Federal Register / Vol. 69, No. 156 / Friday, August 13, 2004 / Notices 50223

investigation is complete and an 

enforcement panel concludes that 

pursuit of an enforcement action 

appears warranted. Generally, postinvestigation ADR processes will 

parallel and work in conjunction with 

the NRC enforcement program. 

After an investigation is complete, 

there are generally three issues that can 

be resolved using ADR; whether a 

violation occurred, the appropriate 

enforcement action, and the appropriate 

corrective actions for the violation(s). If 

the parties agree, any or all three may 

be considered in an ADR session. 

Two different types of enforcement 

cases will be eligible for ADR after an 

investigation is complete, 

discrimination and other wrongdoing 

cases. ADR will normally be considered 

at three places in the enforcement 

process after OI has completed an 

investigation: (1) After an enforcement 

panel has concluded there is the need 

to continue pursuing potential 

enforcement action based on an OI case 

and prior to the conduct of a 

predecisional enforcement conference 

(PEC); (2) after the initial enforcement 

action is taken, typically a Notice of 

Violation (NOV) and potentially a 

proposed civil penalty; and (3) after 

imposition of a civil penalty and prior 

to a hearing request. 

The parties to an ADR session after an 

OI investigation is complete will be the 

licensee and the NRC. Fees associated 

with the neutral will typically be 

divided between the NRC and the 

licensee, with each paying half of the 

total cost. 

Settlement discussions are expected 

to be complete within 90 days of 

initiating ADR prior to a PEC. The NRC 

may withdraw from settlement 

discussions if negotiations have not 

been completed in a timely manner. 

The terms of a settlement agreement 

will normally be confirmed by order. 

Typically, the specific terms of 

settlement will be agreed to during the 

negotiation. The staff will then 

incorporate appropriate terms into a 

confirmatory order, a draft of which will 

then be agreed to by the licensee prior 

to issuance. 

If an attempt to resolve a case using 

ADR prior to the conduct of a PEC fails, 

a predecisional enforcement conference 

will normally be offered to the licensee. 

The PEC will be conducted as described 

in the Enforcement Policy. 

For cases within the scope of the pilot 

program, after a panel concludes that a 

case warrants continuation of the 

enforcement process, the responsible 

region or office will contact the licensee 

and offer either a PEC or ADR. 

Consistent with the Enforcement Policy, 

a written response could be offered at 

the staff’s discretion. 

Public notification of the settlement 

will normally be a press release and the 

confirmatory order will be published in 

the Federal Register. 

Confidentiality with the NRC as a 

party will be determined by the parties 

as allowed by the ADR Act. 

1. Discrimination Cases 

Consistent with centralization of the 

discrimination enforcement process, the 

Director, Office of Enforcement, will 

normally negotiate for the NRC. 

Normally the NRC will coordinate 

participation of the complainant. While 

the complainant will not be a party to 

the ADR process after OI issues an 

investigation report, the NRC will 

typically seek the complainant’s input 

to the process. Normally, the NRC will 

at least seek input from the complainant 

regarding suggested corrective actions 

aimed at improving the safety conscious 

work environment. 

OI reports (not including exhibits) 

will normally be provided to the 

licensee when the choice of ADR or a 

PEC is offered. 

A licensee may request ADR for 

discrimination violations based solely 

on a finding by DOL. However, the staff 

will not negotiate the finding by DOL. 

The appropriate enforcement sanction 

and corrective actions will be the 

typical focus of settlement discussions. 

2. Other Than Discrimination 

Wrongdoing 

The regional administrator will 

normally be the principal negotiator for 

the NRC in ADR sessions on other 

wrongdoing cases. After imposition of a 

civil penalty or other order, the Director, 

Office of Enforcement and applicable 

regional administrator may determine 

that the Director would be the 

appropriate negotiator. 

Typically, an enforcement panel will 

be conducted to discuss the NRC’s 

specific interests in the case prior to the 

regional administrator attending the 

settlement discussions. A limited 

review of the settlement terms may be 

conducted in conjunction with the 

preparation of the confirmatory order. 

The OI report will not routinely be 

offered to the licensee prior to ADR. 

However, the OI report may be 

provided, as necessary, during the 

negotiations with the licensee. 

IV. Integration With Traditional 

Enforcement Policy 

A. Potential Future Enforcement Actions 

Civil Penalty Assessments 

Section VI.C.2 of the Enforcement 

Policy provides the method for 

determination of a civil penalty amount. 

