Fixed Income Market Structure Advisory Committee, 69370-69371 [2020-24168]

Download as PDF jbell on DSKJLSW7X2PROD with NOTICES 69370 Federal Register / Vol. 85, No. 212 / Monday, November 2, 2020 / Notices Subadvised Fund’s assets, (iii) allocate and, when appropriate, reallocate the Subadvised Fund’s assets among Subadvisers, (iv) monitor and evaluate the Subadvisers’ performance, and (v) implement procedures reasonably designed to ensure that Subadvisers comply with the Subadvised Fund’s investment objective, policies and restrictions. 4. Subadvised Funds will inform shareholders of the hiring of a new Subadviser within 90 days after the hiring of the new Subadviser pursuant to the Modified Notice and Access Procedures. 5. At all times, at least a majority of the Board will be Independent Trustees, and the selection and nomination of new or additional Independent Trustees will be placed within the discretion of the then-existing Independent Trustees. 6. Independent Legal Counsel, as defined in Rule 0–1(a)(6) under the Act, will be engaged to represent the Independent Trustees. The selection of such counsel will be within the discretion of the then-existing Independent Trustees. 7. Whenever a Subadviser is hired or terminated, the Adviser will provide the Board with information showing the expected impact on the profitability of the Adviser. 8. The Board must evaluate any material conflicts that may be present in a subadvisory arrangement. Specifically, whenever a subadviser change is proposed for a Subadvised Fund (‘‘Subadviser Change’’) or the Board considers an existing Subadvisory Agreement as part of its annual review process (‘‘Subadviser Review’’): (a) The Adviser will provide the Board, to the extent not already being provided pursuant to section 15(c) of the Act, with all relevant information concerning: (i) Any material interest in the proposed new Subadviser, in the case of a Subadviser Change, or the Subadviser in the case of a Subadviser Review, held directly or indirectly by the Adviser or a parent or sister company of the Adviser, and any material impact the proposed Subadvisory Agreement may have on that interest; (ii) any arrangement or understanding in which the Adviser or any parent or sister company of the Adviser is a participant that (A) may have had a material effect on the proposed Subadviser Change or Subadviser Review, or (B) may be materially affected by the proposed Subadviser Change or Subadviser Review; (iii) any material interest in a Subadviser held directly or indirectly by an officer or Trustee of the Subadvised VerDate Sep<11>2014 20:55 Oct 30, 2020 Jkt 253001 Fund, or an officer or board member of the Adviser (other than through a pooled investment vehicle not controlled by such person); and (iv) any other information that may be relevant to the Board in evaluating any potential material conflicts of interest in the proposed Subadviser Change or Subadviser Review. (b) the Board, including a majority of the Independent Trustees, will make a separate finding, reflected in the Board minutes, that the Subadviser Change or continuation after Subadviser Review is in the best interests of the Subadvised Fund and its shareholders and, based on the information provided to the Board, does not involve a conflict of interest from which the Adviser, a Subadviser, any officer or Trustee of the Subadvised Fund, or any officer or board member of the Adviser derives an inappropriate advantage. 9. Each Subadvised Fund will disclose in its registration statement the Aggregate Fee Disclosure. 10. In the event that the Commission adopts a rule under the Act providing substantially similar relief to that in the order requested in the Application, the requested order will expire on the effective date of that rule. 11. Any new Subadvisory Agreement or any amendment to an existing Investment Advisory Agreement or Subadvisory Agreement that directly or indirectly results in an increase in the aggregate advisory fee rate payable by the Subadvised Fund will be submitted to the Subadvised Fund’s shareholders for approval. For the Commission, by the Division of Investment Management, under delegated authority. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–24160 Filed 10–30–20; 8:45 am] BILLING CODE 8011–01–P staff members who have an interest in the matters also may be present. In the event that the time, date, or location of this meeting changes, an announcement of the change, along with the new time, date, and/or place of the meeting will be posted on the Commission’s website at https:// www.sec.gov. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) and (10) and 17 CFR 200.402(a)(3), (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and (a)(10), permit consideration of the scheduled matters at the closed meeting. The subject matter of the closed meeting will consist of the following topic: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; Resolution of litigation claims; Disclosure of non-public information; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting agenda items that may consist of adjudicatory, examination, litigation, or regulatory matters. 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 28, 2020. Vanessa A. Countryman, Secretary. [FR Doc. 2020–24285 Filed 10–29–20; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90275; File No. 265–30] SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 Securities and Exchange Commission. ACTION: Notice of Federal Advisory Committee Renewal. AGENCY: 2:00 p.m. on Wednesday, November 4, 2020. PLACE: The meeting will be held via remote means and/or at the Commission’s headquarters, 100 F Street NE, Washington, DC 20549. STATUS: This meeting will be closed to the public. MATTERS TO BE CONSIDERED: Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain TIME AND DATE: Fixed Income Market Structure Advisory Committee The Securities and Exchange Commission is publishing this notice to announce that the Chairman of the Commission, with the concurrence of the other Commissioners, has approved the renewal of the Securities and Exchange Commission Fixed Income Market Structure Advisory Committee. FOR FURTHER INFORMATION CONTACT: David Dimitrious, Senior Special SUMMARY: E:\FR\FM\02NON1.SGM 02NON1 jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 85, No. 212 / Monday, November 2, 2020 / Notices Counsel, at (202) 551–5131, or Arisa Kettig, Special Counsel, at (202) 551– 5676, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–7010. SUPPLEMENTARY INFORMATION: In accordance with the requirements of the Federal Advisory Committee Act, 5 U.S.C.