Stone Harbor Investment Partners LP, et al.; Notice of Application, 57087-57088 [2011-23604]
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Federal Register / Vol. 76, No. 179 / Thursday, September 15, 2011 / Notices
3. The procedural schedule listed
below is hereby adopted.
4. Pursuant to 39 U.S.C. 505, James
Waclawski is designated officer of the
Commission (Public Representative) to
represent the interests of the general
public.
5. The Secretary shall arrange for
publication of this notice and order in
the Federal Register.
57087
By the Commission.
Ruth Ann Abrams,
Acting Secretary.
PROCEDURAL SCHEDULE
September 6, 2011 ......................................................................
September 21, 2011 ....................................................................
September 21, 2011 ....................................................................
October 4, 2011 ...........................................................................
October 11, 2011 .........................................................................
October 31, 2011 .........................................................................
November 15, 2011 .....................................................................
November 22, 2011 .....................................................................
December 22, 2011 .....................................................................
[FR Doc. 2011–23619 Filed 9–14–11; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
29784; File No. 812–13931]
Stone Harbor Investment Partners LP,
et al.; Notice of Application
September 7, 2011.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
Act of 1940 (‘‘Act’’) for an exemption
from rule 12d1–2(a) under the Act.
wreier-aviles on DSKGBLS3C1PROD with NOTICES
AGENCY:
Summary of Application: Applicants
request an order to permit open-end
management investment companies
relying on rule 12d1–2 under the Act to
invest in certain financial instruments.
Applicants: Stone Harbor Investment
Partners LP (‘‘Stone Harbor’’) and Stone
Harbor Investment Funds (the ‘‘Trust’’)
Filing Dates: The application was
filed on July 29, 2011, and amended on
August 31, 2011, and September 7,
2011.
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 October 3, 2011, and
should be accompanied by proof of
service on applicants, in the form of an
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15:07 Sep 14, 2011
Jkt 223001
Filing of Appeal.
Deadline for the Postal Service to file the applicable administrative record in
this appeal.
Deadline for the Postal Service to file any responsive pleading.
Deadline for notices to intervene (see 39 CFR 3001.111(b)).
Deadline for Petitioner’s Form 61 or initial brief in support of petition (see 39
CFR 3001.115(a) and (b)).
Deadline for answering brief in support of the Postal Service (see 39 CFR
3001.115(c)).
Deadline for reply briefs in response to answering briefs (see 39 CFR
3001.115(d)).
Deadline for motions by any party requesting oral argument; the Commission
will schedule oral argument only when it is a necessary addition to the written filings (see 39 CFR 3001.116).
Expiration of the Commission’s 120-day decisional schedule (see 39 U.S.C.
404(d)(5)).
affidavit or, for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, 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, Securities and
Exchange Commission, 100 F Street,
NE., Washington, DC 20549–1090;
Applicants: 31 West 52nd Street, 16th
Floor, New York, NY 10019.
FOR FURTHER INFORMATION CONTACT:
Deepak T. Pai, Senior Counsel, at (202)
551–6876, or Dalia Osman Blass, Branch
Chief, at (202) 551–6821 (Division of
Investment Management, Office of
Investment Company Regulation).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
website 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.
Applicants’ Representations
1. The Trust is organized as a
Massachusetts business trust and is
registered under the Act as an open-end
management investment company.
Stone Harbor, the Trust’s investment
adviser, is organized as a Delaware
limited partnership and is a registered
investment adviser under the
Investment Advisers Act of 1940
(‘‘Advisers Act’’), as amended.
2. Applicants request the exemption
to the extent necessary to permit any
existing or future series of the Trust and
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
any other registered open-end
management investment company or
series thereof that (i) is advised by Stone
Harbor or any person controlling,
controlled by or under common control
with Stone Harbor (any such adviser or
Stone Harbor, an ‘‘Adviser’’);1 (ii) is in
the same group of investment
companies as defined in section
12(d)(1)(G) of the Act; (iii) invests in
other registered open-end management
investment companies (‘‘Underlying
Funds’’) in reliance on section
12(d)(1)(G) of the Act; and (iv) is also
eligible to invest in securities (as
defined in section 2(a)(36) of the Act) in
reliance on rule 12d1–2 under the Act
(each a ‘‘Fund of Funds,’’ and together
with the Underlying Funds, the
‘‘Funds’’), to also invest, to the extent
consistent with its investment
objectives, policies, strategies and
limitations, in financial instruments that
may not be securities within the
meaning of section 2(a)(36) of the Act
(‘‘Other Investments’’).2 Applicants also
request that the order exempt any entity,
including any entity controlled by or
under common control with an Adviser,
that now or in the future acts as
principal underwriter, or broker or
dealer (if registered under the Securities
Exchange Act of 1934, as amended),
with respect to the transactions
described in the application.
