81 FR 65684 - Altegris KKR Commitments Master Fund, et al.; Notice of Application
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 185 (September 23, 2016)
Federal Register Volume 81, Issue 185 (September 23, 2016)
| Page Range | 65684-65689 | |
| FR Document | 2016-22905 |
[Federal Register Volume 81, Number 185 (Friday, September 23, 2016)] [Notices] [Pages 65684-65689] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-22905] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. IC-32265; File No. 812-14410] Altegris KKR Commitments Master Fund, et al.; Notice of Application September 19, 2016. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of application for an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 (the ``Act'') and rule 17d- 1 under the Act to permit certain joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act. ----------------------------------------------------------------------- Summary of Application: Applicants request an order to permit certain business development companies (``BDC'') and closed-end management investment companies to co-invest in portfolio companies with each other and with affiliated investment funds. Applicants: Altegris KKR Commitments Master Fund (the ``Company''); Altegris Advisors, L.L.C.; StepStone Group LP (``StepStone Group''); StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone AMP (GP), LLC, StepStone Atlantic (GP), L.P., StepStone Capital III (GP), LLC, StepStone European Fund GP S.[agrave] r.l., StepStone Ferro (GP), LLC, StepStone K Opportunities (GP), LLC, StepStone Secondaries II (GP), LLC, StepStone Secondaries III (GP), S.[agrave] r.l., StepStone Secondaries III (GP), LLC, StepStone UWF Secondaries (GP), L.P., StepStone KF (GP), LLC, StepStone NPS Siera (GP), LLC, StepStone NPS PE (GP), LLC, StepStone Rivas (GP), LLC, StepStone FSS (GP), LLC, StepStone REP III (GP), LLC (collectively, with StepStone Group, the ``Existing StepStone Affiliated Advisers''); CGR/PE, LLC, StepStone AMP Opportunities Fund, L.P., StepStone Atlantic Fund, L.P. -- Private Markets Series 1 2014, StepStone Capital Partners III, L.P., StepStone Capital Partners III Offshore Holdings, L.P., SCP III Holding SCS, StepStone Ferro Opportunities Fund, L.P., StepStone K Strategic Opportunities Fund II, L.P., StepStone Secondary Opportunities Fund II Offshore Holdings, L.P., StepStone Secondary Opportunities Fund II, L.P., StepStone Secondary Opportunities Fund III Offshore Holdings, SCSp, StepStone Secondary Opportunities Fund, III, L.P., StepStone UWF Secondary Opportunities Fund, L.P., StepStone KF Infrastructure Fund, L.P., StepStone KF Private Equity Fund, L.P., StepStone NPS Infrastructure Fund, L.P., StepStone NPS Private Equity Fund, L.P., StepStone Rivas Private Equity Fund, L.P., StepStone FSS Opportunities Fund, L.P., Lexington C/RE, LLC, and StepStone Real Estate Partners III, L.P. (collectively, the ``Existing Affiliated Investors''). Filing Dates: The application was filed on December 31, 2014, and amended on May 21, 2015, August 6, 2015, October 6, 2015, April 29, 2016, July 6, 2016 and September 16, 2016. Hearing or Notification of Hearing: An order granting the requested relief 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 October 14, 2016, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Pursuant to rule 0-5 under the 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 who wish to be notified of a hearing may request notification by writing to the Commission's Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F St. NE., Washington, DC 20549-1090. Applicants: Altegris Advisors, L.L.C. and the Company: 1200 Prospect Street, Suite 400, La Jolla, CA 92037; the Existing StepStone Affiliated Advisers and the Existing Affiliated Investors: 885 Third Avenue, 17th Floor, New York, NY 10022. FOR FURTHER INFORMATION CONTACT: Robert Shapiro, Senior Counsel, at (202) 551-7758 or Mary Kay Frech, Branch Chief, at (202) 551-6821 (Chief Counsel's Office, Division of Investment Management). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission's Web site 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. The Company was organized under Delaware law as a statutory trust for the purpose of operating as an externally-managed, non- diversified, closed-end management investment company. The Company is a registered investment company under the Act. The Company's Objectives and Strategies \1\ are to seek long-term capital appreciation and the Company intends to allocate at least 80% of its assets to private equity-type investments sponsored or advised by Kohlberg Kravis Roberts & Co. L.P. (``Kohlberg Kravis Roberts'') or an affiliate of Kohlberg Kravis Roberts (collectively with its affiliates, ``KKR''), including primary offerings and secondary acquisitions of interests in [[Page 65685]] alternative investment funds that pursue private equity strategies and co-investment opportunities in operating companies presented by such KKR investment funds. The Company may at any time determine to allocate its assets to investments not sponsored, issued by or otherwise linked to, KKR, or its affiliates and to strategies and asset classes not representative of private equity. The Company has a five member Board,\2\ which currently includes four persons who are not ``interested persons'' of the Company within the meaning of section 2(a)(19) of the Act. --------------------------------------------------------------------------- \1\ ``Objectives and Strategies'' means a Regulated Entity's (as defined below) investment objectives and strategies, as described in the Regulated Entity's registration statement on Form N-2, other filings the Regulated Entity has made with the Commission under the Securities Act of 1933 (the ``Securities Act''), or under the Securities Exchange Act of 1934, and the Regulated Entity's reports to shareholders. \2\ The term ``Board'' refers to the board of trustees of the Company and the board of directors or trustees of any other Regulated Entity. --------------------------------------------------------------------------- 2. Altegris Advisors, L.L.C. is a Delaware limited liability company and is registered with the Commission as an investment adviser under the Investment Advisers Act of 1940 (the ``Advisers Act''). Altegris Advisors, L.L.C. serves as the investment adviser to the Company. 3. StepStone Group is a Delaware limited partnership and is registered with the Commission as an investment adviser under the Advisers Act. StepStone Group serves as the sub-adviser to the Company. 4. Each Existing Affiliated Investor is a privately-offered fund that would be an investment company but for section 3(c)(1) or 3(c)(7) of the Act. An Existing StepStone Affiliated Adviser serves as the investment adviser to each Existing Affiliated Investor. Each Existing StepStone Affiliated Adviser either directly or indirectly controls, is controlled by, or is under common control with StepStone Group, and is registered as an investment adviser under the Advisers Act. 5. Applicants seek an order (``Order'') to permit one or more Regulated Entities \3\ and/or one or more Affiliated Investors \4\ to participate in the same investment opportunities through a proposed co- investment program (the ``Co-Investment Program'') where such participation would otherwise be prohibited under sections 17(d) and 57(a)(4) and the rules under the Act. For purposes of the application, ``Co-Investment Transaction'' means any transaction in which a Regulated Entity (or its Wholly-Owned Investment Subsidiary, as defined below) participated together with one or more other Regulated Entities and/or one or more Affiliated Investors in reliance on the requested Order. ``Potential Co-Investment Transaction'' means any investment opportunity in which a Regulated Entity (or its Wholly-Owned Investment Subsidiary) could not participate together with one or more Affiliated Investors and/or one or more other Regulated Entities without obtaining and relying on the Order.