Merrill Lynch Corporate Dividend Fund, Inc., et al., 51722-51723 [2022-18101]

Download as PDF 51722 Federal Register / Vol. 87, No. 162 / Tuesday, August 23, 2022 / Notices is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 41 of the Act and subparagraph (f)(2) of Rule 19b–4 42 thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) 43 of the Act to determine whether the proposed rule change 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– CBOE–2022–042 on the subject line. Jill M. Peterson, Assistant Secretary. [FR Doc. 2022–18098 Filed 8–22–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34678; 812–05867] Merrill Lynch Corporate Dividend Fund, Inc., et al. August 17, 2022. Paper Comments lotter on DSK11XQN23PROD with NOTICES1 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–CBOE–2022–042, and should be submitted on or before September 13, 2022. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.44 • 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–CBOE–2022–042. 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 41 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 43 15 U.S.C. 78s(b)(2)(B). Securities and Exchange Commission (the ‘‘Commission’’). ACTION: Notice of the Commission’s intention to rescind an order pursuant to section 38(a) of the Investment Company Act of 1940 (the ‘‘Act’’). AGENCY: The Commission intends to rescind an order issued on April 9, 1985, on an application filed by Merrill Lynch Corporate Dividend Fund, Inc., et al. (the ‘‘Applicants’’), which granted exemptions from sections 18(f)(1) and SUMMARY: 42 17 VerDate Sep<11>2014 18:53 Aug 22, 2022 44 17 Jkt 256001 PO 00000 CFR 200.30–3(a)(12). Frm 00083 Fmt 4703 Sfmt 4703 17(f) of the Act (the ‘‘Exemptive Order’’).1 Hearing or Notification of Hearing: An order rescinding the Exemptive Order will be issued unless the Commission orders a hearing. Interested persons may request a hearing by emailing the Commission’s Secretary at SecretarysOffice@sec.gov. Hearing requests should be received by the Commission by 5:30 p.m. on September 12, 2022. Hearing requests should state the nature of the writer’s interest, 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: Secretary, Commission, Secretarys-Office@sec.gov. FOR FURTHER INFORMATION CONTACT: Jessica Leonardo, Senior Counsel, at 202–551–7125 (Division of Investment Management, Chief Counsel’s Office). SUPPLEMENTARY INFORMATION: The Commission issued the Exemptive Order exempting the Applicants from the provisions of section 18(f)(1) and section 17(f) of the Act to the extent necessary to permit the Applicants to trade interest rate futures contracts, stock index futures contracts, municipal bond index futures contracts, and related options. The Exemptive Order was expressly subject to compliance with the undertakings made in the application. On November 2, 2020, the Commission adopted rule 18f–4, which provides an updated and more comprehensive approach to the regulation of registered investment company (‘‘fund’’) and business development company use of derivatives and certain other transactions by replacing existing Commission and staff guidance with a codified, consistent regulatory framework.2 The undertakings of the 1 Merrill Lynch Corporate Dividend Fund, Merrill Lynch Corporate Bond Fund, Inc., Merrill Lynch Municipal Bond Fund, Inc., Merrill Lynch Federal Securities Trust, Merrill Lynch Asset Management, Inc. (‘‘MLAM’’), Fund Asset Management, Inc. (‘‘FAMI’’), and any other registered investment companies advised at the time of the notice, or which in the future may be advised, by MLAM or FAMI, and which may engage in the trading activities described in the application, Investment Company Act Release Nos. 14415 (Mar. 13, 1985) (notice) and 14462 (Apr. 9, 1985) (order). The Merrill Lynch Corporate Bond Fund, Inc. and Merrill Lynch Municipal Bond Fund, Inc. are currently reporting to the Commission as the BlackRock Bond Fund, Inc. and the BlackRock Municipal Bond Fund, Inc. respectively. The Merrill Lynch Federal Securities Trust has deregistered. The adviser applicants are no longer registered with the Commission. 