Sunshine Act Meeting, 57901-57902 [2015-24547]
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Federal Register / Vol. 80, No. 186 / Friday, September 25, 2015 / Notices
trustee or Sponsor of the Investing
Trust, other than any advisory fees paid
to the Fund of Funds Adviser, or trustee
or Sponsor of an Investing Trust, or its
affiliated person by the Fund, in
connection with the investment by the
Fund of Funds in the Fund. Any Fund
of Funds Sub-Adviser 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 SubAdviser 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 any Affiliated
Underwriting.
7. The Board of a Fund, including a
majority of the non-interested 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
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appropriate, the institution of
procedures designed to ensure that
purchases of securities in Affiliated
Underwritings are in the best interest of
shareholders of the Fund.
8. Each Fund will maintain and
preserve permanently in an easily
accessible place a written copy of the
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 limit in section
12(d)(1)(A), a Fund of Funds and the
applicable Trust will execute a FOF
Participation Agreement stating,
without limitation, 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 of the names 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 disinterested
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
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57901
Fund in which the Investing
Management Company may invest.
These findings and their basis will be
fully recorded 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
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 the Fund acquires
securities of another investment
company pursuant to exemptive relief
from the Commission permitting the
Fund to acquire securities of one or
more investment companies for shortterm cash management purposes.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–24446 Filed 9–24–15; 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 conference
commemorating the 75th Anniversary of
the Investment Company Act and the
Investment Advisers Act on Tuesday,
September 29, 2015 from 9:15 a.m. to
4:15 p.m., in the Auditorium, Room
L–002.
The event will include remarks from
SEC Chair Mary Jo White and fellow
commissioners, as well as a series of
panel discussions featuring industry
pioneers, former SEC chairmen and
division directors, academics and other
distinguished leaders to discuss
significant ideas and themes in the
history of the asset management
industry.
The conference will be held at SEC
headquarters at 100 F Street NE. in
Washington, DC. The roundtable will be
webcast on the Commission’s Web site
at www.sec.gov and will be archived for
later viewing. Seating for the public will
be available.
For further information, please
contact: The Office of the Secretary at
(202) 551–5400.
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57902
Federal Register / Vol. 80, No. 186 / Friday, September 25, 2015 / Notices
Dated: September 22, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015–24547 Filed 9–23–15; 4:15 pm]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
DEPARTMENT OF HOMELAND
SECURITY
Federal Emergency Management
Agency
Privacy Act; Computer Matching
Agreement
I. Introduction
The Small Business Administration
(SBA) and the Department of Homeland
Security, Federal Emergency
Management Agency (DHS/FEMA) have
entered into this Computer Matching
Agreement (Agreement) pursuant to
section (o) of the Privacy Act of 1974 (5
U.S.C. 552a), as amended by the
Computer Matching and Privacy
Protection Act of 1988 (Pub. L. 100–
503), and as amended by the Computer
Matching Privacy Protection Act
Amendments of 1990 (Pub. L. 101–508,
5 U.S.C. 552a(p) (1990)). For purposes of
this Agreement, both SBA and DHS/
FEMA are the recipient agency and the
source agency as defined in 5 U.S.C.
552a(a)(9) and (11). For this reason, the
financial and administrative
responsibilities will be evenly
distributed between SBA and DHS/
FEMA unless otherwise set forth in this
agreement.
II. Purpose and Legal Authority
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A. Purpose of the Matching Program
The purpose of this Agreement is to
establish a framework and procedures
governing the Computer Matching
program between SBA and DHS/FEMA.
The Computer Matching program seeks
to ensure that applicants for SBA
Disaster Loans and DHS/FEMA
Individuals and Households Program,
which provides Other Needs Assistance
(ONA) and Housing Assistance (HA), do
not receive a duplication of benefits for
the same disaster. This will be
accomplished by matching specific
DHS/FEMA disaster applicant data with
SBA disaster loan application and
decision data for a declared disaster, as
set forth in this Agreement.
B. Legal Authority
SBA’s legal authority for undertaking
its disaster loan program without
duplicating benefits is contained in
section 7(b)(1) of the Small Business Act
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(15 U.S.C. 636 (b)(1). DHS/FEMA’s legal
authority contained at § 312(a) of the
Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C.
5155), mandates DHS/FEMA not to
duplicate assistance provided by
another agency or similar source.
SBA is allowed to share information
with DHS/FEMA pursuant to routine
uses (f) and (g) of SBA–020 Disaster
Loan Case Files system of records, 74 FR
14911 (April 1, 2009). DHS/FEMA is
allowed to share information with SBA
pursuant to routine uses H.1. and R. of
DHS/FEMA–008 Disaster Recovery
Assistance Files, 78 FR 25282 (April 30,
2013) (DHS/FEMA–008 SORN). The
Computer Matching and Privacy
Protection Act of 1988 (Pub. L. 100–
503), as amended, (5 U.S.C. 552a(o)–(u))
establishes procedural requirements for
agencies to follow when engaging in
computer-matching activities.
