[Federal Register Volume 84, Number 166 (Tuesday, August 27, 2019)]
[Notices]
[Pages 44931-44932]
[FR Doc No: 2019-18376]

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DEPARTMENT OF LABOR

Occupational Safety and Health Administration

[Docket No. OSHA-2012-0013]

Lead in General Industry Standard; Extension of the Office of
Management and Budget's (OMB) Approval of Information Collection
(Paperwork) Requirements

AGENCY: Occupational Safety and Health Administration (OSHA), Labor.

ACTION: Request for public comments.

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SUMMARY: OSHA solicits public comments concerning the proposal to
extend OMB approval of the information collection requirements
specified in the Lead in General Industry Standard.

DATES: Comments must be submitted (postmarked, sent, or received) by
October 28, 2019.

ADDRESSES:
    Electronically: You may submit comments and attachments
electronically at http://www.regulations.gov, which is the Federal
eRulemaking Portal. Follow the instructions online for submitting
comments.
    Facsimile: If your comments, including attachments, are not longer
than 10 pages you may fax them to the OSHA Docket Office at (202) 693-
1648.
    Mail, hand delivery, express mail, messenger, or courier service:
When using this method, you must submit a copy of your comments and
attachments to the OSHA Docket Office, Docket No. OSHA-2012-0013,
Occupational Safety and Health Administration, U.S. Department of
Labor, Room N-3653, 200 Constitution Avenue NW, Washington, DC 20210.
Deliveries (hand, express mail, messenger, and courier service) are
accepted during the OSHA Docket Office's normal business hours, 10:00
a.m. to 3:00 p.m., ET.
    Instructions: All submissions must include the agency name and the
OSHA docket number (OSHA-2012-0013) for the Information Collection
Request (ICR). All comments, including any personal information you
provide, are placed in the public docket without change, and may be
made available online at http://www.regulations.gov. For further
information on submitting comments, see the ``Public Participation''
heading in the section of this notice titled SUPPLEMENTARY INFORMATION.
    Docket: To read or download comments or other material in the
docket, go to http://www.regulations.gov or the OSHA Docket Office at
the above address. All documents in the docket (including this Federal
Register notice) are listed in the http://www.regulations.gov index;
however, some information (e.g., copyrighted material) is not publicly
available to read or download through the website. All submissions,
including copyrighted material, are available for inspection and
copying at the OSHA Docket Office. You may also contact Theda Kenney at
(202) 693-2222 to obtain a copy of the ICR.

FOR FURTHER INFORMATION CONTACT: Seleda Perryman or Theda Kenney,
Directorate of Standards and Guidance, OSHA, U.S. Department of Labor,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    The Department of Labor, as part of a continuing effort to reduce
paperwork and respondent (i.e., employer) burden, conducts a
preclearance process to provide the public with an opportunity to
comment on proposed and continuing information collection requirements
in accordance with the Paperwork Reduction Act of 1995 (PRA-95) (44
U.S.C. 3506(c)(2)(A)). This program ensures that information is in the
desired format, the reporting burden (time and costs) is minimal, the
collection instruments are clearly understood, and OSHA's estimate of
the information collection burden is accurate. The Occupational Safety
and Health Act of 1970 (the OSH Act) (29 U.S.C. 651 et seq.) authorizes
information collection by employers as necessary or appropriate for
enforcement of the OSH Act, or for developing information regarding the
causes and prevention of occupational injuries, illnesses, and
accidents (see 29 U.S.C. 657). The OSH Act also requires OSHA to obtain
such information with a minimum burden upon employers, especially those
operating small businesses, and to reduce to the maximum extent
feasible unnecessary duplication of effort in obtaining said
information (see 29 U.S.C. 657).
    The purpose of the Lead in General Industry Standard (29 CFR
1910.1025) and the collection of information requirements is to reduce
occupational lead exposure in general industry. Lead exposure can
result in both acute and chronic effects and can be fatal in severe
cases of lead toxicity. The standard contains the following collection
of information requirements: Conducting worker exposure monitoring;
notifying workers of their lead exposure levels; establishing,
implementing and reviewing a written compliance program annually;
labeling containers of contaminated protective clothing and equipment;
providing medical surveillance to workers; providing examining
physicians with specific information; notifying workers of their
medical surveillance results (including medical examinations and
biological monitoring) and of the option for multiple physician review;
posting warning signs; establishing and maintaining exposure
monitoring, medical surveillance, and medical removal records; and
providing workers with access to these records. The records are used by
employees, physicians, employers, and OSHA to determine the
effectiveness of the employer's compliance efforts.

