80 FR 52811 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 169 (September 1, 2015)

Page Range		52811-52811
FR Document		2015-21664

Federal Register, Volume 80 Issue 169 (Tuesday, September 1, 2015)

[Federal Register Volume 80, Number 169 (Tuesday, September 1, 2015)]
[Notices]
[Page 52811]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21664]



[[Page 52811]]

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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a Closed Meeting on Thursday, 
September 3, 2015 at 2 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or her designee, has 
certified that, in her opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the 
scheduled matter at the Closed Meeting.
    Commissioner Gallagher, as duty officer, voted to consider the 
items listed for the Closed Meeting in closed session.
    The subject matter of the Closed Meeting will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Resolution of litigation claims;
    Adjudicatory matters;
    Post-argument discussion; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed, please contact the Office of the 
Secretary at (202) 551-5400.

     Dated: August 27, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-21664 Filed 8-28-15; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices 52811

SECURITIES AND EXCHANGE Notice is hereby given that, pursuant to engage in any fraudulent, deceptive,
COMMISSION to the Paperwork Reduction Act of 1995 or manipulative act or practice in
(44 U.S.C. 350l–3520), the Securities contravention of the Commission’s rules
Sunshine Act Meeting and Exchange Commission (the and regulations. Section 17(j) also
Notice is hereby given, pursuant to ‘‘Commission’’) is soliciting comments authorizes the Commission to
the provisions of the Government in the on the collection of information promulgate rules requiring 17j–1
summarized below. The Commission organizations to adopt codes of ethics.
Sunshine Act, Public Law 94–409, that
plans to submit this existing collection In order to implement section 17(j),
the Securities and Exchange
of information to the Office of
Commission will hold a Closed Meeting rule 17j–1 imposes certain requirements
Management and Budget for extension
on Thursday, September 3, 2015 at 2 on 17j–1 organizations and ‘‘Access
and approval.
p.m. Conflicts of interest between Persons’’ 4 of those organizations. The
Commissioners, Counsel to the rule prohibits fraudulent, deceptive or
investment company personnel (such as
Commissioners, the Secretary to the manipulative acts by persons affiliated
portfolio managers) and their funds can
Commission, and recording secretaries with a 17j–1 organization in connection
arise when these persons buy and sell
will attend the Closed Meeting. Certain with their personal securities
securities for their own accounts
staff members who have an interest in transactions in securities held or to be
(‘‘personal investment activities’’).
the matters also may be present. acquired by the fund. The rule requires
These conflicts arise because fund
The General Counsel of the each 17j–1 organization, unless it is a
personnel have the opportunity to profit
Commission, or her designee, has money market fund or a fund that does
from information about fund
certified that, in her opinion, one or not invest in Covered Securities,5 to: (i)
transactions, often to the detriment of
more of the exemptions set forth in 5 Adopt a written codes of ethics, (ii)
fund investors. Beginning in the early
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) submit the code and any material
1960s, Congress and the Securities and
and 17 CFR 200.402(a)(3), (5), (7), 9(ii) changes to the code, along with a
Exchange Commission (‘‘Commission’’)
and (10), permit consideration of the certification that it has adopted
sought to devise a regulatory scheme to
scheduled matter at the Closed Meeting. procedures reasonably necessary to
effectively address these potential
Commissioner Gallagher, as duty prevent Access Persons from violating
conflicts. These efforts culminated in
officer, voted to consider the items the code of ethics, to the fund board for
the addition of section 17(j) to the
listed for the Closed Meeting in closed approval, (iii) use reasonable diligence
Investment Company Act of 1940 (the
session. and institute procedures reasonably
The subject matter of the Closed ‘‘Investment Company Act’’) (15 U.S.C.
80a–17(j)) in 1970 and the adoption by necessary to prevent violations of the
Meeting will be:
Institution and settlement of the Commission of rule 17j–1 (17 CFR code, (iv) submit a written report to the
injunctive actions; 270.17j–1) in 1980.1 The Commission fund describing any issues arising under
Institution and settlement of proposed amendments to rule 17j–1 in the code and procedures and certifying
administrative proceedings; 1995 in response to recommendations that the 17j–1 entity has adopted
Resolution of litigation claims; made in the first detailed study of fund procedures reasonably necessary to
Adjudicatory matters; policies concerning personal investment prevent Access Persons form violating
Post-argument discussion; and activities by the Commission’s Division the code, (v) identify Access Persons
Other matters relating to enforcement of Investment Management since rule and notify them of their reporting
proceedings. 17j–1 was adopted. Amendments to rule obligations, and (vi) maintain and make
At times, changes in Commission 17j–1, which were adopted in 1999, available to the Commission for review
priorities require alterations in the enhanced fund oversight of personal certain records related to the code of
scheduling of meeting items. investment activities and the board’s ethics and transaction reporting by
For further information and to role in carrying out that oversight.2 Access Persons.
ascertain what, if any, matters have been Additional amendments to rule 17j–1
added, deleted or postponed, please were made in 2004, conforming rule 4 Rule 17j–1(a)(1) defines an ‘‘access person’’ as

