14810 Federal Register / Vol. 60, No. 53 / Monday, March 20, 1995 / Notices

4Applicants undertake to amend the application

during the notice period to make this

representation.

5Applicants undertake to amend the application

during the notice period to make this

representation.

6Applicants undertake to amend the application

during the notice period to make this

representation.

7Applicants undertake to amend the application

during the notice period to make this

representation.

charge levels, the manner in which

charges are imposed, the presence of

charge level or annuity rate guarantees

and the markets in which the Contracts

will be offered. Based upon this review,

Applicants represent that the mortality

and expense risk charges under the

Contracts are within the range of

industry practice for comparable

contracts. Applicants state that NYLIAC

will maintain at its corporate

headquarters 4 and make available to the

Commission, upon request, a

memorandum outlining the

methodology underlying this

representation.

Similarly, prior to making available

any Other Contracts, Applicants will

determine that the mortality and

expense risk charges under any such

Other Contracts will be within the range

of industry practice for comparable

contracts. Applicants state that NYLIAC

will maintain at corporate

headquarters 5 and make available to the

Commission, upon request, a

memorandum outlining the

methodology underlying such

conclusion.

6. Applicants acknowledge that, if a

profit is realized from the mortality and

expense risk charge under the Contracts,

all or a portion of such profit may be

available to pay distribution expenses

not reimbursed by the CDSC. NYLIAC

has concluded that there is a reasonable

likelihood that the proposed

distribution financing arrangements will

benefit the Separate Account and the

Contract Owners. NYLIAC will keep at

its corporate headquarters 6 and make

available to the Commission, upon

request, a memorandum setting forth the

basis for this representation.

7. Similarly, Applicants recognize

that, if a profit is realized from the

mortality and expense risk charge under

the Other Contracts, all or a portion of

such profit may be available to pay

distribution expenses not reimbursed by

the CDSL. Prior to issuing Other

Contracts, NYLIAC will determine that

there is a reasonable likelihood that the

proposed distribution financing

arrangements will benefit the relevant

separate account and the Other Contract

Owners. The basis for that conclusion

will be set forth in a memorandum

which will be maintained by NYLIAC at

its corporate headquarters 7 and will be

made available to the Commission,

upon request.

8. Applicants represent that the

Separate Account, and any Other

Accounts, will invest only in underlying

funds that have undertaken to have a

board of directors/trustees, a majority of

whom are not interested persons of any

such fund, formulate and approve any

plan under Rule 12b–1 under the 1940

Act to finance distribution expenses.

Applicants’ Conditions

Applicants agree that if the requested

order is granted such order will be

expressly conditioned on Applicants’

compliance with the undertakings set

forth above. In addition, Applicants

undertake to rely on the exemptive

relief requested herein with respect to

Other Contracts only if such Other

Contracts are substantially similar in all

material respects to the Contracts.

Conclusion

Applicants assert that, for the reasons

and upon the facts set forth above, the

requested exemptions from Sections

26(a)(2)(C) and 27(c)(2) of the 1940 Act

to deduct the mortality and expense risk

charge under the Contracts, or under

Other Contracts, offered by the Separate

Account or by Other Accounts, meets

the standards in Section 6(c) of the 1940

Act. Applicants assert that the

exemptions requested are necessary and

appropriate in the public interest and

consistent with the protection of

investors and the policies and

provisions of the 1940 Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6749 Filed 3–17–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Reporting and Recordkeeping

Requirements Under OMB Review

ACTION: Notice of reporting requirements

submitted for review.

SUMMARY: Under the provisions of the

Paperwork Reduction Act (44 U.S.C.

Chapter 35), agencies are required to

submit proposed reporting and

recordkeeping requirements to OMB for

review and approval, and to publish a

notice in the Federal Register notifying

the public that the agency has made

such a submission.

DATES: Comments should be submitted

on or before April 19, 1995. If you

intend to comment but cannot prepare

comments promptly, please advise the

OMB Reviewer and the Agency

Clearance Officer before the deadline.

COPIES: Request for clearance (OMB 83–

1), supporting statement, and other

documents submitted to OMB for

review may be obtained from the

Agency Clearance Officer. Submit

comments to the Agency Clearance

Officer and the OMB Reviewer.

FOR FURTHER INFORMATION CONTACT:

Agency Clearance Officer: Cleo

Verbillis, Small Business

Administration, 409 3rd Street, SW.,

5th Floor, Washington, DC 20416,

Telephone: (202) 205–6629

OMB Reviewer: Donald Arbuckle, Office

of Information and Regulatory Affairs,

Office of Management and Budget,

New Executive Office Building,

Washington, DC 20503

Title: Financing Eligibility Statement

Form No.: SBA Form 1941A, B, and C

Frequency: On Occasion

Description of Respondents: SBA

businesses seeking financing from

Specialized Small Business

Investment Companies (SSBIC)

Annual Responses: 1,000

Annual Burden: 2,000

Dated: March 10, 1995.

Cleo Verbillis,

Chief, Administrative Information Branch.

[FR Doc. 95–6712 Filed 3–17–95; 8:45 am]

BILLING CODE 8025–01–M

Reporting and Recordkeeping

Requirements Under OMB Review

ACTION: Notice of reporting requirements

submitted for review.

SUMMARY: Under the provisions of the

Paperwork Reduction Act (44 U.S.C.

Chapter 35), agencies are required to

submit proposed reporting and

recordkeeping requirements to OMB for

review and approval, and to publish a

notice in the Federal Register notifying

the pubic that the agency has made such

a submission.

DATES: Comments should be submitted

on or before April 19, 1995. If you

intend to comment but cannot prepare

comments promptly, please advise the

OMB Reviewer and the Agency

Clearance Officer before the deadline.

COPIES: Request for clearance (OMB 83–

1), supporting statement, and other

documents submitted to OMB for

review may be obtained from the

Agency Clearance Officer. Submit