2 See Use of Derivatives by Registered Investment Companies and Business Development Companies, E:\FR\FM\23AUN1.SGM 23AUN1 Federal Register / Vol. 87, No. 162 / Tuesday, August 23, 2022 / Notices Exemptive Order relating to section 18(f)(1) and the Applicants’ investments in certain futures contracts and related options, are superseded by rule 18f–4, which became effective on February 19, 2021, and with which funds will have to comply as of August 19, 2022. In addition, as a general matter, a fund trading in exchange-traded futures and commodity options can rely on rule 17f–6, which permits funds to maintain their assets with futures commission merchants in connection with futures contracts and commodity options traded on U.S. and foreign exchanges.3 Section 38(a) of the Act states, in relevant part, that the Commission shall have authority to rescind an order as is necessary or appropriate to the exercise of the powers conferred upon the Commission elsewhere in the Act.4 On the basis of rules 18f–4 and 17f–6 and the discussions in the releases adopting each of those rules, and on the authority granted to the Commission in section 38(a) of the Act, the Commission intends to rescind the Exemptive Order. The Commission intends to rescind an order issued on May 16, 1984, on an application filed by VALIC Timed Opportunity Fund, Inc. (the ‘‘Applicant’’), which granted exemptions from sections 18(f)(1) and 17(f) of the Act (the ‘‘Exemptive Order ’’).1 Hearing or Notification of Hearing: An order rescinding the Exemptive Order will be issued unless the Commission orders a hearing. Interested persons may request a hearing by emailing the Commission’s Secretary at SecretarysOffice@sec.gov. Hearing requests should be received by the Commission by 5:30 p.m. on September 12, 2022. Hearing requests should state the nature of the writer’s interest, 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: Secretary, Commission: Secretarys-Office@sec.gov. FOR FURTHER INFORMATION CONTACT: Jessica Leonardo, Senior Counsel, at 202–551–7125, (Division of Investment Management, Chief Counsel’s Office). SUPPLEMENTARY INFORMATION: The Commission issued the Exemptive Order exempting the Applicant from the provisions of section 18(f)(1) and section 17(f) of the Act to the extent necessary to permit it to invest in stock index futures contracts and interest rate futures contracts for hedging purposes. The Exemptive Order was expressly subject to compliance with the undertakings made in the application. On November 2, 2020, the Commission adopted rule 18f–4, which provides an updated and more comprehensive approach to the regulation of registered investment company (‘‘fund’’) and business development company use of derivatives and certain other transactions by replacing existing Commission and staff guidance with a codified, consistent regulatory framework.2 The undertakings of the Exemptive Order relating to section 18(f)(1) and the Applicant’s investments in stock index futures contracts and interest rate futures contracts are superseded by rule 18f–4, which Investment Company Act Release No. 34084 (Nov. 2, 2020) at https://www.sec.gov/rules/final/2020/ic34084.pdf. 3 See 17 CFR 270.17f–6; Custody of Investment Company Assets with Futures Commissions Merchants and Commodity Clearing Organizations, Investment Company Act Release No. 22389 (Dec. 11, 1996), https://www.sec.gov/rules/final/ic22389.txt. We also note that based on filings on Form N–CEN, no fund has reported that it relies on the Exemptive Order. 