1 Date: August 25, 2003 Subject: Telephone Conference Summary  EPA and representatives from U. S. Steel From: Chris Sarsony, Alpha Gamma To: Docket OAR 2002 0039 I. Purpose The primary purpose of the meeting was for U. S. Steel to present the findings of their analysis of daily average pressure drop calculations for venturi rod scrubbers on their furnaces.

II. Date June 3, 2003 III. Attendees U. S. Environmental Protection Agency Conrad Chin, OAQPS/ ESD/ MG Taconite industry representatives Larry Salmela, U. S. Steel Bill Kubiak, U. S. Steel Alpha Gamma Technologies Chris Sarsony IV. Discussion U. S. Steel presented pressure drop data for the venturi rod scrubber on indurating furnace lines 4, 5, 6 and 7. They found that the daily average pressure drop is fairly consistent for each of the furnaces:

Line 4  7.5 to 10.5 inches of p. d. Line 5  8 to 10 inches of p. d. Line 6  5 to 8 inches of p. d. Line 7  6 to 8 inches of p. d.

The graphs and data submitted by U. S. Steel can be found in the docket ( OAR 2002 0039) as item IV D 45. Based on their analysis, U. S. Steel concluded that they could establish and comply with a daily average pressure drop operating limit for their venturi rod deck scrubbers. OAR 2002 0039 IV E 18


[Federal Register Volume 85, Number 141 (Wednesday, July 22, 2020)]
[Rules and Regulations]
[Page 44190]
[FR Doc No: 2020-15705]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2020-0438]

Special Local Regulation; Olympia Harbor Days Tug Boat Races,
Budd Inlet, WA

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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

SUMMARY: The Coast Guard will enforce Special Local Regulations for the
Olympia Harbor Days Tug Boat Races, Budd, Inlet, WA, from 11 a.m. until
4 p.m. on September 6, 2020. This action is necessary to limit vessel
movement within the specified race area immediately prior to, during,
and immediately after racing activity in order to ensure the safety of
participants, spectators, and the maritime public. Entry into, transit
through, mooring, or anchoring within the specified race area is
prohibited unless authorized by the Captain of the Port Puget Sound or
Designated Representatives.

DATES: The regulations in 33 CFR 100.1309 will be enforced from 11 a.m.
until 4 p.m. on September 6, 2020.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
notice of enforcement, call or email CWO2 William E. Martinez, Sector
Puget Sound Waterways Management Division, U.S. Coast Guard; telephone
206-217-6051, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce Special Local
Regulations for Olympia Harbor Days Tug Boat Races, Budd Inlet, WA in
33 CFR 100.1309(a), which encompasses approximately 2 nautical miles of
the navigable waters in Budd Inlet south of Big Tykle Cove to west of
Priest Point.
    Under the provisions of 33 CFR 100.1309, the regulated area shall
be closed immediately prior to, during, and immediately after the event
to all persons and vessels not participating in the event and
authorized by the event sponsor. This action is necessary to ensure the
safety of participants, spectators, and the maritime public. Entry
into, transit through, mooring, or anchoring within the specified race
area is prohibited unless authorized by the Captain of the Port Puget
Sound or Designated Representatives. All persons or vessels who desire
to enter the race area while it is enforced must obtain permission from
the on-scene patrol craft on VHF-FM channel 13.
    In addition to this notice of enforcement in the Federal Register,
the Coast Guard will provide notification of this enforcement period
via the Local Notice to Mariners. If the Captain of the Port determines
that the regulated area need not be enforced for the full duration
stated in this notice, she may use a Broadcast Notice to Mariners to
grant general permission to enter the regulated area.

    Dated: July 14, 2020.
L.A. Sturgis,
Captain, U.S. Coast Guard, Captain of the Port Puget Sound.
[FR Doc. 2020-15705 Filed 7-21-20; 8:45 am]
BILLING CODE 9110-04-P


U.S. ENVIRONMENTAL PROTECTION AGENCY

Farm, Ranch, and Rural Communities

Federal Advisory Committee

September 8-10, 2008

InterContinental Kansas City at The Plaza

401 Ward Parkway

Kansas City, MO  64112

Telephone:<PHONE_NUMBER>

AGENDA

Monday, September 8, 2008

8:30 am	REGISTRATION (Hotel)

9:00		Call to Order and Meeting Commencement

Jim Moseley, Chair, FRRCC

9:20	Opening Remarks

Mark Joyce, Associate Director, Office of Cooperative Environmental
Management

9:25	Introductory Remarks

John Askew, Regional Administrator, EPA Region Seven

9:30	Welcoming Remarks and Discussion

Stephen L. Johnson, Administrator, EPA

Edward T. Schafer, Secretary, USDA

10:45		MORNING BREAK

11:00	Presentations

Joe Jobe, Chief Executive Officer, National Biodiesel Board (20 min.
presentation, 25 min. Q&A)

Geoff Cooper, Director of Research, Renewable Fuels Association (20 min.
presentation, 25 min. Q&A)

12:30 pm	BREAK FOR LUNCH

2:00	EPA Updates: Sally Shaver, Acting Counselor to the Administrator
for Agricultural Policy, EPA

2:30	Administrative Matters: Christopher Ashcraft, Assistant DFO, FRRCC

2:40		Workgroup Next Steps: Jim Moseley, Chair, FRRCC

Workgroup Goals

Workgroup Assignments

Workgroup Relationships w/ EPA Program Offices

Workgroup Meeting Schedule (Monthly Phone Conferences)

3:00		Public Comment Session

3:30		AFTERNOON BREAK

3:45	Workgroup Breakout Sessions (EPA programmatic contacts meet with
respective workgroups)

5:45		ADJOURN

6:30		Field Trip and Discussion with the Agricultural Business Council
of Kansas City

Tuesday, September 9, 2008

Committee members will engage in fact-gathering activities on Tuesday,
September 9.

