Northern Lights Fund Trust, et al.; Notice of Application, 1244-1245 [2016-210]
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Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices
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
office 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
should refer to File No. SR–NASDAQ–
2015–159, and should be submitted on
or before February 1, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–249 Filed 1–8–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–440, OMB Control No.
3235–0496]
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
mstockstill on DSK4VPTVN1PROD with NOTICES
Extension:
Appendix F to Rule 15c3–1.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Appendix F to Rule
15c3–1 (‘‘Appendix F’’ or ‘‘Rule 15c3–
1f’’) (17 CFR 240.15c3–1f) under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
24 17
CFR 200.30–3(a)(12).
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Appendix F requires a broker-dealer
choosing to register, upon Commission
approval, as an OTC derivatives dealer
to develop and maintain an internal risk
management system based on Value-atRisk (‘‘VaR’’) models. It is anticipated
that a total of one (1) broker-dealer
registering as an OTC derivatives dealer
will spend 1,000 hours on a one-time
basis complying with the system
development requirements of Rule
15c3–1f, for an estimated one-time
initial startup burden of approximately
1,000 hours. Appendix F also requires
the OTC derivatives dealer to maintain
its system model according to certain
prescribed standards. It is anticipated
that the four (4) OTC derivatives dealers
currently registered with the
Commission will each spend 1,000
hours per year maintaining the system
model required by Rule 15c3–1f, for an
estimated recurring annual burden of
approximately 4,000 hours. It is
anticipated that the one (1) brokerdealer registering as an OTC derivatives
dealer will spend 1,000 hours
maintaining the system model required
by Rule 15c3–1f in each year following
its registration. Thus, the total industrywide burden is estimated to be
approximately 5,000 hours (4,000 hours
+ 1,000 hours) for the first year and
5,000 hours for each subsequent year.1
The records required to be kept
pursuant to Appendix F and results of
periodic reviews conducted pursuant to
Rule 15c3–4 generally must be
preserved under Rule 17a–4 of the
Exchange Act (17 CFR 240.17a–4) for a
period of not less than three years, the
first two years in an easily accessible
place. The Commission will not
generally publish or make available to
any person notices or reports received
pursuant to the Rule. The statutory basis
for the Commission’s refusal to disclose
such information to the public is the
exemption contained in Section (b)(4) of
the Freedom of Information Act (5
U.S.C. 552), which essentially provides
that the requirement of public
dissemination does not apply to
commercial or financial information
which is privileged or confidential.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
1 The Commission estimates that a total of five
entities will be registered as OTC derivatives
dealers at the end of the next three years, consisting
of the four current OTC derivatives dealers and one
anticipated registrant. This is in contrast with the
prior estimate of eight OTC derivatives dealers,
consisting of four current OTC derivatives dealers
and four anticipated registrants.
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(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: January 5, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–256 Filed 1–8–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
31952; File No. 812–14519]
Northern Lights Fund Trust, et al.;
Notice of Application
January 4, 2016.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 12(d)(1)(J) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
12(d)(1)(A), (B), and (C) of the Act and
under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1)
and (2) of the Act. The requested order
would permit certain registered openend investment companies to acquire
shares of certain registered open-end
investment companies, registered
closed-end investment companies,
business development companies, as
defined in section 2(a)(48) of the Act,
and unit investment trusts (collectively,
‘‘Underlying Funds’’) that are within
and outside the same group of
investment companies as the acquiring
investment companies, in excess of the
limits in section 12(d)(1) of the Act.
AGENCY:
Applicants: Northern Lights Fund
Trust (the ‘‘Trust’’), a Delaware statutory
E:\FR\FM\11JAN1.SGM
11JAN1
Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices
trust registered under the Act as an
open-end management investment
company with multiple series,
Ascendant Advisors, LLC (‘‘Ascendant’’
or the ‘‘Adviser’’), a Texas limited
liability company registered as an
investment adviser under the
Investment Advisers Act of 1940, and
Northern Lights Distributors, LLC (the
‘‘Distributor’’), a Nebraska limited
liability company registered as a brokerdealer under the Securities Exchange
Act of 1934 (‘‘Exchange Act’’).
