Federal Register / Vol. 61, No. 87 / Friday, May 3, 1996 / Notices 19967

3Applicants request relief under section 6(c) as

well as under section 17(b) because they wish to

engage in a series of transactions rather than a

single transaction.

Funds, and to permit the Public Funds

to redeem shares of the Series.3

3. Applicants state that the terms of

the proposed transactions are reasonable

and fair, and do not involve

overreaching. The consideration paid

and received for the sale and

redemption of shares of the Series will

be based on the net asset value of those

Series’ shares. In addition, the Series

will not charge the Public Funds any

sales charge, redemption fee, or 12b–1

Fee, and Brinson does not receive any

advisory fee for serving as adviser to the

Series.

4. Applicants assert that the proposed

transactions will be consistent with the

policies of each Public Fund, as the

Public Funds will amend the Fund’s

investment restrictions and policies to

permit the proposed transactions.

Applicants also assert that the proposed

transactions are consistent with the

general purposes of the Act.

5. Applicants believe that investing in

the Series will permit the Public Funds

more efficiently to obtain exposure to a

broadly diversified portfolio of

securities at lower cost than investing

directly. For example, transaction and

custodial fees associated with Emerging

Markets Securities are relatively high as

compared to securities of U.S. issuers.

Consequently, it is more economical to

invest one portfolio of Emerging

Markets Securities rather than several.

The Public Funds’ investment in the

Series may also result in greater

efficiency in the Public Funds’ portfolio

management. For example, because of

the large number of small company

issuers and the difficulty of obtaining

information about these issuers,

following a large number of such issuers

is extremely time-consuming for

portfolio managers. Where a Public

Fund allocates a fairly small percentage

of its assets to investment in Small Cap

Securities, the Public Fund can achieve

exposure to these securities by investing

in the Brinson Post-Venture Fund,

without the Public Fund’s portfolio

managers spending a disproportionate

amount of time following individual

Small Cap Securities.

6. Applicants also state that Public

Funds, by investing in the Series, will

gain exposure to a far greater range of

issuers than would be possible by

investing directly. Applicants anticipate

that greater diversification will result in

lower risk and volatility, and greater

price stability of investments in these

securities. For these reasons and the

reasons discussed above, applicants

believe that the proposed transactions

meet the standards of sections 6(c) and

17(b).

Applicants’ Conditions

Applicants agree that any order of the

SEC granting the requested relief shall

be subject to the following conditions:

1. The Public Funds and the Series

will be part of the same ‘‘group of

investment companies,’’ as defined in

rule 11a–3 under the Act.

2. No Target Series shall acquire

securities of any other investment

company in excess of the limitations

contained in section 12(d)(1)(A) of the

Act.

3. A majority of the trustees of a

Public Fund will not be ‘‘interested

persons’’ of the Public Fund, as defined

in section 2(a)(19) of the Act.

4. Brinson will not charge any

advisory fee for serving as adviser to the

Series.

5. Any sales charges or service fees

charged with respect to securities of a

Public Fund, when aggregated with any

sales charges or service fees paid by the

Public Fund with respect to shares of

the Target Series, shall not exceed the

limitations set forth in Article III,

section 26, of the Rules of Fair Practice

of the National Association of Securities

Dealers, Inc.

6. The applicants agree to provide the

following information, in electronic

format, to the Chief Financial Analyst of

the SEC’s Division of Investment

Management: monthly average total

assets of each Public Fund and each of

its Target Series; monthly purchases and

redemptions (other than by exchange)

for each Public Fund and each of its

Target Series; monthly exchanges into

and out of each Public Fund and each

of its Target Series; month-end

allocations of each Public Fund’s assets

among its Target Series; annual expense

ratios for each Public Fund and each of

its Target Series; and a description of

any vote taken by the shareholders of

any Target Series, including a statement

of the percentage of votes cast for and

against the proposal by the Public Fund

and by the other shareholders of the

Target Series. Such information will be

provided as soon as reasonably

practicable following each fiscal yearend of the Public Fund (unless the Chief

Financial Analyst shall notify the

applicants in writing that such

information need no longer be

submitted).

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–11035 Filed 5–2–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26510]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

April 26, 1996.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated thereunder. All interested

persons are referred to the application(s)

and/or declaration(s) for complete

statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments thereto is/are available

for public inspection through the

Commission’s Office of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

May 20, 1996, to the Secretary,

Securities and Exchange Commission,

Washington, D.C. 20549, and serve a

copy on the relevant applicant(s) and/or

declarant(s) at the address(es) specified

below. Proof of service (by affidavit or,

in case of an attorney at law, by

certificate) should be filed with the

request. Any request for hearing shall

identify specifically the issues of fact or

law that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or order issued in the matter.