—App, the Commission is publishing this notice that the Chairman of the Commission, with the concurrence of the other Commissioners, has approved the renewal of the Securities and Exchange Commission Fixed Income Market Structure Advisory Committee (the ‘‘Committee’’). The Chairman of the Commission affirms that the renewal of the Committee is necessary and in the public interest.1 The Committee’s objective is to provide the Commission with diverse perspectives on the structure and operations of the U.S. fixed income markets, as well as advice and recommendations on matters related to fixed income market structure. No more than 21 voting members will be appointed to the Committee. Such members shall represent a cross-section of those directly affected by, interested in, and/or qualified to provide advice to the Commission on matters related to fixed income market structure. The Committee’s membership will continue to be balanced fairly in terms of points of view represented. Non-voting members may also be named. The charter provides that the duties of the Committee are to be solely advisory. The Commission alone will make any determinations of actions to be taken and policies to be expressed with respect to matters within the Commission’s jurisdiction. The Committee will meet at such intervals as are necessary to carry out its functions. The charter contemplates that the full Committee will meet one time. Meetings of subgroups or subcommittees of the full Committee may occur more frequently. The Committee will operate for fourmonths from the date it is renewed or such earlier date as determined by the Commission unless, before the expiration of that time period, it is renewed in accordance with the Federal Advisory Committee Act. A copy of the charter for the Committee has been filed with the Committee on Banking, Housing, and Urban Affairs of the United States Senate, the Committee on Financial Services of the United States House of Representatives, and the Committee Management Secretariat of the General Services Administration. A copy of the charter as so filed also will be filed with the Chairman of the Commission, furnished to the Library of Congress, and posted on the Commission’s website at www.sec.gov. By the Commission. Dated: October 27, 2020. Vanessa A. Countryman, Secretary. [FR Doc. 2020–24168 Filed 10–30–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90274; File No. SR– EMERALD–2020–13] Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Establish Market Data Fees October 27, 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 October 14, 2020, MIAX Emerald, LLC (‘‘MIAX Emerald’’ or ‘‘Exchange’’) 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 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 the MIAX Emerald Fee Schedule (the ‘‘Fee Schedule’’) to establish market data fees. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxoptions.com/rulefilings/emerald, at MIAX’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 1 15 1 See 41 CFR 102–3.30(a). VerDate Sep<11>2014 20:55 Oct 30, 2020 2 17 Jkt 253001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00060 Fmt 4703 Sfmt 4703 69371 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 the Fee Schedule to establish market data fees. MIAX Emerald commenced operations as a national securities exchange registered under Section 6 of the Act 3 on March 1, 2019.4 The Exchange adopted its transaction fees and certain of its non-transaction fees in its filing SR–EMERALD–2019–15.5 In that filing, the Exchange expressly waived, among others, market data fees to provide an incentive to prospective market participants to become Members 6 of the Exchange. At that time, the Exchange waived market data fees for the Waiver Period 7 and stated that it would provide notice to market participants when the Exchange intended to terminate the Waiver Period. On September 15, 2020, the Exchange issued a Regulatory Circular which announced, among other things, that the Exchange would be ending the Waiver Period for market data fees, beginning October 1, 2020.8 On October 1, 2020, the Exchange filed its proposal to assess fees for its 3 15 U.S.C. 78f. Securities Exchange Act Release No. 84891 (December 20, 2018), 83 FR 67421 (December 28, 2018) (File No. 10–233) (order approving application of MIAX Emerald, LLC for registration as a national securities exchange). 5 See Securities Exchange Act Release No. 85393 (March 21, 2019), 84 FR 11599 (March 27, 2019) (SR–EMERALD–2019–15) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish the MIAX Emerald Fee Schedule). 6 ‘‘Member’’ means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed ‘‘members’’ under the Exchange Act. See Exchange Rule 100 and the Definitions Section of the Fee Schedule. 7 ‘‘Waiver Period’’ means, for each applicable fee, the period of time from the initial effective date of the MIAX Emerald Fee Schedule until such time that the Exchange has an effective fee filing establishing the applicable fee. The Exchange will issue a Regulatory Circular announcing the establishment of an applicable fee that was subject to a Waiver Period at least fifteen (15) days prior to the termination of the Waiver Period and effective date of any such applicable fee. See the Definitions Section of the Fee Schedule. 8 See MIAX Emerald Regulatory Circular 2020–41 available at https://www.miaxoptions.com/sites/ default/files/circular-files/MIAX_Emerald_RC_ 2020_41.pdf. 4 See E:\FR\FM\02NON1.SGM 02NON1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 212 (Monday, November 2, 2020)]
[Notices]
[Pages 69370-69371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-24168]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90275; File No. 265-30]


