81 FR 19660 - Sunshine Act Meeting
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 65 (April 5, 2016)
Federal Register Volume 81, Issue 65 (April 5, 2016)
| Page Range | 19660-19661 | |
| FR Document | 2016-07829 |
[Federal Register Volume 81, Number 65 (Tuesday, April 5, 2016)] [Notices] [Pages 19660-19661] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-07829] ----------------------------------------------------------------------- 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, April 7, 2016 at 4 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), (a)(5), (a)(7), (a)(9)(ii) and (a)(10), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Piwowar, 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; and [[Page 19661]] 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: March 31, 2016. Brent J. Fields, Secretary. [FR Doc. 2016-07829 Filed 4-1-16; 11:15 am] BILLING CODE 8011-01-P
![19660 Federal Register / Vol. 81, No. 65 / Tuesday, April 5, 2016 / Notices
Regulated Fund has approved as being and existing Co-Investment or in connection with a Co-Investment
in the best interests of the Regulated Transactions. Transaction (other than (a) in the case
Fund the ability to participate in 10. Each Regulated Fund will of the Co-Investment Affiliates and the
Follow-On Investments on a pro rata maintain the records required by section Regulated Funds, the pro rata
basis (as described in greater detail in 57(f)(3) of the Act as if each of the transaction fees described above and
the application); and (iii) the Board of Regulated Funds were a BDC and each fees or other compensation described in
the Regulated Fund is provided on a of the investments permitted under condition 2(c)(iii)(C), and (b) in the case
quarterly basis with a list of all Follow- these conditions were approved by the of the Advisers, investment advisory
On Investments made in accordance Required Majority under section 57(f) of fees paid in accordance with their
with this condition. In all other cases, the Act. respective investment advisory
the applicable Adviser will provide its 11. No Independent Director of a agreements with the Regulated Funds
written recommendation as to the Regulated Fund will also be a director, and Co-Investment Affiliates).
Regulated Fund’s participation to the general partner, managing member or 14. If the Holders own in the aggregate
Regulated Fund’s Eligible Directors, and principal, or otherwise an ‘‘affiliated more than 25 percent of the Shares of
the Regulated Fund will participate in person’’ (as defined in the Act), of any a Regulated Fund, then the Holders will
such Follow-On Investment solely to the Co-Investment Affiliate. vote such Shares as directed by an
extent that a Required Majority 12. The expenses, if any, associated independent third party when voting on
determines that it is in the Regulated with acquiring, holding or disposing of (1) the election of directors; (2) the
Fund’s best interests. any securities acquired in a Co- removal of one or more directors; or (3)
(c) If, with respect to any Follow-On Investment Transaction (including, any other matter under either the Act or
Investment: without limitation, the expenses of the applicable state law affecting the
(i) The amount of the Follow-On distribution of any such securities Board’s composition, size or manner of
Investment is not based on the Co- registered for sale under the 1933 Act) election.
Investment Affiliates’ and the Regulated will, to the extent not payable by the For the Commission, by the Division of
Funds’ outstanding investments Advisers under their respective advisory Investment Management, under delegated
immediately preceding the Follow-On agreements with the Co-Investment authority.
Investment; and Affiliates and the Regulated Funds, be Robert W. Errett,
(ii) the aggregate amount shared by the participating Co- Deputy Secretary.
recommended by the applicable Adviser Investment Affiliates and the
[FR Doc. 2016–07689 Filed 4–4–16; 8:45 am]
to be invested by the applicable participating Regulated Funds in
BILLING CODE 8011–01–P
Regulated Fund in the Follow-On proportion to the relative amounts of the
Investment, together with the amount securities held or being acquired or
proposed to be invested by the other disposed of, as the case may be. SECURITIES AND EXCHANGE
participating Regulated Funds and Co- 13. Any transaction fee 12 (including COMMISSION
Investment Affiliates, collectively, in break-up or commitment fees but
the same transaction, exceeds the excluding broker’s fees contemplated by Sunshine Act Meeting
amount of the investment opportunity; section 17(e) or 57(k) of the Act, as
applicable) received in connection with Notice is hereby given, pursuant to
then the investment opportunity will be
a Co-Investment Transaction will be the provisions of the Government in the
allocated among them pro rata based on
distributed to the participating Co- Sunshine Act, Public Law 94–409, that
each participant’s Available Capital, up
Investment Affiliates and Regulated the Securities and Exchange
to the maximum amount proposed to be
Funds on a pro rata basis based on the Commission will hold a Closed Meeting
invested by each.
amount they each invested or on Thursday, April 7, 2016 at 4 p.m.
