Small Business Investment Company (SBIC) Program: SBA Model Form of Agreement of Limited Partnership for an SBIC Issuing Debentures, 19697-19698 [2016-07749]
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Federal Register / Vol. 81, No. 65 / Tuesday, April 5, 2016 / Notices
securities. The Shares are in a
continuous distribution and, as such,
the restricted period in which
distribution participants and their
affiliated purchasers are prohibited from
bidding for, purchasing, or attempting to
induce others to bid for or purchase
extends indefinitely.
Based on the representations and facts
presented in the Letter, particularly that
the Trust is a registered open-end
management investment company that
will continuously redeem at the NAV
Creation Unit size aggregations of the
Shares of each Fund and that a close
alignment between the market price of
Shares and each Fund’s NAV is
expected, the Commission finds that it
is appropriate in the public interest and
consistent with the protection of
investors to grant the Trust an
exemption under paragraph (d) of Rule
101 of Regulation M with respect to
each Fund, thus permitting persons
participating in a distribution of Shares
of each Fund to bid for or purchase such
Shares during their participation in
such distribution.6
Rule 102 of Regulation M
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Rule 102 of Regulation M prohibits
issuers, selling security holders, or any
affiliated purchaser of such person from
bidding for, purchasing, or attempting to
induce any person to bid for or purchase
a covered security during the applicable
restricted period in connection with a
distribution of securities effected by or
on behalf of an issuer or selling security
holder.
Based on the representations and facts
presented in the Letter, particularly that
the Trust is a registered open-end
management investment company that
will redeem at the NAV Creation Units
of Shares of each Fund and that a close
alignment between the market price of
Shares and each Fund’s NAV is
expected, the Commission finds that it
is appropriate in the public interest and
consistent with the protection of
investors to grant the Trust an
exemption under paragraph (e) of Rule
102 of Regulation M with respect to the
Funds, thus permitting each Fund to
redeem Shares of each Fund during the
continuous offering of such Shares.
6 Additionally, we confirm the interpretation that
a redemption of Creation Unit size aggregations of
Shares of each Fund and the receipt of securities
in exchange by a participant in a distribution of
Shares of each Fund would not constitute an
‘‘attempt to induce any person to bid for or
purchase, a covered security during the applicable
restricted period’’ within the meaning of Rule 101
of Regulation M and, therefore, would not violate
that rule.
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17:18 Apr 04, 2016
Jkt 238001
Rule 10b–17
Rule 10b–17, with certain exceptions,
requires an issuer of a class of publicly
traded securities to give notice of certain
specified actions (for example, a
dividend distribution) relating to such
class of securities in accordance with
Rule 10b–17(b). Based on the
representations and facts in the Letter,
and subject to the conditions below, we
find that it is appropriate in the public
interest, and consistent with the
protection of investors, to grant the
Trust a conditional exemption from
Rule 10b–17 because market
participants will receive timely
notification of the existence and timing
of a pending distribution, and thus the
concerns that the Commission raised in
adopting Rule 10–b17 will not be
implicated.7
Conclusion
It is hereby ordered, pursuant to Rule
101(d) of Regulation M, that the Trust,
based on the representations and the
facts presented in the Letter, is exempt
from the requirements of Rule 101 with
respect to each Fund, thus permitting
persons who may be deemed to be
participating in a distribution of Shares
of each Fund to bid for or purchase such
Shares during their participation in
such distribution.
It is further ordered, pursuant to Rule
102(e) of Regulation M, that the Trust,
based on the representations and the
facts presented in the Letter, is exempt
from the requirements of Rule 102 with
respect to each Fund, thus permitting
each Fund to redeem Shares of each
Fund during the continuous offering of
such Shares.
It is further ordered, pursuant to Rule
10b–17(b)(2), that the Trust, based on
the representations and the facts
presented in the Letter, and subject to
the conditions below, is exempt from
the requirements of Rule 10b–17 with
respect to transactions in the Shares of
each Fund.
