Consulting Group Capital Markets Funds and Consulting Group Advisory Services LLC, 60463-60464 [2017-27430]
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Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32940; File No. 812–14779]
Consulting Group Capital Markets
Funds and Consulting Group Advisory
Services LLC
December 15, 2017.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
sradovich on DSK3GMQ082PROD with NOTICES
AGENCY:
Notice of an application for an order
under section 12(d)(1)(J) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
12(d)(1)(A), (B), and (C) of the Act and
under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1)
and (2) of the Act. The requested order
would permit certain registered openend investment companies to acquire
shares of certain registered open-end
investment companies, registered
closed-end investment companies, and
business development companies, as
defined in section 2(a)(48) of the Act
(‘‘BDCs’’), and registered unit
investment trusts (collectively,
‘‘Underlying Funds’’) that are within
and outside the same group of
investment companies as the acquiring
investment companies, in excess of the
limits in section 12(d)(1) of the Act.
APPLICANTS: Consulting Group Capital
Markets Funds, a Massachusetts
business trust that is registered under
the Act as an open-end management
investment company with multiple
series (the ‘‘Trust’’) and Consulting
Group Advisory Services LLC (the
‘‘Initial Adviser’’), a Delaware limited
liability company, registered as an
investment adviser under the
Investment Advisers Act of 1940.
FILING DATES: The application was filed
on June 1, 2017 and amended on
September 22, 2017.
HEARING OR NOTIFICATION OF HEARING:
An order granting the requested relief
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 January 8, 2018, 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
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21:36 Dec 19, 2017
Jkt 244001
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: c/o John J. O’Brien,
Esq., Morgan, Lewis & Bockius LLP,
1701 Market Street, Philadelphia, PA
19103.
FOR FURTHER INFORMATION CONTACT:
Laura J. Riegel, Senior Counsel, at (202)
551–3038, or Robert H. Shapiro, 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
website by searching for the file
number, or for 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. Applicants request an order to
permit (a) a Fund 1 (each a ‘‘Fund of
Funds’’) to acquire shares of Underlying
Funds 2 in excess of the limits in
sections 12(d)(1)(A) and (C) of the Act
and (b) the Underlying Funds that are
registered open-end investment
companies or series thereof, their
principal underwriters, and any broker
or dealer registered under the Securities
Exchange Act of 1934 to sell shares of
the Underlying Funds to the Fund of
Funds in excess of the limits in section
12(d)(1)(B) of the Act.3 Applicants also
request an order of exemption under
1 Applicants request that the order apply to each
existing and future series of the Trust and to each
existing and future registered open-end investment
company or series thereof that is advised by the
Initial Adviser or its successors or by any other
investment adviser controlling, controlled by, or
under common control with the Initial Adviser or
its successors and is part of the same ‘‘group of
investment companies’’ as the Trust (each, a
‘‘Fund’’). 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. For
purposes of the request for relief, the term ‘‘group
of investment companies’’ means any two or more
registered investment companies, including closedend investment companies or BDCs, that hold
themselves out to investors as related companies for
purposes of investment and investor services.
2 Certain of the Underlying Funds have obtained
exemptions from the Commission necessary to
permit their shares to be listed and traded on a
national securities exchange at negotiated prices
and, accordingly, to operate as an exchange-traded
fund (‘‘ETF’’).
3 Applicants do not request relief for the Funds
of Funds to invest in reliance on the order in BDCs
and registered closed-end investment companies
that are not listed and traded on a national
securities exchange.
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Frm 00095
Fmt 4703
Sfmt 4703
60463
sections 6(c) and 17(b) of the Act from
the prohibition on certain affiliated
transactions in section 17(a) of the Act
to the extent necessary to permit the
Underlying Funds to sell their shares to,
and redeem their shares from, the Funds
of Funds.4 Applicants state that such
transactions will be consistent with the
policies of each Fund of Funds and each
Underlying Fund and with the general
purposes of the Act and will be based
on the net asset values of the
Underlying Funds.
2. Certain Underlying Funds may
invest up to 25% of their assets in a
wholly-owned and controlled
subsidiary of the Underlying Fund
organized under the laws of the Cayman
Islands as an exempted company or
under the laws of another non-U.S.
jurisdiction (each, a ‘‘Cayman Sub’’), in
order to invest in commodity-related
instruments and certain other
instruments. Applicants state that these
Cayman Subs are created for tax
purposes in order to ensure that the
Underlying Fund would remain
qualified as a regulated investment
company for U.S. federal income tax
purposes.
