81 FR 70226 - Investment Company Act of 1940; Release No. 32302/October 4, 2016

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 196 (October 11, 2016)

Page Range		70226-70226
FR Document		2016-24427

Federal Register, Volume 81 Issue 196 (Tuesday, October 11, 2016)

[Federal Register Volume 81, Number 196 (Tuesday, October 11, 2016)]
[Notices]
[Page 70226]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-24427]


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SECURITIES AND EXCHANGE COMMISSION


Investment Company Act of 1940; Release No. 32302/October 4, 2016

In the Matter of: Advisors Series Trust, 615 East Michigan Street, 
Milwaukee, WI 53202; Orinda Asset Management, LLC, 4 Orinda Way, 
Suite 100B, Orinda, CA 94563; (File No. 812-13889)

Order Under Section 38(a) of the Investment Company Act of 1940 
Rescinding a Prior Order

    On September 8, 2016, the Commission issued a notice (Investment 
Company Act Release No. 32254) of its intention to rescind, at the 
request of Advisors Series Trust and Orinda Asset Management, LLC, 
pursuant to section 38(a) of the Investment Company Act of 1940 (the 
``Act''), a prior order issued to Advisors Series Trust and Orinda 
Asset Management, LLC under section 6(c) of the Act that granted an 
exemption from section 15(a) of the Act and rule 18f-2 under the Act, 
as well as from certain disclosure requirements (Investment Company Act 
Release No. 30065 (May 21, 2012)) (the ``Prior Order'').
    The notice gave interested persons an opportunity to request a 
hearing and stated that an order rescinding the Prior Order would be 
issued unless a hearing was ordered. No request for a hearing has been 
filed.
    Accordingly,
    It is ordered, pursuant to section 38(a) of the Act, that the Prior 
Order be, and hereby is, rescinded.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-24427 Filed 10-7-16; 8:45 am]
 BILLING CODE 8011-01-P