3. Consistent with its fiduciary
obligations under the Act, each Fund of
1 Any other Adviser will also be registered under
the Advisers Act.
2 Every existing entity that currently intends to
rely on the requested order is named as an
applicant. Any entity that relies on the order in the
future will do so only in accordance with the terms
and the condition in the application.
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57088
Federal Register / Vol. 76, No. 179 / Thursday, September 15, 2011 / Notices
wreier-aviles on DSKGBLS3C1PROD with NOTICES
Funds’ board of trustees will review the
advisory fees charged by the Fund of
Funds’ Adviser to ensure that they are
based on services provided that are in
addition to, rather than duplicative of,
services provided pursuant to the
advisory agreement of any investment
company in which the Fund of Funds
may invest.
Applicants’ Legal Analysis
1. Section 12(d)(1)(A) of the Act
provides that no registered investment
company (‘‘acquiring company’’) may
acquire securities of another investment
company (‘‘acquired company’’) if such
securities represent more than 3% of the
acquired company’s outstanding voting
stock or more than 5% of the acquiring
company’s total assets, or if such
securities, together with the securities of
other investment companies, represent
more than 10% of the acquiring
company’s total assets. Section
12(d)(1)(B) of the Act provides that no
registered open-end investment
company may sell its securities to
another investment company if the sale
will cause the acquiring company to
own more than 3% of the acquired
company’s voting stock, or cause more
than 10% of the acquired company’s
voting stock to be owned by investment
companies and companies controlled by
them.
2. Section 12(d)(1)(G) of the Act
provides, in part, that section 12(d)(1)
will not apply to securities of an
acquired company purchased by an
acquiring company if: (i) The acquired
company and acquiring company are
part of the same group of investment
companies; (ii) the acquiring company
holds only securities of acquired
companies that are part of the same
group of investment companies,
government securities, and short-term
paper; (iii) the aggregate sales loads and
distribution-related fees of the acquiring
company and the acquired company are
not excessive under rules adopted
pursuant to section 22(b) or section
22(c) of the Act by a securities
association registered under section 15A
of the Securities Exchange Act of 1934
or by the Commission; and (iv) the
acquired company has a policy that
prohibits it from acquiring securities of
registered open-end investment
companies or registered unit investment
trusts in reliance on section 12(d)(1)(F)
or (G) of the Act.
3. Rule 12d1–2 under the Act permits
a registered open-end investment
company or a registered unit investment
trust that relies on section 12(d)(1)(G) of
the Act to acquire, in addition to
securities issued by another registered
investment company in the same group
VerDate Mar<15>2010
15:07 Sep 14, 2011
Jkt 223001
of investment companies, government
securities, and short-term paper: (i)
Securities issued by an investment
company that is not in the same group
of investment companies, when the
acquisition is in reliance on section
12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii)
securities (other than securities issued
by an investment company); and (iii)
securities issued by a money market
fund, when the investment is in reliance
on rule 12d1–1 under the Act. For the
purposes of rule 12d1–2, ‘‘securities’’
means any security as defined in section
2(a)(36) of the Act.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction from any
provision of the Act, or from any rule
under the Act, if such exemption is
necessary or appropriate in the public
interest and consistent with the
protection of investors and the purposes
fairly intended by the policies and
provisions of the Act.
5. Applicants state that the Funds of
Funds will comply with rule 12d1–2
under the Act, but for the fact that the
Funds of Funds may invest a portion of
their assets in Other Investments.
Applicants request an order under
section 6(c) of the Act for an exemption
from rule 12d1–2(a) to allow the Funds
of Funds to invest in Other Investments
while investing in Underlying Funds.
Applicants assert that permitting the
Funds of Funds to invest in Other
Investments as described in the
application would not raise any of the
concerns that the requirements of
section 12(d)(1) were designed to
address.
