Inter-American Development Bank; Notice of Application, 72060-72061 [2019-28050]
Download as PDF
72060
Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
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:
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–
NASDAQ–2019–097 on the subject line.
khammond on DSKJM1Z7X2PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2019–097. 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 website (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 website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2019–097 and
should be submitted on or before
January 21, 2020.
VerDate Sep<11>2014
20:00 Dec 27, 2019
Jkt 250001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
J. Matthew DeLesDernier,
Assistant Secretary.
Washington, DC 20549–1090.
Applicant, Inter-American Development
Bank, 1300 New York Avenue NW
Washington, DC 20577.
FOR FURTHER INFORMATION CONTACT:
[FR Doc. 2019–28028 Filed 12–27–19; 8:45 am]
BILLING CODE P
Benjamin Kalish, Senior Counsel, or
Parisa Haghshenas, Branch Chief, at
202–551–6825 (Division of Investment
Management, Chief Counsel’s Office).
Inter-American Development Bank;
Notice of Application
The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
website either at https://www.sec.gov/
rules/iareleases.shtml or by calling (202)
551–8090.
December 20, 2019.
Applicant’s Representations
SECURITIES AND EXCHANGE
COMMISSION
[Investment Advisers Act Release No. 5420;
File No. 803–00248]
SUPPLEMENTARY INFORMATION:
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
1. The IDB was established by
international treaty with the principal
purpose to contribute to the acceleration
of the process of economic and social
SUMMARY: Notice of application for an
development in Latin America and the
exemption under section 202(a)(11)(H)
Caribbean. The IDB’s principal activities
of the Investment Advisers Act of 1940
are providing loans and credit
(‘‘Advisers Act’’).
guarantees, and technical assistance to
Applicant: Inter-American
support development projects in its
Development Bank (‘‘IDB’’ or
developing member countries. The IDB
‘‘Applicant’’).
has operated since 1959 under an
Relevant Advisers Act Sections:
agreement signed by the governments of
Exemption requested under section
its member countries, including the
202(a)(11)(H) of the Advisers Act from
U.S., and its member countries own all
section 202(a)(11) of the Advisers Act.
of its capital stock.
Summary of Application: The
2. The Applicant provides substantial
Applicant requests that the Commission
issue an order declaring it to be a person technical assistance to the governments
of its member countries as part of or in
not within the intent of Section
parallel to a loan or guarantee, or
202(a)(11) of the Advisers Act, which
independently. The purpose of IDB’s
defines the term ‘‘investment adviser.’’
technical assistance activities is both to
Filing Dates: The application was
improve the operations of the member
filed on June 7, 2019, and amended on
government as they relate to economic
October 1, 2019.
Hearing or Notification of Hearing: An and social development and to
contribute to knowledge transfer and
order granting the application will be
capacity building of developing member
issued unless the Commission orders a
hearing. Interested persons may request countries. Technical assistance includes
assisting member countries to improve
a hearing by writing to the
Commission’s Secretary and serving the their asset and liability management
techniques and advice for member
Applicant with a copy of the request,
countries on adopting sound portfolio
personally or by mail. Hearing requests
management techniques.
should be received by the Commission
by 5:30 p.m. on January 14, 2019, and
3. The Applicant seeks to expand its
should be accompanied by proof of
services to meet requests from member
service on the Applicant, in the form of
countries to help them strengthen the
an affidavit or, for lawyers, a certificate
management of their reserves and to
of service. Pursuant to Rule 0–5 under
bring their treasury operations in line
the Advisers Act, hearing requests
with current capital and financial
should state the nature of the writer’s
markets best practices. The Applicant
interest, any facts bearing upon the
would provide these treasury-related
desirability of a hearing on the matter,
services only to IDB member countries,
the reason for the request, and the issues their central banks, other governmental
contested. Persons may request
institutions of such member countries,
notification of a hearing by writing to
and other international organizations
the Commission’s Secretary.
owned entirely by their sovereign nation
members, substantially all of which
ADDRESSES: Secretary, Securities and
Exchange Commission, 100 F Street NE, members are also members of the IDB
(collectively ‘‘Potential Clients’’). The
25 17 CFR 200.30–3(a)(12).
Applicant would provide its services
PO 00000
Frm 00171
Fmt 4703
Sfmt 4703
E:\FR\FM\30DEN1.SGM
30DEN1
Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
only with respect to government and/or
public assets.
4. Member countries have requested
that the Applicant provide them with
asset management and related services
(back office, risk, accounting, advisory
and other support services) to help them
develop additional internal capacities.
The Applicant would exercise
discretionary authority with respect to
the assets, acting as the agent for
Potential Clients.
5. Member countries have also
requested advice and instruction
relating to hedging activities and to
capital markets borrowings. The
Applicant proposes to provide detailed
advice on debt management, hedging
techniques for specific transactions, and
capital markets borrowings. The
Applicant also proposes to provide
targeted training seminars and courses
at the IDB’s offices, at Potential Clients’
locations, or online.
