Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Order With Respect to MSRB Rule G-37, 66526-66527 [2016-23224]

Download as PDF 66526 Federal Register / Vol. 81, No. 188 / Wednesday, September 28, 2016 / Rules and Regulations ASI Service Kit SK406–137, dated December 3, 2015 (which superseded ASI Aviation Service Kit SKRA406–12–Rev. 2, dated December 3, 2015), and ASI Aviation Service Kit SKRA406–13–Rev. 2, dated December 3, 2015, for related information. You may examine the MCAI in the AD docket on the Internet at https://www.regulations.gov/ document?D=FAA-2016-8161-0002. (i) Material Incorporated by Reference (1) The Director of the Federal Register approved the incorporation by reference (IBR) of the service information listed in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51. (2) You must use this service information as applicable to do the actions required by this AD, unless this AD specifies otherwise. (i) ASI Aviation Service Bulletin CAB01– 5 Rev 2, dated December 3, 2015. (ii) Reserved. (3) For ASI Aviation service information identified in this AD, contact ASI Aviation, ´ Aerodrome de Reims Prunay, 51360 Prunay, France; telephone: +33 3 26 48 46 84; fax: +33 3 26 49 18 57; email: contact@asiaviation.fr; Internet: http://asi-aviation.fr/ page-Accueil.html. (4) You may view this service information at the FAA, Small Airplane Directorate, 901 Locust, Kansas City, Missouri 64106. For information on the availability of this material at the FAA, call (816) 329–4148. In addition, you can access this service information on the Internet at http:// www.regulations.gov by searching for and locating Docket No. FAA–2016–8161. (5) You may view this service information that is incorporated by reference at the National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: http:// www.archives.gov/federal-register/cfr/ibrlocations.html. Issued in Kansas City, Missouri, on September 16, 2016. Pat Mullen, Acting Manager, Small Airplane Directorate, Aircraft Certification Service. [FR Doc. 2016–22830 Filed 9–27–16; 8:45 am] BILLING CODE 4910–13–P SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 275 [Release No. IA–4532; File No. S7–16–16] sradovich on DSK3GMQ082PROD with RULES Political Contributions by Certain Investment Advisers: Ban on ThirdParty Solicitation; Order With Respect to FINRA Rule 2030 Securities and Exchange Commission. ACTION: Order. AGENCY: The Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) is issuing an order finding that SUMMARY: VerDate Sep<11>2014 17:53 Sep 27, 2016 Jkt 238001 Financial Industry Regulatory Authority (‘‘FINRA’’) rule 2030 (the ‘‘FINRA Pay to Play Rule’’) imposes substantially equivalent or more stringent restrictions on broker-dealers than rule 206(4)–5 (the ‘‘SEC Pay to Play Rule) under the Investment Advisers Act of 1940 (the ‘‘Advisers Act’’) imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. DATES: This Order was issued by the Commission on September 20, 2016. ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. FOR FURTHER INFORMATION CONTACT: Sirimal R. Mukerjee, Senior Counsel, Melissa Roverts Harke, Senior Special Counsel, or Sara Cortes, Assistant Director, at (202) 551–6787 or IArules@ sec.gov, Investment Adviser Regulation Office, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–8549. SUPPLEMENTARY INFORMATION: The SEC Pay to Play Rule [17 CFR 275.206(4)–5] under the Advisers Act [15 U.S.C. 80b] prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees (‘‘covered associates’’) make a contribution to certain elected officials or candidates. Rule 206(4)–5 also prohibits an adviser and its covered associates from providing or agreeing to provide, directly or indirectly, payment to any third-party for a solicitation of advisory business from any government entity on behalf of such adviser, unless such third-party is a ‘‘regulated person’’ (‘‘third-party solicitor ban’’). Rule 206(4)–5 defines a ‘‘regulated person’’ as an SEC-registered investment adviser, a registered broker or dealer subject to pay to play restrictions adopted by a registered national securities association that prohibit members from engaging in distribution or solicitation activities if certain political contributions have been made, or a registered municipal advisor subject to pay to play restrictions adopted by the Municipal Securities Rulemaking Board that prohibit members from engaging in distribution or