Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940, 13916-13917 [2013-04753]

Download as PDF 13916 Federal Register / Vol. 78, No. 41 / Friday, March 1, 2013 / Notices in terms of the overall number of Retail Orders sent to the Exchange. mstockstill on DSK4VPTVN1PROD with NOTICES 2. Statutory Basis The rule change proposed in this submission is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.6 Specifically, the proposed change is consistent with Section 6(b)(5) of the Act,7 in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices because, while the proposed rule change represents a relaxation of the attestation requirements, the change is a de minimis relaxation that still requires the RMO applicant to attest that ‘‘substantially all’’ of its orders will qualify as Retail Orders. The slight relaxation will allow enough flexibility to accommodate system limitations while still ensuring that only a fractional amount of orders submitted to the Program would not qualify as Retail Orders. The Exchange believes that the proposed rule change promotes just and equitable principles of trade because it will ensure that similarly situated Members who have only slight differences in the capability of their systems will be able to equally benefit from the Program. The Exchange believes that the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system because it will allow Members, who are concerned about its system limitations not allowing 100% certification that submitted orders are Retail Orders, to still participate in the Program. By removing impediments to participation in the Program, the proposed change would permit expanded access of retail customers to the price improvement and transparency offered by the Program and thereby potentially stimulate further price competition for retail orders. 6 15 7 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Mar<15>2010 16:40 Feb 28, 2013 Jkt 229001 B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the amendment, by increasing the level of participation in the Program, will increase the level of competition around retail executions such that retail investors would receive better prices than they currently do on the Exchange and potentially through bilateral internalization arrangements. The Exchange believes that the transparency and competitiveness of operating a program such as the Program on an exchange market would result in better prices for retail investors and benefits retail investors by expanding the capabilities of Exchanges to encompass practices currently allowed on non-exchange venues. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rulecomments@sec.gov. Please include File Number SR–BYX–2013–008 on the subject line. PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BYX–2013–008. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–BYX– 2013–008, and should be submitted on or before March 22, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–04768 Filed 2–28–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. IC–30403] Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940 February 22, 2013. The following is a notice of applications for deregistration under section 8(f) of the Investment Company 8 17 E:\FR\FM\01MRN1.SGM CFR 200.30–3(a)(12). 01MRN1 Federal Register / Vol. 78, No. 41 / Friday, March 1, 2013 / Notices Act of 1940 for the month of February 2013. A copy of each application may be obtained via the Commission’s Web site by searching for the file number, or for an applicant using the Company name box, at https://www.sec.gov/search/ search.htm or by calling (202) 551– 8090. An order granting each application will be issued unless the SEC orders a hearing. Interested persons may request a hearing on any application by writing to the SEC’s Secretary at the address below and serving the relevant applicant with a copy of the request, personally or by mail. Hearing requests should be received by the SEC by 5:30 p.m. on March 19, 2013, and should be accompanied by proof of service on the applicant, 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 Secretary, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. FOR FURTHER INFORMATION CONTACT: Diane L. Titus at (202) 551–6810, SEC, Division of Investment Management, Office of Investment Company Regulation, 100 F Street NE., Washington, DC 20549–8010. Legg Mason Global Trust Inc. [File No. 811–7418] Each applicant seeks an order declaring that it has ceased to be an investment company. The applicants have transferred their assets to corresponding shell series of Legg Mason Global Asset Management Trust and, on April 30, 2012, each made a final distribution to its shareholders based on net asset value. Expenses of approximately $26,463 and $21,223, respectively, incurred in connection with the reorganizations were paid by each applicant. Filing Date: The applications were filed on February 4, 2013. Applicants’ Address: 100 International Dr., 7th Floor, Baltimore, MD 21202. mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: Separate Account VA QQ [File No. 811– 22556] The Applicant, a unit investment trust, seeks an order declaring that it has ceased to be an investment company based on abandonment of registration. The Applicant has no policyholders. Transamerica Financial Life Insurance VerDate Mar<15>2010 16:40 Feb 28, 2013 Jkt 229001 For the Commission, by the Division of Investment Management, pursuant to delegated authority. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–04753 Filed 2–28–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–68982; File No. SR–DTC– 2012–810] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing Amendment No. 1 and No Objection to Advance Notice Filing, as Modified by Amendment No. 1, To Reduce Liquidity Risk Relating to Its Processing of Maturity and Income Presentments and Issuances of Money Market Instruments February 25, 2013. I. Introduction Legg Mason Charles Street Trust Inc. [File No. 811–8611] SUMMARY: Company, as the Applicant’s depositor, has determined that the Applicant should be deregistered inasmuch as it is not engaged in or intending to engage in any business activities other than those necessary for winding up its affairs. Filing Date: The application was filed on February 13, 2013. Applicant’s Address: 4333 Edgewood Road NE., Cedar Rapids, IA 52499– 0001. On December 28, 2012, The Depository Trust Company (‘‘DTC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) advance notice SR–DTC–2012–810 (‘‘Advance Notice’’) pursuant to Section 806(e) of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘Dodd-Frank Act’’),1 entitled the Payment, Clearing, and Settlement Supervision Act of 2010 (‘‘Clearing Supervision Act’’ or ‘‘Title VIII’’) and Rule 19b–4(n) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’). The Advance Notice was published in the Federal Register on January 18, 2013.2 DTC filed Amendment No. 1 to the Advance Notice on January 30, 1 Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 124 Stat. 1376 (2010). 2 Release No. 34–68690 (Jan. 18, 2013), 78 FR 5516 (Jan. 25, 2013). DTC also filed a proposed rule change under Section 19(b)(1) of the Exchange Act relating to these changes. Release No. 34–68548 (Dec. 28, 2012), 78 FR 795 (Jan. 4, 2013). The Commission extended the period of review of the proposed rule change on February 5, 2013. Release No. 34–68834 (Feb. 5, 2013), 78 FR 9762 (Feb. 11, 2013). PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 13917 2013.3 The Commission received one comment on the Advance Notice.4 This publication serves as notice of filing Amendment No. 1 and of no objection to the Advance Notice, as modified by Amendment No. 1. II. Analysis A. Description of MMI Processing and Proposed Rule Change DTC filed the Advance Notice to permit it to make rule changes designed to reduce liquidity risk relating to DTC’s processing of maturity and income presentments (‘‘Maturity Obligations’’) and issuances of money market instruments (‘‘MMIs’’), as discussed below. MMIs are settled at DTC on a tradefor-trade basis. Issuers of MMIs that are not direct members of DTC enlist banks (‘‘Issuing/Paying Agent’’ or ‘‘IPA’’) to issue MMIs to broker-dealers, who in turn sell the MMIs to MMI investors. Debt issuance instructions are transmitted to DTC by the IPA, which triggers DTC crediting the IPA’s DTC account and creating a deliver order to the broker-dealers’ accounts on behalf of the investors. Maturity Obligations are initiated automatically by DTC early each morning for MMIs maturing that day. DTC debits the amount of the Maturity Obligations to the appropriate IPA’s account and credits the same amount to the appropriate broker-dealer and custodian accounts. The debits and credits are conditional until final settlement at the end of the day. According to DTC, IPAs do not have a legal obligation to honor maturing MMIs if they have not received funding from the issuer. According to DTC, the common source of funding for Maturity Obligations is new issuances of MMIs in the same acronym by the same issuer on the day the Maturity Obligations are due. In a situation where new MMI issuances exceed the Maturity Obligations, the issuer would have no net funds payment due to the IPA on that day. However, because Maturity Obligations are processed and debited from IPA accounts automatically, IPAs currently incur credit risk if the issuers do not issue MMIs that exceed the 3 The Amendment revised the text of DTC’s Settlement Service Guide related to the Advance Notice by adding a sentence to clarify the change as stated in the Advance Notice and correcting a grammatical error. 4 See Comment from Karen Jackson dated December 30, 2012, https://sec.gov/comments/sr-dtc2012-10/dtc201210-1.htm. The comment discusses the ability of individuals to withdraw money from money market accounts, which is not implicated by the proposed rule change. E:\FR\FM\01MRN1.SGM 01MRN1

