Homestead Funds, Inc. and RE Advisers Corporation, 19114-19115 [2017-08288]
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19114
Federal Register / Vol. 82, No. 78 / Tuesday, April 25, 2017 / Notices
RG 1.54 Revision 3 may be applied to
current applications for operating
licenses, combined licenses, early site
permits, and certified design rules
docketed by the NRC as of the date of
issuance of the final RG, as well as
future applications submitted after the
issuance of the RG. Such action would
not constitute backfitting as defined in
section 50.109(a)(1) of title 10 of the
Code of Federal Regulations (10 CFR),
or be otherwise inconsistent with the
applicable issue finality provision in 10
CFR part 52. Neither the Backfit Rule
nor the issue finality provisions under
10 CFR part 52, with certain exclusions
discussed below, were intended to
apply to every NRC action that
substantially changes the expectations
of current and future applicants.
The exceptions to this general
principle are applicable whenever a
combined license applicant references a
10 CFR part 52 license (e.g., an early site
permit) or NRC regulatory approval
(e.g., a design certification rule) with
specified issue finality provisions. The
NRC does not, at this time, intend to
impose the positions represented in
Revision 3 of RG 1.54 on combined
license applicants in a manner that is
inconsistent with any issue finality
provisions. If, in the future, the NRC
seeks to impose a position in Revision
3 of RG 1.54 in a manner that does not
provide issue finality as described in the
applicable issue finality provision, then
the NRC must address the criteria for
avoiding issue finality as described in
the applicable issue finality provision.
Dated at Rockville, Maryland, this 19th day
of April 2017.
For the Nuclear Regulatory Commission.
Thomas H. Boyce,
Chief, Regulatory Guidance and Generic
Issues Branch, Division of Engineering, Office
of Nuclear Regulatory Research.
[FR Doc. 2017–08363 Filed 4–24–17; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a closed meeting
on Thursday, April 27, 2017 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
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17:42 Apr 24, 2017
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The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
(a)(9)(ii) and (a)(10), permit
consideration of the scheduled matter at
the closed meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
closed meeting in closed session.
The subject matter of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Adjudicatory matters; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed; please
contact Brent J. Fields from the Office of
the Secretary at (202) 551–5400.
Dated: April 20, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017–08393 Filed 4–21–17; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32602; 812–14664]
Homestead Funds, Inc. and RE
Advisers Corporation
April 19, 2017.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of an application under section
6(c) of the Investment Company Act of
1940 (‘‘Act’’) for an exemption from
section 15(a) of the Act and rule 18f–2
under the Act. The requested exemption
would permit an investment adviser to
hire and replace certain sub-advisers
without shareholder approval.
APPLICANTS: Homestead Funds, Inc. (the
‘‘Corporation’’), a Maryland corporation
registered under the Act as an open-end
management investment company with
multiple series, and RE Advisers
Corporation, a Virginia corporation
registered as an investment adviser
under the Investment Advisers Act of
1940 (the ‘‘Initial Manager,’’ and,
collectively with the Corporation, the
‘‘Applicants’’).
PO 00000
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Sfmt 4703
The application was filed
on June 21, 2016, and amended on
November 1, 2016.
HEARING OR NOTIFICATION OF HEARING: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
Applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on May 15, 2017, and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0–
5 under the Act, hearing requests should
state the nature of the writer’s interest,
any facts bearing upon the desirability
of a hearing on the matter, the reason for
the request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
writing to the Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
Applicants, 4301 Wilson Boulevard,
Arlington, VA 22203.
