20442 Federal Register / Vol. 77, No. 65 / Wednesday, April 4, 2012 / Notices 

For the Nuclear Regulatory Commission. 

Jennie Rankin, 

Project Manager, Licensing Branch, Division 

of Spent Fuel Storage and Transportation, 

Office of Nuclear Material Safety and 

Safeguards. 

[FR Doc. 2012–8111 Filed 4–3–12; 8:45 am] 

BILLING CODE 7590–01–P 

OCCUPATIONAL SAFETY AND 

HEALTH REVIEW COMMISSION 

Proposed Information Collection; 

Comment Request 

AGENCY: Occupational Safety and Health 

Review Commission. 

ACTION: Notice. 

SUMMARY: The Occupational Safety and 

Health Review Commission (OSHRC) 

invites the public and other Federal 

agencies to comment on a proposed 

information collection concerning 

participation in conventional 

proceedings as part of our review of the 

OSHRC Settlement Part program. 

OSHRC will submit the proposed 

information collection request to the 

Office of Management and Budget 

(OMB) for review, as required by the 

Paperwork Reduction Act of 1995 (PRA) 

(44 U.S.C. 3501 et seq.). 

DATES: Written comments must be 

submitted on or before June 4, 2012. 

ADDRESSES: Submit all written 

comments, identified by the title 

‘‘Paperwork Reduction Act Information 

Collection—Conventional Proceedings’’, 

by mail or hand delivery to John X. 

Cerveny, Deputy Executive Secretary, 

Occupational Safety and Health Review 

Commission, 1120 20th Street NW., 

Washington, DC 20036–3457, by fax to 

202–606–5050, or by email to 

pracomments@oshrc.gov. 

FOR FURTHER INFORMATION CONTACT: 

Requests for information or copies of the 

proposed information collection 

instrument should be directed to John 

X. Cerveny, Deputy Executive Secretary, 

Occupational Safety and Health Review 

Commission, 1120 20th Street NW., 

Ninth Floor, Washington, DC 20036– 

3457; Telephone (202) 606–5706; email 

address: pracomments@oshrc.gov. 

SUPPLEMENTARY INFORMATION: OSHRC’s 

Settlement Part program, codified at 29 

CFR 2200.120, is designed to encourage 

settlements on contested citations 

issued by the U.S. Department of 

Labor’s Occupational Safety and Health 

Administration (OSHA) and to reduce 

litigation costs. The program requires 

employers who receive job safety or 

health citations that include proposed 

penalties of $100,000 or more in total to 

participate in formal settlement talks 

presided over by an OSHRC 

Administrative Law Judge. If settlement 

efforts fail, the case would continue 

under OSHRC’s conventional 

proceedings, usually before a judge 

other than the one who presided over 

the settlement proceedings. 

OSHRC has submitted for OMB 

review a proposed information 

collection from participants in the 

Settlement Part program. A copy of that 

information collection request (ICR) 

with applicable supporting 

documentation may be obtained from 

the RegInfo.gov Web site, http:// 

www.reginfo.gov/public/do/PRAMain, 

or by contacting John X. Cerveny, 

Deputy Executive Secretary, 

Occupational Safety and Health Review 

Commission, 1120 20th Street NW., 

Ninth Floor, Washington, DC 20036– 

3457; Telephone (202) 606–5706; email 

address: pracomments@oshrc.gov. 

OSHRC proposes to conduct a second 

voluntary survey of employer, 

Department of Labor (OSHA) personnel 

(decision makers), Authorized 

Employee Representatives, and their 

representatives, including attorneys, 

who personally participated in OSHRC 

cases between February 15, 2011 and 

June 30, 2012, where a total proposed 

penalty between $50,000 and $99,999 

was involved and where OSHRC 

Settlement Part Process procedures were 

not used. The cases would include those 

settled by the parties without an OSHRC 

judge conducting a face-to-face 

settlement proceeding, as well as any 

cases within the above dollar range that 

went to a trial on the merits. These cases 

would be considered part of a control 

group. Participant responses will be 

used for comparative purposes and to 

facilitate our understanding of the 

efficacy of the Settlement Part program. 

