Notice of Intention to Cancel Registration Pursuant to section 203(H) of the Investment Advisers Act of 1940, 82010-82011 [2020-27788]
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Federal Register / Vol. 85, No. 243 / Thursday, December 17, 2020 / Notices
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest and is
not designed to permit unfair
discrimination between customers,
issuers, brokers and dealers.
The Exchange believes the proposed
change to the exchange groupings of
options exchanges within the routing
fee table furthers the objectives of
Section 6(b)(4) of the Act and is
reasonable, equitable and not unfairly
discriminatory because the proposed
change will continue to apply in the
same manner to all Members that are
subject to routing fees. The Exchange
believes the proposed change to the
routing fee table exchange groupings
furthers the objectives of Section 6(b)(5)
of the Act and is designed to promote
just and equitable principles of trade
and is not unfairly discriminatory
because the proposed change seeks to
recoup costs that are incurred by the
Exchange when routing customer orders
to away markets on behalf of Members
and does so in the same manner to all
Members that are subject to routing fees.
The costs to the Exchange to route
orders to away markets for execution
primarily includes transaction fees and
rebates assessed by the away markets to
which the Exchange routes orders, in
addition to the Exchange’s clearing
costs, administrative, regulatory and
technical costs. The Exchange believes
that the proposed re-categorization of
certain exchange groupings would
enable the Exchange to recover the costs
it incurs to route orders to Nasdaq MRX.
The per-contract transaction fee amount
associated with each grouping
approximates the Exchange’s all-in cost
(plus an additional, non-material
amount) to execute the corresponding
contract at the corresponding exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes its proposed recategorization of certain exchange
groupings is intended to enable the
Exchange to recover the costs it incurs
to route orders to away markets,
particularly Nasdaq MRX. The Exchange
does not believe that this proposal
imposes any unnecessary burden on
competition because it seeks to recoup
costs incurred by the Exchange when
routing orders to away markets on
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18:52 Dec 16, 2020
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behalf of Members and other exchanges
have similar routing fee structures.11
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act,12 and Rule
19b–4(f)(2) 13 thereunder. At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the 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–
PEARL–2020–31 on the subject line.
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–PEARL–2020–31. 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
11 See
supra note 6.
U.S.C. 78s(b)(3)(A)(ii).
13 17 CFR 240.19b–4(f)(2).
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–PEARL–2020–31, and
should be submitted on or before
January 7, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–27721 Filed 12–16–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. IA–5646]
Notice of Intention to Cancel
Registration Pursuant to section
203(H) of the Investment Advisers Act
of 1940
December 14, 2020.
Notice is given that the Securities and
Exchange Commission (the
‘‘Commission’’) intends to issue an
order, pursuant to section 203(h) of the
Investment Advisers Act of 1940 (the
‘‘Act’’), cancelling the registration of
Family Office Partners, Inc. [File No.
801–110022], hereinafter referred to as
the ‘‘registrant.’’
Section 203(h) of the Act provides, in
pertinent part, that if the Commission
finds that any person registered under
section 203 of the Act, or who has
pending an application for registration
filed under that section, is no longer in
existence, is not engaged in business as
an investment adviser, or is prohibited
from registering as an investment
12 15
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14 17
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CFR 200.30–3(a)(12).
17DEN1
Federal Register / Vol. 85, No. 243 / Thursday, December 17, 2020 / Notices
adviser under section 203A of the Act,
the Commission shall by order, cancel
the registration of such person.
Section 203A of the Act prohibits an
investment adviser from registering with
the Commission under certain
circumstances. Rule 203A–2(d) under
the Act provides an exemption to this
prohibition, permitting an adviser to
register with the Commission if the
adviser would otherwise be required to
register as an investment adviser with
15 or more state securities authorities
(‘‘multi-state adviser exemption’’). The
registrant indicated on its most recently
filed Form ADV that it is relying on the
multi-state adviser exemption to register
with the Commission and that it has no
clients and no assets under
management.1 It appears that the
registrant is not eligible for the multistate adviser exemption because it is not
required to register as an investment
adviser with 15 or more state securities
authorities. Therefore, it appears that
the registrant is prohibited from
registering as an investment adviser
with the Commission. Furthermore, the
registrant has not filed a Form ADV
annual updating amendment as required
by rule 204–1 under the Act.2 Therefore,
it appears that the registrant is not in
existence or otherwise not engaged in
business as an investment adviser.
Accordingly, the Commission believes
that reasonable grounds exist for a
finding that the registrant is not eligible
to be registered with the Commission as
an investment adviser and that the
registration should be cancelled
pursuant to section 203(h) of the Act.