After said date, the application(s) and/

or declaration(s), as filed or as amended,

may be granted and/or permitted to

become effective.

The Southern Company, et al. (70–8733)

The Southern Company (‘‘Southern’’),

270 Peachtree Street, NW., Atlanta,

Georgia 30303, a registered holding

company, and its subsidiaries, SEI

Holdings, Inc. (‘‘Holdings’’), Southern

Electric International, Inc. (‘‘SEI’’),

Mobile Energy Services Holdings, Inc.

(‘‘Mobile Energy’’), Southern Electric

Wholesale Generators, Inc. (‘‘Domestic

Holdings’’), SEI Europe, Inc. (‘‘SEI

Europe’’), and SEI NEWCO 1, Inc.

(‘‘Foreign Holdings’’), all at 900

Ashwood Parkway, Suite 500, Atlanta,

Georgia 30338, have filed a posteffective amendment under sections 3(b)

and 12(c) of the Act and rules 46 and
19968 Federal Register / Vol. 61, No. 87 / Friday, May 3, 1996 / Notices

1 In particular, Holdings was authorized to

acquire one or more special ‘‘Intermediate

Subsidiaries,’’ organized exclusively for the

purpose of acquiring and holding one or more

EWGs or FUCOs, or subsidiaries (called ‘‘Energy

Related Companies’’) that derive or will derive

substantially all of their revenues from the

ownership and/or operation of one or more of the

following categories of nonutility businesses: (a)

‘‘Qualifying facilities’’ (defined under the Public

Utilities Regulatory Policies Act of 1978, as

amended; (b) steam production, conversion and

distribution; and (c) electricity brokering and

marketing within the area covered by the Southern

Electric Reliability Counsel (‘‘SERC’’). Holdings was

also authorized to acquire the shares of SEI and to

acquire the securities of one or more direct or

indirect subsidiaries organized to engage in the

activities in which SEI previously had been

authorized to engage.

54 thereunder, in connection with their

previously filed application-declaration

under sections 6(a), 7, 9(a), 10, 12(b),

12(f), 13, 32 and 33 of the Act and rules

43, 45 and 54 thereunder.

By order dated February 2, 1996,

(HCAR No. 26468) (‘‘Initial Order’’), the

Commission authorized Southern,

Holdings, SEI, Mobile Energy, Domestic

Holdings, SEI Europe, and Foreign

Holdings to carry out certain

transactions involved in the

restructuring of Southern’s portfolio of

EWGs, FUCOs (collectively, ‘‘Exempt

Projects’’), and related intermediate

subsidiaries (called ‘‘Intermediate

Subsidiaries’’).1

The applicants now seek a

modification to the Initial Order that

would allow Holdings and its direct and

indirect subsidiaries (other than Exempt

Projects, which are exempt from the

Act) to declare and pay dividends from

time to time through December 31,

2000, out of capital and unearned

surplus. The applicants state that such

distributions would be made only to the

extent permitted under applicable law,

as well as any applicable financing

agreements, which restrict distributions

to shareholders, to which Holdings or

any of its subsidiaries may be a party.

In addition, the applicants propose

that current or future subsidiary

companies of Holdings that derive no

material part of their income from

sources with the United States be

exempted, pursuant to section 3(b) of

the Act, from section 12(c) and rule 46

thereunder.

The applicants also request an

extension of time until June 30, 1997, to

consummate the following transactions

that were authorized in the Initial

Order: (1) The transfer of Southern

Electric’s common stock to Holdings; (2)

the transfer of the stock of certain

subsidiaries of Southern Electric to

other direct or indirect subsidiaries of

Holdings; and (3) the issuance by

Mobile Energy to Southern of a series of

preferred stock and contribution thereof

by Southern to Holdings.

Northeast Utilities, et al. (70–8825)

Northeast Utilities (‘‘NU’’), a

registered holding company, and its

subsidiary companies, Western

Massachusetts Electric Company and

The Quinnehtuk Company, at 174 Brush

Hill Avenue, West Springfield,

Massachusetts 01090–0010, Northeast

Utilities Service Company (‘‘NUSCO’’),

The Connecticut Light and Power

Company, Northeast Nuclear Energy

Company and The Rocky River Realty

Company, at 107 Selden Street, Berlin,

Connecticut 06037, North Atlantic

Energy Service Corporation, Route 1,

Lafayette Road, Seabrook, New

Hampshire 03874, and North Atlantic

Energy Corporation and Public Service

Company of New Hampshire, 100 Elm

Street, Manchester New Hampshire

03105, (collectively, ‘‘Applicants’’) have

filed an application-declaration under

sections 6(a), 7, 9(a), 10, 11(b), 12(b) and

13(b) of the Act and rules 45, 53, 54,

87(b)(1), 90 and 91 thereunder.

