81 FR 75178 - ALAIA Market Linked Trust and Beech Hill Securities, Inc.; Notice of Application
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 209 (October 28, 2016)
Federal Register Volume 81, Issue 209 (October 28, 2016)
| Page Range | 75178-75181 | |
| FR Document | 2016-26055 |
[Federal Register Volume 81, Number 209 (Friday, October 28, 2016)] [Notices] [Pages 75178-75181] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-26055] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 32324; 812-14542] ALAIA Market Linked Trust and Beech Hill Securities, Inc.; Notice of Application October 24, 2016. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of an application under (a) section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 2(a)(35), 14(a), 19(b), 22(d) and 26(a)(2)(C) of the Act and rules 19b-1 and rule 22c-1 thereunder and (b) sections 11(a) and 11(c) of the Act for approval of certain exchange and rollover privileges. ----------------------------------------------------------------------- Applicants: ALAIA Market Linked Trust and Beech Hill Securities Inc. (``BHSI'').\1\ --------------------------------------------------------------------------- \1\ Applicants also request relief for future unit investment trusts (collectively, with ALAIA Market Linked Trust, the ``Trusts'') and series of the Trusts (``Series'') that are sponsored by BHSI or any entity controlling, controlled by or under common control with BHSI (together with BHSI, the ``Depositors''). Any future Trust and Series that relies on the requested order will comply with the terms and conditions of the application. All existing entities that currently intend to rely on the requested order are named as applicants. --------------------------------------------------------------------------- Summary of Application: Applicants request an order to permit certain unit investment trusts (``UIT'') to: (a) Impose sales charges on a deferred basis and waive the deferred sales charge in certain cases; (b) offer unitholders certain exchange and rollover options; (c) publicly offer units without requiring the Depositor to take for its own account $100,000 worth of units; and (d) distribute capital gains resulting from the sale of portfolio securities within a reasonable time after receipt. Filing Dates: The application was filed on September 3, 2015, and amended on January 6, 2016, and October 17, 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 November 17, 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 [[Page 75179]] 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, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090; Applicants, c/o Anna T. Pinedo, Esq., Morrison & Foerster LLP, 250 West 55th Street, New York, NY 10019-9601. FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at (202) 551-6817, or Daniele Marchesani, Branch Chief, at (202) 551-6821 (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 by searching for the file number, or an applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090. Applicants' Representations 1. ALAIA Market Linked Trust is a UIT that is registered under the Act. Any future Trust will be a registered UIT. BHSI, a New York corporation, is registered under the Securities Exchange Act of 1934 as a broker-dealer and is the Depositor of ALAIA Market Linked Trust. Each Series will be created by a trust indenture between the Depositor and a banking institution or trust company as trustee (``Trustee''). 2. The Depositor acquires a portfolio of securities, which it deposits with the Trustee in exchange for certificates representing units of fractional undivided interest in the Series' portfolio (``Units''). The Units are offered to the public through the Depositor and dealers at a price which, during the initial offering period, is based upon the aggregate market value of the underlying securities, or, the aggregate offering side evaluation of the underlying securities if the underlying securities are not listed on a securities exchange, plus a front-end sales charge, a deferred sales charge or both. The maximum sales charge may be reduced in compliance with rule 22d-1 under the Act in certain circumstances, which are disclosed in the Series' prospectus. 3. The Depositor may, but is not legally obligated to, maintain a secondary market for Units of an outstanding Series. Other broker- dealers may or may not maintain a secondary market for Units of a Series. If a secondary market is maintained, investors will be able to purchase Units on the secondary market at the current public offering price plus a front-end sales charge. If such a market is not maintained at any time for any Series, holders of the Units (``Unitholders'') of that Series may redeem their Units through the Trustee. A. Deferred Sales Charge and Waiver of Deferred Sales Charge Under Certain Circumstances 1. Applicants request an order to the extent necessary to permit one or more Series to impose a sales charge on a deferred basis (``DSC''). For each Series, the Depositor would set a maximum sales charge per Unit, a portion of which may be collected ``up front'' (i.e., at the time an investor purchases the Units). The DSC would be collected subsequently in installments (``Installment Payments'') as described in the application. The Depositor would not add any amount for interest or any similar or related charge to adjust for such deferral. 