80 FR 18922 - Interest Rates

SMALL BUSINESS ADMINISTRATION

Federal Register Volume 80, Issue 67 (April 8, 2015)

Page Range		18922-18923
FR Document		2015-08039

Federal Register, Volume 80 Issue 67 (Wednesday, April 8, 2015)

[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)]
[Notices]
[Pages 18922-18923]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-08039]


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SMALL BUSINESS ADMINISTRATION


Interest Rates

    The Small Business Administration publishes an interest rate called 
the optional ``peg'' rate (13 CFR 120.214) on a quarterly basis. This 
rate is a weighted average cost of money to the government for 
maturities similar to the average SBA direct loan. This rate may be 
used as a base rate for guaranteed fluctuating interest rate SBA loans. 
This rate will be 2.125 (2\1/4\) percent for the April-June quarter of 
FY 2015.
    Pursuant to 13 CFR 120.921(b), the maximum legal interest rate for 
any third party lender's commercial loan which funds any portion of the 
cost of a 504 project (see 13 CFR 120.801) shall be 6% over the New 
York Prime rate or, if that exceeds the maximum interest rate permitted 
by the constitution or

[[Page 18923]]

laws of a given State, the maximum interest rate will be the rate 
permitted by the constitution or laws of the given State.

Linda S. Rusche,
Director, Office of Financial Assistance.
[FR Doc. 2015-08039 Filed 4-7-15; 8:45 am]
 BILLING CODE P

