Notice of Intention to Cancel Registration Pursuant to Section 203(h) of the Investment Advisers Act of 1940, 78086-78087 [2023-24991]

Download as PDF 78086 Federal Register / Vol. 88, No. 218 / Tuesday, November 14, 2023 / Notices B. Self-Regulatory Organization’s Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,7 the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not intended to address competitive issues but is rather concerned with deleting and replacing obsolete references in its rules. Since the proposal does not substantively modify system functionality or processes on the Exchange, the proposed changes will not impose any burden on competition. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b– 4(f)(6) 9 thereunder. Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b– 4(f)(6) 11 thereunder. A proposed rule change filed under Rule 19b–4(f)(6) 12 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),13 the Commission may designate a shorter time if such action is consistent with protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed 7 15 U.S.C. 78f(b)(8). U.S.C. 78(b)(3)(A). 9 17 CFR 240.19b–4(f)(6). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 12 17 CFR 240.19b–4(f)(6). 13 17 CFR 240.19b–4(f)(6)(iii). khammond on DSKJM1Z7X2PROD with NOTICES 8 15 VerDate Sep<11>2014 16:48 Nov 13, 2023 Jkt 262001 rule change may become operative immediately upon filing. The Commission believes that waving the 30-day operative delay is consistent with the protection of investors and the public interest, because it will allow the Exchange to correct obsolete references to a FINRA department in its rule text. Accordingly, the Commission designates the proposed rule change to be operative upon filing.14 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 will institute proceedings 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– NYSEAMER–2023–53 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–NYSEAMER–2023–53. 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 with respect to the proposed rule change that are filed with the Commission, and all written 14 For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 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 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR–NYSEAMER–2023–53 and should be submitted on or before December 5, 2023. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–25010 Filed 11–13–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. IA– 6478] Notice of Intention to Cancel Registration Pursuant to Section 203(h) of the Investment Advisers Act of 1940 November 7, 2023. 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 Ramos, Mario, File No. 801–127334, hereinafter referred to as the ‘‘registrant.’’ Section 203(h) provides, in pertinent part, that if the Commission finds that any person registered under Section 203, 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 adviser under section 203A, the Commission shall by order, cancel the registration of such person. 15 17 E:\FR\FM\14NON1.SGM CFR 200.30–3(a)(12), (59). 14NON1 Federal Register / Vol. 88, No. 218 / Tuesday, November 14, 2023 / Notices The registrant indicated on its initial and most recent Form ADV filings that it is relying on rule 203A–2(e) to register with the Commission, which provides an exemption from the prohibition on registration for an adviser that provides investment advice to all of its clients exclusively through the adviser’s interactive website, except that the adviser may advise fewer than 15 clients through other means during the preceding 12 months.1 The Commission believes, based on the facts it has, that the registrant does not advise clients through an interactive website as defined under the rule,2 and that it is therefore prohibited from registering as an investment adviser under section 203A of the Act. Accordingly, the Commission believes that reasonable grounds exist for a finding that this registrant is no longer 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, by December 2, 2023, 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 khammond on DSKJM1Z7X2PROD with NOTICES 1 Section 203A of the Act generally prohibits an investment adviser from registering with the Commission unless it meets certain requirements. Rule 203A–2 provides exemptions from the prohibition on Commission registration in section 203A of the Act. Rule 203A–2(e) exempts from the prohibition on Commission registration certain investment advisers that provide advisory services through the internet, as described above. See Exemption for Certain Investment Advisers Operating Through the internet, Investment Advisers Act Release No. 2091 (December 12, 2002), available at https://www.sec.gov/rules/final/ia2091.htm (‘‘internet Adviser Exemption Adopting Release’’). Effective September 19, 2011, rule 203A– 2(f) was renumbered as rule 203A–2(e). See Rules Implementing Amendments to the Investment Advisers Act of 1940, Investment Advisers Act Release No. 3221 (June 22, 2011), available at https://www.sec.gov/rules/final/2011/ia-3221.pdf. 2 Rule 203A–2(e) defines ‘‘interactive website’’ as a website in which computer software-based models or applications provide investment advice to clients based on personal information provided by each client through the website. An adviser relying on the exemption may not use its advisory personnel to elaborate or expand upon the investment advice provided by its interactive website, or otherwise provide investment advice to its internet clients, except as permitted by the rule’s de minimis exception. Such exception permits an adviser relying on the rule to advise clients through means other than its interactive website, so long as the adviser had fewer than 15 of these non-internet clients during the preceding 12 months. See internet Adviser Exemption Adopting Release, id. VerDate Sep<11>2014 16:48 Nov 13, 2023 Jkt 262001 thereon. Any such communication should be emailed to the Commission’s Secretary at Secretarys-Office@sec.gov. At any time after December 2, 2023, 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: Secretarys-Office@sec.gov. FOR FURTHER INFORMATION CONTACT: Juliet Han, Senior Counsel at 202–551– 5213; SEC, Division of Investment Management, Office of Chief Counsel, 100 F Street NE, Washington, DC 20549–8549. For the Commission, by the Division of Investment Management, pursuant to delegated authority.3 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–24991 Filed 11–13–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–98876; File No. SR– NYSEARCA–2023–74] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules 10.9521 and 10.9522 To Correct Obsolete References to a FINRA Department November 7, 2023. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) and Rule 19b–4 thereunder,2 notice is hereby given that on October 26, 2023, NYSE Arca, Inc. (‘‘NYSE Arca’’ or the ‘‘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 3 17 CFR 200.30–5(e)(2). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 78087 by the self-regulatory organization. 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 proposes to amend Rules 10.9521 (Purposes and Definitions) and 10.9522 (Initiation of Eligibility Proceeding; Member Regulation Consideration) to correct an obsolete reference to a department of the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’). The proposed rule change is available on the Exchange’s website at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 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 those 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 parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to proposes to amend Rules 10.9521 (Purposes and Definitions) and 10.9522 (Initiation of Eligibility Proceeding; Member Regulation Consideration) to correct an obsolete reference to a FINRA department. Background and Proposed Rule Change In 2019, NYSE Arca adopted disciplinary rules based on the text of the Rule 8000 and Rule 9000 Series of its affiliate NYSE American LLC (‘‘NYSE American’’), with certain changes. The NYSE American disciplinary rules are, in turn, substantially the same as the Rule 8000 Series and Rule 9000 Series of FINRA and the New York Stock Exchange E:\FR\FM\14NON1.SGM 14NON1