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 are designed to, among
other things, help prevent any potential
(i) undue influence over an Underlying
Fund that is not in the same ‘‘group of
investment companies’’ as the Fund of
Funds through control or voting power,
or in connection with certain services,
transactions, and underwritings, (ii)
excessive layering of fees, and (iii)
overly complex fund structures, which
are the concerns underlying the limits
in sections 12(d)(1)(A), (B), and (C) of
the Act.
4 A Fund of Funds generally would purchase and
sell shares of an Underlying Fund that operates as
an ETF through secondary market transactions
rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request
relief from sections 17(a)(1) and (2) to permit each
Fund of Funds that is an affiliated person, or an
affiliated person of an affiliated person, as defined
in section 2(a)(3) of the Act, of an ETF, to sell shares
to or redeem shares from the ETF. Applicants are
not seeking relief from section 17(a) for, and the
requested relief will not apply to, transactions
where an ETF could be deemed an affiliated person,
or an affiliated person of an affiliated person, of a
Fund of Funds because an investment adviser to the
ETF or an entity controlling, controlled by or under
common control with the investment adviser to the
ETF is also an investment adviser to the Fund of
Funds. A Fund of Funds will purchase and sell
shares of an Underlying Fund that is a closed-end
fund through secondary market transactions at
market prices rather than through principal
transactions with the closed-end fund. Accordingly,
applicants are not requesting section 17(a) relief
with respect to principal transactions with closedend funds.
E:\FR\FM\20DEN1.SGM
20DEN1
60464
Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices
4. 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.
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.
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s EIDL declaration,
applications for economic injury
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: Missoula
Contiguous Counties:
Montana: Flathead, Granite, Lake,
Mineral, Powell, Ravalli, Sanders
Idaho: Clearwater, Idaho
The Interest Rates are:
Businesses and Small Agricultural
Cooperatives without Credit Available
Elsewhere.
Non-Profit Organizations without
Credit Available Elsewhere.
The number assigned to this disaster
for economic injury is 154060.
The States which received an EIDL
Declaration # are Montana, Idaho.
FOR FURTHER INFORMATION CONTACT:
(Catalog of Federal Domestic Assistance
Number 59008)
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Robert W. Errett,
Deputy Secretary.
Dated: December 11, 2017.
Linda E. McMahon,
Administrator.
[FR Doc. 2017–27430 Filed 12–19–17; 8:45 am]
[FR Doc. 2017–27365 Filed 12–19–17; 8:45 am]
BILLING CODE 8011–01–P
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
DEPARTMENT OF STATE
[Disaster Declaration #15406; MONTANA
Disaster Number MT–00115 Declaration of
Economic Injury]
[Public Notice: 10201]
Administrative Declaration of an
Economic Injury Disaster for the State
of MONTANA
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
sradovich on DSK3GMQ082PROD with NOTICES
VerDate Sep<11>2014
21:36 Dec 19, 2017
Jkt 244001
Department of State.
Notice.
AGENCY:
ACTION:
The Acting Assistant
Secretary of State for Oceans and
International Environmental and
Scientific Affairs, acting pursuant to
delegated authorities, issued a
Presidential permit to the State of North
Dakota on October 24, 2017, authorizing
the State of North Dakota to construct,
connect, operate, and maintain the
existing POE border-crossing facilities at
the U.S.-Canada border in Pembina
County, North Dakota. In accordance
with Executive Order 11432 (August 16,
1968) as amended, the Acting Assistant
Secretary of State for Oceans and
International Environmental and
Scientific Affairs determined that
issuance of this permit would serve the
national interest.
SUMMARY:
This is a notice of an
Economic Injury Disaster Loan (EIDL)
declaration for the State of Montana,
dated 12/11/2017.
Incident: Rice Ridge Fire.
Incident Period: 07/24/2017 through
10/20/2017.
DATES: Issued on 12/11/2017.
