D.B. Fitzpatrick & Co., Inc., 64181-64182 [2020-22455]
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Federal Register / Vol. 85, No. 197 / Friday, October 9, 2020 / Notices
that it is subject to oversight by a suite
of Japanese government agencies and
regulatory authorities, and conducts its
operations in a manner that is at least
as rigorous as, if not more rigorous than,
Japanese commercial banks subject to
prudential bank regulatory financial
standards. The Applicant is subject to a
comprehensive supervisory and
regulatory regime established by the
Japanese Government as described in
the application. The Applicant is
subject to the general safety and
soundness prudential supervision and
regulation similar to that applicable to
commercial banks in Japan pursuant to
the DBJ Act, including on-site
inspections conducted by the
Commissioner of the FSA, which is also
the primary supervisor of Japanese
commercial banks via delegated
authority under the Banking Act of
Japan (the ‘‘Banking Act’’). The
Applicant also complies with certain of
provisions of the Banking Act or the Act
on Emergency Measures for the
Revitalization of Financial Functions
Act on a voluntary basis in a manner
that is similar to a Japanese commercial
bank as part of risk management
processes and methods implemented
and maintained by the Applicant in
order to ensure sound and appropriate
management of its operations.
Accordingly, the Applicant represents
that its operations do not lend
themselves to the abuses against which
the Act is directed, and states that it
believes it satisfies the standards for
relief under section 6(c) of the Act.
Applicant’s Conditions
The Applicant agrees that the order
granting the requested relief will be
subject to the following conditions:
1. In connection with any offering by
the Applicant of its debt securities in
the United States, the Applicant will
appoint an agent in the United States to
accept service of process in any suit,
action or proceeding brought with
respect to such debt securities instituted
in any state or federal court in the
Borough of Manhattan, The City of New
York, New York. The Applicant will
expressly submit to the jurisdiction of
New York State and United States
Federal courts sitting in the Borough of
Manhattan, The City of New York, New
York with respect to any such suit,
action or proceeding. The Applicant
also will waive the defense of an
inconvenient forum to the maintenance
of any such action or proceeding. Such
appointment of an agent to accept
service of process and such consent to
jurisdiction shall be irrevocable until all
amounts due and to become due in
respect thereof have been paid. No such
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17:26 Oct 08, 2020
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submission to jurisdiction or
appointment of agent for service of
process will affect the right of a holder
of any such security to bring suit in any
court which shall have jurisdiction over
the Applicant by virtue of the offer and
sale of such securities or otherwise.
2. The Applicant undertakes to
provide to any person to which it offers
its debt securities in the United States
disclosure documents that are at least so
comprehensive in their description of
the Applicant and its business as those
which may be used by comparable U.S.
issuers in similar U.S. offerings of such
securities and that contain the latest
available audited annual financial
statements (and, if available, reviewed
interim financial statements) of the
Applicant. The Applicant further
undertakes to ensure that any
underwriter or dealer through whom it
makes such offers will provide such
disclosure documents to each person to
whom such offers are made prior to any
sale of securities to such offeree. Such
documents will be updated promptly to
reflect any material change in the
Applicant’s financial status and shall be
at least as comprehensive as offering
memoranda customarily used in similar
offerings in the United States. Any
offering of the Applicant’s securities in
the United States shall comply with
applicable U.S. securities and anti-fraud
laws and regulations.
3. The Applicant shall rely upon the
order so long as (i) the Applicant’s
activities conform in all material
respects to the activities described in
the application, (ii) the Applicant
continues to be regulated by the
Minister of Finance, the FSA or other
applicable Japanese regulatory
authorities as a policy and development
financial organization as described in
the application, (iii) the Applicant
continues to follow, in all material
respects, the voluntary compliance
measures described in the application,
(iv) there is no material change in the
Applicant’s primary mission or how it
is regulated as compared to today, and
(v) the Japanese Government continues
to hold at least 10% of the Applicant’s
issued share capital.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–22373 Filed 10–8–20; 8:45 am]
BILLING CODE 8011–01–P
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64181
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting; Cancellation
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 85 FR 62361, October
2, 2020.
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, October 7,
2020 at 2:00 p.m.
The Closed
Meeting scheduled for Wednesday,
October 7, 2020 at 2:00 p.m., has been
cancelled.
CHANGES IN THE MEETING:
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: October 7, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–22552 Filed 10–7–20; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Advisers Act Release No. 5607/
File No. 803–00253]
D.B. Fitzpatrick & Co., Inc.
October 6, 2020.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of application for an exemptive
order under Section 206A of the
Investment Advisers Act of 1940 (the
‘‘Act’’) and rule 206(4)–5(e) under the
Act.
