Northern Lights Fund Trust and Pacific Financial Group, LLC, 4081-4082 [2018-01548]
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Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices
insiders of reporting companies.
Approximately 338,207 insiders file
Form 4 annually and it takes
approximately 0.5 hours to prepare for
a total of 169,104 annual burden hours.
Written comments are invited on: (a)
Whether this proposed collections of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the
collections of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collections of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Please direct your written comment to
Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: January 24, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01601 Filed 1–26–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82571; File No. SR–LCH
SA–2017–013]
Self-Regulatory Organizations; LCH
SA; Notice of Designation of Longer
Period for Commission Action on
Proposed Rule Change To Adopt LCH
SA’s Wind Down Plan
adopt an updated wind down plan (the
‘‘WDP’’). (File No. SR–LCH SA–2017–
013). The proposed rule change was
published for comment in the Federal
Register on December 19, 2017.3 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 from the
publication of notice of filing of this
proposed rule change is February 2,
2018.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. LCH SA
proposes to adopt an updated WDP. The
Commission finds it is appropriate to
designate a longer period within which
to take action on the proposed rule
change so that it has sufficient time to
consider LCH SA’s proposed rule
change.
Accordingly, the Commission,
pursuant to Section 19(b)(2) 5 of the Act,
designates March 19, 2018, as the date
by which the Commission should either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–LCH SA–2017–013).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01539 Filed 1–26–18; 8:45 am]
BILLING CODE 8011–01–P
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January 23, 2018.
On December 7, 2017, Banque
Centrale de Compensation, which
conducts business under the name LCH
SA (‘‘LCH SA’’), 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
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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18:19 Jan 26, 2018
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3 Securities Exchange Act Release No. 34- 82317
(December 13, 2017), 82 FR 60238 (December 19,
2017) (SR–LCH SA–2017–013) (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(31).
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4081
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32973; File No. 812–14810]
Northern Lights Fund Trust and Pacific
Financial Group, LLC
January 23, 2018.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
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: Northern Lights Fund
Trust (the ‘‘Trust’’), a Delaware statutory
trust that is registered under the Act as
an open-end management investment
company with multiple series, and
Pacific Financial Group, LLC (the
‘‘Applying Manager’’), a limited liability
company organized under the laws of
the state of California that is registered
as an investment adviser under the
Investment Advisers Act of 1940.
Filing Dates: The application was
filed on August 14, 2017, and amended
on January 8, 2018.
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 February 20, 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
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Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices
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: Northern Lights Fund
Trust and Pacific Financial Group, LLC,
c/o JoAnn Strasser, Esq., Thompson
Hine LLP, 41 South High Street, Suite
1700, Columbus, OH 43215; and
Richard Malinowski, Esq., Gemini Fund
Services, 80 Arkay Drive, Hauppauge,
NY 11788.
FOR FURTHER INFORMATION CONTACT: Jean
E. Minarick, Senior Counsel, at (202)
551–6811, or Robert 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 Fund to the Fund of
Funds in excess of the limits in section
12(d)(1)(B) of the Act.3 Applicants also
sradovich on DSK3GMQ082PROD with NOTICES
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
Applying Manager or its successor-in-interest or by
any other investment adviser controlling, controlled
by or under common control with the Applying
Manager or its successor and is part of the same
‘‘group of investment companies’’ as the Trust
(each, a ‘‘Fund’’). For purposes of the requested
order, ‘‘successor-in-interest’’ 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
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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.
2. 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.
3. 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
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 section 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 or BDC through secondary market transactions
at market prices rather than through principal
transactions with the closed-end fund or BDC.
Accordingly, applicants are not requesting section
17(a) relief with respect to transactions in shares of
closed-end funds (including BDCs).
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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.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–01548 Filed 1–26–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–148, OMB Control No.
3235–0133]
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 17a–19 and Form X–17A–19.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 17a–19 (17 CFR 240.17a–19) and
Form X–17A–19 of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.).
Rule 17a–19 requires every national
securities exchange and registered
national securities association to file a
Form X–17A–19 with the Commission
and the Securities Investor Protection
Corporation (‘‘SIPC’’) within 5 business
days of the initiation, suspension, or
termination of any member and, when
terminating the membership interest of
any member, to notify that member of
its obligation to file financial reports as
E:\FR\FM\29JAN1.SGM
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]]>Agencies
[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)]
[Notices]
[Pages 4081-4082]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01548]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32973; File No. 812-14810]
Northern Lights Fund Trust and Pacific Financial Group, LLC
January 23, 2018.
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: Northern Lights Fund Trust (the ``Trust''), a Delaware
statutory trust that is registered under the Act as an open-end
management investment company with multiple series, and Pacific
Financial Group, LLC (the ``Applying Manager''), a limited liability
company organized under the laws of the state of California that is
registered as an investment adviser under the Investment Advisers Act
of 1940.
Filing Dates: The application was filed on August 14, 2017, and
amended on January 8, 2018.
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 February 20, 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
[[Page 4082]]
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: Northern Lights Fund
Trust and Pacific Financial Group, LLC, c/o JoAnn Strasser, Esq.,
Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, OH
43215; and Richard Malinowski, Esq., Gemini Fund Services, 80 Arkay
Drive, Hauppauge, NY 11788.
FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, at
(202) 551-6811, or Robert 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 Fund 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 Applying Manager or its successor-in-interest or by
any other investment adviser controlling, controlled by or under
common control with the Applying Manager or its successor and is
part of the same ``group of investment companies'' as the Trust
(each, a ``Fund''). For purposes of the requested order,
``successor-in-interest'' 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 section
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 or BDC through secondary market transactions at
market prices rather than through principal transactions with the
closed-end fund or BDC. Accordingly, applicants are not requesting
section 17(a) relief with respect to transactions in shares of
closed-end funds (including BDCs).
---------------------------------------------------------------------------
2. 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.
3. 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.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01548 Filed 1-26-18; 8:45 am]
BILLING CODE 8011-01-P
