Federal Register / Vol. 60, No. 53 / Monday, March 20, 1995 / Notices 14807

14Securities Exchange Act Release No. 34701

(September 22, 1994), 59 FR 49730.

15 15 U.S.C. 78q–1(b)(3) (1988).

16 15 U.S.C. 78q–1(b) (1988).

17 17 CFR 200.30–3(a)(50)(i) (1994).

1 15 U.S.C. 78s(b)(1) (1988).

2For a description of MSTC’s changes to its

reorganization processing system, refer to Securities

Exchange Act Release No. 35293 (January 30, 1995),

60 FR 6741 [File No. SR–MSTC–94–19] (notice of

filing and order granting accelerated approval of

proposed rule change).

3 15 U.S.C. 78s(b)(3)(A)(iii) (1988).

4 17 CFR 240.19b–4(e)(4) (1994).

example, PTC eliminated the Deliverer’s

Security Interest from its rules in

response to its commitment made to the

Commission and the Federal Reserve

Bank of New York.14

PTC has functioned effectively as a

registered clearing agency for the past

six years. In light of PTC’s past

performance, the Commission believes

that PTC has the capacity to comply

with the statutory obligations set forth

under Section 17A(b)(3) of the Act 15 as

the prerequisites for registration as a

clearing agency. Comments received

during PTC’s temporary registration will

be considered in determining whether

PTC should receive permanent

registration as a clearing agency under

Section 17A(b) of the Act.16

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 request for extension

of temporary registration as a clearing

agency that are filed with the

Commission, and all written

communications relating to the

requested extension between the

Commission and any person, other than

those that may be withheld from the

public in accordance with provisions of

5 U.S.C. 552, will be available for

inspection and copying in the

Commission’s Public Reference Section,

450 Fifth Street, N.W., Washington, D.C.

20549. Copies of such filing also will be

available for inspection and copying at

the principal office of PTC. All

submissions should refer to File No.

600–25.

Conclusion

On the basis of the foregoing, the

Commission finds that PTC’s request for

extension of temporary registration as a

clearing agency is consistent with the

Act and in particular with Section 17A

of the Act.

It is therefore ordered, That PTC’s

temporary registration as a clearing

agency (File No. 600–25) be, and hereby

is, extended through March 31, 1996.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.17

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6698 Filed 3–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35478; Rile No. SR–MSTC–

95–05]

Self-Regulatory Organizations;

Midwest Securities Trust Company;

Notice of Filing and Immediate

Effectiveness of Proposed Rule

Change Regarding Distribution of

Reorganization Processing Reports

and Notices

March 13, 1995.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934 1

(‘‘Act’’), notice is hereby given that on

March 3, 1995, the Midwest Securities

Trust Company (‘‘MSTC’’) filed with

Securities and Exchange Commission

(‘‘Commission’’) the proposed rule

change as described in Items I, II, and

III below, which items have been

prepared primarily by MSTC. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is to amend MSTC’s procedures

regarding distribution reorganization

notices and reports. Effective March 3,

1995, hard copy reports will only be

distributed upon request to those

participants who have access to MSTC’s

On-Line Report Availability (‘‘ORA’’)

function.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

MSTC included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. MSTC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

change is to reduce participant cost by

distributing certain reorganization

processing reports and notices

electronically through MSTC’s ORA

function to those participants who have

terminal access. In an earlier proposed

rule change,2 MSTC amended its

procedures regarding the distribution of

reports and notices. In that filing, MSTC

stated that it would distribute certain of

those reports in hard copy form.

Effective March 3, 1995, hard copy

reports will only be distributed upon

request to those participants who have

access to MSTC’s ORA function.

MSTC believes the proposed rule

change is consistent with the

requirements of the Act, specifically

with Section 17A of the Act, and the

rules and regulations thereunder

because the proposal will facilitate the

prompt and accurate clearance and

settlement of securities transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

MSTC believes that no burden will be

placed on competition as a result of the

proposed rule.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments have been

solicited or received. MSTC will notify

the Commission of any written

comments received MSTC.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section

19(b)(3)(A)(iii) 3 of the Act and pursuant

to Rule 19b–4(e)(4) 4 promulgated

thereunder because the proposal effects

a change in an existing service that does

not adversely affect the safeguarding of

securities of funds in MSTC’s custody or

control or for which it is responsible

and does not significantly affect the

respective rights or obligations of MSTC

or persons using MSTC’s services. At

any time within sixty days of the filing

of such rule change, the Commission
14808 Federal Register / Vol. 60, No. 53 / Monday, March 20, 1995 / Notices

5 17 CFR 200.30–3(a)(12) (1994).

1Applicants undertake to amend the application

during the notice period to make this

representation.

2Applicants undertake to amend the application

during the notice period to make this

representation.

may summarily abrogate such rule

change if it appears to the Commission

that such action is necessary or

appropriate in the public interest, for

the protection of investors, or otherwise

in furtherance of the purposes of the

Act.

