Order Granting an Application of Edward Jones & Co. LLP Exemption From Exchange Act Section 11(d)(1) Pursuant to Exchange Act Section 36(a), 17530-17531 [2012-7176]

Download as PDF 17530 Federal Register / Vol. 77, No. 58 / Monday, March 26, 2012 / Notices and evaluating training and experience of proposed authorized users. The members are involved in preliminary discussions of major issues in determining the need for changes in NRC policy and regulation to ensure the continued safe use of byproduct material. Each member provides technical assistance in his/her specific area(s) of expertise, particularly with respect to emerging technologies. Members also provide guidance as to NRC’s role in relation to the responsibilities of other Federal agencies as well as of various professional organizations and boards. Members of this Committee have demonstrated professional qualifications and expertise in both scientific and non-scientific disciplines including nuclear medicine; nuclear cardiology; radiation therapy; medical physics; nuclear pharmacy; State medical regulation; patient’s rights and care; health care administration; and Food and Drug Administration regulation. FOR FURTHER INFORMATION CONTACT: Ashley Cockerham, Office of Federal and State Materials and Environmental Management Programs, U.S. Nuclear Regulatory Commission, Washington, DC 20555; Telephone (240) 888–7129; email Ashley.Cockerham@nrc.gov. Dated: March 19, 2012. Andrew L. Bates, Federal Advisory Committee Management Officer. [FR Doc. 2012–7184 Filed 3–23–12; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. tkelley on DSK3SPTVN1PROD with NOTICES Extension: Rule 23c–1, SEC File No. 270–253, OMB Control No. 3235–0260. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. VerDate Mar<15>2010 19:32 Mar 23, 2012 Jkt 226001 Rule 23c–1 (17 CFR 270.23c–1) under the Investment Company Act of 1940 (15 U.S.C. 80a), among other things, permits a closed-end fund to repurchase its securities for cash if in addition to the other requirements set forth in the rule: (i) Payment of the purchase price is accompanied or preceded by a written confirmation of the purchase; (ii) the asset coverage per unit of the security to be purchased is disclosed to the seller or his agent; and (iii) if the security is a stock, the fund has, within the preceding six months, informed stockholders of its intention to purchase stock. Commission staff estimates that approximately 29 closed-end funds rely on Rule 23c–1 annually to undertake 261 repurchases of their securities. Commission staff estimates that, on average, a fund spends 2.5 hours to comply with the paperwork requirements listed above each time it undertakes a security repurchase under the rule. Commission staff thus estimates the total annual burden of the rule’s paperwork requirements is 653 hours. In addition, the fund must file with the Commission a copy of any written solicitation to purchase securities given by or on behalf of the fund to 10 or more persons. The copy must be filed as an exhibit to Form N–CSR (17 CFR 249.331 and 274.128). The burden associated with filing Form N–CSR is addressed in the submission related to that form. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. Written comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 Dated: March 20, 2012. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–7135 Filed 3–23–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66624] Order Granting an Application of Edward Jones & Co. LLP Exemption From Exchange Act Section 11(d)(1) Pursuant to Exchange Act Section 36(a) March 20, 2012. By letter dated December 5, 2011, counsel for Edward Jones & Co., L.P. (‘‘Edward Jones’’) requested that the Securities and Exchange Commission (‘‘Commission’’) issue to Edward Jones an exemption from Section 11(d)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) pursuant to Section 36(a) of the Exchange Act. Specifically, the letter requested that the Commission exempt Edward Jones from the prohibitions of Section 11(d)(1) of the Exchange Act if Edward Jones extends to a customer margin on newlypurchased shares of mutual funds not managed or sponsored by Edward Jones or any affiliate of Edward Jones (‘‘nonproprietary mutual funds’’) in instances in which the customer makes a dollarfor-dollar substitution by selling an already-margined non-proprietary mutual fund and buying another nonproprietary mutual fund on margin without incurring any fees, commissions or other costs for the transactions and without Edward Jones otherwise charging the respective customers any fees, commissions or other costs to effect the transactions. We find that it is appropriate and in the public interest and consistent with the protection of investors to grant Edward Jones a conditional exemption from Section 11(d)(1) of the Exchange Act. Conclusion It is hereby ordered, pursuant to Section 36(a) of the Exchange Act, that Edward Jones, based on the representations and the facts presented in its letter and subject to the conditions contained in this order, is exempt from the new issue lending restriction of Section 11(d)(1) of the Exchange Act to the extent that Edward Jones extends to a customer margin on newly-purchased shares of non-proprietary mutual funds in instances in which the customer makes a dollar-for-dollar substitution by selling an already-margined non- E:\FR\FM\26MRN1.SGM 26MRN1 Federal Register / Vol. 77, No. 58 / Monday, March 26, 2012 / Notices proprietary mutual fund and buying another non-proprietary mutual fund on margin without incurring any fees, commissions or other costs for the transactions and without Edward Jones otherwise