6. The Applicant expects to charge a
fee for the activities/services it provides
that would allow it to recover the
associated costs.
Applicants’ Legal Analysis
1. Section 202(a)(11) of the Advisers
Act defines ‘‘investment adviser’’ to
mean ‘‘any person who, for
compensation, engages in the business
of advising others . . . as to the value
of securities or as to the advisability of
investing in, purchasing, or selling
securities, or who, for compensation
and as a part of a regular business,
issues or promulgates analyses or
reports concerning securities . . . .’’
2. The Applicant proposes to offer
asset management and advisory services
on a regular, recurring basis and to
charge recipients a fee for these services.
Accordingly, the Applicant would be
‘‘in the business of’’ providing
investment advice for compensation and
would be an ‘‘investment adviser’’ for
purposes of the Advisers Act.
3. Section 202(a)(11)(H) of the
Advisers Act authorizes the
Commission to exclude from the
definition of ‘‘investment adviser’’
persons that are not within the intent of
section 202(a)(11). The Applicant
requests that the Commission issue an
order under section 202(a)(11)(H)
declaring it to be a person not within
the intent of section 202(a)(11).
4. The Applicant argues that the
Advisers Act contemplates the
regulation of private sector entities and
was not intended to regulate an entity
that is an organization of sovereign
nations providing investment advice to
Potential Clients. The Applicant states
that section 202(b) of the Advisers Act
provides that the Advisers Act is not
VerDate Sep<11>2014
20:00 Dec 27, 2019
Jkt 250001
applicable to the ‘‘United States, a State,
or any political subdivision of a State,
or any agency, authority, or
instrumentality of any one or more of
the foregoing, or any corporation which
is wholly owned directly or indirectly
by any one or more of the foregoing, or
any officer, agent, or employee of any of
the foregoing acting as such in the
course of his official duty, unless such
provision makes specific reference
thereto.’’ While the Applicant
acknowledges that the Advisers Act
does not expressly exempt international
organizations made up solely of
sovereign nations, the Applicant argues
that the Advisers Act seems clearly
intended not to apply to such
organizations.
5. The Applicant acknowledges that a
foreign individual or corporation would
reasonably expect the protections of the
U.S. securities laws to apply when
doing business with an investment
adviser resident in the United States.
The Applicant asserts, however, that,
given the particular nature of the IDB,
its unique purposes, and the nature of
its constituent members, recipients of
the proposed investment advice would
not reasonably expect the Advisers Act
to apply to those services.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019–28050 Filed 12–27–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87829; File No. SR–
PEARL–2019–35]
Self-Regulatory Organizations; MIAX
PEARL, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Exchange
Rule 100, Definitions, Exchange Rule
503, Openings on the Exchange,
Exchange Rule 515, Execution of
Orders, Exchange Rule 516, Order
Types, and Exchange Rule 521,
Nullification and Adjustment of
Options Transactions Including
Obvious Errors
December 20, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
19, 2019, MIAX PEARL, LLC (‘‘MIAX
PEARL’’ or the ‘‘Exchange’’) filed with
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00172
Fmt 4703
Sfmt 4703
72061
the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposal to
amend Rule 100, Definitions; Exchange
Rule 503, Openings on the Exchange;
Exchange Rule 515, Execution of
Orders; Exchange Rule 516, Order
Types; and Exchange Rule 521,
Nullification and Adjustment of Options
Transactions Including Obvious Errors.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxoptions.com/rulefilings/pearl at MIAX PEARL’s principal
office, and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Exchange Rule 100, Definitions;
Exchange Rule 503, Openings on the
Exchange; Exchange Rule 515,
Execution of Orders; Exchange Rule
516, Order Types; and Exchange Rule
521, Nullification and Adjustment of
Options Transactions Including Obvious
Errors, to make non-substantive edits to
update internal cross references in the
Exchange’s rulebook.
The Exchange is an affiliate of the
Miami International Securities
Exchange, LLC (‘‘MIAX’’) and
incorporates by reference a number of
MIAX Exchange rules into its rulebook.
MIAX Exchange recently amended Rule
1400, Definitions, found in Chapter XIV
of the MIAX Exchange rules, which are
E:\FR\FM\30DEN1.SGM
30DEN1
Agencies
[Federal Register Volume 84, Number 249 (Monday, December 30, 2019)]
[Notices]
[Pages 72060-72061]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-28050]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Advisers Act Release No. 5420; File No. 803-00248]
Inter-American Development Bank; Notice of Application
December 20, 2019.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: Notice of application for an exemption under section
202(a)(11)(H) of the Investment Advisers Act of 1940 (``Advisers
Act'').
Applicant: Inter-American Development Bank (``IDB'' or
``Applicant'').
Relevant Advisers Act Sections: Exemption requested under section
202(a)(11)(H) of the Advisers Act from section 202(a)(11) of the
Advisers Act.
Summary of Application: The Applicant requests that the Commission
issue an order declaring it to be a person not within the intent of
Section 202(a)(11) of the Advisers Act, which defines the term
``investment adviser.''