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 in

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 MSTC. All submissions should

refer to File No. SR–MSTC–95–05 and

should be submitted by April 10, 1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6697 Filed 3–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–20954; No. 812–9364]

New York Life Insurance and Annuity

Corporation, et al.

March 14, 1995.

AGENCY: The Securities and Exchange

Commission (‘‘Commission’’).

ACTION: Notice of Application for an

Order under the investment Company

Act of 1940 (‘‘1940 Act’’).

APPLICANTS: New York Life Insurance

and Annuity Corporation (‘‘NYLIAC’’),

NYLIAC LifeStages Annuity Separate

Account (‘‘Separate Account’’) and

NYLIFE Distributors, Inc.

(‘‘Distributors’’).

RELEVANT 1940 ACT SECTIONS: Order

requested under Section 6(c) of the 1940

Act granting exemptions from the

provisions of Sections 26(a)(2)(C) and

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

SUMMARY OF THE APPLICATION:

Applicants seek an order permitting the

deduction of mortality and expense risk

charges from the assets of the Separate

Account in connection with the

issuance and sale of certain flexible

premium variable annuity contracts

(‘‘Contracts’’), and in connection with

certain other NYLIAC variable annuity

contracts which are substantially similar

in all material respects to the Contracts

(‘‘Other Contracts’’) which are offered in

the future through the Separate

Account. Applicants also seek to deduct

mortality and expense risk changes from

the assets of any other similar separate

account(s) established by NYLIAC

(‘‘Other Accounts’’), whether currently

existing or hereafter created, in

connection with the issuance and sale of

the Other Contracts. Applicants also

request that the exemptive relief include

any other broker-dealer (‘‘Other BrokerDealers’’) which may serve in the future

as principal underwriter of the contracts

or of the Other Contracts.

FILING DATE: The application was filed

on December 14, 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 by writing to the

Commission’s Secretary and serving

applicants with a copy of the request,

personally or by mail. Hearing requests

should be received by the Commission

by 5:30 p.m., on April 4, 1995, 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 may requests

notification of hearing by writing to the

Commission’s Secretary.

ADDRESSES: Secretary, The Securities

and Exchange Commission, 450 Fifth

Street NW., Washington, DC 20549.

Applicants, c/o New York Life

Insurance and Annuity Corporation, 51

Madison Avenue, New York 10010.

FOR FURTHER INFORMATION CONTACT:

Yvonne M. Hunold, Assistant Special

Counsel or Wendy Friedlander, Deputy

Chief at (202) 942–0670, Office of

Insurance Products (Division of

Investment Management)..

SUPPLEMENTARY INFORMATION: Following

is a summary of the application;

complete application is available for a

fee from the Commission’s Public

Reference Branch.

Applicants’ Representations

1. NYLIAC, a stock life insurance

company, is wholly-owned by New

York Life Insurance Company (‘‘New

York Life’’), a mutual life insurance

company. NYLIAC is principally

engaged in offering life insurance and

annuities and is admitted to do business

in all 50 states, the District of Columbia,

Puerto Rico and Canada.

2. The Separate Account was

established by NYLIAC to fund the

Contracts. The Separate Account and

the Other Accounts may be used to fund

Other Contracts. The Separate Account

has filed a notice of registration under

the 1940 Act to register as a unit

investment trust, and a registration

statement under the 1940 Act and the

Securities Act of 1933 (‘‘1933 Act’’) to

register the Contracts as securities.

Other Accounts each will file a notice

of registration under the 1940 Act to

register as unit investment trusts, and a

registration statement under the 1940

Act and the 1933 Act to register any

Other Contract as securities.1

The Separate Account currently has

seven investment divisions, each

investing exclusively in one of seven

corresponding portfolios of New York

Life MFA Series Fund, Inc. (‘‘Fund’’), a

diversified, open-end management

investment company registered under

the 1940 Act. Additional investment

divisions may be established in the

future to invest in other Fund portfolios

or in other investments. Portfolio shares

also may be offered to Other Accounts.

3. Distributors, currently the principal

underwriter of the Contracts is an

indirect wholly-owned subsidiary of

New York Life. Broker-Dealer and is a

member of the National Association of

Securities Dealers (‘‘NASD’’).

Distributors may enter into agreements

for the sale of the Contracts or the Other

Contracts with Other Broker-Dealers

which will be registered under the 1934

Act,2 and which are or will be members

of the NASD.

The Contracts are to be used either in

connection with retirement plans

qualities under Sections 401(a), 403(a)

403(b), 403(b), 408 OR 457 of the

Internal Revenue Code or by any other

purchaser for whom the Contracts may

provide a suitable investment.

5. The Contracts provide for the

payment of initial premium payments

and allow for additional premium

payments at any time prior to Annuity