One aspect of the determination uses 

enforcement history as a factor. If the 

staff considers a civil penalty for a 

future escalated enforcement action, 

settlements under the enforcement ADR 

program occurring after a formal 

enforcement action is taken (e.g. an 

NOV is issued) may count as an 

enforcement case for purposes of 

determining whether identification 

credit is considered. Settlements 

occurring prior to an OI investigation 

will not count as previous enforcement. 

The status of settlement agreements 

occurring after an investigation is 

completed but prior to an NOV being 

issued will be established as part of the 

negotiation between the parties.

Dated at Rockville, Maryland, this 6th day 

of August, 2004.

For the Nuclear Regulatory Commission. 

Annette L. Vietti-Cook, 

Secretary of the Commission.

[FR Doc. 04–18509 Filed 8–12–04; 8:45 am] 

BILLING CODE 7590–01–P

PENSION BENEFIT GUARANTY 

CORPORATION 

Required Interest Rate Assumption for 

Determining Variable-Rate Premium; 

Interest Assumptions for 

Multiemployer Plan Valuations 

Following Mass Withdrawal

AGENCY: Pension Benefit Guaranty 

Corporation.

ACTION: Notice of interest rates and 

assumptions. 

SUMMARY: This notice informs the public 

of the interest rates and assumptions to 

be used under certain Pension Benefit 

Guaranty Corporation regulations. These 

rates and assumptions are published 

elsewhere (or can be derived from rates 

published elsewhere), but are collected 

and published in this notice for the 

convenience of the public. Interest rates 

are also published on the PBGC’s Web 

site (http://www.pbgc.gov).

DATES: The required interest rate for 

determining the variable-rate premium 

under part 4006 applies to premium 

payment years beginning in August 

2004. The interest assumptions for 

performing multiemployer plan 

valuations following mass withdrawal 

under part 4281 apply to valuation dates 

occurring in September 2004.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General 

Counsel, Office of the General Counsel, 

Pension Benefit Guaranty Corporation, 

1200 K Street, NW., Washington, DC 

20005, 202–326–4024. (TTY/TDD users 

50224 Federal Register / Vol. 69, No. 156 / Friday, August 13, 2004 / Notices 

may call the Federal relay service tollfree at 1–800–877–8339 and ask to be 

connected to 202–326–4024.)

SUPPLEMENTARY INFORMATION:

Variable-Rate Premiums 

Section 4006(a)(3)(E)(iii)(II) of the 

Employee Retirement Income Security 

Act of 1974 (ERISA) and § 4006.4(b)(1) 

of the PBGC’s regulation on Premium 

Rates (29 CFR part 4006) prescribe use 

of an assumed interest rate (the 

‘‘required interest rate’’) in determining 

a single-employer plan’s variable-rate 

premium. Pursuant to the Pension 

Funding Equity Act of 2004, for 

premium payment years beginning in 

2004 or 2005, the required interest rate 

is the ‘‘applicable percentage’’

(currently 85 percent) of the annual rate 

of interest determined by the Secretary 

of the Treasury on amounts invested 

conservatively in long-term investment 

grade corporate bonds for the month 

preceding the beginning of the plan year 

for which premiums are being paid. 

Thus, the required interest rate to be 

used in determining variable-rate 

premiums for premium payment years 

beginning in August 2004 is 5.10 

percent (i.e., 85 percent of the 6.00 

percent composite corporate bond rate 

for July 2004 as determined by the 

Treasury). 

The following table lists the required 

interest rates to be used in determining 

variable-rate premiums for premium 

payment years beginning between 

September 2003 and August 2004. Note 

that the required interest rates for 

premium payment years beginning in 

September through December 2003 were 

determined under the Job Creation and 

Worker Assistance Act of 2002, and that 

the required interest rates for premium 

payment years beginning in January 

through August 2004 were determined 

under the Pension Funding Equity Act 

of 2004.

For premium payment years 

beginning in: 

The required interest rate is: 

September 2003 1 ..................... 5.31

October 2003 1 .......................... 5.14

November 2003 1 ...................... 5.16

December 2003 1 ...................... 5.12

January 2004 2 .......................... 4.94

February 2004 2 ........................ 4.83

March 2004 2 ............................ 4.79

April 2004 2 ............................... 4.62

May 2004 2 ................................ 4.98

June 2004 2 ............................... 5.26

July 2004 2 ................................ 5.25

August 2004 2 ........................... 5.10

1The required interest rates for premium 

payment years beginning in September 

through December 2003 were determined 

under the Job Creation and Worker Assistance Act of 2002. 