The Applicants propose to engage in

certain diversification activities, both

inside and outside of NU’s operating

utility subsidiaries’ service territories,

either directly or through investments in

existing or future subsidiary companies

or joint ventures/alliances with

nonassociate companies (collectively,

‘‘NEWCOs’’).

Diversification activities may include

research, development,

commercialization, financing,

marketing, sale, leasing, licensing, and

maintenance, as appropriate, of: (1)

various products including

electrotechnologies; (2) electric utility or

telecommunications services; (3)

‘‘qualifying facilities’’ within the

meaning of the Public Utility Regulatory

Policies Act of 1978 as amended; (4)

electric appliances and lighting systems;

(5) electric vehicles; (6) thermal energy

products; (7) alternative fuels; (8)

renewable energy resources; and (9)

financial products. Diversification

activities may also include the

performance of engineering,

construction, fuel storage, procurement,

transportation, environmental, financial,

management, personnel development

and training, and similar services.

Applicants further propose: (1) To

organize NEWCOs; (2) to provide

services to NEWCOs and for NEWCOs to

provide services among themselves and

to Applicants on terms that may or may

not be limited to cost; (3) to provide

capital contributions to the NEWCOs;

(4) to issue guarantees of NEWCO

securities; and (5) that NU issue

guarantees of other Applicants’

securities.

The applicants seek authority through

December 31, 2000 to form NEWCOs

and to invest, directly or indirectly, up

to $300 million in diversification

activities, as stated above, through a

combination of equity, debt, and

guarantee obligations. Any loans from

NU to the other Applicants or NEWCOs

will mature no later than December 31,

2015 and will bear an interest rate not

exceeding the prevailing rates for loans

of similar term and risk.

The application-declaration states that

each NEWCO will maintain separate

financial records and detailed

supporting records, including profit/loss

statements. NUSCO, pursuant to a

service agreement with each NEWCO,

proposes to provide recordkeeping,

accounting and audit services.

General Public Utilities Corporation, et

al. (70–8835)

General Public Utilities Corporation

(‘‘GPU’’), a registered holding company,

100 Interpace Parkway, Parsippany,

New Jersey 07054, and its wholly

owned electric public-utility subsidiary

company Jersey Central Power & Light

Company (‘‘JCP&L’’), 300 Madison

Avenue, Morristown, New Jersey 07960,

have filed an application under sections

9(a) and 10 of the Act.

JCP&L proposes to invest from time to

time through December 31, 2000 up to

$500,000 in the New Jersey Fund for

Community Economic Development

(‘‘Fund’’). The Fund has been organized

as a New Jersey limited liability

company to provide financing to local

development organizations which, in

turn, will provide loans to businesses,

projects and individuals in low and

moderate income urban areas in New

Jersey which do not satisfy traditional

lending criteria of financial institutions.

It is contemplated that local

development organizations will receive

funds from the Fund through medium

and long-term financing structures

which will enable these organizations to

make investments in economic

development projects located in their

communities. The Fund will have a

term of at least ten years.

The New Jersey Economic

Development Authority will manage the

Fund under the supervision of the

Fund’s board of trustees. The board will

also appoint a loan review committee to

evaluate all funding request proposals

from eligible local development

organizations.

The Fund will have both Class A and

Class B members. There will be a

maximum of 12 Class A members,

consisting of three representatives of the
Federal Register / Vol. 61, No. 87 / Friday, May 3, 1996 / Notices 19969

state of New Jersey with the balance

consisting of members whose

membership interests in the Fund

exceed 10%. All other investors,

including JCP&L, will be Class B

members. JCP&L’s Class B membership

interest in the Fund will not exceed

9.9% of the Fund’s total membership

interests. All members will vote in

proportion to their membership

interests, provided that only Class A

members may vote on investment

policies and other matters to be

specified in the Fund’s operating

agreement. The Fund will be capitalized

over a five to seven-year period with a

minimum of $20 million invested by the

private sector and an additional $10

million from the State of New Jersey.

In lieu of an investment by JCP&L, the

investment in the Fund may be made in

whole or in part by GPU either directly

or indirectly through a new subsidiary

to be formed (‘‘GPU Sub’’). If the

acquisition is made by GPU indirectly

through GPU Sub, GPU would acquire

up to 1,000 shares of common stock of

GPU Sub for a purchase price not in

excess of $1,000.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–10996 Filed 5–2–96; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Testing Modifications to the Disability

Determination Procedures; Test Sites

for Single Decisionmaker Model

AGENCY: Social Security Administration.

