Amendment to Prohibited Transaction Exemption (PTE) 2000-58, 65 FR 67765 (November 13, 2000) and PTE 2002-41, 67 FR 54487 (August 22, 2002) Involving Bear, Stearns & Co. Inc., Prudential Securities Incorporated, et al. to Add Dominion Bond Rating Service Limited (DBRS Limited) and Dominion Bond Rating Service, Inc. (DBRS, Inc.) to the Definition of “Rating Agency”
Permits the purchase of certain
securities (the Securities), by an asset management
affiliate of BS from any person other than such asset
management affiliate of BS or any affiliate thereof,
during the existence of an underwriting or selling
syndicate with respect to such Securities, where a
broker-dealer affiliated with BS is a manager or
member of such syndicate and the asset management
affiliate of BS purchases such Securities, as a
fiduciary: (a) on behalf of an employee benefit plan
or employee benefit plans (the Client Plan(s)); or (b)
on behalf of Client Plans, and/or in house plans which
are invested in a pooled fund or in pooled funds.
Grant of Individual Exemption to
Amend and Replace Prohibited Transaction Exemption (PTE)
2000-34, Involving the Fidelity Mutual Life Insurance
Company (FML)
Amends and replaces PTE 2000-34
which permits (1) the receipt of certain stock issued
by Fidelity Insurance Group, Inc. a wholly-owned
subsidiary of FML, or (2) the receipt of plan credits,
by or on behalf of an FML mutual member (the Mutual
Member), which is an employee benefit plan other than
the Employee Pension Plan of Fidelity Mutual Life
Insurance Company, in exchange for such Mutual Member’s
membership interest in FML, in accordance with the
terms of a plan of rehabilitation (the Third Amended
Plan), approved by the Pennsylvania Commonwealth Court
and a rehabilitator appointed by the Pennsylvania
Insurance Commissioner. The exemption incorporates by
reference many of the conditions contained in PTE
2000-34. It also revises and updates certain facts and
representations set forth in PTE 2000-34 to include
certain alternatives under the Fourth Amended Plan of
Rehabilitation which supersedes the Third Amended Plan
upon which PTE 2000-34 is based.
Permits, effective November 30, 2005, certain in kind redemptions by the Mellon 401(k) Retirement Savings Plan or by any other employee benefit plan sponsored by Mellon or an affiliate (the Plan(s)), of shares of certain proprietary mutual funds in which the Plans were invested as of November 30, 2005, for which Mellon or an affiliate provides investment advisory and other services.
American Maritime Officers Safety
& Education Plan (the S&E Plan)
Permits the S&E Plan doing
business as STAR Center, entering into an agreement
with Kongsberg Maritime Simulator Inc. (Kongsberg), a
party in interest, to provide certain services to
Kongsberg at the Dania Beach, Florida facility
involving hydrodynamic and geographical modeling and
training.
Grant; PTE-2007-02
L-11148, D-11149, L-11150, L-11151, D-11152 and D-11153
American Maritime Officers Safety
& Education Plan (the S&E Plan); American
Maritime Officers Pension Plan (the Pension Plan);
American Maritime Officers Vacation Plan (the Vacation
Plan); American Maritime Officers Medical Plan (the
Medical Plan); and American Maritime Officers 401(k)
Plan (the 401(k) Plan; collectively, the AMO Plans)
Permits the following transactions:
(1) the S&E Plan entering into an arrangement with
the American Maritime Officers (the Union), which is a
party in interest with respect to the AMO Plans, for
the Union to pay the S&E Plan, where appropriate
and at the rate established by the independent
fiduciary (the I/F), for the portion of the Union
trustees’ food and lodging provided by the S&E
Plan that is attributable to attendance at certain
Union meetings at the Dania Beach, Florida and the
Toledo, Ohio facilities (collectively, the
Facilities); (2) the S&E Plan entering into an
arrangement with the Union and certain contributing
employers, who are parties in interest with respect to
the AMO Plans, to pay the S&E Plan at a rate
established by the I/F, for food and lodging provided
by the S&E Plan at the Facilities for the
representatives of the Union and the respective
contributing employers that is attributable to
attendance at various conferences; and (3) the S&E
Plan entering into an arrangement with the governing
bodies of the American Maritime Officers Joint
Employment Committee (the JEC), and the American
Maritime Officers Service (AMOS), who are parties in
interest with respect to the AMO Plans, to pay the
S&E Plan at a rate established by the I/F for food
and lodging provided by the S&E Plan at the
Facilities.
