Sunshine Act Meeting, 77680-77681 [2010-31291]
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Federal Register / Vol. 75, No. 238 / Monday, December 13, 2010 / Notices
PCAST members prior to the meeting
for their consideration. Information
regarding how to submit comments and
documents to PCAST is available at
https://whitehouse.gov/ostp/pcast in the
section entitled ‘‘Connect with PCAST.’’
Please note that because PCAST
operates under the provisions of FACA,
all public comments and/or
presentations will be treated as public
documents and will be made available
for public inspection, including being
posted on the PCAST Web site.
FOR FURTHER INFORMATION CONTACT:
Information regarding the meeting
agenda, time, location, and how to
register for the meeting is available on
the PCAST Web site at: https://
whitehouse.gov/ostp/pcast. A live video
webcast and an archive of the webcast
after the event is expected to be
available at https://whitehouse.gov/ostp/
pcast. The archived video will be
available within one week of the
meeting. Questions about the meeting
should be directed to Dr. Deborah D.
Stine, PCAST Executive Director, at
dstine@ostp.eop.gov, (202) 456–6006.
Please note that public seating for this
meeting is limited and is available on a
first-come, first-served basis.
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advisory group of the nation’s leading
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President for Science and Technology,
and Director, Office of Science and
Technology Policy, Executive Office of
the President, The White House; and Dr.
Eric S. Lander, President, Broad
Institute of MIT and Harvard.
Meeting Accommodations:
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SUPPLEMENTARY INFORMATION:
Ted Wackler,
Deputy Chief of Staff.
[FR Doc. 2010–31229 Filed 12–10–10; 8:45 am]
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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 a Closed Meeting
on Thursday, December 16, 2010 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.
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), (5), (7), (8), 9(B) and
(10) and 17 CFR 200.402(a)(3), (5), (7),
(8), 9(ii) and (10), permit consideration
of the scheduled matters at the Closed
Meeting.
Commissioner Walter, as duty officer,
voted to consider the items listed for the
Closed Meeting in a closed session.
The subject matter of the Closed
Meeting scheduled for Thursday,
December 16, 2010 will be:
Institution and settlement of injunctive
actions;
Institution and settlement of administrative
proceedings;
Regulatory matters regarding financial
institutions; 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: December 9, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–31393 Filed 12–9–10; 4:15 pm]
BILLING CODE 8011–01–P
The Commission will consider
whether to propose rule 3Cg-1 under the
Exchange Act governing the exception
to mandatory clearing of security-based
swaps under Section 763(a) of the DoddFrank Wall Street Reform and Consumer
Protection Act, which is available to
counterparties meeting certain
conditions. The Commission will also
consider related matters, including the
exemption for banks, savings
associations, farm credit system
institutions and credit unions
contemplated by Section 763(a).
ITEM 1:
The Commission will consider
whether to propose rule and form
amendments to establish a process for
the submission for review of securitybased swaps for mandatory clearing
under Section 763(a) of the Dodd-Frank
Wall Street Reform and Consumer
Protection Act and for the filing of
changes to rules, procedures or
operations in accordance with Section
806(e) of Dodd-Frank Wall Street
Reform and Consumer Protection Act by
clearing agencies that are designated
financial market utilities. The
Commission also will consider whether
to propose a new rule to establish a
procedure by which the Commission
may stay the mandatory clearing
requirement. In addition, the
Commission will consider whether to
propose a new rule concerning the
submission to a clearing agency of a
security-based swap for clearing.
ITEM 2:
The Commission will consider
whether to propose rules regarding
disclosure and reporting obligations
with respect to the use of conflict
minerals to implement the requirements
of Section 1502 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act.
ITEM 3:
The Commission will consider
whether to propose rules regarding
disclosure and reporting obligations
with respect to mine safety matters to
implement the requirements of Section
1503 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
ITEM 4:
The Commission will consider
whether to propose rules regarding
disclosure and reporting obligations
with respect to payments to
governments made by resource
extraction issuers to implement the
requirements of Section 1504 of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act.
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
ITEM 5:
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 an Open Meeting
on December 15, 2010 at 10 a.m., in the
Auditorium, Room L–002.
