Sunshine Act Meeting, 57615 [E7-19923]
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Federal Register / Vol. 72, No. 195 / Wednesday, October 10, 2007 / Notices
rwilkins on PROD1PC63 with NOTICES
vast majority of investment advisers
exercised a high level of control over the
structuring of the advisory relationship.
Applicants state that the proposed fee,
however, was negotiated actively at
arm’s length between the Trust and
IronBridge. Applicants state that
IronBridge has little, if any, influence
over the overall management of the
Trust or the Portfolio beyond stock
selection, and does not control the
Portfolio or the Trust. Management
functions of the Trust and the Portfolio
reside in the Trust’s Board. The Trust is
directly and fully responsible for
supervising the Trust’s service providers
and monitoring expenses of each of the
Trust’s portfolios. The Trust’s Board is
responsible for allocating the assets of
the several portfolios among the
portfolio managers. Neither IronBridge
nor any of its affiliates sponsored or
organized the Trust, or serves as a
distributor or principal underwriter of
the Trust. IronBridge and its affiliates do
not own any shares issued by the Trust.
No officer, director or employee of
IronBridge, nor any of its affiliates,
serves as an executive officer or director
of the Trust. Neither IronBridge nor any
of its affiliates is an affiliated person of
Hirtle Callaghan or any other person
who provides investment advice with
respect to the Trust’s advisory
relationships (except to the extent that
such affiliation may exist by reason of
IronBridge or any of its affiliates serving
as investment adviser to the Trust). No
member of the Trust’s Board is affiliated
with IronBridge.
9. Applicants state that the proposed
fee arrangement satisfies the purpose of
rule 205–1 because it was negotiated at
arms-length and the Trust, for the
reasons stated in the previous
paragraphs, does not need the
protections afforded by calculating a
performance fee based on net assets.
Applicants argue that the proposed fee
arrangement is therefore consistent with
the underlying policies of section 205
and rule 205–1 under the Advisers Act
and that the exemption would be
consistent with the protection of
investors.
Applicants’ Conditions
Applicants agree that any order
granting the requested relief will be
subject to the following conditions:
1. If the Base Fee changes, the
performance hurdle will be changed to
match the Base Fee and to ensure that
the investment advisory fee continue to
have the potential to increase and
decrease proportionately.
2. To the extent IronBridge relies on
the requested order with respect to
advisory arrangements with other
VerDate Aug<31>2005
17:08 Oct 09, 2007
Jkt 214001
investment companies that it advises,
those arrangements will meet the
following requirements: (i) The
investment advisory fee will be
negotiated on an arm’s-length basis
between IronBridge and the investment
company or its primary investment
adviser; (ii) the fee structure will
contain a performance hurdle that is, at
all times, no lower than the base fee;
and should the base fee change, the
hurdle also will be changed to match
the base fee and to ensure that the
investment advisory fee continue to
have the potential to increase and
decrease proportionally; (iii) neither
IronBridge nor any of its affiliates will
serve as distributor or sponsor of the
investment company; (iv) no member of
the board of the investment company
will be affiliated with IronBridge or its
affiliates; (v) neither IronBridge nor any
of its affiliates will organize the
investment company; (vi) neither
IronBridge nor any of its affiliates will
be an affiliated person of any primary
adviser to the investment company or of
any other person who provides advice
with respect to the investment
company’s advisory relationships
(except to the extent that IronBridge
and/or its affiliates may be affiliated
with another portfolio manager by
virtue of the fact that IronBridge or the
affiliate serves as a portfolio manager to
the investment company or to another
investment company); and (vii) other
than described in this application,
Applicants will comply with section
205 and rules 205–1 and 205–2 under
the Advisers Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Nancy M. Morris,
Secretary.
[FR Doc. E7–19913 Filed 10–9–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
will hold the following meeting during
the week of October 9, 2007:
A Closed Meeting will be held on
Thursday, October 11, 2007 at 1:30 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 may also be present.
Frm 00103
Fmt 4703
Sfmt 4703
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)(5), (7), (9)(B), and (10)
and 17 CFR 200.402(a)(5), (7), 9(ii) and
(10), permit consideration of the
scheduled matters at the Closed
Meeting.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
closed meeting in closed session.
The subject matter of the Closed
Meeting scheduled for Thursday,
October 11, 2007 will be:
Formal order of investigation;
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings of an
enforcement nature;
Resolution of litigation claims;
An adjudicatory matter; and
Other matters related to enforcement
actions.
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: October 4, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–19923 Filed 10–9–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56598; File No. SR–Amex–
2007–48]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Approving Proposed Rule Change
Modifying the Options Listing Criteria
for Underlying Securities
October 2, 2007.
Sunshine Act Meeting
PO 00000
57615
On May 17, 2007, the American Stock
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)
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 amend Amex’s options listing
criteria to allow Amex to list and trade
equity options that do not meet Amex’s
initial listing standards if such options
are listed and traded on another
1 15
2 17
E:\FR\FM\10OCN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
10OCN1
]]>Agencies
[Federal Register Volume 72, Number 195 (Wednesday, October 10, 2007)]
[Notices]
[Page 57615]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19923]
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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, Pub. L. 94-409, that the Securities and
Exchange Commission will hold the following meeting during the week of
October 9, 2007:
A Closed Meeting will be held on Thursday, October 11, 2007 at 1:30
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 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)(5), (7), (9)(B), and (10) and 17 CFR 200.402(a)(5),
(7), 9(ii) and (10), permit consideration of the scheduled matters at
the Closed Meeting.
Commissioner Casey, as duty officer, voted to consider the items
listed for the closed meeting in closed session.
The subject matter of the Closed Meeting scheduled for Thursday,
October 11, 2007 will be:
Formal order of investigation;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an
enforcement nature;
Resolution of litigation claims;
An adjudicatory matter; and
Other matters related to enforcement actions.
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: October 4, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7-19923 Filed 10-9-07; 8:45 am]
BILLING CODE 8011-01-P