Fixed Income Market Structure Advisory Committee

AGENCY: Securities and Exchange Commission.

ACTION: Notice of Federal Advisory Committee Renewal.

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SUMMARY: The Securities and Exchange Commission is publishing this 
notice to announce that the Chairman of the Commission, with the 
concurrence of the other Commissioners, has approved the renewal of the 
Securities and Exchange Commission Fixed Income Market Structure 
Advisory Committee.

FOR FURTHER INFORMATION CONTACT: David Dimitrious, Senior Special

[[Page 69371]]

Counsel, at (202) 551-5131, or Arisa Kettig, Special Counsel, at (202) 
551-5676, Division of Trading and Markets, Securities and Exchange 
Commission, 100 F Street NE, Washington, DC 20549-7010.

SUPPLEMENTARY INFORMATION: In accordance with the requirements of the 
Federal Advisory Committee Act, 5 U.S.C.--App, the Commission is 
publishing this notice that the Chairman of the Commission, with the 
concurrence of the other Commissioners, has approved the renewal of the 
Securities and Exchange Commission Fixed Income Market Structure 
Advisory Committee (the ``Committee''). The Chairman of the Commission 
affirms that the renewal of the Committee is necessary and in the 
public interest.\1\
---------------------------------------------------------------------------

    \1\ See 41 CFR 102-3.30(a).
---------------------------------------------------------------------------

    The Committee's objective is to provide the Commission with diverse 
perspectives on the structure and operations of the U.S. fixed income 
markets, as well as advice and recommendations on matters related to 
fixed income market structure.
    No more than 21 voting members will be appointed to the Committee. 
Such members shall represent a cross-section of those directly affected 
by, interested in, and/or qualified to provide advice to the Commission 
on matters related to fixed income market structure. The Committee's 
membership will continue to be balanced fairly in terms of points of 
view represented. Non-voting members may also be named.
    The charter provides that the duties of the Committee are to be 
solely advisory. The Commission alone will make any determinations of 
actions to be taken and policies to be expressed with respect to 
matters within the Commission's jurisdiction. The Committee will meet 
at such intervals as are necessary to carry out its functions. The 
charter contemplates that the full Committee will meet one time. 
Meetings of subgroups or subcommittees of the full Committee may occur 
more frequently.
    The Committee will operate for four-months from the date it is 
renewed or such earlier date as determined by the Commission unless, 
before the expiration of that time period, it is renewed in accordance 
with the Federal Advisory Committee Act. A copy of the charter for the 
Committee has been filed with the Committee on Banking, Housing, and 
Urban Affairs of the United States Senate, the Committee on Financial 
Services of the United States House of Representatives, and the 
Committee Management Secretariat of the General Services 
Administration. A copy of the charter as so filed also will be filed 
with the Chairman of the Commission, furnished to the Library of 
Congress, and posted on the Commission's website at www.sec.gov.

    By the Commission.

    Dated: October 27, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-24168 Filed 10-30-20; 8:45 am]
BILLING CODE 8011-01-P

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