Federal Register/Vol. 73, No. 206/Thursday, October 23, 2008/Notices 63209 Section III. Temporary Exemption for and its affiliates as constituted on March (iv) Whether investment by the Investment in Bear Stearns Master Note 15, 2008. applicable Client Plan in the underlying (f) The term ‘‘Independent Fiduciary’’ securities that were loaned was The restrictions of sections means a fiduciary who is independent consistent with the investment 406(a)(1)(A) through (D) and sections of and unrelated to JPMCB and Bear guidelines for the particular Client Plan 406(b)(1) and (2) of the Act and the Stearns Affiliates. For purposes of this account. sanctions resulting from the application exemption, a fiduciary will not be For a more complete statement of of section 4975 of the Code, by reason deemed to be independent of and facts and representations supporting the of section 4975(c)(1)(A) through (E) of unrelated to JPMCB and Bear Stearns Department’s decision to grant PTE 99– the Code, shall not apply to the Affiliates if: 34, refer to the proposed exemption (64 investment of securities lending (i) Such fiduciary directly or FR 34281, June 25, 1999) and the grant collateral by JPMCB, as the investment indirectly controls, is controlled by, or notice (64 FR 46419, August 25, 1999). manager of such collateral on behalf of is under common control with JPMCB the Client Plan or Collective Fund that Signed at Washington, DC, this 17th day of or a Bear Stearns Affiliate; ...
Voir