(d) The acquisition of Follow-On Commissioners, Counsel to the
Investments as permitted by this committed, as the case may be, in such
Co-Investment Transaction. If any Commissioners, the Secretary to the
condition will be considered a Co- Commission, and recording secretaries
Investment Transaction for all purposes transaction fee is to be held by an
Adviser pending consummation of the will attend the Closed Meeting. Certain
and subject to the other conditions set staff members who have an interest in
forth in the application. transaction, the fee will be deposited
into an account maintained by the the matters also may be present.
9. The Independent Directors of each The General Counsel of the
Regulated Fund will be provided Adviser at a bank or banks having the
qualifications prescribed in section Commission, or her designee, has
quarterly for review all information certified that, in her opinion, one or
concerning Potential Co-Investment 26(a)(1) of the Act, and the account will
earn a competitive rate of interest that more of the exemptions set forth in 5
Transactions and Co-Investment U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
Transactions, including investments will also be divided pro rata among the
participating Co-Investment Affiliates and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
made by the Co-Investment Affiliates (a)(9)(ii) and (a)(10), permit
and the other Regulated Funds that the and Regulated Funds based on the
amount each invests in such Co- consideration of the scheduled matter at
Regulated Fund considered but declined the Closed Meeting.
to participate in, so that the Investment Transaction. None of the Co-
Investment Affiliates, the Regulated Commissioner Piwowar, as duty
Independent Directors may determine officer, voted to consider the items
whether all investments made during Funds, the Advisers nor any affiliated
asabaliauskas on DSK3SPTVN1PROD with NOTICES
person of the Regulated Funds or Co- listed for the Closed Meeting in closed
the preceding quarter, including those session.
investments that the Regulated Fund Investment Affiliates will receive
The subject matter of the Closed
considered but declined to participate additional compensation or
Meeting will be:
in, comply with the conditions of the remuneration of any kind as a result of
Institution and settlement of
Order. In addition, the Independent 12 Applicants are not requesting and the staff is
injunctive actions;
Directors will consider at least annually not providing any relief for transaction fees Institution and settlement of
the continued appropriateness for the received in connection with any Co-Investment administrative proceedings;
Regulated Fund of participating in new Transaction. Resolution of litigation claims; and
VerDate Sep<11>2014 17:18 Apr 04, 2016 Jkt 238001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 E:\FR\FM\05APN1.SGM 05APN1](https://thefederalregister.org/doc/81_FR_19725/page/1.svg)
![Federal Register / Vol. 81, No. 65 / Tuesday, April 5, 2016 / Notices 19661
Other matters relating to enforcement II. Description of the Proposal definition of Eligible Auction Orders to
proceedings. The Exchange proposes to: (1) Amend either reject, convert, or ignore certain
At times, changes in Commission BATS Rule 11.23(a)(8) to modify the types of orders.20 As proposed, Limit
priorities require alterations in the term ‘‘Eligible Auction Order’’ to Orders and BATS Market Orders, the
scheduling of meeting items. delineate the types of orders that may two main types of orders offered by the
For further information and to participate in an auction for a BATS Exchange, that are entered during the
ascertain what, if any, matters have been listed corporate security 5 in an IPO on Quote-Only Period would be allowed to
added, deleted or postponed, please the Exchange (‘‘IPO Auction’’); 6 and (2) participate in an IPO Auction for a
contact the Office of the Secretary at amend subparagraphs (d)(1)(A) and BATS listed corporate security provided
(202) 551–5400. (d)(2) of BATS Rule 11.23 to modify the they do not also include one or more of