Agencies

[Federal Register Volume 78, Number 41 (Friday, March 1, 2013)]
[Notices]
[Pages 13916-13917]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04753]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-30403]


Notice of Applications for Deregistration Under Section 8(f) of 
the Investment Company Act of 1940

February 22, 2013.
    The following is a notice of applications for deregistration under 
section 8(f) of the Investment Company

[[Page 13917]]

Act of 1940 for the month of February 2013. A copy of each application 
may be obtained via the Commission's Web site by searching for the file 
number, or for an applicant using the Company name box, at https://www.sec.gov/search/search.htm or by calling (202) 551-8090. An order 
granting each application will be issued unless the SEC orders a 
hearing. Interested persons may request a hearing on any application by 
writing to the SEC's Secretary at the address below and serving the 
relevant applicant with a copy of the request, personally or by mail. 
Hearing requests should be received by the SEC by 5:30 p.m. on March 
19, 2013, and should be accompanied by proof of service on the 
applicant, 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 Secretary, U.S. Securities and Exchange Commission, 100 
F Street NE., Washington, DC 20549-1090.

FOR FURTHER INFORMATION CONTACT: Diane L. Titus at (202) 551-6810, SEC, 
Division of Investment Management, Office of Investment Company 
Regulation, 100 F Street NE., Washington, DC 20549-8010.

Legg Mason Global Trust Inc. [File No. 811-7418]

Legg Mason Charles Street Trust Inc. [File No. 811-8611]

SUMMARY: Each applicant seeks an order declaring that it has ceased to 
be an investment company. The applicants have transferred their assets 
to corresponding shell series of Legg Mason Global Asset Management 
Trust and, on April 30, 2012, each made a final distribution to its 
shareholders based on net asset value. Expenses of approximately 
$26,463 and $21,223, respectively, incurred in connection with the 
reorganizations were paid by each applicant.
    Filing Date: The applications were filed on February 4, 2013.
    Applicants' Address: 100 International Dr., 7th Floor, Baltimore, 
MD 21202.

Separate Account VA QQ [File No. 811-22556]

SUMMARY: The Applicant, a unit investment trust, seeks an order 
declaring that it has ceased to be an investment company based on 
abandonment of registration. The Applicant has no policyholders. 
Transamerica Financial Life Insurance Company, as the Applicant's 
depositor, has determined that the Applicant should be deregistered 
inasmuch as it is not engaged in or intending to engage in any business 
activities other than those necessary for winding up its affairs.
    Filing Date: The application was filed on February 13, 2013.
    Applicant's Address: 4333 Edgewood Road NE., Cedar Rapids, IA 
52499-0001.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-04753 Filed 2-28-13; 8:45 am]
BILLING CODE 8011-01-P
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