Notice is also given that any
interested person may, January 8, 2021,
at 5:30 p.m., submit to the Commission
in writing a request for a hearing on the
cancellation, accompanied by a
statement as to the nature of his or her
interest, the reason for such request, and
the issues, if any, of fact or law
proposed to be controverted, and he or
she may request that he or she be
notified if the Commission should order
a hearing thereon. Any such
communication should be emailed to
the Commission’s Secretary at
Secretarys-Office@sec.gov.
At any time after January 8, 2021, the
Commission may issue an order
cancelling the registration, upon the
basis of the information stated above,
unless an order for a hearing on the
1 The registrant filed its most recent Form ADV,
which was an ‘‘other-than-annual amendment,’’ on
May 31, 2017.
2 Rule 204–1 under the Act requires any adviser
that is required to complete Form ADV to amend
the form at least annually and to submit the
amendments electronically through the Investment
Adviser Registration Depository.
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18:52 Dec 16, 2020
Jkt 253001
cancellation shall be issued upon
request or upon the Commission’s own
motion. Persons who requested a
hearing, or who requested to be advised
as to whether a hearing is ordered, will
receive any notices and orders issued in
this matter, including the date of the
hearing (if ordered) and any
postponements thereof. Any adviser
whose registration is cancelled under
delegated authority may appeal that
decision directly to the Commission in
accordance with rules 430 and 431 of
the Commission’s rules of practice (17
CFR 201.430 and 431).
ADDRESSES: The Commission:
Secretarys-Office@sec.gov.
FOR FURTHER INFORMATION CONTACT:
Alexis Palascak, Senior Counsel at 202–
551–6999; SEC, Division of Investment
Management, Investment Adviser
Regulation Office, 100 F Street NE,
Washington, DC 20549–8549.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.3
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–27788 Filed 12–16–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90652; File No. SR–
NYSEArca–2020–77]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change To Amend NYSE Arca
Rule 8.601–E To Adopt Generic Listing
Standards for Active Proxy Portfolio
Shares
December 11, 2020.
I. Introduction
On August 31, 2020, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’ or
‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend NYSE Arca Rule 8.601–E to
adopt generic listing standards for
Active Proxy Portfolio Shares. The
proposed rule change was published for
comment in the Federal Register on
September 21, 2020.3 On October 30,
3 17
CFR 200.30–5(e)(2).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 89874
(September 15, 2020), 85 FR 59338 (‘‘Notice’’).
1 15
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82011
2020, pursuant to Section 19(b)(2) of the
Exchange Act,4 the Commission
designated a longer period within which
to approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether to disapprove the proposed
rule change.5 The Commission has
received no comments on the proposed
rule change. The Commission is
publishing this order to solicit
comments on the proposed rule change
from interested persons and to institute
proceedings pursuant to Section
19(b)(2)(B) of the Act 6 to determine
whether to approve or disapprove the
proposed rule change.
II. Description of the Proposed Rule
Change
Earlier this year, the Commission
approved the Exchange’s proposal to
adopt listing standards for Active Proxy
Portfolio Shares as set forth in NYSE
Arca Rule 8.601–E.7 Active Proxy
Portfolio Shares are securities (a) issued
by an investment company (‘‘Investment
Company’’) registered under the
Investment Company Act of 1940
(‘‘1940 Act’’) organized as an open-end
management investment company that
invests in a portfolio of securities
selected by the Investment Company’s
investment adviser consistent with the
Investment Company’s investment
objectives and policies; (b) issued in a
specified minimum number of shares, or
multiples thereof, in return for a deposit
by the purchaser of the Proxy Portfolio 8
and/or cash with a value equal to the
next determined net asset value
(‘‘NAV’’); (c) when aggregated in the
4 15
U.S.C. 78s(b)(2).
Securities Exchange Act Release No. 90296,
85 FR 70696 (November 5, 2020). The Commission
designated December 20, 2020, as the date by which
the Commission shall approve or disapprove, or
institute proceedings to determine whether to
disapprove, the proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release Nos. 89185
(June 29, 2020), 85 FR 40328 (July 6, 2020) (SR–
NYSEArca–2019–95) (Notice of Filing of
Amendment No. 6 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified
by Amendment No. 6, to Adopt NYSE Arca Rule
8.601–E to Permit the Listing and Trading of Active
Proxy Portfolio Shares and To List and Trade
Shares of the Natixis U.S. Equity Opportunities ETF
Under Proposed NYSE Arca Rule 8.601–E) (‘‘Active
Proxy Portfolio Shares Approval Order’’).
