Federal Register / Vol. 60, No. 238 / Tuesday, December 12, 1995 / Notices 63749

1 ‘‘Successors in interest’’ is herein limited to

entities that result from a reorganization into

another jurisdiction or a change in the type of

business organization.

incur greater total expenses, and this

would be disclosed in a written

statement to the Funds.

7. Applicants represent that

investments in the Fund by the Plans

would provide the plans with several

benefits that are not presently available

with the Account. The Plan participants

would enjoy the protections of the

Securities Act and the Act. In addition,

investment of Plan assets in the Fund

allows the Plan’s participants and

sponsors to monitor more easily the

performance of their investments, as

information concerning the investment

performance of the Fund generally

would be available in daily newspapers.

Applicants’ Legal Analysis

1. Section 17(a) of the Act, in relevant

part, prohibits an affiliated person of a

registered investment company, or an

affiliated person of such person, acting

as principal, from selling to or

purchasing from such investment

company any security or other property.

Section 2(a)(3) of the Act, in relevant

part, defines ‘‘affiliated person’’ to

include: (a) Any person directly or

indirectly owning, controlling, or

holding with the power to vote, 5% or

more of the outstanding voting

securities of such other person; (b) any

person directly or indirectly controlling,

controlled by, or under common control

with, such other person; and (c) if such

other person is an investment company,

any investment adviser thereof.

2. Although the SEC has taken a noaction position with respect to certain

collective investment fund conversions,

that position is conditioned on affiliated

persons, or second-tier affiliates, of the

Fund having no beneficial interest in

the proposed transactions. Federated

Investors (pub. avail. April 21, 1994). In

the case of the EAI Plan, the transaction

involves assets belonging to an

employee benefit plan established for

employees of EAI or other affiliated

persons that could be considered

second-tier affiliates of the Fund. In the

case of the Harding Plan and Stockwood

Plan, the transactions involve assets

belonging to employee benefit plans

with trustees, officers, employees, and/

or affiliates of the sponsoring entities

having a greater than five percent

ownership interest in EAI. Applicants

request an exemptive order to permit

the Fund to accept in-kind transfers of

the assets of the Affiliated Plans.

3. Section 17(b) provides that the SEC

shall exempt a proposed transaction

from section 17(a) if evidence

establishes that: (a) The terms of the

proposed transaction are reasonable and

fair and do not involve overreaching; (b)

the proposed transaction is consistent

with the policies of the registered

investment company involved; and (c)

the proposed transaction is consistent

with the general provisions of the Act.

4. Applicants represent that the

proposed transactions meet the

requirements of section 17(b). Because

the value of the shares each Plan

receives in the Fund would be equal to

fair market value of that Plan’s pro rata

share of assets in the Account,

applicants represent that the

transactions are fair to all involved and

do not involve overreaching on the part

of any person. In addition, applicants

represent that because the investment

policies and objectives of the Fund are

identical to those of the Account, the

transactions would be consistent with

the portfolio objectives and policy of the

Fund. Because the transactions would

bring the Plans’ investments under the

supervision of the SEC, applicants

represent that the transactions would be

consistent with the provisions of the

Act.

5. Applicants represent that the

proposed transactions would comply

with rule 17a–7 under the Act in most

respects. Rule 17a–7 exempts certain

purchase and sale transactions

otherwise prohibited by section 17(a) if,

among other requirements, the

transactions are affected at an

‘‘independent market price’’ and the

investment company’s board of

directors reviews the transactions for

fairness. Applicants would comply with

rule 17a–7 to the extent possible, as

stated in the conditions to the requested

order.

6. Section 17(d) prohibits an affiliated

person of a registered investment

company, or an affiliated person of such

person, acting as principal, from

effecting any transaction in which such

investment company is a joint, or joint

and several, participant with such

person in contravention of SEC rules

and regulations. Rule 17d–1 under the

Act provides that no joint transaction

covered by the rule may be

consummated unless the SEC issues an

order upon application. In passing upon

such applications, the SEC considers

whether participation by a registered

investment company is consistent with

the provisions, policies, and purposes of

the Act, and is not on a basis less

advantageous than that of other

participants.

