Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Describe the Blackout Period Exposure Charge That May Be Imposed on GCF Repo Participants, 61271 [2016-21255]
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Federal Register / Vol. 81, No. 172 / Tuesday, September 6, 2016 / Notices
shares from a Fund of Funds, and to
engage in the accompanying in-kind
transactions with the Fund of Funds.3
The purchase of Creation Units by a
Fund of Funds directly from a Fund will
be accomplished in accordance with the
policies of the Fund of Funds and will
be based on the NAVs of the Funds.
9. 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. 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.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–21246 Filed 9–2–16; 8:45 am]
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BILLING CODE 8011–01–P
3 The requested relief would apply to direct sales
of shares in Creation Units by a Fund to a Fund of
Funds and redemptions of those shares. Applicants,
moreover, are not seeking relief from section 17(a)
for, and the requested relief will not apply to,
transactions where a Fund could be deemed an
Affiliated Person, or a Second-Tier Affiliate, of a
Fund of Funds because an Adviser or an entity
controlling, controlled by or under common control
with an Adviser provides investment advisory
services to that Fund of Funds.
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78720; File No. SR–FICC–
2016–003]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Designation of a Longer Period for
Commission Action on Proposed Rule
Change to Describe the Blackout
Period Exposure Charge That May Be
Imposed on GCF Repo Participants
August 30, 2016.
On July 12, 2016, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–FICC–2016–003
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder.2
The proposed rule change was
published for comment in the Federal
Register on July 21, 2016.3 To date, the
Commission has not received comments
on the proposed rule change.
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is September 4,
2016. The Commission is extending this
45-day time period.
In order to provide the Commission
with sufficient time to consider the
proposed rule change, the Commission
finds that it is appropriate to designate
a longer period within which to take
action on the proposed rule change.
Accordingly, the Commission, pursuant
to section 19(b)(2) of the Act,5
designates October 19, 2016 as the date
by which the Commission shall either
approve or disapprove or institute
proceedings to determine whether to
disapprove the proposed rule change
(File No. SR–FICC–2016–003).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 34–78347
(July 15, 2016), 81 FR 47466 (July 21, 2016) (SR–
FICC–2016–003).
4 15 U.S.C. 78s(b)(2).
5 Id.
2 17
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61271
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–21255 Filed 9–2–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78710; File No. 601–01]
Euroclear Bank SA/NV; Notice of Filing
of Application To Modify an Existing
Exemption From Clearing Agency
Registration
August 29, 2016
I. Introduction
On May 9, 2016, Euroclear Bank SA/
NV (‘‘EB’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
an application on Form CA–1 requesting
to modify an existing exemption 1
(‘‘Existing Exemption’’) from clearing
agency registration (‘‘Modification
Application’’) 2 pursuant to Section
17A 3 of the Securities Exchange Act of
1934 (‘‘Exchange Act’’) and Rule
17Ab2–1 thereunder.4 Subject to certain
limitations and conditions, the Existing
Exemption enables EB as operator of the
Euroclear System 5 to perform the
functions of a clearing agency with
respect to transactions involving certain
U.S. government securities (‘‘U.S.
Government Securities’’) 6 for its U.S.
6 17
CFR 200.30–3(a)(31).
Self-Regulatory Organizations; Morgan
Guaranty Trust Company of New York, Brussels
Office, as Operator of the Euroclear System; Order
Approving Application for Exemption From
Registration as a Clearing Agency, Exchange Act
Release No. 39643 (Feb. 11, 1998), 63 FR 8232 (Feb.
18, 1998) (‘‘Original Exemption Order’’); and SelfRegulatory Organizations; Morgan Guaranty Trust
Company, Brussels Office, as Operator of the
Euroclear System and Euroclear Bank, S.A.; Order
Approving Application to Modify an Existing
Exemption From Clearing Agency Registration,
Exchange Act Release No. 43775 (Dec. 28, 2000), 66
FR 819 (Jan. 4, 2001) (‘‘2001 Exemption
Modification Order’’) (together the Existing
Exemption).
2 The descriptions set forth in this notice
regarding the structure and operations of EB have
been largely derived from information contained in
EB’s amended Form CA–1 application and publicly
available sources. The redacted Modification
Application and non-confidential exhibits thereto
are available on the Commission’s Web site.
3 15 U.S.C. 78q–1.
4 17 CFR 240.17Ab2–1.
5 ‘‘Euroclear System’’ means the securities
settlement system that has been operated by EB or
its predecessor since 1968 and the assets, means,
and rights related to such services. All services
performed by EB that relate to securities settlement
and custody are part of the Euroclear System. See
Modification Application, Exhibit S–1 at 1.
6 As used herein, the term ‘‘U.S. Government
Securities’’ has the same meaning as the term
1 See
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[Federal Register Volume 81, Number 172 (Tuesday, September 6, 2016)]
[Notices]
[Page 61271]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-21255]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78720; File No. SR-FICC-2016-003]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Designation of a Longer Period for Commission Action on
Proposed Rule Change to Describe the Blackout Period Exposure Charge
That May Be Imposed on GCF Repo Participants
August 30, 2016.
On July 12, 2016, the Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'')
proposed rule change SR-FICC-2016-003 pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder.\2\ The proposed rule change was published for comment in
the Federal Register on July 21, 2016.\3\ To date, the Commission has
not received comments on the proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 34-78347 (July 15,
2016), 81 FR 47466 (July 21, 2016) (SR-FICC-2016-003).
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Section 19(b)(2) of the Act \4\ provides that, within 45 days of
the publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is September 4, 2016. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
In order to provide the Commission with sufficient time to consider
the proposed rule change, the Commission finds that it is appropriate
to designate a longer period within which to take action on the
proposed rule change. Accordingly, the Commission, pursuant to section
19(b)(2) of the Act,\5\ designates October 19, 2016 as the date by
which the Commission shall either approve or disapprove or institute
proceedings to determine whether to disapprove the proposed rule change
(File No. SR-FICC-2016-003).
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\5\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-21255 Filed 9-2-16; 8:45 am]
BILLING CODE 8011-01-P
