Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices 3691

5See supra, note 4.

6A LOC order is a limited price order entered for

execution at the closing price if the closing price

is within the limit specified. The Commission has

approved LOC order entry on a pilot basis until July

15, 1995. See Securities Exchange Act Release No.

33706 (March 3, 1994), 59 FR 11093 (March 9,

1994) (File No. SR–NYSE–92–37). Under that pilot

program, LOC orders may be entered only to offset

a published imbalance of MOC orders. The deadline

for LOC order entry is 3:55 p.m. LOC orders are

irrevocable on expiration days; on non-expiration

days, cancellation of LOC orders is prohibited after

3:55 p.m. Currently, the NYSE permits LOC order

entry in five of the pilot stocks.

the pilot stocks 5 or in stocks being

added to or dropped from an index are

published as soon as practicable after

3:45 p.m. In contrast to the expiration

day procedures described above, there is

no deadline for the entry or cancellation

of MOC orders on non-expiration days.

Imbalance publications on nonexpiration days are for information

purposes only and do not preclude the

entry or cancellation of MOC orders on

either side of the market in such stocks.

The Exchange is proposing to set a

deadline of 3:50 p.m. for the entry of all

MOC orders in all stocks on nonexpiration days, except orders to offset

imbalance publications. Brokers in the

crowd would be required to make their

MOC interest known to the specialist by

this time. Imbalance publications of

50,000 shares or more in the pilot

stocks, or in stocks being added to or

dropped from an index, would be

published as soon as practicable after

3:50 p.m. After 3:50 p.m., MOC orders

may be entered only to offset published

imbalances. The purpose of setting this

deadline is to minimize excess market

volatility that may be associated with

large-size MOC orders that are entered

very near the close on non-expiration

days. MOC orders would be irrevocable

after 3:50 p.m. on non-expiration days.

The pilot for limit-at-the-close

(‘‘LOC’’) orders would continue to

require that such orders be entered by

3:55 p.m. in response to a published

imbalance in one of the LOC pilot

stocks.6 Information Memos would be

issued to announce these changes to the

Exchange membership.

2. Statutory Basis

The basis under the Act for the

proposed rule change is the requirement

under Section 6(b)(5) that an Exchange

have rules that are designed to promote

just and equitable principles of trade, to

remove impediments to and perfect the

mechanism of a free and open market

and, in general, to protect investors and

the public interest. The proposed rule

change does so by preventing a lastminute influx or disappearance of MOC

orders which could potentially add to

volatility at the close.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the publication of

this notice in the Federal Register or

within such other period (i) as the

Commission may designate up to 90

days of such date if it finds such longer

period to be appropriate and publishes

its reasons for so finding or (ii) as to

which the self-regulatory organization

consents, the Commission will:

(A) By order approve the proposed

rule change, or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of the

submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filed with the

Commission, and all written

communications relating to the

proposed rule change between the

Commission and any person, other than

those that may be withheld from the

public in accordance with the

provisions of 5 U.S.C. 552, will be

available for inspection and copying at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the NYSE. All submissions

should refer to File No. SR–NYSE–94–

44 and should be submitted by February

8, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–1197 Filed 1–17–95; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Century

Communications Corp., Class A

Common Stock, $.01 Par Value) File

No. 1–9676

January 10, 1995.

Century Communications Corp.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

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

12d2–2(d) promulgated thereunder, to

withdraw the above specific security

(‘‘Security’’) from listing and

registration on the American Stock

Exchange, Inc. (‘‘Amex’’).

The reasons alleged in the application

for withdrawing the security from

listing and registration include the

following:

According to the Company, in

addition to being listed on the Amex,

the Security is listed on the NASDAQ

National Market System (‘‘NASDAQ/

NMS’’). The Security commenced

trading on the NASDAQ/NMS at the

opening of business on January 5, 1995

and concurrently therewith the Security

was suspended from trading on the

Amex.

The Company’s decision to withdraw

the Security from Listing on the Amex

was based upon the Company’s belief:

(1) that the NASDAQ/NMS system of

competing market makers will result in

increased visibility and sponsorship for

its common stock than is presently the

case with the single specialist on the

Amex;

(2) that the NASDAQ/NMS system

will offer the Company’s shareholders

more liquidity than is presently

available on the Amex and less

volatility in quoted prices per share

when trading volume is slight;

(3) that the NASDAQ/NMS system

will offer the opportunity for the

Company to secure its own group of

market makers and expand the capital

base available for trading in the

common stock; and

(4) that the firms making a market in

the Company’s common stock on the

NASDAQ/NMS system will also be

inclined to issue research reports

concerning the Company, thereby

increasing the number of firms
3692 Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices

providing institutional research and

advisory reports.

Any interested person may, on or

before January 31, 1995 submit by letter

to the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the Amex and what terms, if

any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–1108 Filed 1–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20828; File No. 812–9250]

The Penn Insurance and Annuity

Company, et al.

January 10, 1995.

AGENCY: Securities and Exchange

Commission (the ‘‘SEC’’ or the

‘‘Commission’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘1940 Act’’).