2. When a Unitholder redeems or sells Units, the Depositor intends to deduct any unpaid DSC from the redemption or sale proceeds. When calculating the amount due, the Depositor will assume that Units on which the DSC has been paid in full are redeemed or sold first. With respect to Units on which the DSC has not been paid in full, the Depositor will assume that the Units held for the longest time are redeemed or sold first. Applicants represent that the DSC collected at the time of redemption or sale, together with the Installment Payments and any amount collected up front, will not exceed the maximum sales charge per Unit. Under certain circumstances, the Depositor may waive the collection of any unpaid DSC in connection with redemptions or sales of Units. These circumstances will be disclosed in the prospectus for the relevant Series and implemented in accordance with rule 22d-1 under the Act. 3. Each Series offering Units subject to a DSC will state the maximum charge per Unit in its prospectus. In addition, the prospectus for such Series will include the table required by Form N-1A (modified as appropriate to reflect the difference between UITs and open-end management investment companies) and a schedule setting forth the number and date of each Installment Payment, along with the duration of the collection period. The prospectus also will disclose that portfolio securities may be sold to pay the DSC if distribution income is insufficient and that securities will be sold pro rata, if practicable, otherwise a specific security will be designated for sale. B. Exchange Option and Rollover Option 1. Applicants request an order to the extent necessary to permit Unitholders of a Series to exchange their Units for Units of another Series (``Exchange Option'') and Unitholders of a Series that is terminating to exchange their Units for Units of a new Series of the same type (``Rollover Option''). The Exchange Option and Rollover Option would apply to all exchanges of Units sold with a front-end sales charge, a DSC or both. 2. A Unitholder who purchases Units under the Exchange Option or Rollover Option would pay a lower sales charge than that which would be paid for the Units by a new investor. The reduced sales charge will be reasonably related to the expenses incurred in connection with the administration of the DSC program, which may include an amount that will fairly and adequately compensate the Depositor and participating underwriters and brokers for their services in providing the DSC program. Applicants' Legal Analysis A. DSC and Waiver of DSC 1. Section 4(2) of the Act defines a ``unit investment trust'' as an investment company that issues only redeemable securities. Section 2(a)(32) of the Act defines a ``redeemable security'' as a security that, upon its presentation to the issuer, entitles the holder to receive approximately his or her proportionate share of the issuer's current net assets or the cash equivalent of those assets. Rule 22c-1 under the Act requires that the price of a redeemable security issued by a registered investment company for purposes of sale, redemption or repurchase be based on the security's current net asset value (``NAV''). Because the collection of any unpaid DSC may cause a redeeming Unitholder to receive an amount less than the NAV of the redeemed Units, applicants request relief from section 2(a)(32) and rule 22c-1. 2. Section 22(d) of the Act and rule 22d-1 under the Act require a registered investment company and its principal underwriter and dealers to sell securities only at the current public offering price described in the investment company's prospectus, with the exception of sales of redeemable securities at prices that reflect scheduled variations in the sales load. Section 2(a)(35) of the Act defines the term ``sales load'' as the difference between the sales price and the portion of the proceeds invested by the [[Page 75180]] depositor or trustee. Applicants request relief from section 2(a)(35) and section 22(d) to permit waivers, deferrals or other scheduled variations of the sales load. 3. Under section 6(c) of the Act, the Commission may exempt classes of transactions, 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 Act. Applicants state that their proposal meets the standards of section 6(c). Applicants state that the provisions of section 22(d) are intended to prevent (a) riskless trading in investment company securities due to backward pricing, (b) disruption of orderly distribution by dealers selling shares at a discount, and (c) discrimination among investors resulting from different prices charged to different investors. Applicants assert that the proposed DSC program will present none of these abuses. Applicants further state that all scheduled variations in the sales load will be disclosed in the prospectus of each Series and applied uniformly to all investors, and that applicants will comply with all the conditions set forth in rule 22d-1. 