Dated: March 31, 2016. rules governing the Quote-Only Period 7 the modifiers described below.21
Brent J. Fields, during an Auction. Types of Orders to be Accepted or
Secretary. A. Changes to the Definition of Eligible Rejected
[FR Doc. 2016–07829 Filed 4–1–16; 11:15 am] Auction Order The Exchange proposes to exclude the
BILLING CODE 8011–01–P Currently, ‘‘Eligible Auction Order’’ is following types of orders from
defined as any Market-On-Open participation in an IPO Auction and
(‘‘MOO’’),8 Limit-On-Open (‘‘LOO’’),9 would reject such orders: (1) Stop
SECURITIES AND EXCHANGE Late-Limit-On-Open (‘‘LLOO’’),10 Orders 22 and Stop Limit Orders; 23 (2)
COMMISSION Market-On-Close (‘‘MOC’’),11 Limit-On- Pegged Orders,24 Mid-Point Peg
Close (‘‘LOC’’),12 or Late-Limit-On-Close Orders,25 Market Maker Peg Orders 26
[Release No. 34–77476; File No. SR–BATS– (‘‘LLOC’’)13 order that is entered in and Supplemental Peg Orders; 27 (3)
2016–17] compliance with its respective cutoff for Minimum Quantity Orders 28 and
an Opening or Closing Auction,14 any Discretionary Orders; 29 (4) MOC, LOC
Self-Regulatory Organizations; BATS RHO 15 order prior to the Opening and LLOC orders; and (5) orders with a
Exchange, Inc.; Order Approving Auction, any Limit Order 16 or Market time-in-force of Fill-or-Kill (‘‘FOK’’) 30
Proposed Rule Change, as Modified by Order 17 not designated to exclusively and orders with a time-in-force of Good-
Amendment No. 1 Thereto, To Amend participate in the Closing Auction ‘til-Day (‘‘GTD’’) 31 with an expiration
BATS’ Rules Regarding the Auction entered during the Quote-Only Period of time earlier than 4:00 p.m. Eastern
Process for Securities Subject to an an IPO Auction,18 and any Limit or Time. Such orders entered to participate
Initial Public Offering Market Order not designated to in an IPO Auction would be rejected.32
March 30, 2016. exclusively participate in the Opening Types of Orders to be Converted
or Closing Auction entered during the
I. Introduction The Exchange also proposes to specify
Quote-Only Period of a Halt Auction.19
the types of orders that would be
On February 10, 2016, BATS The Exchange proposes to amend the
converted by the Exchange for purposes
Exchange, Inc. (the ‘‘Exchange’’ or of participating in the IPO Auction for
5 A BATS listed corporate security is a security
‘‘BATS’’) filed with the Securities and a BATS listed corporate security.33
listed on the Exchange pursuant to Chapter 14 of
Exchange Commission (‘‘SEC’’ or the Exchange’s Rules that is not an Exchange Specifically, under the proposal, the
‘‘Commission’’), pursuant to Section Traded Product (‘‘ETP’’) listed on the Exchange following types of orders would be
19(b)(1) of the Securities Exchange Act pursuant to Exchange Rule 14.11. converted: (1) Market Orders with a
6 See Notice, supra note 4, at 10345–48. The
of 1934 (‘‘Act’’),1 and Rule 19b–4 time-in-force of Immediate-or-Cancel
Exchange also proposes a conforming change to
thereunder,2 a proposed rule change to BATS Rule 11.1, entitled ‘‘Hours of Trading and (‘‘IOC’’) 34 would be converted to a
amend BATS Rule 11.23, entitled Trading Days.’’ See Notice, supra note 4, at 10346, MOO and a Limit Order with a time-in-
‘‘Auctions,’’ with regard to the handling n.19. force of IOC would be converted to a
of orders during an initial public 7 See BATS Rule 11.23(a)(17) (defining ‘‘Quote-
LOO; (2) orders with a time-in-force of
offering (‘‘IPO’’) auction. On February Only Period’’ as a designated period of time prior
to a Halt Auction, a Volatility Closing Auction, or RHO would be converted to orders with
22, 2016, the Exchange filed an IPO Auction during which Users may submit a time-in-force of Day; and (3) any
Amendment No. 1 to the proposed rule orders to the Exchange for participation in the orders eligible to be routed would be
change.3 The proposed rule change, as auction). A ‘‘User’’ is means any Member or
Sponsored Participant who is authorized to obtain
modified by Amendment No. 1, was access to the Exchange’s system pursuant to BATS
