DoubleLine Capital LP and DoubleLine Funds Trust; Notice of Application, 6606-6608 [2012-2834]
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6606
Federal Register / Vol. 77, No. 26 / Wednesday, February 8, 2012 / Notices
concerning access to information. The
availability of interlocutory review by
the Commission of orders ruling on
such NRC staff determinations (whether
granting or denying access) is governed
by 10 CFR 2.311.3
I. The Commission expects that the
NRC staff and presiding officers (and
any other reviewing officers) will
consider and resolve requests for access
to SUNSI, and motions for protective
orders, in a timely fashion in order to
minimize any unnecessary delays in
identifying those petitioners who have
standing and who have propounded
contentions meeting the specificity and
basis requirements in 10 CFR part 2.
Attachment 1 to this Order summarizes
the general target schedule for
processing and resolving requests under
these procedures.
It is so ordered.
For the Nuclear Regulatory Commission.
Dated at Rockville, Maryland, this 2nd day
of February 2012.
Annette L. Vietti-Cook,
Secretary of the Commission.
ATTACHMENT 1—GENERAL TARGET SCHEDULE FOR PROCESSING AND RESOLVING REQUESTS FOR ACCESS TO
SENSITIVE UNCLASSIFIED NON-SAFEGUARDS INFORMATION IN THIS PROCEEDING
Day
Event/Activity
0 ....................
Publication of Federal Register notice of hearing and opportunity to petition for leave to intervene, including order with instructions for access requests.
Deadline for submitting requests for access to Sensitive Unclassified Non-Safeguards Information (SUNSI) with information:
supporting the standing of a potential party identified by name and address; describing the need for the information in order
for the potential party to participate meaningfully in an adjudicatory proceeding.
Deadline for submitting petition for intervention containing: (i) Demonstration of standing; (ii) all contentions whose formulation
does not require access to SUNSI (+25 Answers to petition for intervention; +7 requestor/petitioner reply).
Nuclear Regulatory Commission (NRC) staff informs the requestor of the staff’s determination whether the request for access
provides a reasonable basis to believe standing can be established and shows need for SUNSI. (NRC staff also informs any
party to the proceeding whose interest independent of the proceeding would be harmed by the release of the information.) If
NRC staff makes the finding of need for SUNSI and likelihood of standing, NRC staff begins document processing (preparation of redactions or review of redacted documents).
If NRC staff finds no ‘‘need’’ or no likelihood of standing, the deadline for requestor/petitioner to file a motion seeking a ruling to
reverse the NRC staff’s denial of access; NRC staff files copy of access determination with the presiding officer (or Chief Administrative Judge or other designated officer, as appropriate). If NRC staff finds ‘‘need’’ for SUNSI, the deadline for any party
to the proceeding whose interest independent of the proceeding would be harmed by the release of the information to file a
motion seeking a ruling to reverse the NRC staff’s grant of access.
Deadline for NRC staff reply to motions to reverse NRC staff determination(s).
(Receipt +30) If NRC staff finds standing and need for SUNSI, deadline for NRC staff to complete information processing and
file motion for Protective Order and draft Non-Disclosure Affidavit. Deadline for applicant/licensee to file Non-Disclosure
Agreement for SUNSI.
If access granted: Issuance of presiding officer or other designated officer decision on motion for protective order for access to
sensitive information (including schedule for providing access and submission of contentions) or decision reversing a final adverse determination by the NRC staff.
Deadline for filing executed Non-Disclosure Affidavits. Access provided to SUNSI consistent with decision issuing the protective
order.
Deadline for submission of contentions whose development depends upon access to SUNSI. However, if more than 25 days remain between the petitioner’s receipt of (or access to) the information and the deadline for filing all other contentions (as established in the notice of hearing or opportunity for hearing), the petitioner may file its SUNSI contentions by that later deadline.
(Contention receipt +25) Answers to contentions whose development depends upon access to SUNSI.
(Answer receipt +7) Petitioner/Intervenor reply to answers.
Decision on contention admission.
10 ..................
60 ..................
20 ..................
25 ..................
30 ..................
40 ..................
A ....................
A + 3 .............
