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(2) A post-effective amendment which includes a prospectus shall become effective pursuant to paragraph (a) of this

section notwithstanding the filing of a subsequent post-effective amendment relating to such prospectus, Provided, That such subsequent amendment is filed pursuant to paragraph (b) of this section, And provided further, That such subsequent amendment designates as its effective date the date on which the prior post-effective amendment shall become effective pursuant to paragraph (a). If another post-effective amendment relating to the same prospectus is filed pursuant to paragraph (a) of this section before the prior amendments filed pursuant to paragraphs (a) and (b) of this section have become effective, neither the prior amendment filed pursuant to paragraph (a) of this section or the amendment filed pursuant to paragraph (b) of this section shall become effective pur

suant to this section. (e) The representations of the registrant referred to in paragraphs (b)(2)(iv), (b)(2)(v) and (b)(3) of this section shall be

made by certification of the signature page of the post-effective amendment that such amendment meets all of the requirements for effectiveness pursuant to paragraph (b) of this section. If counsel prepared or reviewed the posteffective amendment filed pursuant to paragraph (b) of this section, such counsel shall furnish to the Commission at the time the amendment is filed a written representation that the amendment does not contain disclosures which would render it ineligible to become effective pursuant to paragraph (b) of this section.

Effective Date of Post-Effective Amendments Filed by Registered Separate Accounts of Insurance Companies

Reg. $230.486. (a) Except as otherwise provided in this section, a post-effective amendment to a registration statement for an offering

of securities by a registered separate account as defined in section 2(a)(37) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(37)] shall become effective on the sixtieth day after the filing thereof, or such later date designated by the registrant on the facing sheet of the amendment, which date shall not be later than eighty days after the date on which the amendment is filed, Provided, That the Commission, having due regard to the public interest and the

protection of investors, may declare an amendment filed pursuant to this paragraph effective on an earlier date. (b) Except as otherwise provided in this section, a post-effective amendment to a registration statement for an offering

of securities by a registered separate account as defined in section 2(a)(37) of the Investment Company Act of 1940
(15 U.S.C. 80a-2(a)(37)] shall become effective on the date upon which it is filed with the Commission, or such later
date designated by the registrant on the facing sheet of the amendment, which date shall not be later than twenty
days after the date on which the amendment is filed, Provided, That the following conditions are met:
(1) It is filed for no purpose other than one or more of the following:
(i) Increasing the number or amount of securities proposed to be offered pursuant to section 24(e)(1) of the

Investment Company Act of 1940 [15 U.S.C. 80a-24(e)(1)];
(ii) Registering an indefinite number or amount of securities pursuant to section 24(f) of the Investment Com-

pany Act of 1940 (15 U.S.C. 80a-24(f)] and Rule 24f-2 thereunder [17 CFR 270.24f-2]; (iii) Bringing the financial statements and other information up to date pursuant to section 10(a)(3) of the Act

(15 U.S.C. 77j(a)(3)] and, in conjunction therewith, making such other non-material changes as the regis

trant deems appropriate; and (iv) Complying with an undertaking to file an amendment containing financial statements, which may be un

audited, within four to six months after the effective date of the registrant's registration statement under

the Securities Act of 1933 (15 U.S.C. 77a et seq.).
(2) Any prospectus or Statement of Additional Information filed as a part of such amendment does not include dis-

closure relating to any of the following events to the extent that such events have occurred since the effective
date of the registrant's registration statement or the effective date of its most recent post-effective amendment
thereto which included a prospectus or Statement of Additional Information, whichever is later, unless such events
are disclosed in a post-effective amendment filed pursuant to paragraph (a) of this section which has not yet be-
come effective:
(i) Termination of an investment advisory contract;
(ii) A change in the registrant's investment objectives, in any of its policies listed in section 8(b)(1) of the Invest-

ment Company Act of 1940 (15 U.S.C. 80a-8(b)(1)], or in any other investment policy which the registrant
deems fundamental or which, pursuant to section 13 of the Investment Company Act of 1940 (15 U.S.C.