Economic Injury (EIDL) Loan
Application Deadline Date: 09/11/2018.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
SUMMARY:
Notice of Issuance of a Presidential
Permit to the State of North Dakota
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
FOR FURTHER INFORMATION CONTACT:
Bryan Koontz, 202–647–3030,
koontzbk@state.gov.
SUPPLEMENTARY INFORMATION:
Additional information concerning the
Pembina-Emerson POE border crossing
facilities and documents related to the
Department of State’s review of the
application for a Presidential permit can
be found at https://www.state.gov/
documents/organization/259783.pdf.
Following is the text of the permit, as
issued:
PRESIDENTIAL PERMIT
AUTHORIZING THE STATE OF
NORTH DAKOTA TO CONSTRUCT,
CONNECT, OPERATE, AND
MAINTAIN THE PEMBINA-EMERSON
PORT OF ENTRY AT THE
INTERNATIONAL BOUNDARY
BETWEEN THE UNITED STATES AND
CANADA
By virtue of the authority vested in
me as Acting Assistant Secretary of
State for the Bureau of Oceans and
International Environmental and
Scientific Affairs, including those
authorities under Executive Order
11423, 33 Fed. Reg. 11741 (1968); as
amended by Executive Order 12847 of
May 17, 1993, 58 Fed. Reg. 29511
(1993), Executive Order 13284 of
January 23, 2003, 68 Fed. Reg. 4075
(2003), and Executive Order 13337 of
April 30, 2004, 69 Fed. Reg. 25299
(2004); 25299 (2004); and Department of
State Delegation of Authority 118–2 of
January 26, 2006 and Delegation 415 of
January 18, 2017; having considered the
environmental effects of the proposed
action consistent with the National
Environmental Policy Act of 1969, as
amended (83 Stat. 852, 42 U.S.C. 4321
et seq.), and other statutes relating to
environmental concerns; having
considered the proposed action
consistent with the National Historic
Preservation Act of 1966, as amended
(80 Stat. 917, 16 U.S.C. 470f et seq.); and
having requested and received the views
of various of the federal departments
and other interested persons; I hereby
grant permission, subject to the
conditions herein set forth, to the State
of North Dakota (hereinafter referred to
as ‘‘permittee’’), to construct, connect,
operate, and maintain the PembinaEmerson Port of Entry (hereinafter
referred to as the ‘‘POE’’).
The term ‘‘facilities’’ as used in this
permit means the port of entry, its
approaches and any land, structures, or
installations appurtenant thereto,
including all structures as described in
the May 2, 2016 for a Presidential
permit (the ‘‘Application’’) submitted by
the permitee to the Department of State.
E:\FR\FM\20DEN1.SGM
20DEN1
]]>Agencies
[Federal Register Volume 82, Number 243 (Wednesday, December 20, 2017)]
[Notices]
[Pages 60463-60464]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27430]
[[Page 60463]]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32940; File No. 812-14779]
Consulting Group Capital Markets Funds and Consulting Group
Advisory Services LLC
December 15, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application for an order under section 12(d)(1)(J) of
the Investment Company Act of 1940 (the ``Act'') for an exemption from
sections 12(d)(1)(A), (B), and (C) of the Act and under sections 6(c)
and 17(b) of the Act for an exemption from sections 17(a)(1) and (2) of
the Act. The requested order would permit certain registered open-end
investment companies to acquire shares of certain registered open-end
investment companies, registered closed-end investment companies, and
business development companies, as defined in section 2(a)(48) of the
Act (``BDCs''), and registered unit investment trusts (collectively,
``Underlying Funds'') that are within and outside the same group of
investment companies as the acquiring investment companies, in excess
of the limits in section 12(d)(1) of the Act.
Applicants: Consulting Group Capital Markets Funds, a Massachusetts
business trust that is registered under the Act as an open-end
management investment company with multiple series (the ``Trust'') and
Consulting Group Advisory Services LLC (the ``Initial Adviser''), a
Delaware limited liability company, registered as an investment adviser
under the Investment Advisers Act of 1940.
Filing Dates: The application was filed on June 1, 2017 and amended on
September 22, 2017.
Hearing or Notification of Hearing: An order granting the requested
relief 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 January 8, 2018, 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: c/o John J. O'Brien,
Esq., Morgan, Lewis & Bockius LLP, 1701 Market Street, Philadelphia, PA
19103.