4 15 U.S.C 80a–37(a). (stating in relevant part, ‘‘[t]he Commission shall have authority from time to time to make, issue, amend, and rescind such rules and regulations and such orders as are necessary or appropriate . . . .’’). 1 VALIC Timed Opportunity Fund, Inc., Investment Company Act Release Nos. 13891 (Apr. 17, 1984) (notice) and 13943 (May 16, 1984) (order). The Applicant has undergone several name changes since the order was issued, and since December 31, 2001 has been named the ‘‘Asset Allocation Fund’’ (a series company of the registrant VALIC Company I). See VALIC Company I, Statement of Additional Information, Co, Oct. 1, 2015, https://www.sec.gov/ Archives/edgar/data/719423/000119312515327556/ d93331d485bpos.htm. 2 See Use of Derivatives by Registered Investment Companies and Business Development Companies, Investment Company Act Release No. 34084 (Nov. 2, 2020) at https://www.sec.gov/rules/final/2020/ic34084.pdf. By the Commission, Jill M. Peterson, Assistant Secretary. [FR Doc. 2022–18101 Filed 8–22–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34677; 812–05753] VALIC Timed Opportunity Fund, Inc.; Notice of Intention To Rescind Order August 17, 2022. Securities and Exchange Commission (the ‘‘Commission’’). ACTION: Notice of the Commission’s intention to rescind an order pursuant to section 38(a) of the Investment Company Act of 1940 (‘‘Act’’). AGENCY: lotter on DSK11XQN23PROD with NOTICES1 SUMMARY: VerDate Sep<11>2014 18:53 Aug 22, 2022 Jkt 256001 PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 51723 became effective on February 19, 2021 and with which funds will have to comply as of August 19, 2022. In addition, as a general matter, a fund trading in exchange-traded futures and commodity options can rely on rule 17f–6, which permits funds to maintain their assets with futures commission merchants in connection with futures contracts and commodity options traded on U.S. and foreign exchanges.3 Section 38(a) of the Act states, in relevant part, that the Commission shall have authority to rescind an order as is necessary or appropriate to the exercise of the powers conferred upon the Commission elsewhere in the Act.4 On the basis of rules 18f–4 and 17f–6 and the discussions in the releases adopting each of those rules, and on the authority granted to the Commission in section 38(a) of the Act, the Commission intends to rescind the Exemptive Order. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2022–18099 Filed 8–22–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–95520; File No. SR–CBOE– 2022–041] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 5.34(b) Related to Price Protections and Risk Controls for Complex Orders August 17, 2022. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 4, 2022, Cboe Exchange, Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’) 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 3 See 17 CFR 270.17f–6; Custody of Investment Company Assets with Futures Commissions Merchants and Commodity Clearing Organizations, Investment Company Act Release No. 22389 (Dec. 11, 1996), https://www.sec.gov/rules/final/ic22389.txt. We also note that based on its filings on Form N–CEN, the Applicant has not reported that it relies on the Exemptive Order. 4 15 U.S.C. 80a–37(a). (stating in relevant part, ‘‘[t]he Commission shall have authority from time to time to make, issue, amend, and rescind such rules and regulations and such orders as are necessary or appropriate . . . .’’). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. E:\FR\FM\23AUN1.SGM 23AUN1

Agencies

[Federal Register Volume 87, Number 162 (Tuesday, August 23, 2022)]
[Notices]
[Pages 51722-51723]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-18101]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34678; 812-05867]


Merrill Lynch Corporate Dividend Fund, Inc., et al.

August 17, 2022.
AGENCY:  Securities and Exchange Commission (the ``Commission'').

ACTION:  Notice of the Commission's intention to rescind an order 
pursuant to section 38(a) of the Investment Company Act of 1940 (the 
``Act'').

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SUMMARY:  The Commission intends to rescind an order issued on April 9, 
1985, on an application filed by Merrill Lynch Corporate Dividend Fund, 
Inc., et al. (the ``Applicants''), which granted exemptions from 
sections 18(f)(1) and 17(f) of the Act (the ``Exemptive Order'').\1\
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    \1\ Merrill Lynch Corporate Dividend Fund, Merrill Lynch 
Corporate Bond Fund, Inc., Merrill Lynch Municipal Bond Fund, Inc., 
Merrill Lynch Federal Securities Trust, Merrill Lynch Asset 
Management, Inc. (``MLAM''), Fund Asset Management, Inc. (``FAMI''), 
and any other registered investment companies advised at the time of 
the notice, or which in the future may be advised, by MLAM or FAMI, 
and which may engage in the trading activities described in the 
application, Investment Company Act Release Nos. 14415 (Mar. 13, 
1985) (notice) and 14462 (Apr. 9, 1985) (order). The Merrill Lynch 
Corporate Bond Fund, Inc. and Merrill Lynch Municipal Bond Fund, 
Inc. are currently reporting to the Commission as the BlackRock Bond 
Fund, Inc. and the BlackRock Municipal Bond Fund, Inc. respectively. 
The Merrill Lynch Federal Securities Trust has deregistered. The 
adviser applicants are no longer registered with the Commission.
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    Hearing or Notification of Hearing: An order rescinding the 
Exemptive Order will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing by emailing the Commission's 
Secretary at [email protected]. Hearing requests should be 
received by the Commission by 5:30 p.m. on September 12, 2022. Hearing 
requests should state the nature of the writer's interest, 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:  Secretary, Commission, [email protected].

FOR FURTHER INFORMATION CONTACT:  Jessica Leonardo, Senior Counsel, at 
202-551-7125 (Division of Investment Management, Chief Counsel's 
Office).

SUPPLEMENTARY INFORMATION:  The Commission issued the Exemptive Order 
exempting the Applicants from the provisions of section 18(f)(1) and 
section 17(f) of the Act to the extent necessary to permit the 
Applicants to trade interest rate futures contracts, stock index 
futures contracts, municipal bond index futures contracts, and related 
options. The Exemptive Order was expressly subject to compliance with 
the undertakings made in the application.
    On November 2, 2020, the Commission adopted rule 18f-4, which 
provides an updated and more comprehensive approach to the regulation 
of registered investment company (``fund'') and business development 
company use of derivatives and certain other transactions by replacing 
existing Commission and staff guidance with a codified, consistent 
regulatory framework.\2\ The undertakings of the

[[Page 51723]]

Exemptive Order relating to section 18(f)(1) and the Applicants' 
investments in certain futures contracts and related options, are 
superseded by rule 18f-4, which became effective on February 19, 2021, 
and with which funds will have to comply as of August 19, 2022. In 
addition, as a general matter, a fund trading in exchange-traded 
futures and commodity options can rely on rule 17f-6, which permits 
funds to maintain their assets with futures commission merchants in 
connection with futures contracts and commodity options traded on U.S. 
and foreign exchanges.\3\
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    \2\ See Use of Derivatives by Registered Investment Companies 
and Business Development Companies, Investment Company Act Release 
No. 34084 (Nov. 2, 2020) at https://www.sec.gov/rules/final/2020/ic-34084.pdf.
    \3\ See 17 CFR 270.17f-6; Custody of Investment Company Assets 
with Futures Commissions Merchants and Commodity Clearing 
Organizations, Investment Company Act Release No. 22389 (Dec. 11, 
1996), https://www.sec.gov/rules/final/ic-22389.txt. We also note 
that based on filings on Form N-CEN, no fund has reported that it 
relies on the Exemptive Order.
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    Section 38(a) of the Act states, in relevant part, that the 
Commission shall have authority to rescind an order as is necessary or 
appropriate to the exercise of the powers conferred upon the Commission 
elsewhere in the Act.\4\ On the basis of rules 18f-4 and 17f-6 and the 
discussions in the releases adopting each of those rules, and on the 
authority granted to the Commission in section 38(a) of the Act, the 
Commission intends to rescind the Exemptive Order.
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    \4\ 15 U.S.C 80a-37(a). (stating in relevant part, ``[t]he 
Commission shall have authority from time to time to make, issue, 
amend, and rescind such rules and regulations and such orders as are 
necessary or appropriate . . . .'').

    By the Commission,
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2022-18101 Filed 8-22-22; 8:45 am]
BILLING CODE 8011-01-P
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