Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Withdrawal of Proposed Rule Change Relating to Multi-Class Spread Orders, 10215 [2014-03782]
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Federal Register / Vol. 79, No. 36 / Monday, February 24, 2014 / Notices
Underwriting occurred, the first two
years in an easily accessible place, a
written record of each purchase of
securities in an Affiliated Underwriting
once an investment by a Fund of Funds
in the securities of an Unaffiliated
Investment Company exceeds the limit
of section 12(d)(1)(A)(i) of the 1940 Act,
setting forth (1) the party from whom
the securities were acquired, (2) the
identity of the underwriting syndicate’s
members, (3) the terms of the purchase,
and (4) the information or materials
upon which the determinations of the
Board of the Unaffiliated Investment
Company were made.
8. Prior to its investment in shares of
an Unaffiliated Investment Company in
excess of the limit in section
12(d)(1)(A)(i) of the 1940 Act, the Fund
of Funds and the Unaffiliated
Investment Company will execute a
Participation Agreement stating,
without limitation, that their Boards and
their investment advisers 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 an Unaffiliated
Investment Company in excess of the
limit in section 12(d)(1)(A)(i), a Fund of
Funds will notify the Unaffiliated
Investment Company of the investment.
At such time, the Fund of Funds will
also transmit to the Unaffiliated
Investment Company a list of the names
of each Fund of Funds Affiliate and
Underwriting Affiliate. The Fund of
Funds will notify the Unaffiliated
Investment Company of any changes to
the list as soon as reasonably practicable
after a change occurs. The Unaffiliated
Investment Company and the Fund of
Funds will maintain and preserve a
copy of the order, the 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.
9. Before approving any advisory
contract under section 15 of the 1940
Act, the Board of each Fund of Funds,
including a majority of the Independent
Directors, shall find that the advisory
fees charged under the advisory contract
are based on services provided that are
in addition to, rather than duplicative
of, services provided under the advisory
contract(s) of any Underlying Fund in
which the Fund of Funds may invest.
Such finding, and the basis upon which
the finding was made, will be recorded
fully in the minute books of the
appropriate Fund of Funds.
10. The Adviser will waive fees
otherwise payable to it by a Fund of
Funds in an amount at least equal to any
compensation (including fees received
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pursuant to any plan adopted by an
Unaffiliated Investment Company
pursuant to rule 12b–1 under the 1940
Act) received from an Unaffiliated Fund
by the Adviser, or an affiliated person
of the Adviser, other than any advisory
fees paid to the Adviser or its affiliated
person by the Unaffiliated Investment
Company, in connection with the
investment by the Fund of Funds in the
Unaffiliated Fund. Any Sub-Adviser
will waive fees otherwise payable to the
Sub-Adviser, directly or indirectly, by
the Fund of Funds in an amount at least
equal to any compensation received by
the Sub-Adviser, or an affiliated person
of the Sub-Adviser, from an Unaffiliated
Fund, other than any advisory fees paid
to the Sub-Adviser or its affiliated
person by the Unaffiliated Investment
Company, in connection with the
investment by the Fund of Funds in the
Unaffiliated Fund made at the direction
of the Sub-Adviser. In the event that the
Sub-Adviser waives fees, the benefit of
the waiver will be passed through to the
Fund of Funds.
11. Any sales charges and/or service
fees charged with respect to shares of a
Fund of Funds will not exceed the
limits applicable to funds of funds set
forth in NASD Conduct Rule 2830.
12. No Underlying Fund will acquire
securities of any other investment
company or company relying on section
3(c)(1) or 3(c)(7) of the 1940 Act, in
excess of the limits contained in section
12(d)(1)(A) of the 1940 Act, except to
the extent that such Underlying Fund:
(a) Acquires such securities in
compliance with section 12(d)(1)(E) of
the 1940 Act and either is an Affiliated
Fund or is in the same ‘‘group of
investment companies’’ as its
corresponding master fund; (b) receives
securities of another investment
company as a dividend or as a result of
a plan of reorganization of a company
(other than a plan devised for the
purpose of evading section 12(d)(1) of
the 1940 Act); or (c) acquires (or is
deemed to have acquired) securities of
another investment company pursuant
to exemptive relief from the
Commission permitting such
Underlying Fund to: (i) Acquire
securities of one or more investment
companies for short-term cash
management purposes or (ii) engage in
inter-fund borrowing and lending
transactions.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–03796 Filed 2–21–14; 8:45 am]
BILLING CODE 8011–01–P
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10215
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71556; File No. SR–CBOE–
2013–113]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Withdrawal of
Proposed Rule Change Relating to
Multi-Class Spread Orders
February 18, 2014.
On November 18, 2013, the Chicago
Board Options Exchange, Incorporated
(the ‘‘Exchange’’ or ‘‘CBOE’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to amend CBOE
Rule 24.19 to revise several provisions
governing the trading of Multi-Class
Spread Orders. The proposed rule
change was published for comment in
the Federal Register on December 5,
2013.3 The Commission has not
received any comment letters on the
proposal.
On January 7, 2014, the Commission
extended the time period in which to
either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether to disapprove the
proposed rule change, to March 5,
2014.4 On January 17, 2014, the
Exchange submitted Amendment No. 1
to the proposed rule change. On
February 12, 2014, the Exchange
withdrew the proposed rule change
(SR–CBOE–2013–113).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–03782 Filed 2–21–14; 8:45 am]
BILLING CODE 8011–01–P
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 70961
(November 29, 2013), 78 FR 73211.
4 See Securities Exchange Act Release No. 71248,
79 FR 2239 (January 13, 2013).
5 17 CFR 200.30–3(a)(31).
2 17
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24FEN1
]]>Agencies
[Federal Register Volume 79, Number 36 (Monday, February 24, 2014)]
[Notices]
[Page 10215]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03782]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71556; File No. SR-CBOE-2013-113]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Withdrawal of Proposed Rule Change Relating to
Multi-Class Spread Orders
February 18, 2014.
On November 18, 2013, the Chicago Board Options Exchange,
Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities
and Exchange Commission (the ``Commission''), pursuant to Section
19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'') \1\ and
Rule 19b-4 thereunder,\2\ a proposed rule change to amend CBOE Rule
24.19 to revise several provisions governing the trading of Multi-Class
Spread Orders. The proposed rule change was published for comment in
the Federal Register on December 5, 2013.\3\ The Commission has not
received any comment letters on the proposal.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 70961 (November 29,
2013), 78 FR 73211.
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On January 7, 2014, the Commission extended the time period in
which to either approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change, to March 5, 2014.\4\ On January
17, 2014, the Exchange submitted Amendment No. 1 to the proposed rule
change. On February 12, 2014, the Exchange withdrew the proposed rule
change (SR-CBOE-2013-113).
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\4\ See Securities Exchange Act Release No. 71248, 79 FR 2239
(January 13, 2013).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\5\
---------------------------------------------------------------------------
\5\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-03782 Filed 2-21-14; 8:45 am]
BILLING CODE 8011-01-P
