29050 Federal Register / Vol. 63, No. 101 /Wednesday, May 27, 1998 / Notices

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

automatic termination, of their Existing

Advisory Agreements. In addition,

applicants state that the Existing

Advisory Agreement of UBSII with UBS

Investor Portfolios will terminate in

accordance with its terms.

3. Rule 15a–4 under the Act provides,

in pertinent part, that if an investment

advisory contract with an investment

company is terminated by an

assignment in which the adviser does

not directly receive a benefit, the

adviser may continue to serve for 120

days under a written contract that has

not been approved by the company’s

shareholders, provided that: (a) the new

contract is approved by the company’s

board of directors (including a majority

of the non-interested directors); (b) the

compensation to be paid under the new

contract does not exceed the

compensation that would have been

paid under the contract most recently

approved by the company’s

shareholders; and (c) neither the adviser

nor any controlling person of the

adviser ‘‘directly or indirectly receives

money or other benefit’’ in connection

with the assignment. Applicants state

that they cannot rely on rule 15a–4

because UBS–NY Branch, UBSAM–NY

or UBSII, or UBS as their controlling

person, may be deemed to receive a

benefit in connection with

consummation of the Merger.

4. Section 6(c) provides that the SEC

may exempt any person, security, or

transaction from any provision of the

Act, if and to the extent that 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. Applicants

assert that the requested relief meets

this standard.

5. Applicants submit that the terms

and timing of the Merger were

determined by UBS and SBC in

response to a number of factors beyond

the scope of the Act and substantially

unrelated to the Funds. Applicants state

that there is insufficient time to obtain

shareholder approval of the New

Advisory Agreements before the Closing

Date. Applicants assert that the

requested relief would permit

continuity of investment management of

the Funds, without interruption, during

the period following consummation of

the Merger.

6. UBS represents that the Funds will

receive the same scope and quality of

investment advisory services during the

Interim Period. The relevant Adviser

will render investment advisory services

to the Funds under the New Advisory

Agreements, which will be the same as

the Existing Advisory Agreements,

except for the dates of execution and

termination. Applicants assert that

during the Interim Period, investment

advisory services will be provided by

investment management personnel with

the same or comparable skills,

experience and responsibilities, in the

same manner and at the same fee levels.

Applicants state that, in the event of any

material change in personnel, the

relevant Adviser will apprise and

consult the Boards to assure that the

Boards, including a majority of the noninterested directors, are satisfied that

the services provided by the Adviser

will not be diminished in scope or

quality.

7. Applicants note that the fees

payable to the Advisers during the

Interim Period under the New Advisory

Agreements will be at the same rate as

the fees currently payable by each Fund

under the Existing Advisory Agreements

and have been approved by the

appropriate Fund’s Board and

respective shareholders. Applicants also

state that the fees will not be released

to the Adviser by the Escrow Agent

without an appropriate certification that

the New Advisory Agreements have

been approved by the Fund’s respective

shareholders.

Applicants’ Conditions

Applicants agree that any order of the

SEC granting the requested relief will be

subject to the following conditions:

1. The New Advisory Agreements will

contain the same terms and conditions

as the Existing Advisory Agreements,

except for the dates of execution and

termination.

2. The portion of the investment

advisory fees earned by an Adviser

during the Interim Period will be

maintained in an interest-bearing

escrow account, and amounts in the

account (including interest earned on

such amounts) will be paid (a) to the

Adviser only upon approval of each

New Advisory Agreement by the

applicable Fund’s shareholders, or (b) in

the absence of shareholder approval

prior to the expiration of the Interim

Period, to the Fund.

3. Each Fund will promptly schedule

a meeting of shareholders to vote on

approval of the New Advisory

Agreements to be held within 150 days

following the commencement of the

Interim Period (but in no event after

December 31, 1998).

4. UBS, UBSAM–NY and UBSII will

pay the costs of preparing and filing the

application, and the costs relating to the

solicitation of approval of Fund

shareholders of the New Advisory

Agreements necessitated by the Merger.