The proposed information collection 

instrument is a written survey 

consisting of a series of questions to 

determine participants’ level of 

satisfaction with OSHRC processes and 

outcomes. They are intended to take a 

respondent no more than 30 minutes to 

complete. The respondents may skip 

any questions that they do not feel 

comfortable answering, and are 

permitted to comment further on their 

experiences at the end of the 

questionnaire. 

OSHRC will submit the proposed 

information collection to the Office of 

Management and Budget for review, as 

required by the Paperwork Reduction 

Act of 1995 (44 U.S.C. 3501 et seq.). 

OSHRC invites comments on: (1) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the agency’s functions, 

including whether the information will 

have practical utility; (2) the accuracy of 

the agency’s estimate of the burden of 

the proposed collection of information, 

including the validity of the 

methodology and assumptions used; (3) 

ways to enhance the quality, utility, and 

clarity of the information to be 

collected; and (4) ways to minimize the 

burden of the information collection on 

respondents, including through the use 

of automated collection techniques, 

when appropriate, and other forms of 

information technology. Comments 

submitted in response to this notice will 

be summarized and included in the 

request for OMB approval of this 

information collection; they also will 

become a matter of public record. 

OMB Control Number: Not applicable, 

new request. 

Form Number: Not applicable. 

Type of Review: Regular submission 

(new information collection). 

Title: Survey of Participants in 

OSHRC Conventional Proceedings 

where between $50,000 and $99,999 is 

at issue. 

Description: Information collection 

required to evaluate the Review 

Commission’s Settlement Part process. 

Affected Public: Employer and 

Department of Labor (OSHA) personnel 

(decision makers), Authorized 

Employee Representatives, and their 

representatives, including attorneys, 

who have personally participated in 

OSHRC cases between February 15, 

2011 and June 30, 2012, where a total 

proposed penalty between $50,000 and 

$99,999 was involved and where 

OSHRC Settlement Part Process 

procedures were not used. 

Estimated Number of Respondents: 

500. 

Estimated Time per Response: 30 

minutes. 

Estimated Total Reporting Burden: 

250 hours. 

Obligation To Respond: Voluntary. 

Dated: March 30, 2012. 

Debra Hall, 

Acting Executive Director. 

[FR Doc. 2012–8124 Filed 4–3–12; 8:45 am] 

BILLING CODE 7600–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

30014; File No. 812–13778] 

Sunwest Rollover Member LLC; Notice 

of Application 

March 29, 2012. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 


emcdonald on DSK29S0YB1PROD with NOTICES
Federal Register / Vol. 77, No. 65 / Wednesday, April 4, 2012 / Notices 20443 

1Applicant states that the Rollover Equity 

Interests consist of common interests and class A 

preferred units, each as defined in the limited 

liability company agreement governing Blackstone 

LLC (‘‘Blackstone LLC Agreement’’). 

2Applicant’s limited liability company agreement 

requires that two of the three members of the Board 

of Managers are not ‘‘interested persons’’ as defined 

in the Act. 

3The acquisition of the Sunwest Assets by 

Blackstone LLC is referred to herein as the 

‘‘Blackstone Acquisition.’’ The Blackstone 

Acquisition is governed by the terms and 

conditions of an Agreement of Purchase, Sale and 

Contribution dated as of January 15, 2010, and 

amended on February 12, 2010, March 25, 2010 and 

July 13, 2010 (‘‘PSA’’). 

4The TIC Investors and the LLC Investors are 

referred to herein, collectively, as ‘‘Sunwest 

Investors.’’ 

5SEC v. Sunwest Management, Inc., et al., Civil 

Action No. CV 09–6056 HO (‘‘SEC Enforcement 

Action’’). 6Applicant states that no Sunwest Investor was 

required to receive interests in Applicant; only 

Continued 

ACTION: Notice of an application for 

exemption under the Investment 

Company Act of 1940 (the ‘‘Act’’). 

SUMMARY: Summary of Application: 

Sunwest Rollover Member LLC 

(‘‘Applicant’’) requests an order of the 

Commission pursuant to sections 6(c) 

and 6(e) of the Act exempting it from all 

provisions of the Act and the rules 

thereunder, except sections 9, 17(a), 

17(d) and 17(e), section 31, as modified 

herein (‘‘Modified Section 31’’), and 

sections 36 through 53 of the Act and 

the rules thereunder. Applicant would 

be exempt until the earlier of August 5, 

2015 or such time as it no longer meets 

the definition of an investment 

company under the Act. 