solicitation activities if certain political contributions have been made. In addition, in order for a broker-dealer or municipal advisor to be a regulated person under rule 206(4)–5, the Commission must find, by order, that these pay to play rules impose substantially equivalent or more stringent restrictions on broker-dealers or municipal advisors than the SEC Pay to Play Rule imposes on investment PO 00000 Frm 00040 Fmt 4700 Sfmt 4700 advisers and are consistent with the objectives of the SEC Pay to Play Rule. On December 16, 2015, the Financial Industry Regulatory Authority (‘‘FINRA’’) proposed a rule change (Exchange Act Rel. No. 76767 (Dec. 24, 2015) [80 FR 81650 (Dec. 30, 2015)]) to adopt the FINRA Pay to Play Rule, which would establish pay to play rules for its member firms. On August 25, 2016, the Commission approved the FINRA Pay to Play Rule (Exchange Act Rel. No. 78683 (Aug. 25, 2016) [81 FR 60051 (Aug. 31, 2016)]). On August 25, 2016, the Commission also issued a notice of intent to issue an order (Investment Advisers Act Rel. No. 4511 (Aug. 25, 2016) [81 FR 60653 (Sept. 2, 2016)]) finding that the FINRA Pay to Play Rule imposes substantially equivalent or more stringent restrictions on brokers-dealers than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. The notice gave interested persons an opportunity to request a hearing and stated that an order would be issued unless a hearing was ordered. The Commission has not received a request for a hearing. Accordingly, the Commission hereby finds that the FINRA Pay to Play Rule imposes substantially equivalent or more stringent restrictions on brokerdealers than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. By the Commission. Dated: September 20, 2016. Brent J. Fields, Secretary. [FR Doc. 2016–23225 Filed 9–27–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 275 [Release No. IA–4531; File No. S7–17–16] Political Contributions by Certain Investment Advisers: Ban on ThirdParty Solicitation; Order With Respect to MSRB Rule G–37 Securities and Exchange Commission. ACTION: Order. AGENCY: The Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) is issuing an order finding that Municipal Securities Rulemaking Board (‘‘MSRB’’) rule G–37 (the ‘‘MSRB Pay to Play Rule’’) imposes substantially SUMMARY: E:\FR\FM\28SER1.SGM 28SER1 sradovich on DSK3GMQ082PROD with RULES Federal Register / Vol. 81, No. 188 / Wednesday, September 28, 2016 / Rules and Regulations equivalent or more stringent restrictions on municipal advisors than rule 206(4)– 5 (the ‘‘SEC Pay to Play Rule) under the Investment Advisers Act of 1940 (the ‘‘Advisers Act’’) imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. DATES: This Order was issued by the Commission on September 20, 2016. ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. FOR FURTHER INFORMATION CONTACT: Sirimal R. Mukerjee, Senior Counsel, Melissa Roverts Harke, Senior Special Counsel, or Sara Cortes, Assistant Director, at (202) 551–6787 or IArules@ sec.gov, Investment Adviser Regulation Office, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–8549. SUPPLEMENTARY INFORMATION: The SEC Pay to Play Rule [17 CFR 275.206(4)–5] under the Advisers Act [15 U.S.C. 80b] prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees (‘‘covered associates’’) make a contribution to certain elected officials or candidates. Rule 206(4)–5 also prohibits an adviser and its covered associates from providing or agreeing to provide, directly or indirectly, payment to any third-party for a solicitation of advisory business from any government entity on behalf of such adviser, unless such third-party is a ‘‘regulated person’’ (‘‘third-party solicitor ban’’). Rule 206(4)–5 defines a ‘‘regulated person’’ as an SEC-registered investment adviser, a registered broker or dealer subject to pay to play restrictions adopted by a registered national securities association that prohibit members from engaging in distribution or solicitation activities if certain political contributions have been made, or a registered municipal advisor subject to pay to play restrictions adopted by the Municipal Securities Rulemaking Board (the ‘‘MSRB’’) that prohibit members from engaging in distribution or solicitation activities if certain political contributions have been made. In addition, in order for a brokerdealer or municipal advisor to be a regulated person under rule 206(4)–5, the Commission