80a-13), is changeable only by shareholder vote;
(iii) Suspension of sales or redemptions of securities issued by the registered separate account;

(iv) Resignation of any of the registered separate account's or insurance company's directors, unless the regis

trant represents that such director did not resign due to disagreement with the registrant on any matter relat

ing to the separate account's operations, policies or practices; (v) A change in the registered separate account's or insurance company's independent public accountant, unless

the registrant represents that there were no disagreements with the former accountant on any matter of ac

counting principles or practices or financial statement disclosures pertaining to the separate account; (vi) If the separate account is organized as a unit investment trust, any substitution of securities held by the trust; or (vii) Any change, including, but not limited to, a change in the operations of the separate account or in the rights

of security holders, that requires the registrant to apply for exemptive relief under the Investment Company Act of 1940, or an event for which approval by the Commission is required under sections 11 or 26(b) of

the Investment Company Act of 1940 (15 U.S.C. 80a-11, 26(b)]; (3) The registrant represents that no material event requiring disclosure in the prospectus, other than one listed in

paragraph (b)(1) of this section, has occurred since the latest of three dates:
(i) the effective date of the separate account's registration statement;
(ii) the effective date of its most recent post-effective amendment to its registration statement which included

a prospectus; or
(iii) the filing date of a post-effective amendment filed pursuant to paragraph (a) of this section which has not

yet become effective;

(4) Such amendment recites on the facing sheet thereof that the registrant proposes that the amendment will become

effective pursuant to paragraph (b) of this section. (c) No amendment shall become effective pursuant to paragraph (a) of this section if, prior to the effective date of such

amendment, it should appear to the Commission that the amendment may be incomplete or inaccurate in any material respect, and the Commission furnishes to the registrant written notice that the effective date of the amendment is to be suspended. Following such action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for such a hearing is included in the petition. If the Commission has suspended the effective date of an amendment, the amendment shall become effective on such dates as the Commission may determine, having due regard to the public interest

and the protection of investors. (d) (1) Except as provided in paragraph (d)(2) of this section, a post-effective amendment which includes a prospectus

shall not become effective pursuant to paragraph (a) of this section if a subsequent post-effective amendment

relating to such prospectus is filed before such amendment becomes effective. (2) A post-effective amendment which includes a prospectus shall become effective pursuant to paragraph (a) of this

section notwithstanding the filing of a subsequent post-effective amendment relating to such prospectus. Provided, That such subsequent amendment is filed pursuant to paragraph (b) of this section, And further provided, That such subsequent amendment designates as its effective date the date on which the prior post-effective amendment shall become effective pursuant to paragraph (a). If another post-effective amendment relating to the same prospectus is filed pursuant to paragraph (a) of this section before the prior amendments filed pursuant to paragraphs (a) and (b) of this section have become effective, neither the prior amendment filed pursuant to paragraph

(a) nor the amendment filed pursuant to paragraph (b) shall become effective pursuant to this section. (e) The representations of the registrant referred to in paragraphs (b)(2)(iv), (b)(2)(v) and (b)(3) of this section shall be

made by certification on the signature page of the post-effective amendment that such amendment meets all of the requirements for effectiveness pursuant to paragraph (b) of this section. If counsel prepared or reviewed the posteffective amendment filed pursuant to paragraph (b) of this section, such counsel shall furnish to the Commission at the time the amendment is filed a written representation that the amendment does not contain disclosures which

would render it ineligible to become effective pursuant to paragraph (b). (f) For purposes of this section, a post-effective amendment to a registration statement for an offering of securities by

a registered separate account as defined in section 2(a)(37) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(37)], as that term is used in subsections (a) and (b) above and as such amendments are referred to in subsections (c) and (d) above, shall include a post-effective amendment to a registration statement for an offering of securities by an insurance company funded through a separate account, as defined in section 2(a)(37) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(37)], where the separate account need not register under the Investment Company Act of 1940 pursuant to section 3(c)(11) thereof (15 U.S.C. 80a-3(c)(11)].

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Effectiveness of Registration Statements Filed by Certain Unit Investment Trusts

Reg. $230.487. (a) (1) A unit investment trust registered under the Investment Company Act of 1940 that files a registration statement

pursuant to the Act in connection with the offering of the securities of a series of the unit investment trust, except the first series of such trust, may designate a date and time for such registration statement to become effective. If the registrant complies with the conditions set forth in paragraph (b) of this section, the registration statement

shall become effective in accordance with such designation. (2) The registrant may designate the date and time of effectiveness in the registration statement or in any pre-effective

amendment thereto. A pre-effective amendment to a registration statement with respect to which such a designation is properly made shall be deemed to have been filed with the consent of the Commission and shall accordingly

be treated as part of the registration statement. (b) Availability of effectiveness of a registration statement in accordance with paragraph (a) of this section is conditioned

upon compliance with the following:
(1) The registrant is not engaged in the business of investing in securities issued by one or more open-end manage-

ment investment companies;
(2) The designation provided for in paragraph (a) of this section is set forth on the facing sheet of such registration