4. Section 26(a)(2)(C) of the Act, in relevant part, prohibits a trustee or custodian of a UIT from collecting from the trust as an expense any payment to the trust's depositor or principal underwriter. Because the Trustee's payment of the DSC to the Depositor may be deemed to be an expense under section 26(a)(2)(C), applicants request relief under section 6(c) from section 26(a)(2)(C) to the extent necessary to permit the Trustee to collect Installment Payments and disburse them to the Depositor. Applicants submit that the relief is appropriate because the DSC is more properly characterized as a sales load. B. Exchange Option and Rollover Option 1. Sections 11(a) and 11(c) of the Act prohibit any offer of exchange by a UIT for the securities of another investment company unless the terms of the offer have been approved in advance by the Commission. Applicants request an order under sections 11(a) and 11(c) for Commission approval of the Exchange Option and the Rollover Option. C. Net Worth Requirement 1. Section 14(a) of the Act requires that a registered investment company have $100,000 of net worth prior to making a public offering. Applicants state that each Series will comply with this requirement because the Depositor will deposit more than $100,000 of securities. Applicants assert, however, that the Commission has interpreted section 14(a) as requiring that the initial capital investment in an investment company be made without any intention to dispose of the investment. Applicants state that, under this interpretation, a Series would not satisfy section 14(a) because of the Depositor's intention to sell all the Units of the Series. 2. Rule 14a-3 under the Act exempts UITs from section 14(a) if certain conditions are met, one of which is that the UIT invest only in ``eligible trust securities,'' as defined in the rule. Applicants state that they may not rely on rule 14a-3 because certain Series (collectively, ``Structured Series'') will invest all or a portion of their assets in equity securities, shares of registered investment companies, or Flexible Exchange[supreg] Options (``FLEX Options'') \2\ which do not satisfy the definition of eligible trust securities. --------------------------------------------------------------------------- \2\ Applicants state that a Structured Series will invest in FLEX Options with expiration dates that coincide with the Structured Series' maturity date and any relief granted from the provisions of sections 14(a) and 19(b) of the Act and rule 19b-1 under the Act included in the Order will not extend to any Series that intends to hold a derivative security other than FLEX Options. --------------------------------------------------------------------------- 3. Applicants request an exemption under section 6(c) of the Act to the extent necessary to exempt the Structured Series from the net worth requirement in section 14(a). Applicants state that the Series and the Depositor will comply in all respects with the requirements of rule 14a-3, except that the Structured Series will not restrict their portfolio investments to ``eligible trust securities.'' D. Capital Gains Distribution 1. Section 19(b) of the Act and rule 19b-1 under the Act provide that, except under limited circumstances, no registered investment company may distribute long-term gains more than once every twelve months. Rule 19b-1(c), under certain circumstances, exempts a UIT investing in eligible trust securities (as defined in rule 14a-3) from the requirements of rule 19b-1. Because the Structured Series do not limit their investments to eligible trust securities, however, the Structured Series will not qualify for the exemption in paragraph (c) of rule 19b-1. Applicants therefore request an exemption under section 6(c) from section 19(b) and rule 19b-1 to the extent necessary to permit capital gains earned in connection with the sale of portfolio securities to be distributed to Unitholders along with the Structured Series' regular distributions. In all other respects, applicants will comply with section 19(b) and rule 19b-1. 