charging the respective customers any fees, commissions or other costs to effect the transactions. This exemption is subject to the conditions that • Edward Jones does not receive any sales commissions, Rule 12b–1 fees, revenue sharing or any other compensation, directly or indirectly, from the mutual fund complexes in which investments are made, and Edward Jones does not charge or receive any compensation, fees, expenses or other costs as a result of its effecting transactions in the funds; and • Edward Jones, its affiliates, associates, related persons, management and employees have no affiliation with the mutual funds subject to the request, other than that Edward Jones will effect transactions in the funds for its customers. The foregoing exemption is subject to modification or revocation if at any time the Commission determines that such action is necessary or appropriate in furtherance of the purposes of the Exchange Act. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.1 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–7176 Filed 3–23–12; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66623; File No. SR–ISE– 2012–23] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Short Term Option Series Program tkelley on DSK3SPTVN1PROD with NOTICES March 20, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that, on March 13, 2012, the International Securities Exchange, LLC (‘‘Exchange’’ or ‘‘ISE’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have CFR 200.30–3(62). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Mar<15>2010 19:32 Mar 23, 2012 Jkt 226001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its rules regarding the Short Term Option Series Program. The text of the proposed rule change is available on the Exchange’s Web site www.ise.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 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 Exchange 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 these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P 1 17 been prepared by the Exchange. The Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder.4 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1. Purpose The purpose of this proposed rule change is to amend ISE Rules 504 and 2009 regarding the Short Term Option Series Program (‘‘STOS Program’’).5 Specifically, the Exchange proposes to amend its rules to allow the Exchange to open short term option series that are opened by other securities exchanges in option classes selected by other exchanges under their respective short term option rules. Currently, ISE may select up to 30 currently listed option classes on which short term option series may be opened in the STOS Program. The Exchange 3 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 5 The Exchange adopted the STOS Program on a pilot basis in 2005. See Securities Exchange Act Release No. 52012 (July 12, 2005), 70 FR 41246 (July 18, 2005) (SR–ISE–2005–17). The STOS Program was approved on a permanent basis in 2010. See Securities Exchange Act Release No. 62444 (July 2, 2010), 75 FR 39595 (July 9, 2010) (SR–ISE–2010–72). 4 17 PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 17531 may also match any option classes that are selected by other securities exchanges that employ a similar program under their respective rules. For each option class eligible for participation in the STOS Program, the Exchange may open up to 30 short term option series for each expiration date in that class. This proposal seeks to allow the Exchange to open short term option series that are opened by other securities exchanges in option classes selected by other exchanges under their respective short term option rules. This change is being proposed notwithstanding the current cap of 30 series per class under the STOS Program. This is a competitive filing and is based on approved filings and existing rules of The NASDAQ Stock Market LLC for the NASDAQ Options Market (‘‘NOM’’) and NASDAQ OMX PHLX, Inc. (‘‘PHLX’’).6 ISE is competitively disadvantaged since it operates a substantially similar STOS Program as NOM and PHLX but is limited to listing a maximum of 30 series per options class that participates in its STOS Program (whereas PHLX and NOM are not similarly restricted). The Exchange is not proposing any changes to the STOS Program other than the ability to open short term option series that are opened by other securities exchanges in option classes selected by other exchanges under their respective short term option rules. ISE notes that the STOS Program has been well-received by market participants, in particular by retail investors. ISE believes that the current proposed revision to the STOS Program will permit the Exchange to meet increased customer demand and provide market participants with the ability to hedge in a greater number of option classes and series. With regard to the impact of this proposal on system capacity, ISE has analyzed its capacity and represents that it and the Options Price Reporting Authority (‘‘OPRA’’) have the necessary systems capacity to handle the potential additional traffic associated with trading of an expanded number of series for the classes that participate in the STOS Program. The proposed increase to the number of series per classes eligible to participate in the STOS Program is required for competitive purposes as well as to ensure consistency and uniformity among the competing 6 See Securities Exchange Act Release Nos. 65775 (November 17, 2011), 76 FR 72473 (November 23, 2011) (SR–NASDAQ–2011–138) and 65776 (November 17, 2011), 76 FR 72482 (November 23, 2011) (SR–PHLX–2011–131). E:\FR\FM\26MRN1.SGM 26MRN1