II. Special Issues for Comment

    OSHA has a particular interest in comments on the following issues:
     Whether the proposed information collection requirements
are necessary for the proper performance of the agency's functions,
including whether the information is useful;
     The accuracy of OSHA's estimate of the burden (time and
costs) of the information collection requirements, including the
validity of the methodology and assumptions used;
     The quality, utility, and clarity of the information
collected; and
     Ways to minimize the burden on employers who must comply--
for example, by using automated or other technological information
collection and transmission techniques.
    The agency is requesting a burden hour adjustment increase of
41,297 (from 1,030,305 hours to 1,071,602 hours). The agency estimates
an overall reduction in the number of covered employers (from 53,935 to
53,469) and a decrease in exposed workers (from 331,304 to 327,819),
based on updated data. However, overall burden hours increased as a
result of an increase in the estimated number of initial exposure
monitorings, initial medical examinations, and initial information
exchanges between employers and health care professionals. The primary
factor contributing to the burden hour increase is an increase in the
applied annual job turnover rate, resulting in a higher number of
estimated new employees across the whole industry profile. In addition,
the agency identified one new secondary smelting employer which
contributed to the increase.
    Due to the increase in the estimated initial exposure monitoring,
initial medical examinations, as well as increased costs to perform
biological

monitoring and medical examinations under the standard, there is an
increase in total operation and maintenance costs of $74,218,567 (from
$92,636,813 to $166,855,380).

III. Proposed Actions

    Type of Review: Extension of a currently approved collection.
    Title: Lead in General Industry Standard (29 CFR 1910.1025).
    OMB Control Number: 1218-0092.
    Affected Public: Business or other for-profits.
    Number of Respondents: 53,469.
    Frequency: On occasion; Quarterly; Bi-monthly; Semi-annually;
Annually.
    Average Time per Response: Various.
    Estimated Number of Responses: 3,667,403.
    Estimated Total Burden Hours: 1,071,602.
    Estimated Cost (Operation and Maintenance): $166,855,380.

IV. Public Participation--Submission of Comments on This Notice and
Internet Access to Comments and Submissions

    You may submit comments in response to this document as follows:
(1) Electronically at http://www.regulations.gov, which is the Federal
eRulemaking Portal; (2) by facsimile (fax); or (3) by hard copy. All
comments, attachments, and other material must identify the agency name
and the OSHA docket number (Docket No. OSHA-2012-0013) for the ICR. You
may supplement electronic submissions by uploading document files
electronically. If you wish to mail additional materials in reference
to an electronic or facsimile submission, you must submit them to the
OSHA Docket Office (see the section of this notice titled ADDRESSES).
The additional materials must clearly identify electronic comments by
your name, date, and the docket number so that the agency can attach
them to your comments.
    Because of security procedures, the use of regular mail may cause a
significant delay in the receipt of comments. For information about
security procedures concerning the delivery of materials by hand,
express delivery, messenger, or courier service, please contact the
OSHA Docket Office at<PHONE_NUMBER>; TTY<PHONE_NUMBER>.
    Comments and submissions are posted without change at http://www.regulations.gov. Therefore, OSHA cautions commenters about
submitting personal information such as social security numbers and
dates of birth. Although all submissions are listed in the http://www.regulations.gov index, some information (e.g., copyrighted
material) is not publicly available to read or download through this
website. All submissions, including copyrighted material, are available
for inspection and copying at the OSHA Docket Office. Information on
using the http://www.regulations.gov website to submit comments and
access the docket is available at the website's ``User Tips'' link.
Contact the OSHA Docket Office for information about materials not
available through the website, and for assistance in using the internet
to locate docket submissions.

V. Authority and Signature

    Loren Sweatt, Principal Deputy Assistant Secretary of Labor for
Occupational Safety and Health, directed the preparation of this
notice. The authority for this notice is the Paperwork Reduction Act of
1995 (44 U.S.C. 3506 et seq.) and Secretary of Labor's Order No. 1-2012
(77 FR 3912).

    Signed at Washington, DC, on August 21, 2019.
Loren Sweatt,
Principal Deputy Assistant Secretary of Labor for Occupational Safety
and Health.
[FR Doc. 2019-18376 Filed 8-26-19; 8:45 am]
 BILLING CODE 4510-26-P


[Federal Register Volume 82, Number 152 (Wednesday, August 9, 2017)]
[Notices]
[Pages 37216-37217]
[FR Doc No: 2017-16812]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9965-66-OARM]

National and Governmental Advisory Committees

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of Public Advisory Committee meeting.

