80 FR 62123 - Fidelity Management & Research Company and FMR Co., Inc.; Notice of Application

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 199 (October 15, 2015)

Page Range		62123-62125
FR Document		2015-26146

Federal Register, Volume 80 Issue 199 (Thursday, October 15, 2015)

[Federal Register Volume 80, Number 199 (Thursday, October 15, 2015)]
[Notices]
[Pages 62123-62125]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-26146]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IA-4220/803-00225]

Fidelity Management & Research Company and FMR Co., Inc.; Notice
of Application

October 8, 2015.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an exemptive order under section 206A
of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule
206(4)-5(e).

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Applicant: Fidelity Management & Research Company (``FMR'') and FMR
Co., Inc. (``FMRC'' and, together with FMR, ``Applicants'').

Relevant Advisers Act Sections: Exemption requested under section 206A
of the Advisers Act and rule 206(4)-5(e) from rule 206(4)-5(a)(1) under
the Advisers Act.

Summary of Application: Applicants request that the Commission issue an
order under section 206A of the Advisers Act and rule 206(4)-5(e)
exempting Applicants from rule 206(4)-5(a)(1) under the Advisers Act to
permit Applicants to receive compensation from certain government
entities for investment advisory services provided to the government
entities within the two-year period following a contribution by a
covered associate of the Applicants to an official of the government
entities.

Filing Dates: The application was filed on August 28, 2014, an amended
and restated application was filed on May 11, 2015, and a second
amended and restated application was filed on September 24, 2015.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving Applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on November 2, 2015, and should be accompanied by proof of

[[Page 62124]]

service on the Applicants, in the form of an affidavit or, for lawyers,
a certificate of service. Pursuant to rule 0-5 under the Advisers Act,
hearing requests should state the nature of the writer's interest, any
facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons may request
notification of a hearing by writing to the Commission's Secretary.

ADDRESSES: Brent J. Fields, Secretary, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090. Fidelity
Management & Research Company and FMR Co., Inc., 245 Summer Street,
Boston, MA 02210.