20 See Notice, supra note 4, at 10345.
published for comment in the Federal Rule 11.3. See BATS Rule 1.5(cc).
21 See Notice, supra note 4, at 10345–48. The
Register on February 29, 2016.4 The 8 See BATS Rule 11.23(a)(16). Exchange does not propose to amend the types of
Eligible Auction Orders that may participate in an
Commission has received no comment 9 See BATS Rule 11.23(a)(14).
auction for a newly listed ETP. See id. at 10345. An
letters regarding the proposal. This 10 See BATS Rule 11.23(a)(12).
Exchange Traded Product is a security that is listed
11 See BATS Rule 11.23(a)(15).
order approves the proposed rule 12 See BATS Rule 11.23(a)(13).
on the Exchange pursuant to BATS Rule 14.11.
change, as modified by Amendment No. 13 See BATS Rule 11.23(a)(11).
22 See BATS Rule 11.9(c)(17).
23 See BATS Rule 11.9(c)(18).
1. 14 The Opening and Closing Auction processes 24 See BATS Rule 11.9(c)(8).
are described in BATS Rules 11.23(b) and (c). 25 See BATS Rule 11.9(c)(9).
1 15 U.S.C. 78s(b)(1). 15 See BATS Rule 11.9(b)(7).
26 See BATS Rule 11.9(c)(16).
2 17 CFR 240.19b–4. 16 See BATS Rule 11.9(a)(1).
asabaliauskas on DSK3SPTVN1PROD with NOTICES
27 See BATS Rule 11.9(c)(19).
3 In Amendment No. 1, the Exchange corrected a 17 See BATS Rule 11.9(a)(2).
28 See BATS Rule 11.9(c)(5).
technical error regarding incorrect terminology used 18 See BATS Rule 11.23(d)(1)(A) (describing
29 See BATS Rule 11.9(c)(10).
in a footnote and clarified a sentence regarding an Quote-Only Period). 30 See BATS Rule 11.9(b)(6).
order with a time-in-force of ‘‘Regular Hours Only’’ 19 See BATS Rule 11.23(a)(8). The Exchange also
31 See BATS Rule 11.9(b)(4).
(‘‘RHO’’) that would be converted to an order with proposes to amend BATS Rule 11.1(a) to make clear
32 See proposed BATS Rule 11.23(a)(8)(A). See
a time-in-force of ‘‘Day’’ under the proposed rule that it will not accept BATS Market Orders that are
change. not Eligible Auction Orders prior to 8:00 a.m. also Notice, supra note 4, at 10346.
4 See Securities Exchange Act Release No. 77222 33 See proposed BATS Rule 11.23(a)(8)(B). See
Eastern Time, see Notice, supra note 4, at 10346,
(February 24, 2016), 81 FR 10345 (SR–BATS–2016– n.19, and to make conforming changes to BATS also Notice, supra note 4, at 10346–47.
17) (‘‘Notice’’). Rules 11.23(b) and 11.23(c). 34 See BATS Rule 11.9(b)(1).
VerDate Sep<11>2014 17:18 Apr 04, 2016 Jkt 238001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\05APN1.SGM 05APN1](https://thefederalregister.org/doc/81_FR_19725/page/2.svg)
Document Created: 2018-02-07 13:53:46
Document Modified: 2018-02-07 13:53:46
| 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 | 81 FR 19660 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR