Federal Register / Vol. 60, No. 76 / Thursday, April 20, 1995 / Notices 19803

asset value of the redeemed Units,

applicants seek an exemption from this

rule.

5. Section 22(d) requires an

investment company and its principal

underwriter and dealer to sell securities

only at a current public offering price

described in the investment company’s

prospectus. Because sales charges

traditionally have been a component of

the public offering price, section 22(d)

historically required that all investors be

charged the same load. Rule 22d–1 was

adopted to permit the sale of

redeemable securities at prices which

reflect scheduled variations in, or

elimination of, the sales load. Because

rule 22d–1 does not extend to scheduled

variations in DSCs, applicants seek

relief from section 22(d) to permit them

to waive or reduce their DSC in certain

instances.

6. Section 26(a)(2), in relevant part,

prohibits a trustee or custodian of a unit

investment trust from collecting from

the Trust as an expense any payment to

a depositor or principal underwriter

thereof. Because of this prohibition,

applicants need an exemption to permit

the trustee to collect the DSC

installments from Distribution

Deductions or Trust assets.

7. Applicants believe that

implementation of the DSC program in

the manner described above would be

fair and in the best interests of the

Unitholders of the Trusts. Thus,

granting the requested order would be

appropriate in the public interest and

consistent with the protection of

investors and the purposes fairly

intended by the policy and provisions of

the Act.

8. Section 11(c) prohibits any offers of

exchange of the securities of a registered

unit investment trust for the securities

of any other investment company,

unless the terms of the offer have been

approved by the SEC. Applicants’ assert

that the reduced sales charge imposed at

the time of exchange is a reasonable and

justifiable expense to be allocated for

the professional assistance and

operational expenses incurred in

connection with the Exchange Option.

Applicants’ Conditions

Applicants agree that any order

granting the requested relief will be

subject to the following conditions:

1. Whenever the Exchange Option is

to be terminated or its terms are to be

amended materially, any holder of a

security subject to that privilege will be

given important notice of the impending

termination or amendment at least 60

days prior to the date of termination or

the effective date of the amendment,

provided that: (a) No such notice need

be given if the only material effect of an

amendment is to reduce or eliminate the

sales charge payable at the time of an

exchange, to add one or more new

Series eligible for the Exchange Option,

or to delete a Series which has

terminated; and (b) no notice need be

given if, under extraordinary

circumstances, either (i) there is a

suspension of the redemption of Units

of the Trust under section 22(e) of the

Act and the rules and regulations

promulgated thereunder, or (ii) a Trust

temporarily delays or ceases the sale of

its Units because it is unable to invest

amounts effectively in accordance with

applicable investment objectives,

policies, and restrictions.

2. An investor who purchases Units

under the Exchange Option will pay a

lower aggregate sales charge than that

which would be paid for the Units by

a new investor.

3. The prospectus of each Trust

offering exchanges and any sales

literature or advertising that mentions

the existence of the Exchange Option

will disclose that the Exchange Option

is subject to modification, termination,

or suspension, without notice except in

certain limited cases.

4. Each Series offering Units subject to

a DSC will include in its prospectus the

table required by item 2 of Form N–1A

(modified as appropriate to reflect the

differences between unit investment

trusts and open-end management

investment companies) and a schedule

setting forth the number and date of

each installment payment.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9724 Filed 4–19–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD 95–031]

Application for Recertification of Cook

Inlet Regional Citizens’ Advisory

Council

AGENCY: Coast Guard, DOT.

ACTION: Notice of availability; request

for comments.

SUMMARY: The Coast Guard announces

the availability of the application for

recertification submitted by the Cook

Inlet Regional Citizens’ Advisory

Council (CIRCAC) for June 1, 1995

through May 31, 1996. The application

may be reviewed at the Cook Inlet

Regional Citizens’ Advisory Council’s

Office, 910 Highland Avenue, Kenai,

Alaska 99611–8033, between the hours

of 8 a.m. to 5 p.m., Monday through

Friday, except Federal holidays. The

telephone number is (907) 283–7222.

The Coast Guard seeks comments on the

application from interested groups. The

Coast Guard will publish a later notice

in the Federal Register to notify the

public of its decision regarding the

recertification request.