Wednesday, September 10, 2008

7:30 am	REGISTRATION (Hotel)

8:00	Workgroup Breakout Sessions (EPA programmatic contacts meet with
respective workgroups)

10:00		MORNING BREAK

10:15	Call to Order, Plenary Workgroup Presentation Session: moderated
by Jim Moseley, Chair, FRRCC

Climate Change Workgroup

Livestock Workgroup

Emerging Issues Workgroup

12:00	pm	FRRCC Next Steps: moderated by Jim Moseley, Chair, FRRCC

Next Committee Meeting (when, where, topics for discussion)

Workgroup Assignments

Workgroup Meeting Schedule

Other Business, as Needed

12:30		Public Comment Session

1:00		ADJOURN

 PAGE

 PAGE   1


[Federal Register Volume 83, Number 146 (Monday, July 30, 2018)]
[Notices]
[Pages 36652-36655]
[FR Doc No: 2018-16154]

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

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 33168; 812-14853]

OFI Carlyle Private Credit Fund and OC Private Capital, LLC;
Notice of Application

July 24, 2018.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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

    Notice of an application under section 6(c) of the Investment
Company Act of 1940 (the ``Act'') for an exemption from sections
18(a)(2), 18(c), and 18(i) of the Act, pursuant to sections 6(c) and
23(c) of the Act, granting an exemption from rule 23c-3 under the Act,
and for an order pursuant to section 17(d) of the Act and rule 17d-1
under the Act.

Summary of Application:  Applicants request an order to permit certain
registered closed-end management investment companies to issue multiple
classes of shares of beneficial interest (``Shares'') and to impose
asset-based service and/or distribution fees and early withdrawal
charges.

Applicants:  OFI Carlyle Private Credit Fund (the ``Initial Fund'') and
OC Private Capital, LLC (the ``Adviser'').

Filing Dates:  The application was filed on December 15, 2017, and
amended on March 26, 2018, June 6, 2018, and July 3, 2018.

Hearing or Notification of Hearing:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by 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 August 17, 2018, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the
Commission's Secretary.

ADDRESSES:  Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549-1090; Applicants, 6803 South Tucson
Way, Centennial, Colorado 80112.

FOR FURTHER INFORMATION CONTACT:  Kieran G. Brown, Senior Counsel, at
(202) 551-6773 or Nadya B. Roytblat, Assistant Director, at (202) 551-
6825 (Division of Investment Management, Chief Counsel's Office).

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

Applicants' Representations

    1. The Initial Fund is a Delaware statutory trust that is
registered under the Act as a non-diversified, closed-end management
investment company. The Initial Fund's investment objective is to
produce current income by opportunistically allocating its assets
across a wide range of credit strategies.
    2. The Adviser, a Delaware limited liability company, is registered
as an investment adviser under the Investment Advisers Act of 1940. The
Adviser serves as investment adviser to the Initial Fund.
    3. The applicants seek an order to permit the Initial Fund to issue
multiple classes of Shares, each having its own fee and expense
structure, and to impose asset-based service and/or distribution fees
and early withdrawal charges.
    4. Applicants request that the order also apply to any other
registered closed-end management investment company that conducts a
continuous offering of its shares, existing now or in the future, for
which the Adviser, its successors,\1\ or any entity controlling,
controlled by, or under common control with the Adviser, or its
successors, acts as investment adviser, and which provides periodic
liquidity with respect to its Shares through tender offers conducted in
compliance with either rule 23c-3 under the Act or rule 13e-4 under the
Securities Exchange Act of 1934 (the ``1934 Act'') (each such closed-
end investment company, a ``Future Fund'' and, together with the
Initial Fund, each, a ``Fund'' and collectively, the ``Funds'').\2\
---------------------------------------------------------------------------

    \1\ A successor in interest is limited to an entity that results
from a reorganization into another jurisdiction or a change in the
type of business organization.
    \2\ The Initial Fund and any Future Fund relying on the
requested relief will do so in a manner consistent with the terms
and conditions of the application. Applicants represent that any
person presently intending to rely on the requested relief is listed
as an applicant.
---------------------------------------------------------------------------

    5. The Initial Fund currently issues a single class of Shares (the
``Initial Class Shares''). The Shares are currently being offered on a
continuous basis pursuant to a registration statement under the
Securities Act of 1933 at their net asset value per share plus the
applicable sales load. The Initial Fund, as a closed-end investment
company, does not continuously redeem Shares as does an open-end
management investment company. Shares of the Initial Fund are not
listed on any securities exchange and do not trade on an over-the-
counter system such as NASDAQ. Applicants do not expect that any
secondary market will ever develop for the Shares.
    6. If the requested relief is granted, the Initial Fund intends to
offer multiple classes of Shares, such as the Initial Class Shares and
a new Share class (the ``New Class Shares''), or any other classes.
Because of the different distribution fees, shareholder services fees,
and any other class expenses that may be attributable to the different
classes, the net income attributable to, and any dividends payable on,
each class of Shares may differ from each other from time to time.