8 Rule 8.601–E(c)(3) defines the term ‘‘Proxy
Portfolio’’ as a specified portfolio of securities,
other financial instruments and/or cash designed to
track closely the daily performance of the Actual
Portfolio of a series of Active Proxy Portfolio Shares
as provided in the exemptive relief pursuant to the
1940 Act applicable to such series. Rule 8.601–
E(c)(2) defines the term ‘‘Actual Portfolio’’ as
identities and quantities of the securities and other
assets held by the Investment Company that shall
form the basis for the Investment Company’s
calculation of NAV at the end of the business day.
5 See
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]]>Agencies
[Federal Register Volume 85, Number 243 (Thursday, December 17, 2020)]
[Notices]
[Pages 82010-82011]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27788]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. IA-5646]
Notice of Intention to Cancel Registration Pursuant to section
203(H) of the Investment Advisers Act of 1940
December 14, 2020.
Notice is given that the Securities and Exchange Commission (the
``Commission'') intends to issue an order, pursuant to section 203(h)
of the Investment Advisers Act of 1940 (the ``Act''), cancelling the
registration of Family Office Partners, Inc. [File No. 801-110022],
hereinafter referred to as the ``registrant.''
Section 203(h) of the Act provides, in pertinent part, that if the
Commission finds that any person registered under section 203 of the
Act, or who has pending an application for registration filed under
that section, is no longer in existence, is not engaged in business as
an investment adviser, or is prohibited from registering as an
investment
[[Page 82011]]
adviser under section 203A of the Act, the Commission shall by order,
cancel the registration of such person.
Section 203A of the Act prohibits an investment adviser from
registering with the Commission under certain circumstances. Rule 203A-
2(d) under the Act provides an exemption to this prohibition,
permitting an adviser to register with the Commission if the adviser
would otherwise be required to register as an investment adviser with
15 or more state securities authorities (``multi-state adviser
exemption''). The registrant indicated on its most recently filed Form
ADV that it is relying on the multi-state adviser exemption to register
with the Commission and that it has no clients and no assets under
management.\1\ It appears that the registrant is not eligible for the
multi-state adviser exemption because it is not required to register as
an investment adviser with 15 or more state securities authorities.
Therefore, it appears that the registrant is prohibited from
registering as an investment adviser with the Commission. Furthermore,
the registrant has not filed a Form ADV annual updating amendment as
required by rule 204-1 under the Act.\2\ Therefore, it appears that the
registrant is not in existence or otherwise not engaged in business as
an investment adviser. Accordingly, the Commission believes that
reasonable grounds exist for a finding that the registrant is not
eligible to be registered with the Commission as an investment adviser
and that the registration should be cancelled pursuant to section
203(h) of the Act.
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\1\ The registrant filed its most recent Form ADV, which was an
``other-than-annual amendment,'' on May 31, 2017.
\2\ Rule 204-1 under the Act requires any adviser that is
required to complete Form ADV to amend the form at least annually
and to submit the amendments electronically through the Investment
Adviser Registration Depository.
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Notice is also given that any interested person may, January 8,
2021, at 5:30 p.m., submit to the Commission in writing a request for a
hearing on the cancellation, accompanied by a statement as to the
nature of his or her interest, the reason for such request, and the
issues, if any, of fact or law proposed to be controverted, and he or
she may request that he or she be notified if the Commission should
order a hearing thereon. Any such communication should be emailed to
the Commission's Secretary at [email protected].
At any time after January 8, 2021, the Commission may issue an
order cancelling the registration, upon the basis of the information
stated above, unless an order for a hearing on the cancellation shall
be issued upon request or upon the Commission's own motion. Persons who
requested a hearing, or who requested to be advised as to whether a
hearing is ordered, will receive any notices and orders issued in this
matter, including the date of the hearing (if ordered) and any
postponements thereof. Any adviser whose registration is cancelled
under delegated authority may appeal that decision directly to the
Commission in accordance with rules 430 and 431 of the Commission's
rules of practice (17 CFR 201.430 and 431).
ADDRESSES: The Commission: [email protected].
FOR FURTHER INFORMATION CONTACT: Alexis Palascak, Senior Counsel at
202-551-6999; SEC, Division of Investment Management, Investment
Adviser Regulation Office, 100 F Street NE, Washington, DC 20549-8549.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.\3\
---------------------------------------------------------------------------
\3\ 17 CFR 200.30-5(e)(2).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-27788 Filed 12-16-20; 8:45 am]
BILLING CODE 8011-01-P