APPLICANTS: The Penn Insurance and

Annuity Company (‘‘Company’’), PIA

Variable Annuity Account I (‘‘Separate

Account’’), and Horner, Townsend &

Kent, Inc. (‘‘Horner’’).

RELEVANT 1940 ACT SECTIONS: Order

requested under Section 6(c) for

exemptions from Sections 22(d), 26(a)(2)

and 27(c)(2) of the 1940 Act.

SUMMARY OF THE APPLICATION:

Applicants seek an order to permit the

Company (i) to deduct a mortality and

expense risk charge under certain

variable annuity contracts from the

assets of the Separate Account, or any

other separate account established by

the company in the future to support

materially similar variable annuity

contracts (the ‘‘Contracts’’), and (ii) to

waive the contingent deferred sales

charge for defined ‘‘medically related

free withdrawals’’ and ‘‘disability

related free withdrawals’’ under the

Contracts.

FILING DATE: The application was filed

on September 27, 1994.

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 on this application by writing

to the Secretary of the SEC and serving

Applicants with a copy of the request,

personally or by mail. Hearing requests

must be received by the SEC by 5:30

p.m. on February 6, 1995 and

accompanied by proof of service on the

Applicants in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state of the

nature of the interest, the reason for the

request and the issues contested.

Persons may request notification of a

hearing by writing to the Secretary of

the SEC.

ADDRESSES: Secretary, SEC, 450 Fifth

Street NW., Washington, DC 20549.

Applicants: C. Ronald Rubley, Associate

General Counsel, The Penn Mutual Life

Insurance Company, Independence

Square, Philadelphia, Pennsylvania

19172.

FOR FURTHER INFORMATION CONTACT:

Mark C. Amorosi, Staff Attorney, or

Wendy Finck Friedlander, Deputy

Chief, at (202) 942–0670, Office of

Insurance Products (Division of

Investment Management.

SUPPLEMENTARY INFORMATION: Following

is a summary of the application. The

complete application is available for a

fee from the Public Reference Branch of

the SEC.

Applicants’ Representations

1. The Company is a Delaware stock

life insurance company. The Company

is a wholly owned subsidiary of The

Penn Mutual Life Insurance Company

(‘‘Penn Mutual’’).

2. The Separate Account is a

segregated investment account

established under Delaware law on July

13, 1994 by the executive committee of

the Company’s board of directors. The

Separate Account is registered under the

1940 Act as a unit investment trust.

3. Horner, a wholly owned subsidiary

of Penn Mutual, is registered as a

broker-dealer under the Securities

Exchange Act of 1934. Horner will serve

as the principal underwriter. The

Contracts will be sold by licensed

insurance agents who are registered

representatives of Horner or of a

registered broker-dealer who has

entered into a selling agreement with

Horner.

4. The Contracts are individual

combination variable and fixed annuity

contracts. The amounts and timing of

purchase payments under the Contracts

will be determined by Contract Owners,

except as follows. The minimum initial

purchase payment is $2,000 for

Contracts qualifying as individual

retirement annuities under Section 408

of the Internal Revenue Code of 1986, as

amended, and for Contracts qualifying

as tax deferred annuities under Section

403(b) of the Internal Revenue Code.

The minimum initial purchase payment

for non-qualifying Contracts is $5,000.

The minimum subsequent purchase

payment is $250 for all Contracts.

Payments under a Contract in excess of

$1 million require the Company’s prior

approval.

5. The Contracts provide for five

forms of annuity payment options: (1)

an annuity for a specified number of

years; (2) a life annuity; (3) a life

annuity with payments guaranteed for

10 or 20 years; (4) a joint and survivor

annuity; or (5) such other form of

annuity as the Company may agree

upon with the Contract Owner. Except

for an annuity for a specified number of

years, which is available only on a fixed

basis, all of the options may be elected

on a variable or fixed basis.

6. Two forms of administrative

charges are deducted from the

Contracts. First, the application states

that on every contract anniversary prior

to the Annuity Date and on every other

date when the Variable Account Value

is reduced to zero through a withdrawal

or transfer, the Company will deduct

from the Variable Account Value a

contract administration charge of $30 or,

if less, 2% of the Variable Account

Value. However, if the Variable Account

Value is greater than $50,000, there will

be no such deduction. The application

states that the charge is made by

cancelling accumulation units credited

to the Contract, with the charge

allocated pro rata among the

subaccounts comprising the Variable

Account Value. Second, the Company

will also deduct from the Separate

Account a daily administration charge

equal to an effective annual rate of

0.15% of the daily net assets of the

Separate Account. The application

states that these administration charges

are guaranteed not to increase. The

Company also states that the

administrative charges are intended not

to exceed the Company’s anticipated

administrative expenses over the

periods the Contracts are in force. The

Company represents that these charges

will be deducted in reliance on Rule

26a–1 under the 1940 Act.

7. A contingent deferred sales charge

(the ‘‘Sales Charge’’) of up to 6% may

be deducted in the event of full or

partial withdrawal from the contract

value prior to the Annuity Date. The

Sales Charge will be imposed only on

withdrawals of purchase payments in

cases where the purchase payment was

made within seven years of the date of