DATES: Filing Dates: The application was 

filed on May 28, 2010, and amended on 

June 17, 2010, June 28, 2010, July 8, 

2010, October 8, 2010, February 22, 

2011, September 6, 2011, and March 22, 

2012. 

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 

applicant with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on April 23, 2012 and 

should be accompanied by proof of 

service on applicant, 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 

reasons 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: Elizabeth M. Murphy, 

Secretary, U.S. Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

Applicant, 2300 SW First Avenue, Suite 

200, Portland, OR 97201–5047. 

FOR FURTHER INFORMATION CONTACT: Jill 

Ehrlich, Senior Counsel, at (202) 551– 

6819, 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 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. 

Applicant’s Representations 

1. Applicant is a Delaware limited 

liability company formed for the 

purpose of holding equity interests 

(‘‘Rollover Equity Interests’’) in BRE/SW 

Portfolio LLC (‘‘Blackstone LLC’’),1 a 

Delaware limited liability company, to 

resolve the bankruptcy of Sunwest (as 

defined below). Applicant is managed 

by a three-person board of managers 

(‘‘Board of Managers’’) elected by the 

members of Applicant.2 Although 

Applicant is authorized to exist until 

December 31, 2020, Applicant expects 

that Blackstone LLC will have a limited 

life of up to five years from its 

acquisition of the Sunwest Assets (as 

defined below) and similarly also 

expects to liquidate and dissolve by 

August 5, 2015. 

2. Blackstone LLC was formed to 

acquire substantially all of the core 

assets (consisting of more than 140 

senior living facilities throughout the 

United States) (collectively, the 

‘‘Sunwest Assets’’) of ‘‘Sunwest,’’ a 

group of related entities formerly 

involved in the acquisition, 

development, design, construction, 

financing, insuring and operation of 

senior living and other properties 

nationwide, along with miscellaneous 

other related assets and operations.3

3. Prior to 2008, Sunwest operated 

290 facilities and was one of the largest 

assisted living providers in the United 

States. Sunwest financed the acquisition 

and development of its senior living and 

other properties through various means, 

including the sale to investors of tenantin-common interests (‘‘TIC Investors’’) 

and limited liability company interests 

(‘‘LLC Investors’’) in properties owned 

by Sunwest.4 On December 1, 2008, 

Stayton SW Assisted Living, L.L.C., one 

of the Sunwest entities (‘‘Debtor’’), 

initiated its bankruptcy case 

(‘‘Bankruptcy Case’’) with the filing of a 

voluntary petition under Chapter 11 of 

Title 11 of the United States Code. 

4. On March 2, 2009, the Commission 

filed a complaint in the U.S. District 

Court for the District of Oregon 

(‘‘District Court’’) alleging that Sunwest 

Management Inc. committed violations 

of the federal securities laws in the 

offering of interests in Sunwest.5 On 

March 10, 2009, the District Court 

entered an order in the SEC 

Enforcement Action granting an 

injunction and appointing a receiver 

over the Sunwest entities. On December 

22, 2009, the District Court entered an 

order providing that all assets and 

liabilities of Sunwest were consolidated 

into the Bankruptcy Case, that equitable 

title to real estate held by Sunwest was 

consolidated into Debtor’s bankruptcy 

estate, and that Debtor had the right to 

convey title to, or interests in, real 

property pursuant to a confirmed plan 

of reorganization or other order of the 

District Court. 

5. On January 15, 2010, the Debtor 

and Blackstone LLC entered into the 

PSA providing for the sale or 

contribution of substantially all of the 

core assets of Sunwest, including the 

interests in the properties owned by the 

TIC Investors and the LLC Investors, to 

Blackstone LLC or a successful bidder 

who placed a higher bid at the ensuing 

auction. After the bid deadline 

established for such auction expired, the 

District Court entered its order 

identifying and approving Blackstone 

LLC as the successful bidder and 

purchaser under the PSA. The 

Blackstone Acquisition closed on 

August 5, 2010. 

6. Applicants state that due to the 

complex and unusual capital structure 

of Sunwest, outright sale of the Sunwest 

Assets to Blackstone LLC likely would 

have resulted in adverse income tax 

consequences to numerous Sunwest 

Investors. Applicant states that, to 

address tax consequences and certain 

valuation concerns of Sunwest 

Investors, the PSA and the Debtor’s plan 

of reorganization provided that the 

consideration paid by Blackstone LLC in 

acquiring the Sunwest Assets would, at 

the election of Sunwest Investors, take 

the form of a combination of cash and/ 

or issuance of Rollover Equity Interests. 

