Emergence Capital Partners SBIC, L.P. License No. 09/79-0454; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest, 1491 [2010-33273]
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Federal Register / Vol. 76, No. 6 / Monday, January 10, 2011 / Notices
appropriately and to prevent trading
when a reasonable degree of
transparency cannot be assured. The
Commission notes that the Web site
disclosure of the portfolio composition
of the Fund will occur at the same time
as the disclosure by the Managing
Owner of the portfolio composition to
Authorized Participants so that all
market participants are provided
portfolio composition information at the
same time. In addition, if the Exchange
becomes aware that the NAV with
respect to the Shares is not
disseminated to all market participants
at the same time, the Exchange will halt
trading in the Shares until such time as
the NAV is available to all market
participants. Further, the Exchange may
halt trading during the day in which an
interruption to the dissemination to the
ITV, the VIX Futures Index, the
Volatility Index, or the value of the
underlying futures contracts occurs. If
such interruption persists past the
trading day in which it occurred, the
Exchange will halt trading no later than
the beginning of the trading day
following the interruption.17 Trading in
the Shares will be subject to NYSE Arca
Equities Rule 8.200, Commentary .02(e),
which sets forth certain restrictions on
ETP Holders acting as registered Market
Makers in Trust Issued Receipts to
facilitate surveillance. The Exchange
represents that the Index Sponsor has
implemented procedures designed to
prevent the use and dissemination of
material, non-public information
regarding the Index.
The Exchange has represented that
the Shares are deemed to be equity
securities subject to the Exchange’s
existing rules governing the trading of
equity securities. In support of this
proposal, the Exchange has made
representations, including:
(1) The Fund will meet the initial and
continued listing requirements
applicable to Trust Issued Receipts in
NYSE Arca Equities Rule 8.200 and
Commentary .02 thereto.
(2) The Exchange has appropriate
rules to facilitate transactions in the
Shares during all trading sessions.
(3) The Exchange’s surveillance
procedures are adequate to properly
monitor Exchange trading of the Shares
in all trading sessions and to deter and
detect violations of Exchange rules and
applicable Federal securities laws. In
17 Trading
may also be halted because of market
conditions or for reasons that, in the view of the
Exchange, make trading in the Shares inadvisable.
These may include: (1) The extent to which trading
is not occurring in the underlying futures contracts;
or (2) whether other unusual conditions or
circumstances detrimental to the maintenance of a
fair and orderly market are present.
VerDate Mar<15>2010
18:19 Jan 07, 2011
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addition, with respect to Fund
components traded on exchanges, not
more than 10% of the weight of such
components in the aggregate will consist
of components whose principal trading
market is not a member of the
Intermarket Surveillance Group or is a
market with which the Exchange does
not have a comprehensive surveillance
sharing agreement.
(4) Prior to the commencement of
trading, the Exchange will inform its
ETP Holders in an Information Bulletin
of the special characteristics and risks
associated with trading the Shares.
Specifically, the Information Bulletin
will discuss the following: (a) The risks
involved in trading the Shares during
the Opening and Late Trading Sessions
when an updated ITV will not be
calculated or publicly disseminated; (b)
the procedures for purchases and
redemptions of Shares in Creation
Baskets and Redemption Baskets (and
that Shares are not individually
redeemable); (c) NYSE Arca Equities
Rule 9.2(a), which imposes a duty of
due diligence on its ETP Holders to
learn the essential facts relating to every
customer prior to trading the Shares; (d)
how information regarding the ITV is
disseminated; (e) the requirement that
ETP Holders deliver a prospectus to
investors purchasing newly issued
Shares prior to or concurrently with the
confirmation of a transaction; and (f)
trading information.
(5) With respect to the application of
Rule 10A–3 under the Act,18 the Trust
relies on the exception contained in
Rule 10A–3(c)(7).19
(6) A minimum of 100,000 Shares of
the Fund will be outstanding as of the
start of trading on the Exchange.
This approval order is based on the
Exchange’s representations.20
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act 21 and the rules and
regulations thereunder applicable to a
national securities exchange.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,22 that the
18 17
CFR 240.10A–3.
CFR 240.10A–3(c)(7).
20 The Commission notes that it does not regulate
the market for futures in which the Fund plans to
take positions, which is the responsibility of the
CFTC. The CFTC has the authority to set limits on
the positions that any person may take in futures.