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SUMMARY: Pursuant to the Federal Advisory Committee Act, Public Law 92-
463, notice is hereby given that the National Advisory Committee and
the Governmental Advisory Committee will hold a public meeting on
Thursday, September 14 and Friday, September 15,

2017 in Washington, DC. The meeting is open to the public.

DATES: The National and Governmental Advisory Committees will hold an
open meeting on Thursday, September 14, 2017 from 9:00 a.m. to 5:30
p.m., and Friday, September 15, 2017 from 9:00 a.m. until 3:00 p.m.

ADDRESSES: The meeting will be held at the U.S. EPA, Conference Room
2138, located in the William Jefferson Clinton South Building, 1200
Pennsylvania Ave. NW., Washington, DC 20004. Telephone:<PHONE_NUMBER>.
The meeting is open to the public, with limited seating on a first-
come, first-served basis.

SUPPLEMENTARY INFORMATION: The agenda, meeting materials, and general
information about the NAC and GAC will be available at http://www2.epa.gov/faca/nac-gac. If you wish to make oral comments or submit
written comments to the NAC/GAC please contact Oscar Carrillo at least
five days prior to the meeting at<EMAIL_ADDRESS>    Purpose of meeting: The purpose of the meeting is to provide advice
on trade and environment issues related to the North American Agreement
on Environmental Cooperation. The meeting will also include a public
comment session.
    Meeting access: For information on access or services for
individuals with disabilities, please contact Oscar Carrillo at 202-
564-0347 or<EMAIL_ADDRESS>To request accommodation of a
disability, please contact Oscar Carrillo, preferably at least 10 days
prior to the meeting, to give EPA as much time as possible to process
your request.

    Dated: July 17, 2017.
Oscar Carrillo,
Designated Federal Officer.
[FR Doc. 2017-16812 Filed 8-8-17; 8:45 am]
 BILLING CODE 6550-50-P


[Federal Register Volume 79, Number 239 (Friday, December 12, 2014)]
[Proposed Rules]
[Page 73872]
[FR Doc No: 2014-29193]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Parts 60 and 63

[EPA-HQ-OAR-2012-0522; FRL-9920-39-OAR]
RIN 2060-AQ20

Phosphoric Acid Manufacturing and Phosphate Fertilizer Production
RTR and Standards of Performance for Phosphate Processing; Extension of
Comment Period

AGENCY: Environmental Protection Agency.

ACTION: Notice of proposed rulemaking; extension of public comment
period.

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SUMMARY: On November 7, 2014, the Environmental Protection Agency (EPA)
proposed amendments to the national emission standards for hazardous
air pollutants for Phosphoric Acid Manufacturing and Phosphate
Fertilizer Production source categories and to new source performance
standards for several phosphate processing categories. The EPA is
extending the deadline for written comments on the proposed amendments
by 30 days to January 21, 2015. The EPA received requests for an
extension from The Fertilizer Institute, several phosphate facilities
and a testing company that supports the industry. The Fertilizer
Institute has requested the extension in order to allow more time to
review the proposed rule and associated emissions data, risk assessment
and technology review.

DATES: Comments. The public comment period for the proposed rule
published in the Federal Register on November 7, 2014, (79 FR 66512) is
being extended for 30 days to January 21, 2015.

ADDRESSES: Comments. Written comments on the proposed rule may be
submitted to the EPA electronically, by mail, by facsimile or through
hand delivery/courier. Please refer to the proposal for the addresses
and detailed instructions.
    Docket. The EPA has established a docket for this rulemaking under
Docket ID Number EPA-HQ-OAR-2012-0522. All documents in the docket are
listed in the http://www.regulations.gov index. Although listed in the
index, some information is not publicly available, e.g., confidential
business information or other information whose disclosure is
restricted by statute. Certain other material, such as copyrighted
material, is not placed on the Internet and will be publicly available
only in hard copy. Publicly available docket materials are available
either electronically in http://www.regulations.gov or in hard copy at
the EPA Docket Center, Room 3334, EPA WJC West Building, 1301
Constitution Avenue NW., Washington, DC. The Public Reading Room is
open from 8:30 a.m. to 4:30 p.m., Monday through Friday, excluding
legal holidays. The telephone number for the Public Reading Room is
(202) 566-1744, and the telephone number for the EPA Docket Center is
(202) 566-1742.
    World Wide Web. The EPA Web site for this rulemaking is at http://www.epa.gov/ttn/atw/phosph/phosphpg.html.