    7. Applicants state that, from time to time, the Board of a Fund
may create additional classes of Shares, or may vary the
characteristics described of the Initial Class and New Class Shares,
including without limitation, in the following respects: (1) The amount
of fees permitted by different distribution plans or different service
fee arrangements; (2) voting rights with respect to a distribution plan
of a class; (3) different class designations; (4) the impact of any
class expenses directly attributable to a particular class of Shares
allocated on a class basis as described in the application; (5)
differences in any dividends and net asset values per Share resulting
from differences in fees under a distribution plan or in class
expenses; (6) any early withdrawal charge or other sales load
structure; and (7) any exchange or conversion features, as permitted
under the Act.
    8. Applicants state that, in order to provide some liquidity to
shareholders, the Initial Fund is structured as an ``interval fund''
and makes quarterly offers to repurchase between 5% and 25% of its
outstanding Shares at net asset value, pursuant to rule 23c-3 under the
Act, unless such offer is suspended or postponed in accordance with
regulatory requirements. Any other investment company that intends to
rely on the requested relief will provide periodic liquidity to
shareholders in accordance with either rule 23c-3 under the Act or rule
13e-4 under the 1934 Act.
    9. Applicants represent that any asset-based service and/or
distribution fees of a Fund will comply with the provisions of Rule
2341 of the Rules of the Financial Industry Regulatory Authority
(``FINRA Rule 2341'') as if that rule applied to the Fund.\3\
Applicants also represent that each Fund will disclose in its
prospectus the fees, expenses and other characteristics of each class
of Shares offered for sale by the prospectus, as is required for open-
end, multiple class funds under Form N-1A. As is required for open-end
funds, each Fund will disclose its expenses in shareholder reports, and
describe any arrangements that result in breakpoints in, or elimination
of, sales loads in its prospectus.\4\ In addition, applicants will
comply with applicable enhanced fee disclosure requirements for fund of
funds, including registered funds of hedge funds.\5\
---------------------------------------------------------------------------

    \3\ Any references to FINRA Rule 2341include any successor or
replacement rule that may be adopted by the Financial Industry
Regulatory Authority (``FINRA'').
    \4\ See Shareholder Reports and Quarterly Portfolio Disclosure
of Registered Management Investment Companies, Investment Company
Act Release No. 26372 (Feb. 27, 2004) (adopting release) (requiring
open-end investment companies to disclose fund expenses in
shareholder reports); and Disclosure of Breakpoint Discounts by
Mutual Funds, Investment Company Act Release No. 26464 (June 7,
2004) (adopting release) (requiring open-end investment companies to
provide prospectus disclosure of certain sales load information).
    \5\ Fund of Funds Investments, Investment Company Act Rel. Nos.
26198 (Oct. 1, 2003) (proposing release) and 27399 (Jun. 20, 2006)
(adopting release). See also rules 12d1-1, et seq. of the Act.
---------------------------------------------------------------------------

    10. Each Fund and its distributor (the ``Distributor'') will also
comply with any requirements that may be adopted by the Commission or
FINRA regarding disclosure at the point of sale and in transaction
confirmations about the costs and conflicts of interest arising out of
the distribution of open-end investment company shares, and regarding
prospectus disclosure of sales loads and revenue sharing arrangements
as if those requirements applied to the Fund and the Distributor. Each
Fund or the Distributor will contractually require that any other
distributor of the Fund's Shares comply with such requirements in
connection with the distribution of Shares of the Fund.
    11. Each Fund will allocate all expenses incurred by it among its
various classes of Shares based on the net assets of the Fund
attributable to each class, except that the net asset value and
expenses of each class will reflect distribution fees, service fees,
and any other incremental expenses of that class. Expenses of a Fund
allocated to a particular class of the Fund's Shares will be borne on a
pro rata basis by each outstanding Share of that class. Applicants
state that each Fund will comply with the provisions of rule 18f-3
under the Act as if it were an open-end investment company.
    12. Applicants state that the Initial Fund does not intend to offer
any exchange privilege or conversion feature, but any such privilege or
feature introduced in the future by a Fund will comply with rule 11a-1,
rule 11a-3, and rule 18f-3 as if the Fund were an open-end investment
company.
    13. Applicants state that the Initial Fund does not currently
intend to impose an early withdrawal charge. However, in the future a
Fund may impose an early withdrawal charge on shares submitted for
repurchase that have been held less than a specified period. The Fund
may waive the early withdrawal charge for certain categories of
shareholders or transactions to be established from time to time.
Applicants state that each Fund will apply the early withdrawal charge
(and any waivers or scheduled variations of the early withdrawal
charge) uniformly to all shareholders in a given class and consistently
with the requirements of rule 22d-1 under the Act as if the Fund was an
open-end investment company.
    14. The Initial Fund, operating as an interval fund pursuant to
rule 23c-3 under the Act, does not intend to, but a Fund may, offer its
shareholders an exchange feature under which the shareholders of the
Fund may, in connection with the Fund's periodic repurchase offers,
exchange their Shares of the Fund for shares of the same class of (i)
registered open-end investment companies or (ii) other registered
closed-end investment companies that comply with rule 23c-3 under the
Act and continuously offer their shares at net asset value, that are in
the Fund's group of investment companies (collectively, the ``Other
Funds''). Shares of a Fund operating pursuant to rule 23c-3 that are
exchanged for shares of Other Funds will be included as part of the
repurchase offer amount for such Fund as specified in rule 23c-3 under
the Act. Any exchange option will comply with rule 11a-3 under the Act,
as if the Fund were an open-end investment company subject to rule 11a-
3. In complying with rule 11a-3 under the Act, each Fund will treat an
early withdrawal charge as if it were a contingent deferred sales load.
    15. Applicants state that the Initial Fund does not currently
intend to impose a repurchase fee, but may do so in the future.\6\ If a
Fund charges a repurchase fee, Shares of the Fund will be subject to a
repurchase fee at a rate of no greater than 2% of the shareholder's
repurchase proceeds if the interval between the date of purchase of the
Shares and the valuation date with respect to the repurchase of those
Shares is less than one year. Repurchase fees, if charged, will equally
apply to all classes of Shares of the Fund, consistent with section 18
of the Act and rule 18f-3 thereunder. To the extent a Fund determines
to waive, impose scheduled variations of, or eliminate a repurchase
fee, it will do so consistently with the requirements of rule 22d-1
under the Act as if the repurchase fee were a contingent deferred sales
load and as if the Fund were a registered open-end investment company
and the Fund's waiver of, scheduled variation in, or elimination of,
the repurchase fee will