statement or pre-effective amendment thereto;
(3) The registrant identifies one or more previous series of the trust for which the effective date of the registration

statement was determined by the Commission or its staff, and makes the following representations:
(i) That the portfolio securities deposited in the series with respect to which the registration statement or pre-

effective amendment is being filed do not differ materially in type or quality from those deposited in such

previous series identified by the registrant; and (ii) That, except to the extent necessary to identify the specific portfolio securities deposited in, and to provide

essential financial information for, the series with respect to which the registration statement or pre-effective amendment thereto is being filed, the registration statement or pre-effective amendment thereto does not contain disclosures that differ in any material respect from those contained in the registration statement of

such previous series identified by the registrant; (4) The registrant represents that it has complied with rule 460 under the Act [17 CFR 230.460]; (5) The identification and representations provided for in paragraphs (b)(3) and (b)(4) of this section are made on

the signature page of the registration statement or pre-effective amendment thereto; and (6) If counsel prepared or reviewed such registration statement or a pre-effective amendment thereto, such counsel

shall furnish to the Commission at the time the registration statement or pre-effective amendment thereto is filed a written representation that such registration statement or pre-effective amendment does not contain disclosures which would render such registration statement ineligible to become effective pursuant to paragraph (a) of this section.

(c) (1) The Commission may, in the manner and under the circumstances set forth in paragraph (c)(2) of this section,

suspend the ability of a unit investment trust to designate the date and time of effectiveness of series of such trust, and such suspension shall remain in effect until the Commission furnishes written notice to the sponsor of the unit investment trust that the suspension has been terminated. Any suspension, so long as it is in effect, shall apply to any registration statement that has been filed but has not, at the time of such suspension, become effective, and to any registration statement with respect to any series of such trust that may be filed after such suspension. Any such suspension shall apply only to the ability to designate the date and time of effectiveness pursuant

to paragraph (a) hereof and shall not otherwise affect any registration statement. (2) Any suspension pursuant to paragraph (c)(1) of this section shall become effective at such time as the Commission

furnishes written notice thereof to the sponsor of the unit investment trust. The Commission may issue such a suspension if it appears to the Commission that any registration statement containing a designation pursuant to this section is incomplete or inaccurate in any material respect, whether or not such registration statement has become effective, or that the registrant has not complied with the conditions of this section. Following such action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for such a hearing is included in the petition.

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Effective Date of Registration Statements Relating to Securities to Be Issued in Certain Business Combination Transactions

Reg. $230.488.
(a) A registration statement filed on Form N-14 by a registered open-end management investment company for the pur-

pose of registering securities to be issued in an exchange offer or other business combination transaction pursuant
to Rule 145 under the Securities Act of 1933 (15 U.S.C. 77a et seq.) shall become effective on the thirtieth day after
the date upon which it is filed with the Commission, or such later date designated by the registrant on the facing
sheet of the registration statement, which date shall be not later than fifty days after the date on which the registration
statement is filed, unless the Commission having due regard to the public interest and the protection of investors declares
such amendment effective on an earlier date, provided the following conditions are met:
(1) Any prospectus filed as a part of the registration statement does not include disclosure relating to any other proposal

to be acted on at a meeting of the shareholders of either company other than proposals related to an exchange
offer, or a business combination transaction pursuant to Rule 145(a), and any other proposal relating to:
(i) uncontested election of directors,
(ii) ratification of the selection of accountants,
(iii) the continuation of a current advisory contract,
(iv) increases in the number or amount of shares authorized to be issued by the registrant; and

(v) continuation of any current contract relating to the distribution of shares issued by the registrant; and
(2) The registration statement recites on the facing sheet that the registrant proposes that the filing become effective

pursuant to this rule. (b) No registration statement shall become effective pursuant to paragraph (a) of this section if, prior to the effective

date of the registration statement, it should appear to the Commission that the registration statement may be incomplete or inaccurate in any material respect and the Commission furnishes to the registrant written notice that the effective date is to be suspended. Following such action by the Commission, the registrant may file with the Commission at any time a petition for review of the suspension. The Commission will order a hearing on the matter if a request for such a hearing is included in the petition. If the Commission has suspended the effective date of the registration statement, it shall become effective on such date as the Commission may determine, having due regard to the public interest and the protection of investors.

REGISTRATION BY FOREIGN GOVERNMENTS AND POLITICAL SUBDIVISIONS THEREOF

Information to Be Furnished Under Paragraph (3) of Schedule B

Reg. $230.490. Any issuer filing a registration statement pursuant to Schedule B of the Act need not furnish the detailed information specified in paragraph (3) as to issues of outstanding funded debt the aggregate amount of which outstanding is less than 5 percent of the total funded debt outstanding and to be created by the security to be offered, provided the amount thereof is included in the statement of the total amount of funded debt outstanding and a statement is made as to the title, amount outstanding, rate of interest, and date of maturity of each such issue.