Sunwest Investors who elected to 

receive interests in the Applicant 

contributed their interests in the 

Sunwest Assets and the bankruptcy 

estate to Applicant in exchange for, at 

their election: Applicant’s common 

units or preferred units.6 Applicant in 


emcdonald on DSK29S0YB1PROD with NOTICES
20444 Federal Register / Vol. 77, No. 65 / Wednesday, April 4, 2012 / Notices 

Sunwest Investors who voluntarily elected to 

receive interests in Applicant became members of 

Applicant. In addition, Applicant states that neither 

the common interests nor class A preferred units 

that constitute the Rollover Equity Interests were 

over-subscribed, so certain over-subscription 

procedures developed in the Bankruptcy Case did 

not become applicable. 

7Applicant also issued a third class of securities 

to certain founders of Sunwest (‘‘Sunwest 

Founders’’) that consists of contingent non-voting 

profits interests (‘‘Profits Interests’’). The Profits 

Interests entitle Sunwest Founders to receive a 

portion of Applicant’s earnings if total distributions 

and payments to Sunwest’s general unsecured 

creditors and Sunwest Investors (not including 

Sunwest Founders) aggregate in excess of $500 

million. Applicant states that it is unlikely that the 

Profits Interests will ever have value. 

8Applicant’s sole source of revenue is and will 

continue to be its investment in Blackstone LLC 

(other than any income from Temporary 

Investments). 

9Applicant will continue to be subject to the 

jurisdiction of the District Court. 

10Applicant does not anticipate that there will be 

significant distributions to Applicant in the initial 

years of operation of Blackstone LLC, but that 

Applicant will have significant administrative, 

compliance and similar expenses. Therefore, 

Blackstone LLC has agreed to reimburse Applicant 

$400,000 each year, and the Debtor has agreed to 

loan Applicant up to a total of $2 million to permit 

Applicant to pay its expenses. 

11Applicant states that, if it were to sell any 

additional securities, the securities would be sold 

to Applicant’s members and not to third parties. 

Applicant states that an offering likely would be 

made only to accredited investors under Rule 506 

of Regulation D under the Securities Act of 1933 

and all members of Applicant received notice of 

such a possibility before electing to invest in 

Applicant. 

12 Drexel Burnham Lambert Group Inc., 

Investment Company Act Release Nos. 18643 (April 

1, 1992) (notice) and 18675 (April 24, 1992) (order) 

and LTV Aerospace Creditors Liquidating Trust, 

Investment Company Act Release Nos. 19596 (July 

26, 1993) (notice) and 19648 (August 24, 1993) 

(order). 

turn contributed the property interests 

to Blackstone LLC. The terms of 

Applicant’s common units and 

preferred units mirror the terms of the 

Rollover Equity Interests that are held 

by Applicant.7

7. Applicant states that its assets 

consist exclusively of the Rollover 

Equity Interests and the following shortterm instruments pending distributions 

to Applicant’s members or 

disbursements in payment of 

Applicant’s obligations: (a) General 

obligations of the United States, or its 

agencies and instrumentalities; and/or 

(b) deposit accounts with banks, which 

accounts are insured by the Federal 

Deposit Insurance Corporation or an 

equivalent insuring organization 

(collectively, the ‘‘Temporary 

Investments’’).8

8. Applicant states that the District 

Court has been actively involved in all 

aspects of the Debtor’s reorganization, 

including the development of 

Applicant’s capital structure and the 

terms of the Blackstone Acquisition.9 In 

addition, committees of unsecured 

creditors and TIC Investors were 

established in 2009 to represent the 

interests of Sunwest Investors and 

creditors, and representatives of these 

committees considered and discussed 

numerous alternative methods of 

maximizing the value of Sunwest 

Investors’ interests in Sunwest, 

including development of a stand-alone 

plan of reorganization and the 

acquisition of Sunwest properties by 

third parties. The Blackstone 

Acquisition was eventually determined 

to be the most favorable alternative 

available to Sunwest Investors and 

creditors. Applicant states that the 

negotiations which led to both the 

structure of Applicant and the terms of 

the PSA with Blackstone LLC were 

protracted, conducted at arm’s-length, 

and actively participated in by Sunwest 

Investors and their representatives, 

counsel, investment bankers and other 

advisors. 