apply uniformly to all shareholders of the Fund regardless of class.
---------------------------------------------------------------------------

    \6\ Unlike a distribution-related charge, the repurchase fee is
payable to the Fund to compensate long-term shareholders for the
expenses related to shorter-term investors, in light of the Fund's
generally longer-term investment horizons and investment operations.
---------------------------------------------------------------------------

Applicants' Legal Analysis

Multiple Classes of Shares

    1. Section 18(a)(2)(A) and (B) makes it unlawful for a registered
closed-end investment company to issue a senior security that is a
stock unless (a) immediately after such issuance it will have an asset
coverage of at least 200% and (b) provision is made to prohibit the
declaration of any distribution, upon its common stock, or the purchase
of any such common stock, unless in every such case such senior
security has at the time of the declaration of any such distribution,
or at the time of any such purchase, an asset coverage of at least 200%
after deducting the amount of such distribution or purchase price, as
the case may be. Applicants state that the creation of multiple classes
of shares of the Funds may violate section 18(a)(2) because the Funds
may not meet such requirements with respect to a class of shares that
may be a senior security.
    2. Section 18(c) of the Act provides, in relevant part, that a
registered closed-end investment company may not issue or sell any
senior security if, immediately thereafter, the company has outstanding
more than one class of senior security. Applicants state that the
creation of multiple classes of Shares of a Fund may be prohibited by
section 18(c), as a class may have priority over another class as to
payment of dividends because shareholders of different classes would
pay different fees and expenses.
    3. Section 18(i) of the Act provides that each share of stock
issued by a registered management investment company will be a voting
stock and have equal voting rights with every other outstanding voting
stock. Applicants state that permitting multiple classes of Shares of a
Fund may violate section 18(i) of the Act because each class would be
entitled to exclusive voting rights with respect to matters solely
related to that class.
    4. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction or any class or classes of persons,
securities or transactions from any provision of the Act, or from any
rule or regulation under the Act, if and to the extent such 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. Applicants request an exemption under
section 6(c) from sections 18(a)(2), 18(c) and 18(i) to permit the
Funds to issue multiple classes of Shares.
    5. Applicants submit that the proposed allocation of expenses
relating to distribution and voting rights among multiple classes is
equitable and will not discriminate against any group or class of
shareholders. Applicants submit that the proposed arrangements would
permit each Fund to facilitate the distribution of its Shares and
provide investors with a broader choice of shareholder options.
Applicants assert that the proposed closed-end investment company
multiple class structure does not raise the concerns underlying section
18 of the Act to any greater degree than open-end investment companies'
multiple class structures that are permitted by rule 18f-3 under the
Act. Applicants state that each Fund will comply with the provisions of
rule 18f-3 as if it were an open-end investment company.

Early Withdrawal Charges

    1. Section 23(c) of the Act provides, in relevant part, that no
registered closed-end investment company shall purchase securities of
which it is the issuer, except: (a) On a securities exchange or other
open market; (b) pursuant to tenders, after reasonable opportunity to
submit tenders given to all holders of securities of the class to be
purchased; or (c) under other circumstances as the Commission may
permit by rules and regulations or orders for the protection of
investors.
    2. Rule 23c-3 under the Act permits a registered closed-end
investment company (an ``interval fund'') to make repurchase offers of
between five and twenty-five percent of its outstanding shares at net
asset value at periodic intervals pursuant to a fundamental policy of
the interval fund. Rule 23c-3(b)(1) under the Act permits an interval
fund to deduct from repurchase proceeds only a repurchase fee, not to
exceed two percent of the proceeds, that is paid to the interval fund
and is reasonably intended to compensate the fund for expenses directly
related to the repurchase.
    3. Section 23(c)(3) provides that the Commission may issue an order
that would permit a closed-end investment company to repurchase its
shares in circumstances in which the repurchase is made in a manner or
on a basis that does not unfairly discriminate against any holders of
the class or classes of securities to be purchased.
    4. Applicants request relief under section 6(c), discussed above,
and section 23(c)(3) from rule 23c-3 to the extent necessary for each
Fund to impose early withdrawal charges on shares of the Fund submitted
for repurchase that have been held for less than a specified period.
    5. Applicants state that the early withdrawal charges they intend
to impose are functionally similar to contingent deferred sales loads
imposed by open-end investment companies under rule 6c-10 under the
Act. Rule 6c-10 permits open-end investment companies to impose
contingent deferred sales loads, subject to certain conditions.
Applicants note that rule 6c-10 is grounded in policy considerations
supporting the employment of contingent deferred sales loads where
there are adequate safeguards for the investor and state that the same
policy considerations support imposition of early withdrawal charges in
the interval fund context. In addition, applicants state that early
withdrawal charges may be necessary for the Fund's Distributor to
recover distribution costs. Applicants represent that any early
withdrawal charge imposed by a Fund will comply with rule 6c-10 under
the Act as if the rule were applicable to closed-end investment
companies. Each Fund will disclose early withdrawal charges in
accordance with the requirements of Form N-1A concerning contingent
deferred sales loads.

