Sunshine Act Meeting, 1252 [07-62]

Download as PDF mstockstill on PROD1PC61 with NOTICES 1252 Federal Register / Vol. 72, No. 6 / Wednesday, January 10, 2007 / Notices 5. At all times, a majority of the Board will be Independent Trustees, and the nomination of new or additional Independent Trustees will be placed within the discretion of the thenexisting Independent Trustees. 6. When a Sub-Adviser change is proposed for a Fund with an Affiliated Sub-Adviser, the Board, including a majority of the Independent Trustees, will make a separate finding, reflected in the applicable Board minutes, that such change is in the best interests of such Fund and its shareholders and does not involve a conflict of interest from which the Manager or the Affiliated Sub-Adviser derives an inappropriate advantage. 7. The Manager will provide general management services to each Fund, including overall supervisory responsibility for the general management and investment of the Fund’s assets and, subject to review and approval of the Board, will: (i) Set each Fund’s overall investment strategies; (ii) evaluate, select and recommend SubAdvisers to manage all or a part of the Fund’s assets; (iii) when appropriate, allocate and reallocate the Fund’s assets among multiple Sub-Advisers; (iv) monitor and evaluate the investment performance of the Sub-Advisers; and (v) implement procedures reasonably designed to ensure compliance by the Sub-Advisers with the Fund’s investment objectives, policies and restrictions. 8. No trustee or officer of the Trust, or director or officer of the Manager will own directly or indirectly (other than through a pooled investment vehicle that is not controlled by such person) any interest in a Sub-Adviser except for: (i) Ownership of interests in the Manager or any entity that controls, is controlled by, or is under common control with the Manager; or (ii) ownership of less than 1% of the outstanding securities of any class of equity or debt of any publicly traded company that is either a Sub-Adviser or an entity that controls, is controlled by, or is under common control with a SubAdviser. 9. Each Fund will disclose in its registration statement the Aggregate Fee Disclosure. 10. Independent legal counsel, as defined in rule 0–1(a)(6) under the Act, will be engaged to represent the Independent Trustees. The selection of such counsel will be within the discretion of the then-existing Independent Trustees. 11. The Manager will provide the Board, no less frequently than quarterly, with information about the profitability of the Manager on a per-Fund basis. The VerDate Aug<31>2005 14:22 Jan 09, 2007 Jkt 211001 information will reflect the impact on profitability of the hiring or termination of any Sub-Adviser during the applicable quarter. 12. Whenever a Sub-Adviser is hired or terminated, the Manager will provide the Board with information showing the expected impact on the profitability of the Manager. 13. The requested order will expire on the effective date of rule 15a–5 under the Act, if adopted. For the Commission, by the Division of Investment Management, under delegated authority. Nancy M. Morris, Secretary. [FR Doc. E7–161 Filed 1–9–07; 8:45 am] 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: The Office of the Secretary at (202) 551–5400. Dated: January 4, 2007. Nancy M. Morris, Secretary. [FR Doc. 07–62 Filed 1–5–07; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION BILLING CODE 8011–01–P [Release No. 34–55037; File No. SR–FICC– 2006–10] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change To Amend the Rules of Its MortgageBacked Securities Division Regarding Membership Requirements for Unregistered Investment Pools 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 the following meeting during the week of January 8, 2007: A Closed Meeting will be held on Thursday, January 11, 2007 at 2 p.m. Commissioners, Counsels 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 may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (4), (5), (7), (8), (9)(B) and (10) and 17 CFR 200.402(a) (3), (4), (5), (7), (8), (9)(ii), and (10) permit consideration of the scheduled matters at the Closed Meeting. Commissioner Nazareth, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matters of the Closed Meeting scheduled for Thursday, January 11, 2007 will be: Formal orders of investigation; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; An adjudicatory matter; A regulatory matter regarding a financial institution; Amicus consideration; and Other matters relating to enforcement proceedings. PO 00000 Frm 00041 Fmt 4703 Sfmt 4703 January 3, 2007. I. Introduction On June 9, 2006, the Fixed Income Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed rule change SR–FICC–2006–10 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’).1 Notice of the proposal was published in the Federal Register on November 24, 2006.2 No comment letters were received. For the reasons discussed below, the Commission is approving the proposed rule change. II. Description FICC is proposing to amend the rules of its Mortgage-Backed Securities Division (‘‘MBSD’’) regarding the membership requirements of ‘‘Unregistered Investment Pools.’’ 3 Currently, unregistered investment pools have essentially the same membership standards as other MBSD non-broker clearing members.4 The size 1 15 U.S.C. 78s(b)(1). Exchange Act Release No. 54769 (November 16, 2006), 71 FR 67946. 3 As noted below, the term ‘‘Unregistered Investment Pool’’ is a newly-defined term in the MBSD’s Rules. 4 Currently, a clearing applicant or participant that is an unregistered investment pool and whose financial statements are prepared in accordance with U.S. generally accepted accounting principles (‘‘GAAP’’) must satisfy a minimum financial requirement of $10 million in net asset value. In this filing, FICC is making a technical change to replace the term ‘‘net asset value’’ with the term 2 Securities E:\FR\FM\10JAN1.SGM 10JAN1

Agencies

[Federal Register Volume 72, Number 6 (Wednesday, January 10, 2007)]
[Notices]
[Page 1252]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-62]


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SECURITIES AND EXCHANGE COMMISSION


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 the following meeting during the week 
of January 8, 2007:
    A Closed Meeting will be held on Thursday, January 11, 2007 at 2 
p.m.
    Commissioners, Counsels 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 may also be 
present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (4), (5), (7), (8), (9)(B) and (10) and 17 CFR 
200.402(a) (3), (4), (5), (7), (8), (9)(ii), and (10) permit 
consideration of the scheduled matters at the Closed Meeting.
    Commissioner Nazareth, as duty officer, voted to consider the items 
listed for the closed meeting in closed session.
    The subject matters of the Closed Meeting scheduled for Thursday, 
January 11, 2007 will be:

Formal orders of investigation;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an 
enforcement nature;
An adjudicatory matter;
A regulatory matter regarding a financial institution;
Amicus consideration; 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:
    The Office of the Secretary at (202) 551-5400.

    Dated: January 4, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. 07-62 Filed 1-5-07; 4:15 pm]
BILLING CODE 8011-01-P