DATES: Comments must be received on

or before June 5, 1995.

ADDRESSES: Comments may be mailed to

the Executive Secretary, Marine Safety

Council (G–LRA/3406) (CGD 95–031),

U.S. Coast Guard Headquarters, 2100

Second Street, SW., Washington, DC

20593–0001, or may be delivered to

room 3406 at the same address between

8 a.m. and 3 p.m., Monday through

Friday, except Federal holidays. The

telephone number is (202) 267–1477.

Comments will be available for

inspection or copying at room 3406,

U.S. Coast Guard Headquarters, between

the hours of 8 a.m. to 3 p.m., Monday

through Friday, except Federal holidays.

Please submit two copies of all

comments and attachments in an

unbound format, no larger than 81⁄2 by

11 inches, suitable for copying and

electronic filing. Persons wanting

acknowledgment of receipt of comments

should enclose stamped, self-addressed

postcards or envelopes.

FOR FURTHER INFORMATION CONTACT: Mrs.

Janice Jackson, Marine Environmental

Protection Division, (202) 267–0500.

SUPPLEMENTARY INFORMATION: Under the

Oil Terminal and Oil Tanker

Environmental Oversight and

Monitoring Act of 1990 (33 U.S.C. 2732)

(the Act), the Coast Guard may certify,

on an annual basis, an alternative

voluntary advisory group (advisory

group) in lieu of Regional Citizens’

Advisory Councils for Cook Inlet and

Prince William Sound Alaska. The

Coast Guard published guidelines on

December 31, 1992, to assist groups

seeking recertification under the Act (57

FR 62600). The Coast Guard issued a

policy statement on July 7, 1993 (58 FR

36505), to clarify the factors that the

Coast Guard would be considering in

making its determination as to whether

advisory groups should be certified in

accordance with the Act; and the

procedures which the Coast Guard

would follow in meeting its certification

responsibilities under the Act.

The Coast Guard has received an

application for recertification of

CIRCAC, the currently certified advisory

group for the Cook Inlet region. In
19804 Federal Register / Vol. 60, No. 76 / Thursday, April 20, 1995 / Notices

accordance with the review and

certification process contained in the

policy statement, the Coast Guard

announces the availability of that

application. It solicits comments from

interested groups including oil terminal

facility owners and operators, owners

and operators of crude oil tankers

calling at the terminal facilities, and

fishing, aquacultural, recreational and

environmental citizens groups,

concerning the recertification

application of CIRCAC. At the

conclusion of the comment period, the

Coast Guard will review all application

materials and comments received and

will take one of the following actions:

(a) Recertify the advisory group under

33 U.S.C. 2732(o).

(b) Issue a conditional recertification

for a period of 90 days, with a statement

of any discrepancies which must be

corrected to qualify for recertification

for the remainder of the year.

(c) Deny recertification of the advisory

group if the Coast Guard finds that the

group is not broadly representative of

the interests and communities in the

area or is not adequately fostering the

goals and purposes of the Act.

The Coast Guard will notify CIRCAC

by letter of the action taken on its

application. A notice will be published

in the Federal Register to advise the

public of the Coast Guard’s

determination.

Dated: April 13, 1995.

G.N. Naccara,

Acting Chief, Office of Marine Safety, Security

and Environmental Protection.

[FR Doc. 95–9711 Filed 4–19–95; 8:45 am]

BILLING CODE 4910–14–P

[CGD 95–032]

National Preparedness for Response

Exercise Program (PREP)

AGENCY: Coast Guard, DOT.

ACTION: Notice of PREP area exercise

schedule for 1996, 1997 and 1998,

annual workshop, and availability of the

PREP guidelines and training elements.

SUMMARY: The Coast Guard, the

Environmental Protection Agency

(EPA), the Research and Special

Programs Administration (RSPA) and

the Minerals Management Service

(MMS), in concert with the States, the

oil industry and concerned citizens,

developed the Preparedness for

Response Exercise Program (PREP). This

notice announces the proposed

schedule of the Area Exercises for 1996,

1997 and 1998 and solicits industry

members to lead Area Exercises for

1996. It also announces the annual

public workshop to discuss the PREP

guidelines and the overall PREP

program which will be held on June 14,

1995, in Alexandria, VA, and the

availability of the PREP Guidelines and

Training Elements.