Asset-Based Service and/or Distribution Fees

    1. Section 17(d) of the Act and rule 17d-1 under the Act prohibit
an affiliated person of a registered investment company or an
affiliated person of such person, acting as principal, from
participating in or effecting any transaction in connection with any
joint enterprise or joint arrangement in which the investment company
participates unless the Commission issues an order permitting the
transaction. In reviewing applications submitted under section 17(d)
and rule 17d-1, the Commission considers whether the participation of
the investment company in a joint enterprise or joint arrangement is
consistent with the provisions, policies and purposes of the Act, and
the extent to which the participation is on a basis different from or
less advantageous than that of other participants.
    2. Rule 17d-3 under the Act provides an exemption from section
17(d) and rule 17d-1 to permit open-end investment companies to enter
into distribution arrangements pursuant to rule 12b-1 under the Act.
Applicants request an order under section 17(d) and rule 17d-1 under
the Act to permit the Fund to impose asset-based service and/or
distribution fees. Applicants have agreed to comply with rules 12b-1
and

17d-3 as if those rules applied to closed-end investment companies,
which they believe will resolve any concerns that might arise in
connection with a Fund financing the distribution of its shares through
asset-based service and/or distribution fees.
    For the reasons stated above, applicants submit that the exemptions
requested under section 6(c) are necessary and appropriate in the
public interest and are consistent with the protection of investors and
the purposes fairly intended by the policy and provisions of the Act.
Applicants further submit that the relief requested pursuant to section
23(c)(3) will be consistent with the protection of investors and will
insure that applicants do not unfairly discriminate against any holders
of the class of securities to be purchased. Finally, applicants state
that the Funds' imposition of asset-based service and/or distribution
fees is consistent with the provisions, policies and purposes of the
Act and does not involve participation on a basis different from or
less advantageous than that of other participants.

Applicants' Condition

    Applicants agree that any order granting the requested relief will
be subject to the following condition:
    Each Fund relying on the requested order will comply with the
provisions of rules 6c-10, 12b-1, 17d-3, 18f-3, 22d-1 and, where
applicable, 11a-3 under the Act, as amended from time to time or
replaced, as if those rules applied to closed-end management investment
companies, and will comply with FINRA Rule 2341, as amended from time
to time, as if that rule applied to all closed-end management
investment companies.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-16154 Filed 7-27-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 9 (Tuesday, January 14, 2020)]
[Rules and Regulations]
[Page 2038]
[FR Doc No: 2020-00180]

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

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 271

[EPA-R09-RCRA-2019-0491; FRL-10003-98-Region 9]

California: Final Authorization of State Hazardous Waste
Management Program Revisions

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final authorization.

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

SUMMARY: The Environmental Protection Agency (EPA) is granting final
authorization of the changes to the hazardous waste program submitted
by California. As a result of EPA's authorization, California's revised
program will become part of the authorized state hazardous waste
program, and therefore will be federally enforceable. The single
adverse comment received is outside the scope of the approval. As such,
EPA concludes that no comments received on the subject of this action
warrant any changes to the proposed authorization.

DATES: This final authorization is effective January 14, 2020.

FOR FURTHER INFORMATION CONTACT: Laurie Amaro, EPA Region 9, 75
Hawthorne St., San Francisco, CA 94105. By phone:<PHONE_NUMBER> or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

A. Authorization of Revisions to the California's Hazardous Waste
Program

    On July 10, 2019, California submitted a final complete program
revision application seeking authorization of the State's changes
relating to its ``universal waste'' program in accordance with 40 CFR
271.21. The Agency published a proposed rule on October 18, 2019 (84 FR
55871) and requested public comment. Most comments received were in
support of the action; however, one comment was critical of the
California Department of Toxic Substances Control's ``enforcement
actions against universal waste recyclers accepting appliances that
contain MRSH.'' We believe this comment refers to California
requirements that materials that require special handling (MRSH) must
be removed prior to processing major appliances for scrap metal
(California Public Resources Code section 42175; Health and Safety Code
section 25212) and related requirements for appliance recyclers to
comply with California's Certified Appliance Recycler (CAR) Program
(California Health and Safety Code section 25211, et seq.). These
provisions are not included in this approval and may not be addressed
by this action. Since the single adverse comment is outside of the
scope of EPA's approval of the subject revisions to the State's
hazardous waste program, we now make a final decision that California's
hazardous waste program revisions satisfy all of the requirements
necessary to qualify for final authorization. For a list of rules that
are authorized with this final authorization, please see the proposed
rule published in the October 18, 2019 Federal Register at 84 FR 55871.

B. What is codification and is EPA codifying California's hazardous
waste program as authorized in this rule?

    Codification is the process of placing the State's statutes and
regulations that comprise the State's authorized hazardous waste
program into the Code of Federal Regulations. EPA does this by
referencing the authorized State rules in 40 CFR part 272. EPA is not
codifying the authorization of California's revisions at this time.
However, EPA reserves the amendment of 40 CFR part 272, subpart F, for
the codification of California's program at a later date.