must find, by order, that these pay to play rules impose substantially equivalent or more stringent restrictions on broker-dealers or municipal advisors than the SEC Pay to Play Rule imposes on investment advisers and are consistent with the objectives of the SEC Pay to Play Rule. VerDate Sep<11>2014 17:53 Sep 27, 2016 Jkt 238001 On December 16, 2015, the MSRB filed with the Commission proposed amendments to the MSRB Pay to Play Rule to extend its application to municipal advisors, which the Commission published for notice and comment on December 23, 2015 pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) and rule 19b–4 thereunder (Exchange Act Rel. No. 76763 (Dec. 23, 2015) [80 FR 81710 (Dec. 30, 2015)]). On February 17, 2016, the MSRB published a regulatory notice announcing that the proposed amendments to the MSRB Pay to Play Rule were deemed approved by the Commission under section 19(b)(2)(D) of the Exchange Act on February 13, 2016 and that the effective date of the rule was August 17, 2016. On August 25, 2016, the Commission issued a notice of intent to issue an order (Investment Advisers Act Rel. No. 4512 (Aug. 25, 2016) [81 FR 60651 (Sept. 2, 2016)]) finding that the MSRB Pay to Play Rule imposes substantially equivalent or more stringent restrictions on municipal advisors than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. The notice gave interested persons an opportunity to request a hearing and stated that an order would be issued unless a hearing was ordered. The Commission has not received a request for a hearing. Accordingly, the Commission hereby finds that the MSRB Pay to Play Rule imposes substantially equivalent or more stringent restrictions on municipal advisors than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. By the Commission. Dated: September 20, 2016. Brent J. Fields, Secretary. [FR Doc. 2016–23224 Filed 9–27–16; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration 21 CFR Part 101 [Docket No. FDA–2016–D–2335] Use of the Term ‘‘Healthy’’ in the Labeling of Human Food Products: Guidance for Industry; Availability AGENCY: Food and Drug Administration, HHS. PO 00000 Frm 00041 Fmt 4700 Sfmt 4700 ACTION: 66527 Notification of availability. The Food and Drug Administration (FDA or we) is announcing the availability of a guidance for industry entitled ‘‘Use of the Term ‘Healthy’ in the Labeling of Human Food Products: Guidance for Industry.’’ The guidance advises manufacturers who wish to use the implied nutrient content claim ‘‘healthy’’ to label their food products as provided by our regulations. More specifically, the guidance advises food manufacturers of our intent to exercise enforcement discretion with respect to the implied nutrient content claim ‘‘healthy’’ on foods that have a fat profile of predominantly mono and polyunsaturated fats, but do not meet the regulatory definition of ‘‘low fat’’, or that contain at least 10 percent of the Daily Value (DV) per reference amount customarily consumed (RACC) of potassium or vitamin D. DATES: Submit either electronic or written comments on FDA guidances at any time. ADDRESSES: You may submit comments as follows: SUMMARY: Electronic Submissions Submit electronic comments in the following way: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. Comments submitted electronically, including attachments, to http:// www.regulations.gov will be posted to the docket unchanged. Because your comment will be made public, you are solely responsible for ensuring that your comment does not include any confidential information that you or a third party may not wish to be posted, such as medical information, your or anyone else’s Social Security number, or confidential business information, such as a manufacturing process. Please note that if you include your name, contact information, or other information that identifies you in the body of your comments, that information will be posted on http://www.regulations.gov. • If you want to submit a comment with confidential information that you do not wish to be made available to the public, submit the comment as a written/paper submission and in the manner detailed (see ‘‘Written/Paper Submissions’’ and ‘‘Instructions’’). Written/Paper Submissions Submit written/paper submissions as follows: • Mail/Hand delivery/Courier (for written/paper submissions): Division of Dockets Management (HFA–305), Food E:\FR\FM\28SER1.SGM 28SER1

