Northern Lights Fund Trust and Dearborn Capital Management, LLC; Notice of Application, 65460-65461 [2016-22793]
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65460
Federal Register / Vol. 81, No. 184 / Thursday, September 22, 2016 / Notices
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 Number SR–
NYSEArca–2016–129, and should be
submitted on or before October 13,
2016.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Robert W. Errett,
Deputy Secretary.
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2016–129 on the subject
line.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
operative delay and designates the
proposal operative upon filing.13
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2016–129. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
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.,
13 For
purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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18:58 Sep 21, 2016
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[FR Doc. 2016–22791 Filed 9–21–16; 8:45 am]
BILLING CODE 8011–01–P
[Investment Company Act Release No.
32264; 812–14432]
Northern Lights Fund Trust and
Dearborn Capital Management, LLC;
Notice of Application
September 16, 2016.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
Section 6(c) of the Investment Company
Act of 1940 (‘‘Act’’) for an exemption
from Section 15(a) of the Act and Rule
18f–2 under the Act, as well as from
certain disclosure requirements in Rule
20a–1 under the Act, Item 19(a)(3) of
Form N–1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of
Schedule 14A under the Securities
Exchange Act of 1934, and Sections 6–
07(2)(a), (b), and (c) of Regulation S–X
(‘‘Disclosure Requirements’’). The
requested exemption would permit an
investment adviser to hire and replace
certain sub-advisers without
shareholder approval and grant relief
from the Disclosure Requirements as
they relate to fees paid to the subadvisers.
AGENCY:
Northern Lights Fund
Trust (the ‘‘Trust’’), a Delaware statutory
trust registered under the Act as an
open-end management investment
company with multiple series, and
Dearborn Capital Management, LLC, a
limited liability company organized
under Illinois law and registered as an
APPLICANTS:
14 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00126
Fmt 4703
Sfmt 4703
investment adviser under the
Investment Advisers Act of 1940 (‘‘the
‘‘Adviser,’’ and, collectively with the
Trust, the ‘‘Applicants’’).
FILING DATES: The application was filed
March 11, 2015 and amended on April
14, 2016, and June 20, 2016.
HEARING OR NOTIFICATION OF HEARING:
An order granting the application 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 October 11, 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: Trust Counsel: JoAnn
Strasser, Esq., Thompson Hine LLP, 41
South High Street, Suite 1700,
Columbus, OH 43215 and Trust: James
P. Ash, Esq., Gemini Fund Services,
LLC, 80 Arkay Drive, Suite 110,
Hauppauge, NY 11788.
FOR FURTHER INFORMATION CONTACT:
Deepak T. Pai, Senior Counsel, at (202)
551–6876, or Mary Kay Frech, 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 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. The Adviser will serve as the
investment adviser to the Funds
pursuant to an investment advisory
agreement with the Trust (the ‘‘Advisory
Agreement’’).1 The Adviser will provide
the Funds with continuous and
1 Applicants request relief with respect to any
existing and any future series of the Trust and any
other registered open-end management company or
series thereof that: (a) Is advised by the Adviser or
its successor or by a person controlling, controlled
by, or under common control with the Adviser or
E:\FR\FM\22SEN1.SGM
22SEN1
Federal Register / Vol. 81, No. 184 / Thursday, September 22, 2016 / Notices
asabaliauskas on DSK3SPTVN1PROD with NOTICES
comprehensive investment management
services subject to the supervision of,
and policies established by, each Fund’s
board of trustees (‘‘Board’’). The
Advisory Agreement permits the
Adviser, subject to the approval of the
Board, to delegate to one or more subadvisers (each, a ‘‘Sub-Adviser’’ and
collectively, the ‘‘Sub-Advisers’’) the
responsibility to provide the day-to-day
portfolio investment management of
each Fund, subject to the supervision
and direction of the Adviser. The
primary responsibility for managing the
Funds will remain vested in the
Adviser. The Adviser will hire,
evaluate, allocate assets to and oversee
the Sub-Advisers, including
determining whether a Sub-Adviser
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 certain Sub-Advisers
pursuant to Sub-Advisory Agreements
and materially amend existing SubAdvisory Agreements without obtaining
the shareholder approval required under
Section 15(a) of the Act and Rule 18f–
2 under the Act.2 Applicants also seek
an exemption from the Disclosure
Requirements to permit a Fund to
disclose (as both a dollar amount and a
percentage of the Fund’s net assets): (a)
The aggregate fees paid to the Adviser;
and (b) the aggregate fees paid to SubAdvisers other than Affiliated SubAdvisers; and (c) the fee paid to each
Affiliated Sub-Adviser (collectively,
‘‘Aggregate Fee Disclosure’’).