III. Justification and Expected Results
A. Justification
As required by law, SBA and DHS/
FEMA will not provide duplicative
disaster assistance to individuals, and
businesses including Private-Not-for
Profits (PNPs) for the same disaster. To
accomplish this, SBA and DHS/FEMA
will participate in a computer-matching
program to share data and financial/
benefits award decisions of individuals,
businesses and/or other entities to
prevent duplicative aid from being
provided in the same disaster
declaration.
It is also recognized that the programs
covered by this Agreement are part of a
Government-wide initiative, Executive
Order 13411—Improving Assistance for
Disaster Victims (August 29, 2006). This
order mandates DHS/FEMA to identify
and prevent duplication of benefits
received by individuals, businesses, or
other entities for the same disaster. That
initiative and this matching program are
consistent with Office of Management
and Budget (OMB) guidance on
interpreting the provisions of the
Computer Matching and Privacy
Protection Act of 1988, 54 FR 25818
(June 19, 1989); and OMB Circular A–
130, Appendix I, ‘‘Federal Agency
Responsibilities for Maintaining
Records about Individuals.’’
B. Expected Results
The matching program is to ensure
that benefits provided to disaster
survivors by DHS/FEMA and SBA are
not duplicated. By way of the DHS/
FEMA disaster registration
identification (ID) number, DHS/FEMA
and SBA are able to identify the
applications received from mutual DHS/
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FEMA and SBA disaster survivors. By
the nature of the sequence of delivery as
outlined in FEMA Regulation, 44 CFR
206.191, survivors that register with
DHS/FEMA for possible grant
assistance, and meet SBA’s minimum
income requirements, are automatically
referred to SBA for possible loan
assistance. For example, DHS/FEMA
received 548,953 registrations in
response to hurricane Sandy, and
referred 241,282 of those registrations to
SBA. More recently, in FY 2013 and
2014, DHS/FEMA received 775,089
registrations and referred 337,619
registrations to SBA. The computer
match will also reveal instances where
the same disaster survivor has
submitted applications to both DHS/
FEMA and SBA, which could result in
a duplication of benefits. Since FY
2010,1 the use of the CMA has identified
224,878 instances where the same
disaster survivor submitted applications
to both agencies, a yearly average of
40,157. Over that same period, SBA
approved 83,313 loans to homeowners
and renters, who also received
assistance from FEMA. This is a yearly
average of 14,877 files identified with a
potential DOB.
IV. Records Description
A. Systems of Records and Estimated
Number of Records Involved
DHS/FEMA accesses records from its
Disaster Recovery Assistance Files
system of records, as provided by the
DHS/FEMA–008 SORN, through its
National Emergency Management
Information System-Individual
Assistance (NEMIS–IA), and matches
them to the records that SBA provides
from its SBA–020 Disaster Loan Case
Files, 74 FR 14911 (April 1, 2009)
system of records. SBA uses its Disaster
Credit Management System (DCMS) to
access records from its Disaster Loan
Case Files system of records, and match
them to the records that DHS/FEMA
provides from its Disaster Recovery
Assistance Files system of records.
Under this agreement, DHS/FEMA and
SBA exchange data to: (1) Check for
initial registrations, (2) check for the
duplication of benefits, and (3) update
the SBA Loan Status.
A definitive answer cannot be given
as to how many records will be matched
as it will depend on the number of
individuals, businesses or other entities
that suffer damage from a declared
disaster and that ultimately apply for
Federal disaster aid.
1 The SBA data period is from October 1, 2009
through May 11, 2015.
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[Federal Register Volume 80, Number 186 (Friday, September 25, 2015)]
[Notices]
[Pages 57901-57902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-24547]
-----------------------------------------------------------------------
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 conference commemorating the 75th
Anniversary of the Investment Company Act and the Investment Advisers
Act on Tuesday, September 29, 2015 from 9:15 a.m. to 4:15 p.m., in the
Auditorium, Room L-002.
The event will include remarks from SEC Chair Mary Jo White and
fellow commissioners, as well as a series of panel discussions
featuring industry pioneers, former SEC chairmen and division
directors, academics and other distinguished leaders to discuss
significant ideas and themes in the history of the asset management
industry.
The conference will be held at SEC headquarters at 100 F Street NE.
in Washington, DC. The roundtable will be webcast on the Commission's
Web site at www.sec.gov and will be archived for later viewing. Seating
for the public will be available.
For further information, please contact: The Office of the
Secretary at (202) 551-5400.
[[Page 57902]]
Dated: September 22, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-24547 Filed 9-23-15; 4:15 pm]
BILLING CODE 8011-01-P
