41464 Federal Register / Vol. 74, No. 157 / Monday, August 17, 2009 / Notices 

1Applicants request that any relief granted 

pursuant to the application also apply to any other 

company of which GE is or may become an 

affiliated person (together with the Applicants, the 

‘‘Covered Persons’’). 

the State of North Dakota (FEMA–1829– 

DR), dated 03/24/2009. 

Incident: Severe storms and flooding. 

Incident Period: 03/13/2009 through 

08/10/2009. 

Effective Date: 08/10/2009. 

Physical Loan Application Deadline 

Date: 05/26/2009. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 12/24/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of North 

Dakota, dated 03/24/2009, is hereby 

amended to establish the incident 

period for this disaster as beginning 03/ 

13/2009 and continuing through 08/10/ 

2009. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

James E. Rivera, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. E9–19629 Filed 8–14–09; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11837 and #11838] 

Nebraska Disaster Number NE–00027 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Nebraska (FEMA–1853–DR), 

dated 07/31/2009. 

Incident: Severe storms, tornadoes, 

and flooding. 

Incident Period: 06/05/2009 through 

06/26/2009. 

Effective Date: 08/10/2009. 

Physical Loan Application Deadline 

Date: 09/29/2009. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/03/2010. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Nebraska, 

dated 07/31/2009, is hereby amended to 

include the following areas as adversely 

affected by the disaster. 

Primary Counties: Chase, Deuel, 

Lincoln, Perkins. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

James E. Rivera, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. E9–19631 Filed 8–14–09; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11707 and #11708] 

North Dakota Disaster Number ND– 

00016 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 5. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of North Dakota 

(FEMA—1829—DR), dated 04/10/2009. 

Incident: Severe storms and flooding. 

Incident Period: 03/13/2009 and 

continuing through 08/10/2009. 

DATES: Effective Date: 08/10/2009. 

Physical Loan Application Deadline 

Date: 08/10/2009. 

EIDL Loan Application Deadline Date: 

01/11/2010. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for the State of North 

Dakota, dated 04/10/2009 is hereby 

amended to establish the incident 

period for this disaster as beginning 03/ 

13/2009 and continuing through 08/10/ 

2009. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

James E. Rivera, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. E9–19632 Filed 8–14–09; 8:45 am] 

BILLING CODE 8025–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–28845; File No. 812–13680] 

GE Asset Management Incorporated 

and GE Investment Distributors, Inc.; 

Notice of Application and Temporary 

Order 

August 11, 2009. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Temporary order and notice of 

application for a permanent order under 

section 9(c) of the Investment Company 

Act of 1940 (‘‘Act’’). 

Summary of Application: Applicants 

have received a temporary order 

exempting them from section 9(a) of the 

Act, with respect to an injunction 

entered against General Electric 

Company (‘‘GE’’) on August 11, 2009 by 

the United States District Court for the 

District of Connecticut (‘‘Injunction’’), 

until the Commission takes final action 

on an application for a permanent order. 

Applicants also have applied for a 

permanent order. 

Applicants: GE Asset Management 

Incorporated (‘‘GEAM’’) and GE 

Investment Distributors, Inc. (‘‘GEID’’, 

collectively with GEAM, the 

‘‘Applicants’’).1

Filing Date: The application was filed 

on August 4, 2009, and amended on 

August 11, 2009. 

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 8, 2009, 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 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 157 / Monday, August 17, 2009 / Notices 41465 

2The ESCs, as defined in section 2(a)(13) of the 

Act, are open-end management investment 

companies registered under the Act and provide 

investment opportunities for certain employees, 

officers, and directors of GEAM and its affiliates, 

and other eligible participants. 

3Securities and Exchange Commission v. General 

Electric Company, Final Judgment as to General 

Electric Company, 3:09 CV 1235 (RNC) (D. Conn. 

Aug. 11, 2009). 

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: 3001 Summer Street, 

Stamford, CT 06904–7900. 

FOR FURTHER INFORMATION CONTACT: 

Courtney S. Thornton, at (202) 551– 

6812, or Mary Kay Frech, Branch Chief, 

at (202) 551–6821, (Division of 

Investment Management, Office of 

Investment Company Regulation). 

SUPPLEMENTARY INFORMATION: The 

following is a temporary order and 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 (202) 551– 

8090. 

Applicants’ Representations 

1. GE is a large diversified technology, 

media, and financial services company. 

GEAM, a Delaware corporation, is a 

direct, wholly-owned subsidiary of GE. 

GEAM is registered as an investment 

adviser under the Investment Advisers 

Act of 1940 and serves as investment 

adviser to a number of registered 

investment companies (‘‘Funds’’), 

including employees’ securities 

companies (‘‘ESCs’’).2 GEID is, through 

GEAM, an indirect, wholly-owned 

subsidiary of GE. GEID is registered as 

a broker-dealer under the Securities 

Exchange Act of 1934 and is a member 

of the Financial Industry Regulatory 

Authority, Inc. GEID serves as principal 

underwriter to a number of Funds. 

