Capitol Series Trust and Cornerstone Capital Inc., 22761-22762 [2020-08582]
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Federal Register / Vol. 85, No. 79 / Thursday, April 23, 2020 / Notices
POSTAL REGULATORY COMMISSION
[Docket Nos. MC2020–121 and CP2020–129;
MC2020–122 and CP2020–130]
New Postal Products
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
a negotiated service agreement. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: April 27,
2020.
SUMMARY:
Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Introduction
II. Docketed Proceeding(s)
lotter on DSKBCFDHB2PROD with NOTICES
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the market dominant or
the competitive product list, or the
modification of an existing product
currently appearing on the market
dominant or the competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
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19:28 Apr 22, 2020
Jkt 250001
with the requirements of 39 CFR
3007.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3010, and 39
CFR part 3020, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3015, and
39 CFR part 3020, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2020–121 and
CP2020–129; Filing Title: USPS Request
to Add Priority Mail Contract 609 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: April 17, 2020; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3020.30 et seq., and 39 CFR 3015.5;
Public Representative: Christopher C.
Mohr; Comments Due: April 27, 2020.
2. Docket No(s).: MC2020–122 and
CP2020–130; Filing Title: USPS Request
to Add Priority Mail Contract 610 to
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: April 17, 2020; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3020.30 et seq., and 39 CFR 3015.5;
Public Representative: Christopher C.
Mohr; Comments Due: April 27, 2020.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2020–08665 Filed 4–22–20; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
International Product Change—Priority
Mail Express International, Priority Mail
International & First-Class Package
International Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a Priority
Mail Express International, Priority Mail
SUMMARY:
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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Sfmt 4703
22761
International & First-Class Package
International Service contract to the list
of Negotiated Service Agreements in the
Competitive Product List in the Mail
Classification Schedule.
DATES: Date of notice: April 23, 2020.
FOR FURTHER INFORMATION CONTACT:
Christopher C. Meyerson, (202) 268–
7820.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on April 16, 2020,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express International,
Priority Mail International & First-Class
Package International Service Contract
2 to Competitive Product List.
Documents are available at
www.prc.gov, Docket Nos. MC2020–120
and CP2020–128.
SUPPLEMENTARY INFORMATION:
Joshua J. Hofer,
Attorney, Federal Compliance.
[FR Doc. 2020–08627 Filed 4–22–20; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
33842; 812–15049]
Capitol Series Trust and Cornerstone
Capital Inc.
April 17, 2020.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of an application under section
6(c) of the Investment Company Act of
1940 (the ‘‘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 subadvisers without shareholder approval
and grant relief from the Disclosure
Requirements as they relate to fees paid
to the sub-advisers.
Applicants: Capitol Series Trust (the
‘‘Trust’’), a Ohio business trust
registered under the Act as an open-end
management investment company, and
Cornerstone Capital Inc. (the
‘‘Adviser’’), a Delaware corporation
registered as an investment adviser
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23APN1
22762
Federal Register / Vol. 85, No. 79 / Thursday, April 23, 2020 / Notices
under the Investment Advisers Act of
1940 (together with the Trust, the
‘‘Applicants’’).
Filing Dates: The application was
filed on July 16, 2019 and amended on
October 4, 2019 and February 5, 2020.
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 emailing the Commission’s
Secretary at Secretarys-Office@sec.gov
and serving applicants with a copy of
the request by email. Hearing requests
should be received by the Commission
by 5:30 p.m. on May 12, 2020, 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
emailing the Commission’s Secretary at
Secretarys-Office@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
fundops@cornerstonecapinc.com.