Agencies

[Federal Register Volume 88, Number 218 (Tuesday, November 14, 2023)]
[Notices]
[Pages 78086-78087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-24991]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. IA-6478]


Notice of Intention to Cancel Registration Pursuant to Section 
203(h) of the Investment Advisers Act of 1940

November 7, 2023.
    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 Ramos, Mario, File No. 801-127334, hereinafter referred 
to as the ``registrant.'' Section 203(h) provides, in pertinent part, 
that if the Commission finds that any person registered under Section 
203, 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 adviser under section 203A, the Commission shall by order, 
cancel the registration of such person.

[[Page 78087]]

    The registrant indicated on its initial and most recent Form ADV 
filings that it is relying on rule 203A-2(e) to register with the 
Commission, which provides an exemption from the prohibition on 
registration for an adviser that provides investment advice to all of 
its clients exclusively through the adviser's interactive website, 
except that the adviser may advise fewer than 15 clients through other 
means during the preceding 12 months.\1\ The Commission believes, based 
on the facts it has, that the registrant does not advise clients 
through an interactive website as defined under the rule,\2\ and that 
it is therefore prohibited from registering as an investment adviser 
under section 203A of the Act. Accordingly, the Commission believes 
that reasonable grounds exist for a finding that this registrant is no 
longer 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.
---------------------------------------------------------------------------

    \1\ Section 203A of the Act generally prohibits an investment 
adviser from registering with the Commission unless it meets certain 
requirements. Rule 203A-2 provides exemptions from the prohibition 
on Commission registration in section 203A of the Act. Rule 203A-
2(e) exempts from the prohibition on Commission registration certain 
investment advisers that provide advisory services through the 
internet, as described above. See Exemption for Certain Investment 
Advisers Operating Through the internet, Investment Advisers Act 
Release No. 2091 (December 12, 2002), available at https://www.sec.gov/rules/final/ia-2091.htm (``internet Adviser Exemption 
Adopting Release''). Effective September 19, 2011, rule 203A-2(f) 
was renumbered as rule 203A-2(e). See Rules Implementing Amendments 
to the Investment Advisers Act of 1940, Investment Advisers Act 
Release No. 3221 (June 22, 2011), available at https://www.sec.gov/rules/final/2011/ia-3221.pdf.
    \2\ Rule 203A-2(e) defines ``interactive website'' as a website 
in which computer software-based models or applications provide 
investment advice to clients based on personal information provided 
by each client through the website. An adviser relying on the 
exemption may not use its advisory personnel to elaborate or expand 
upon the investment advice provided by its interactive website, or 
otherwise provide investment advice to its internet clients, except 
as permitted by the rule's de minimis exception. Such exception 
permits an adviser relying on the rule to advise clients through 
means other than its interactive website, so long as the adviser had 
fewer than 15 of these non-internet clients during the preceding 12 
months. See internet Adviser Exemption Adopting Release, id.
---------------------------------------------------------------------------

    Notice is also given that any interested person may, by December 2, 
2023, 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 December 2, 2023, 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: Juliet Han, Senior Counsel at 202-551-
5213; SEC, Division of Investment Management, Office of Chief Counsel, 
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).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-24991 Filed 11-13-23; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.