9. The Blackstone LLC Agreement 

permits Blackstone LLC’s board of 

directors to approve a proposal by BRE/ 

SW Member LLC (a member of 

Blackstone LLC, ‘‘BREA’’) to request 

that its members, including Applicant, 

make additional capital contributions if 

BREA determines in good faith: (a) That 

Blackstone LLC requires additional 

capital to meet its financial obligations; 

or (b) that raising additional capital for 

additional investment purposes is 

advisable and in the best interests of 

Blackstone LLC; provided, however, 

such additional investments shall not 

include additional facilities unless they 

are contiguous or adjacent to 

‘‘properties’’ (defined in the Blackstone 

LLC Agreement to include specified 

assisted living, memory care and skilled 

nursing facilities) existing as of the date 

of the Blackstone LLC Agreement. In 

addition, Applicant’s limited liability 

company agreement permits Applicant 

to raise capital only for the purpose of 

paying Applicant’s expenses or 

responding to a capital request from 

Blackstone LLC.10 Any offering by 

Applicant, whether to pay its expenses 

or to raise capital in response to a 

capital call from Blackstone LLC, must 

be conducted in compliance with 

federal and state securities laws.11 In 

any event, Applicant believes it is 

unlikely that Applicant or Blackstone 

LLC will request any additional capital. 

Applicant’s Analysis 

1. Applicant requests an order of the 

Commission pursuant to sections 6(c) 

and 6(e) of the Act exempting it from all 

provisions of the Act and the rules 

thereunder, except sections 9, 17(a), 

17(d) and 17(e), Modified Section 31, 

and sections 36 through 53 of the Act 

and the rules thereunder. Applicant 

requests relief until the earlier of August 

5, 2015 or such time as Applicant no 

longer meets the definition of an 

investment company under the Act. 

2. Applicant states that it meets the 

definition of an investment company, as 

defined in section 3(a)(1)(C) of the Act, 

because: (a) Applicant has acquired 

investment securities (i.e., interests in 

Blackstone LLC) having a value 

exceeding 40% of the value of 

Applicant’s total assets; and (b) none of 

the exemptions or exceptions specified 

in the Act apply to Applicant in its 

current form. Applicant states that, if 

the Commission does not issue the 

requested relief, Applicant may be 

required to devote scarce financial and 

other resources to comply with 

provisions of the Act that Applicant 

argues are not relevant or necessary 

under Applicant’s circumstances. 

Applicant also states that, although it 

was formed as a limited liability 

company rather than a liquidating trust, 

in terms of its structure and function, as 

well as the policies underlying the Act, 

Applicant is indistinguishable from 

liquidating trusts and other entities that 

have been granted similar exemptions 

by the Commission in the past.12

Applicant states that it is structured 

with the goal of liquidating the Sunwest 

Assets in an orderly manner and 

distributing the liquidation proceeds to 

its investors. 

3. Section 6(c) provides that the 

Commission may by order upon 

application exempt any person or 

persons, or any transaction 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 of the Act. 

Section 6(e) provides that, in connection 

with any order exempting an investment 

company from any provision of section 

7, certain provisions of the Act, as 

specified by the Commission, shall 

apply to the company and other persons 

dealing with the company as if such 

company were a registered investment 

company. 

4. Applicant states that it will be 

subject to all of section 31 and the rules 

thereunder, except that rule 31a–1(a) 

will be modified to require retention of 

the documents that constitute the record 

forming the basis for the quarterly 

unaudited financial statements and the 

annual audited financial statements that 

Applicant will provide to its members, 

rather than the documents forming the 


emcdonald on DSK29S0YB1PROD with NOTICES
Federal Register / Vol. 77, No. 65 / Wednesday, April 4, 2012 / Notices 20445 

13Among other restrictions, Applicant states that 

it will limit transfers to transfers among members 

or affiliates of members. 

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

2 17 CFR 240.19b–4. 