This exemptive relief is subject to the
following conditions:
• The Trust will comply with Rule
10b–17 except for Rule 10b–
17(b)(1)(v)(a) and (b); and
• The Trust will provide the
information required by Rule 10b–
17(b)(1)(v)(a) and (b) to the Exchange as
soon as practicable before trading begins
on the ex-dividend date, but in no event
later than the time when the Exchange
7 We also note that timely compliance with Rule
10b–17(b)(1)(v)(a) and (b) would be impractical
because it is not possible for the Funds to
accurately project ten days in advance what
dividend, if any, would be paid on a particular
record date.
PO 00000
Frm 00149
Fmt 4703
Sfmt 4703
19697
last accepts information relating to
distributions on the day before the exdividend date.
This exemptive relief is subject to
modification or revocation at any time
the Commission determines that such
action is necessary or appropriate in
furtherance of the purposes of the
Exchange Act. Persons relying upon this
exemptive relief shall discontinue
transactions involving the Shares of the
Funds, pending presentation of the facts
for the Commission’s consideration, in
the event that any material change
occurs with respect to any of the facts
or representations made by the
Requestors and, consistent with all
preceding letters, particularly with
respect to the close alignment between
the market price of Shares and each
Fund’s NAV. In addition, persons
relying on this exemptive relief are
directed to the antifraud and antimanipulation provisions of the
Exchange Act, particularly Sections 9(a)
and 10(b), and Rule 10b–5 thereunder.
Responsibility for compliance with
these and any other applicable
provisions of the federal securities laws
must rest with the persons relying on
this exemptive relief.
This order should not be considered
a view with respect to any other
question that the proposed transactions
may raise, including, but not limited to
the adequacy of the disclosure
concerning, and the applicability of
other federal or state laws to, the
proposed transactions.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–07681 Filed 4–4–16; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Small Business Investment Company
(SBIC) Program: SBA Model Form of
Agreement of Limited Partnership for
an SBIC Issuing Debentures
Small Business Administration.
Notice; issuance and effective
date of Revised SBA Model Form of
Agreement of Limited Partnership for an
SBIC Issuing Debentures Only.
AGENCY:
ACTION:
The Small Business
Administration (SBA) has updated the
SBA Model Form of Agreement of
Limited Partnership for an SBIC Issuing
Debentures Only (‘‘Model Version 3.0’’).
This update reflects comments received
SUMMARY:
8 17
E:\FR\FM\05APN1.SGM
CFR 200.30–3(a)(6) and (9).
05APN1
asabaliauskas on DSK3SPTVN1PROD with NOTICES
19698
Federal Register / Vol. 81, No. 65 / Tuesday, April 5, 2016 / Notices
from the public in response to notices
SBA published in the Federal Register
on April 22, 2014 and June 26, 2015.
The Model Version 3.0 is available on
SBA’s Web site and is effective for all
SBIC applicants as of October 1, 2016.
DATES: The effective date of the Model
Version 3.0 is October 1, 2016.
FOR FURTHER INFORMATION CONTACT:
Michael Schrader, Attorney Advisor,
Department of Financial Law and
Lender Oversight, Office of General
Counsel, 409 Third Street SW.,
Washington, DC 20416; (202) 205–7115.
SUPPLEMENTARY INFORMATION: The SBIC
Program was established under the
Small Business Investment Act of 1958.