contact the Office of the Secretary at 17j–1 to rule 204A–1 under the ‘‘Any Advisory Person of a Fund or of a Fund’s
(202) 551–5400. Investment Advisers Act of 1940 (15 investment adviser. If an investment adviser’s
primary business is advising Funds or other
Dated: August 27, 2015. U.S.C. 80b), avoiding duplicative advisory clients, all of the investment adviser’s
Brent J. Fields, reporting, and modifying certain directors, officers, and general partners are
Secretary.
definitions and time restrictions.3 presumed to be Access Persons of any Fund advised
Section 17(j) makes it unlawful for by the investment adviser. All of a Fund’s directors,
[FR Doc. 2015–21664 Filed 8–28–15; 11:15 am] officers, and general partners are presumed to be
persons affiliated with a registered
BILLING CODE 8011–01–P Access Persons of the Fund.’’ The definition of
investment company (‘‘fund’’) or with Access Person also includes ‘‘Any director, officer
the fund’s investment adviser or or general partner of a principal underwriter who,
principal underwriter (each a ‘‘17j–1 in the ordinary course of business, makes,
SECURITIES AND EXCHANGE organization’’), in connection with the participates in or obtains information regarding, the
COMMISSION purchase or sale of securities held or to purchase or sale of Covered Securities by the Fund
for which the principal underwriter acts, or whose
Submission for OMB Review; be acquired by the investment company, functions or duties in the ordinary course of
Comment Request business relate to the making of any
1 Prevention of Certain Unlawful Activities with recommendation to the Fund regarding the
Respect to Registered Investment Companies, purchase or sale of Covered Securities.’’ Rule 17j–
mstockstill on DSK4VPTVN1PROD with NOTICES

Upon Written Request, Copies Available
Investment Company Act Release No. 11421 (Oct. 1(a)(1).
From: Securities and Exchange 31, 1980) (45 FR 73915 (Nov. 7, 1980)). 5 A ‘‘Covered Security’’ is any security that falls
Commission, Office of FOIA Services, 2 Personal Investment Activities of Investment within the definition in section 2(a)(36) of the Act,
100 F Street NE., Washington, DC Company Personnel, Investment Company Act except for direct obligations of the U.S.
20549–2736. Release No. 23958 (Aug. 20, 1999) (64 FR 46821 Government, bankers’ acceptances, bank certificates
(Aug. 27, 1999)). of deposit, commercial paper and high quality
Extension: 3 Investment Adviser Codes of Ethics, Investment short-term debt instruments, including repurchase
Rule 17j–1, SEC File No. 270–239, OMB Advisers Act Release No. 2256 (Jul. 2, 2004) (69 FR agreements, and shares issued by open-end funds.
Control No. 3235–0224. 41696 (Jul. 9, 2004)). Rule 17j–1(a)(4).

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Document Created: 2018-02-26 10:04:54
Document Modified: 2018-02-26 10:04:54

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 52811