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
Fund shareholders and notification
about sub-advisory changes and
enhanced Board oversight to protect the
interests of the Funds’ shareholders.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction or any
class or classes of persons, securities, or
its successor (each, also an ‘‘Adviser’’); (b) uses the
manager of managers structure described in the
application; and (c) complies with the terms and
conditions of the application (any such series, a
‘‘Fund’’ and collectively, the ‘‘Funds’’). For
purposes of the requested order, ‘‘successor’’ is
limited to an entity that results from a
reorganization into another jurisdiction or a change
in the type of business organization.
2 The requested relief will not extend to any SubAdviser that is an affiliated person, as defined in
Section 2(a)(3) of the Act, of the Trust, a Fund, or
the Adviser, other than by reason of serving as a
sub-adviser to one or more of the Funds, or as an
investment adviser or sub-adviser to any series of
the Trust other than the Funds (‘‘Affiliated SubAdviser’’).
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18:58 Sep 21, 2016
Jkt 238001
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
Advisory Agreements will remain
subject to shareholder approval, while
the role of the Sub-Advisers is
substantially similar to that of
individual portfolio managers, so that
requiring shareholder approval of SubAdvisory Agreements would impose
unnecessary delays and expenses on the
Funds. 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 SubAdvisers that are more advantageous for
the Funds.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
65461
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030 curtis.rich@sba.gov.
Copies: A copy of the Form OMB 83–
1, supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
SUPPLEMENTARY INFORMATION: Small
Business Administration Surety Bond
Guarantee Program was created to
encourage surety companies to provide
bonding for small contractor’s. The
information collection on this form from
surety companies will be used to update
status of successfully completed
contracts and to provide a final
accounting of contrator and surety fees
due to SBA.
Title: Quarterly Contract Completion
Report.
Description of Respondents: Surety
Companies.
Form Number: 2461.
Annual Responses: 92.
Annual Burden: 92.
Curtis B. Rich,
Management Analyst.
[FR Doc. 2016–22793 Filed 9–21–16; 8:45 am]
[FR Doc. 2016–22849 Filed 9–21–16; 8:45 am]
BILLING CODE 8011–01–P
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-day notice.
AGENCY:
AGENCY:
ACTION:
ACTION:
SUMMARY:
Small Business Administration.
30-Day notice.
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
October 24, 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:
PO 00000
Frm 00127
Fmt 4703
Sfmt 4703
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
October 24, 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
Executive Office Building, Washington,
DC 20503.
E:\FR\FM\22SEN1.SGM
22SEN1
]]>Agencies
[Federal Register Volume 81, Number 184 (Thursday, September 22, 2016)]
[Notices]
[Pages 65460-65461]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-22793]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32264; 812-14432]
Northern Lights Fund Trust and Dearborn Capital Management, LLC;
Notice of Application
September 16, 2016.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application under Section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from Section 15(a) of
the Act and Rule 18f-2 under the Act, as well as from certain
disclosure requirements in Rule 20a-1 under the Act, Item 19(a)(3) of
Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of
Schedule 14A under the Securities Exchange Act of 1934, and Sections 6-
07(2)(a), (b), and (c) of Regulation S-X (``Disclosure Requirements'').
The requested exemption would permit an investment adviser to hire and
replace certain sub-advisers without shareholder approval and grant
relief from the Disclosure Requirements as they relate to fees paid to
the sub-advisers.