SBICs are privately owned and managed
investment funds, licensed and
regulated by SBA, that use privatelyraised capital plus funds borrowed with
an SBA guarantee to make equity and
debt investments in qualifying small
businesses. The SBIC license
application (SBA Forms 2181, 2182 and
2183) requires an applicant to submit,
among other things, its organizational
documents. The majority of applicants
to the SBIC program are formed as
limited partnerships, and these
applicants must submit their limited
partnership agreement as part of their
application. The original version of
SBA’s model limited partnership
agreement was developed in 2000 to
assist SBIC applicants in producing a
limited partnership agreement suitable
for an SBIC and to facilitate this process
by including provisions required by the
regulations governing the SBIC Program
(13 CFR part 107) and other SBA policy
requirements designed to minimize the
risk of loss to SBA in providing
financial assistance to SBICs. That
version was updated in 2004, with
additional limited updates since that
time (‘‘Model Version 2.0’’). The Model
Version 2.0 is available on SBA’s Web
site at www.sba.gov/sbic/investing-sbic/
model-partnership-agreement.
Since the last comprehensive update
to the Model Version 2.0, changes have
occurred both in the structure and
operation of limited partnerships and in
the venture capital industry. As part of
its process of updating the Model
Version 2.0, SBA published notices in
the Federal Register soliciting
comments and recommendations from
the public on April 22, 2014, 79 FR
22568, and June 26, 2015, 80 FR 36881.
SBA carefully considered the comments
received and incorporated those that the
Agency believed were appropriate into
the Model Version 3.0. The Model
Version 3.0 is available on SBA’s Web
site at www.sba.gov/sbic/investing-sbic/
model-partnership-agreement.
VerDate Sep<11>2014
17:18 Apr 04, 2016
Jkt 238001
All applicants, whether first time or
subsequent fund applicants, that submit
an SBIC license application on or after
October 1, 2016 must use the Model
Version 3.0 and follow the instructions
set forth therein.
Authority: 15 U.S.C. 681.
Mark L. Walsh,
Associate Administrator, Office of Investment
and Innovation.
[FR Doc. 2016–07749 Filed 4–4–16; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #14679 and #14680]
Texas Disaster # TX–00463
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a notice of an
Administrative declaration of a disaster
for the State of Texas dated 03/29/2016.
Incident: Severe Winter Storms,
Tornadoes, Straight-line Winds and
Flooding.
Incident Period: 12/26/2015 through
01/21/2016.
Effective Date: 03/29/2016.
Physical Loan Application Deadline
Date: 05/31/2016.
Economic Injury (EIDL) Loan
Application Deadline Date: 12/29/2016.
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
Administrator’s disaster declaration,
applications for disaster loans may be
filed 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: Collin, Dallas, Ellis,
Rockwall, Van Zandt.
Contiguous Counties:
Texas: Denton, Fannin, Grayson,
Henderson, Hill, Hunt, Johnson,
Kaufman, Navarro, Rains, Smith,
Tarrant, Wood.
The Interest Rates are:
SUMMARY:
Percent
For Physical Damage:
PO 00000
Frm 00150
Fmt 4703
Sfmt 4703
Percent
Homeowners With Credit Available Elsewhere ......................
Homeowners Without Credit
Available Elsewhere ..............
Businesses With Credit Available Elsewhere ......................
Businesses
Without
Credit
Available Elsewhere ..............
Non-Profit Organizations With
Credit Available Elsewhere ...
Non-Profit Organizations Without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives Without Credit
Available Elsewhere ..............
Non-Profit Organizations Without Credit Available Elsewhere .....................................
3.625
1.813
6.000
4.000
2.625
2.625
4.000
2.625
The number assigned to this disaster
for physical damage is 14679 B and for
economic injury is 14680 0.
The States which received an EIDL
Declaration # are Texas.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Maria Contreras-Sweet,
Administrator.
[FR Doc. 2016–07746 Filed 4–4–16; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-Day notice.
AGENCY:
ACTION:
The Small Business
Administration (SBA) is publishing this
notice to comply with requirements of
the Paperwork Reduction Act (PRA) (44
U.S.C. Chapter 35), which requires
agencies to submit proposed reporting
and recordkeeping requirements to
OMB for review and approval, and to
publish a notice in the Federal Register
notifying the public that the agency has
made such a submission. This notice
also allows an additional 30 days for
public comments.
