12812 Federal Register / Vol. 60, No. 45 / Wednesday, March 8, 1995 / Notices

the group of entities that are permitted

to serve as foreign custodians. Rule 17f5(c)(2)(ii) defines the term ‘‘Eligible

Foreign Custodian’’ to include a

majority-owned direct or indirect

subsidiary of a qualified U.S. bank or

bank holding company that is

incorporated or organized under the

laws of country other than the United

States and that has shareholders’ equity

in excess of $100,000,000. MBNA is a

qualified U.S. bank since it is a bank as

defined in rule 17f-5(c)(3) and it has

aggregate capital, surplus, and

undivided profits of at least $500,000.

3. MEL satisfies the requirements of

rule 17f-5 insofar as it is a majorityowned direct or indirect foreign

subsidiary of a qualified U.S. bank or

bank holding company. MEL does not,

however, meet the minimum

shareholders’ equity requirement of rule

17f-5. Accordingly, MEL is not an

Eligible Foreign Custodian under rule

17f-5 and, absent exemptive relief,

could not serve as a custodian for the

assets of U.S. Investment Companies.

4. Section 6(c) provides, in relevant

part, that the SEC may, conditionally or

unconditionally, by other, 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. MBNA

submits that its request satisfies this

standard.

Applicant’s Conditions

Applicant agrees that any order of the

SEC granting the requested relief shall

be subject to the following conditions:

1. The foreign custody arrangements

proposed regarding MEL satisfy the

requirements of rule 17f-5 in all respects

other than MEL’s level of shareholder

equity.

2. MBNA, any U.S. Investment

Company, and any custodian for a U.S.

Investment Company, will deposit

assets with MEL only in accordance

with an agreement (the ‘‘Agreement’’)

required to remain in effect at all times

during which MEL fails to satisfy the

requirements of rule 17f-5 (and during

which such assets remain deposited

with MEL). Each Agreement will be

three party agreement among (a) MBNA,

(b) MEL, and (c) the U.S. Investment

Company or any custodian for a U.S.

Investment Company (including Boston

Safe) pursuant to which MBNA or MEL,

as the case may be, will undertake to

provide specified custody services. If

MBNA is to provide such services, the

Agreement will authorize MBNA to

delegate to MEL such of the duties and

obligations of MBNA as will be

necessary to permit MEL to hold in

custody the U.S. Investment Company’s

assets. If MEL is to provide service

directly, no such delegation will be

necessary. However, in either case, the

Agreement will provide that MBNA will

be liable for any loss, damage, cost,

expense, liability, or claim arising out of

or in connection with the performance

by MEL of its responsibilities under the

Agreement to the same extent as if

MBNA had itself been required to

provide custody services under the

Agreement. Further, the Agreement will

provide that, in the event of loss, the

U.S. Investment Company or its

custodian may pursue a claim for

recovery against MBNA, regardless of

whether MEL acted as MBNA’s delegate

or as direct custodian or subcustodian.

3. MBNA currently satisfies and will

continue to satisfy the minimum

requirements for a qualified U.S. bank

set forth in sections 2(a)(5) and 17(f) of

the Act.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–5581 Filed 3–7–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Honolulu District Advisory Council

Meeting

The U.S. Small Business

Administration Honolulu District

Advisory Council will hold a public

meeting on Tuesday, March 14, 1995 at

9:30 a.m. at the Business Information

and Counseling Center, 130 Merchant

Street, Suite 1030, Honolulu, Hawaii,

96813 to discuss matters as may be

presented by members, staff of the U.S.

Small Business Administration, or

others present.

For further information, write or call

Mr. Andrew K. Poepoe, Director, U.S.

Small Business Administration, 300 Ala

Moana Boulevard, Room 2314,

Honolulu, Hawaii 968503, (808) 541–

2965.

Dated: February 27, 1995.

Dorothy A. Overal,

Director, Office of Advisory Council.

[FR Doc. 95–5608 Filed 3–7–95; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF STATE

[Public Notice 2172]

Shipping Coordinating Committee,

Subcommittee on Safety of Life at Sea

Working Group on

Radiocommunications and Search and

Rescue; Notice of Meetings

The Working Group on

Radiocommunications and Search and

Rescue of the Subcommittee on Safety

of Life at Sea will conduct open

meetings at 9:30 a.m. on Thursday,

April 20, Wednesday, June 14,

Thursday, August 17, Thursday,

September 21, Thursday, October 19,

Wednesday, November 15, and

Thursday, December 21, 1995. These

meetings will be held in the Department

of Transportation Headquarters

Building, 400 Seventh Street, SW.,

Washington, DC 20950. The purpose of

these meetings is to discuss the papers

received and the draft U.S. positions in

preparation for the 1st Session of the

International Maritime Organization

(IMO) Subcommittee on

Radiocommunications and Search and

Rescue which is scheduled for February

19, 1996, at the IMO headquarters in

London, England.

Among other things, the items of

particular interest are:

—The implementation of the Global

Maritime Distress and Safety System

(GMDSS).

—Maritime Search and Rescue matters.

Further information, including

meeting agendas, minutes, and input

papers, can be obtained from the Coast

Guard Navigation Information Center

computer bulletin board, accessible by

modem by dialing: (703) 313–5910. The

computer is also accessible through

Internet by entering: ‘‘Telnet

fedworld.gov.’’ logging on, and entering:

‘‘udd54’’, at the first menu.

Members of the public may attend

these meetings up to the seating

capacity of the rooms. Interested

persons may seek information,

including meeting room numbers, by

writing: Mr. Ronald J. Grandmaison,

U.S. Coast Guard Headquarters,

Commandant (G–TTM), Room 6306,

2100 Second Street, SW., Washington,

DC 20593–0001, by calling: (202) 267–

1389, or by sending Internet electronic

mail to cgcomms/gt@cgsmtp.comdt.uscg.mil.

Dated: February 21, 1995.

Charles A. Mast,

Chairman, Shipping Coordinating Committee.

[FR Doc. 95–5565 Filed 3–7–95; 8:45 am]

BILLING CODE 4710–70–M