FOR FURTHER INFORMATION CONTACT: Ms. Tina Ndoh, Sector Policies and
Programs Division (D243-02), Office of Air Quality Planning and
Standards, U.S. Environmental Protection Agency, Research Triangle
Park, North Carolina 27711; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; and email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comment Period

    After considering requests received from industry to extend the
public comment period, the EPA has decided to extend the public comment
period for an additional 30 days. Therefore, the public comment period
will end on January 21, 2015, rather than December 22, 2014. This
extension will help ensure that the public has sufficient time to
review the proposed rule and the supporting technical documents and
data available in the docket.

    Dated: December 5, 2014.
Mary E. Henigin,
Acting Director, Office of Air Quality Planning and Standards.
[FR Doc. 2014-29193 Filed 12-11-14; 8:45 am]
BILLING CODE 6560-50-P


EPA DATA STANDARDS ICR CHECKLIST ( For use during Information Collection Request initiation or renewal applications)

Please complete the attached data standards checklist and include it with your ICR application. You also need to include the most recent version of instructions developed to accompany the collection form when applicable. This checklist is intended for internal EPA use only.

EPA has had a data standards program for several years and has adopted ten standards through various mechanisms, including the former Agency Chief Information Officer and the Quality and Information Council: Date, SIC/ NAICS, Latitude/ Longitude, Facility Site Identification, Chemical Identification, Biological Taxonomy, Enforcement & Compliance, Tribal Identifiers, Permitting Information and Contact Information . The data standards documents are posted on EPA= s Environmental Data Registry ( EDR) at < http:// www. epa. gov/ edr> in the Data Standards section. EPA programs that collect data in these areas may need to modify their data systems, which may in turn require that modifications be made to the ICRs supporting the data collection. For example, if a program system shares data that include latitude and longitude, the Latitude/ Longitude Data Standard and its associated business rules require that a minimum number of Method, Accuracy and Description ( MAD) codes accompany these data. In the ICR, this may entail changes to the supporting statement or revised figures for burden hours and costs.

EPA= s Reinventing Environmental Information ( REI) Action Plan ( November 25, 1997; available at < http:// www. epa. gov/ rei/ about/ aptoc. htm>) requires implementation of these EPA data standards by specific dates. All of the standards must be implemented by FY 2003 for any system developed after February 28, 1998 in addition to EPA= s national program systems:

$ Permit Compliance System ( PCS)

$ National Compliance Database ( NCDB)

$ OECA Docket ( Docket)

$ RCRA Information System ( RCRIS)

$ Aerometric Information Retrieval System/ Air Quality Subsystem ( AIRS/ AQS)

$ AIRS/ Air Facility Subsystem ( AFS)

$ Biennial Reporting System ( BRS)

$ CAA 112( r) Risk Management Plan Information System ( RMP* Info)

$ CERCLA Information System ( CERCLIS 3)

$ Safe Drinking Water Information System ( SDWIS)

$ Toxics Release Inventory System ( TRIS)

$ STOrage and RETrieval of Water Quality Data ( STORET)

$ Envirofacts ( EF) Data Warehouse ( Note: The names of these systems are as they appeared in the REI Action Plan. Some of these systems have since been modernized and may now be renamed, e. g., RCRIS and BRS are referred to as RCRAInfo.) Other systems will need to conform as part of their normal re engineering and system redesign cycles.

Please complete the Data Standards ICR Checklist attached, and if you would like further details contact Dawn Banks Waller at banks waller. dawn@ epa. gov or visit the EDR.

Page 1 of 2 Data Standards Information Collection Request Checklist Name: Brent Lignell Office: Office of Transportation and Air Quality Telephone Number: ( 734) 214 4592 ICR Title: Cold Temperature Hydrocarbon Emissions Standards for Light Duty Vehicles, Light Duty Trucks, and Medium Duty Passenger Vehicles ( Proposed Rule)

EPA ICR Number: 0783.50 OMB Control Number: 2060 0104 O Y

N Does this ICR support the collection of information that is or will be uploaded and maintained in a database? If no, then your review is complete. If yes, please enter the name of the database or system that this ICR supports: CFEIS/ VERIFY   Y

N Did this system exist prior to March 1998? If no, when did your system begin operation?