APPLICANT: D.B. Fitzpatrick & Co., Inc.
(‘‘Applicant’’).
SUMMARY OF APPLICATION: Applicant
filed an application for an order under
Section 206A of the Act and rule
206(4)–5(e) under the Act exempting it
from rule 206(4)–5(a)(1) under the Act
to permit Applicant to receive
compensation from a government entity
for investment advisory services
provided to the government entity
within the two-year period following
contributions by a covered associate of
the Applicant to an official of the
government entity. The Commission
issued a notice of application on April
9, 2020 1 (‘‘Notice’’). The Commission
did not receive a hearing request and
issued an order on May 5, 2020 2
1 Investment Advisers Act Release No. 5475 (Apr.
9, 2020) (notice).
2 Investment Advisers Act Release No. 5946 (May
5, 2020) (order).
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64182
Federal Register / Vol. 85, No. 197 / Friday, October 9, 2020 / Notices
(‘‘Order’’) granting the requested
exemption. Due to a clerical error, the
Notice was not published in the Federal
Register and, therefore, the Commission
is now publishing this notice in the
Federal Register. The Commission is
also stating, as provided below, a related
position with respect to this matter.
FILING DATES: The application was filed
on January 22, 2020, and amended on
March 23, 2020 (‘‘Application’’).
HEARING OR NOTIFICATION OF HEARING:
Interested persons may request a
hearing by emailing the Commission’s
Secretary at Secretarys-Office@sec.gov
and serving Applicant with a copy of
the request by email. Hearing requests
should be received by the Commission
by 5:30 p.m. on October 21, 2020, 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 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 emailing the Commission’s
Secretary.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicant:
D.B. Fitzpatrick & Co., Inc. at
dbfitzpatrick@dbfitzpatrick.com.
FOR FURTHER INFORMATION CONTACT: Jean
E. Minarick, Senior Counsel, at (202)
551–6811 or Kaitlin C. Bottock, 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 at https://www.sec.gov/rules/
iareleases.shtml or by calling (202) 551–
8090.
Publication of Notice in the Federal
Register
1. Applicant filed the Application to
request an order pursuant to Section
206A of the Act and rule 206(4)–5(e)
thereunder exempting Applicant from
rule 206(4)–5(a)(1) under the Act to
permit the Applicant to receive
compensation from a government entity
within the two-year period following
contributions by a covered associate of
the Applicant to an official of the
government entity. The Commission
published the Application on its public
website shortly thereafter.
2. Based on the representations
provided by the Applicant in the
Application, the Commission issued the
Notice on April 9, 2020, and published
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17:26 Oct 08, 2020
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it on the Commission’s public website
on the same day. The Commission did
not receive a hearing request. On May
5, 2020, the Commission issued the
Order and published it on the
Commission’s public website on the
same day. The Commission understands
that the Applicant is relying on the
Order.
3. Because of a clerical error, the
Notice was not published in the Federal
Register. The Commission is thus
publishing this notice in the Federal
Register.
Commission Position
The Commission takes the position
that it would not provide a basis for a
Commission enforcement action under
Section 206(4) of the Act and rule
206(4)–5(e) under the Act against the
Applicant if, in reliance on the Order
and subject to its conditions, the
Applicant receives compensation from
the government entity identified in the
Application within the two-year period
following the contributions addressed in
the application. This position will apply
with respect to payments received, or
released from escrow, from May 5, 2020
until the notice period for hearing
requests has expired. Applicant has
represented that since May 5, 2020, it
has complied with the conditions of the
Order.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–22455 Filed 10–8–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90092; File No. SR–NSCC–
2020–017]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Enhance the
Insurance and Retirement Processing
Services To Provide for a New
Centralized Repository and
Transactional Platform Called
‘‘Insurance Information Exchange’’ and
Make Certain Clarification Changes to
the NSCC Rules & Procedures
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
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00075
Fmt 4703
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change would
amend NSCC’s Rules & Procedures
(‘‘Rules’’) 6 to enhance existing
Insurance and Retirement Processing
Services (‘‘I&RS’’) to (i) provide for a
new centralized repository and
transactional platform called ‘‘Insurance
Information Exchange’’ (‘‘IIEX’’) for
transmission of data relating to IPS
Eligible Products (‘‘I&RS Data’’) 7 and
(ii) update certain defined terms and the
name of I&RS services in the Rules and
make certain other clarification changes.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, the
clearing agency 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
clearing agency has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
1. Purpose
NSCC is proposing to provide a
centralized repository and transactional
platform to transmit and receive data
relating to I&RS Data. NSCC is also
proposing to update certain defined
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
5 17 CFR 240.19b–4(f)(4).