7. Because EAI, as sponsor of the EAI

Plan, may have legal title to the EAI

Plan’s assets invested in the Account,

EAI may be viewed as acting as a

principal in the proposed transactions.

Applicants represent that, since the

fiduciaries of each Plan would make an

independent determination as to

whether to invest in the Fund and assets

used to purchase shares of the Fund

would be valued at current market

prices, the terms received by the

Affiliated Plans would not be more or

less advantageous than those available

to other investors. In addition, as

discussed previously, applicants

represent that the transactions would be

consistent with the Act and the rules

thereunder.

Applicants’ Conditions

Applicants agree that the order

granting the requested relief shall be

subject to the following conditions:

1. The purchase transactions will

comply with the provisions of rule 17a–

7(b)–(f).

2. The purchase transactions will not

occur unless and until the Board of

Trustees of the Fund (including a

majority of Trustees that are not

interested persons of the Fund) and the

Plans’ fiduciaries (or, in the case of the

Affiliated Plans, parties independent of

EAI) find that the transactions are in the

best interest of the Fund and the Plans,

respectively. In the case of the Fund,

this determination and the basis on

which it is made will be recorded fully

in the records of the Fund.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–30223 Filed 12–11–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–21569; 812–9842]

PCS Cash Fund, Inc., et al.; Notice of

Application December 5, 1995

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: PCS Cash Fund, Inc.,

Morgan Stanley Fund, Inc., and Morgan

Stanley Institutional Fund, Inc. (with

their successors in interest,1 the

‘‘Funds’’).

RELEVANT ACT SECTIONS: Order request

under section 6(c) of the Act for an

exemption from sections 13(a)(2),

13(a)(3), 18(f)(1), 22(f), and 22(g) and

rule 2a–7 thereunder, under sections

6(c) and 17(b) of the Act for an

exemption from section 17(a)(1), and

under section 17(d) of the Act and rule
63750 Federal Register / Vol. 60, No. 238 / Tuesday, December 12, 1995 / Notices

17d–1 thereunder to permit certain joint

arrangements.

SUMMARY OF APPLICATION: Applications

request an order that would permit each

applicant investment company to enter

into deferred compensation

arrangements with its directors who are

not interested persons of the company.

FILING DATES: The application was filed

on November 13, 1995, and amended on

December 5, 1995

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

January 2, 1996, and should be

accompanied by proof of service on

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, N.W., Washington, D.C. 20549.

Applicants, 1221 Avenue of the

Americas, New York, New York, 10020.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Staff Attorney, at (202)

942–0572, or C. David Messman, 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 at the SEC’s

Public Reference Branch.

Applicants’ Representations

1. Each of the Funds is a Maryland

corporation registered under the Act as

an open-end management investment

company. The PCS Cash Fund, Inc.

consist of three series, the PCS Money

Market Portfolio, PCS Tax-Free Money

Market Portfolio, and PCS Government

Obligations Money Market Portfolio.

The Morgan Stanley Money Market

Fund is a series of the Morgan Stanley

Fund, Inc. The Money Market Portfolio

and Municipal Money Market Portfolios

are series of the Morgan Stanley

Institutional Fund, Inc. (Shares of the

PCS Tax-Free Money Market Portfolio

and the Morgan Stanley Money Market

Fund are not currently being offered.)

Morgan Stanley Asset Management Inc.

(‘‘Morgan Stanley’’) is the investment

adviser to each Fund and is registered

under the Investment Advisers Act of

1940.

2. Each Fund has a board of directors,

a majority of the members of which are

not ‘‘interested persons’’ of such Fund

within the meaning of section 2(a)(19) of

the Act. Each of the directors who is not

an ‘‘interested person’’ of one or more

of the Funds receives annual fees which

collectively are, and are expected to

continue to be, insignificant in

comparison to the total net assets of the

Funds. Applicants request an order to

permit the directors who are not

interested persons of any of the Funds

and who receives director’s fees from

one or more of the Funds (the ‘‘Eligible

Directors’’) to elect to defer receipt of all

or a portion of their fees pursuant to a

deferred compensation plan (the

‘‘Plan’’) and related election agreement

entered into between each Eligible

Director and the appropriate Fund.