C. Statutory and Executive Order Reviews

    This final authorization revises California's authorized hazardous
waste management program pursuant to Section 3006 of RCRA and imposes
no requirements other than those currently imposed by State law. For
further information on how this authorization complies with applicable
Executive orders and statutory provisions, please see the proposed rule
published in the October 18, 2019 Federal Register at 84 FR 55871.

List of Subjects in 40 CFR Part 271

    Environmental protection, Administrative practice and procedure,
Confidential business information, Hazardous waste, Hazardous waste
transportation, Indian lands, Intergovernmental relations, Penalties,
Reporting and recordkeeping requirements.

    Authority: This action is issued under the authority of sections
2002(a), 3006, and 7004(b) of the Solid Waste Disposal Act as
amended, 42 U.S.C. 6912(a), 6926, and 6974(b).

    Dated: December 18, 2019.
Deborah Jordan,
Acting Regional Administrator, Region 9.
[FR Doc. 2020-00180 Filed 1-13-20; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: March 11, 2008 (Volume 73, Number 48)]
[Notices]
[Page 13046-13049]
[DOCID:fr11mr08-110]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-28180; File No. 812-13437]

Pruco Life Insurance Company, et al.; Notice of Application

March 4, 2008.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').

ACTION: Notice of application for an amended order under Section 6(c)
of the Investment Company Act of 1940, as amended (the ``Act'' or
``1940 Act'') granting exemptions from the provisions of Sections
2(a)(32), 22(c) and 27(i)(2)(A) of the Act and Rule 22c-1 thereunder.

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

     Applicants: Pruco Life Insurance Company (``Pruco Life''), Pruco
Life Insurance Company of New Jersey (``Pruco Life of New Jersey,'' and
collectively with Pruco Life, the ``Insurance Companies''), Pruco Life
Flexible Premium Variable Annuity Account (``Pruco Life Account'');
Pruco Life of New Jersey Flexible Premium Variable Annuity Account
(``Pruco Life of New Jersey Account,'' and collectively with Pruco Life
Account, the ``Accounts''), and Prudential Annuities Distributors, Inc.
(``PAD'', and

collectively with the Insurance Companies, and the Accounts
``Applicants'').
     Summary of Application: Applicants seek an order amending an
existing order under Section 6(c) of the Act, exempting them from
Sections 2(a)(32), 22(c) and 27(i)(2)(A) of the Act and Rule 22c-1
thereunder, to permit the recapture of credit amounts that differ from
the credit amounts contemplated by the existing order, under certain
specified circumstances.
     Filing Date: The application was filed on October 9, 2007, and
amended on January 7, 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 Secretary of
the Commission 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 31, 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 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, SEC, 100 F Street, NE., Washington, DC 20549-
1090. Applicants, c/o C. Christopher Sprague, Esq., The Prudential
Insurance Company of America, 751 Broad Street, Newark, NJ 07102.

FOR FURTHER INFORMATION CONTACT: Sally Samuel, Senior Counsel, or Joyce
M. Pickholz, Branch Chief, Office of Insurance Products, Division of
Investment Management, at<PHONE_NUMBER>.

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

Applicants' Representations

    1. In Investment Company Act Release Nos. 27389 (June 6, 2006)
(notice) and 27419 (July 7, 2006) (order), the Commission granted an
order (the ``2006 Order'') that permits, under specified circumstances,
the recapture of certain bonus payments under the X Series of the
Prudential Premier variable annuity contract (``X Series Contract'') of
each of Pruco Life and Pruco Life of New Jersey. The current bonus
credit (the ``Credit'') under the X Series Contract varies, depending
on the age of the older of the owner and any joint owner on the date
that the purchase payment is made, but not on the amount of the
purchase payment. Specifically, if the elder owner is 80 or younger
when a purchase payment is made, the Credit equals 5%, regardless of
the purchase payment amount. If the elder owner is between ages 81 and
85 when the purchase payment is made, then the Credit is 3%, regardless
of the amount of the purchase payment.
    2. Applicants recapture the Credit if (i) the X Series Contract is
surrendered during the free look period, or (ii) the Credit was applied
within 12 months prior to death or (iii) the Credit was applied within
12 months prior to a request for a Medically-Related Surrender (note
that the medically-related surrender provision is not available under
the Pruco Life of New Jersey contract). No contingent deferred sales
charges (``CDSC'') is applied in connection with any transaction in
which the Credit is recaptured.
    3. With respect to X Series Contracts as to which the oldest owner
is 80 or younger on the date the purchase payment is made, Applicants
wish to increase the credit amount from 5% to 6%. Applicants seek an
amended order pursuant to Section 6(c) of the Act exempting them from
Sections 2(a)(32),22(c), and 27(i)(2)(A) of the Act and Rule 22c-1
thereunder to the extent necessary to permit an Insurance Company to
recapture this 6% credit (the ``New Credit'') under exactly the same
scenarios as is allowed under the 2006 Order.
    4. Applicants request that the amended order sought herein apply to
any future separate account established by the Insurance Company
(``Future Account'') to support Future Contracts (as defined below) and
to any variable annuity contract offered by the Insurance Companies in
the future that is substantially similar in all material respects to
the X Series Contracts (``Future Contracts'').
    5. Applicants also request that the amended order extend to any
FINRA member broker-dealer controlling, controlled by, or under common
control with, the Insurance Companies, whether existing or created in
the future, that serves as a distributor or principal underwriter of
the X Series Contracts offered through the Accounts or any Future
Account (``Broker-Dealers''). Applicants note that the X Series
Contracts will be sold through such Broker-Dealers and also through
broker-dealers that are FINRA-registered and not affiliated with the
Insurance Companies or the Broker-Dealers (the ``Unaffiliated Broker-
Dealers''). Each Unaffiliated Broker-Dealer will have entered into a
dealer agreement with PAD or an affiliate of PAD prior to offering the
X Series Contracts.
    6. The X Series Contracts are flexible premium deferred variable
annuity contracts that are registered on Form N-4. The minimum initial
purchase payment is $10,000, and any additional purchase payment must
be at least $100 (except for contract owners who participate in certain
periodic purchase payment programs). The maximum issue age for the X
Series Contract is 75, meaning that, for (i) contracts with one owner,
the owner must be 75 or younger, (ii) contracts that are jointly-owned,
the oldest owner must be 75 or younger, and (iii) for entity-owned
contracts, the annuitant must be 75 or younger.
    7. There are various insurance features under the X Series Contract
and charges associated with those features. There is a 1.55% annual
insurance charge that is deducted daily from the unit value of each
subaccount, consisting of 1.40% for mortality and expense risks and
0.15% for administrative expenses. For X Series Contracts valued less
than $100,000, there is a maintenance fee equal to the lesser of $35
($30 in New York) or 2% of unadjusted account value, which is assessed
annually on the X Series Contract's anniversary date or upon surrender.
The maintenance fee is deducted pro rata from both the variable
investment options and the fixed option under the X Series Contract.
The Insurance Companies impose no fee with respect to the first 20
transfers in an annuity year, but after the 20th such transfer,
currently impose a fee of $10 per transfer. There is a CDSC under the X
Series Contract, the amount of which is based on the ``age'' of each
purchase payment being withdrawn. During the first year after a
purchase payment is made, the CDSC is equal to 9%. In subsequent years,
the CDSC is as follows: 8.5% in year 2, 8% in year 3, 7% in year 4, 6%
in year 5, 5% in year 6, 4% in year 7, 3% in year 8, and 2% in year 9.
After nine years have elapsed from the date on which the purchase
payment was made, no CDSC is imposed with respect to that purchase
payment. In addition, no CDSC is imposed on the portion of a withdrawal
that can be taken as part of the free withdrawal feature of the X
Series Contract. The free withdrawal amount available in each annuity
year is equal to 10% of the sum of all purchase payments made during
the year and prior to the beginning of that year,