Does this ICR support the collection of data elements in the following areas? Yes No Uncertain Date ( The Date Data Standard provides for a standard representation of calendar date in data files for data interchange.) X SIC/ NAICS ( Data elements that classify business activities including industry classifications, product classifications, and product codes.) X Facility Site Identification ( Data elements that identify the location, affiliated organization, industrial business activity, and environmental interests of a facility site, e. g., street address.) X Latitude/ Longitude ( Data elements used for recording horizontal and vertical coordinates and associated metadata that define a point on Earth.) X Biological Taxonomy ( Data elements that represent biological organisms in the collection, analysis and exchange of environmental data) X Enforcement & Compliance ( Commonly used data elements for enforcement and compliance related information subject to U. S. EPA/ State/ Tribal exchange.) X Tribal Identifiers ( This standard provides data elements for the use of common names and codes to identify federally recognized Tribal entities.) X Contact Information ( The standard includes information regarding the source of contact. The standard provides data groupings that are used to describe a point of contact, address, and communication information.) X Permitting Information ( The standard provides a comprehensive set of data elements for identification and tracking data that pertains to portions of most programs that have a permitting process or that are interested in permit related information.) X Chemical Identification ( Data elements that represent chemical substances regulated or monitored by EPA.) X Revised October, 2005


[Federal Register Volume 82, Number 41 (Friday, March 3, 2017)]
[Notices]
[Pages 12480-12481]
[FR Doc No: 2017-04106]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32513; File No. 812-14563-11]

Neuberger Berman Investment Advisers LLC, et al.; Notice of
Application

February 27, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order pursuant to: (a) Section
6(c) of the Investment Company Act of 1940 (``Act'') granting an
exemption from sections 18(f) and 21(b) of the Act; (b) section
12(d)(1)(J) of the Act granting an exemption from section 12(d)(1) of
the Act; (c) sections 6(c) and 17(b) of the Act granting an exemption
from sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Act; and (d)
section 17(d) of the Act and rule 17d-1 under the Act to permit certain
joint arrangements and transactions. Applicants request an order that
would permit certain registered management investment companies to
participate in a joint lending and borrowing facility.

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Applicants: Neuberger Berman Investment Advisers LLC (``NBIA''), a
Delaware limited liability company registered as an investment adviser
under the Investment Advisers Act of 1940; Neuberger Berman Advisers
Management Trust, Neuberger Berman Alternative Funds, Neuberger Berman
Equity Funds, and Neuberger Berman Income Funds, each a Delaware
statutory trust registered under the Act as an open-end management
investment company (the ``Open-End Funds''); and Neuberger Berman
California Intermediate Municipal Fund Inc., Neuberger Berman High
Yield Strategies Fund Inc., Neuberger Berman Intermediate Municipal
Fund Inc., Neuberger Berman MLP Income Fund Inc., Neuberger Berman New
York Intermediate Municipal Fund Inc., and Neuberger Berman Real Estate
Securities Income Fund Inc., each a Maryland corporation registered
under the Act as a closed-end management investment company (the
``Closed-End Funds,'' \1\ and together with the Open-End Funds, the
``Funds'').\2\
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    \1\ The Closed-End Funds will not participate as borrowers in
the interfund lending facility. Any general references to the
``Funds'' that relate to borrowing under the facility do not apply
to the Closed-End Funds.
    \2\ Although the applicants do not currently operate any money
market funds, applicants request that the order also apply to any
future Fund that is a money market fund that complies with rule 2a-7
of the Act (each a ``Money Market Fund''). Money Market Funds
typically will not participate as borrowers under the interfund
lending facility but may do so if it is determined to be in the best
interests of such Funds by the Adviser (as defined below) and its
respective portfolio manager(s).

Filing Dates: The application was filed on October 7, 2015, and amended
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on April 22, 2016, September 23, 2016, and December 21, 2016.

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 March 27, 2017 and should be accompanied by proof of
service on the applicants, in the form of an affidavit, or, for
lawyers, a certificate of service. Pursuant to Rule 0-5 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: 605 Third Avenue,
2nd Floor, New York, NY 10158-0180.

FOR FURTHER INFORMATION CONTACT: Jill Ehrlich, Senior Counsel, at (202)
551-6819 or David J. Marcinkus, Branch Chief, at<PHONE_NUMBER>
(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 Web site 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>.