Under the Plan, the Eligible Directors

could defer payment of directors’ fees

(the ‘‘Deferred Compensation’’) in order

to defer payment of income taxes or for

other reasons.

3. Applicants request that relief be

extended to any other registered openend investment company established or

acquired in the future, or series thereof,

for which Morgan Stanley or any entity

controlling, controlled by, or under

common control (within the meaning of

section 2(a)(9) of the Act) with Morgan

Stanley, acts in the future as investment

adviser or principal underwriter (the

‘‘Future Funds’’).

4. Under the Plan, the deferred fees

payable by a Fund to a participating

Eligible Director will be credited to a

book reserve account established by the

Fund (an ‘‘Deferred Fee Account’’), as of

the first business day following the date

such fees would have been paid to the

Eligible Director. Each Eligible Director

may elect to have the return on his or

her deferred fees measured as if the fees

had been invested and reinvested in 90-

day U.S. Treasury Bills or shares of one

or more of the portfolios of the Fund of

which he or she is a director (the

‘‘Underlying Securities’’).

5. The initial value of Deferred

Compensation credited to a Deferred

Fee Account will be effected at the

respective current net asset value of

each such open-end Fund. In the future,

the Plan may be modified so that an

Eligible Director may select as

Underlying Securities shares of any

other Fund besides the one of which he

or she is a director.

6. The Funds’ respective obligations

to make payments of amounts accrued

under the Plan will be general

unsecured obligations, payable solely

from their respective general assets and

property. The Plan provides that the

Funds will be under no obligation to

purchase, hold or dispose of any

investments under the Plan, but, if one

or more of the Funds choose to purchase

investments to cover their obligations

under the Plan, then any and all such

investments will continue to be a part

of the respective general assets and

property of such Funds.

7. Any participating money market

series of a Fund that values its assets in

accordance with a method prescribed by

rule 2a–7 will buy and hold the

Underlying Securities that determine

the performance of the Deferred Fee

Accounts in order to achieve an exact

match between such series’ liability to

pay deferred fees and the assets that

offset such liability. In addition, as a

matter of prudent risk management,

each Fund that is not a money market

fund may purchase and hold shares of

the Underlying Securities in amounts

equal in value to the deemed

investments of the Deferred Fee

Accounts of its Eligible Directors. Thus,

in cases where the Funds purchase

shares of the Underlying Securities,

liabilities created by the credits to the

Deferred Fee Accounts under the Plan

are expected to be matched by an equal

amount of assets (i.e., a direct

investment in Underlying Securities),

which assets would not be held by the

Fund if directors’ fees were paid on a

current basis.

8. Payments under the Plan will be

made in generally equal annual

installments over a five year period

beginning on the first day of the year

following the year in which the Eligible

Director’s termination of service

occurred. In the event of death prior to

the commencement of the distribution

of amounts credited to a Deferred Fee

Account, the balance of such account

will be distributed to the Eligible

Director’s designated beneficiary in a

lump sum as soon as practicable after

such director’s death. In the event of

death after the commencement of the

distribution of the Deferred Fee

Account, the balance of such account

will be distributed to the designated

beneficiary over the remaining portion

of the five-year period. In all other

events, a Eligible Director’s right to

receive payments will be

nontransferable. The Plan provides that

the board of directors of the Fund has

the right to accelerate or extend

payment of amounts in the Deferred Fee

Account at any time after the

termination of the Eligible Director as a

director. In the event of the liquidation,

dissolution, or winding up of a Fund or

the distribution of all or substantially all

of a Fund’s assets and property to its
Federal Register / Vol. 60, No. 238 / Tuesday, December 12, 1995 / Notices 63751

2Applicants acknowledge that the requested

order would not permit a party acquiring a Fund’s

assets to assume a Fund’s obligations under the

Plan if such obligations would constitute a violation

of the Act by the assuming party. Accordingly, such

assumption would be permitted only if the

assuming party is (a) another Fund, (b) another

registered investment company that has received

exemptive relief similar to that requested by

applicants, or (c) not a registered investment

company or is otherwise exempt from the

provisions of the Act.

