AP Henderson Group, BPO Management Services, Inc., Capital Mineral Investors, Inc., CardioVascular BioTherapeutics, Inc., and 1st Centennial Bancorp; Order of Suspension of Trading, 22622-22623 [2012-9170]
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emcdonald on DSK29S0YB1PROD with NOTICES
22622
Federal Register / Vol. 77, No. 73 / Monday, April 16, 2012 / Notices
6. No Investing Fund or Investing
Fund Affiliate (except to the extent it is
acting in its capacity as an investment
adviser to a Fund) will cause a Fund to
purchase a security in any Affiliated
Underwriting.
7. The Board, including a majority of
the disinterested directors or trustees,
will adopt procedures reasonably
designed to monitor any purchases of
securities by a Fund in an Affiliated
Underwriting, once an investment by an
Investing Fund in the Shares of the
Fund exceeds the limit of section
12(d)(1)(A)(i) of the Act, including any
purchases made directly from an
Underwriting Affiliate. The Board will
review these purchases periodically, but
no less frequently than annually, to
determine whether the purchases were
influenced by the investment by the
Investing Fund in the Fund. The Board
will consider, among other things: (i)
Whether the purchases were consistent
with the investment objectives and
policies of the Fund; (ii) how the
performance of securities purchased in
an Affiliated Underwriting compares to
the performance of comparable
securities purchased during a
comparable period of time in
underwritings other than Affiliated
Underwritings or to a benchmark such
as a comparable market index; and (iii)
whether the amount of securities
purchased by the Fund in Affiliated
Underwritings and the amount
purchased directly from an
Underwriting Affiliate have changed
significantly from prior years. The
Board will take any appropriate actions
based on its review, including, if
appropriate, the institution of
procedures designed to assure that
purchases of securities in Affiliated
Underwritings are in the best interest of
shareholders of a Fund.
8. Each Fund will maintain and
preserve permanently in an easily
accessible place a written copy of the
procedures described in the preceding
condition, and any modifications to
such procedures, and will maintain and
preserve for a period of not less than six
years from the end of the fiscal year in
which any purchase in an Affiliated
Underwriting occurred, the first two
years in an easily accessible place, a
written record of each purchase of
securities in Affiliated Underwritings
once an investment by an Investing
Fund in the securities of the Fund
exceeds the limit of section
12(d)(1)(A)(i) of the Act, setting forth
from whom the securities were
acquired, the identity of the
underwriting syndicate’s members, the
terms of the purchase, and the
information or materials upon which
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the determinations of the Board were
made.
9. Before investing in Shares in excess
of the limits in section 12(d)(1)(A), each
Investing Fund and a Fund will execute
a FOF Participation Agreement stating,
without limitation, that their boards of
directors or trustees and their
investment adviser(s), their Sponsors or
trustees, as applicable, understand the
terms and conditions of the order, and
agree to fulfill their responsibilities
under the order. At the time of its
investment in Shares in excess of the
limit in section 12(d)(1)(A)(i), an
Investing Fund will notify the Fund of
the investment. At such time, the
Investing Fund will also transmit to the
Fund a list of each Investing Fund
Affiliate and Underwriting Affiliate. The
Investing Fund will notify the Fund of
any changes to the list of names as soon
as reasonably practicable after a change
occurs. The Fund and the Investing
Fund will maintain and preserve a copy
of the order, the FOF Participation
Agreement, and the list with any
updated information for the duration of
the investment and for a period of not
less than six years thereafter, the first
two years in an easily accessible place.
10. Before approving any advisory
contract under section 15 of the Act, the
Board of each Investing Management
Company, including a majority of the
disinterested directors or trustees, will
find that the advisory fees charged
under such advisory contract are based
on services provided that will be in
addition to, rather than duplicative of,
the services provided under the
advisory contract(s) of any Fund in
which the Investing Management
Company may invest. These findings
and their basis will be recorded fully in
the minute books of the appropriate
Investing Management Company.
11. Any sales charges and/or service
fees charged with respect to shares of an
Investing Fund will not exceed the
limits applicable to a fund of funds as
set forth in NASD Conduct Rule 2830.