FOR FURTHER INFORMATION CONTACT: Kyle R. Ahlgren, Senior Counsel, or
Holly Hunter-Ceci, Branch Chief, at (202) 551-6825 (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site either at http://www.sec.gov/rules/iareleases.shtml or by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by calling (202) 551-8090.
Applicants' Representations:
1. Applicants are affiliated asset management companies registered
with the Commission as investment advisers under the Investment
Advisers Act of 1940 (the ``Act''). Applicants manage mutual funds
offered as investment options in participant-directed plans sponsored
by two Massachusetts government entities (``Client 1'' and ``Client
2'', respectively, or collectively, the ``Clients''). Client 1
initially entered into its agreement with FMR in 2007 and Client 2
initially entered into its agreement with FMR and FMRC in 1994.
2. Thomas Hense (the ``Contributor'') is a Group Chief Investment
Officer of Applicants and a resident of Massachusetts. He assumed his
current role in 2008, and is a ``covered associate'' of the Applicants,
as such term is defined by rule 206(4)-5(f)(2)(i) due to his role as a
supervisor of one or more employees who may solicit investment advisory
business from government entities on behalf of each Client. The
Contributor has very limited direct interactions with clients regarding
their investments. The Contributor's primary role is to supervise a
team of investment professionals who manage client funds and accounts.
To the best of the Contributor's knowledge, the Contributor attended
only two meetings with any Massachusetts government entities in the
past two years, and neither of those meetings involved the solicitation
of business or either of the Clients.
3. The recipient of the Contribution was Jeffrey McCormick (the
``Recipient''), an independent candidate for Massachusetts Governor.
The investment providers and options of Client 1 (including the mutual
funds to be offered as investment options to employees) are directly
selected by a board that includes a majority of gubernatorial
appointees. The investment decisions of Client 2 (including the
selection of mutual funds to be offered as investment options to
employees) are directly made by the Treasurer of Client 2 under
oversight of the President of Client 2. The board of Client 2, which
includes a majority of gubernatorial appointees, has authority to
appoint the Treasurer and President of Client 2. As a result of these
appointment powers with respect to the Clients, the Governor of
Massachusetts and any candidate for that office (including the
Recipient) is an ``official'' as that term is defined by rule 206(4)-
5(f)(6)(ii).
4. On December 21, 2013 (the ``Contribution Date''), the
Contributor made a contribution in the amount of $500 to the
Recipient's campaign. Because the Contributor was a ``covered
associate'' of Applicants, the Clients were ``government entities'' and
the Recipient was an ``official'' as those terms are defined in rule
206(4)-5(f), the Contribution triggered Rule 206(4)-5's prohibition
against receiving compensation for advisory services provided to the
Clients during the two years following the Contribution Date. At the
time of the Contribution, Applicants were not discussing or
anticipating any new arrangements with the Clients. No material changes
in the relationship between any of the funds managed by Applicants and
any participant-directed plans sponsored by the Clients or any other
material changes in relevant investment patterns occurred after the
Contribution.
5. The Contributor lives and works in Massachusetts and has made
prior donations to Massachusetts candidates for federal offices. The
Contribution was consistent in size and motivation with those prior
contributions. The Contributor decided to make the Contribution upon
receiving an email solicitation form the Recipient's campaign. The
Contributor's decision was based entirely on the personal friendship he
maintained with the Recipient and the fact that he supported the
Recipient in his efforts to run for Governor of Massachusetts. The
reason for the Contribution was wholly unrelated to the investment
advisory services provided to the Clients by the Applicants. The
Contributor did not discuss the Contribution with the Recipient or with
any of his staff, or with the Applicants or their other covered
associates.
6. Applicants implemented pay-to-play policies and procedures (the
``Policies'') on March 8, 2011. In accordance with the Policies, the
Contributor was required to pre-clear all contributions to federal,
state or local candidates or organizations. The Contributor annually
received training on the Policies. On January 6, 2014, the Contributor
promptly self-reported the Contribution to the Applicants' Compliance
Department upon completing his certification questionnaire in
accordance with the Policies and realizing that he had failed to pre-
clear the Contribution. On January 7, 2014, the Contributor requested a
full refund of the Contribution from the Recipient's campaign. The
Contributor received a full refund on January 14, 2014.
7. Applicants established an escrow account for the Clients and are
currently segregating all compensation for advisory services paid to
the Applicants attributable to the Clients' assets under management of
the Applicants for the two-year period beginning on the Contribution
Date.
8. After learning of the Contribution, the Applicants took steps to
limit the Contributor's contact with any representative of a Client for
the duration of the two-year period beginning on the Contribution Date,
including informing the Contributor that he could have no contact with
any representative of a Client other than making substantive
presentations to the Client's representatives and consultants about the
investment strategies that the Applicants manage for the Clients.
Applicants' Legal Analysis:
1. Rule 206(4)-5(a)(1) under the Advisers Act prohibits a
registered investment adviser from providing investment advisory
services for compensation to a government entity within two years after
a contribution to an official of the government entity is made by the
investment adviser or any covered associate of the investment adviser.
Each Client is a ``government entity,'' as defined in rule 206(4)-
5(f)(5), the Contributor is a ``covered associate'' as defined in rule
206(4)-5(f)(2), and the Official is an ``official'' as defined in rule
206(4)-5(f)(6).
2. Section 206A of the Advisers Act grants the Commission the
authority to

[[Page 62125]]