Filing Dates: The application was
filed on July 23, 2015 and amended on
December 9, 2015.
Hearing or Notification of Hearing: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on Friday, January 29, 2016
and should be accompanied by proof of
service on the applicants, in the form of
an affidavit, or, for lawyers, a certificate
of service. Pursuant to Rule 0–5 under
the Act, hearing requests should state
the nature of the writer’s interest, any
facts bearing upon the desirability of a
hearing on the matter, the reason for the
request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
writing to the Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
Applicants: c/o JoAnn Strasser, Esq.,
Thompson Hine LLP, 41 South High
Street, Suite 1700, Columbus, Ohio
43215.
mstockstill on DSK4VPTVN1PROD with NOTICES
FOR FURTHER INFORMATION CONTACT:
Kaitlin C. Bottock, Senior Counsel, at
(202) 551–8658, or Daniele Marchesani,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm, or by
calling (202) 551–8090.
Summary of the Application
1. Applicants request an order to
permit (a) a Fund 1 (each a ‘‘Fund of
1 Applicants request that the order apply to each
existing and future series of the Trust and to each
existing and future registered open-end investment
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Funds’’) to acquire shares of Underlying
Funds 2 in excess of the limits in
sections 12(d)(1)(A) and (C) of the Act
and (b) each Underlying Fund that is a
registered open-end investment
company or series thereof, the
Distributor or any principal underwriter
and any broker or dealer registered
under the Exchange Act to sell shares of
the Underlying Fund to the Fund of
Funds in excess of the limits in section
12(d)(1)(B) of the Act.3 Applicants also
request an order of exemption under
sections 6(c) and 17(b) of the Act from
the prohibition on certain affiliated
transactions in section 17(a) of the Act
to the extent necessary to permit the
Underlying Funds to sell their shares to,
and redeem their shares from, the Funds
of Funds.4 Applicants state that such
transactions will be consistent with the
policies of each Fund of Funds and each
Underlying Fund and with the general
purposes of the Act and will be based
on the net asset values of the
Underlying Funds.
2. Applicants agree that any order
granting the requested relief will be
subject to the terms and conditions
stated in the application. Such terms
and conditions are designed to, among
other things, help prevent any potential
(i) undue influence over an Underlying
Fund that is not in the same ‘‘group of
company or series thereof that is advised by
Ascendant or its successor-in-interest or by any
entity controlling, controlled by or under common
control with Ascendant or its successor-in-interest
and is part of the same ‘‘group of investment
companies’’ as the Trust (each, a ‘‘Fund’’). For
purposes of the requested order, ‘‘successor-ininterest’’ is limited to an entity that results from a
reorganization into another jurisdiction or a change
in the type of business organization. For purposes
of the request for relief, the term ‘‘group of
investment companies’’ means any two or more
investment companies, including closed-end
investment companies and business development
companies, that hold themselves out to investors as
related companies for purposes of investment and
investor services.
2 Certain of the Underlying Funds have obtained
exemptions from the Commission necessary to
permit their shares to be listed and traded on a
national securities exchange at negotiated prices
and, accordingly, to operate as exchange-traded
funds (‘‘ETFs’’).
3 Applicants do not request relief for the Funds
of Funds to invest in business development
companies or closed-end investment companies
that are not listed on a national securities exchange.
4 A Fund of Funds generally would purchase and
sell shares of an Underlying Fund that operates as
an ETF through secondary market transactions
rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request
relief from section 17(a) to permit a Fund of Funds
to purchase or redeem shares from the ETF. A Fund
of Funds will purchase and sell shares of an
Underlying Fund that is a closed-end fund through
secondary market transactions at market prices
rather than through principal transactions with the
closed-end fund. Accordingly, applicants are not
requesting section 17(a) relief with respect to
transactions in shares of closed-end funds
(including business development companies).