2. On August 11, 2009, the United 

States District Court for the District of 

Connecticut entered a final judgment, 

which included the Injunction, against 

GE (‘‘Judgment’’) in a matter brought by 

the Commission.3 The Commission 

alleged in the complaint (‘‘Complaint’’) 

that, in 2002 and 2003, high level GE 

accounting executives or other finance 

personnel approved accounting that was 

not in compliance with generally 

accepted accounting principles so as to 

increase earnings or revenues or to 

avoid reporting negative financial 

results. Without admitting or denying 

the allegations in the Complaint, except 

as to jurisdiction, GE consented to the 

entry of the Judgment that included, 

among other things, the entry of the 

Injunction, and a civil penalty of $50 

million. 

Applicants’ Legal Analysis 

1. Section 9(a)(2) of the Act, in 

relevant part, prohibits a person who 

has been enjoined from, among other 

things, engaging in or continuing any 

conduct or practice in connection with 

the purchase or sale of a security, or in 

connection with activities as an 

underwriter, broker or dealer, from 

acting, among other things, as an 

investment adviser or depositor of any 

registered investment company or a 

principal underwriter for any registered 

open-end investment company, 

registered unit investment trust or 

registered face-amount certificate 

company. Section 9(a)(3) of the Act 

makes the prohibition in section 9(a)(2) 

applicable to a company, any affiliated 

person of which has been disqualified 

under the provisions of section 9(a)(2). 

Section 2(a)(3) of the Act defines 

‘‘affiliated person’’ to include, among 

others, any person directly or indirectly 

controlling, controlled by, or under 

common control with, the other person. 

Applicants state that GE is an affiliated 

person of each of the Applicants within 

the meaning of section 2(a)(3) of the Act. 

Applicants state that the entry of the 

Injunction results in Applicants being 

subject to the disqualification 

provisions of section 9(a) of the Act. 

2. Section 9(c) of the Act provides that 

the Commission shall grant an 

application for exemption from the 

disqualification provisions of section 

9(a) if it is established that these 

provisions, as applied to the applicants, 

are unduly or disproportionately severe 

or that the applicants’ conduct has been 

such as not to make it against the public 

interest or the protection of investors to 

grant the exemption. Applicants have 

filed an application pursuant to section 

9(c) seeking a temporary and permanent 

order exempting them and other 

Covered Persons from the 

disqualification provisions of section 

9(a) of the Act. 

3. Applicants believe they meet the 

standard for exemption specified in 

section 9(c). Applicants state that the 

prohibitions of section 9(a) as applied to 

them would be unduly and 

disproportionately severe and that the 

conduct of the Applicants has been such 

as not to make it against the public 

interest or the protection of investors to 

grant the exemption from section 9(a). 

4. Applicants state that the alleged 

conduct giving rise to the Injunction did 

not involve either of the Applicants 

acting in the capacity of investment 

adviser, subadviser or depositor for any 

Fund or as principal underwriter for any 

Fund, and no such Funds bought or 

held any securities issued by GE during 

the period of misconduct alleged in the 

Complaint, other than with respect to 

index funds. Applicants also state that 

none of the current or former directors, 

officers, or employees of the Applicants 

had any responsibility for, or 

involvement in, the violative conduct 

alleged in the Complaint. Applicants 

further state that the personnel at GE 

who had any responsibility for, or 

involvement in, the violations alleged in 

the Complaint have had no, and will not 

have any future, involvement in 

providing investment advisory, 

subadvisory, or underwriting services to 

the Funds. 

5. Applicants state that their inability 

to continue to provide investment 

advisory, subadvisory and underwriting 

services to the Funds would result in 

potential hardship for the Funds and 

their shareholders. Applicants state that 

they will, as soon as reasonably 

practical, distribute written materials, 

including an offer to meet in person to 

discuss the materials, to the boards of 

directors of the Funds (‘‘Boards’’) for 

which the Applicants serve as 

investment adviser, investment 

subadviser or principal underwriter, 

including the directors who are not 

‘‘interested persons,’’ as defined in 

section 2(a)(19) of the Act, of such 

Funds, and their independent legal 

counsel as defined in rule 0–1(a)(6) 

under the Act, relating to the 

circumstances that led to the Injunction, 

any impact on the Funds, and the 

application. Applicants state they will 

provide the Boards with all information 

concerning the Judgment and the 

application that is necessary for the 

Funds to fulfill their disclosure and 

other obligations under the Federal 

securities laws. 

6. Applicants also state that, if they 

were barred from providing services to 

the Funds, the effect on their businesses 

and employees would be severe. 

Applicants state that they have 

committed substantial resources to 

establishing expertise in providing 

advisory and distribution services to 

Funds. Applicants further state that 

prohibiting them from providing such 

services would not only adversely affect 

their businesses, but would also 

adversely affect about 500 employees 

who are involved in those activities. 