A + 28 ...........
A + 53 ...........
A + 60 ...........
>A + 60 .........
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: DoubleLine Capital LP
(‘‘DoubleLine’’) and DoubleLine Funds
Trust (‘‘Trust’’).
FILING DATE: The application was filed
on November 30, 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 February 27, 2012, 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.
staff determinations (because they must be served
on a presiding officer or the Commission, as
applicable), but not to the initial SUNSI request
submitted to the NRC staff under these procedures.
Act of 1940 (‘‘Act’’) for an exemption
from rule 12d1–2(a) under the Act
[FR Doc. 2012–2862 Filed 2–7–12; 8:45 am]
BILLING CODE 7590–01–P
SUMMARY OF APPLICATION:
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
29943; File No. 812–13983]
DoubleLine Capital LP and DoubleLine
Funds Trust; Notice of Application
tkelley on DSK3SPTVN1PROD with NOTICES
February 2, 2012.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
AGENCY:
3 Requestors should note that the filing
requirements of the NRC’s E-Filing Rule (72 FR
49139; August 28, 2007) apply to appeals of NRC
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Federal Register / Vol. 77, No. 26 / Wednesday, February 8, 2012 / Notices
Secretary, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–1090;
Applicants: DoubleLine, 333 South
Grand Avenue, Suite 1800, Los Angeles
CA 90071.
FOR FURTHER INFORMATION CONTACT:
Emerson S. Davis, Senior Counsel, at
(202) 551–6868, or Daniele Marchesani,
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
Web site 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.
tkelley on DSK3SPTVN1PROD with NOTICES
ADDRESSES:
Applicants’ Representations
1. The Trust is organized as a
Delaware statutory trust and is
registered under the Act as an open-end
management investment company.
DoubleLine, 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, as
amended (the ‘‘Advisers Act’’).
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
DoubleLine or any person controlling,
controlled by or under common control
with DoubleLine (any such adviser or
DoubleLine, 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
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
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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
(‘‘Exchange Act’’), with respect to the
transactions described in the
application.
3. Consistent with its fiduciary
obligations under the Act, each Fund of
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
future will do so only in accordance with the terms
and condition in the application.
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6607
of the Exchange Act 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 any 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.
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6608
Federal Register / Vol. 77, No. 26 / Wednesday, February 8, 2012 / Notices
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
of the PIP broadcast. The Exchange
proposes to reduce the duration of the
PIP from one second to one hundred
milliseconds.
III. Discussion and Commission
Findings
[FR Doc. 2012–2834 Filed 2–7–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66306; File No. SR–BX–
2011–084]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Order Granting
Approval of Proposed Rule Change To
Reduce the Duration of the Price
Improvement Period (‘‘PIP’’) From One
Second to One Hundred Milliseconds
February 2, 2012.
tkelley on DSK3SPTVN1PROD with NOTICES
I. Introduction
On December 7, 2011, NASDAQ OMX
BX, Inc. (‘‘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
reduce the duration of the Price
Improvement Period (‘‘PIP’’) of the
Boston Options Exchange Group, LLC
(‘‘BOX’’), a facility of the Exchange,
from one second to one hundred
milliseconds. The proposed rule change
was published for comment in the
Federal Register on December 22,
2011.3 The Commission received no
comments on the proposal. This order
approves the proposed rule change.
II. Description of the Proposal
The PIP is an auction system that is
used by BOX Options Participants to
execute their agency orders as principal,
with a potential for customer price
improvement. The BOX Options
Participant may submit any size
customer order, along with a matching
contra proprietary order at a price equal
to the national best bid or offer, into the
PIP. After submission of that customer
order, PIP will send out a broadcast
message to other BOX Options
Participants, who may enter orders
(‘‘Improvement Orders’’) competing
against the original contra side
proprietary order. At the conclusion of
the auction, the customer order would
be matched on a price and time priority
with orders on the opposite side, subject
to certain conditions. Currently, the PIP
lasts one second from the dissemination
1 15
U.S.C. 78s(b)(l).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 65987
(December 16, 2011), 76 FR 79734 (‘‘Notice’’).