3Section 2(a)(3)(C) of the Act defines the term

‘‘affiliated person’’ of another person to include any

person directly or indirectly controlling, controlled

by, or under common control with such other

person.

shareholders (unless the Fund’s

obligations under the Plan have been

assumed by a financially responsible

party purchasing such assets) or in the

event of a merger or reorganization of a

Fund (unless prior to such merger or

reorganization, the Fund’s board of

directors determines that the Plan shall

survive the merger or reorganization),

all unpaid amounts in the Deferred Fee

Accounts maintained by such Fund

shall be paid in a lump sum to the

Eligible Directors on the effective date

thereof.2 The Plan will not obligate any

participating Fund to retain a director in

such a capacity, nor will it obligate any

Fund to pay any (or any particular level

of) directors’ fees to any director.

Applicants’ Legal Analysis

1. Applicants request an order which

would exempt the Funds: (a) under

section 6(c) of the Act from sections

13(a)(2), 13(a)(3), 18(f)(1), 22(f), and

22(g) and rule 2a–7 thereunder, to the

extent necessary to permit the Funds to

adopt and implement the Plan; (b)

under sections 6(c) and 17(b) of the Act

from section 17(a)(1) to permit the

Funds to sell securities for which they

are the issuer to participating Funds in

connection with the Plan; and (c) under

section 17(d) of the Act and rule 17d–

1 thereunder to permit the Funds to

effect certain joint transactions incident

to the Plan.

2. Section 18(f)(1) generally prohibits

a registered open-end investment

company from issuing senior securities.

Section 13(a)(2) requires that a

registered investment company obtain

shareholder authorization before issuing

any senior security not contemplated by

the recitals of policy in its registration

statement. Applicants state that the Plan

possesses none of the characteristics of

senior securities that led Congress to

enact section 18(f)(1). The Plan would

not: (a) induce speculative investments

or provide opportunities for

manipulative allocation of any Fund’s

expenses or profits; (b) affect control of

any Fund; or (c) confuse investors or

convey a false impression as to the

safety of their investments. All

liabilities created under the Plan would

be offset by equal amounts of assets that

would not otherwise exist if the fees

were paid on a current basis.

3. Section 22(f) prohibits undisclosed

restrictions on transferability or

negotiability of redeemable securities

issued by open-end investment

companies. The Plan would set forth all

such restrictions, which would be

included primarily to benefit the

Eligible Directors and would not

adversely affect the interests of the

directors or of any shareholder.

4. Section 22(g) prohibits registered

open-end investment companies from

issuing any of their securities for

services or for property other than cash

or securities. This provision prevents

the dilution of equity and voting power

that may result when securities are

issued for consideration that is not

readily valued. Applicants believe that

the Plan would merely provide for

deferral of payment of such fees and

thus should be viewed as being issued

not in return for services but in return

for a Fund not being required to pay

such fees on a current basis.

5. Section 13(a)(3) provides that no

registered investment company shall,

unless authorized by the vote of a

majority of its outstanding voting

securities, deviate from any investment

policy that is changeable only if

authorized by shareholder vote. The

relief requested from section 13(a)(3)

would extend to Future Funds for

which Morgan Stanley becomes

investment adviser subsequent to such

Future Fund’s initial public offering and

that have investment policies

prohibiting the purchase of investment

company shares without shareholder

approval. Applicants believe that relief

from section 13(a)(3) is appropriate to

enable the affected Funds to invest in

Underlying Securities without a

shareholder vote. Applicants will

provide notice to shareholders in the

prospectus of each affected Fund of the

Deferred Compensation under the Plan.

The value of the Underlying Securities

will be de minimis in relation to the

total net assets of the respective Fund,

and will at all times equal the value of

the Fund’s obligations to pay deferred

fees (plus any increase in value thereof.)