2The required interest rates for premium 

payment years beginning in January through 

August 2004 were determined under the Pension Funding Equity Act of 2004. 

Multiemployer Plan Valuations 

Following Mass Withdrawal 

The PBGC’s regulation on Duties of 

Plan Sponsor Following Mass 

Withdrawal (29 CFR part 4281) 

prescribes the use of interest 

assumptions under the PBGC’s 

regulation on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044). The interest assumptions 

applicable to valuation dates in 

September 2004 under part 4044 are 

contained in an amendment to part 4044 

published elsewhere in today’s Federal 

Register. Tables showing the 

assumptions applicable to prior periods 

are codified in appendix B to 29 CFR 

part 4044.

Issued in Washington, DC, on this 10th day 

of August 2004. 

Joseph H. Grant, 

Deputy Executive Director and Chief 

Operating Officer, Pension Benefit Guaranty 

Corporation.

[FR Doc. 04–18537 Filed 8–12–04; 8:45 am] 

BILLING CODE 7708–01–P

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

26528 ; 812–13107] 

Fixed Income Securities, L.P., et al.; 

Notice of Application 

August 9, 2004.

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’).

ACTION: Notice of application for an 

order under section 12(d)(1)(J) of the 

Investment Company Act of 1940 

(‘‘Act’’) for an exemption from sections 

12(d)(1)(A), (B), and (C) of the Act and 

under sections 6(c) and 17(b) of the Act 

for an exemption from section 17(a) of 

the Act. 

Summary of the Application: Fixed 

Income Securities, L.P. (‘‘FIS’’), 

Advisor’s Disciplined Trust (‘‘ADT’’), 

and any registered unit investment 

trusts (‘‘UITs’’) organized in the future 

and sponsored by FIS, or an entity 

controlling, controlled by or under 

common control with FIS (each, a 

‘‘Depositor’’), and their respective series 

(together with the ADT, the ‘‘Trusts’’, 

and each series of the Trusts, a 

‘‘Series’’), request an order to permit the 

Trusts to acquire shares of registered 

management investment companies and 

UITs both within and outside the same 

group of investment companies. 

Applicants: FIS and ADT. 

Filing Dates: The application was 

filed on July 14, 2004, and amended on 

August 5, 2004. Applicants have agreed 

to file an amendment during the notice 

period, the substance of which is 

reflected in this notice. 

Hearing or Notification of Hearing: An 

order granting the application will be 

issued unless the Commission orders a 

hearing. Interested persons may request 

a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on September 2, 2004, and 

should be accompanied by proof of 

service on applicants in the form of an 

affidavit or, for lawyers, a certificate of 

service. Hearing requests should state 

the nature of the writer’s interest, the 

reason for the request, and the issues 

contested. Persons who wish to be 

notified of a hearing may request 

notification by writing to the 

Commission’s Secretary.

ADDRESSES: Secretary, Commission, 450 

Fifth Street, NW., Washington, DC 

20549–0609. Applicants, 18925 Base 

Camp Road, Monument, Colorado 

80132.

FOR FURTHER INFORMATION CONTACT:

Bruce MacNeil, Senior Counsel, at (202) 

942–0634, or Annette Capretta, Branch 

Chief, at (202) 942–0564 (Office of 

Investment Company Regulation, 

Division of Investment Management).

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained for a fee at the 

Commission’s Public Reference Branch, 

450 Fifth Street, NW., Washington, DC 

20549–0102, (202) 942–8090. 

Applicants’ Representations 

1. ADT is a UIT registered under the 

Act. Each Series will be a series of a 

Trust, each a UIT which is or will be 

registered under the Act. FIS, a Texas 

limited partnership, is registered under 

the Securities Exchange Act of 1934 as 

a broker-dealer. 

2. Applicants request relief to permit 

the Series to invest in (a) registered 

investment companies that are part of 

the same ‘‘group of investment 

companies’’ (as that term is defined in 

section 12(d)(1)(G) of the Act) as the 

Trust (‘‘Affiliated Funds’’), and (b) 

registered investment companies that 

are not part of the same group of 

investment companies as the Trust 

(‘‘Unaffiliated Funds,’’ together with the 

Affiliated Funds, the ‘‘Funds’’). The 

Unaffiliated Funds may include UITs 

(‘‘Unaffiliated Underlying Trusts’’) and