7. A predecessor of one of the 

Applicants previously received an 

exemption under section 9(c) as the 

result of conduct that triggered section 

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41466 Federal Register / Vol. 74, No. 157 / Monday, August 17, 2009 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 59995 

(May 28, 2009), 74 FR 26750 (June 3, 2009) (SR– 

Phlx–2009–32). 

4See Securities Exchange Act Release No. 60202 

(June 30, 2009), 74 FR 32675 (‘‘Notice’’). 

5A ‘‘distributor receives a feed or data file of data 

directly from NASDAQ OMX PHLX or indirectly 

through another entity and then distributes it either 

internally or externally. All distributors will be 

required to execute a NASDAQ OMX PHLX 

distributor agreement. 

6An Internal Distributor is an organization that 

subscribes to the Exchange for the use of TOPO, and 

is permitted by agreement with the Exchange to 

provide TOPO data to internal users (i.e., users 

within their own organization). An External 

Distributor is an organization that subscribes to the 

Exchange for the use of TOPO, and is permitted by 

agreement with the Exchange to provide TOPO data 

to both internal users and to external users (i.e., 

users outside of their own organization). 

7 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

8 15 U.S.C. 78f(b)(4). 

9(a), as described in greater detail in the 

application. 

Applicants’ Condition 

Applicants agree that any order 

granting the requested relief will be 

subject to the following condition: 

Any temporary exemption granted 

pursuant to the application shall be 

without prejudice to, and shall not limit 

the Commission’s rights in any manner 

with respect to, any Commission 

investigation of, or administrative 

proceedings involving or against, 

Covered Persons, including, without 

limitation, the consideration by the 

Commission of a permanent exemption 

from section 9(a) of the Act requested 

pursuant to the application or the 

revocation or removal of any temporary 

exemptions granted under the Act in 

connection with the application. 

Temporary Order 

The Commission has considered the 

matter and finds that Applicants have 

made the necessary showing to justify 

granting a temporary exemption. 

Accordingly, 

It is hereby ordered, pursuant to 

section 9(c) of the Act, that GEAM and 

GEID and any other Covered Persons are 

granted a temporary exemption from the 

provisions of section 9(a), solely with 

respect to the Injunction, subject to the 

condition in the application, from 

August 11, 2009, until the Commission 

takes final action on their application 

for a permanent order. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–19625 Filed 8–14–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, August 20, 2009 at 2 p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matters at the Closed 

Meeting. 

Chairman Schapiro, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in a closed session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, 

August 20, 2009 will be: 

Institution and settlement of injunctive 

actions; 

Institution and settlement of 

administrative proceedings; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: The Office of the Secretary at 

(202) 551–5400. 

Dated: August 13, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–19798 Filed 8–13–09; 4:15 pm] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60459; File No. SR–Phlx– 

2009–54] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX, Inc.; Order 

Approving a Proposed Rule Change To 

Establish Fees for the Top of Phlx 

Options Direct Data Feed Product 

August 7, 2009. 

I. Introduction 

On June 30, 2009, NASDAQ OMX 

PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b-4 thereunder,2 a proposed rule 

change to amend its fee schedule by 

establishing subscriber fees for a direct 

data product related to the trading of 

standardized options on the Exchange’s 

enhanced electronic trading platform for 

options, Phlx XL II.3 Notice of the 

proposed rule change was published for 

comment in the Federal Register on July 

8, 2009.4 The Commission received no 

comments on the proposal. This order 

approves the proposed rule change. 

II. Description of the Proposal 

In conjunction with the launch and 

rollout of its Phlx XL II system, the 

Exchange is developing Top of Phlx 

Options (‘‘TOPO’’), a direct data feed 

product that includes the Exchange’s 

best bid and offer price, with aggregate 

size, based on displayable order and 

quoting interest on the Phlx XL II 

system. The data contained in the TOPO 

data feed is identical to the data sent to 

the processor for the Options Price 

Regulatory Authority (‘‘OPRA’’), and the 

TOPO and OPRA data will leave the 

Phlx XL II System at the same time. 

In coordination with the projected 

completion of the rollout of the Phlx XL 

II system, the Exchange proposes to 

charge monthly fees to distributors, 

beginning August 1, 2009, for use of 

TOPO.5 The monthly ‘‘Distributor Fee’’ 

charged will depend on whether the 

distributor is an ‘‘Internal Distributor’’ 

or an ‘‘External Distributor.’’ 6

Specifically, the Exchange proposed to 

charge Internal Distributors a monthly 

fee of $2,000 per organization and to 

charge External Distributors a monthly 

fee of $2,500 per organization. 

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.7 In particular, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of Section 6(b)(4) of the 

Act,8 which requires that the rules of a 

national securities exchange provide for 

the equitable allocation of reasonable 

dues, fees and other charges among 

members and issuers and other persons 

using its facilities, and Section 6(b)(5) of 

mstockstill on DSKH9S0YB1PROD with NOTICES