\5\ The term ``Advisor'' means any Altegris Advisor or any StepStone Affiliated Adviser. --------------------------------------------------------------------------- \3\ ``Regulated Entity'' means the Company and any Future Regulated Entity. ``Future Regulated Entity'' means a closed-end management investment company (a) that is registered under the Act or has elected to be regulated as a BDC, (b) whose investment adviser is an Altegris Advisor and (c) whose investment sub-adviser is a StepStone Affiliated Adviser. ``Altegris Advisor'' means Altegris Advisors, L.L.C. or any future investment adviser that (i) controls, is controlled by or is under common control with Altegris Advisors, L.L.C., (ii) is registered as an investment adviser under the Advisers Act and (iii) is not a Regulated Entity or a subsidiary of a Regulated Entity. ``StepStone Affiliated Adviser'' means any Existing StepStone Affiliated Adviser or any future investment adviser that (i) controls, is controlled by or is under common control with StepStone Group, (ii) is registered as an investment adviser under the Advisers Act, and (iii) is not a Regulated Entity or a subsidiary of a Regulated Entity. \4\ ``Affiliated Investors'' means the Existing Affiliated Investors and any Future Affiliated Investor. ``Future Affiliated Investor'' means an entity (a) whose investment adviser is a StepStone Affiliated Adviser and (b) that would be an investment company but for section 3(c)(1) or 3(c)(7) of the Act. \5\ All existing entities that currently intend to rely upon the requested Order have been named as applicants. Any other existing or future entity that subsequently relies on the Order will comply with the terms and conditions of the application. --------------------------------------------------------------------------- 6. Applicants state that a Regulated Entity may, from time to time, form a Wholly-Owned Investment Subsidiary.\6\ Such a subsidiary would be prohibited from investing in a Co-Investment Transaction with any Affiliated Investor because it would be a company controlled by its parent Regulated Entity for purposes of section 57(a)(4) and rule 17d- 1. Applicants request that each Wholly-Owned Investment Subsidiary be permitted to participate in Co-Investment Transactions in lieu of its parent Regulated Entity and that the Wholly-Owned Investment Subsidiary's participation in any such transaction be treated, for purposes of the requested Order, as though the parent Regulated Entity were participating directly. Applicants represent that this treatment is justified because a Wholly-Owned Investment Subsidiary would have no purpose other than serving as a holding vehicle for the Regulated Entity's investments and, therefore, no conflicts of interest could arise between the Regulated Entity and the Wholly-Owned Investment Subsidiary. The Regulated Entity's Board would make all relevant determinations under the conditions with regard to a Wholly-Owned Investment Subsidiary's participation in a Co-Investment Transaction, and the Regulated Entity's Board would be informed of, and take into consideration, any proposed use of a Wholly-Owned Investment Subsidiary in the Regulated Entity's place. If the Regulated Entity proposes to participate in the same Co-Investment Transaction with any of its Wholly-Owned Investment Subsidiaries, the Board will also be informed of, and take into consideration, the relative participation of the Regulated Entity and the Wholly-Owned Investment Subsidiary. --------------------------------------------------------------------------- \6\ The term ``Wholly-Owned Investment Subsidiary'' means an entity (i) that is wholly-owned by a Regulated Entity (with such Regulated Entity at all times holding, beneficially and of record, 100% of the voting and economic interests); (ii) whose sole business purpose is to hold one or more investments on behalf of the Regulated Entity (and, in the case of an entity that is licensed by the Small Business Administration to operate under the Small Business Investment Act of 1958, as amended (the ``SBA Act''), as a small business investment company (an ``SBIC''), to maintain a license under the SBA Act and issue debentures guaranteed by the Small Business Administration); (iii) with respect to which the Regulated Entity's Board has the sole authority to make all determinations with respect to the entity's participation under the conditions of the application; and (iv) that would be an investment company but for section 3(c)(1) or 3(c)(7) of the Act. All subsidiaries participating in the Co-Investment Program will be Wholly-Owned Investment Subsidiaries and will have Objectives and Strategies that are either substantially the same as, or a subset of, their parent Regulated Entity's Objectives and Strategies. A subsidiary that is an SBIC may be a Wholly-Owned Investment Subsidiary if it satisfies the conditions in this definition. --------------------------------------------------------------------------- 7. It is anticipated that the StepStone Affiliated Advisers will periodically determine that certain investments a StepStone Affiliated Adviser recommends for a Regulated Entity would also be appropriate investments for one or more other Regulated Entities and/or one or more Affiliated Investors as Potential Co-Investment Transactions. Such a determination may result in the Regulated Entity, one or more other Regulated Entities and/or one or more Affiliated Investors co-investing in certain investment opportunities. For each such investment opportunity, the Advisors to each Regulated Entity will independently analyze and evaluate the investment opportunity as to its appropriateness for such Regulated Entity taking into consideration the Regulated Entity's Objectives and Strategies. 8. Applicants state that Altegris Advisors, L.L.C. serves as the Company's investment adviser and either it or another Altegris Advisor will serve in the same capacity to any Future Regulated Entity, and that StepStone Group serves as the Company's sub-adviser and either it or another StepStone Affiliated Adviser will serve in the same capacity to any Future Regulated Entity. Applicants represent that although a StepStone Affiliated Adviser will identify and recommend [[Page 65686]] investments \7\ for each Regulated Entity, prior to any investment by the Regulated Entity, the StepStone Affiliated Advisers will present each proposed investment to the relevant Altegris Advisor which has the authority to approve or reject all investments proposed for the Regulated Entity by a StepStone Affiliated Adviser. --------------------------------------------------------------------------- \7\ Applicants represent that the Altegris Advisors will not source any Potential Co-Investment Transactions under the requested Order. --------------------------------------------------------------------------- 9. Applicants state that StepStone Group has an investment committee through which it will carry out its obligation under condition 1 to make a determination as to the appropriateness of a Potential Co-Investment Transaction for each Regulated Entity. Applicants represent that each StepStone Affiliated Adviser has developed a robust allocation process as part of its overall compliance policies and procedures. Applicants state that, in the case of a Potential Co-Investment Transaction, the applicable StepStone Affiliated Adviser would apply its allocation policies and procedures in determining the proposed allocation for the Regulated Entity consistent with the requirements of condition 2(a). 