5. UBS will take all appropriate

actions to ensure that the scope and

quality of investment advisory and other

services provided to the Funds by the

Advisers during the Interim Period will

be at least equivalent, in the judgment

of the Boards, including a majority of

the non-interested Board members, to

the scope and quality of services

currently provided by the Adviser. In

the event of any material change in the

personnel providing services pursuant

to the New Advisory Agreements, the

Adviser will apprise and consult with

the Boards to ensure that the Boards,

including a majority of the noninterested Board members, are satisfied

that the services provided will not be

diminished in scope or quality.

For the SEC, by the Division of

Investment Management, under

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–13957 Filed 5–26–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40005; File No. SR–NASD–

98–18]

Self-Regulatory Organizations;

National Association of Securities

Dealers, Inc.; Notice of Extension of

Comment Period for Proposal Relating

to Qualified Immunity in Arbitration

Proceedings for Statements Made on

Forms U–4 and U–5

May 19, 1998.

On April 21, 1998, the NASD

Regulations, Inc. (‘‘NASD Regulation’’)

filed a proposed rule change with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’) pursuant to

Section 19(b)(1) of the Securities

Exchange Act of 1934.1 NASD

Regulation proposes to provide

members of the NASD with qualified

immunity in arbitration proceedings for

statements made in good faith in certain

disclosures filed with the NASD on

Forms U–4 and U–5, the uniform

registration and termination notices for

registered persons.

Notice of the proposed rule change

was provided by the issuance of

Securities Exchange Act Release No.

39892 (April 21, 1998) and by

publication in the Federal Register on

April 28, 1998 (63 FR 23321). The

Commission has received requests for

an extension of time for public comment
Federal Register / Vol. 63, No. 101 /Wednesday, May 27, 1998 / Notices 29051

2By letter dated May 15, 1998 NASD Regulation

has consented to an extension of the comment

period. See letter from Jean I. Feeney, NASD

Regulation, Inc., to Katherine A. England, Assistant

Director, Division of Market Regulation,

Commission.

3 17 CFR 200.30–3)a)(12).

on the proposed rule change.2 The

Commission hereby extends the period

for public comment on the proposed

rule change until June 19, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.3

[FR Doc. 98–13955 Filed 5–26–98; 8:45 am]

BILLING CODE 8010–01–M

UNITED STATES SENTENCING

COMMISSION

Sentencing Guidelines for the United

States Courts

AGENCY: United States Sentencing

Commission.

ACTION: Notice of preliminary priority

areas for Commission study. Request for

public comment.

SUMMARY: As part of its statutory

authority and responsibility to analyze

sentencing issues, including operation

of the federal sentencing guidelines, and

in accordance with Rules 3.5 and 5.2 of

its Rules of Practice and Procedure, the

Commission has preliminarily

identified certain priorities as the

principal focus of its policy

development work in the coming year.

The Commission invites comment on

these tentatively identified priority

areas and on any other sentencing issues

that it should address during the coming

year. The Commission has tentatively

scheduled a hearing to receive public

comment on these matters.

DATES: A hearing to receive public

comment on future policy development

priorities has been set for June 17, 1998,

in the Commission’s offices. Public

comment and written testimony for the

public hearing should be received on or

before June 11, 1998.

ADDRESSES: Send comments to: United

States Sentencing Commission, One

Columbus Circle, NE, Suite 2–500

South, Washington, DC 20002–8002,

Attention: Public Information-Priorities

Comment. For Further Information

Contact: Michael Courlander, Public

Affairs Officer, at (202) 273–7731.

SUPPLEMENTARY INFORMATION: Policy

development priorities preliminarily

identified by the Commission for

continuing work during the 1998–1999

amendment cycle are:

1. Revisions of the fraud, theft, and

tax guidelines (including the monetary

tables used in these guidelines and

other guidelines that reference those

tables, consolidation of the theft, fraud,

and property destruction guidelines,

and the definition of ‘‘loss’’ in the theft

and fraud guidelines).