FOR FURTHER INFORMATION CONTACT:
Christine Y. Greenlees, Senior Counsel,
at (202) 551–6879, or Robert Shapiro,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
FILING DATES:
Summary of the Application
1. The Manager (as defined below)
will serve as the investment adviser to
the Funds 1 pursuant to an investment
advisory agreement with the
Corporation (the ‘‘Investment
Management Agreement’’).2 The
1 One of the Funds, the Stock Index Fund,
currently operates as a feeder fund managed by a
third-party manager and invests substantially all of
its assets in a separate series of an unaffiliated
investment company (the ‘‘Master Fund’’). The
Stock Index Fund will not engage any sub-advisers
other than through approving the engagement of
one or more of the Master Fund’s sub-advisers in
the Stock Index Fund’s capacity as a shareholder of
the Master Fund. The Master Fund is not an
Applicant and the Stock Index Fund will not rely
on the requested order unless it is managed by the
Manager and complies with all of the conditions in
the application.
2 Applicants request relief with respect to any
existing or future series of the Corporation and any
other existing or future registered open-end
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Federal Register / Vol. 82, No. 78 / Tuesday, April 25, 2017 / Notices
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Manager is responsible for the overall
management of the Funds’ business
affairs and selecting investments
according to each Fund’s respective
investment objective, policies, and
restrictions, subject to the oversight and
authority of each Fund’s board of
directors (‘‘Board’’). The Investment
Management Agreement permits the
Manager, subject to the approval of the
Board, to delegate to one or more subadvisers (each, a ‘‘Sub-Adviser’’ and
collectively, the ‘‘Sub-Advisers’’) the
responsibility to provide the day-to-day
portfolio investment management of
each Fund, subject to the supervision
and direction of the Manager. The
primary responsibility for managing the
Funds will remain vested in the
Manager. The Manager will hire,
evaluate, allocate assets to and oversee
the Sub-Advisers, including
determining whether a Sub-Adviser
should be terminated, at all times
subject to the authority of the Board.
2. Applicants request an exemption to
permit the Manager, subject to Board
approval, to hire certain Sub-Advisers
pursuant to Sub-Advisory Agreements
and materially amend existing SubAdvisory Agreements without obtaining
the shareholder approval required under
section 15(a) of the Act and rule 18f–2
under the Act.3
3. Applicants agree that any order
granting the requested relief will be
subject to the terms and conditions
stated in the application. Such terms
and conditions provide for, among other
safeguards, appropriate disclosure to
Fund shareholders and notification
about sub-advisory changes and
enhanced Board oversight to protect the
interests of the Funds’ shareholders.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction or any
class or classes of persons, securities, or
transactions from any provisions of the
Act, or any rule thereunder, if such
relief is necessary or appropriate in the
public interest and consistent with the
management investment company or series thereof
that: (a) is advised by the Initial Manager, or any
entity controlling, controlled by, or under common
control with the Initial Manager or its successors
(each, a ‘‘Manager’’); (b) uses the manager of
managers structure described in the application;
and (c) complies with the terms and conditions of
the application (any such series, a ‘‘Fund’’ and
collectively, the ‘‘Funds’’). For purposes of the
requested order, ‘‘successor’’ is limited to an entity
that results from a reorganization into another
jurisdiction or a change in the type of business
organization.
3 The requested relief will not extend to any subadviser that is an affiliated person, as defined in
section 2(a)(3) of the Act, of the Corporation, a
Fund, or the Manager, other than by reason of
serving as a sub-adviser to one or more of the
Funds.
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protection of investors and purposes
fairly intended by the policy and
provisions of the Act. Applicants
believe that the requested relief meets
this standard because, as further
explained in the application, the
Investment Management Agreements
will remain subject to shareholder
approval, while the role of the SubAdvisers is substantially similar to that
of individual portfolio managers, so that
requiring shareholder approval of SubAdvisory Agreements would impose
unnecessary delays and expenses on the
Funds.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–08288 Filed 4–24–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80486; File No. SR–
NYSEArca–2016–177]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change Relating to the Listing
and Trading of Shares of the USCF
Canadian Crude Oil Index Fund Under
NYSE Arca Equities Rule 8.200
April 19, 2017.