10. Applicants state that, once the applicable StepStone Affiliated Adviser determined a proposed allocation for a Regulated Entity, such StepStone Affiliated Adviser would notify the applicable Altegris Advisor of the Potential Co-Investment Transaction and the StepStone Affiliated Adviser's recommended allocation for such Regulated Entity. Applicants further state that the applicable Altegris Advisor would review the StepStone Affiliated Adviser's recommendation for the Regulated Entity and would have the ability to ask questions of the StepStone Affiliated Adviser and request additional information from the StepStone Affiliated Adviser. Applicants further submit that if the applicable Altegris Advisor approved the investment for the Regulated Entity, the investment and all relevant allocation information would then be presented to the Regulated Entity's Board for its approval in accordance with the conditions to the application. Applicants state that they believe the investment process that will unfold between the StepStone Affiliated Adviser and the Altegris Advisors, prior to seeking approval from the Regulated Entity's Board (which is in addition to, rather than in lieu of, the procedures required under the conditions of the application), is significant and provides for additional procedures and processes to ensure that the Regulated Entity is being treated fairly in respect of Potential Co-Investment Transactions. 11. If the Advisors to a Regulated Entity determine that a Potential Co-Investment Transaction is appropriate for the Regulated Entity (and the applicable Altegris Advisor approves the investment for such Regulated Entity), and one or more other Regulated Entities and/or one or more Affiliated Investors may also participate, the Advisors will present the investment opportunity to the Eligible Trustees \8\ of the Regulated Entity prior to the actual investment by the Regulated Entity. As to any Regulated Entity, a Co-Investment Transaction will be consummated only upon approval by a required majority of the Eligible Trustees of such Regulated Entity within the meaning of section 57(o) of the Act (``Required Majority'').\9\ --------------------------------------------------------------------------- \8\ ``Eligible Trustees'' means the trustees or directors of a Regulated Entity that are eligible to vote under section 57(o) of the Act. \9\ In the case of a Regulated Entity that is a registered closed-end fund, the trustees or directors that make up the Required Majority will be determined as if the Regulated Entity were a BDC subject to section 57(o). As defined in section 57(o), ``required majority'' means ``both a majority of a business development company's directors or general partners who have no financial interest in such transaction, plan, or arrangement and a majority of such directors or general partners who are not interested persons of such company.'' --------------------------------------------------------------------------- 12. With respect to the pro rata dispositions and follow-on investments provided in conditions 7 and 8, a Regulated Entity may participate in a pro rata disposition or follow-on investment without obtaining prior approval of the Required Majority if, among other things: (i) The proposed participation of each Regulated Entity and Affiliated Investor in such disposition is proportionate to its outstanding investments in the issuer immediately preceding the disposition or follow-on investment, as the case may be; and (ii) each Regulated Entity's Board has approved that Regulated Entity's participation in pro rata dispositions and follow-on investments as being in the best interests of the Regulated Entity. If the Board does not so approve, any such disposition or follow-on investment will be submitted to the Regulated Entity's Eligible Trustees. The Board of any Regulated Entity may at any time rescind, suspend or qualify its approval of pro rata dispositions and follow-on investments with the result that all dispositions and/or follow-on investments must be submitted to the Eligible Trustees. 13. No Independent Trustee of a Regulated Entity will have a financial interest in any Co-Investment Transaction. 14. Under condition 15, if an Advisor or its principals, or any person controlling, controlled by, or under common control with the Advisor or its the principals, and any Affiliated Investors (collectively, the ``Holders'') own in the aggregate more than 25% of the outstanding voting securities of a Regulated Entity (``Shares''), then the Holders will vote such Shares as directed by an independent third party when voting on matters specified in the condition. Applicants believe that this condition will ensure that the Independent Trustees will act independently in evaluating the Co-Investment Program, because the ability of the Advisor or its principals to influence the Independent Trustees by a suggestion, explicit or implied, that the Independent Trustees can be removed will be limited significantly. Applicants represent that the Independent Trustees shall evaluate and approve any such independent third party, taking into account its qualifications, reputation for independence, cost to the shareholders, and other factors that they deem relevant. Applicants' Legal Analysis 1. Section 17(d) of the Act and rule 17d-1 under the Act prohibit participation by a registered investment company and an affiliated person in any ``joint enterprise or other joint arrangement or profit- sharing plan,'' as defined in the rule, without prior approval by the Commission by order upon application. Section 17(d) of the Act and rule 17d-1 under the Act are applicable to Regulated Entities that are registered closed-end investment companies. Similarly, with regard to BDCs, section 57(a)(4) of the Act makes it unlawful for any person who is related to a BDC in a manner described in section 57(b), acting as principal, knowingly to effect any transaction in which the BDC (or a company controlled by such BDC) is a joint or a joint and several participant with that person in contravention of rules as prescribed by the Commission. Because the Commission has not adopted any rules expressly under section 57(a)(4), section 57(i) provides that the rules under section 17(d) applicable to registered closed-end investment companies (e.g., rule 17d-1) are, in the interim, deemed to apply to transactions subject to section 57(a). Rule 17d-1, as made applicable to BDCs by section 57(i), prohibits any person who is related to a BDC in a manner described in section 57(b), as modified by rule 57b-1, from acting as principal, from [[Page 65687]] participating in, or effecting any transaction in connection with, any joint enterprise or other joint arrangement or profit-sharing plan in which the BDC (or a company controlled by such BDC) is a participant, unless an application regarding the joint enterprise, arrangement, or profit-sharing plan has been filed with the Commission and has been granted by an order entered prior to the submission of the plan or any modification thereof, to security holders for approval, or prior to its adoption or modification if not so submitted. 