``conditionally or unconditionally exempt any person or transaction . .
. from any provision or provisions of [the Advisers Act] or of any rule
or regulation thereunder, if and to the extent that such exemption is
necessary or appropriate in the public interest and consistent with the
protection of investors and the purposes fairly intended by the policy
and provisions of [the Advisers Act].''
3. Rule 206(4)-5(e) provides that the Commission may exempt an
investment adviser from the prohibition under rule 206(4)-5(a)(1) upon
consideration of the factors listed below, among others:
(1) Whether the exemption is necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Advisers
Act;
(2) Whether the investment adviser: (i) Before the contribution
resulting in the prohibition was made, adopted and implemented policies
and procedures reasonably designed to prevent violations of the rule;
and (ii) prior to or at the time the contribution which resulted in
such prohibition was made, had no actual knowledge of the contribution;
and (iii) after learning of the contribution: (A) Has taken all
available steps to cause the contributor involved in making the
contribution which resulted in such prohibition to obtain a return of
the contribution; and (B) has taken such other remedial or preventive
measures as may be appropriate under the circumstances;
(3) Whether, at the time of the contribution, the contributor was a
covered associate or otherwise an employee of the investment adviser,
or was seeking such employment;
(4) The timing and amount of the contribution which resulted in the
prohibition;
(5) The nature of the election (e.g., federal, state or local); and
(6) The contributor's apparent intent or motive in making the
contribution which resulted in the prohibition, as evidenced by the
facts and circumstances surrounding such contribution.
4. Applicants request an order pursuant to section 206A and rule
206(4)-5(e), exempting them from the two-year prohibition on
compensation imposed by rule 206(4)-5(a)(1) with respect to investment
advisory services provided to the Clients within the two-year period
following the Contribution (the ``Order'').
5. Applicants submit that the exemption is necessary and
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policy and
provisions of the Act.
6. Applicants represent that the Clients determined to invest with
Applicants and established those advisory relationships on an arm's
length basis free from any improper influence as a result of the
Contribution, and there was no connection between the Contribution and
any past or potential business between the Clients and the Applicants.
7. Applicants note that causing the Applicants to provide advisory
services without compensation for a two-year period would result in a
financial loss to the Applicants of approximately $2.7 million--an
amount that is 5,400 times the amount of the Contribution. Applicants
contend that such a result is greatly disproportionate to the violation
and is not consistent with the protection of investors or a purpose
fairly intended by the policies and provisions of the Act.
8. Applicants note that they had adopted and implemented the
Policies at the time of the Contribution and had the Policies in place
at all times since the adoption of rule 205(4)-5. Applicants represent
that they perform compliance testing and they have a rigorous and
robust screening of prospective hires and internal employees being
considered for covered associate positions.
9. Applicants represent that at no time did any employees or
covered associates of the Applicants, or any executive or employee of
the Applicants' affiliates, other than the Contributor, know of the
Contribution prior to the Contributor's self-report to Applicants'
compliance personnel.
10. Applicants represent that the Applicants and the Contributor
took all available steps to promptly obtain a return of the
Contribution after the Contributor's self-report to Applicants'
compliance personnel, and the full amount of the Contribution was fully
refunded within one week of the refund request. Applicants established
an escrow account for all compensation for advisory services
attributable to the Clients' assets under management of the Applicants
for the two-year period beginning on the Contribution Date.
Applicants' Conditions:
Applicants agree that the Order will be subject to the following
conditions:
1. The Contributor will be prohibited from soliciting investments
from any ``government entity'' client or prospective ``government
entity'' client for which the Recipient is an ``official'' as defined
in rule 206(4)-5(f)(6) until December 21, 2015 (the ``Restricted
Period'').
2. Notwithstanding Condition 1, the Contributor will be (i)
permitted to respond to inquiries from, and make presentations to, any
government entity client described in Condition 1 regarding accounts
already managed by the Applicants as of December 21, 2013 and (ii)
permitted to respond to inquiries from any government entity client
regarding an account established with the Applicants by such government
entity client after December 21, 2013. The Applicants will maintain a
log of such interactions, which will be maintained and presented in an
easily accessible place for a period of not less than five years, the
first two years in an appropriate office of the Applicants, and will be
available for inspection by the staff of the Commission.
3. The Contributor will receive written notification of these
conditions and will provide a quarterly certification of compliance
through the Restricted Period. Copies of the certifications will be
maintained and preserved by the Applicants in an easily accessible
place for a period of not less than five years, the first two years in
an appropriate office of the Applicants and will be available for
inspection by the Staff of the Commission.
4. The Applicants will conduct testing reasonably designed to
prevent violations of the conditions of the Order and maintain records
regarding such testing, which will be maintained and preserved in an
easily accessible place for a period of not less than five years, the
first two years in an appropriate office of the Applicants, and will be
available for inspection by staff of the Commission.