Applicants’ Condition
Applicants agree that the order
granting the requested relief will be
subject to the following condition:
Applicants will comply with all
provisions of rule 12d1–2 under the Act,
except for paragraph (a)(2) to the extent
that it restricts any Fund of Funds from
investing in Other Investments as
described in the application.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–23604 Filed 9–14–11; 8:45 am]
BILLING CODE 8011–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65300; File No. SR–CHX–
2011–17]
Self-Regulatory Organizations;
Chicago Stock Exchange,
Incorporated; Notice of Designation of
a Longer Period for Commission
Action on Proposed Rule Change
Regarding the Submission by the
Exchange of Clearing-Related
Information for Trades Executed on the
Exchange as Well as for Trades
Executed Otherwise Than on the
Exchange
September 8, 2011.
I. Introduction
On July 7, 2011, the Chicago Stock
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CHX’’) filed with the Securities and
Exchange Commission (the
‘‘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
add CHX Rule 6 (Submission of Clearing
Information) to Article 21 (Clearance
and Settlement) to set forth the terms
upon which CHX will submit
information for clearing and settlement
and to amend Article 1, Rule 1
(Definitions) and Article 21, Rule 1
(Trade Recording with a Qualified
Clearing Agency) to add, delete, and
modify certain defined terms. The
proposed rule change was published for
comment in the Federal Register on July
26, 2011.3 The Commission received
one comment on the proposal.4
Section 19(b)(2)(A) of the Act 5
provides that not later than 45 days after
the date of publication of a proposed
rule change, or within such longer
period up to 90 days as the Commission
may designate if it finds such longer
period to be appropriate and publishes
its reasons for so finding or as to which
the self-regulatory organization
consents, the Commission shall either
approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether the proposed rule change
should be disapproved. The 45th day for
this filing is September 9, 2011.
The Commission hereby extends the
45-day time period for Commission
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 64937
(July 20, 2011), 76 FR 44638 (‘‘Notice’’).
4 See letter from Christopher Meyer, Chief
Compliance Officer, E*Trade Capital Markets, LLC,
to Elizabeth M. Murphy, Secretary, Commission,
dated August 16, 2011.
5 15 U.S.C. 78s(b)(2)(A).
2 17
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]]>Agencies
[Federal Register Volume 76, Number 179 (Thursday, September 15, 2011)]
[Notices]
[Pages 57087-57088]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-23604]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 29784; File No. 812-13931]
Stone Harbor Investment Partners LP, et al.; Notice of
Application
September 7, 2011.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from rule 12d1-2(a)
under the Act.
-----------------------------------------------------------------------
Summary of Application: Applicants request an order to permit open-
end management investment companies relying on rule 12d1-2 under the
Act to invest in certain financial instruments.
Applicants: Stone Harbor Investment Partners LP (``Stone Harbor'')
and Stone Harbor Investment Funds (the ``Trust'')
Filing Dates: The application was filed on July 29, 2011, and
amended on August 31, 2011, and September 7, 2011.
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 October 3, 2011, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, 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, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants: 31 West 52nd Street, 16th
Floor, New York, NY 10019.
FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at
(202) 551-6876, or Dalia Osman Blass, Branch Chief, at (202) 551-6821
(Division of Investment Management, Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website 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.
Applicants' Representations
1. The Trust is organized as a Massachusetts business trust and is
registered under the Act as an open-end management investment company.
Stone Harbor, the Trust's investment adviser, is organized as a
Delaware limited partnership and is a registered investment adviser
under the Investment Advisers Act of 1940 (``Advisers Act''), as
amended.
2. Applicants request the exemption to the extent necessary to
permit any existing or future series of the Trust and any other
registered open-end management investment company or series thereof
that (i) is advised by Stone Harbor or any person controlling,
controlled by or under common control with Stone Harbor (any such
adviser or Stone Harbor, an ``Adviser'');\1\ (ii) is in the same group
of investment companies as defined in section 12(d)(1)(G) of the Act;
(iii) invests in other registered open-end management investment
companies (``Underlying Funds'') in reliance on section 12(d)(1)(G) of
the Act; and (iv) is also eligible to invest in securities (as defined
in section 2(a)(36) of the Act) in reliance on rule 12d1-2 under the
Act (each a ``Fund of Funds,'' and together with the Underlying Funds,
the ``Funds''), to also invest, to the extent consistent with its
investment objectives, policies, strategies and limitations, in
financial instruments that may not be securities within the meaning of
section 2(a)(36) of the Act (``Other Investments'').\2\ Applicants also
request that the order exempt any entity, including any entity
controlled by or under common control with an Adviser, that now or in
the future acts as principal underwriter, or broker or dealer (if
registered under the Securities Exchange Act of 1934, as amended), with
respect to the transactions described in the application.