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After careful review, the Commission
finds that the proposal is consistent
with the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.4 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,5 which, among other
things, requires that the rules of a
national securities exchange be
designed to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating transactions in securities,
to remove impediments to and perfect
the mechanism of a free and open
market and a national market system
and, in general, to protect investors and
the public interest.
The Commission believes that, given
advances in the electronic trading
environment, reducing the duration of
the PIP from one second to one hundred
milliseconds could facilitate the prompt
execution of orders while continuing to
provide market participants with an
opportunity to compete for bids and/or
offers without compromising the ability
for adequate exposure and participation
in PIP. To substantiate that BOX
Options Participants could receive,
process, and communicate a response
back to BOX within one hundred
milliseconds, the Exchange stated that it
distributed a survey to its members that
would be affected by this proposal or
that regularly participate in the PIP.
According to the Exchange, 14 of 16
participants responded, at least in part,
to the survey, and nine participants
responded that they can receive,
process, and communicate multiple PIP
responses back to BOX within
substantially less than 100
milliseconds.6
In addition, the Exchange stated that
BOX reviewed PIP execution data by its
participants during the three-month
period from May to July of 2011. The
Exchange stated that BOX’s review
indicated that approximately 85% of
Improvement Orders executed at the
conclusion of a PIP were submitted
within 100 milliseconds of the initial
4 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(5).
6 See Notice, supra note 3, 76 FR at 79735.
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PIP Order.7 Approximately 78% of
Improvement Orders executed at the
end of a PIP were submitted in less than
ten milliseconds, and 70% were
submitted in less than five
milliseconds.8 Thus, according to the
Exchange, participants whose PIP
responses averaged greater than one
hundred milliseconds made a conscious
decision to delay responses, but such
participants operate electronic systems
which enable them to sufficiently react
and respond to multiple PIP broadcasts
within one hundred milliseconds, if
they chose to do so.9
Based on the Exchange’s statements
regarding the survey results and the
review of its PIP data, the Commission
believes that market participants should
continue to have meaningful
opportunities to participate in the PIP if
the exposure period is reduced to one
hundred milliseconds, and accordingly,
finds that the proposed rule change is
consistent with the requirement of the
Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,10 that the
proposed rule change (SR–BX–2011–
084), be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–2800 Filed 2–7–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66307; File No. SR–BATS–
2011–051]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Order Granting
Approval of Proposed Rule Change To
Implement a Competitive Liquidity
Provider Program
February 2, 2012.
I. Introduction
On December 16, 2011, BATS
Exchange, Inc. (‘‘BATS’’ or the
‘‘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
7 Id.
8 Id.
9 Id.
10 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
11 17
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]]>Agencies
[Federal Register Volume 77, Number 26 (Wednesday, February 8, 2012)]
[Notices]
[Pages 6606-6608]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2834]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 29943; File No. 812-13983]
DoubleLine Capital LP and DoubleLine Funds Trust; Notice of
Application
February 2, 2012.
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: DoubleLine Capital LP (``DoubleLine'') and DoubleLine Funds
Trust (``Trust'').
FILING DATE: The application was filed on November 30, 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 February 27, 2012, 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.
[[Page 6607]]
ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street
NE., Washington, DC 20549-1090; Applicants: DoubleLine, 333 South Grand
Avenue, Suite 1800, Los Angeles CA 90071.
FOR FURTHER INFORMATION CONTACT: Emerson S. Davis, Senior Counsel, at
(202) 551-6868, or Daniele Marchesani, 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 Web site 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 Delaware statutory trust and is
registered under the Act as an open-end management investment company.
DoubleLine, 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, as amended (the ``Advisers Act'').
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 DoubleLine or any person controlling, controlled
by or under common control with DoubleLine (any such adviser or
DoubleLine, 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
(``Exchange Act''), 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 condition in the application.
---------------------------------------------------------------------------
3. Consistent with its fiduciary obligations under the Act, each
Fund of 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 Exchange Act 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 any 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.
[[Page 6608]]
For the Commission, by the Division of Investment Management,
under delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-2834 Filed 2-7-12; 8:45 am]
BILLING CODE 8011-01-P