DATES: Industry members interested in

leading an Industry-led Area Exercise or

participating in a Government-led Area

Exercise should submit their requests

directly to the Coast Guard or EPA OnScene Coordinator (OSC) as soon as

possible, but no later than May 15, 1995.

Industry representatives should indicate

the date and location of the exercise in

which they are interested in

participating or leading. Once the OSC

has chosen an industry plan holder for

an Industry-led Area Exercise or as

participant for the Government-led

Exercise, the OSC will contact the

National Scheduling Coordinating

Committee (NSCC) at the address listed

below.

The annual PREP Scheduling

Workshop is scheduled for June 14,

1995, from 9:00 am to 5:00 pm at the

Best Western Old Colony Inn, in

Alexandria, VA. Comments regarding

the schedule or scheduling process

should be submitted to the NSCC no

later than May 15, 1995 at ADDRESSES

below.

ADDRESSES: Written comments should

be mailed to Commandant (G–MEP–4),

Room 2100, U.S. Coast Guard

Headquarters, 2100 Second Street SW.,

Washington, DC, 20593–0001. ATTN:

Ms. Karen Sahatjian.

FOR FURTHER INFORMATION CONTACT: Ms.

Karen Sahatjian, Office of Marine

Safety, Security and Environmental

Protection, Marine Environmental

Protection Division, (G–MEP–4), (202)

267–0746. PREP Guidelines and

Training Elements, previously available

through Coast Guard Headquarters, are

now available from the Government

Printing Office, (202) 512–1800. Stock

numbers and cost for each manual are:

PREP GUIDELINES—050–012–00365–3

COST: $3.75; TRAINING REFERENCE—

050–012–00364–5 COST: $8.50. PREP

information is now available via the

Coast Guard Navigation Information

Service (NIS) Electronic Bulletin Board

System (BBS). Most major modem

communications software, including

those packaged with operating systems

can access the BBS. If using the

communications software, call (703)

313–5910. First time users will need to

answer some preliminary questions to

establish an account. There is no charge

for the use of the BBS. Once an account

has been established, the user will be

allowed to log on. Once logged on, the

user should select option (1) to access

the PREP specific menu.

SUPPLEMENTARY INFORMATION:

Background Information

The Coast Guard, EPA, RSPA and

MMS developed the National

Preparedness for Response Exercise

Program (PREP) to provide guidelines

for compliance with the Oil Pollution

Act of 1990 pollution response exercise

requirements (33 U.S.C. 1321(j)). One

section of the PREP focuses on Area

Exercises, which are designed to

evaluate the entire response mechanism

in a given area to ensure adequate

pollution response preparedness. The

goal of the PREP is to conduct

approximately 20 Area Exercises per

year, with the intent of exercising most

areas of the country over a three year

period. This notice sets forth the

proposed exercise schedule for calendar

years 1996, 1997 and 1998.

Scheduling Workshop

The annual PREP scheduling

workshop will be conducted by the

NSCC, which is comprised of

representatives of the Coast Guard, EPA,

RSPA and MMS. The workshop will

focus primarily on the upcoming year’s

Area Exercise schedule, but will also

address issues related to the following

two years of the triennial schedule.

Industry representation is strongly

encouraged at these workshops, because

this is an opportunity for industry plan

holders to comment on the schedule

and on the PREP program in general and

address issues which may affect them

and their operations. Additionally, it

provides an opportunity for past

industry participants to discuss their

Area Exercises during the last year and

an open discussion of changes that need

to be made to the PREP guidelines.

This workshop is also an opportunity

for the plan holders to comment on

priorities for each exercise, particularly

in instances where more than one plan

holder expresses an interest in leading

or participating in the same exercise. At

the workshop, the NSCC would like to

explore the idea of encouraging and

incorporating ‘‘industry mentorship,’’

where a large company and a smaller

company would participate in a PREP

exercise as partners. Although such

partnerships need not be limited to the

Area Exercises, the NSCC is particularly

interested in involving more than one

company in an Area Exercise. In

considering the idea of joint

participation in Area Exercises, the

following questions and issues will be

considered: What are the benefits and

drawbacks to participation by more than