Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of Proposed Rule Change Amending the Definition of “Block” for Purposes of Rule 72(d) and the Size of a Proposed Cross Transaction Eligible for the Cross Function in Rule 76, 48876 [2016-17580]
Download as PDF
<![CDATA[
48876
Federal Register / Vol. 81, No. 143 / Tuesday, July 26, 2016 / Notices
srobinson on DSK5SPTVN1PROD with NOTICES
Advised Fund, subject to the
supervision and direction of the
Adviser.2 The primary responsibility for
managing the Sub-Advised Fund will
remain vested in the Adviser. The
Adviser will hire, evaluate, allocate
assets to and oversee the Sub-Advisers,
including determining whether a SubAdviser should be terminated, at all
times subject to the authority of the
Board.
2. Applicants request an exemption to
permit the Adviser, subject to Board
approval, to hire a Non-Affiliated SubAdviser or a Wholly-Owned SubAdviser, pursuant to Sub-Advisory
Agreements and materially amend SubAdvisory Agreements with NonAffiliated Sub-Advisers and WhollyOwned Sub-Advisers without obtaining
the shareholder approval required under
section 15(a) of the Act and rule 18f–2
under the Act.3 Applicants also seek an
exemption from the Disclosure
Requirements to permit a Sub-Advised
Fund to disclose (as both a dollar
amount and a percentage of the SubAdvised Fund’s net assets): (a) The
aggregate fees paid to the Adviser and
any Wholly-Owned Sub-Advisers; (b)
the aggregate fees paid to Non-Affiliated
Sub-Advisers, and (c) the fee paid to
each Affiliated Sub-Adviser.
3. 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 provide for, among other
safeguards, appropriate disclosure to
Sub-Advised Funds’ shareholders and
notification about sub-advisory changes
and enhanced Board oversight to protect
the interests of the Subadvised Funds’
shareholders.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction or any
2 A ‘‘Sub-Adviser’’ for a Fund is (1) an indirect
or direct ‘‘wholly owned subsidiary’’ (as such term
is defined in the Act) of the Adviser for the Fund,
or (2) a sister company of the Adviser for the Fund
that is an indirect or direct ‘‘wholly-owned
subsidiary’’ (as such term is defined in the Act) of
the same company that, indirectly or directly,
wholly owns the Adviser (each of (1) and (2) a
‘‘Wholly-Owned Sub Adviser’’ and collectively, the
‘‘Wholly-Owned Sub-Advisers’’), or (3) an
investment sub-adviser for that Fund that is not an
‘‘affiliated person’’ (as such term is defined in
Section 2(a)(3) of the Act) of the Fund or the
Adviser, except to the extent that an affiliation
arises solely because the sub-adviser serves as a
sub-adviser to one or more Funds (each a ‘‘NonAffiliated Sub-Adviser’’ and collectively, the ‘‘NonAffiliated Sub-Advisers’’).
3 The requested relief will not extend to any subadviser, other than a Wholly-Owned Sub-Adviser,
who is an affiliated person, as defined in section
2(a)(3) of the Act, of the Sub-Advised Fund or the
Adviser, other than by reason of serving as a subadviser to one or more of the Sub-Advised Funds
(‘‘Affiliated Sub-Adviser’’).
VerDate Sep<11>2014
20:28 Jul 25, 2016
Jkt 238001
class or classes of persons, securities, or
transactions from any provisions of the
Act, or any rule thereunder, if such
relief is necessary or appropriate in the
public interest and consistent with the
protection of investors and purposes
fairly intended by the policy and
provisions of the Act. Applicants
believe that the requested relief meets
this standard because, as further
explained in the Application, the
Investment Management Agreements
will remain subject to shareholder
approval, while the role of the SubAdvisers is substantially equivalent to
that of individual portfolio managers, so
that requiring shareholder approval of
Sub-Advisory Agreements would
impose unnecessary delays and
expenses on the Sub-Advised Fund.
Applicants believe that the requested
relief from the Disclosure Requirements
meets this standard because it will
improve the Adviser’s ability to
negotiate fees paid to the Sub-Advisers
that are more advantageous for the SubAdvised Fund.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
31, 2016, pursuant to Section 19(b)(2) of
the Act,4 the Commission designated a
longer period within which to approve
the proposed rule change, disapprove
the proposed rule change, or institute
proceedings to determine whether to
disapprove the proposed rule change.5
On July 18, 2016, the Exchange
withdrew the proposed rule change
(File No. SR–NYSE–2016–30).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–17580 Filed 7–25–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78374; File No. SR–
NYSEARCA–2016–98]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending NYSE Arca
Equities Rules 1.1(s) and
7.35P(a)(10)(A) to Extend the Period for
the Current Trading Halt Auction Collar
Price Collar Thresholds
[FR Doc. 2016–17607 Filed 7–25–16; 8:45 am]
July 20, 2016.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78368; File No. SR–NYSE–
2016–30]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Withdrawal of Proposed Rule Change
Amending the Definition of ‘‘Block’’ for
Purposes of Rule 72(d) and the Size of
a Proposed Cross Transaction Eligible
for the Cross Function in Rule 76
July 20, 2016.
On April 12, 2016, New York Stock
Exchange LLC (‘‘Exchange’’ or ‘‘NYSE’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend its rules relating to
pre-opening indications and opening
procedures. The proposed rule change
was published for comment in the
Federal Register on April 29, 2016.3
The Commission received no comments
on the proposed rule change. On May
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 77701
(Apr. 25, 2016), 81 FR 25748.
PO 00000
1 15
2 17
Frm 00141
Fmt 4703
Sfmt 4703
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on July 8,
2016, NYSE Arca, Inc. (‘‘Exchange’’ or
‘‘NYSE Arca’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Arca Equities Rules 1.1(s) and
7.35P(a)(10)(A) to extend the period for
the current Trading Halt Auction Collar
price collar thresholds. The proposed
rule change is available on the
4 15
U.S.C. 78s(b)(2).
Securities Exchange Act Release No. 77950,
81 FR 36357 (June 6, 2016). The Commission
designated July 28, 2016, as the date by which it
should approve, disapprove, or institute
proceedings to determine whether to disapprove the
proposed rule change.
6 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
5 See
E:\FR\FM\26JYN1.SGM
26JYN1
]]>Agencies
[Federal Register Volume 81, Number 143 (Tuesday, July 26, 2016)]
[Notices]
[Page 48876]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17580]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78368; File No. SR-NYSE-2016-30]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Withdrawal of Proposed Rule Change Amending the Definition of
``Block'' for Purposes of Rule 72(d) and the Size of a Proposed Cross
Transaction Eligible for the Cross Function in Rule 76
July 20, 2016.
On April 12, 2016, New York Stock Exchange LLC (``Exchange'' or
``NYSE'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend its rules relating to pre-opening
indications and opening procedures. The proposed rule change was
published for comment in the Federal Register on April 29, 2016.\3\ The
Commission received no comments on the proposed rule change. On May 31,
2016, pursuant to Section 19(b)(2) of the Act,\4\ the Commission
designated a longer period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to disapprove the proposed rule change.\5\ On July
18, 2016, the Exchange withdrew the proposed rule change (File No. SR-
NYSE-2016-30).
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 77701 (Apr. 25,
2016), 81 FR 25748.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 77950, 81 FR 36357
(June 6, 2016). The Commission designated July 28, 2016, as the date
by which it should approve, disapprove, or institute proceedings to
determine whether to disapprove the proposed rule change.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17580 Filed 7-25-16; 8:45 am]
BILLING CODE 8011-01-P
