3890 Federal Register / Vol. 60, No. 12 / Thursday, January 19, 1995 / Notices

1 17 CFR 200.3(a)(12) (1993).

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 35054

(December 6, 1994).

4 59 FR 64225 (December 13, 1994).

5The rule change will result in higher fees,

however, for some Level 1 subscribers who do not

currently pay for receipt of last sale data.

6 15 U.S.C. 78o–3(b)(5).

7 17 CFR 200.30–3(a)(12).

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 NW.,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the CBOE. All submissions

should refer to the file number in the

caption above and should be submitted

by February 9, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.1

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–1282 Filed 1–18–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35217; File No. SR–NASD–

94–70]

Self-Regulatory Organizations;

National Association of Securities

Dealers, Inc.; Order Approving

Proposed Rule Change Relating to

Consolidation of the Level 1 and Last

Sale Information Services and

Subscriber Fees

January 11, 1995.

On December 1, 1994, the National

Association of Securities Dealers, Inc.

(‘‘NASD’’ or ‘‘Association’’) filed with

the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

a proposed rule change pursuant to

Section 19(b)(1) of the Securities

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

19b–4 thereunder.2 The rule change will

effectuate a consolidation of the Nasdaq

Level 1 and Last Sale Information

services and of the corresponding

subscriber charges. The rule change

modifies Sections A (1) and (5) of Part

VIII of Schedule D to the NASD ByLaws.

Notice of the proposed rule change,

together with its terms of substance was

provided by issuance of a Commission

release 3 and by publication in the

Federal Register.4 No comments were

received in response to the notice. This

order approves the proposed rule

change.

This rule change establishes a single

service offering comprised of the

existing Nasdaq Level 1 (‘‘Level 1’’)

quotation and last sale (‘‘last sale’’)

information services. The monthly

charge to be levied for the consolidated

service will be $19/terminal, the sum of

the monthly charges previously assessed

for receipt of the last sale and Level 1

services on an authorized terminal

device.5 The combined service will be

distributed by commercial vendors of

market data for which their subscribers

will pay a single monthly charge.

The Commission has determined to

approve the NASD’s proposal. The

Commission finds that the rule change

is consistent with the requirements of

the Act and the rules and regulations

thereunder applicable to the NASD,

including the requirements of Section

15A(b)(5) of the Act.6 Section 15A(b)(5)

requires, in part, that the rules of a

national securities association provide

for the equitable allocation of reasonable

dues, fees and other charges among

members, issuers and other persons

using any facility or system that the

Association operates or controls. While

the consolidation will result in a fee

increase for a small portion of

subscribers, the additional cost will be

partially offset by administrative savings

for large subscribers and vendors.

Moreover, the rule will effect a

simplification in the fee structure

applicable to receipt of two major data

services.

It is therefore ordered, pursuant to

section 19(b)(2) of the Act, that the

proposed rule change SR–NASD–94–70

be, and hereby is, approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–1229 Filed 1–18–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20832; 812–9208]

Brandes International Fund, et al.;

Notice of Application

January 12, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: Brandes International Fund

(the ‘‘Company’’), Brandes Investment

Partners, Inc. (the ‘‘Adviser’’), and First

Fund Distributors, Inc. (the

‘‘Distributor’’).

RELEVANT ACT SECTIONS: Order requested

under section 6(c) of the Act to grant an

exemption from sections 2(a)(32),

2(a)(35), 18(f), 18(g), 18(i), 22(c), and

22(d) of the Act, and rule 22c–1

thereunder.

SUMMARY OF APPLICATION: Applicants

request an order to permit the Funds to

issue multiple classes of shares

representing interests in the same

portfolio of securities and assess and,

under certain circumstances waive, a

contingent deferred sales charge

(‘‘CDSC’’) upon the redemption of

certain shares.

FILING DATES: The application was filed

on October 7, 1994 and amended on

December 14, 1994. Applicants agree to

file an additional amendment, the

substance of which is incorporated

herein, during the notice period.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

February 6, 1995, and should be

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 the nature

of the writer’s interest, the reason for the

request, and the issues contested.

Persons who wish to be notified of a

hearing may request notification by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street NW., Washington, DC 20549.

Applicants: Brandes International Fund,

Brandes Investment Partners, Inc.,

12750 High Bluff Drive, Suite 420, San

Diego, California 92130; First Fund

Distributors, Inc., 4455 E. Camelback

Rd., Suite 261E, Phoenix, AZ 85018.

FOR FURTHER INFORMATION CONTACT:

Sarah A. Buescher, Staff Attorney, at

(202) 942–0573, or Robert A. Robertson,

Branch Chief, at (202) 942–0564

(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 for a fee from the SEC’s

Public Reference Branch.

Applicants’ Representations

1. The Company is a registered openend management investment company

organized as a Delaware business trust.

The Company currently has one series.

It does not propose to offer or sell shares

until the issuance of the order requested