2. In passing upon applications under rule 17d-1, the Commission considers whether the company's participation in the joint transaction is consistent with the provisions, policies, and purposes of the Act and the extent to which such participation is on a basis different from or less advantageous than that of other participants. 3. Applicants state that the Regulated Entities, by virtue of each having an Altegris Advisor, may be deemed to be under common control, and thus affiliated persons of each other under section 2(a)(3)(C) of the Act. Section 17(d) and section 57(b) apply to any investment adviser to a closed-end fund or a BDC, respectively, including the sub- adviser. Thus, a StepStone Affiliated Adviser and any Affiliated Investors that it advises could be deemed to be persons related to Regulated Entities in a manner described by sections 17(d) and 57(b) and therefore prohibited by sections 17(d) and 57(a)(4) and rule 17d-1 from participating in the Co-Investment Program. Applicants further submit that, because the StepStone Affiliated Advisers are ``affiliated persons'' of other StepStone Affiliated Advisers, Affiliated Investors advised by any of them could be deemed to be persons related to Regulated Entities (or a company controlled by a Regulated Entity) in a manner described by sections 17(d) and 57(b) and also prohibited from participating in the Co-Investment Program. 4. Applicants state that they expect that that co-investment in portfolio investments by a Regulated Entity, one or more other Regulated Entities and/or one or more Affiliated Investors will increase favorable investment opportunities for each Regulated Entity. 5. Applicants submit that the fact that the Required Majority will approve each Co-Investment Transaction before investment (except for certain dispositions or follow-on investments, as described in the conditions), and other protective conditions set forth in the application, will ensure that each Regulated Entity will be treated fairly. Applicants state that each Regulated Entity's participation in the Co-Investment Transactions will be consistent with the provisions, policies and purposes of the Act and on a basis that is not different from or less advantageous than that of other participants. Applicants further state that the terms and conditions proposed herein will ensure that all such transactions are reasonable and fair to each Regulated Entity and the Affiliated Investors and do not involve overreaching by any person concerned, including Altegris Advisors or the StepStone Affiliated Advisers. Applicants' Conditions Applicants agree that the Order will be subject to the following conditions: 1. Each time a StepStone Affiliated Adviser considers a Potential Co-Investment Transaction for an Affiliated Investor or another Regulated Entity that falls within a Regulated Entity's then-current Objectives and Strategies, the Advisors to the Regulated Entity will make an independent determination of the appropriateness of the investment for the Regulated Entity in light of the Regulated Entity's then-current circumstances. 2. a. If the Advisors to a Regulated Entity deem participation in any Potential Co-Investment Transaction to be appropriate for the Regulated Entity, the Advisors will then determine an appropriate level of investment for such Regulated Entity. b. If the aggregate amount recommended by the Advisors to a Regulated Entity to be invested by the Regulated Entity in the Potential Co-Investment Transaction, together with the amount proposed to be invested by the other participating Regulated Entities and Affiliated Investors, collectively, in the same transaction, exceeds the amount of the investment opportunity, the amount of the investment opportunity will be allocated among the Regulated Entities and such Affiliated Investors, pro rata based on each participant's Available Capital \10\ for investment in the asset class being allocated, up to the amount proposed to be invested by each. The Advisors to each participating Regulated Entity will provide the Eligible Trustees of each participating Regulated Entity with information concerning each participating party's Available Capital to assist the Eligible Trustees with their review of the Regulated Entity's investments for compliance with these allocation procedures. --------------------------------------------------------------------------- \10\ ``Available Capital'' means (a) for each Regulated Entity, the amount of capital available for investment determined based on the amount of cash on hand, existing commitments and reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set from time to time by the Board of the applicable Regulated Entity or imposed by applicable laws, rules, regulations or interpretations and (b) for each Affiliated Investor, the amount of capital available for investment determined based on the amount of cash on hand, existing commitments and reserves, if any, the targeted leverage level, targeted asset mix and other investment policies and restrictions set by the Affiliated Investor's directors, general partners or adviser or imposed by applicable laws, rules, regulations or interpretations. --------------------------------------------------------------------------- c. After making the determinations required in conditions 1 and 2(a) above, the Advisors to the Regulated Entity will distribute written information concerning the Potential Co-Investment Transaction, including the amount proposed to be invested by each Regulated Entity and any Affiliated Investor, to the Eligible Trustees of each participating Regulated Entity for their consideration. A Regulated Entity will co-invest with one or more other Regulated Entities and/or an Affiliated Investor only if, prior to the Regulated Entities' and the Affiliated Investors' participation in the Potential Co-Investment Transaction, a Required Majority concludes that: (i) The terms of the Potential Co-Investment Transaction, including the consideration to be paid, are reasonable and fair to the Regulated Entity and its shareholders and do not involve overreaching in respect of the Regulated Entity or its shareholders on the part of any person concerned; (ii) the Potential Co-Investment Transaction is consistent with: (A) The interests of the Regulated Entity's shareholders; and (B) the Regulated Entity's then-current Objectives and Strategies; (iii) the investment by any other Regulated Entity or an Affiliated Investor would not disadvantage the Regulated Entity, and participation by the Regulated Entity would not be on a basis different from or less advantageous than that of any other Regulated Entity or Affiliated Investor; provided, that if another Regulated Entity or Affiliated Investor, but not the Regulated Entity itself, gains the right to nominate a director for election to a portfolio company's board of directors or the right to have a board observer, or any similar right to participate in the governance or management of the portfolio company, such event shall not be interpreted to prohibit a Required Majority from reaching the conclusions required by this condition 2(c)(iii), if: [[Page 65688]] (A) The Eligible Trustees will have the right to ratify the selection of such director or board observer, if any; and (B) the Advisors to the Regulated Entity agree to, and do, provide periodic reports to the Regulated Entity's Board with respect to the actions of such director or the information