Sunshine Act Meeting, 63528 [2013-25121]
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Federal Register / Vol. 78, No. 206 / Thursday, October 24, 2013 / Notices
will waive fees otherwise payable to the
Fund of Funds Sub-Adviser, directly or
indirectly, by the Investing Management
Company in an amount at least equal to
any compensation received from a Fund
by the Fund of Funds Sub-Adviser, or
an affiliated person of the Fund of
Funds Sub-Adviser, other than any
advisory fees paid to the Fund of Funds
Sub-Adviser or its affiliated person by
the Fund, in connection with the
investment by the Investing
Management Company in the Fund
made at the direction of the Fund of
Funds Sub-Adviser. In the event that the
Fund of Funds Sub-Adviser waives fees,
the benefit of the waiver will be passed
through to the Investing Management
Company.
6. No Fund of Funds or Fund of
Funds 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 an Affiliated
Underwriting.
7. The Board, including a majority of
the independent Board members, will
adopt procedures reasonably designed
to monitor any purchases of securities
by the Fund in an Affiliated
Underwriting, once an investment by a
Fund of Funds in the securities 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
Fund of Funds 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 ensure that
purchases of securities in Affiliated
Underwritings are in the best interest of
beneficial owners of the Fund.
8. Each Fund will maintain and
preserve permanently in an easily
accessible place a written copy of the
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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 a Fund of Funds
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
the Board’s determinations were made.
9. Before investing in a Fund in
excess of the limits in section
12(d)(1)(A), a Fund of Funds will
execute a FOF Participation Agreement
with the Fund stating that their
respective boards of directors or trustees
and their investment advisers, or trustee
and Sponsor, 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 of a Fund in
excess of the limit in section
12(d)(1)(A)(i), a Fund of Funds will
notify the Fund of the investment. At
such time, the Fund of Funds will also
transmit to the Fund a list of the names
of each Fund of Funds Affiliate and
Underwriting Affiliate. The Fund of
Funds will notify the Fund of any
changes to the list as soon as reasonably
practicable after a change occurs. The
Fund and the Fund of Funds 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 directors or trustees of each
Investing Management Company,
including a majority of the independent
directors or trustees, will find that the
advisory fees charged under such
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 a
Fund of Funds will not exceed the
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limits applicable to a fund of funds as
set forth in NASD Conduct Rule 2830.
12. No Fund will acquire securities of
an 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 a
Fund to purchase shares of other
investment companies for short-term
cash management purposes.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–24919 Filed 10–23–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold an Open Meeting
on Wednesday, October 23, 2013 at
10:00 a.m., in the Auditorium, Room L–
002.
The subject matter of the Open
Meeting will be:
• The Commission will consider
whether to propose rules and forms
related to the offer and sale of securities
through crowdfunding pursuant to
Section 4(a)(6) of the Securities Act of
1933, as mandated by Title III of the
Jumpstart Our Business Startups Act.
The duty officer has determined that
no earlier notice was possible.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact: The Office of the Secretary at
(202) 551–5400.
Dated: October 21, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013–25121 Filed 10–22–13; 11:15 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 78, Number 206 (Thursday, October 24, 2013)]
[Notices]
[Page 63528]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-25121]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold an Open Meeting on Wednesday, October
23, 2013 at 10:00 a.m., in the Auditorium, Room L-002.
The subject matter of the Open Meeting will be:
The Commission will consider whether to propose rules and
forms related to the offer and sale of securities through crowdfunding
pursuant to Section 4(a)(6) of the Securities Act of 1933, as mandated
by Title III of the Jumpstart Our Business Startups Act.
The duty officer has determined that no earlier notice was
possible.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact: The Office of the
Secretary at (202) 551-5400.
Dated: October 21, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-25121 Filed 10-22-13; 11:15 am]
BILLING CODE 8011-01-P