Also permits (1) the AMO Plans to
share expenses based on an internal expense allocation
model (the Allocation Model) for the provision of food
and lodging by the S&E Plan at the Facilities to
the AMO Plans’ trustees; and (2) the AMO Plans, the
JEC and AMOS sharing expenses based on the Allocation
Model for the provision of food and lodging by the
S&E Plan at the Facilities.
Finally, this exemption permits (1)
contributing employers contracting with the S&E
Plan to provide one of its courses at a special time;
and (2) the S&E Plan designing training programs
or undertaking special research or modeling tailored
to the needs of a particular contributing employer or
its vessels.
Plumbers & Pipefitters National
Pension Fund (the Fund)
Permits, effective June 5, 2001,
the following transactions involving the receipt by
Diplomat Properties, Limited Partnership (the
Partnership) of certain services and products from the
hotel management company, Westin Management East
(after January 12, 2006, Westin Hotel Management,
L.P.) (referred to collectively with its parent
company, Starwood Hotels & Resorts Worldwide,
Inc., as Starwood) and certain related entities
(Related Companies), retained to operate the
Partnership’s principal asset, the Westin Diplomat
Resort & Spa (collectively, Resort): (a) the
provision of Centralized Services or Additional
Services to the Resort by Starwood or a Related
Company; (b) the purchase of goods from Starwood or a
Related Company in connection with the provision of
Centralized Services or Additional Services; and (c)
the participation of the Resort in the Associate Room
Discount Program.
Paul Niednagel IRS and Lynne
Niednagel IRAs (collectively, the IRAs)
Permits the purchase by the
respective IRAs of Paul and Lynne Niednagel (the
Account Holders) of certain ownership interests (the
Units) from Pacific Island Investment Partners, LLC
(the issuer of the Units), an entity which is
indirectly controlled by Daniel and Stephen Niednagel,
both of whom are lineal descendants of the Account
Holders and therefore disqualified persons with
respect to the IRAs.
OPET Health Care and Life Insurance
Plans RM3A and RM5A; and OPET Prescription Drug Plan
RRx (collectively, the Plans)
Permits the purchase by the Plans’
participants and beneficiaries of prescription drugs
from the Labor Center Pharmacy, a party in interest
with respect to the Plans.
Sheet Metal Workers Local Union 17
Insurance Fund (the Fund)
Permits the purchase by the Fund of
a business condominium from the Sheet Metal Workers
International Association Local 17 Building
Association, Inc., a party in interest with respect to
the Fund.
See summary for Amendment to PTE
2000-58 and PTE 2002-41 involving Bear, Stearns &
Co. Inc., Prudential Securities Incorporated, et al.
under Asset-Backed
Securities (Underwriter Exemptions).
Owens Corning Savings Plan and
Owens Corning Savings and Security Plan (collectively,
the Plans)
Permits, effective October 31,
2006, the (1) acquisition by the Plans of certain
warrants (the Warrants) issued by Owens Corning (the
Applicant), a party in interest with respect to the
Plans, where such Warrants have been issued in
exchange for the common stock of the Applicant
incident to a bankruptcy reorganization; (2) the
holding of the Warrants by each of the Plans pending
the exercise or other disposition of said Warrants;
and (3) the exercise of the Warrants by participants
in the Plans to permit the acquisition of shares of
the Applicant’s new common stock.
BSC Services Corp. 401(k) Profit
Sharing Plan (the Plan)
Permits, effective April 27, 2006,
the (1) acquisition by the Plan of certain stock
rights (the Rights) pursuant to a stock rights
offering (the Offering) from First Bank of Delaware, a
party in interest and the parent company of BSC
Services Corp., which is the Plan sponsor as well as a
party in interest with respect to the Plan; (2) the
holding of the Rights by the Plan during the
subscription period of the Offering; and (3) the
disposition or exercise of the Rights by the Plan.
The Revlon Employees Savings,
Investment and Profit Sharing Plan (the Plan)
Permits, effective December 18,
2006, (1) the acquisition of certain stock rights (the
Stock Rights) by the Plan in connection with a Stock
Rights offering by Revlon, Inc. (Revlon), a holding
company that wholly owns Revlon Consumer Products
Corporation, a party in interest with respect to the
Plan; (2) the holding of the Stock Rights by the Plan
during the subscription period of the Stock Rights
offering; and (3) the disposition or exercise of the
Stock Rights by the Plan.