FOR FURTHER INFORMATION CONTACT: Jay
M. Williamson, Senior Counsel, at (202)
551–3393, or David Nicolardi, 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 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
lotter on DSKBCFDHB2PROD with NOTICES
1. The Adviser serves or will serve as
the investment adviser to the
Subadvised Series pursuant to an
investment advisory agreement with the
Trust (each, an ‘‘Investment
Management Agreement’’ and,
collectively, the ‘‘Investment
Management Agreements’’).1 The
1 Applicants request relief with respect to any
existing or future series of the Trust and any other
existing or future registered open-end management
company or series thereof that intends to rely on the
requested order and that: (a) Is advised by the
Adviser, or any person controlling, controlled by or
under common control with the Adviser or its
successors; (b) uses the multi-manager structure
described in the application; and (c) complies with
the terms and conditions of the application (each,
a ‘‘Subadvised Series’’). For purposes of the
requested order, ‘‘successor’’ is limited to an entity
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Adviser provides or will provide the
Subadvised Series with continuous and
comprehensive investment management
services, subject to the supervision of,
and policies established by, the Trust’s
board of trustees (the ‘‘Board’’). The
Investment Management Agreement
permits the Adviser, subject to the
approval of the Board, to delegate to one
or more Sub-Advisers the responsibility
to provide the day-to-day portfolio
investment management of each
Subadvised Series, subject to the
supervision and direction of the
Adviser.2 The primary responsibility for
managing the Subadvised Series will
remain vested in the Adviser. The
Adviser will hire, evaluate, allocate
assets to and oversee the Sub-Advisers,
including determining whether a SubAdviser 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 enter into investment subadvisory agreements with NonAffiliated Sub-Advisers (each, a ‘‘SubAdvisory Agreement’’) and materially
amend such Sub-Advisory Agreements
without obtaining the shareholder
approval required under section 15(a) of
the Act and rule 18f–2 under the Act.3
Applicants also seek an exemption from
the Disclosure Requirements to permit a
Subadvised Series to disclose (as both a
dollar amount and a percentage of the
Subadvised Series’ net assets): (a) The
aggregate fees paid to the Adviser; (b)
the aggregate fees paid to Non-Affiliated
Sub-Advisers; and (c) the fee paid to
each 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
Subadvised Series’ shareholders and
notification about sub-advisory changes
and enhanced Board oversight to protect
the interests of the Subadvised Series’
shareholders.
that results from a reorganization into another
jurisdiction or a change in the type of business
organization.
2 A ‘‘Sub-Adviser’’ for a Subadvised Series is an
investment sub-adviser for that Series that is not an
‘‘affiliated person’’ (as such term is defined in
Section 2(a)(3) of the Act) of the Subadvised Series
or the Adviser, except to the extent that an
affiliation arises solely because the Sub-Adviser
serves as a sub-adviser to one or more Subadvised
Series (each a ‘‘Non-Affiliated Sub-Adviser’’ and
collectively, the ‘‘Non-Affiliated Sub-Advisers’’).
3 The requested relief will not extend to any subadviser which is an affiliated person, as defined in
section 2(a)(3) of the Act, of the Subadvised Series
or of its Adviser, other than by reason of serving
as a sub-adviser to one or more of the Subadvised
Series (‘‘Affiliated Sub-Adviser’’).
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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
Investment Management Agreements
will remain subject to shareholder
approval while the role of the SubAdvisers is substantially equivalent to
that of individual portfolio managers, so
that requiring shareholder approval of
Sub-Advisory Agreements would
impose unnecessary delays and
expenses on the Subadvised Series.
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
Subadvised Series.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–08582 Filed 4–22–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88676; File No. SR–Phlx–
2020–22]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Options 6,
Section 5, Titled Transfer of Positions
April 17, 2020.
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 April 16,
2020, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the 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.
1 15
2 17
E:\FR\FM\23APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
23APN1
]]>Agencies
[Federal Register Volume 85, Number 79 (Thursday, April 23, 2020)]
[Notices]
[Pages 22761-22762]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08582]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 33842; 812-15049]
Capitol Series Trust and Cornerstone Capital Inc.
