Sunshine Act Meeting, 52382 [2014-21005]
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52382
Federal Register / Vol. 79, No. 170 / Wednesday, September 3, 2014 / Notices
2. The prospectus for each Fund will
disclose the existence, substance and
effect of any order granted pursuant to
the application. Each Fund will hold
itself out to the public as employing the
Manager of Managers Structure
described in the application. The
prospectus will prominently disclose
that the Advisor has ultimate
responsibility (subject to oversight by
the Board) to oversee the Sub-Advisors
and recommend their hiring,
termination and replacement.
3. The Funds will inform
shareholders of the hiring of a new SubAdvisor within 90 days after the hiring
of that new Sub-Advisor pursuant to the
Modified Notice and Access Procedures.
4. The Advisor will not enter into a
Sub-Advisory Agreement with any
Affiliated Sub-Advisor without that
agreement, including the compensation
to be paid thereunder, being approved
by the shareholders of the applicable
Fund.
5. At all times, at least a majority of
the Board will be Independent Trustees,
and the nomination and selection of
new or additional Independent Trustees
will be placed within the discretion of
the then-existing Independent Trustees.
6. When a Sub-Advisor change is
proposed for a Fund with an Affiliated
Sub-Advisor, the Board, including a
majority of the Independent Trustees,
will make a separate finding, reflected
in the applicable Board minutes, that
such change is in the best interests of
the Fund and its shareholders and does
not involve a conflict of interest from
which the Advisor or the Affiliated SubAdvisor derives an inappropriate
advantage.
7. Independent legal counsel, as
defined in rule 0–1(a)(6) under the Act,
will be engaged to represent the
Independent Trustees. The selection of
such counsel will be within the
discretion of the then existing
Independent Trustees.
8. Each Advisor will provide the
Board, no less frequently than quarterly,
with information about the profitability
of the Advisor on a per-Fund basis. The
information will reflect the impact on
profitability of the hiring or termination
of any Sub-Advisor during the
applicable quarter.
9. Whenever a Sub-Advisor is hired or
terminated, the Advisor will provide the
Board with information showing the
expected impact on the profitability of
the Advisor.
10. The Advisor will provide general
management services to a Fund,
including overall supervisory
responsibility for the general
management and investment of a Fund’s
assets and, subject to review and
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17:40 Sep 02, 2014
Jkt 232001
approval of the Board, will (i) set a
Fund’s overall investment strategies; (ii)
evaluate, select and recommend SubAdvisors to manage all or part of a
Fund’s assets; (iii) when appropriate,
allocate and reallocate a Fund’s assets
among multiple Sub-Advisors; (iv)
monitor and evaluate the performance
of Sub-Advisors; and (v) implement
procedures reasonably designed to
ensure that the Sub-Advisors comply
with a Fund’s investment objective,
policies and restrictions.
11. No trustee or officer of the Trust
or of a Fund, or director, manager or
officer of the Advisor, will own directly
or indirectly (other than through a
pooled investment vehicle that is not
controlled by such person) any interest
in a Sub-Advisor, except for (i)
ownership of interests in the Advisor or
any entity that controls, is controlled by
or is under common control with the
Advisor; or (ii) ownership of less than
1% of the outstanding securities of any
class of equity or debt of a publicly
traded company that is either a SubAdvisor or an entity that controls, is
controlled by or is under common
control with a Sub-Advisor.
12. Each Fund will disclose in its
registration statement the Aggregate Fee
Disclosure.
13. Any new Sub-Advisory
Agreement or any amendment to an
existing Advisory Agreement or SubAdvisory Agreement that directly or
indirectly results in an increase in the
aggregate advisory fee rate payable by a
Fund will be submitted to the Fund’s
shareholders for approval.
14. In the event the Commission
adopts a rule under the Act providing
substantially similar relief to that in the
order requested in the application, the
requested order will expire on the
effective date of that rule.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–20869 Filed 9–2–14; 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 a Closed Meeting
on Thursday, September 4, 2014 at 2:00
p.m.
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session.
The subject matter of the Closed
Meeting will be:
Settlement of injunctive actions;
Institution settlement of administrative
proceedings; and other matters relating to
enforcement proceedings.
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: August 28, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–21005 Filed 8–29–14; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72933; File No. SR–BATS–
2014–036]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Fees for Use
of BATS Exchange, Inc.
August 27, 2014.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on August
15, 2014, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) 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 by the Exchange. The
Exchange has designated the proposed
rule change as one establishing or
changing a member due, fee, or other
charge imposed by the Exchange under
1 15
2 17
E:\FR\FM\03SEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
03SEN1
]]>Agencies
[Federal Register Volume 79, Number 170 (Wednesday, September 3, 2014)]
[Notices]
[Page 52382]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-21005]
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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 a Closed Meeting on Thursday,
September 4, 2014 at 2:00 p.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
The General Counsel of the Commission, or her designee, has
certified that, in her opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer, voted to consider the items
listed for the Closed Meeting in closed session.
The subject matter of the Closed Meeting will be:
Settlement of injunctive actions;
Institution settlement of administrative proceedings; and other
matters relating to enforcement proceedings.
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: August 28, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-21005 Filed 8-29-14; 11:15 am]
BILLING CODE 8011-01-P