The subject matters of the Open
Meeting will be:
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Federal Register / Vol. 75, No. 238 / Monday, December 13, 2010 / Notices
of the most significant parts of such
statements.
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
Dated: December 8, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–31291 Filed 12–9–10; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63447; File No. SR–
NYSEArca–2010–107]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing Relating to
Listing and Trading of AdvisorShares
Active Bear ETF Under NYSE Arca
Equities Rule 8.600
December 7, 2010.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
November 23, 2010, NYSE Arca, Inc.
(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade the following under NYSE Arca
Equities Rule 8.600 (‘‘Managed Fund
Shares’’): AdvisorShares Active Bear
ETF. The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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1. Purpose
The Exchange proposes to list and
trade the following Managed Fund
Shares 4 (‘‘Shares’’) under NYSE Arca
Equities Rule 8.600: AdvisorShares
Active Bear ETF (the ‘‘Fund’’).5 The
Shares will be offered by AdvisorShares
Trust (the ‘‘Trust’’), a statutory trust
organized under the laws of the State of
Delaware and registered with the
Commission as an open-end
management investment company.6 The
investment advisor to the Fund is
AdvisorShares Investments, LLC (the
‘‘Advisor’’). Ranger Alternative
Management, L.P. (‘‘Ranger’’) is the subadvisor (‘‘Sub-Advisor’’) to the Fund and
the portfolio manager. Foreside Fund
Services LLC (‘‘Distributor’’) is the
distributor for the Fund. The Bank of
New York Mellon Corporation
(‘‘Administrator’’) is the administrator,
custodian, transfer agent and fund
accounting agent for the Fund.
Commentary .06 to Rule 8.600
provides that, if the investment adviser
4 A Managed Fund Share is a security that
represents an interest in an investment company
registered under the Investment Company Act of
1940 (15 U.S.C. 80a) (‘‘1940 Act’’) organized as an
open-end investment company or similar entity that
invests in a portfolio of securities selected by its
investment advisor consistent with its investment
objectives and policies. In contrast, an open-end
investment company that issues Investment
Company Units, listed and traded on the Exchange
under NYSE Arca Equities Rule 5.2(j)(3), seeks to
provide investment results that correspond
generally to the price and yield performance of a
specific foreign or domestic stock index, fixed
income securities index or combination thereof.
5 The Commission has previously approved the
listing and trading on the Exchange of other actively
managed funds under Rule 8.600. See, e.g.,
Securities Exchange Act Release Nos. 57801 (May
8, 2008), 73 FR 27878 (May 14, 2008) (SR–
NYSEArca–2008–31) (order approving Exchange
listing and trading of twelve actively-managed
funds of the WisdomTree Trust); 60460 (August 7,
2009) (SR–NYSEArca–2009–55) (order approving
Exchange listing and trading of AdvisorShares Dent
Tactical ETF); 61842 (April 5, 2010–10), 75 FR
18554 (April 12, 2010) (SR–NYSEArca–2010–10)
(order approving listing of Mars Hill Global Relative
Value ETF).
6 The Trust is registered under the 1940 Act. On
September 22, 2010, the Trust filed with the
Commission Post-Effective Amendment No. 12 to
Form N–1A under the Securities Act of 1933 (15
U.S.C. 77a), and under the 1940 Act relating to the
Fund (File Nos. 333–157876 and 811–22110) (the
‘‘Registration Statement’’). The Trust has also filed
an Amended Application for an Order under
Section 6(c) of the 1940 Act for exemptions from
various provisions of the 1940 Act and rules
thereunder (File No. 812–13677 dated May 28,
2010) (‘‘Exemptive Application’’). The description of
the operation of the Trust and the Fund herein is
based on the Registration Statement.