DATES: Submit comments on or before
May 5, 2016.
ADDRESSES: Comments should refer to
the information collection by name and/
or OMB Control Number and should be
sent to: Agency Clearance Officer, Curtis
Rich, Small Business Administration,
409 3rd Street SW., 5th Floor,
Washington, DC 20416; and SBA Desk
Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
SUMMARY:
E:\FR\FM\05APN1.SGM
05APN1
Agencies
[Federal Register Volume 81, Number 65 (Tuesday, April 5, 2016)]
[Notices]
[Pages 19697-19698]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07749]
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SMALL BUSINESS ADMINISTRATION
Small Business Investment Company (SBIC) Program: SBA Model Form
of Agreement of Limited Partnership for an SBIC Issuing Debentures
AGENCY: Small Business Administration.
ACTION: Notice; issuance and effective date of Revised SBA Model Form
of Agreement of Limited Partnership for an SBIC Issuing Debentures
Only.
-----------------------------------------------------------------------
SUMMARY: The Small Business Administration (SBA) has updated the SBA
Model Form of Agreement of Limited Partnership for an SBIC Issuing
Debentures Only (``Model Version 3.0''). This update reflects comments
received
[[Page 19698]]
from the public in response to notices SBA published in the Federal
Register on April 22, 2014 and June 26, 2015. The Model Version 3.0 is
available on SBA's Web site and is effective for all SBIC applicants as
of October 1, 2016.
DATES: The effective date of the Model Version 3.0 is October 1, 2016.
FOR FURTHER INFORMATION CONTACT: Michael Schrader, Attorney Advisor,
Department of Financial Law and Lender Oversight, Office of General
Counsel, 409 Third Street SW., Washington, DC 20416; (202) 205-7115.
SUPPLEMENTARY INFORMATION: The SBIC Program was established under the
Small Business Investment Act of 1958. SBICs are privately owned and
managed investment funds, licensed and regulated by SBA, that use
privately-raised capital plus funds borrowed with an SBA guarantee to
make equity and debt investments in qualifying small businesses. The
SBIC license application (SBA Forms 2181, 2182 and 2183) requires an
applicant to submit, among other things, its organizational documents.
The majority of applicants to the SBIC program are formed as limited
partnerships, and these applicants must submit their limited
partnership agreement as part of their application. The original
version of SBA's model limited partnership agreement was developed in
2000 to assist SBIC applicants in producing a limited partnership
agreement suitable for an SBIC and to facilitate this process by
including provisions required by the regulations governing the SBIC
Program (13 CFR part 107) and other SBA policy requirements designed to
minimize the risk of loss to SBA in providing financial assistance to
SBICs. That version was updated in 2004, with additional limited
updates since that time (``Model Version 2.0''). The Model Version 2.0
is available on SBA's Web site at www.sba.gov/sbic/investing-sbic/model-partnership-agreement.
Since the last comprehensive update to the Model Version 2.0,
changes have occurred both in the structure and operation of limited
partnerships and in the venture capital industry. As part of its
process of updating the Model Version 2.0, SBA published notices in the
Federal Register soliciting comments and recommendations from the
public on April 22, 2014, 79 FR 22568, and June 26, 2015, 80 FR 36881.
SBA carefully considered the comments received and incorporated those
that the Agency believed were appropriate into the Model Version 3.0.
The Model Version 3.0 is available on SBA's Web site at www.sba.gov/sbic/investing-sbic/model-partnership-agreement.
All applicants, whether first time or subsequent fund applicants,
that submit an SBIC license application on or after October 1, 2016
must use the Model Version 3.0 and follow the instructions set forth
therein.
Authority: 15 U.S.C. 681.
Mark L. Walsh,
Associate Administrator, Office of Investment and Innovation.
[FR Doc. 2016-07749 Filed 4-4-16; 8:45 am]
BILLING CODE 8025-01-P