For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-26146 Filed 10-14-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Notices 62123

through issuance of an NSCC Important IV. Solicitation of Comments For the Commission, by the Division of
Notice Trading and Markets, pursuant to delegated
Interested persons are invited to authority.12
2. Statutory Basis submit written data, views and Robert W. Errett,
Section 17A(b)(3)(F) of the Act arguments concerning the foregoing, Deputy Secretary.
requires, in part, that NSCC’s Rules be including whether the proposed rule [FR Doc. 2015–26151 Filed 10–14–15; 8:45 am]
designed to promote the prompt and change is consistent with the Act. BILLING CODE 8011–01–P
accurate clearance and settlement of Comments may be submitted by any of
securities transactions and to protect the following methods:
investors and the public interest.11 By SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
permitting additional, eligible
transactions to settle through CNS or the • Use the Commission’s Internet [Release No. IA–4220/803–00225]
Balance Order Accounting Operation, comment form (http://www.sec.gov/
and receive the benefit of NSCC’s rules/sro.shtml); or Fidelity Management & Research
settlement services, including, in the Company and FMR Co., Inc.; Notice of
• Send an email to rule-comments@
case of CNS, the central counterparty Application
sec.gov. Please include File Number SR–
trade guarantee, the proposal would
offer protection to investors and the NSCC–2015–005 on the subject line. October 8, 2015.
public interest by mitigating its AGENCY: Securities and Exchange
Paper Comments
Members’ settlement risk and Commission (‘‘Commission’’).
counterparty risk with respect to those • Send paper comments in triplicate ACTION: Notice of application for an
transactions. Therefore, NSCC believes to Brent J. Fields, Secretary, Securities exemptive order under section 206A of
the proposed rule change would and Exchange Commission, 100 F Street the Investment Advisers Act of 1940
promote the prompt and accurate NE., Washington, DC 20549–1090. (the ‘‘Advisers Act’’) and rule 206(4)–
clearance and settlement of securities 5(e).
All submissions should refer to File
transactions by reducing these risks,
consistent with the requirements of the Number SR–NSCC–2015–005. This file APPLICANT: Fidelity Management &
Act, in particular section 17A(b)(3)(F), number should be included on the Research Company (‘‘FMR’’) and FMR
cited above. subject line if email is used. To help the Co., Inc. (‘‘FMRC’’ and, together with
Commission process and review your FMR, ‘‘Applicants’’).
(B) Clearing Agency’s Statement on comments more efficiently, please use RELEVANT ADVISERS ACT SECTIONS:
Burden on Competition only one method. The Commission will Exemption requested under section
NSCC does not believe that the post all comments on the Commission’s 206A of the Advisers Act and rule
proposed rule changes would have any Internet Web site (http://www.sec.gov/ 206(4)–5(e) from rule 206(4)–5(a)(1)
impact on competition because the rules/sro.shtml). Copies of the under the Advisers Act.
proposal would apply equally to all submission, all subsequent SUMMARY OF APPLICATION: Applicants
NSCC Members that submit CMU trades amendments, all written statements request that the Commission issue an
through NSCC’s RTTM service. with respect to the proposed rule order under section 206A of the
change that are filed with the Advisers Act and rule 206(4)–5(e)
(C) Clearing Agency’s Statement on Commission, and all written exempting Applicants from rule 206(4)–
Comments on the Proposed Rule 5(a)(1) under the Advisers Act to permit
communications relating to the
Change Received From Members, Applicants to receive compensation
proposed rule change between the
Participants, or Others from certain government entities for
Commission and any person, other than
NSCC has not received any written those that may be withheld from the investment advisory services provided
comments relating to this proposal. public in accordance with the to the government entities within the
NSCC will notify the Commission of any two-year period following a
provisions of 5 U.S.C. 552, will be
written comments received by NSCC. contribution by a covered associate of
available for Web site viewing and
the Applicants to an official of the
III. Date of Effectiveness of the printing in the Commission’s Public government entities.
Proposed Rule Change, and Timing for Reference Room, 100 F Street NE.,
FILING DATES: The application was filed
Commission Action Washington, DC 20549 on official
on August 28, 2014, an amended and
business days between the hours of restated application was filed on May
Within 45 days of the date of 10:00 a.m. and 3:00 p.m. Copies of the 11, 2015, and a second amended and
publication of this notice in the Federal filing also will be available for restated application was filed on
Register or within such longer period inspection and copying at the principal September 24, 2015.
up to 90 days (i) as the Commission may office of NSCC and on DTCC’s Web site
designate if it finds such longer period HEARING OR NOTIFICATION OF HEARING: An
(http://dtcc.com/legal/sec-rule- order granting the application will be
to be appropriate and publishes its filings.aspx). All comments received
reasons for so finding or (ii) as to which issued unless the Commission orders a
will be posted without change; the hearing. Interested persons may request
the self-regulatory organization Commission does not edit personal
consents, the Commission will: a hearing by writing to the
identifying information from
mstockstill on DSK4VPTVN1PROD with NOTICES