3The Commission has modified the text of the 

summaries prepared by FICC. 

basis for the financial statements that 

would be filed pursuant to section 30 of 

the Act. Under the requested relief, 

Applicant will provide to its members: 

(i) Annual audited financial statements 

prepared in accordance with generally 

accepted accounting principles and rule 

1–02(d) of Regulation S–X; and (ii) 

unaudited quarterly financial statements 

prepared in accordance with generally 

accepted accounting principles. 

5. Applicant contends that the 

following factors, among others, are 

appropriate grounds for the requested 

relief, particularly in view of the 

provisions of the Act that will apply to 

Applicant: (i) Sunwest Investors who 

were eligible to receive interests in 

Applicant, their counsel, investment 

bankers and other advisors, as well as 

the District Court and its appointed 

mediators, were active participants in 

designing and determining Applicant’s 

structure; (ii) Applicant will continue to 

be subject to the jurisdiction of the 

District Court; (iii) transferability of 

Applicant’s securities is severely 

restricted; 13 (iv) Applicant has a limited 

life and will liquidate upon the 

liquidation of Blackstone LLC; and (v) 

Applicant will not be engaged in the 

business of investing, reinvesting or 

trading in securities, and the only 

securities that Applicant may hold are 

its interests in Blackstone LLC and 

Temporary Investments pending 

distributions to Applicant’s members or 

disbursements in payment of 

Applicant’s obligations. 

6. Accordingly, Applicant believes 

that the issuance of the order pursuant 

to sections 6(c) and 6(e) is 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. 

Applicant’s Conditions 

Applicant agrees that any order of the 

Commission granting the requested 

relief will be subject to the following 

conditions: 

1. Applicant will not own or hold 

securities other than: (a) Interests in 

Blackstone LLC and (b) Temporary 

Investments. 

2. Applicant will not offer additional 

securities to its members, except in 

connection with capital requests from 

Blackstone LLC or to pay its expenses. 

3. If Applicant sells additional 

securities, such securities would be sold 

at a price equal to or greater than the net 

asset value of the securities at the time 

of the offering. 

4. Applicant’s governing documents 

will not be amended to permit 

Applicant’s securities to be freely 

tradable. 

5. Applicant will provide to its 

members: (a) Quarterly unaudited 

financial statements prepared in 

accordance with generally accepted 

accounting principles and (b) annual 

audited financial statements prepared in 

accordance with generally accepted 

accounting principles and rule 1–02(d) 

of Regulation S–X. 

6. Applicant will be exempt until the 

earlier of August 5, 2015 or such time 

as Applicant no longer meets the 

definition of an investment company 

under the Act. 

7. Applicant will not hold itself out as 

an investment company. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–8061 Filed 4–3–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

eMax Worldwide, Inc.; Order of 

Suspension of Trading 

April 2, 2012. 

It appears to the Securities and 

Exchange Commission that the public 

interest and the protection of investors 

require a suspension of trading in the 

securities of eMax Worldwide, Inc. (CIK: 

0000830519) because there is a lack of 

current and accurate information 

concerning its securities. eMax 

Worldwide, Inc. has failed to make 

periodic filings with the Commission 

and has more than 300 shareholders of 

record. eMax Worldwide, Inc. is quoted 

on OTC Markets Group Inc. under the 

ticker EMXC. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of eMax Worldwide, 

Inc. Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of eMax Worldwide, Inc. is 

suspended for the period from 9:30 a.m. 

EDT on April 2, 2012, through 11:59 

p.m. EDT on April 16, 2012. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2012–8165 Filed 4–2–12; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66679; File No. SR–FICC– 

2012–03] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing of Proposed Rule Change to 

Expand the One-Pot Cross-Margining 

Program With New York Portfolio 

Clearing, LLC to Certain ‘‘Market 

Professionals’’ 

March 29, 2012. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder 2

notice is hereby given that on March 20, 

2012, the Fixed Income Clearing 

Corporation (‘‘FICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed change as 

described in Items I and II below, which 

Items have been prepared primarily by 

FICC. The Commission is publishing 

this notice to solicit comments on the 

proposed change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change consists of 

modifications to certain rules of the 

Government Securities Division 

(‘‘GSD’’) of the Fixed Income Clearing 

Corporation (‘‘FICC’’). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FICC included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. FICC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.3

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

FICC is proposing to expand its 

existing one-pot cross-margining 

program with New York Portfolio 


emcdonald on DSK29S0YB1PROD with NOTICES