FOR FURTHER INFORMATION CONTACT: Laura J. Riegel, Senior Counsel, at
(202) 551-3038, or Robert H. Shapiro, 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 website by searching for the file number, or for 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. Applicants request an order to permit (a) a Fund \1\ (each a
``Fund of Funds'') to acquire shares of Underlying Funds \2\ in excess
of the limits in sections 12(d)(1)(A) and (C) of the Act and (b) the
Underlying Funds that are registered open-end investment companies or
series thereof, their principal underwriters, and any broker or dealer
registered under the Securities Exchange Act of 1934 to sell shares of
the Underlying Funds to the Fund of Funds in excess of the limits in
section 12(d)(1)(B) of the Act.\3\ Applicants also request an order of
exemption under sections 6(c) and 17(b) of the Act from the prohibition
on certain affiliated transactions in section 17(a) of the Act to the
extent necessary to permit the Underlying Funds to sell their shares
to, and redeem their shares from, the Funds of Funds.\4\ Applicants
state that such transactions will be consistent with the policies of
each Fund of Funds and each Underlying Fund and with the general
purposes of the Act and will be based on the net asset values of the
Underlying Funds.
---------------------------------------------------------------------------
\1\ Applicants request that the order apply to each existing and
future series of the Trust and to each existing and future
registered open-end investment company or series thereof that is
advised by the Initial Adviser or its successors or by any other
investment adviser controlling, controlled by, or under common
control with the Initial Adviser or its successors and is part of
the same ``group of investment companies'' as the Trust (each, a
``Fund''). 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. For
purposes of the request for relief, the term ``group of investment
companies'' means any two or more registered investment companies,
including closed-end investment companies or BDCs, that hold
themselves out to investors as related companies for purposes of
investment and investor services.
\2\ Certain of the Underlying Funds have obtained exemptions
from the Commission necessary to permit their shares to be listed
and traded on a national securities exchange at negotiated prices
and, accordingly, to operate as an exchange-traded fund (``ETF'').
\3\ Applicants do not request relief for the Funds of Funds to
invest in reliance on the order in BDCs and registered closed-end
investment companies that are not listed and traded on a national
securities exchange.
\4\ A Fund of Funds generally would purchase and sell shares of
an Underlying Fund that operates as an ETF through secondary market
transactions rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request relief from
sections 17(a)(1) and (2) to permit each Fund of Funds that is an
affiliated person, or an affiliated person of an affiliated person,
as defined in section 2(a)(3) of the Act, of an ETF, to sell shares
to or redeem shares from the ETF. Applicants are not seeking relief
from section 17(a) for, and the requested relief will not apply to,
transactions where an ETF could be deemed an affiliated person, or
an affiliated person of an affiliated person, of a Fund of Funds
because an investment adviser to the ETF or an entity controlling,
controlled by or under common control with the investment adviser to
the ETF is also an investment adviser to the Fund of Funds. A Fund
of Funds will purchase and sell shares of an Underlying Fund that is
a closed-end fund through secondary market transactions at market
prices rather than through principal transactions with the closed-
end fund. Accordingly, applicants are not requesting section 17(a)
relief with respect to principal transactions with closed-end funds.
---------------------------------------------------------------------------
2. Certain Underlying Funds may invest up to 25% of their assets in
a wholly-owned and controlled subsidiary of the Underlying Fund
organized under the laws of the Cayman Islands as an exempted company
or under the laws of another non-U.S. jurisdiction (each, a ``Cayman
Sub''), in order to invest in commodity-related instruments and certain
other instruments. Applicants state that these Cayman Subs are created
for tax purposes in order to ensure that the Underlying Fund would
remain qualified as a regulated investment company for U.S. federal
income tax purposes.
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 are designed to, among other things, help
prevent any potential (i) undue influence over an Underlying Fund that
is not in the same ``group of investment companies'' as the Fund of
Funds through control or voting power, or in connection with certain
services, transactions, and underwritings, (ii) excessive layering of
fees, and (iii) overly complex fund structures, which are the concerns
underlying the limits in sections 12(d)(1)(A), (B), and (C) of the Act.
[[Page 60464]]
4. 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. 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.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-27430 Filed 12-19-17; 8:45 am]
BILLING CODE 8011-01-P