-----------------------------------------------------------------------
Applicants: Northern Lights Fund Trust (the ``Trust''), a Delaware
statutory trust registered under the Act as an open-end management
investment company with multiple series, and Dearborn Capital
Management, LLC, a limited liability company organized under Illinois
law and registered as an investment adviser under the Investment
Advisers Act of 1940 (``the ``Adviser,'' and, collectively with the
Trust, the ``Applicants'').
Filing Dates: The application was filed March 11, 2015 and amended on
April 14, 2016, and June 20, 2016.
Hearing or Notification of Hearing: An order granting the application
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 October 11, 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: Trust Counsel: JoAnn
Strasser, Esq., Thompson Hine LLP, 41 South High Street, Suite 1700,
Columbus, OH 43215 and Trust: James P. Ash, Esq., Gemini Fund Services,
LLC, 80 Arkay Drive, Suite 110, Hauppauge, NY 11788.
FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at
(202) 551-6876, or Mary Kay Frech, 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 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. The Adviser will serve as the investment adviser to the Funds
pursuant to an investment advisory agreement with the Trust (the
``Advisory Agreement'').\1\ The Adviser will provide the Funds with
continuous and
[[Page 65461]]
comprehensive investment management services subject to the supervision
of, and policies established by, each Fund's board of trustees
(``Board''). The Advisory Agreement permits the Adviser, subject to the
approval of the Board, to delegate to one or more sub-advisers (each, a
``Sub-Adviser'' and collectively, the ``Sub-Advisers'') the
responsibility to provide the day-to-day portfolio investment
management of each Fund, subject to the supervision and direction of
the Adviser. The primary responsibility for managing the Funds will
remain vested in the Adviser. The Adviser will hire, evaluate, allocate
assets to and oversee the Sub-Advisers, including determining whether a
Sub-Adviser should be terminated, at all times subject to the authority
of the Board.
---------------------------------------------------------------------------
\1\ Applicants request relief with respect to any existing and
any future series of the Trust and any other registered open-end
management company or series thereof that: (a) Is advised by the
Adviser or its successor or by a person controlling, controlled by,
or under common control with the Adviser or its successor (each,
also an ``Adviser''); (b) uses the manager of managers structure
described in the application; and (c) complies with the terms and
conditions of the application (any such series, a ``Fund'' and
collectively, the ``Funds''). For purposes of the requested order,
``successor'' is limited to an entity that results from a
reorganization into another jurisdiction or a change in the type of
business organization.
---------------------------------------------------------------------------
2. Applicants request an exemption to permit the Adviser, subject
to Board approval, to hire certain Sub-Advisers pursuant to Sub-
Advisory Agreements and materially amend existing Sub-Advisory
Agreements without obtaining the shareholder approval required under
Section 15(a) of the Act and Rule 18f-2 under the Act.\2\ Applicants
also seek an exemption from the Disclosure Requirements to permit a
Fund to disclose (as both a dollar amount and a percentage of the
Fund's net assets): (a) The aggregate fees paid to the Adviser; and (b)
the aggregate fees paid to Sub-Advisers other than Affiliated Sub-
Advisers; and (c) the fee paid to each Affiliated Sub-Adviser
(collectively, ``Aggregate Fee Disclosure'').
---------------------------------------------------------------------------
\2\ The requested relief will not extend to any Sub-Adviser that
is an affiliated person, as defined in Section 2(a)(3) of the Act,
of the Trust, a Fund, or the Adviser, other than by reason of
serving as a sub-adviser to one or more of the Funds, or as an
investment adviser or sub-adviser to any series of the Trust other
than the Funds (``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 Fund shareholders and notification about sub-
advisory changes and enhanced Board oversight to protect the interests
of the Funds' shareholders.
4. Section 6(c) 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 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 Advisory
Agreements will remain subject to shareholder approval, while the role
of the Sub-Advisers is substantially similar to that of individual
portfolio managers, so that requiring shareholder approval of Sub-
Advisory Agreements would impose unnecessary delays and expenses on the
Funds. 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 Funds.
For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-22793 Filed 9-21-16; 8:45 am]
BILLING CODE 8011-01-P