6. Rule 2a–7 imposes certain

restrictions on the investments of

‘‘money market funds,’’ as defined

under the rule, that would prohibit a

Fund that is a money market Fund from

investing in the shares of any other

Fund. Applicants believe that the

requested exemption would permit the

Funds to achieve an exact matching of

Underlying Securities with the deemed

investments of the Deferred Fee

Accounts, thereby ensuring that the

deferred fees would not affect net asset

value.

7. Section 6(c) provides, in relevant

part, that the SEC may, conditionally or

unconditionally, by order, exempt any

person or class of persons from any

provision of the Act or from any rule

thereunder, if such exemption is

necessary or appropriate in the public

interest, consistent with the protection

of investors, and consistent with the

purposes fairly intended by the policy

and provisions of the Act. Applicants

submit that the relief requested from the

above provisions satisfies this standard.

8. Section 17(a)(1) generally prohibits

an affiliated person of a registered

investment company from selling any

security to such registered investment

company. Funds that are advised by the

same entity may be ‘‘affiliated persons’’

under section 2(a)(3)(C) of the Act.3

Applicants assert that section 17(a)(1)

was designed to prevent, among other

things, sponsors of investment

companies from using investment

company assets as capital for enterprises

with which they were associated or to

acquire controlling interest in such

enterprises. Applicants submit that the

sale of securities issued by the Funds

pursuant to the Plan does not implicate

the concerns of Congress in enacting

this section, but merely would facilitate

the matching of each Fund’s liability for

deferred directors’ fees with the

Underlying Securities that would

determine the amount of such Fund’s

liability.

9. Section 17(b) authorizes the SEC to

exempt a proposed transaction from

section 17(a) if evidence establishes that

the terms of the transaction, including

the consideration to be paid or received,

are reasonable and fair and do not

involve overreaching on the part of any

person concerned, the transaction is

consistent with the policies of the

registered investment company, and the

general purposes of the Act. Applicants

assert that the proposed transaction

satisfies the criteria of section 17(b). The

finding that the terms of the transaction

are consistent with the policies of the

registered investment company is

predicated on the assumption that relief

is granted from section 13(a)(3).

Applicants also request relief from

section 17(a)(1) under section 6(c) to the

extent necessary to implement the

Deferred Compensation under the Plan

on an ongoing basis.

10. Section 17(d) and rule 17d–1

generally prohibit a registered
63752 Federal Register / Vol. 60, No. 238 / Tuesday, December 12, 1995 / Notices

investment company’s joint or joint and

several participation with an affiliated

person in a transaction in connection

with any joint enterprise or other joint

arrangement or profit-sharing plan ‘‘on

a basis different from or less

advantageous than that of’’ the affiliated

person. Eligible Directors will not

receive a benefit, directly or indirectly,

that would otherwise inure to a Fund or

its shareholders. Eligible Directors will

receive tax deferral but the Plan

otherwise will maintain the parties,

viewed both separately and in their

relationship to one another, in the same

position as if the deferred fees were paid

on a current basis. When all payments

have been made to a Eligible Director,

the Eligible Director will be no better

off, relative to the Funds, than if he or

she had received directors fees on a

current basis and invested them in

Underlying Securities.

Applicants’ Conditions

Applicants agree that the order

granting the requested relief shall be

subject to the following conditions:

1. With respect to the relief requested

from rule 2a–7, any money market

Fund, or series thereof, that values its

assets in accordance with a method

prescribed by rule 2a–7 will buy and

hold the Underlying Securities that

determine the value of the Deferred Fee

Accounts to achieve an exact match

between such Funds’ or series’ liability

to pay deferred fees and the assets that

offset that liability.

2. If a Fund purchases Underlying

Securities issued by an affiliated Fund,

the Fund will vote such shares in

proportion to the votes of all other

shareholders of such affiliated Fund.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–30224 Filed 12–11–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice 2302]

Bureau of Oceans and International

Environmental and Scientific Affairs;

Conservation Measures for Antarctic

Fishing Under the Auspices of the

Commission for the Conservation of

Antarctic Marine Living Resources

AGENCY: Bureau of Oceans and

International Environmental and

Scientific Affairs, State.

ACTION: Notice.