These limits may be directly set by the CFTC, or
by the markets on which the futures are traded. The
Commission has no role in establishing position
limits on futures, even though such limits could
impact an exchange-traded product that is under
the jurisdiction of the Commission.
21 15 U.S.C. 78f(b)(5).
22 15 U.S.C. 78s(b)(2).
19 17
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1491
proposed rule change (SR–NYSEArca–
2010–103), be, and it hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–161 Filed 1–7–11; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Emergence Capital Partners SBIC, L.P.
License No. 09/79–0454; Notice
Seeking Exemption Under Section 312
of the Small Business Investment Act,
Conflicts of Interest
Notice is hereby given that Emergence
Capital Partners SBIC, L.P., 160 Bovet
Road, Suite 300, San Mateo, CA 94402,
a Federal Licensee under the Small
Business Investment Act of 1958, as
amended (‘‘the Act’’), in connection with
the financing of a small concern, has
sought an exemption under Section 312
of the Act and Section 107.730,
Financings which Constitute Conflicts
of Interest of the Small Business
Administration (‘‘SBA’’) Rules and
Regulations (13 CFR 107.730).
Emergence Capital Partners SBIC, L.P.
proposes to provide equity financing to
PivotLink, Inc., 15325 SE 30th Place,
Suite 300, Bellevue, WA 98007. The
financing is contemplated for working
capital and general operating purposes.
The financing is brought within the
purview of § 107.730(a)(1) of the
Regulations because Emergence Capital
Partners, L.P. and Emergence Capital
Associates, L.P., Associates of
Emergence Capital Partners SBIC, L.P.,
own more than ten percent of PivotLink,
Inc. Therefore, PivotLink, Inc is
considered an Associate of Emergence
Capital Partners SBIC, L.P. and this
transaction is considered Financing an
Associate, requiring prior SBA approval.
Notice is hereby given that any
interested person may submit written
comments on the transaction within 15
days of the date of this publication to
the Associate Administrator for
Investment, U.S. Small Business
Administration, 409 Third Street, SW.,
Washington, DC 20416.
Dated: December 3, 2010.
Sean J. Greene,
Associate Administrator for Investment.
[FR Doc. 2010–33273 Filed 1–7–11; 8:45 am]
BILLING CODE P
23 17
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CFR 200.30–3(a)(12).
10JAN1
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[Federal Register Volume 76, Number 6 (Monday, January 10, 2011)]
[Notices]
[Page 1491]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-33273]
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SMALL BUSINESS ADMINISTRATION
Emergence Capital Partners SBIC, L.P. License No. 09/79-0454;
Notice Seeking Exemption Under Section 312 of the Small Business
Investment Act, Conflicts of Interest
Notice is hereby given that Emergence Capital Partners SBIC, L.P.,
160 Bovet Road, Suite 300, San Mateo, CA 94402, a Federal Licensee
under the Small Business Investment Act of 1958, as amended (``the
Act''), in connection with the financing of a small concern, has sought
an exemption under Section 312 of the Act and Section 107.730,
Financings which Constitute Conflicts of Interest of the Small Business
Administration (``SBA'') Rules and Regulations (13 CFR 107.730).
Emergence Capital Partners SBIC, L.P. proposes to provide equity
financing to PivotLink, Inc., 15325 SE 30th Place, Suite 300, Bellevue,
WA 98007. The financing is contemplated for working capital and general
operating purposes.
The financing is brought within the purview of Sec. 107.730(a)(1)
of the Regulations because Emergence Capital Partners, L.P. and
Emergence Capital Associates, L.P., Associates of Emergence Capital
Partners SBIC, L.P., own more than ten percent of PivotLink, Inc.
Therefore, PivotLink, Inc is considered an Associate of Emergence
Capital Partners SBIC, L.P. and this transaction is considered
Financing an Associate, requiring prior SBA approval.
Notice is hereby given that any interested person may submit
written comments on the transaction within 15 days of the date of this
publication to the Associate Administrator for Investment, U.S. Small
Business Administration, 409 Third Street, SW., Washington, DC 20416.
Dated: December 3, 2010.
Sean J. Greene,
Associate Administrator for Investment.
[FR Doc. 2010-33273 Filed 1-7-11; 8:45 am]
BILLING CODE P