2. Applicants state that their proposal meets the standards of section 6(c). Applicants assert that any sale of portfolio securities would be triggered by the need to meet Trust expenses, Installment Payments, or by redemption requests, events over which the Depositor and the Structured Series do not have control. Applicants further state that, because principal distributions must be clearly indicated in accompanying reports to Unitholders as a return of principal and will be relatively small in comparison to normal dividend distributions, there is little danger of confusion from failure to differentiate among distributions. Applicants' Conditions Applicants agree that any order granting the requested relief will be subject to the following conditions: A. DSC Relief and Exchange and Rollover Options 1. Whenever the Exchange Option or Rollover Option is to be terminated or its terms are to be amended materially, any holder of a security subject to that privilege will be given prominent notice of the impending termination or amendment at least 60 days prior to the date of termination or the effective date of the amendment, provided that: (a) No such notice need be given if the only material effect of an amendment is to reduce or eliminate the sales charge payable at the time of an exchange, to add one or more new Series eligible for the Exchange Option or the Rollover Option, or to delete a Series which has terminated; and (b) no notice need be given if, under extraordinary circumstances, either (i) there is a suspension of the redemption of Units of the Series under section 22(e) of the Act and the rules and regulations promulgated thereunder, or (ii) a Series temporarily delays or ceases the sale of its Units because it is unable to invest amounts effectively in accordance with applicable investment objectives, policies and restrictions. 2. An investor who purchases Units under the Exchange Option or Rollover Option will pay a lower sales charge than that which would be paid for the Units by a new investor. 3. The prospectus of each Series offering exchanges or rollovers and any sales literature or advertising that mentions the existence of the Exchange Option or Rollover Option will disclose that the Exchange Option and the Rollover Option are subject to modification, termination or suspension [[Page 75181]] without notice, except in certain limited cases. 4. Any DSC imposed on a Series' Units will comply with the requirements of subparagraphs (1), (2) and (3) of rule 6c-10(a) under the Act. 5. Each Series offering Units subject to a DSC will include in its prospectus the disclosure required by Form N-1A relating to deferred sales charges (modified as appropriate to reflect the differences between UITs and open-end management investment companies) and a schedule setting forth the number and date of each Installment Payment. B. Net Worth Requirement Applicants will comply in all respects with the requirements of rule 14a-3 under the Act, except that the Structured Series will not restrict their portfolio investments to ``eligible trust securities.'' For the Commission, by the Division of Investment Management, under delegated authority. Robert W. Errett, Deputy Secretary. [FR Doc. 2016-26055 Filed 10-27-16; 8:45 am] BILLING CODE 8011-01-P
![75178 Federal Register / Vol. 81, No. 209 / Friday, October 28, 2016 / Notices
customer’’) and certain kinds of trades Electronic Comments SECURITIES AND EXCHANGE
(such as riskless principal trades), and COMMISSION
additional reporting requirements for • Use the Commission’s Internet
comment form (http://www.sec.gov/ [Investment Company Act Release No.
firms that use information barriers 32324; 812–14542]
pursuant to the no-knowledge rules/sro.shtml); or
exception, these exceptions and • Send an email to rule-comments@ ALAIA Market Linked Trust and Beech
requirements will also apply equally to sec.gov. Please include File Number SR- Hill Securities, Inc.; Notice of
all similarly-situated market Phlx-2016–109 on the subject line. Application
participants. In addition, the SEC has
Paper Comments October 24, 2016.
previously found that such exceptions
AGENCY: Securities and Exchange
and requirements are consistent with • Send paper comments in triplicate Commission (‘‘Commission’’).
the Act. to Brent J. Fields, Secretary, Securities ACTION: Notice of an application under
C. Self-Regulatory Organization’s and Exchange Commission, 100 F Street (a) section 6(c) of the Investment
Statement on Comments on the NE., Washington, DC 20549–1090. Company Act of 1940 (‘‘Act’’) for an
Proposed Rule Change Received From All submissions should refer to File exemption from sections 2(a)(32),
Members, Participants, or Others Number SR–Phlx–2016–109. This file 2(a)(35), 14(a), 19(b), 22(d) and
number should be included on the 26(a)(2)(C) of the Act and rules 19b–1
No written comments were either and rule 22c–1 thereunder and (b)
subject line if email is used. To help the
solicited or received. sections 11(a) and 11(c) of the Act for
Commission process and review your
approval of certain exchange and
III. Date of Effectiveness of the comments more efficiently, please use
rollover privileges.
Proposed Rule Change and Timing for only one method. The Commission will
Commission Action post all comments on the Commission’s Applicants: ALAIA Market Linked
Internet Web site (http://www.sec.gov/ Trust and Beech Hill Securities Inc.
Because the foregoing proposed rule rules/sro.shtml). (‘‘BHSI’’).1
change does not: (i) Significantly affect Summary of Application: Applicants
the protection of investors or the public Copies of the submission, all
subsequent amendments, all written request an order to permit certain unit
interest; (ii) impose any significant investment trusts (‘‘UIT’’) to: (a) Impose
burden on competition; and (iii) become statements with respect to the proposed
sales charges on a deferred basis and
operative for 30 days from the date on rule change that are filed with the
waive the deferred sales charge in
which it was filed, or such shorter time Commission, and all written certain cases; (b) offer unitholders
as the Commission may designate, it has communications relating to the certain exchange and rollover options;
become effective pursuant to Section proposed rule change between the (c) publicly offer units without requiring
19(b)(3)(A)(iii) of the Act 21 and Commission and any person, other than the Depositor to take for its own account
subparagraph (f)(6) of Rule 19b–4 those that may be withheld from the $100,000 worth of units; and (d)
thereunder.22 public in accordance with the distribute capital gains resulting from
provisions of 5 U.S.C. 552, will be the sale of portfolio securities within a
At any time within 60 days of the
available for Web site viewing and reasonable time after receipt.
filing of the proposed rule change, the
printing in the Commission’s Public Filing Dates: The application was
Commission summarily may
Reference Room, 100 F Street NE., filed on September 3, 2015, and
temporarily suspend such rule change if
Washington, DC 20549, on official amended on January 6, 2016, and
it appears to the Commission that such October 17, 2016.
business days between the hours of
action is: (i) Necessary or appropriate in Hearing or Notification of Hearing: An
10:00 a.m. and 3:00 p.m. Copies of the
the public interest; (ii) for the protection order granting the requested relief will
filing also will be available for
of investors; or (iii) otherwise in be issued unless the Commission orders
inspection and copying at the principal
furtherance of the purposes of the Act. a hearing. Interested persons may
If the Commission takes such action, the office of the Exchange. All comments
received will be posted without change; request a hearing by writing to the
Commission shall institute proceedings Commission’s Secretary and serving
to determine whether the proposed rule the Commission does not edit personal
applicants with a copy of the request,
should be approved or disapproved. identifying information from
personally or by mail. Hearing requests
submissions. You should submit only
IV. Solicitation of Comments should be received by the Commission
information that you wish to make
by 5:30 p.m. on November 17, 2016, and
available publicly. should be accompanied by proof of
Interested persons are invited to
submit written data, views, and All submissions should refer to File service on applicants, in the form of an
arguments concerning the foregoing, Number SR–Phlx–2016–109 and should affidavit, or for lawyers, a certificate of
including whether the proposed rule be submitted on or before November 18, service. Pursuant to rule 0–5 under the
change is consistent with the Act. 2016. Act, hearing requests should state the
Comments may be submitted by any of For the Commission, by the Division of nature of the writer’s interest, any facts
the following methods: Trading and Markets, pursuant to delegated 1 Applicants also request relief for future unit
authority.23 investment trusts (collectively, with ALAIA Market
mstockstill on DSK3G9T082PROD with NOTICES
21 15 U.S.C. 78s(b)(3)(A)(iii). Robert W. Errett, Linked Trust, the ‘‘Trusts’’) and series of the Trusts
22 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– (‘‘Series’’) that are sponsored by BHSI or any entity
Deputy Secretary.
4(f)(6) requires a self-regulatory organization to give controlling, controlled by or under common control
the Commission written notice of its intent to file [FR Doc. 2016–26053 Filed 10–27–16; 8:45 am] with BHSI (together with BHSI, the ‘‘Depositors’’).
the proposed rule change at least five business days BILLING CODE 8011–01–P Any future Trust and Series that relies on the
prior to the date of filing of the proposed rule requested order will comply with the terms and
change, or such shorter time as designated by the conditions of the application. All existing entities
Commission. The Exchange has satisfied this that currently intend to rely on the requested order
requirement. 23 17 CFR 200.30–3(a)(12). are named as applicants.
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![Federal Register / Vol. 81, No. 209 / Friday, October 28, 2016 / Notices 75181
without notice, except in certain limited determined, is in the national interest. Department of State (telephone: 202–
cases. I have ordered that Public Notice of 632–6471; email: section2459@
4. Any DSC imposed on a Series’ these Determinations be published in state.gov). The mailing address is U.S.
Units will comply with the the Federal Register. Department of State, L/PD, SA–5, Suite
requirements of subparagraphs (1), (2) FOR FURTHER INFORMATION CONTACT: For 5H03, Washington, DC 20522–0505.
and (3) of rule 6c–10(a) under the Act. further information, including an Dated: October 24, 2016.