Commission’s Secretary and serving
(A) By order approve or disapprove submissions. You should submit only Applicants with a copy of the request,
such proposed rule change, or information that you wish to make personally or by mail. Hearing requests
(B) institute proceedings to determine available publicly. All submissions should be received by the Commission
whether the proposed rule change should refer to File Number SR–NSCC– by 5:30 p.m. on November 2, 2015, and
should be disapproved. 2015–005 and should be submitted on should be accompanied by proof of
or before November 5, 2015.
11 15 U.S.C. 78q–1(b)(3)(F). 12 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 80, No. 199 / Thursday, October 15, 2015 / Notices 62125

‘‘conditionally or unconditionally purposes fairly intended by the policy 2. Notwithstanding Condition 1, the
exempt any person or transaction . . . and provisions of the Act. Contributor will be (i) permitted to
from any provision or provisions of [the 6. Applicants represent that the respond to inquiries from, and make
Advisers Act] or of any rule or Clients determined to invest with presentations to, any government entity
regulation thereunder, if and to the Applicants and established those client described in Condition 1
extent that such exemption is necessary advisory relationships on an arm’s regarding accounts already managed by
or appropriate in the public interest and length basis free from any improper the Applicants as of December 21, 2013
consistent with the protection of influence as a result of the Contribution, and (ii) permitted to respond to
investors and the purposes fairly and there was no connection between inquiries from any government entity
intended by the policy and provisions of the Contribution and any past or client regarding an account established
[the Advisers Act].’’ potential business between the Clients with the Applicants by such
3. Rule 206(4)–5(e) provides that the and the Applicants. government entity client after December
Commission may exempt an investment 7. Applicants note that causing the 21, 2013. The Applicants will maintain
adviser from the prohibition under rule Applicants to provide advisory services a log of such interactions, which will be
206(4)–5(a)(1) upon consideration of the without compensation for a two-year maintained and presented in an easily
factors listed below, among others: period would result in a financial loss accessible place for a period of not less
(1) Whether the exemption is to the Applicants of approximately $2.7 than five years, the first two years in an
necessary or appropriate in the public million—an amount that is 5,400 times appropriate office of the Applicants, and
interest and consistent with the the amount of the Contribution. will be available for inspection by the
protection of investors and the purposes Applicants contend that such a result is staff of the Commission.
fairly intended by the policy and greatly disproportionate to the violation 3. The Contributor will receive
provisions of the Advisers Act; and is not consistent with the protection written notification of these conditions
(2) Whether the investment adviser: of investors or a purpose fairly intended and will provide a quarterly
(i) Before the contribution resulting in by the policies and provisions of the certification of compliance through the
the prohibition was made, adopted and Act. Restricted Period. Copies of the
implemented policies and procedures 8. Applicants note that they had certifications will be maintained and
reasonably designed to prevent adopted and implemented the Policies preserved by the Applicants in an easily
violations of the rule; and (ii) prior to or at the time of the Contribution and had accessible place for a period of not less
at the time the contribution which the Policies in place at all times since than five years, the first two years in an
resulted in such prohibition was made, the adoption of rule 205(4)–5. appropriate office of the Applicants and
had no actual knowledge of the Applicants represent that they perform will be available for inspection by the
contribution; and (iii) after learning of compliance testing and they have a Staff of the Commission.
