Nebraska Disaster #NE-00065, 38498-38499 [2015-16428]
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38498
Federal Register / Vol. 80, No. 128 / Monday, July 6, 2015 / Notices
proposed rule change effects a change
that (A) does not significantly affect the
protection of investors or the public
interest; (B) does not impose any
significant burden on competition; and
(C) by its terms, does not become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest; provided that the selfregulatory organization has given the
Commission written notice of its intent
to file the proposed rule change, along
with a brief description and text of the
proposed rule change, at least five
business days prior to the date of filing
of the proposed rule change, or such
shorter time as designated by the
Commission. The Exchange provided
the Commission with written notice of
its intent to file the proposed rule
change, along with a brief description
and text of the proposed rule change at
least five business days prior to the date
of this filing.
A proposed rule change filed under
Rule 19b–4(f)(6) 17 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii), the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
BATS may implement the proposed rule
change immediately. The Exchange has
represented that it has alerted its
Members of the proposed change 18 and
that those currently utilizing Price
Adjust functionality would not need to
make any system changes in connection
with the proposed change. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest as it will align the
display-price sliding functionality and
Price Adjust functionality and help
harmonize the Exchange’s rulebook.
Therefore, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change to
be operative upon filing with the
Commission.19
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily
17 17
CFR 240.19b–4(f)(6).
BATS Trade Desk Notice dated May 19,
2015, ‘‘BATS Update to Post Only Price Adjust
Logic Effective Friday, June 19, 2015 on BZX,’’
available at www.batstrading.com/alerts under
Release Notes.
19 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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18 See
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temporarily suspend such rule change if
it appears to the Commission that such
action is: (1) Necessary or appropriate in
the public interest; (2) for the protection
of investors; or (3) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or 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 rule-comments@
sec.gov. Please include File Number SR–
BATS–2015–47 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BATS–2015–47. 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
offices 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
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should refer to File Number SR–BATS–
2015–47, and should be submitted on or
before July 27, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–16414 Filed 7–2–15; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #14359 and #14360]
Nebraska Disaster #NE–00065
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Nebraska (FEMA–4225–DR),
dated 06/25/2015.
Incident: Severe Storms, Tornadoes,
Straight-line Winds, and Flooding.
Incident Period: 05/06/2015 through
06/17/2015.
Effective Date: 06/25/2015.
Physical Loan Application Deadline
Date: 08/24/2015.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/25/2016.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
06/25/2015, Private Non-Profit
organizations that provide essential
services of governmental nature may file
disaster loan applications at the address
listed above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Cass, Dundy, Gage,
Jefferson, Lancaster, Lincoln, Morrill,
Nuckolls, Otoe, Saline, Saunders,
Thayer.
The Interest Rates are:
SUMMARY:
20 17
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CFR 200.30–3(a)(12).
06JYN1
Federal Register / Vol. 80, No. 128 / Monday, July 6, 2015 / Notices
Percent
For Physical Damage:
Non-Profit Organizations
With Credit Available
Elsewhere.
Non-Profit Organizations
Without Credit Available
Elsewhere.
For Economic Injury:
Non-Profit Organizations
Without Credit Available
Elsewhere.
2.625
2.625
2.625
I. Background Information
The number assigned to this disaster
for physical damage is 14359B and for
economic injury is 14360B.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
James E. Rivera,
Associate Administratorfor Disaster
Assistance.
[FR Doc. 2015–16428 Filed 7–2–15; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Docket ID No. SBA–2015–0009]
Small Business Investment
Companies—Request for Comments
on Credit and Risk Management Issues
U.S. Small Business
Administration.
ACTION: Notice and request for
comments.
AGENCY:
The Small Business
Administration (SBA) has identified two
issues that potentially affect SBA’s
ability to make recoveries from a small
business investment company (SBIC)
that performs poorly and poses a credit
risk to SBA. The Agency seeks public
input on how SBA should address its
credit concerns regarding these two
issues: SBICs with unsecured lines of
credit, and the determination of ‘‘equity
capital investments’’ when calculating
an SBIC’s capital impairment
percentage.
DATES: Comments must be received on
or before September 4, 2015.
ADDRESSES: Submit your comments,
identified by Docket ID No. SBA–2015–
0009, at www.regulations.gov.
Comments may only be submitted at
this web address; follow the instructions
on the Web site for submitting
comments. All comments received will
be included in the public docket
without change and will be available
online at www.regulations.gov. All
submissions, including attachments and
other supporting materials, will become
part of the public record and subject to
public disclosure. Sensitive information
and information that you consider to be
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SUMMARY:
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14:37 Jul 02, 2015
Confidential Business Information or
otherwise protected should not be
included. Submissions will not be
edited to remove any identifying or
contact information.
FOR FURTHER INFORMATION CONTACT: Lyn
Womack, Office of Investment and
Innovation, 409 Third St. SW.,
Washington, DC 20416, (202) 205–2416.
SUPPLEMENTARY INFORMATION:
Jkt 235001
The SBIC Program was established
under the Small Business Investment
Act of 1958. 15 U.S.C. 661 et seq. (the
‘‘Act’’). SBICs are privately owned and
professionally managed investment
funds, licensed and regulated by SBA,
that use privately-raised capital to make
equity and debt investments in
qualifying small businesses. SBICs may
be leveraged or non-leveraged.
Leveraged SBICs use privately raised
capital plus funds borrowed by issuing
debentures guaranteed by SBA to make
such qualifying investments. Only
SBICs with outstanding debenture
leverage pose a credit risk to SBA, and
SBA’s request for input in this notice is
limited to this type of SBIC. SBA does
not anticipate any changes to the
regulations as a result of this notice, but
will consider changes to the policy
guidance that interprets the regulations.