6 Capitalized terms not defined herein are defined
in the Rules, available at https://www.dtcc.com/∼/
media/Files/Downloads/legal/rules/nscc_rules.pdf.
7 An ‘‘IPS Eligible Product’’ is currently defined
in the Rules and includes such insurance products,
retirement or other benefit plans, or programs that
are identified by NSCC as eligible for processing
through its I&RS. See Rule 1, supra note 6.
4 17
October 5, 2020.
1 15
September 28, 2020, National Securities
Clearing Corporation (‘‘NSCC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II and III below, which Items
have been prepared by the clearing
agency. NSCC filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 3 and subparagraphs (f)(2) 4
and (f)(4) 5 of Rule 19b–4 thereunder.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
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]]>Agencies
[Federal Register Volume 85, Number 197 (Friday, October 9, 2020)]
[Notices]
[Pages 64181-64182]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22455]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Advisers Act Release No. 5607/File No. 803-00253]
D.B. Fitzpatrick & Co., Inc.
October 6, 2020.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of application for an exemptive order under Section 206A of
the Investment Advisers Act of 1940 (the ``Act'') and rule 206(4)-5(e)
under the Act.
Applicant: D.B. Fitzpatrick & Co., Inc. (``Applicant'').
Summary of Application: Applicant filed an application for an order
under Section 206A of the Act and rule 206(4)-5(e) under the Act
exempting it from rule 206(4)-5(a)(1) under the Act to permit Applicant
to receive compensation from a government entity for investment
advisory services provided to the government entity within the two-year
period following contributions by a covered associate of the Applicant
to an official of the government entity. The Commission issued a notice
of application on April 9, 2020 \1\ (``Notice''). The Commission did
not receive a hearing request and issued an order on May 5, 2020 \2\
[[Page 64182]]
(``Order'') granting the requested exemption. Due to a clerical error,
the Notice was not published in the Federal Register and, therefore,
the Commission is now publishing this notice in the Federal Register.
The Commission is also stating, as provided below, a related position
with respect to this matter.
---------------------------------------------------------------------------
\1\ Investment Advisers Act Release No. 5475 (Apr. 9, 2020)
(notice).
\2\ Investment Advisers Act Release No. 5946 (May 5, 2020)
(order).
Filing Dates: The application was filed on January 22, 2020, and
---------------------------------------------------------------------------
amended on March 23, 2020 (``Application'').
Hearing or Notification of Hearing: Interested persons may request a
hearing by emailing the Commission's Secretary at [email protected] and serving Applicant with a copy of the request by
email. Hearing requests should be received by the Commission by 5:30
p.m. on October 21, 2020, 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 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 emailing the Commission's Secretary.
ADDRESSES: The Commission: [email protected]. Applicant: D.B.
Fitzpatrick & Co., Inc. at [email protected].
FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, at
(202) 551-6811 or Kaitlin C. Bottock, 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 at https://www.sec.gov/rules/iareleases.shtml or by
calling (202) 551-8090.
Publication of Notice in the Federal Register
1. Applicant filed the Application to request an order pursuant to
Section 206A of the Act and rule 206(4)-5(e) thereunder exempting
Applicant from rule 206(4)-5(a)(1) under the Act to permit the
Applicant to receive compensation from a government entity within the
two-year period following contributions by a covered associate of the
Applicant to an official of the government entity. The Commission
published the Application on its public website shortly thereafter.
2. Based on the representations provided by the Applicant in the
Application, the Commission issued the Notice on April 9, 2020, and
published it on the Commission's public website on the same day. The
Commission did not receive a hearing request. On May 5, 2020, the
Commission issued the Order and published it on the Commission's public
website on the same day. The Commission understands that the Applicant
is relying on the Order.
3. Because of a clerical error, the Notice was not published in the
Federal Register. The Commission is thus publishing this notice in the
Federal Register.
Commission Position
The Commission takes the position that it would not provide a basis
for a Commission enforcement action under Section 206(4) of the Act and
rule 206(4)-5(e) under the Act against the Applicant if, in reliance on
the Order and subject to its conditions, the Applicant receives
compensation from the government entity identified in the Application
within the two-year period following the contributions addressed in the
application. This position will apply with respect to payments
received, or released from escrow, from May 5, 2020 until the notice
period for hearing requests has expired. Applicant has represented that
since May 5, 2020, it has complied with the conditions of the Order.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22455 Filed 10-8-20; 8:45 am]
BILLING CODE 8011-01-P