except that (i) only purchase payments that would be subject to a CDSC
are included in that calculation and (ii) a free withdrawal amount that
is not used in a given year cannot be carried over to future years. For
purposes of calculating the CDSC, partial withdrawals are deemed to be
taken first from any free withdrawal amount and thereafter from
purchase payments (on a first-in, first-out basis). Earnings are not
subject to any CDSC, and thus are not considered part of the free
withdrawal.
    8. An X Series Contract owner may select one or more of several
optional benefits. The Guaranteed Minimum Income Benefit is subject to
a charge of 0.50% per year of the protected income value during each
year, and the charge is deducted annually in arrears each annuity year.
The Lifetime Five Income Benefit (which allows the owner to withdraw a
specified protected value through periodic withdrawals or a series of
payments for life) is subject to a charge of 0.60% annually of the
average daily net assets in the subaccounts. The X Series Contract also
offers a variant of the Lifetime Five benefit (called Spousal Lifetime
Five) which, for a charge of 0.75% annually, guarantees income until
the second-to-die of two individuals married to each other. There is
yet another variant called Highest Daily Lifetime Five, which bears a
charge of 0.60% annually. The Highest Daily Value death benefit (which
provides a death benefit equal to the higher of the basic death benefit
or the ``highest daily value'') is subject to a charge of 0.50%
annually of the average daily net assets of the subaccounts. Finally,
the combination 5% roll-up/HAV death benefit (which refers to a death
benefit equal to the greater of (i) the ``highest anniversary value''
or (ii) purchase payments plus credits, adjusted for withdrawals,
appreciated at 5% annually) is subject to a charge of 0.50% annually of
the average daily net assets of the subaccounts. (For New York
contracts, the only optional death benefit will be the Highest
Anniversary Value Death Benefit.)
    9. In addition to the optional insurance features, the X Series
Contract offers several optional administrative features at no
additional cost (e.g., auto rebalancing, systematic withdrawals).
    10. The X Series Contract offers both variable investment options
and a one-year fixed rate option. The X Series Contract also may offer
an enhanced, dollar cost averaging fixed interest rate option. At
present, only portfolios of Advanced Series Trusts are available as
variable investment options. Under the X Series Contract, applicants
reserve the right to add new underlying funds and series, and to
substitute new portfolios for existing portfolios (subject to
Commission approval).
    11. An owner choosing to annuitize under the X Series Contract will
have only fixed annuity options available. Those fixed annuity options
include annuities based on a single measuring life or joint lives,
based on a single measuring life or joint lives with a period certain
(e.g., 5 years, 10 years, or 15 years), or based on a period certain
only. If the owner fails to choose an annuity option, the default is to
a life annuity with 10 years certain.
    12. If the elder owner is 80 or younger when a purchase payment is
made, the New Credit will equal 6%, regardless of the purchase payment
amount. Applicants will recapture the New Credit if (i) the X Series
Contract is surrendered during the free look period, or (ii) the New
Credit was applied within 12 months prior to death or (iii) the New
Credit was applied within 12 months prior to the surrender of the
contract under the medically-related surrender provision of the X
Series Contract (e.g., if the owner is diagnosed with a ``fatal
illness'' and chooses to invoke this contract provision on that basis).
(The medically-related surrender provision is not available in New
York.) Applicants seek an amended order pursuant to Section 6(c) from
Sections 2(a)(32), 22(c), and 27(i)(2)(A) of the Act and Rule 22c-1
thereunder to the extent necessary to permit an Insurance Company to
recapture the New Credit described herein in the instances described in
the preceding sentence. No CDSC will be assessed in connection with any
transaction in which the New Credit is recaptured.
    13. Finally, the X Series Contract will offer a ``longevity
credit'' that will be paid on the 10th annuity anniversary and each
annuity anniversary thereafter. The longevity credit will equal 0.40%
of the sum of all purchase payments (less withdrawals) that are more
than 9 years old. Applicants are not seeking an exemption to recapture
the longevity credit.