I. Introduction
On December 30, 2016, NYSE Arca,
Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to list and trade shares
(‘‘Shares’’) of the USCF Canadian Crude
Oil Index Fund (‘‘Fund’’) under NYSE
Arca Equities Rule 8.200. The proposed
rule change was published for comment
in the Federal Register on January 23,
2017.3 On March 8, 2017, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 The Commission
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Securities Exchange Act Release No. 79793
(January 13, 2017), 82 FR 7885 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 80180,
82 FR 13702 (March 14, 2017). The Commission
2 17
3 See
PO 00000
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19115
has received no comments on the
proposed rule change. This order
institutes proceedings under Section
19(b)(2)(B) of the Act 6 to determine
whether to approve or disapprove the
proposed rule change.
II. Exchange’s Description of the
Proposal
The Exchange proposes to list and
trade Shares of the Fund under NYSE
Arca Equities Rule 8.200, Commentary
.02, which governs the listing and
trading of Trust Issued Receipts.7 The
Fund is a series of the United States
Commodity Index Funds Trust
(‘‘Trust’’) 8 and is a commodity pool that
will continuously issue common shares
of beneficial interest that may be
purchased and sold on the Exchange.
The Trust and the Fund are managed
and controlled by United States
Commodity Funds LLC (‘‘USCF’’ or
‘‘Sponsor’’), which is registered as a
commodity pool operator with the
Commodity Futures Trading
Commission and is a member of the
National Futures Association. Brown
Brothers Harriman & Co., Inc. will be
the administrator and custodian for the
Fund. ALPS Distributors, Inc. will be
the marketing agent (‘‘Marketing
Agent’’) for the Fund.
The Exchange has made the following
representations and statements in
describing the Fund and its investment
strategies, including the Fund’s
portfolio holdings and investment
restrictions.9
designated April 23, 2017 as the date by which the
Commission shall either approve or disapprove, or
institute proceedings to determine whether to
disapprove, the proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 Commentary .02 to NYSE Arca Equities Rule
8.200 applies to Trust Issued Receipts that invest
in ‘‘Financial Instruments.’’ The term ‘‘Financial
Instruments,’’ as defined in Commentary .02(b)(4) to
NYSE Arca Equities Rule 8.200, means any
combination of investments, including cash;
securities; options on securities and indices; futures
contracts; options on futures contracts; forward
contracts; equity caps, collars, and floors; and swap
agreements.
8 According to the Exchange, the Trust filed with
the Commission on June 16, 2016 a registration
statement on Form S–1 under the Securities Act of
1933 relating to the Fund (File No. 333–212089)
(‘‘Registration Statement’’).
9 The Commission notes that additional
information regarding the Trust, the Fund, and the
Shares, including investment strategies, risks, net
asset value (‘‘NAV’’) calculation, creation and
redemption procedures, fees, availability of
information, trading rules and halts, surveillance,
information bulletins, distributions, and taxes,
among other information, is included in the Notice
and the Registration Statement, as applicable. See
Notice and Registration Statement, supra notes 3
and 8, respectively.
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]]>Agencies
[Federal Register Volume 82, Number 78 (Tuesday, April 25, 2017)]
[Notices]
[Pages 19114-19115]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08288]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32602; 812-14664]
Homestead Funds, Inc. and RE Advisers Corporation
April 19, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act and rule 18f-2 under the Act. The requested exemption would
permit an investment adviser to hire and replace certain sub-advisers
without shareholder approval.
Applicants: Homestead Funds, Inc. (the ``Corporation''), a Maryland
corporation registered under the Act as an open-end management
investment company with multiple series, and RE Advisers Corporation, a
Virginia corporation registered as an investment adviser under the
Investment Advisers Act of 1940 (the ``Initial Manager,'' and,
collectively with the Corporation, the ``Applicants'').
Filing Dates: The application was filed on June 21, 2016, and amended
on November 1, 2016.
Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving Applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on May 15, 2017, and should be accompanied by proof of service on
the Applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the
Commission's Secretary.
ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE., Washington, DC 20549-1090. Applicants, 4301 Wilson
Boulevard, Arlington, VA 22203.
FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, at (202) 551-6879, or Robert Shapiro, Branch Chief, at (202)
551-6821 (Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at https://www.sec.gov/search/search.htm or
by calling (202) 551-8090.
Summary of the Application
1. The Manager (as defined below) will serve as the investment
adviser to the Funds \1\ pursuant to an investment advisory agreement
with the Corporation (the ``Investment Management Agreement'').\2\ The
[[Page 19115]]
Manager is responsible for the overall management of the Funds'
business affairs and selecting investments according to each Fund's
respective investment objective, policies, and restrictions, subject to
the oversight and authority of each Fund's board of directors
(``Board''). The Investment Management Agreement permits the Manager,
subject to the approval of the Board, to delegate to one or more sub-
advisers (each, a ``Sub-Adviser'' and collectively, the ``Sub-
Advisers'') the responsibility to provide the day-to-day portfolio
investment management of each Fund, subject to the supervision and
direction of the Manager. The primary responsibility for managing the
Funds will remain vested in the Manager. The Manager will hire,
evaluate, allocate assets to and oversee the Sub-Advisers, including
determining whether a Sub-Adviser should be terminated, at all times
subject to the authority of the Board.
---------------------------------------------------------------------------
\1\ One of the Funds, the Stock Index Fund, currently operates
as a feeder fund managed by a third-party manager and invests
substantially all of its assets in a separate series of an
unaffiliated investment company (the ``Master Fund''). The Stock
Index Fund will not engage any sub-advisers other than through
approving the engagement of one or more of the Master Fund's sub-
advisers in the Stock Index Fund's capacity as a shareholder of the
Master Fund. The Master Fund is not an Applicant and the Stock Index
Fund will not rely on the requested order unless it is managed by
the Manager and complies with all of the conditions in the
application.
\2\ Applicants request relief with respect to any existing or
future series of the Corporation and any other existing or future
registered open-end management investment company or series thereof
that: (a) is advised by the Initial Manager, or any entity
controlling, controlled by, or under common control with the Initial
Manager or its successors (each, a ``Manager''); (b) uses the
manager of managers structure described in the application; and (c)
complies with the terms and conditions of the application (any such
series, a ``Fund'' and collectively, the ``Funds''). For purposes of
the requested order, ``successor'' is limited to an entity that
results from a reorganization into another jurisdiction or a change
in the type of business organization.
---------------------------------------------------------------------------
2. Applicants request an exemption to permit the Manager, subject
to Board approval, to hire certain Sub-Advisers pursuant to Sub-
Advisory Agreements and materially amend existing Sub-Advisory
Agreements without obtaining the shareholder approval required under
section 15(a) of the Act and rule 18f-2 under the Act.\3\
---------------------------------------------------------------------------
\3\ The requested relief will not extend to any sub-adviser that
is an affiliated person, as defined in section 2(a)(3) of the Act,
of the Corporation, a Fund, or the Manager, other than by reason of
serving as a sub-adviser to one or more of the Funds.
---------------------------------------------------------------------------
3. Applicants agree that any order granting the requested relief
will be subject to the terms and conditions stated in the application.
Such terms and conditions provide for, among other safeguards,
appropriate disclosure to Fund shareholders and notification about sub-
advisory changes and enhanced Board oversight to protect the interests
of the Funds' shareholders.
4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction or any class or classes of
persons, securities, or transactions from any provisions of the Act, or
any rule thereunder, if such relief is necessary or appropriate in the
public interest and consistent with the protection of investors and
purposes fairly intended by the policy and provisions of the Act.
Applicants believe that the requested relief meets this standard
because, as further explained in the application, the Investment
Management Agreements will remain subject to shareholder approval,
while the role of the Sub-Advisers is substantially similar to that of
individual portfolio managers, so that requiring shareholder approval
of Sub-Advisory Agreements would impose unnecessary delays and expenses
on the Funds.
For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-08288 Filed 4-24-17; 8:45 am]
BILLING CODE 8011-01-P