SBICs are governed by Title 13, Part
107 in the Code of Federal Regulations
(13 CFR part 107) which may be found
at www.gpo.gov/fdsys/pkg/CFR-2014title13-vol1/xml/CFR-2014-title13-vol1part107.xml. SBA also issues
supplemental guidance through various
publications which may be found at
www.sba.gov/sbicpolicy.
II. Areas of Concern
SBA is seeking public input on the
following areas of concern:
1. Unsecured Lines of Credit. The Act
provides that SBA ‘‘(1) shall not permit
a licensee having outstanding leverage
to incur third party debt that would
create or contribute to an unreasonable
risk of default or loss to the Federal
Government; and (2) shall permit such
licensees to incur third party debt only
on such terms and subject to such
conditions as may be established by the
Administrator, by regulation or
otherwise.’’ 15 U.S.C. 683(c). Pursuant
to 13 CFR 107.550, a leveraged SBIC
must obtain SBA’s prior written
approval before it incurs any secured
third-party debt. In practice, SBA rarely
approves secured third-party debt
facilities because the collateral for such
debt consists of the same assets SBA
relies on to protect its creditor position.
SBA approval is not required for
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38499
unsecured third-party debt, though the
Agency may review the related loan
agreement(s) in connection with its
oversight, including examinations, of
the SBIC.
Leveraged SBICs commonly use
unsecured lines of credit. Although
permitted by the regulations without
SBA prior approval, all such credit
facilities pose a potential credit risk to
SBA because, with certain limited
exceptions set forth under 13 CFR
107.560, the Agency is subordinated to
the first $10 million of such debt.
Furthermore, SBA is concerned that
many such credit facilities contain
certain provisions that may increase
SBA’s credit risk. SBA is specifically
concerned about provisions that, upon a
default (which may include events other
than a payment default; for example,
failure by more than a certain number
of investors in the SBIC to fund a capital
call within a stated period), allow a
lender to make a capital call directly on
the SBIC’s investors and use the
proceeds to repay the line of credit.
Similarly, SBA is concerned about
provisions that permit a lender to
compel the SBIC’s General Partner to
make a capital call, together with
remedies including specific
performance and/or injunctive relief. If
an SBIC defaults on its leverage and is
transferred by SBA to a liquidation
status in accordance with the SBIC’s
leverage terms, the SBIC’s remaining
commitments are a significant source of
capital that SBA relies upon for
repayment of the SBIC’s leverage.
However, such commitments will not be
available to SBA if they have already
been called to satisfy a default under the
SBIC’s unsecured credit facility. SBA
has also observed that some SBICs use
these lines on a short-term basis to fund
investments, while others maintain
outstanding balances on a longer-term
basis for working capital or other
purposes.
SBA is seeking comments as to how
the Agency can best address its credit
concerns while continuing to permit
SBICs to utilize unsecured lines of
credit. Among other things, SBA is
seeking input from the public with
regard to the following questions:
(a) What credit concerns should SBA
have regarding an SBIC’s credit facility
if the maximum extension of credit
under such a facility is in the amount
of $10 million or less?
(b) How frequently, or what percent of
total dollars or lines of credit, do
lenders provide unsecured credit to
SBICs in an amount above $10 million?
(c) What are the typical maturity dates
for such credit facilities (e.g., 12 month
term) and are they routinely extended?
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]]>Agencies
[Federal Register Volume 80, Number 128 (Monday, July 6, 2015)]
[Notices]
[Pages 38498-38499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16428]
=======================================================================
-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #14359 and #14360]
Nebraska Disaster #NE-00065
AGENCY: U.S. Small Business Administration.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This is a Notice of the Presidential declaration of a major
disaster for Public Assistance Only for the State of Nebraska (FEMA-
4225-DR), dated 06/25/2015.
Incident: Severe Storms, Tornadoes, Straight-line Winds, and
Flooding.
Incident Period: 05/06/2015 through 06/17/2015.
Effective Date: 06/25/2015.
Physical Loan Application Deadline Date: 08/24/2015.
Economic Injury (EIDL) Loan Application Deadline Date: 03/25/2016.
ADDRESSES: Submit completed loan applications to: U.S. Small Business
Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A Escobar, Office of Disaster
Assistance, U.S. Small Business Administration, 409 3rd Street SW.,
Suite 6050, Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of
the President's major disaster declaration on 06/25/2015, Private Non-
Profit organizations that provide essential services of governmental
nature may file disaster loan applications at the address listed above
or other locally announced locations.
The following areas have been determined to be adversely affected
by the disaster:
Primary Counties: Cass, Dundy, Gage, Jefferson, Lancaster, Lincoln,
Morrill, Nuckolls, Otoe, Saline, Saunders, Thayer.
The Interest Rates are:
[[Page 38499]]
------------------------------------------------------------------------
Percent
------------------------------------------------------------------------
For Physical Damage:
Non-Profit Organizations With Credit 2.625
Available Elsewhere.
Non-Profit Organizations Without Credit 2.625
Available Elsewhere.
For Economic Injury:
Non-Profit Organizations Without Credit 2.625
Available Elsewhere.
------------------------------------------------------------------------
The number assigned to this disaster for physical damage is 14359B
and for economic injury is 14360B.
(Catalog of Federal Domestic Assistance Numbers 59002 and 59008)
James E. Rivera,
Associate Administratorfor Disaster Assistance.
[FR Doc. 2015-16428 Filed 7-2-15; 8:45 am]
BILLING CODE 8025-01-P