2. Review and assessment of the

criminal history guidelines.

3. Review and assessment of the

guidelines and sentences imposed for

homicide offenses.

In addition, the Commission expects

to address recent legislative enactments,

such as: (1) the Wireless Telephone

Protection Act, relating to cloning

cellular telephones; (2) the No

Electronic Theft Act; (3) and any other

legislation affecting sentencing policy

that may be enacted in the remainder of

this congressional session.

Obviously, the subject matter, scope,

and duration of the Commission’s

policy development work during the

coming year will be influenced

considerably by the appointment of new

commissioners and the timing of those

appointments. Thus, at this time, the

Commission has tentatively identified

only a few areas in which its work is

ongoing.

The Commission invites comment on

whether and how it should further

investigate these tentative priorities.

Additionally, the Commission invites

comment on any other sentencing issues

that persons believe should be

addressed in the coming year, including

research issues that the Commission

should address. To the extent

practicable, comments submitted on

additional issues should include the

following: (1) a statement of the issue,

including the scope and manner of

study, particular problem areas and

possible solutions, and any other

matters relevant to an identified or

proposed priority; (2) citations to

applicable sentencing guidelines,

statutes, case law, and constitutional

provisions; and (3) a direct and concise

statement of why the Commission

should make the issue a priority.

Authority: 28 U.S.C. 994(a), (o).

Richard P. Conaboy,

Chairman.

[FR Doc. 98–13947 Filed 5–26–98; 8:45 am]

BILLING CODE 2211–01–P

SOCIAL SECURITY ADMINISTRATION

Information Collection Activities:

Proposed Collection Requests and

Comment Requests

This notice lists information

collection packages that will require

submission to the Office of Management

and Budget (OMB), as well as

information collection packages

submitted to OMB for clearance, in

compliance with Pub. L. 104–13

effective October 1, 1995, The

Paperwork Reduction Act of 1995.

I. The information collection(s) listed

below require(s) extension(s) of the

current OMB approval(s) or are

proposed new collection(s):

1. Medical Report (General)—0960–

0052. The information on Form SSA–

3826 is used by the Social Security

Administration (SSA) to determine the

claimant’s physical status prior to

making a disability determination and

to document disability claims folders

with the medical evidence. The

respondents are physicians, hospitals,

directors and medical records librarians.

Number of Respondents: 750,000.

Frequency of Response: 1.

Average Burden Per Response: 30

minutes.

Estimated Annual Burden: 375,000

hours.

2. Payment of Certain Travel

Expenses—0960–0434. SSA uses the

information required by 20 CFR,

sections 404.999(d) and 416.1499 to

reimburse a claimant who has been

required to travel over 75 miles to

appear at a medical examination or a

disability hearing. The respondents are

claimants who travel more than 75

miles in order to attend a medical

examination or a disability hearing.

Number of Respondents: 50,000.

Frequency of Response: 1.

Average Burden Per Response: 10

minutes.

Estimated Annual Burden: 8,333

hours.

3. Social Security Request for

Information—0960–0531. The

information on Form SSA–6231 is used

by SSA to complete or to clarify data on

Forms SSA–623 or SSA–6230,

previously provided by representative

payees. The respondents are

representative payees who furnished

incomplete or unclear information.

Number of Respondents: 100,000.

Frequency of Response: 1.

Average Burden Per Response: 15

minutes.

Estimated Annual Burden: 25,000

hours.

4. Statement Regarding Student’s

Attendance—0960–0113. The

information on Form SSA–2434 is used

to determine student entitlement status

for the children of coal miners, the

children of their widows or the brothers

of deceased coal miners eligible for

black lung benefits. The respondents are

dependents of deceased coal miners as

cited above, who are attending school

and about to attain age 18.