ACTION: Notice of the test sites and the

duration of tests involving a single

decisionmaker.

SUMMARY: The Social Security

Administration is announcing the

locations and the duration of tests that

it will conduct under the final rules

published in the Federal Register on

April 24, 1995 (60 FR 20023). These

final rules authorize the testing of

several modifications to the disability

determination procedures that we

normally follow in adjudicating claims

for disability insurance benefits under

title II of the Social Security Act (the

Act) and claims for supplemental

security income (SSI) payments based

on disability under title XVI of the Act.

This notice announces the test sites and

duration of tests involving use of a

single decisionmaker who may make the

disability determination without

requiring the signature of a medical

consultant.

FOR FURTHER INFORMATION CONTACT:

Margy LaFond, Models Team Leader,

Office of Disability, Disability Process

Redesign Staff, Social Security

Administration, 6401 Security

Boulevard, Baltimore, Maryland 21235,

410–965–1835.

SUPPLEMENTARY INFORMATION: On April

24, 1995, we published final rules in the

Federal Register authorizing us to test

different modifications to the disability

determination procedures. The tests are

designed to provide us with information

so that we can determine the

effectiveness of the models in improving

the disability process. Prior to

commencing each test or group of tests,

we will publish a notice in the Federal

Register describing the models that we

will test, where the test sites will be,

and the duration of the tests. On or

about May 1, 1996, we will begin tests

of the single decisionmaker model.

Under this model, a single

decisionmaker may make disability

determinations, without generally

requiring a medical consultant to sign

the disability determination forms that

we use to certify the determination. We

plan to test the use of a single

decisionmaker in nine sites in seven

states. We will select cases for

evaluation of these tests for

approximately six months, and may

continue to have cases processed for

another six months. The sites selected

represent a mix of geographic areas and

case loads. For the purpose of these

tests, the single decisionmaker will be

an employee of the state agency that

makes disability determinations for us.

The decisionmaker will make the initial

disability determination after any

appropriate consultation with a medical

consultant. However, before an initial

determination is made that a claimant is

not disabled in any case which indicates

the existence of a mental impairment,

the decisionmaker will make every

reasonable effort to ensure that a

qualified psychiatrist or psychologist

has completed the medical portion of

the case review and any applicable

residual functional capacity assessment

pursuant to our existing procedures.

Similarly, in making a determination

with respect to the disability of an

individual under age 18 applying for

SSI payments based on disability, the

decisionmaker will make reasonable

efforts to ensure that a qualified

pediatrician or other individual who

specializes in a field of medicine

appropriate to the child’s impairment(s)

evaluates the claim. Tests of the single

decisionmaker model will be held at the

following locations:

• Department of Social Services,

Disability Evaluation Division, 1510 E.

Herndon, Fresno, CA 93720;

• Department of Social Services,

Disability Evaluation Division, 3750

Rosin Court, Suite 120, Sacramento, CA

95834;

• Department of Social Services,

Disability Evaluation Division, 4255

Ruffin Road, San Diego, CA 92123;

• Division of Determination Services,

Disability Determination Services,

10065 East Harvard Avenue, Suite 207,

Denver, CO 80222;

• Bureau of Rehabilitation Services,

Disability Determination Services, North

Griffin Park, 10 Griffin Road N.,

Windsor, CT 06095;

• Department of Jobs and Training,

Division of Rehabilitation Services,

Social Security Disability

Determinations Services, Metro Square

Building, Suite 300, Seventh and

Roberts Streets, St. Paul, MN 55101;

• Nebraska Department of Education,

Disability Determination Section, 808 P

Street, 4th Floor, Lincoln, NE 68508;

• North Carolina Division of Social

Services, Disability Determination

Services, 321 Chapanoke Road, Raleigh,

NC 27603;

• Department of Social and Health

Services, Medical Assistance

Administration, Division of Disability

Determination Services, Airdustrial Way

SW, Building 16, Tumwater, WA 98501;

and

• SSA, District Office, 6128 E. 38th

Street, Tulsa, OK 74121.

Not all cases received in the test sites

listed above will be handled under the

test procedures. However, if a claim is

selected to be handled by a single

decisionmaker as part of the test, the

claim will be processed under the

procedures established under the final

rules cited above.

Dated: April 26, 1996.

Shirley Chater,

Commissioner of Social Security.

[FR Doc. 96–11020 Filed 5–2–96; 8:45 am]

BILLING CODE 4190–29–P

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Identification of Countries That Deny

Adequate Protection, or Market

Access, for Intellectual Property Rights

Under Section 182 of the Trade Act of

1974

AGENCY: Office of the United States

Trade Representative.