SUMMARY: At its Fourteenth Meeting in

Hobart, Tasmania, October 24 to

November 3, the Commission for the

Conservation of Antarctic Marine Living

Resources (CCAMLR), of which the

United States is a member, adopted the

conservation measures listed below,

pending countries’ approval, pertaining

to fishing in the CCAMLR Convention

Area in Antarctic waters. These were

agreed upon in accordance with Article

IX of the Convention for the

Conservation of Antarctic Marine Living

Resources. The measures restrict overall

catches of certain species of fish,

prohibit the taking of certain species of

fish, list the fishing seasons, define the

reporting requirements, and specify

measures that must be taken to

minimize the incidental taking of nontarget species.

DATES: Persons wishing to comment on

the measures or desiring more

information should submit written

comments by January 11, 1996.

FOR FURTHER INFORMATION CONTACT:

Erica Keen, Division of Polar Affairs,

Office of Oceans Affairs (OES/OA/PA),

Room 5805, Department of State,

Washington, D.C. 20520, (202) 647–

3262.

SUPPLEMENTARY INFORMATION

Conservation Measures Adopted at the

Fourteenth Annual Meeting of

CCAMLR

At its Fourteenth Annual Meeting in

Hobart, Tasmania, October 24 to

November 3, 1995, the Commission on

the Conservation of Antarctic Marine

Living Resources (CCAMLR) adopted

the following conservation measures.

The conservation measures addressing

catch limitations were adopted in

accordance with Conservation Measure

7/V and therefore enter into force

immediately.

Conservation Measures Adopted in

1995

Conservation Measure 29/XIV 1, 2

Minimization of the Incidental Mortality

of Seabirds in the Course of Longline

Fishing or Longline Fishing Research in

the Convention Area

The Commission,

Noting the need to reduce the

incidental mortality of seabirds during

longline fishing by minimizing their

attraction to fishing vessels and by

preventing them from attempting to

seize baited hooks, particularly during

the period when the lines are set,

Adopts the following measures to

reduce the possibility of incidental

mortality of seabirds during longline

fishing.

1. Fishing operations shall be

conducted in such a way that the baited

hooks sink as soon as possible after they

are put in the water.3 Only thawed bait

shall be used.

2. Longlines shall be set at night only

(i.e., between the times of nautical

twilight).4 During longline fishing at

night, only the minimum ship’s lights

necessary for safety shall be used.

3. The dumping of offal shall be

avoided as far as possible while

longlines are being set or hauled; if

discharge of offal is unavoidable, this

discharge shall take place on the

opposite side of the vessel to that where

longlines are set or hauled.

4. Every effort should be made to

ensure that birds captured alive during

longlining are released alive and that

wherever possible hooks are removed

without jeopardizing the life of the bird

concerned.

5. A streamer line designed to

discourage birds from settling on baits

during deployment of longlines shall be

towed. Specification of the streamer line

and its method of deployment is given

in the Appendix to this Measure. Details

of the construction relating to the

number and placement of swivels may

be varied so long as the effective sea

surface covered by the streamers is no

less than that covered by the currently

specified design. Details of the device

dragged in the water in order to create

tension in the line may also be varied.

6. Other variations in the design of

streamer lines may be tested on vessels

carrying two observers, at least one

appointed in accordance with the

CCAMLR Scheme of International

Scientific Observation, providing that

all other elements of this Conservation

Measure are complied with.5

llllllll

1Except for waters adjacent to the

Kerguelen and Crozet Islands. 2Except for waters adjacent to the Prince

Edward Islands. 3For vessels using the Spanish method of

longline fishing, weights should be released

before line tension occurs; wherever possible

weights of at least 6 kg mass should be used,

spaced at 20 m intervals. 4Wherever possible, setting of lines should

be completed at least three hours before

dawn (to reduce loss of bait to/catches of

white-chinned petrels). 5The streamer lines under test should be

constructed and operated taking full account

of the principles set out in WG–IMALF–94/

19 (available from the CCAMLR Secretariat);

testing should be carried out independently

of actual commercial fishing and in a manner

consistent with the spirit of Conservation

Measure 65/XII.