Sunshine Act Meeting, 55405 [2015-23221]
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Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices
to have acquired) securities of another
investment company pursuant to
exemptive relief from the Commission
permitting TCLP or TC REIT to (i)
acquire securities of one or more
investment companies for short-term
cash management purposes, or (ii)
engage in interfund borrowing and
lending transactions.
11. A Fund will treat any leverage that
TCLP or TC REIT incurs as though such
leverage were incurred by the Fund for
purposes of determining compliance
with applicable restrictions under the
Act relevant to the Fund’s use of
leverage. Under no circumstances will a
Fund guarantee, or otherwise be
responsible for the satisfaction of, any
loan or obligation incurred by TCLP or
TC REIT.
12. The TCLP and TC REIT will
comply with the following sections of
the Act as if the TCLP and TC REIT each
were an open-end management
investment company registered under
the Act, except as noted: Section 9;
section 12 (except that, to the extent
necessary to implement the
arrangements described herein, (i) the
Funds may invest in Units issued by
TCLP in accordance with condition 3,
(ii) TCLP may issue Units to the
investing Funds subject to the limits in
condition 3, and (iii) TCLP may invest
in TC REIT beyond the limits of sections
12(d)(1)(A) and (B)); section 13
(provided that section 13(a)(4) will
apply as though it read only ‘‘change the
nature of its business’’; the interests
issued by TCLP and TC REIT will be
regarded as voting securities under
section 2(a)(42) of the Act for purposes
of applying this condition; and the
offering memoranda utilized by TCLP
and TC REIT to offer and sell their
interests will be regarded as registration
statements for purposes of applying this
condition); section 17(a) (except insofar
as relief is provided by the order
requested herein); section 17(d) (except
insofar as relief is provided by the order
requested herein); section 17(e); section
17(f); section 17(h); section 18 (although
(a) the interests issued by TCLP and TC
REIT will be regarded as voting
securities under section 2(a)(42) of the
Act for purposes of applying this
condition, (b) TC REIT will be permitted
to incur loans from Non-bank
Commercial Lenders, subject to the asset
coverage limit, and (c) TC REIT will not
be required to restore 300% asset
coverage within three days, as required
under section 18(f), if such asset
coverage falls below 300% solely as a
result of a decline in the value of TC
REIT’s real estate holdings); section 21;
section 36; and sections 37–53. In
addition, the TCLP and TC REIT will
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comply with the rules under section
17(f) 18 and section 17(g) of the Act, as
well as rule 22c-1 under the Act as if
each of the TCLP and TC REIT were an
open-end management investment
company registered under the Act.
Advisors will cause TCGP, TCLP and
TC REIT to, and TCGP, TCLP and TC
REIT will, adopt policies and
procedures designed to ensure that each
of TCLP and TC REIT complies with the
aforementioned sections of the Act and
rules under the Act. Advisors will cause
TCGP, TCLP and TC REIT to, and TCGP,
TCLP and TC REIT will, periodically
review and periodically update as
appropriate such policies and
procedures, maintain books and records
describing such policies and
procedures, and maintain the records
required by rules 31a-1(b)(1), 31a1(b)(2)(ii) and 31a-1(b)(9) under the Act.
All books and records required to be
made pursuant to this condition will be
maintained and preserved for a period
of not less than six years from the end
of the fiscal year in which any
transaction occurs, the first two years in
an easily accessible place, and will be
subject to examination by the
Commission and its staff.
For purposes of implementing
condition 12, any action that the abovereferenced statutory and regulatory
provisions require to be taken or made
by the directors, officers and/or
employees of a registered investment
company will be performed by TCGP
with respect to TCLP, and by Advisors
(or its successor),19 as managing
member with respect to TC REIT. As
noted in this Application, the TCLP
Committee will oversee the valuation of
the assets of TCLP and TC REIT for
which market quotations are not readily
available, which also will be relevant to
the implementation of condition 12.
13. To engage in Cross Transactions,
the Funds will comply with rule 17a-7
under the Act in all respects other than
the requirement that the parties to the
transaction be affiliated persons (or
affiliated persons of affiliated persons)
of each other solely by reason of having
a common investment adviser or
investment advisers which are affiliated
persons of each other, common officers,
and/or common directors, solely
because a Fund and Other Account
might become affiliated persons within
the meaning of section 2(a)(3)(A), (B) or
(C) of the Act because of their
investments in TCLP.
18 Applicants note that they will operate TCLP
and TC REIT such that rules under section 17(f) will
not be applicable to either entity.
19 See supra, note 2.
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55405
For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–23093 Filed 9–14–15; 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 17, 2015 at 2
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 Aguilar, 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:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Opinion;
Post-Argument Discussion;
Resolution of litigation claims; 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: September 10, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–23221 Filed 9–11–15; 11:15 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 80, Number 178 (Tuesday, September 15, 2015)]
[Notices]
[Page 55405]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-23221]
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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 17, 2015 at 2 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 Aguilar, 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:
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings;
Opinion;
Post-Argument Discussion;
Resolution of litigation claims; 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: September 10, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-23221 Filed 9-11-15; 11:15 am]
BILLING CODE 8011-01-P
