Federal Register / Vol. 72, No. 83 / Tuesday, May 1, 2007 / Notices 23861 

Commission may interpret Section 16 of 

the 1940 Act not to require such 

meetings) or comply with Section 16(c) 

of the 1940 Act (although each 

Insurance Fund is not, or will not be, 

one of those trusts of the type described 

in Section 16(c) of the 1940 Act), as well 

as with Section 16(a) of the 1940 Act 

and, if and when applicable, Section 

16(b) of the 1940 Act. Further, each 

Insurance Fund will act in accordance 

with the Commission’s interpretations 

of the requirements of Section 16(a) 

with respect to periodic elections of 

directors/trustees and with whatever 

rules the Commission may promulgate 

thereto. 

9. An Insurance Fund will make its 

Shares available to the Separate 

Accounts and Qualified Plans at or 

about the time it accepts any seed 

capital from an Advisor or General 

Account of a Participating Insurance 

Company. 

10. Each Insurance Fund has notified, 

or will notify, all Participants that 

Separate Account prospectus disclosure 

or Qualified Plan prospectuses or other 

Qualified Plan disclosure documents 

regarding potential risks of mixed and 

shared funding may be appropriate. 

Each Insurance Fund will disclose in its 

prospectus that: (a) Shares of the 

Insurance Fund may be offered to 

Separate Accounts funding both 

variable annuity contracts and variable 

life insurance policies and, if 

applicable, to Qualified Plans; (b) due to 

differences in tax treatment and other 

considerations, the interests of various 

contract owners participating in the 

Insurance Fund and the interests of 

Qualified Plans investing in the 

Insurance Fund, if applicable, may 

conflict; and (c) the Insurance Fund’s 

Board will monitor events in order to 

identify the existence of any material 

irreconcilable conflicts and to determine 

what action, if any, should be taken in 

response to any such conflict. 

11. If and to the extent that Rule 6e– 

2 and Rule 6e–3(T) under the 1940 Act 

are amended, or proposed Rule 6e–3 

under the 1940 Act is adopted, to 

provide exemptive relief from any 

provision of the 1940 Act, or the rules 

promulgated thereunder, with respect to 

mixed or shared funding, on terms and 

conditions materially different from any 

exemptions granted in the order 

requested in this Application, then each 

Insurance Fund and/or Participating 

Insurance Companies, as appropriate, 

shall take such steps as may be 

necessary to comply with Rules 6e–2 or 

6e–3(T), or Rule 6e–3, as such rules are 

applicable. 

12. Each Participant, at least annually, 

will submit to the Board of each 

Insurance Fund such reports, materials 

or data as the Board reasonably may 

request so that the directors/trustees of 

the Board may fully carry out the 

obligations imposed upon the Board by 

the conditions contained in this 

Application. Such reports, materials and 

data will be submitted more frequently 

if deemed appropriate by the Board of 

an Insurance Fund. The obligations of 

the Participants to provide these reports, 

materials and data to the Board, when 

it so reasonably requests, will be a 

contractual obligation of all Participants 

under their Participation Agreement 

with the relevant Insurance Fund. 

13. All reports of potential or existing 

conflicts received by the Board of each 

Insurance Fund, and all Board action 

with regard to determining the existence 

of a conflict, notifying Participants of a 

conflict and determining whether any 

proposed action adequately remedies a 

conflict, will be properly recorded in 

the minutes of the Board or other 

appropriate records, and such minutes 

or other records shall be made available 

to the Commission upon request. 

14. Each Insurance Fund will not 

accept a purchase order from a 

Qualified Plan if such purchase would 

make the Qualified Plan an owner of 10 

percent or more of the assets of the 

Insurance Fund unless the Trustee for 

such Qualified Plan executes an 

agreement with the Insurance Fund 

governing participation in the Insurance 

Fund that includes the conditions set 

forth herein to the extent applicable. A 

Trustee for a Qualified Plan will execute 

an application containing an 

acknowledgement of this condition at 

the time of its initial purchase of Shares. 

Conclusions 

Applicants submit that, for the 

reasons summarized above and to the 

extent necessary or appropriate to 

provide for the transactions described 

herein, the requested exemptions from 

Sections 9(a), 13(a), 15(a), and 15(b) of 

the 1940 Act and Rules 6e–2(b)(15) and 

6e–3(T)(b)(15) thereunder, in 

accordance with the standards of 

Section 6(c) of the 1940 Act, are in the 

public interest and consistent with the 

protection of investors and the purposes 

fairly intended by the policy and 

provisions of the 1940 Act. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8231 Filed 4–30–07; 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 the following 

meeting during the week of April 30, 

2007: 

A Closed Meeting will be held on 

Thursday, May 3, 2007 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 may also 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), (4), (5), (7), (8), (9)(B), 

and (10) and 17 CFR 200.402(a)(3), (4), 

(5), (7), (8), 9(ii) and (10), permit 

consideration of the scheduled matters 

at the Closed Meeting. 

Commissioner Casey, as duty officer, 

voted to consider the items listed for the 

closed meeting in closed session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, May 3, 

2007 will be: 

Formal orders of investigations; 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings of an 

enforcement nature; 

Regulatory matters regarding financial 

institutions; an adjudicatory matter; and 

Other matters related 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: April 26, 2007. 

Nancy M. Morris, 

Secretary. 

[FR Doc. E7–8309 Filed 4–30–07; 8:45 am] 

BILLING CODE 8010–01–P 


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