Agencies

[Federal Register Volume 77, Number 58 (Monday, March 26, 2012)]
[Notices]
[Pages 17530-17531]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-7176]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66624]


Order Granting an Application of Edward Jones & Co. LLP Exemption 
From Exchange Act Section 11(d)(1) Pursuant to Exchange Act Section 
36(a)

March 20, 2012.
    By letter dated December 5, 2011, counsel for Edward Jones & Co., 
L.P. (``Edward Jones'') requested that the Securities and Exchange 
Commission (``Commission'') issue to Edward Jones an exemption from 
Section 11(d)(1) of the Securities Exchange Act of 1934 (``Exchange 
Act'') pursuant to Section 36(a) of the Exchange Act. Specifically, the 
letter requested that the Commission exempt Edward Jones from the 
prohibitions of Section 11(d)(1) of the Exchange Act if Edward Jones 
extends to a customer margin on newly-purchased shares of mutual funds 
not managed or sponsored by Edward Jones or any affiliate of Edward 
Jones (``non-proprietary mutual funds'') in instances in which the 
customer makes a dollar-for-dollar substitution by selling an already-
margined non-proprietary mutual fund and buying another non-proprietary 
mutual fund on margin without incurring any fees, commissions or other 
costs for the transactions and without Edward Jones otherwise charging 
the respective customers any fees, commissions or other costs to effect 
the transactions.
    We find that it is appropriate and in the public interest and 
consistent with the protection of investors to grant Edward Jones a 
conditional exemption from Section 11(d)(1) of the Exchange Act.

Conclusion

    It is hereby ordered, pursuant to Section 36(a) of the Exchange 
Act, that Edward Jones, based on the representations and the facts 
presented in its letter and subject to the conditions contained in this 
order, is exempt from the new issue lending restriction of Section 
11(d)(1) of the Exchange Act to the extent that Edward Jones extends to 
a customer margin on newly-purchased shares of non-proprietary mutual 
funds in instances in which the customer makes a dollar-for-dollar 
substitution by selling an already-margined non-

[[Page 17531]]

proprietary mutual fund and buying another non-proprietary mutual fund 
on margin without incurring any fees, commissions or other costs for 
the transactions and without Edward Jones otherwise charging the 
respective customers any fees, commissions or other costs to effect the 
transactions.
    This exemption is subject to the conditions that
     Edward Jones does not receive any sales commissions, Rule 
12b-1 fees, revenue sharing or any other compensation, directly or 
indirectly, from the mutual fund complexes in which investments are 
made, and Edward Jones does not charge or receive any compensation, 
fees, expenses or other costs as a result of its effecting transactions 
in the funds; and
     Edward Jones, its affiliates, associates, related persons, 
management and employees have no affiliation with the mutual funds 
subject to the request, other than that Edward Jones will effect 
transactions in the funds for its customers.
    The foregoing exemption is subject to modification or revocation if 
at any time the Commission determines that such action is necessary or 
appropriate in furtherance of the purposes of the Exchange Act.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\1\
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    \1\ 17 CFR 200.30-3(62).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-7176 Filed 3-23-12; 8:45 am]
BILLING CODE 8011-01-P
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