Filing Dates: The application was filed on June 7, 2019, and
amended on October 1, 2019.
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 the Applicant 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 14, 2019, and should be accompanied
by proof of service on the Applicant, in the form of an affidavit or,
for lawyers, a certificate of service. Pursuant to Rule 0-5 under the
Advisers 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
may request notification of a hearing by writing to the Commission's
Secretary.
ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street
NE, Washington, DC 20549-1090. Applicant, Inter-American Development
Bank, 1300 New York Avenue NW Washington, DC 20577.
FOR FURTHER INFORMATION CONTACT: Benjamin Kalish, Senior Counsel, or
Parisa Haghshenas, Branch Chief, at 202-551-6825 (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 either at https://www.sec.gov/rules/iareleases.shtml or by calling (202) 551-8090.
Applicant's Representations
1. The IDB was established by international treaty with the
principal purpose to contribute to the acceleration of the process of
economic and social development in Latin America and the Caribbean. The
IDB's principal activities are providing loans and credit guarantees,
and technical assistance to support development projects in its
developing member countries. The IDB has operated since 1959 under an
agreement signed by the governments of its member countries, including
the U.S., and its member countries own all of its capital stock.
2. The Applicant provides substantial technical assistance to the
governments of its member countries as part of or in parallel to a loan
or guarantee, or independently. The purpose of IDB's technical
assistance activities is both to improve the operations of the member
government as they relate to economic and social development and to
contribute to knowledge transfer and capacity building of developing
member countries. Technical assistance includes assisting member
countries to improve their asset and liability management techniques
and advice for member countries on adopting sound portfolio management
techniques.
3. The Applicant seeks to expand its services to meet requests from
member countries to help them strengthen the management of their
reserves and to bring their treasury operations in line with current
capital and financial markets best practices. The Applicant would
provide these treasury-related services only to IDB member countries,
their central banks, other governmental institutions of such member
countries, and other international organizations owned entirely by
their sovereign nation members, substantially all of which members are
also members of the IDB (collectively ``Potential Clients''). The
Applicant would provide its services
[[Page 72061]]
only with respect to government and/or public assets.
4. Member countries have requested that the Applicant provide them
with asset management and related services (back office, risk,
accounting, advisory and other support services) to help them develop
additional internal capacities. The Applicant would exercise
discretionary authority with respect to the assets, acting as the agent
for Potential Clients.
5. Member countries have also requested advice and instruction
relating to hedging activities and to capital markets borrowings. The
Applicant proposes to provide detailed advice on debt management,
hedging techniques for specific transactions, and capital markets
borrowings. The Applicant also proposes to provide targeted training
seminars and courses at the IDB's offices, at Potential Clients'
locations, or online.
6. The Applicant expects to charge a fee for the activities/
services it provides that would allow it to recover the associated
costs.
Applicants' Legal Analysis
1. Section 202(a)(11) of the Advisers Act defines ``investment
adviser'' to mean ``any person who, for compensation, engages in the
business of advising others . . . as to the value of securities or as
to the advisability of investing in, purchasing, or selling securities,
or who, for compensation and as a part of a regular business, issues or
promulgates analyses or reports concerning securities . . . .''
2. The Applicant proposes to offer asset management and advisory
services on a regular, recurring basis and to charge recipients a fee
for these services. Accordingly, the Applicant would be ``in the
business of'' providing investment advice for compensation and would be
an ``investment adviser'' for purposes of the Advisers Act.
3. Section 202(a)(11)(H) of the Advisers Act authorizes the
Commission to exclude from the definition of ``investment adviser''
persons that are not within the intent of section 202(a)(11). The
Applicant requests that the Commission issue an order under section
202(a)(11)(H) declaring it to be a person not within the intent of
section 202(a)(11).
4. The Applicant argues that the Advisers Act contemplates the
regulation of private sector entities and was not intended to regulate
an entity that is an organization of sovereign nations providing
investment advice to Potential Clients. The Applicant states that
section 202(b) of the Advisers Act provides that the Advisers Act is
not applicable to the ``United States, a State, or any political
subdivision of a State, or any agency, authority, or instrumentality of
any one or more of the foregoing, or any corporation which is wholly
owned directly or indirectly by any one or more of the foregoing, or
any officer, agent, or employee of any of the foregoing acting as such
in the course of his official duty, unless such provision makes
specific reference thereto.'' While the Applicant acknowledges that the
Advisers Act does not expressly exempt international organizations made
up solely of sovereign nations, the Applicant argues that the Advisers
Act seems clearly intended not to apply to such organizations.
5. The Applicant acknowledges that a foreign individual or
corporation would reasonably expect the protections of the U.S.
securities laws to apply when doing business with an investment adviser
resident in the United States. The Applicant asserts, however, that,
given the particular nature of the IDB, its unique purposes, and the
nature of its constituent members, recipients of the proposed
investment advice would not reasonably expect the Advisers Act to apply
to those services.
For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-28050 Filed 12-27-19; 8:45 am]
BILLING CODE 8011-01-P