received by such board observer or obtained through the exercise of any similar right to participate in the governance or management of the portfolio company; and (C) any fees or other compensation that any other Regulated Entity or any Affiliated Investor or any affiliated person of any other Regulated Entity or an Affiliated Investor receives in connection with the right of one or more Regulated Entities or Affiliated Investors to nominate a director or appoint a board observer or otherwise to participate in the governance or management of the portfolio company will be shared proportionately among the participating Affiliated Investors (who may, in turn, share their portion with their affiliated persons) and any participating Regulated Entity in accordance with the amount of each party's investment; and (iv) the proposed investment by the Regulated Entity will not benefit the Advisors, any other Regulated Entity or the Affiliated Investors or any affiliated person of any of them (other than the parties to the Co-Investment Transaction), except (A) to the extent permitted by condition 13, (B) to the extent permitted under sections 17(e) and 57(k) of the Act, as applicable, (C) in the case of fees or other compensation described in condition 2(c)(iii)(C), or (D) indirectly, as a result of an interest in the securities issued by one of the parties to the Co-Investment Transaction. 3. Each Regulated Entity will have the right to decline to participate in any Potential Co-Investment Transaction or to invest less than the amount proposed. 4. The Advisors will present to the Board of each Regulated Entity, on a quarterly basis, a record of all investments in Potential Co- Investment Transactions made by any of the other Regulated Entities or any of the Affiliated Investors during the preceding quarter that fell within the Regulated Entity's then-current Objectives and Strategies that were not made available to the Regulated Entity, and an explanation of why the investment opportunities were not offered to the Regulated Entity. All information presented to the Board pursuant to this condition will be kept for the life of the Regulated Entity and at least two years thereafter, and will be subject to examination by the Commission and its staff. 5. Except for follow-on investments made in accordance with condition 8,\11\ a Regulated Entity will not invest in reliance on the Order in any issuer in which another Regulated Entity or an Affiliated Investor or any affiliated person of another Regulated Entity or an Affiliated Investor is an existing investor. --------------------------------------------------------------------------- \11\ This exception applies only to follow-on investments by a Regulated Entity in issuers in which that Regulated Entity already holds investments. --------------------------------------------------------------------------- 6. A Regulated Entity will not participate in any Potential Co- Investment Transaction unless the terms, conditions, price, class of securities to be purchased, settlement date, and registration rights will be the same for each participating Regulated Entity and Affiliated Investor. The grant to one or more Regulated Entities or Affiliated Investors, but not the Regulated Entity itself, of the right to nominate a director for election to a portfolio company's board of directors, the right to have an observer on the board of directors or similar rights to participate in the governance or management of the portfolio company will not be interpreted so as to violate this condition 6, if conditions 2(c)(iii)(A), (B) and (C) are met. 7. a. If any Regulated Entity or Affiliated Investor elects to sell, exchange or otherwise dispose of an interest in a security that was acquired by one or more Regulated Entities and/or Affiliated Investors in a Co-Investment Transaction, the Advisors will: (i) Notify each Regulated Entity that participated in the Co- Investment Transaction of the proposed disposition at the earliest practical time; and (ii) formulate a recommendation as to participation by each Regulated Entity in the disposition. b. Each Regulated Entity will have the right to participate in such disposition on a proportionate basis, at the same price and on the same terms and conditions as those applicable to the Affiliated Investors and any other Regulated Entity. c. A Regulated Entity may participate in such disposition without obtaining prior approval of the Required Majority if: (i) The proposed participation of each Regulated Entity and each Affiliated Investor in such disposition is proportionate to its outstanding investments in the issuer immediately preceding the disposition; (ii) the Regulated Entity's Board has approved as being in the best interests of the Regulated Entity the ability to participate in such dispositions on a pro rata basis (as described in greater detail in the application); and (iii) the Regulated Entity's Board is provided on a quarterly basis with a list of all dispositions made in accordance with this condition. In all other cases, the Advisors will provide their written recommendation as to the Regulated Entity's participation to the Eligible Trustees, and the Regulated Entity will participate in such disposition solely to the extent that a Required Majority determines that it is in the Regulated Entity's best interests. d. Each Regulated Entity and each Affiliated Investor will bear its own expenses in connection with the disposition. 8. a. If any Regulated Entity or Affiliated Investor desires to make a ``follow-on investment'' (i.e., an additional investment in the same entity, including through the exercise of warrants or other rights to purchase securities of the issuer) in a portfolio company whose securities were acquired by the Regulated Entity and the Affiliated Investor in a Co-Investment Transaction, the Advisors will: (i) Notify each Regulated Entity of the proposed transaction at the earliest practical time; and (ii) formulate a recommendation as to the proposed participation, including the amount of the proposed follow-on investment, by each Regulated Entity. b. A Regulated Entity may participate in such follow-on investment without obtaining prior approval of the Required Majority if: (i) The proposed participation of each Regulated Entity and each Affiliated Investor in such investment is proportionate to its outstanding investments in the issuer immediately preceding the follow-on investment; and (ii) the Regulated Entity's Board has approved as being in the best interests of such Regulated Entity the ability to participate in follow-on investments on a pro rata basis (as described in greater detail in the application). In all other cases, the Advisors will provide their written recommendation as to such Regulated Entity's participation to the Eligible Trustees, and the Regulated Entity will participate in such follow-on investment solely to the extent that the Required Majority determines that it is in such Regulated Entity's best interests. c. If, with respect to any follow-on investment: (i) The amount of a follow-on investment is not based on the Regulated Entities' and the Affiliated Investors' outstanding investments [[Page 65689]] immediately preceding the follow-on investment; and (ii) the aggregate amount recommended by the Advisors to be invested by the Regulated Entity in the follow-on investment, together with the amount proposed to be invested by the other participating Regulated Entities and the Affiliated Investors in the same transaction, exceeds the amount of the opportunity; then the amount invested by each such party will be allocated among them pro rata based on each participant's Available Capital for investment in the asset class being allocated, up to the amount proposed to be invested by each. d. The acquisition of follow-on investments as permitted by this condition will be considered a Co-Investment Transaction for all purposes and be subject to the other conditions set forth in the application. 