Permits, the past sale, on March
28, 2006, by the William T. Smith IRA (the IRA) of
certain bonds to Middleburg, a disqualified person
with respect to the IRA.
Gastroenterology and Oncology
Associates, P.A. Profit Sharing Plan and Trust (the
Plan)
Permits the sale of certain shares
of common stock (the Stock) issued by Alden
Enterprises, Inc., an unrelated party, by the
individually directed account in the Plan of Jayaprakash K. Kamath, M.D. (Dr. Kamath),
to Geetha J. Kamath, M.D., Dr. Kamath’s spouse and a
party in interest with respect to the Plan.
The DeRose Dental Offices, Inc.
S.C. Profit Sharing Plan (the Plan)
Permits the December 29, 2006 sale
by the Plan of 2,174 shares of stock in Wisconsin
Bancshares, Inc. each to Francesca DeRose and Nicolet
DeRose, parties in interest with respect to the Plan.
Hawaii Emergency Physicians
Associated, Inc. Profit Sharing Plan (the Plan)
Permits the sale by the Plan to 407
Partners LLC, a limited liability corporation and a
party in interest to the Plan, of a parcel of improved
real property located in Kailua, Hawaii.
Kern County Electrical Pension
Trust (the Pension Plan); Kern County Electrical Joint
Apprenticeship and Training Trust (the Apprenticeship
Plan); Kern County Electrical Health and Welfare Plan
(the Welfare Plan); and The International Brotherhood
of Electrical Workers Local Union 428 (the Local
Union)
Permits (1) the sale by the Pension
Plan of a parcel of unimproved real property (Parcel
#1) to the Local Union, a party in interest with
respect to the Pension Plan; (2) the sale to the
Apprenticeship Plan by the Pension Plan of a parcel of
unimproved real property (Parcel #2) which is adjacent
to Parcel #1; and (3) the lease by the Apprenticeship
Plan of office space in a training facility to be
constructed by the Apprenticeship Plan on Parcel #2 to
Construction Benefits Administration, a party in
interest with respect to the Plans, as service
provider, whose directors are also trustees of the
Plans and officers of the Local Union.
BlackRock, Inc. (BlackRock), and
Merrill Lynch & Co. (Merrill Lynch) (collectively,
the Applicants)
Permits, effective September 10,
2007, the purchase of certain securities (the
Securities) by an Asset Manager, from any person other
than a Merrill Lynch/BlackRock Related Entity or
Entities, during the existence of an underwriting or
selling syndicate with respect to such Securities,
where a Merrill Lynch/BlackRock Related Broker-Dealer
is a manager or member of such syndicate and the Asset
Manager purchases such Securities, as a fiduciary: (1)
on behalf of an employee benefit plan or plans (Client
Plans); or (2) on behalf of Client Plans and/or
In-House Plans, which are invested in a pooled fund or
pooled funds. These transactions are called “affiliated
underwriter transactions,” or “AUTs.”
Permits the purchase of certain
securities (the Securities) by an asset management
affiliate of WFC, from any person other than such
asset management affiliate of WFC or any affiliate
thereof, during the existence of an underwriting or
selling syndicate with respect to such Securities,
where a broker-dealer affiliated with WFC is a manager
or member of such syndicate and the asset management
affiliate of WFC purchases such Securities as a
fiduciary (1) on behalf of an employee benefit plan or
employee benefit plans (the Client Plans); or (2) on
behalf of Client Plans, and/or In-House plans which
are invested in a pooled fund or in pooled funds.
Bear Stearns Companies, Inc. (BS),
Bear Stearns Asset Management, Inc., and Bear, Stearns
& Co., Inc.
Permits the purchase of certain
securities (the Securities), by an asset management
affiliate of BS from any person other than such asset
management affiliate of BS or any affiliate thereof,
during the existence of an underwriting or selling
syndicate with respect to such Securities, where a
broker-dealer affiliated with BS is a manager or
member of such syndicate and the asset management
affiliate of BS purchases such Securities, as a
fiduciary: (a) on behalf of an employee benefit plan
or employee benefit plans (the Client Plan(s)); or (b)
on behalf of Client Plans, and/or in house plans which
are invested in a pooled fund or in pooled funds.