---------------------------------------------------------------------------
\1\ Any other Adviser will also be registered under the Advisers
Act.
\2\ Every existing entity that currently intends to rely on the
requested order is named as an applicant. Any entity that relies on
the order in the future will do so only in accordance with the terms
and the condition in the application.
---------------------------------------------------------------------------
3. Consistent with its fiduciary obligations under the Act, each
Fund of
[[Page 57088]]
Funds' board of trustees will review the advisory fees charged by the
Fund of Funds' Adviser to ensure that they are based on services
provided that are in addition to, rather than duplicative of, services
provided pursuant to the advisory agreement of any investment company
in which the Fund of Funds may invest.
Applicants' Legal Analysis
1. Section 12(d)(1)(A) of the Act provides that no registered
investment company (``acquiring company'') may acquire securities of
another investment company (``acquired company'') if such securities
represent more than 3% of the acquired company's outstanding voting
stock or more than 5% of the acquiring company's total assets, or if
such securities, together with the securities of other investment
companies, represent more than 10% of the acquiring company's total
assets. Section 12(d)(1)(B) of the Act provides that no registered
open-end investment company may sell its securities to another
investment company if the sale will cause the acquiring company to own
more than 3% of the acquired company's voting stock, or cause more than
10% of the acquired company's voting stock to be owned by investment
companies and companies controlled by them.
2. Section 12(d)(1)(G) of the Act provides, in part, that section
12(d)(1) will not apply to securities of an acquired company purchased
by an acquiring company if: (i) The acquired company and acquiring
company are part of the same group of investment companies; (ii) the
acquiring company holds only securities of acquired companies that are
part of the same group of investment companies, government securities,
and short-term paper; (iii) the aggregate sales loads and distribution-
related fees of the acquiring company and the acquired company are not
excessive under rules adopted pursuant to section 22(b) or section
22(c) of the Act by a securities association registered under section
15A of the Securities Exchange Act of 1934 or by the Commission; and
(iv) the acquired company has a policy that prohibits it from acquiring
securities of registered open-end investment companies or registered
unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the
Act.
3. Rule 12d1-2 under the Act permits a registered open-end
investment company or a registered unit investment trust that relies on
section 12(d)(1)(G) of the Act to acquire, in addition to securities
issued by another registered investment company in the same group of
investment companies, government securities, and short-term paper: (i)
Securities issued by an investment company that is not in the same
group of investment companies, when the acquisition is in reliance on
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii) securities (other
than securities issued by an investment company); and (iii) securities
issued by a money market fund, when the investment is in reliance on
rule 12d1-1 under the Act. For the purposes of rule 12d1-2,
``securities'' means any security as defined in section 2(a)(36) of the
Act.
4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction from any provision of the Act, or
from any rule under the Act, if such exemption is necessary or
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policies and
provisions of the Act.
5. Applicants state that the Funds of Funds will comply with rule
12d1-2 under the Act, but for the fact that the Funds of Funds may
invest a portion of their assets in Other Investments. Applicants
request an order under section 6(c) of the Act for an exemption from
rule 12d1-2(a) to allow the Funds of Funds to invest in Other
Investments while investing in Underlying Funds. Applicants assert that
permitting the Funds of Funds to invest in Other Investments as
described in the application would not raise any of the concerns that
the requirements of section 12(d)(1) were designed to address.
Applicants' Condition
Applicants agree that the order granting the requested relief will
be subject to the following condition:
Applicants will comply with all provisions of rule 12d1-2 under the
Act, except for paragraph (a)(2) to the extent that it restricts any
Fund of Funds from investing in Other Investments as described in the
application.
For the Commission, by the Division of Investment Management,
under delegated authority.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-23604 Filed 9-14-11; 8:45 am]
BILLING CODE 8011-01-P