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77681
to the Investment Company issuing
Managed Fund Shares is affiliated with
a broker-dealer, such investment adviser
shall erect a ‘‘fire wall’’ between the
investment adviser and the brokerdealer with respect to access to
information concerning the composition
and/or changes to such Investment
Company portfolio. In addition,
Commentary .06 further requires that
personnel who make decisions on the
open-end fund’s portfolio composition
must be subject to procedures designed
to prevent the use and dissemination of
material nonpublic information
regarding the open-end fund’s
portfolio.7 Commentary .06 to Rule
8.600 is similar to Commentary .03(a)(i)
and (iii) to NYSE Arca Equities Rule
5.2(j)(3); however, Commentary .06 in
connection with the establishment of a
‘‘fire wall’’ between the investment
adviser and the broker-dealer reflects
the applicable open-end fund’s
portfolio, not an underlying benchmark
index, as is the case with index-based
funds. Neither the Advisor nor the SubAdvisor is affiliated with a brokerdealer.8 In the event the Advisor or Sub7 An investment adviser to an open-end fund is
required to be registered under the Investment
Advisers Act of 1940 (the ‘‘Advisers Act’’). As a
result, the Adviser and Sub-adviser are subject to
the provisions of Rule 204A–1 under the Advisers
Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that
reflects the fiduciary nature of the relationship to
clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed
to prevent the communication and misuse of nonpublic information by an investment adviser must
be consistent with Rule 204A–1 under the Advisers
Act.
8 With respect to the Fund, the Exchange
represents that the Advisor, as the investment
advisor of the Fund, as well as the Sub-Advisor to
the Fund and their related personnel, are subject to
Investment Advisers Act Rule 204A–1. This Rule
specifically requires the adoption of a code of ethics
by an investment advisor to include, at a minimum:
(i) Standards of business conduct that reflect the
firm’s/personnel fiduciary obligations; (ii)
provisions requiring supervised persons to comply
with applicable Federal securities laws; (iii)
provisions that require all access persons to report,
and the firm to review, their personal securities
transactions and holdings periodically as
specifically set forth in Rule 204A–1; (iv) provisions
requiring supervised persons to report any
violations of the code of ethics promptly to the
chief compliance officer (‘‘CCO’’) or, provided the
CCO also receives reports of all violations, to other
persons designated in the code of ethics; and (v)
provisions requiring the investment advisor to
provide each of the supervised persons with a copy
of the code of ethics with an acknowledgement by
said supervised persons. In addition, Rule 206(4)–
7 under the Advisers Act makes it unlawful for an
investment advisor to provide investment advice to
clients unless such investment advisor has (i)
adopted and implemented written policies and
procedures reasonably designed to prevent
violation, by the investment advisor and its
supervised persons, of the Advisers Act and the
Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review
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]]>Agencies
[Federal Register Volume 75, Number 238 (Monday, December 13, 2010)]
[Notices]
[Pages 77680-77681]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-31291]
-----------------------------------------------------------------------
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 an Open Meeting on December 15, 2010
at 10 a.m., in the Auditorium, Room L-002.
The subject matters of the Open Meeting will be:
Item 1: The Commission will consider whether to propose rule 3Cg-1
under the Exchange Act governing the exception to mandatory clearing of
security-based swaps under Section 763(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, which is available to
counterparties meeting certain conditions. The Commission will also
consider related matters, including the exemption for banks, savings
associations, farm credit system institutions and credit unions
contemplated by Section 763(a).
Item 2: The Commission will consider whether to propose rule and form
amendments to establish a process for the submission for review of
security-based swaps for mandatory clearing under Section 763(a) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act and for the
filing of changes to rules, procedures or operations in accordance with
Section 806(e) of Dodd-Frank Wall Street Reform and Consumer Protection
Act by clearing agencies that are designated financial market
utilities. The Commission also will consider whether to propose a new
rule to establish a procedure by which the Commission may stay the
mandatory clearing requirement. In addition, the Commission will
consider whether to propose a new rule concerning the submission to a
clearing agency of a security-based swap for clearing.
Item 3: The Commission will consider whether to propose rules regarding
disclosure and reporting obligations with respect to the use of
conflict minerals to implement the requirements of Section 1502 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act.
Item 4: The Commission will consider whether to propose rules regarding
disclosure and reporting obligations with respect to mine safety
matters to implement the requirements of Section 1503 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.
Item 5: The Commission will consider whether to propose rules regarding
disclosure and reporting obligations with respect to payments to
governments made by resource extraction issuers to implement the
requirements of Section 1504 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
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
[[Page 77681]]
added, deleted or postponed, please contact:
The Office of the Secretary at (202) 551-5400.
Dated: December 8, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-31291 Filed 12-9-10; 11:15 am]
BILLING CODE 8011-01-P