the contribution: (A) Has taken all rigorous and robust screening of 4. The Applicants will conduct testing
available steps to cause the contributor prospective hires and internal reasonably designed to prevent
involved in making the contribution employees being considered for covered violations of the conditions of the Order
which resulted in such prohibition to associate positions. and maintain records regarding such
obtain a return of the contribution; and 9. Applicants represent that at no time
testing, which will be maintained and
(B) has taken such other remedial or did any employees or covered associates
preserved in an easily accessible place
preventive measures as may be of the Applicants, or any executive or
for a period of not less than five years,
appropriate under the circumstances; employee of the Applicants’ affiliates,
the first two years in an appropriate
(3) Whether, at the time of the other than the Contributor, know of the
office of the Applicants, and will be
contribution, the contributor was a Contribution prior to the Contributor’s
available for inspection by staff of the
covered associate or otherwise an self-report to Applicants’ compliance
Commission.
employee of the investment adviser, or personnel.
was seeking such employment; 10. Applicants represent that the For the Commission, by the Division of
(4) The timing and amount of the Applicants and the Contributor took all Investment Management, under delegated
contribution which resulted in the available steps to promptly obtain a authority.
prohibition; return of the Contribution after the Robert W. Errett,
(5) The nature of the election (e.g., Contributor’s self-report to Applicants’ Deputy Secretary.
federal, state or local); and compliance personnel, and the full [FR Doc. 2015–26146 Filed 10–14–15; 8:45 am]
(6) The contributor’s apparent intent amount of the Contribution was fully BILLING CODE 8011–01–P
or motive in making the contribution refunded within one week of the refund
which resulted in the prohibition, as request. Applicants established an
evidenced by the facts and escrow account for all compensation for SECURITIES AND EXCHANGE
circumstances surrounding such advisory services attributable to the COMMISSION
contribution. Clients’ assets under management of the
4. Applicants request an order Applicants for the two-year period [Release No. 34–76106; File No. SR–CBOE–
pursuant to section 206A and rule beginning on the Contribution Date. 2015–081]
206(4)–5(e), exempting them from the Applicants’ Conditions:
two-year prohibition on compensation Applicants agree that the Order will Self-Regulatory Organizations;
imposed by rule 206(4)–5(a)(1) with be subject to the following conditions: Chicago Board Options Exchange,
mstockstill on DSK4VPTVN1PROD with NOTICES

respect to investment advisory services 1. The Contributor will be prohibited Incorporated; Notice of Filing and
provided to the Clients within the two- from soliciting investments from any Immediate Effectiveness of a Proposed
year period following the Contribution ‘‘government entity’’ client or Rule Change Relating to Complex
(the ‘‘Order’’). prospective ‘‘government entity’’ client Orders
5. Applicants submit that the for which the Recipient is an ‘‘official’’
exemption is necessary and appropriate as defined in rule 206(4)–5(f)(6) until October 8, 2015.
in the public interest and consistent December 21, 2015 (the ‘‘Restricted Pursuant to Section 19(b)(1) of the
with the protection of investors and the Period’’). Securities Exchange Act of 1934 (the

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Document Created: 2018-02-27 08:52:40
Document Modified: 2018-02-27 08:52:40

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
Action		Notice of application for an exemptive order under section 206A of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)-5(e).
Dates		The application was filed on August 28, 2014, an amended and restated application was filed on May 11, 2015, and a second amended and restated application was filed on September 24, 2015.
Contact		Kyle R. Ahlgren, Senior Counsel, or Holly Hunter-Ceci, Branch Chief, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).
FR Citation		80 FR 62123