Applicants' Legal Analysis

    1. Section 6(c) of the Act authorizes the Commission to exempt any
person, security or transaction, or any class or classes of persons,
securities or transactions, from the provisions of the Act and the
rules promulgated thereunder if and to the extent that such 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.
    2. Applicants request that the Commission, pursuant to Section 6(c)
of the Act, amend the 2006 Order to the extent necessary to permit the
recapture of the New Credit under the circumstances described above.
Applicants believe that the requested exemptions are 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.
    3. Applicants submit that the recapture of the New Credit will not
raise concerns under Sections 2(a)(32), 22(c) and 27(i)(2)(A) of the
1940 Act, and Rule 22c-1 thereunder for the same reasons given in
support of the 2006 Order. The New Credit will be recaptured only if
the owner (i) exercises his/her free look right, (ii) dies within 12
months after receiving a New Credit or (iii) makes a medically-related
surrender within 12 months after receiving a New Credit. The amounts
recaptured equal the New Credits provided by each Insurance Company
from its own general account assets.
    4. When the Insurance Companies recapture the New Credit, they are
merely retrieving their own assets, and the owner has not been deprived
of a proportionate share of the applicable Account's assets, because
his or her interest in the New Credit amount has not vested. With
respect to New Credit recaptures upon the exercise of the free look
privilege, it would be unfair to allow an owner exercising that
privilege to retain a New Credit amount under an X Series Contract that
has been returned for a refund after a period of only a few days. If
the Insurance Companies could not recapture the New Credit during the
free look period, individuals could purchase a contract with no
intention of retaining it, and simply return it for a quick profit.
Applicants also note that the contract owner is entitled to retain any
investment gain attributable to the New Credit, even if the New Credit
is ultimately recaptured. Furthermore, the recapture of New Credits if
death or a medically-related surrender occurs within 12 months after
the receipt of a New Credit is designed to provide the Insurance
Companies with a measure of protection against ``anti-selection.'' The
risk here is that an owner, with full knowledge of impending death or
serious illness, will make very large payments and thereby leave the
Insurance Companies less time to recover the cost of the New Credit, to
their financial detriment.
    5. The recapture of the New Credit could be viewed as involving the
redemption of redeemable securities for a price other than one based on
the

current net asset value of the Account. The recapture of the New Credit
does not involve either of the evils that Rule 22c-1 was intended to
address, namely: (i) The dilution of the value of outstanding
redeemable securities of registered investment companies through their
sale at a price below net asset value or redemption or repurchase at a
price above it, and (ii) other unfair results, including speculative
trading practices.
    6. Applicants also assert that the proposed recapture of the New
Credit does not pose a threat of dilution. To effect a recapture of a
New Credit, interests in an owner's account will be redeemed at a price
determined on the basis of the current net asset value. The amount
recaptured will equal the amount of the New Credit that the Insurance
Companies paid out of their general account assets. Although the owner
will be entitled to retain any investment gain attributable to the New
Credit, the amount of that gain will be determined on the basis of
current net asset value. Therefore, no dilution will occur upon the
recapture of the New Credit.
    7. Applicants also submit that the second harm that Rule 22c-1 was
designed to address, namely speculative trading practices calculated to
take advantage of backward pricing, will not occur as a result of the
recapture of the New Credit. Applicants submit that the provisions for
recapture of the New Credit under the X Series Contract do not, and any
such Future Contract provisions will not, violate Sections 2(a)(32) and
27(i)(2)(A) of the Act, and Rule 22c-1 thereunder, and that the relief
requested is consistent with the exemptive relief provided under the
2006 Order and other Commission precedent.
    8. Applicants submit that their request for an amended order that
applies to any Account or any Future Account established by an
Insurance Company in connection with the issuance of the X Series
Contract and Future Contracts, and underwritten or distributed by PAD
or other broker-dealers, is appropriate in the public interest. Such an
order would promote competitiveness in the variable annuity market by
eliminating the need to file redundant exemptive applications, thereby
reducing administrative expenses and maximizing the efficient use of
Applicants' resources. Investors would not receive any benefit or
additional protection by requiring Applicants to repeatedly seek
exemptive relief that would present no issue under the Act that has not
already been addressed in this application. Having Applicants file
additional applications would impair Applicants' ability effectively to
take advantage of business opportunities as they arise.
    9. Applicants undertake that Future Contracts funded by the
Accounts or by Future Accounts that seek to rely on the order issued
pursuant to the application will be substantially similar to the X
Series Contract in all material respects.

 Conclusion

    Applicants submit that their request for an amended order meets the
standards set out in Section 6(c) of the 1940 Act and that an amended
order should, therefore, be granted. For the Commission, by the
Division of Investment Management, under delegated authority.

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-4685 Filed 3-10-08; 8:45 am]

BILLING CODE 8011-01-P