Summary of the Application

    1. Applicants request an order that would permit the applicants to
participate in an interfund lending facility where each Fund could lend
money directly to and borrow money directly from other Funds to cover
unanticipated cash shortfalls, such as

unanticipated redemptions or trade fails.\3\ The Funds will not borrow
under the facility for leverage purposes, and the loans' duration will
be no more than 7 days.\4\
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    \3\ Applicants request that the order also apply to any existing
or future series of the Funds and to any other registered management
investment company or its series for which NBIA and each successor
thereto or a person controlling, controlled by, or under common
control with NBIA serves as investment adviser (each such investment
company or series thereof included in the term ``Fund,'' and each
such investment adviser an ``Adviser''). A ``successor'' is defined
as any entity resulting from a reorganization of NBIA into another
jurisdiction or a change in the type of business organization.
    \4\ Any Fund, however, will be able to call a loan on one
business day's notice.
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    2. Applicants anticipate that the proposed facility would provide a
borrowing Fund with significant savings at times when the cash position
of the Fund is insufficient to meet temporary cash requirements. In
addition, Funds making short-term cash loans directly to other Funds
would earn interest at a rate higher than they otherwise could obtain
from investing their cash in repurchase agreements or certain other
short term money market instruments. Thus, applicants assert that the
facility would benefit both borrowing and lending Funds.
    3. Applicants agree that any order granting the requested relief
will be subject to the terms and conditions stated in the application.
Among others, the Adviser, through a designated committee, would
administer the facility as a disinterested fiduciary as part of its
duties under the investment management agreements with the Funds and
would receive no additional fee as compensation for its services in
connection with the administration of the facility. The facility would
be subject to oversight and certain approvals by the Funds' Board,
including, among others, approval of the interest rate formula and of
the method for allocating loans across Funds, as well as review of the
process in place to evaluate the liquidity implications for the Funds.
A Fund's aggregate outstanding interfund loans will not exceed 15% of
its net assets, and the Fund's loans to any one Fund will not exceed 5%
of the lending Fund's net assets.\5\
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    \5\ Under certain circumstances, a borrowing Fund will be
required to pledge collateral to secure the loan.
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    4. Applicants assert that the facility does not raise the concerns
underlying section 12(d)(1) of the Act given that the Funds are part of
the same group of investment companies and there will be no duplicative
costs or fees to the Funds.\6\ Applicants also assert that the proposed
transactions do not raise the concerns underlying sections 17(a)(1),
17(a)(3), 17(d) and 21(b) of the Act as the Funds would not engage in
lending transactions that unfairly benefit insiders or are detrimental
to the Funds. Applicants state that the facility will offer both
reduced borrowing costs and enhanced returns on loaned funds to all
participating Funds, and each Fund would have an equal opportunity to
borrow and lend on equal terms based on an interest rate formula that
is objective and verifiable. With respect to the relief from section
17(a)(2) of the Act, applicants note that any collateral pledged to
secure an interfund loan would be subject to the same conditions
imposed by any other lender to a Fund that imposes conditions on the
quality of or access to collateral for a borrowing (if the lender is
another Fund) or the same or better conditions (in any other
circumstance).\7\
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    \6\ Applicants state that the obligation to repay an interfund
loan could be deemed to constitute a security for the purposes of
sections 17(a)(1) and 12(d)(1) of the Act.
    \7\ Applicants state that any pledge of securities to secure an
interfund loan could constitute a purchase of securities for
purposes of section 17(a)(2) of the Act.
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    5. Applicants also believe that the limited relief from section
18(f)(1) of the Act that is necessary to implement the facility
(because the lending Funds are not banks) is appropriate in light of
the conditions and safeguards described in the application and because
the Funds would remain subject to the requirement of section 18(f)(1)
that all borrowings of the Fund, including combined interfund loans and
bank borrowings, have at least 300% asset coverage.
    6. Section 6(c) of the Act permits the Commission to exempt any
persons or transactions from any provision of the Act if 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. Section 12(d)(1)(J) 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 section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.
Section 17(b) of the Act authorizes the Commission to grant an order
permitting a transaction otherwise prohibited by section 17(a) if it
finds that (a) the terms of the proposed transaction are fair and
reasonable and do not involve overreaching on the part of any person
concerned; (b) the proposed transaction is consistent with the policies
of each registered investment company involved; and (c) the proposed
transaction is consistent with the general purposes of the Act. Rule
17d-1(b) under the Act provides that in passing upon an application
filed under the rule, the Commission will consider whether the
participation of the registered investment company in a joint
enterprise, joint arrangement or profit sharing plan on the basis
proposed is consistent with the provisions, policies and purposes of
the Act and the extent to which such participation is on a basis
different from or less advantageous than that of the other
participants.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-04106 Filed 3-2-17; 8:45 am]
 BILLING CODE 8011-01-P