Information to Be Furnished Under Paragraph (6) of Schedule B

Reg. 8230.491. Any foreign government filing a registration statement pursuant to Schedule B of the Art need state, in furnishing the information required by paragraph (6), the names and addresses only of principal underwriters, namely, underwriters in privity of contract with the registrant, provided they are designated as principal underwriters and a brief statement is made as to the discounts and commissions to be received by subunderwriters or dealers.

Omissions from Prospectuses

Reg. 8230.492. In the case of a security for which a registration statement conforming to Schedule B is in effect, the following information, contained in the registration statement, may be omitted from any prospectus: Information in answer to paragraph (3) of the Schedule with respect to the amortization and retirement provisions for debt not being registered, and with respect to the provisions for the substitution of security for such debt; the addresses of underwriters in answer to paragraph (b); information in answer to paragraph (11); the addresses of counsel in answer to paragraph (12); the copy of any agreement or agreements required by paragraph (13); the agreement required by paragraph (14); and all information, whether contained in the registration statement itself or in any exhibit thereto, not required by Schedule B.

Filing of Opinions of Counsel

Reg. 8230.493. The copy of the opinion or opinions of counsel required by paragraph (14) of Schedule B shall be filed either as a part of the registration statement as originally filed, or as an amendment thereto.

Newspaper Prospectuses

Reg. $230.494. (a) This rule shall apply only to newspaper prospectuses relating to securities, as to which a registration statement has

become effective, issued by a foreign national government with which the United States maintains diplomatic relations. The term "newspaper prospectus" means an advertisement of securities in newspapers, magazines or other periodicals which are admitted to the mails as second-class matter and which are not distributed by the advertiser. The term does not include reprints, reproductions or detached copies of such advertisements. A newspaper prospectus shall not be deemed a prospectus meeting the requirements of Section 10 for the purpose of Section 2(10)(a) or 5(b)(2) or the Act.

(b) All information included in a newspaper prospectus may be expressed in such condensed or summarized form as may

be necessary in the light of the circumstances under which newspaper prospectuses are authorized to be used. The information need not follow the order in which the information is set forth in the registration statement or in the

full prospectus. No information need to be set forth in tabular form. (c) The following statement shall be set forth at the head of every newspaper prospectus in conspicuous print:

"These securities, though registered, have not been approved or disapproved by the Securities and Exchange Com

mission, which does not pass on the merits of any registered securities.” (d) There shall be set forth at the foot of every newspaper prospectus in conspicuous print a statement to the following effect:

“Further information, particularly financial information, is contained in the registration statement filed with the Commission and in a more complete prospectus which must be furnished to each purchaser and is obtainable from

the following persons:" (Insert names.) (e) If the registrant or any of the underwriters knows or has reasonable grounds to believe that it is intended to stabilize

the price of any security to facilitate the offering of the registered security, there shall be placed in the newspaper prospectus, in capital letters, the statement required by Item 502(d) of Regulation S-K (8229.502(d) of this chapter)

be included in the full prospectus. (f) A newspaper prospectus shall contain the information specified below. All other information and documents con

tained in the registration statement may be omitted. The following information shall be included:

(1) The name of the borrowing government;

(2) A brief description of the securities to be offered;

(3) The price at which it is proposed to offer the security to the public in the United States;
(4) The purpose and approximate amounts to be devoted to such purposes, so far as determinable, for which the

security to be offered is to supply funds; and if funds for such purposes are to be raised in part from other sources,

the amounts and the sources thereof; (5) A brief statement as to the amount of funded and floating debt outstanding and to be created, excluding inter

governmental debt; (6) A condensed or summarized statement of receipts and expenditures for the last three fiscal years for which data

are available;

(7) A condensed or summarized statement of the balance of international payments for the last three fiscal years

for which data are available; (8) If the issuer or its predecessor has defaulted on the principal or interest of any external debt, excluding inter

governmental debt, during the last twenty years, the date, amount and circumstances of such default and the general

effect of any succeeding arrangement; (9) Underwriting discounts and commissions per unit and in the aggregate. (g) A newspaper prospectus may also include, in condensed, summarized or graphic form, additional information the

substance of which is contained in the registration statement. A newspaper prospectus shall not contain any information, the substance of which is not set forth in the registration statement.

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