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1245
investment companies’’ as the Fund of
Funds through control or voting power,
or in connection with certain services,
transactions, and underwritings, (ii)
excessive layering of fees, and (iii)
overly complex fund structures, which
are the concerns underlying the limits
in sections 12(d)(1)(A), (B), and (C) of
the Act.
3. Section 12(d)(1)(J) of the Act
provides that the Commission may
exempt any person, security, or
transaction, or any class or classes of
persons, securities, or transactions, from
any provision of section 12(d)(1) if the
exemption is consistent with the public
interest and the protection of investors.
Section 17(b) of the Act authorizes the
Commission to grant an order
permitting a transaction otherwise
prohibited by section 17(a) if it finds
that (a) the terms of the proposed
transaction are fair and reasonable and
do not involve overreaching on the part
of any person concerned; (b) the
proposed transaction is consistent with
the policies of each registered
investment company involved; and (c)
the proposed transaction is consistent
with the general purposes of the Act.
Section 6(c) of the Act permits the
Commission to exempt any persons or
transactions from any provision of the
Act if such exemption is necessary or
appropriate in the public interest and
consistent with the protection of
investors and the purposes fairly
intended by the policy and provisions of
the Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–210 Filed 1–8–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76835; File No. SR–ISE–
2015–44]
Self-Regulatory Organizations;
International Securities Exchange;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Establish the Securities
Trader and Securities Trader Principal
Registration Categories
January 5, 2016.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
1 15
2 17
E:\FR\FM\11JAN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
11JAN1
]]>Agencies
[Federal Register Volume 81, Number 6 (Monday, January 11, 2016)]
[Notices]
[Pages 1244-1245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-210]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 31952; File No. 812-14519]
Northern Lights Fund Trust, et al.; Notice of Application
January 4, 2016.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application for an order under section 12(d)(1)(J)
of the Investment Company Act of 1940 (the ``Act'') for an exemption
from sections 12(d)(1)(A), (B), and (C) of the Act and under sections
6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and
(2) of the Act. The requested order would permit certain registered
open-end investment companies to acquire shares of certain registered
open-end investment companies, registered closed-end investment
companies, business development companies, as defined in section
2(a)(48) of the Act, and unit investment trusts (collectively,
``Underlying Funds'') that are within and outside the same group of
investment companies as the acquiring investment companies, in excess
of the limits in section 12(d)(1) of the Act.
-----------------------------------------------------------------------
Applicants: Northern Lights Fund Trust (the ``Trust''), a Delaware
statutory
[[Page 1245]]
trust registered under the Act as an open-end management investment
company with multiple series, Ascendant Advisors, LLC (``Ascendant'' or
the ``Adviser''), a Texas limited liability company registered as an
investment adviser under the Investment Advisers Act of 1940, and
Northern Lights Distributors, LLC (the ``Distributor''), a Nebraska
limited liability company registered as a broker-dealer under the
Securities Exchange Act of 1934 (``Exchange Act'').
Filing Dates: The application was filed on July 23, 2015 and
amended on December 9, 2015.
Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on Friday, January 29, 2016 and should be accompanied by
proof of service on the applicants, in the form of an affidavit, or,
for lawyers, a certificate of service. Pursuant to Rule 0-5 under the
Act, hearing requests should state the nature of the writer's interest,
any facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons who wish to
be notified of a hearing may request notification by writing to the
Commission's Secretary.
ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE., Washington, DC 20549-1090. Applicants: c/o JoAnn Strasser,
Esq., Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus,
Ohio 43215.
FOR FURTHER INFORMATION CONTACT: Kaitlin C. Bottock, Senior Counsel, at
(202) 551-8658, or Daniele Marchesani, Branch Chief, at (202) 551-6821
(Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or for an
applicant using the Company name box, at https://www.sec.gov/search/search.htm, or by calling (202) 551-8090.