12. No Fund will acquire securities of
any investment company or company
relying on section 3(c)(1) or 3(c)(7) of
the Act in excess of the limits contained
in section 12(d)(1)(A) of the Act, except
to the extent permitted by exemptive
relief from the Commission permitting
the Fund to purchase shares of other
investment companies for short-term
cash management purposes.
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For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–9013 Filed 4–13–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
AP Henderson Group, BPO
Management Services, Inc., Capital
Mineral Investors, Inc., CardioVascular
BioTherapeutics, Inc., and 1st
Centennial Bancorp; Order of
Suspension of Trading
April 12, 2012.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of AP
Henderson Group because it has not
filed any periodic reports since the
period ended September 30, 2005.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of BPO
Management Services, Inc. because it
has not filed any periodic reports since
the period ended September 30, 2009.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Capital
Mineral Investors, Inc. because it has
not filed any periodic reports since the
period ended September 30, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of
CardioVascular BioTherapeutics, Inc.
because it has not filed any periodic
reports since the period ended
September 30, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of 1st
Centennial Bancorp because it has not
filed any periodic reports since the
period ended September 30, 2008.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted companies is suspended for the
period from 9:30 a.m. EDT on April 12,
2012, through 11:59 p.m. EDT on April
25, 2012.
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Federal Register / Vol. 77, No. 73 / Monday, April 16, 2012 / Notices
By the Commission.
Jill M. Peterson,
Assistant Secretary.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2012–9170 Filed 4–12–12; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66777; File No. SR–ICC–
2012–04]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing of
Proposed Rule Change To Add Rules
Related to the Clearing of Emerging
Markets Sovereign Index CDS
April 10, 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 April 3,
2012, ICE Clear Credit LLC (‘‘ICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared primarily by ICC.3
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
emcdonald on DSK29S0YB1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The purpose of the proposed rule
change is to adopt new rules that will
provide the basis for ICC to clear
additional credit default swap (‘‘CDS’’)
contracts. Specifically, ICC is proposing
to amend Chapter 26 of its rules to add
Section 26C to provide for the clearance
of the CDX Emerging Markets CDS
contracts (‘‘CDX.EM Contracts’’), which
reference an emerging market sovereign
index. Upon Commission approval, ICC
will list the five year tenor of the
CDX.EM Series 14, 15, 16 and 17
contracts.
As discussed in more detail in Item
II(A) below, Section 26C (CDX
Untranched Emerging Markets) provides
for the definitions and certain specific
contract terms for cleared CDX.EM
Contracts. A conforming change is also
made to the definition of ‘‘Restructuring
CDS Contract’’ in Section 26E (CDS
Restructuring Rules) to encompass
components of CDX.EM Contracts that
are subject to a restructuring credit
event.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Commission has modified the text of the
descriptions prepared by ICC.
2 17
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In its filing with the Commission, ICC
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. ICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
ICC has identified CDX.EM Contracts
as a product that has become
increasingly important for market
participants to manage risk and express
views with respect to emerging market
sovereign credit. ICC believes clearance
of CDX.EM Contracts will facilitate the
prompt and accurate settlement of
swaps and contribute to the
safeguarding of securities and funds
associated with swap transactions.
CDX.EM Contracts have similar terms
to the CDX North American Index CDS
contracts (‘‘CDX.NA Contracts’’)
currently cleared by ICC and governed
by Section 26A of the ICC rules.
Accordingly, the proposed rules found
in Section 26C largely mirror the ICC
rules for CDX.NA Contracts in Section
26A, with certain modifications that
reflect the underlying reference entities
(sovereign reference entities instead of
corporate) and differences in terms and
market conventions between CDX.EM
Contracts and CDX.NA Contracts. The
CDX.EM Contracts reference the
CDX.EM Index, the current series of
which consists of 15 emerging market
sovereign entities: Argentina,
Venezuela, Brazil, Malaysia, Colombia,
Hungary, Indonesia, Panama, Peru,
South Africa, the Philippines, Turkey,
Russia, Ukraine and Mexico. CDX.EM
Contracts, consistent with market
convention and widely used standard
terms documentation, can be triggered
by credit events for failure to pay,
restructuring and repudiation/
moratorium (by contrast to the credit
events of failure to pay and bankruptcy
applicable to the CDX.NA Contracts).