9. The Independent Trustees of each Regulated Entity will be provided quarterly for review all information concerning Potential Co- Investment Transactions and Co-Investment Transactions, including investments made by other Regulated Entities or Affiliated Investors that a Regulated Entity considered but declined to participate in, so that the Independent Trustees may determine whether all investments made during the preceding quarter, including those investments which the Regulated Entity considered but declined to participate in, comply with the conditions of the Order. In addition, the Independent Trustees will consider at least annually the continued appropriateness for such Regulated Entity of participating in new and existing Co-Investment Transactions. 10. Each Regulated Entity will maintain the records required by section 57(f)(3) of the Act as if each of the Regulated Entities were a BDC and each of the investments permitted under these conditions were approved by a Required Majority under section 57(f). 11. No Independent Trustee of a Regulated Entity will also be a trustee, director, general partner, managing member or principal, or otherwise an ``affiliated person'' (as defined in the Act) of any Affiliated Investor. 12. The expenses, if any, associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction (including, without limitation, the expenses of the distribution of any such securities registered for sale under the Securities Act) shall, to the extent not payable by the Advisors under their respective advisory agreements with the Regulated Entities and the Affiliated Investors, be shared by the Regulated Entities and the Affiliated Investors in proportion to the relative amounts of the securities held or to be acquired or disposed of, as the case may be. 13. Any transaction fee (including break-up or commitment fees but excluding brokers' fees contemplated by section 17(e) or 57(k) of the Act, as applicable) \12\ received in connection with a Co-Investment Transaction will be distributed to the participating Regulated Entities and Affiliated Investors on a pro rata basis based on the amount they invested or committed, as the case may be, in such Co-Investment Transaction. If any transaction fee is to be held by an Advisor pending consummation of the transaction, the fee will be deposited into an account maintained by the Advisor at a bank or banks having the qualifications prescribed in section 26(a)(1) of the Act, and the account will earn a competitive rate of interest that will also be divided pro rata among the participating Regulated Entities and Affiliated Investors based on the amount they invest in the Co- Investment Transaction. None of the other Regulated Entities, Affiliated Investors, the Advisors nor any affiliated person of the Regulated Entities or the Affiliated Investors will receive additional compensation or remuneration of any kind as a result of or in connection with a Co-Investment Transaction (other than (a) in the case of the Regulated Entities and the Affiliated Investors, the pro rata transaction fees described above and fees or other compensation described in condition 2(c)(iii)(c) and (b) in the case of the Advisors, investment advisory fees paid in accordance with the Regulated Entities' and the Affiliated Investors' investment advisory agreements). --------------------------------------------------------------------------- \12\ Applicants are not requesting and the Commission is not providing any relief for transaction fees received in connection with any Co-Investment Transaction. --------------------------------------------------------------------------- 14. The Advisors to the Regulated Entities and Affiliated Investors will maintain written policies and procedures reasonably designed to ensure compliance with the foregoing conditions. These policies and procedures will require, among other things, that each of the Advisors to each Regulated Entity will be notified of all Potential Co- Investment Transactions that fall within a Regulated Entity's then- current Objectives and Strategies and will be given sufficient information to make its independent determination and recommendations under conditions 1, 2(a), 7 and 8. 15. If the Holders own in the aggregate more than 25 percent of the shares of a Regulated Entity, then the Holders will vote such shares as directed by an independent third party when voting on (1) the election of directors or trustees; (2) the removal of one or more directors or trustees; or (3) any matters requiring approval by the vote of a majority of the outstanding voting securities, as defined in section 2(a)(42) of the Act. For the Commission, by the Division of Investment Management, under delegated authority. Robert W. Errett, Deputy Secretary. [FR Doc. 2016-22905 Filed 9-22-16; 8:45 am] BILLING CODE 8011-01-P
![65684 Federal Register / Vol. 81, No. 185 / Friday, September 23, 2016 / Notices
II. EA Summary SUMMARY OF APPLICATION: Applicants personally or by mail. Hearing requests
The NRC has prepared the EA to request an order to permit certain should be received by the Commission
evaluate the potential environmental business development companies by 5:30 p.m. on October 14, 2016, and
impacts of the excavation of four (‘‘BDC’’) and closed-end management should be accompanied by proof of
trenches at the project site. In investment companies to co-invest in service on applicants, in the form of an
portfolio companies with each other and affidavit or, for lawyers, a certificate of
accordance with Section 7 of the
with affiliated investment funds. service. Pursuant to rule 0–5 under the
Endangered Species Act of 1973, as
APPLICANTS: Altegris KKR Commitments Act, hearing requests should state the
amended (16 U.S.C. 1531 et seq.), the
Master Fund (the ‘‘Company’’); Altegris nature of the writer’s interest, any facts
NRC staff requested informal
Advisors, L.L.C.; StepStone Group LP bearing upon the desirability of a
consultation with the United States Fish
(‘‘StepStone Group’’); StepStone Group hearing on the matter, the reason for the
and Wildlife Service. No concerns were
Real Assets LP, StepStone Group Real request, and the issues contested.
identified for Federally listed species or
Estate LP, StepStone AMP (GP), LLC, Persons who wish to be notified of a
designated critical habitat. This project
StepStone Atlantic (GP), L.P., StepStone hearing may request notification by
is temporary, minimally invasive, and
Capital III (GP), LLC, StepStone writing to the Commission’s Secretary.
will occur outside the critical nesting
times for migratory birds. European Fund GP S.à r.l., StepStone ADDRESSES: Secretary, U.S. Securities
The NRC determined that there will Ferro (GP), LLC, StepStone K and Exchange Commission, 100 F St.
be no adverse effects to any historic or Opportunities (GP), LLC, StepStone NE., Washington, DC 20549–1090.
cultural resources that may be located at Secondaries II (GP), LLC, StepStone Applicants: Altegris Advisors, L.L.C.
Secondaries III (GP), S.à r.l., StepStone and the Company: 1200 Prospect Street,
the Pritchett site.
