Transactions will be consistent with the policies of each of the
Existing Portfolios and the Replacement Portfolios involved in such
Transactions, as recited in their current registration statement and
reports filed with the Commission. Finally, the Section 17 Applicants
submit that the proposed In-Kind Transactions are consistent with the
general purposes of the 1940 Act.

Conclusion

    For the reasons set forth in the Application, the Section 26
Applicants request that the Commission issue an order of approval
pursuant to Section 26(c) of the 1940 Act and the Section 17
Applications request an order of exemption pursuant to Section 17(b) of
the 1940 Act.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-1482 Filed 1-24-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 236 (Thursday, December 8, 2011)]
[Notices]
[Pages 76790-76791]
[FR Doc No: 2011-31479]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65871; File No. SR-DTC-2011-09]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing of Proposed Rule Change To Modify a Practice in Order
To Mitigate Systemic Risk, Specifically Liquidity Related, Associated
With DTC End of Day Net Funds Settlement

 December 2, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 \2\ thereunder notice is hereby given that
on November 21, 2011, 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).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    As more fully set forth below, the proposed change DTC is proposing
to temporarily reduce each Participant's maximum net debit cap for
night cycle processing of valued transactions over weekends and
holidays and to restore such debit cap at the start of day cycle
processing for the next settlement date (i.e., the first business day
following the weekend or holiday).

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 Corporation 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. The Corporation 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

    (i) Under the proposed change, DTC would temporarily reduce each
Participant's maximum net debit cap for night cycle processing \3\ of
valued transactions over weekends and holidays and would restore such
debit cap at the start of day cycle processing for the next settlement
date (i.e., the first business day following the weekend or holiday).
In doing so, DTC believes it would reduce the systemic risk associated
with a liquidity shortfall and would enhance the safety and soundness
of the U.S. settlement system.
---------------------------------------------------------------------------

    \3\ DTC processes settlement in two cycles per business day: (i)
A night cycle that begins at approximately 9 p.m. and finishes at
approximately 11:30 p.m. and (ii) a day cycle that begins at
approximately 3 a.m. and completes at 3:30 p.m. For Monday
settlement, the night cycle begins on the preceding Friday evening
at 9 p.m. and ends at 11:30 p.m. that night; the day cycle does not
begin until 3 a.m. on Monday.
---------------------------------------------------------------------------

Background on DTC Settlement and the Net Debit Cap Control
    DTC's Settlement System is structured so that Participants may make
intraday book-entry deliveries versus payment of securities held in
their DTC accounts. These transfers generate debits to the settlement
account of each receiving Participant and credits to the settlement
account of each delivering Participant. As debits and credits of
multiple transactions net over the course of the business day a
Participant will have either a net debit balance or net credit balance
from time to time and at settlement will be in either a net debit or
net credit balance position. Participants having a net debit balance
for settlement owe payments of the amount of the net debit to DTC. In
order that DTC has the resources to achieve end-of-day settlement among
non-defaulting Participants, DTC maintains liquidity resources
sufficient to complete settlement, notwithstanding the failure of its
largest Participant to pay, by covering the net debit balance of a
defaulting Participant. The key risk management control in this process
is the net debit cap, which limits the net debit balance of a
Participant, intraday and at settlement, to available liquidity
resources. (The net debit balance must also be collateralized by
sufficient collateral measured by the collateral monitor risk control.)
DTC assigns a net debit cap to each Participant based on the
Participant's activity and currently limits the maximum net debit cap
for a Participant to $1.8 billion and for a family of related
Participants to $3 billion aggregate.\4\ This settlement structure is
designed to support the efficient recycling of intraday liquidity to
facilitate the settlement of transactions while limiting systemic risk
due to Participant failure.
---------------------------------------------------------------------------

    \4\ These net debit caps are supported by $3.2 billion of
liquidity resources at DTC in the form of a $1.3 billion all-cash
Participants Fund and a $1.9 billion committed line of credit
available for settlement in the event that a Participant fails to
pay its net debit balance at settlement.
---------------------------------------------------------------------------

    With Friday night cycle processing over weekends and holidays,
however, Participants may accrue net debit balances for end-of-day
settlement on the next business day, which is two to three calendar
days away from the actual settlement. DTC has recognized that during
such extended processing, external credit events may occur, including,
in particular, the possibility of a weekend insolvency.
Change in Night Cycle Processing
    To address the liquidity risk \5\ over the extended periods for
weekends and holidays, DTC is proposing to reduce the maximum net debit
cap temporarily over the extended period for any Participant or any
family of related Participants to $1.5 billion at the open of night
cycle processing on any DTC business day for which the succeeding
calendar day is not a business day. DTC would then restore the net
debit cap of any affected Participant to its full net debit cap at the
open of day cycle processing for the next business day in the ordinary
course of business.\6\
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    \5\ ``Liquidity risk'' refers to the financial risk associated
with access to liquidity to cover the failure of a Participant to
fund its net settlement obligation to DTC.
    \6\ Today, DTC may reduce a Participant's net debit cap (see,
e.g., DTC Rule 1, definition of Net Debit Cap which permits DTC to
set the Net Debit Cap of a Participant at ``any other amount
determined by [DTC], in its sole discretion.''). Accordingly, after
a temporary weekend or holiday reduction as proposed herein, DTC may
elect not to restore the net debit cap of any affected Participant.
By way of example only, and in line with the purpose of this
proposed change in practice, DTC would not expect to restore the net
debit cap of a Participant that had become insolvent in the
intervening non-business days or as to which DTC is concerned with
its credit status. (DTC would take the same approach to holidays,
that is, whenever two business days are not successive.)
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Risk Reduction and Anticipated Minimal Settlement System and
Participant Impact
    The purpose of this proposed change in processing practice is to
minimize systemic risk to U.S. markets and to DTC Participants as well
as to minimize direct liquidity risk to DTC by the

management of net debit balances over extended processing periods such
as weekends and holidays.
    The highest net debit caps at DTC are established primarily to
support the settlement of Money Market Instrument (``MMI'')
transactions. MMI transactions are high value, same day settling
transactions that are processed principally in the afternoon on any
settlement day. Because these transactions are processed during the day
cycle only, they should not be affected by the proposed modification to
processing in the night-cycle for weekends and holidays.
    In order to determine the potential effects of lowering the net
debit caps for certain night cycle processing as proposed in this rule
filing, DTC conducted a simulation study in which the maximum net debit
cap for a Participant and for a Participant family was set at $1.5
billion. The study found that net debit cap related blockage increased
by only 1.13% on average, representing a gross value of approximately
$913 million out of approximately $70 billion processed in each night
cycle for settlement on the next business day. For Participants that
might encounter transaction blockage, this blockage could be further
minimized at their discretion by improving their processing systems by
instructing deliveries versus payment that would generate credits to
offset debits. With the proposed revised practice, at the time net
debit caps are restored for same-day settlement, any transactions that
pending due to the lower net debit cap would be reprocessed and would
be completed at the start of the day cycle, assuming no other
changes.\7\ DTC recognizes that this change in practice may affect
transaction management for certain Participants and has taken the
initiative to discuss the proposal with all of those Participants and
has received no objections. Certain Participants indicated that they
would consider changes that could lessen the impact by implementing
their own night cycle process improvements.
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    \7\ The Participants with increased blockage in the simulation
often have large net debits in the night cycle because they do not
send in Night Deliver Orders (``NDOs'') or they exempt or withhold
from night cycle processing many or all of their Institutional
Deliveries that would otherwise create credits.
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    Accordingly, DTC submits that the proposed rule change would
mitigate systemic risk due to any potential shortfall in liquidity
associated with net settlement failure with only minimal Participant
and processing impact.
    (ii) The proposed rule change is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to DTC
as well as with the CPSS/IOSCO Recommendations for Securities
Settlement Systems applicable to DTC in that it supports efficient,
timely, and final net funds settlement. The proposed change is designed
to facilitate the prompt and accurate clearance and settlement of
securities transactions by promoting efficiencies and enhancing the
risk management controls associated with the funds settlement of
securities transactions.

B. Self-Regulatory Organization's Statement on Burden on Competition

    DTC does not believe that the proposed rule change will 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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) As the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission shall:
(a) By order approve or disapprove such proposed rule change or (b)
institute proceedings to determine whether the proposed rule change
should be disapproved.

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 email to<EMAIL_ADDRESS>Please include
File Number SR-DTC-2011-09 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-DTC-2011-09. This file
number should be included on the subject line if email 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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at DTC's principal office 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-2011-09 and
should be submitted on or before December 29, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-31479 Filed 12-7-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 23 (Wednesday, February 4, 2015)]
[Notices]
[Pages 6168-6169]
[FR Doc No: 2015-02162]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2015-0005]

Petition for Waiver of Compliance

    In accordance with Part 211 of Title 49 Code of Federal Regulations
(CFR), this document provides the public notice that by a document
dated November 11, 2014, Big Spring Rail System (BSR), has petitioned
the Federal Railroad Administration (FRA) for a waiver of compliance
from certain provisions of the Federal hours of service laws contained
at 49 U.S.C. 21103(a)(4). FRA assigned the petition Docket Number FRA-
2015-0005.
    In its petition, BSR seeks relief from 49 U.S.C. 21103(a)(4),
which, in part, requires a train employee to receive 48 hours off duty
after initiating on-duty periods for 6 consecutive days. Specifically,
BSR seeks a waiver to allow a train employee to initiate an on-duty
period, each day, for 6 consecutive days followed by 24 hours off duty.
In support of the request, BSR explained that its operations are
limited to a 2.4-mile long single track with 1 siding capable of
holding 12 cars. The BSR also explained that it only has three
operating employees that never work more than 10 hours in a duty tour
or exceed 276 hours performing service for the railroad in a calendar
month.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov and in person at

the U.S. Department of Transportation's (DOT) Docket Operations
Facility, 1200 New Jersey Avenue SE., W12-140, Washington, DC 20590.
The Docket Operations Facility is open from 9 a.m. to 5 p.m., Monday
through Friday, except Federal Holidays.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted by any of the following
methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal Holidays.
    Communications received by March 23, 2015 will be considered by FRA
before final action is taken. Comments received after that date will be
considered as far as practicable.
    Anyone is able to search the electronic form of any written
communications and comments received into any of our dockets by the
name of the individual submitting the comment (or signing the document,
if submitted on behalf of an association, business, labor union, etc.).
In accordance with 5 U.S.C. 553(c), DOT solicits comments from the
public to better inform its processes. DOT posts these comments,
without edit, including any personal information the commenter
provides, to www.regulations.gov, as described in the system of records
notice (DOT/ALL-14 FDMS), which can be reviewed at www.dot.gov/privacy.
See also http://www.regulations.gov/#!privacyNotice for the privacy
notice of regulations.gov.

    Issued in Washington, DC, on January 28, 2015.
Ron Hynes,
Director, Office of Technical Oversight.
[FR Doc. 2015-02162 Filed 2-3-15; 8:45 am]
BILLING CODE 4910-06-P