April 17, 2020.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application under section 6(c) of the Investment
Company Act of 1940 (the ``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: Capitol Series Trust (the ``Trust''), a Ohio business
trust registered under the Act as an open-end management investment
company, and Cornerstone Capital Inc. (the ``Adviser''), a Delaware
corporation registered as an investment adviser
[[Page 22762]]
under the Investment Advisers Act of 1940 (together with the Trust, the
``Applicants'').
Filing Dates: The application was filed on July 16, 2019 and
amended on October 4, 2019 and February 5, 2020.
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 emailing the Commission's
Secretary at [email protected] and serving applicants with a
copy of the request by email. Hearing requests should be received by
the Commission by 5:30 p.m. on May 12, 2020, 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 emailing the
Commission's Secretary at [email protected].
ADDRESSES: The Commission: [email protected]. Applicants:
[email protected].
FOR FURTHER INFORMATION CONTACT: Jay M. Williamson, Senior Counsel, at
(202) 551-3393, or David Nicolardi, 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 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 serves or will serve as the investment adviser to
the Subadvised Series pursuant to an investment advisory agreement with
the Trust (each, an ``Investment Management Agreement'' and,
collectively, the ``Investment Management Agreements'').\1\ The Adviser
provides or will provide the Subadvised Series with continuous and
comprehensive investment management services, subject to the
supervision of, and policies established by, the Trust's board of
trustees (the ``Board''). The Investment Management Agreement permits
the Adviser, subject to the approval of the Board, to delegate to one
or more Sub-Advisers the responsibility to provide the day-to-day
portfolio investment management of each Subadvised Series, subject to
the supervision and direction of the Adviser.\2\ The primary
responsibility for managing the Subadvised Series 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 or
future series of the Trust and any other existing or future
registered open-end management company or series thereof that
intends to rely on the requested order and that: (a) Is advised by
the Adviser, or any person controlling, controlled by or under
common control with the Adviser or its successors; (b) uses the
multi-manager structure described in the application; and (c)
complies with the terms and conditions of the application (each, a
``Subadvised Series''). 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\ A ``Sub-Adviser'' for a Subadvised Series is an investment
sub-adviser for that Series that is not an ``affiliated person'' (as
such term is defined in Section 2(a)(3) of the Act) of the
Subadvised Series or the Adviser, except to the extent that an
affiliation arises solely because the Sub-Adviser serves as a sub-
adviser to one or more Subadvised Series (each a ``Non-Affiliated
Sub-Adviser'' and collectively, the ``Non-Affiliated Sub-
Advisers'').
---------------------------------------------------------------------------
2. Applicants request an exemption to permit the Adviser, subject
to Board approval, to enter into investment sub-advisory agreements
with Non-Affiliated Sub-Advisers (each, a ``Sub-Advisory Agreement'')
and materially amend such Sub-Advisory Agreements without obtaining the
shareholder approval required under section 15(a) of the Act and rule
18f-2 under the Act.\3\ Applicants also seek an exemption from the
Disclosure Requirements to permit a Subadvised Series to disclose (as
both a dollar amount and a percentage of the Subadvised Series' net
assets): (a) The aggregate fees paid to the Adviser; (b) the aggregate
fees paid to Non-Affiliated Sub-Advisers; and (c) the fee paid to each
Affiliated Sub-Adviser.
---------------------------------------------------------------------------
\3\ The requested relief will not extend to any sub-adviser
which is an affiliated person, as defined in section 2(a)(3) of the
Act, of the Subadvised Series or of its Adviser, other than by
reason of serving as a sub-adviser to one or more of the Subadvised
Series (``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 Subadvised Series' shareholders and
notification about sub-advisory changes and enhanced Board oversight to
protect the interests of the Subadvised Series' 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 Investment
Management Agreements will remain subject to shareholder approval while
the role of the Sub-Advisers is substantially equivalent to that of
individual portfolio managers, so that requiring shareholder approval
of Sub-Advisory Agreements would impose unnecessary delays and expenses
on the Subadvised Series. 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 Subadvised Series.
For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08582 Filed 4-22-20; 8:45 am]
BILLING CODE 8011-01-P