Secondaries III (GP), LLC, StepStone Suite 400, La Jolla, CA 92037; the
The NRC has determined that there
UWF Secondaries (GP), L.P., StepStone Existing StepStone Affiliated Advisers
will be no significant impacts to any
KF (GP), LLC, StepStone NPS Siera and the Existing Affiliated Investors:
other resource areas (e.g., surface water,
(GP), LLC, StepStone NPS PE (GP), LLC, 885 Third Avenue, 17th Floor, New
groundwater, air quality) as a result of
StepStone Rivas (GP), LLC, StepStone York, NY 10022.
the proposed trench excavations,
followed by the backfilling of these FSS (GP), LLC, StepStone REP III (GP), FOR FURTHER INFORMATION CONTACT:
trenches at the conclusion of the study. LLC (collectively, with StepStone Robert Shapiro, Senior Counsel, at (202)
Group, the ‘‘Existing StepStone 551–7758 or Mary Kay Frech, Branch
III. Finding of No Significant Impact Affiliated Advisers’’); CGR/PE, LLC, Chief, at (202) 551–6821 (Chief
On the basis of the EA, the NRC has StepStone AMP Opportunities Fund, Counsel’s Office, Division of Investment
concluded that there are no significant L.P., StepStone Atlantic Fund, L.P. — Management).
environmental impacts from the Private Markets Series 1 2014, SUPPLEMENTARY INFORMATION: The
proposed work and has determined not StepStone Capital Partners III, L.P., following is a summary of the
to prepare an environmental impact StepStone Capital Partners III Offshore application. The complete application
statement. The EA and the associated Holdings, L.P., SCP III Holding SCS, may be obtained via the Commission’s
FONSI are publicly available in ADAMS StepStone Ferro Opportunities Fund, Web site by searching for the file
under Accession No. ML16257A012. L.P., StepStone K Strategic number, or for an applicant using the
Opportunities Fund II, L.P., StepStone Company name box, at http://
Dated at Rockville, Maryland this 15 day Secondary Opportunities Fund II www.sec.gov/search/search.htm or by
of September, 2016.
For the Nuclear Regulatory Commission.
Offshore Holdings, L.P., StepStone calling (202) 551–8090.
Secondary Opportunities Fund II, L.P.,
John P. Burke,
StepStone Secondary Opportunities Applicants’ Representations
Chief, Structural, Geotechnical, and Seismic Fund III Offshore Holdings, SCSp, 1. The Company was organized under
Engineering Branch, Division of Engineering, Delaware law as a statutory trust for the
Office of Nuclear Regulatory Research.
StepStone Secondary Opportunities
Fund, III, L.P., StepStone UWF purpose of operating as an externally-
[FR Doc. 2016–22987 Filed 9–22–16; 8:45 am] managed, non-diversified, closed-end
Secondary Opportunities Fund, L.P.,
BILLING CODE 7590–01–P management investment company. The
StepStone KF Infrastructure Fund, L.P.,
StepStone KF Private Equity Fund, L.P., Company is a registered investment
StepStone NPS Infrastructure Fund, company under the Act. The Company’s
SECURITIES AND EXCHANGE L.P., StepStone NPS Private Equity Objectives and Strategies 1 are to seek
COMMISSION Fund, L.P., StepStone Rivas Private long-term capital appreciation and the
Equity Fund, L.P., StepStone FSS Company intends to allocate at least
[Release No. IC–32265; File No. 812–14410] Opportunities Fund, L.P., Lexington C/ 80% of its assets to private equity-type
RE, LLC, and StepStone Real Estate investments sponsored or advised by
Altegris KKR Commitments Master Partners III, L.P. (collectively, the Kohlberg Kravis Roberts & Co. L.P.
Fund, et al.; Notice of Application ‘‘Existing Affiliated Investors’’). (‘‘Kohlberg Kravis Roberts’’) or an
FILING DATES: The application was filed affiliate of Kohlberg Kravis Roberts
September 19, 2016.
on December 31, 2014, and amended on (collectively with its affiliates, ‘‘KKR’’),
AGENCY: Securities and Exchange including primary offerings and
Commission (‘‘Commission’’). May 21, 2015, August 6, 2015, October
6, 2015, April 29, 2016, July 6, 2016 and secondary acquisitions of interests in
ACTION: Notice of application for an
September 16, 2016.
sradovich on DSK3GMQ082PROD with NOTICES
order under sections 17(d) and 57(i) of 1 ‘‘Objectives and Strategies’’ means a Regulated
HEARING OR NOTIFICATION OF HEARING: An
the Investment Company Act of 1940 Entity’s (as defined below) investment objectives
order granting the requested relief will and strategies, as described in the Regulated
(the ‘‘Act’’) and rule 17d–1 under the
be issued unless the Commission orders Entity’s registration statement on Form N–2, other
Act to permit certain joint transactions filings the Regulated Entity has made with the
a hearing. Interested persons may
otherwise prohibited by sections 17(d) Commission under the Securities Act of 1933 (the
request a hearing by writing to the
and 57(a)(4) of the Act and rule 17d–1 ‘‘Securities Act’’), or under the Securities Exchange
Commission’s Secretary and serving Act of 1934, and the Regulated Entity’s reports to
under the Act.
applicants with a copy of the request, shareholders.
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![Federal Register / Vol. 81, No. 185 / Friday, September 23, 2016 / Notices 65689
immediately preceding the follow-on Affiliated Investors in proportion to the Regulated Entity, then the Holders will
investment; and relative amounts of the securities held vote such shares as directed by an
(ii) the aggregate amount or to be acquired or disposed of, as the independent third party when voting on
recommended by the Advisors to be case may be. (1) the election of directors or trustees;
invested by the Regulated Entity in the 13. Any transaction fee (including (2) the removal of one or more directors
follow-on investment, together with the break-up or commitment fees but or trustees; or (3) any matters requiring
amount proposed to be invested by the excluding brokers’ fees contemplated by approval by the vote of a majority of the
other participating Regulated Entities section 17(e) or 57(k) of the Act, as outstanding voting securities, as defined
and the Affiliated Investors in the same applicable) 12 received in connection in section 2(a)(42) of the Act.
