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For Immediate Release

Contact: 

Bob Biersack

September 12, 2007

George Smaragdis

Michelle Ryan

 

FEC Approves Advisory Opinion for Tyco International Management Company:

Determines Independence of Spin-off Companies’ PACs

WASHINGTON – At its open meeting yesterday the Federal Election Commission (FEC/Commission) approved an Advisory Opinion requested by Tyco International Management Company and its political action committee (PAC).  The Commission stated that following the spin-off of two publicly traded corporations from Tyco International Ltd. at COB June 29 of this year, the three PACs of the U.S subsidiaries of Tyco International Ltd. and the spun off companies were not affiliated for purposes of the Federal Election Campaign Act.  The FEC considered a number of factors that would establish that the companies, and hence the PACs of their U.S. subsidiaries, are disaffiliated from each other as of COB June 29, including the lack of ownership by one company of either of the other two companies, the minimal nature of the personnel overlap among the companies, and active public trading of the companies' stocks after the spin-off.

As a result of the Commission’s determination, the PACs are permitted to make separate contributions to candidates subject to appropriate limits.  If they had remained affiliated, they would have shared a single contribution limit.

The FEC also approved the schedule for meeting dates for the remainder of the year.  Open meetings will be held on September 24, October 11, October 25, November 15, November 29, December 6, and December 20.

The Federal Election Commission (FEC) is an independent regulatory agency that administers and enforces federal campaign finance laws. The FEC has jurisdiction over the financing of campaigns for the U.S. House, the U.S. Senate, the Presidency and the Vice Presidency. Established in 1975, the FEC is composed of six Commissioners who are nominated by the President and confirmed by the U.S. Senate.

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