Agencies

[Federal Register Volume 81, Number 188 (Wednesday, September 28, 2016)]
[Rules and Regulations]
[Pages 66526-66527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23224]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 275

[Release No. IA-4531; File No. S7-17-16]


Political Contributions by Certain Investment Advisers: Ban on 
Third-Party Solicitation; Order With Respect to MSRB Rule G-37

AGENCY: Securities and Exchange Commission.

ACTION: Order.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission (``Commission'' or 
``SEC'') is issuing an order finding that Municipal Securities 
Rulemaking Board (``MSRB'') rule G-37 (the ``MSRB Pay to Play Rule'') 
imposes substantially

[[Page 66527]]

equivalent or more stringent restrictions on municipal advisors than 
rule 206(4)-5 (the ``SEC Pay to Play Rule) under the Investment 
Advisers Act of 1940 (the ``Advisers Act'') imposes on investment 
advisers and is consistent with the objectives of the SEC Pay to Play 
Rule.

DATES: This Order was issued by the Commission on September 20, 2016.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street 
NE., Washington, DC 20549-1090.

FOR FURTHER INFORMATION CONTACT: Sirimal R. Mukerjee, Senior Counsel, 
Melissa Roverts Harke, Senior Special Counsel, or Sara Cortes, 
Assistant Director, at (202) 551-6787 or IArules@sec.gov, Investment 
Adviser Regulation Office, Division of Investment Management, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549-8549.

SUPPLEMENTARY INFORMATION: The SEC Pay to Play Rule [17 CFR 275.206(4)-
5] under the Advisers Act [15 U.S.C. 80b] prohibits an investment 
adviser from providing advisory services for compensation to a 
government client for two years after the adviser or certain of its 
executives or employees (``covered associates'') make a contribution to 
certain elected officials or candidates. Rule 206(4)-5 also prohibits 
an adviser and its covered associates from providing or agreeing to 
provide, directly or indirectly, payment to any third-party for a 
solicitation of advisory business from any government entity on behalf 
of such adviser, unless such third-party is a ``regulated person'' 
(``third-party solicitor ban''). Rule 206(4)-5 defines a ``regulated 
person'' as an SEC-registered investment adviser, a registered broker 
or dealer subject to pay to play restrictions adopted by a registered 
national securities association that prohibit members from engaging in 
distribution or solicitation activities if certain political 
contributions have been made, or a registered municipal advisor subject 
to pay to play restrictions adopted by the Municipal Securities 
Rulemaking Board (the ``MSRB'') that prohibit members from engaging in 
distribution or solicitation activities if certain political 
contributions have been made. In addition, in order for a broker-dealer 
or municipal advisor to be a regulated person under rule 206(4)-5, the 
Commission must find, by order, that these pay to play rules impose 
substantially equivalent or more stringent restrictions on broker-
dealers or municipal advisors than the SEC Pay to Play Rule imposes on 
investment advisers and are consistent with the objectives of the SEC 
Pay to Play Rule.
    On December 16, 2015, the MSRB filed with the Commission proposed 
amendments to the MSRB Pay to Play Rule to extend its application to 
municipal advisors, which the Commission published for notice and 
comment on December 23, 2015 pursuant to section 19(b)(1) of the 
Securities Exchange Act of 1934 (the ``Exchange Act'') and rule 19b-4 
thereunder (Exchange Act Rel. No. 76763 (Dec. 23, 2015) [80 FR 81710 
(Dec. 30, 2015)]). On February 17, 2016, the MSRB published a 
regulatory notice announcing that the proposed amendments to the MSRB 
Pay to Play Rule were deemed approved by the Commission under section 
19(b)(2)(D) of the Exchange Act on February 13, 2016 and that the 
effective date of the rule was August 17, 2016.
    On August 25, 2016, the Commission issued a notice of intent to 
issue an order (Investment Advisers Act Rel. No. 4512 (Aug. 25, 2016) 
[81 FR 60651 (Sept. 2, 2016)]) finding that the MSRB Pay to Play Rule 
imposes substantially equivalent or more stringent restrictions on 
municipal advisors than the SEC Pay to Play Rule imposes on investment 
advisers and is consistent with the objectives of the SEC Pay to Play 
Rule. The notice gave interested persons an opportunity to request a 
hearing and stated that an order would be issued unless a hearing was 
ordered. The Commission has not received a request for a hearing.
    Accordingly, the Commission hereby finds that the MSRB Pay to Play 
Rule imposes substantially equivalent or more stringent restrictions on 
municipal advisors than the SEC Pay to Play Rule imposes on investment 
advisers and is consistent with the objectives of the SEC Pay to Play 
Rule.

    By the Commission.

    Dated: September 20, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-23224 Filed 9-27-16; 8:45 am]
 BILLING CODE 8011-01-P