CDX.EM Contracts will only be
denominated in U.S. dollars.
Rule 26C–102 (Definitions) sets forth
the definitions used for the CDX.EM
Contract Rules. An ‘‘Eligible CDX.EM
Untranched Index’’ is defined as ‘‘each
particular series and version of a
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22623
CDX.EM index or sub-index, as
published by the CDX.EM Untranched
Publisher, included from time to time in
the List of Eligible CDX.EM Untranched
Indexes,’’ which is a list maintained,
updated and published from time to
time by the ICC board of directors or its
designee, containing certain specified
information with respect to each index.
‘‘CDX.EM Untranched Terms
Supplement’’ refers to the market
standard form of documentation used
for credit default swaps on the CDX.EM
index, which is incorporated by
reference into the contract specifications
in Chapter 26C. The remaining
definitions are substantially the same as
the definitions found in ICC Section
26A, other than certain conforming
changes.
Specifically, Rules 26C–309
(Acceptance of CDX.EM Untranched
Contract), 26C–315 (Terms of the
Cleared CDX.EM Untranched Contract),
and 26C–316 (Updating Index Version
of Fungible Contracts After a Credit
Event or a Succession Event; Updating
Relevant Untranched Standard Terms
Supplement) reflect or incorporate the
basic contract specifications for
CDX.EM Contracts and are substantially
the same as under ICC Section 26A for
CDX.NA Contracts. In addition to
various non-substantive conforming
changes, proposed Rule 26C–317 (Terms
of CDX.EM Untranched Contracts)
differs from the corresponding Rule
26A–317 to reflect the fact that
restructuring and repudiation/
moratorium are credit events for the
CDX.EM Contract. (CDX.NA Contracts
currently cleared by ICC do not use the
restructuring and repudiation/
moratorium credit event.)
In addition, a conforming change is
made to the definition of ‘‘Restructuring
CDS Contract’’ in Section 26E (CDS
Restructuring Rules) to address
components of CDX.EM Contracts that
become subject to a restructuring credit
event. The treatment of such
restructuring credit events for CDX.EM
Contracts will thus be as set forth in
existing Section 26E of the Rules.
ICC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act
and the rules and regulations
thereunder applicable to it. ICC believes
that the clearance of CDX.EM Contracts
will facilitate the prompt and accurate
settlement of swaps and contribute to
the safeguarding of securities and funds
associated with swap transactions.
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Agencies
[Federal Register Volume 77, Number 73 (Monday, April 16, 2012)]
[Notices]
[Pages 22622-22623]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-9170]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 500-1]
AP Henderson Group, BPO Management Services, Inc., Capital
Mineral Investors, Inc., CardioVascular BioTherapeutics, Inc., and 1st
Centennial Bancorp; Order of Suspension of Trading
April 12, 2012.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
AP Henderson Group because it has not filed any periodic reports since
the period ended September 30, 2005.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
BPO Management Services, Inc. because it has not filed any periodic
reports since the period ended September 30, 2009.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Capital Mineral Investors, Inc. because it has not filed any periodic
reports since the period ended September 30, 2008.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
CardioVascular BioTherapeutics, Inc. because it has not filed any
periodic reports since the period ended September 30, 2008.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
1st Centennial Bancorp because it has not filed any periodic reports
since the period ended September 30, 2008.
The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed companies. Therefore, it is ordered,
pursuant to Section 12(k) of the Securities Exchange Act of 1934, that
trading in the securities of the above-listed companies is suspended
for the period from 9:30 a.m. EDT on April 12, 2012, through 11:59 p.m.
EDT on April 25, 2012.
[[Page 22623]]
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2012-9170 Filed 4-12-12; 4:15 pm]
BILLING CODE 8011-01-P