70226 Federal Register / Vol. 81, No. 196 / Tuesday, October 11, 2016 / Notices

2016–46, and should be submitted on or SECURITIES AND EXCHANGE an Intermarket Sweep Order (‘‘ISO’’) 4
before November 1, 2016. COMMISSION designated Immediate-or-Cancel (‘‘IOC’’)
For the Commission, by the Division of
during a Short Sale Period.5 Rule
Trading and Markets, pursuant to delegated [Release No. 34–79034; File No. SR– 7.16P(f)(5)(F) currently provides that
authority.16 NYSEArca–2016–134] during a Short Sale Period, IOC orders
will be traded to the extent possible at
Robert W. Errett, a Permitted Price 6 and higher and then
Self-Regulatory Organizations; NYSE
Deputy Secretary. Arca, Inc.; Notice of Filing and cancelled, and the working price will
[FR Doc. 2016–24422 Filed 10–7–16; 8:45 am] Immediate Effectiveness of Proposed not be adjusted.7 An IOC ISO with a
BILLING CODE 8011–01–P Rule Change Amending Rule 7.16P limit price at or below the NBB, on the
other hand, is treated unlike an IOC
October 4, 2016. order during a Short Sale Period and
SECURITIES AND EXCHANGE Pursuant to Section 19(b)(1) 1 of the similar to a Day ISO. Rule 7.16P(f)(5)(G)
COMMISSION Securities Exchange Act of 1934 (the currently provides that a Day ISO will
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 be rejected if the limit price is at or
Investment Company Act of 1940; notice is hereby given that, on below the NBB. The Exchange proposes
Release No. 32302/October 4, 2016 September 26, 2016, NYSE Arca, Inc. to amend Rule 7.16P(f)(5)(G) to specify
(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed that an IOC ISO and a Day ISO are both
In the Matter of: Advisors Series Trust, 615 with the Securities and Exchange handled in a similar manner by the
East Michigan Street, Milwaukee, WI Commission (the ‘‘Commission’’) the Exchange. The Exchange proposes to
53202; Orinda Asset Management, LLC, 4 proposed rule change as described in make this change by deleting the word
Orinda Way, Suite 100B, Orinda, CA Items I and II below, which Items have ‘Day’ from Rule 7.16P(f)(5)(G).8 Given
94563; (File No. 812–13889) been prepared by the self-regulatory that during a Short Sale Period, an IOC
Order Under Section 38(a) of the organization. The Commission is ISO and a Day ISO are both treated in
Investment Company Act of 1940 publishing this notice to solicit a similar manner, the Exchange believes
Rescinding a Prior Order comments on the proposed rule change the proposed change will provide
from interested persons. specificity to the Exchange’s rules that
On September 8, 2016, the during a Short Sale Period, all ISOs will
I. Self-Regulatory Organization’s
Commission issued a notice (Investment Statement of the Terms of Substance of be rejected if the limit price is at or
Company Act Release No. 32254) of its the Proposed Rule Change below the NBB.
intention to rescind, at the request of 2. Statutory Basis
Advisors Series Trust and Orinda Asset The Exchange proposes to amend
Management, LLC, pursuant to section Rule 7.16P. The proposed rule change is The proposed rule change is
38(a) of the Investment Company Act of available on the Exchange’s Web site at consistent with Section 6(b) of the Act,9
1940 (the ‘‘Act’’), a prior order issued to www.nyse.com, at the principal office of in general, and furthers the objectives of
the Exchange, and at the Commission’s Section 6(b)(5),10 in particular, because
Advisors Series Trust and Orinda Asset
Public Reference Room. it is designed to prevent fraudulent and
Management, LLC under section 6(c) of
manipulative acts and practices, to
the Act that granted an exemption from II. Self-Regulatory Organization’s promote just and equitable principles of
section 15(a) of the Act and rule 18f–2 Statement of the Purpose of, and trade, to foster cooperation and
under the Act, as well as from certain Statutory Basis for, the Proposed Rule coordination with persons engaged in
disclosure requirements (Investment Change facilitating transactions in securities, to
Company Act Release No. 30065 (May In its filing with the Commission, the remove impediments to, and perfect the
21, 2012)) (the ‘‘Prior Order’’). self-regulatory organization included mechanism of, a free and open market
The notice gave interested persons an statements concerning the purpose of, and a national market system and, in
opportunity to request a hearing and and basis for, the proposed rule change general, to protect investors and the
stated that an order rescinding the Prior and discussed any comments it received public interest.
Order would be issued unless a hearing on the proposed rule change. The text Specifically, the Exchange believes
was ordered. No request for a hearing of those statements may be examined at that the proposed rule change would
has been filed. the places specified in Item IV below. promote just and equitable principles of
The Exchange has prepared summaries,
Accordingly, 4 An ISO is a Limit Order that does not route and
set forth in sections A, B, and C below,
It is ordered, pursuant to section 38(a) meets the requirements of Rule 600(b)(30) of
of the most significant parts of such Regulation NMS. See Rule 7.31P(e)(3).
of the Act, that the Prior Order be, and statements. 5 Short Sale Period is the period of time that the
hereby is, rescinded. Short Sale Price Test remains in effect if the Short
A. Self-Regulatory Organization’s Sale Price Test is triggered by the listing market
By the Commission. Statement of the Purpose of, and the with respect to a covered security. See Rule
Robert W. Errett, Statutory Basis for, the Proposed Rule 7.16P(f)(4).
Deputy Secretary. Change 6 Permitted Price is the working price and/or

display price adjusted one minimum price
[FR Doc. 2016–24427 Filed 10–7–16; 8:45 am] 1. Purpose increment above the current NBB for short sale
asabaliauskas on DSK3SPTVN1PROD with NOTICES

BILLING CODE 8011–01–P orders during a Short Sale Period that have a
The Exchange proposes to amend working price and/or display price equal to or
Rule 7.16P (Short Sales). Specifically, lower than the NBB. See Rule 7.16P(f)(5)(A).
7 See Rule 7.16P(f)(5)(F).
the Exchange proposes to amend Rule
8 The Exchange proposes a non-substantive
7.16P(f)(5)(G) regarding the treatment of
amendment to delete the term ‘‘Order’’ in Rule
7.16P(f)(5)(G) as such term is redundant of the term
1 15 U.S.C. 78s(b)(1). ISO, which includes the term ‘‘Order.’’
2 15 U.S.C. 78a. 9 15 U.S.C. 78f(b).
16 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. 10 15 U.S.C. 78f(b)(5).

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Document Created: 2018-02-13 16:33:53
Document Modified: 2018-02-13 16:33:53

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 70226