18922 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices

Investing Trust, or an affiliated person purchased by the Fund, or its respective Investing Management Company
of the Fund of Funds Adviser, or trustee Master Fund, in Affiliated including a majority of the disinterested
or Sponsor of the Investing Trust, other Underwritings and the amount directors or trustees, will find that the
than any advisory fees paid to the Fund purchased directly from an advisory fees charged under such
of Funds Adviser, trustee or Sponsor of Underwriting Affiliate have changed contract are based on services provided
an Investing Trust, or its affiliated significantly from prior years. The that will be in addition to, rather than
person by the Fund, or its respective Board will take any appropriate actions duplicative of, the services provided
Master Fund, in connection with the based on its review, including, if under the advisory contract(s) of any
investment by the Fund of Funds in the appropriate, the institution of Fund, or its respective Master Fund, in
Fund. Any Fund of Funds Sub-Adviser procedures designed to ensure that which the Investing Management
will waive fees otherwise payable to the purchases of securities in Affiliated Company may invest. These findings
Fund of Funds Sub-Adviser, directly or Underwritings are in the best interest of and their basis will be fully recorded in
indirectly, by the Investing Management shareholders of the Fund. the minute books of the appropriate
Company in an amount at least equal to 8. Each Fund, or its respective Master Investing Management Company.
any compensation received from a Fund, will maintain and preserve 11. Any sales charges and/or service
Fund, or its respective Master Fund, by permanently in an easily accessible fees charged with respect to shares of a
the Fund of Funds Sub-Adviser, or an place a written copy of the procedures Fund of Funds will not exceed the
affiliated person of the Fund of Funds described in the preceding condition, limits applicable to a fund of funds as
Sub-Adviser, other than any advisory and any modifications to such set forth in NASD Conduct Rule 2830.
fees paid to the Fund of Funds Sub- procedures, and will maintain and 12. No Fund, or its respective Master
Adviser or its affiliated person by the preserve for a period of not less than six Fund, will acquire securities of an
Fund, or its respective Master Fund, in years from the end of the fiscal year in investment company or company
connection with the investment by the which any purchase in an Affiliated relying on section 3(c)(1) or 3(c)(7) of
Investing Management Company in the Underwriting occurred, the first two the Act in excess of the limits contained
Fund made at the direction of the Fund years in an easily accessible place, a in section 12(d)(1)(A) of the Act, except
of Funds Sub-Adviser. In the event that written record of each purchase of to the extent (i) the Fund, or its
the Fund of Funds Sub-Adviser waives securities in Affiliated Underwritings respective Master Fund, acquires
fees, the benefit of the waiver will be once an investment by a Fund of Funds securities of another investment
passed through to the Investing in the securities of the Fund exceeds the company pursuant to exemptive relief
Management Company. limit of section 12(d)(1)(A)(i) of the Act, from the Commission permitting the
6. No Fund of Funds or Fund of setting forth from whom the securities Fund, or its respective Master Fund, to
Funds Affiliate (except to the extent it were acquired, the identity of the acquire securities of one or more
is acting in its capacity as an investment underwriting syndicate’s members, the investment companies for short-term
adviser to a Fund) will cause a Fund, or terms of the purchase, and the cash management purposes or (ii) the
its respective Master Fund, to purchase information or materials upon which Fund acquires securities of the Master
a security in any Affiliated the Board’s determinations were made. Fund pursuant to the Master–Feeder
Underwriting. 9. Before investing in a Fund in Relief.
7. The Board of a Fund, or its excess of the limit in section For the Commission, by the Division of
respective Master Fund, including a 12(d)(1)(A), a Fund of Funds and the Investment Management, under delegated
majority of the non-interested Board Trust will execute a FOF Participation authority.
members, will adopt procedures Agreement stating without limitation Brent J. Fields,
reasonably designed to monitor any that their respective boards of directors Secretary.
purchases of securities by the Fund, or or trustees and their investment [FR Doc. 2015–07971 Filed 4–7–15; 8:45 am]
its respective Master Fund, in an advisers, or trustee and Sponsor, as
BILLING CODE 8011–01–P
Affiliated Underwriting, once an applicable, understand the terms and
investment by a Fund of Funds in the conditions of the order, and agree to
securities of the Fund exceeds the limit fulfill their responsibilities under the
of section 12(d)(1)(A)(i) of the Act, order. At the time of its investment in SMALL BUSINESS ADMINISTRATION
including any purchases made directly Shares of a Fund in excess of the limit Interest Rates
from an Underwriting Affiliate. The in section 12(d)(1)(A)(i), a Fund of
Board will review these purchases Funds will notify the Fund of the The Small Business Administration
periodically, but no less frequently than investment. At such time, the Fund of publishes an interest rate called the
annually, to determine whether the Funds will also transmit to the Fund a optional ‘‘peg’’ rate (13 CFR 120.214) on
purchases were influenced by the list of the names of each Fund of Funds a quarterly basis. This rate is a weighted
investment by the Fund of Funds in the Affiliate and Underwriting Affiliate. The average cost of money to the
Fund. The Board will consider, among Fund of Funds will notify the Fund of government for maturities similar to the
other things: (i) Whether the purchases any changes to the list of the names as average SBA direct loan. This rate may
were consistent with the investment soon as reasonably practicable after a be used as a base rate for guaranteed
objectives and policies of the Fund, or change occurs. The Fund and the Fund fluctuating interest rate SBA loans. This
its respective Master Fund; (ii) how the of Funds will maintain and preserve a rate will be 2.125 (21⁄4) percent for the
performance of securities purchased in copy of the order, the FOF Participation April–June quarter of FY 2015.
asabaliauskas on DSK5VPTVN1PROD with NOTICES

an Affiliated Underwriting compares to Agreement, and the list with any Pursuant to 13 CFR 120.921(b), the
the performance of comparable updated information for the duration of maximum legal interest rate for any
securities purchased during a the investment and for a period of not third party lender’s commercial loan
comparable period of time in less than six years thereafter, the first which funds any portion of the cost of
underwritings other than Affiliated two years in an easily accessible place. a 504 project (see 13 CFR 120.801) shall
Underwritings or to a benchmark such 10. Before approving any advisory be 6% over the New York Prime rate or,
as a comparable market index; and (iii) contract under section 15 of the Act, the if that exceeds the maximum interest
whether the amount of securities board of directors or trustees of each rate permitted by the constitution or

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Document Created: 2018-02-21 10:06:42
Document Modified: 2018-02-21 10:06:42

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 18922