Summary of the Application
1. Applicants request an order to permit (a) a Fund \1\ (each a
``Fund of Funds'') to acquire shares of Underlying Funds \2\ in excess
of the limits in sections 12(d)(1)(A) and (C) of the Act and (b) each
Underlying Fund that is a registered open-end investment company or
series thereof, the Distributor or any principal underwriter and any
broker or dealer registered under the Exchange Act to sell shares of
the Underlying Fund to the Fund of Funds in excess of the limits in
section 12(d)(1)(B) of the Act.\3\ Applicants also request an order of
exemption under sections 6(c) and 17(b) of the Act from the prohibition
on certain affiliated transactions in section 17(a) of the Act to the
extent necessary to permit the Underlying Funds to sell their shares
to, and redeem their shares from, the Funds of Funds.\4\ Applicants
state that such transactions will be consistent with the policies of
each Fund of Funds and each Underlying Fund and with the general
purposes of the Act and will be based on the net asset values of the
Underlying Funds.
---------------------------------------------------------------------------
\1\ Applicants request that the order apply to each existing and
future series of the Trust and to each existing and future
registered open-end investment company or series thereof that is
advised by Ascendant or its successor-in-interest or by any entity
controlling, controlled by or under common control with Ascendant or
its successor-in-interest and is part of the same ``group of
investment companies'' as the Trust (each, a ``Fund''). For purposes
of the requested order, ``successor-in-interest'' is limited to an
entity that results from a reorganization into another jurisdiction
or a change in the type of business organization. For purposes of
the request for relief, the term ``group of investment companies''
means any two or more investment companies, including closed-end
investment companies and business development companies, that hold
themselves out to investors as related companies for purposes of
investment and investor services.
\2\ Certain of the Underlying Funds have obtained exemptions
from the Commission necessary to permit their shares to be listed
and traded on a national securities exchange at negotiated prices
and, accordingly, to operate as exchange-traded funds (``ETFs'').
\3\ Applicants do not request relief for the Funds of Funds to
invest in business development companies or closed-end investment
companies that are not listed on a national securities exchange.
\4\ A Fund of Funds generally would purchase and sell shares of
an Underlying Fund that operates as an ETF through secondary market
transactions rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request relief from section
17(a) to permit a Fund of Funds to purchase or redeem shares from
the ETF. A Fund of Funds will purchase and sell shares of an
Underlying Fund that is a closed-end fund through secondary market
transactions at market prices rather than through principal
transactions with the closed-end fund. Accordingly, applicants are
not requesting section 17(a) relief with respect to transactions in
shares of closed-end funds (including business development
companies).
---------------------------------------------------------------------------
2. Applicants agree that any order granting the requested relief
will be subject to the terms and conditions stated in the application.
Such terms and conditions are designed to, among other things, help
prevent any potential (i) undue influence over an Underlying Fund that
is not in the same ``group of investment companies'' as the Fund of
Funds through control or voting power, or in connection with certain
services, transactions, and underwritings, (ii) excessive layering of
fees, and (iii) overly complex fund structures, which are the concerns
underlying the limits in sections 12(d)(1)(A), (B), and (C) of the Act.
3. Section 12(d)(1)(J) of the Act provides that the Commission may
exempt any person, security, or transaction, or any class or classes of
persons, securities, or transactions, from any provision of section
12(d)(1) if the exemption is consistent with the public interest and
the protection of investors. Section 17(b) of the Act authorizes the
Commission to grant an order permitting a transaction otherwise
prohibited by section 17(a) if it finds that (a) the terms of the
proposed transaction are fair and reasonable and do not involve
overreaching on the part of any person concerned; (b) the proposed
transaction is consistent with the policies of each registered
investment company involved; and (c) the proposed transaction is
consistent with the general purposes of the Act. Section 6(c) of the
Act permits the Commission to exempt any persons or transactions from
any provision of the Act if such exemption is necessary or appropriate
in the public interest and consistent with the protection of investors
and the purposes fairly intended by the policy and provisions of the
Act.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-210 Filed 1-8-16; 8:45 am]
BILLING CODE 8011-01-P