transaction, exceeds the amount of the with a Co-Investment Transaction will
opportunity; then the amount invested be distributed to the participating For the Commission, by the Division of
by each such party will be allocated Regulated Entities and Affiliated Investment Management, under delegated
among them pro rata based on each Investors on a pro rata basis based on authority.
participant’s Available Capital for the amount they invested or committed, Robert W. Errett,
investment in the asset class being as the case may be, in such Co- Deputy Secretary.
allocated, up to the amount proposed to Investment Transaction. If any [FR Doc. 2016–22905 Filed 9–22–16; 8:45 am]
be invested by each. transaction fee is to be held by an BILLING CODE 8011–01–P
d. The acquisition of follow-on Advisor pending consummation of the
investments as permitted by this transaction, the fee will be deposited
condition will be considered a Co- into an account maintained by the
Investment Transaction for all purposes SECURITIES AND EXCHANGE
Advisor at a bank or banks having the COMMISSION
and be subject to the other conditions qualifications prescribed in section
set forth in the application. 26(a)(1) of the Act, and the account will
9. The Independent Trustees of each earn a competitive rate of interest that
[Release No. 34–78874; File No. SR–ICEEU–
Regulated Entity will be provided will also be divided pro rata among the
2016–011]
quarterly for review all information participating Regulated Entities and
concerning Potential Co-Investment Self-Regulatory Organizations; ICE
Affiliated Investors based on the amount Clear Europe Limited; Notice of Filing
Transactions and Co-Investment they invest in the Co-Investment
Transactions, including investments and Immediate Effectiveness of a
Transaction. None of the other
made by other Regulated Entities or Proposed Rule Change Relating to the
Regulated Entities, Affiliated Investors,
Affiliated Investors that a Regulated F&O Intraday Risk Management Policy
the Advisors nor any affiliated person of
Entity considered but declined to
the Regulated Entities or the Affiliated September 19, 2016.
participate in, so that the Independent
Investors will receive additional
Trustees may determine whether all Pursuant to Section 19(b)(1) of the
compensation or remuneration of any
investments made during the preceding Securities Exchange Act of 1934
kind as a result of or in connection with
quarter, including those investments (‘‘Act’’),1 and Rule 19b–4 thereunder,2
a Co-Investment Transaction (other than
which the Regulated Entity considered notice is hereby given that on
(a) in the case of the Regulated Entities
but declined to participate in, comply September 9, 2016, ICE Clear Europe
and the Affiliated Investors, the pro rata
with the conditions of the Order. In Limited (‘‘ICE Clear Europe’’ or the
transaction fees described above and
addition, the Independent Trustees will ‘‘clearing house’’) filed with the
fees or other compensation described in
consider at least annually the continued
condition 2(c)(iii)(c) and (b) in the case Securities and Exchange Commission
appropriateness for such Regulated
of the Advisors, investment advisory (‘‘Commission’’) the proposed rule
Entity of participating in new and
fees paid in accordance with the changes described in Items I, II and III
existing Co-Investment Transactions.
10. Each Regulated Entity will Regulated Entities’ and the Affiliated below, which Items have been prepared
maintain the records required by section Investors’ investment advisory primarily by ICE Clear Europe. ICE Clear
57(f)(3) of the Act as if each of the agreements). Europe filed the proposed rule changes
14. The Advisors to the Regulated pursuant to Section 19(b)(3)(A) of the
Regulated Entities were a BDC and each
Entities and Affiliated Investors will Act,3 and Rule 19b–4(f)(4)(ii) 4
of the investments permitted under
maintain written policies and thereunder, so that the proposal was
these conditions were approved by a
procedures reasonably designed to effective upon filing with the
Required Majority under section 57(f).
11. No Independent Trustee of a ensure compliance with the foregoing Commission. The Commission is
Regulated Entity will also be a trustee, conditions. These policies and publishing this notice to solicit
director, general partner, managing procedures will require, among other
comments on the proposed rule changes
member or principal, or otherwise an things, that each of the Advisors to each
from interested persons.
‘‘affiliated person’’ (as defined in the Regulated Entity will be notified of all
Act) of any Affiliated Investor. Potential Co-Investment Transactions I. Self-Regulatory Organization’s
12. The expenses, if any, associated that fall within a Regulated Entity’s Statement of the Terms of Substance of
with acquiring, holding or disposing of then-current Objectives and Strategies the Proposed Rule Change
any securities acquired in a Co- and will be given sufficient information
Investment Transaction (including, to make its independent determination The principal purpose of the changes
without limitation, the expenses of the and recommendations under conditions is to make certain enhancements to ICE
sradovich on DSK3GMQ082PROD with NOTICES
distribution of any such securities 1, 2(a), 7 and 8. Clear Europe’s F&O intraday risk
registered for sale under the Securities 15. If the Holders own in the aggregate management policy.
Act) shall, to the extent not payable by more than 25 percent of the shares of a
the Advisors under their respective 12 Applicants
1 15 U.S.C. 78s(b)(1).
are not requesting and the
advisory agreements with the Regulated Commission is not providing any relief for
2 17 CFR 240.19b–4.
Entities and the Affiliated Investors, be transaction fees received in connection with any
3 15 U.S.C. 78s(b)(3)(A).
shared by the Regulated Entities and the Co-Investment Transaction. 4 17 CFR 240.19b–4(f)(4)(ii).
VerDate Sep<11>2014 18:22 Sep 22, 2016 Jkt 238001 PO 00000 Frm 00068 Fmt 4703 Sfmt 4703 E:\FR\FM\23SEN1.SGM 23SEN1](https://thefederalregister.org/doc/81_FR_65869/page/6.svg)
Document Created: 2016-09-23 01:43:42
Document Modified: 2016-09-23 01:43:42
| 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 | |
| Action | Notice of application for an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 (the ``Act'') and rule 17d- 1 under the Act to permit certain joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act. | |
| Dates | The application was filed on December 31, 2014, and amended on May 21, 2015, August 6, 2015, October 6, 2015, April 29, 2016, July 6, 2016 and September 16, 2016. | |
| Contact | Robert Shapiro, Senior Counsel, at (202) 551-7758 or Mary Kay Frech, Branch Chief, at (202) 551-6821 (Chief Counsel's Office, Division of Investment Management). | |
| FR Citation | 81 FR 65684 |
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