5. Each Series offering Units subject to imported object list, contact the Office Mark Taplin,
a DSC will include in its prospectus the of Public Diplomacy and Public Affairs Principal Deputy Assistant Secretary, Bureau
disclosure required by Form N–1A in the Office of the Legal Adviser, U.S. of Educational and Cultural Affairs,
relating to deferred sales charges Department of State (telephone: 202– Department of State.
(modified as appropriate to reflect the 632–6471; email: section2459@ [FR Doc. 2016–26097 Filed 10–27–16; 8:45 am]
differences between UITs and open-end state.gov). The mailing address is U.S. BILLING CODE 4710–05–P
management investment companies) Department of State, L/PD, SA–5, Suite
and a schedule setting forth the number 5H03, Washington, DC 20522–0505.
and date of each Installment Payment.
Dated: October 24, 2016. SURFACE TRANSPORTATION BOARD
B. Net Worth Requirement Mark Taplin,
[Docket No. MCF 21071]
Applicants will comply in all respects Principal Deputy Assistant Secretary, Bureau
with the requirements of rule 14a–3 of Educational and Cultural Affairs, AAAHI Acquisition Corporation—
Department of State. Acquisition of Control—All Aboard
under the Act, except that the
Structured Series will not restrict their [FR Doc. 2016–26095 Filed 10–27–16; 8:45 am] America! Holdings, Inc., Ace Express
portfolio investments to ‘‘eligible trust BILLING CODE 4710–05–P Coaches, LLC, All Aboard America!
securities.’’ School Transportation, LLC, All
For the Commission, by the Division of
Aboard Transit Services, LLC, Hotard
DEPARTMENT OF STATE Coaches, Inc., Industrial Bus Lines,
Investment Management, under delegated
authority. [Public Notice 9776] Inc. d/b/a All Aboard America, and
Robert W. Errett, Sureride Charter Inc. d/b/a Sundiego
Culturally Significant Objects Imported Charter Co.
Deputy Secretary.
for Exhibition Determinations:
[FR Doc. 2016–26055 Filed 10–27–16; 8:45 am]
‘‘Picasso and Rivera: Conversations AGENCY: Surface Transportation Board.
BILLING CODE 8011–01–P Across Time’’ Exhibition ACTION:Notice tentatively approving
and authorizing finance transaction.
SUMMARY: Notice is hereby given of the
DEPARTMENT OF STATE following determinations: Pursuant to SUMMARY: On September 29, 2016,
the authority vested in me by the Act of AAAHI Acquisition Corporation (AAC),
[Public Notice: 9775] October 19, 1965 (79 Stat. 985; 22 U.S.C. a noncarrier, filed an application under
2459), E.O. 12047 of March 27, 1978, the 49 U.S.C. 14303 for AAC to acquire All
Culturally Significant Object Imported Foreign Affairs Reform and Aboard America! Holdings, Inc.
for Exhibition Determinations: Restructuring Act of 1998 (112 Stat. (AAAHI), a noncarrier holding company
‘‘Archaic Bronze Globular Jug With 2681, et seq.; 22 U.S.C. 6501 note, et that wholly owns passenger motor
Figured Handle’’ Exhibition seq.), Delegation of Authority No. 234 of carriers Hotard Coaches, Inc. (Hotard),
SUMMARY: Notice is hereby given of the October 1, 1999, Delegation of Authority Industrial Bus Lines, Inc. d/b/a All
following determinations: Pursuant to No. 236–3 of August 28, 2000 (and, as Aboard America (Industrial), Sureride
the authority vested in me by the Act of appropriate, Delegation of Authority No. Charter Inc. d/b/a Sundiego Charter Co.
October 19, 1965 (79 Stat. 985; 22 U.S.C. 257 of April 15, 2003), I hereby (Sundiego), Ace Express Coaches, LLC
2459), E.O. 12047 of March 27, 1978, the determine that the objects to be (Ace Express), All Aboard Transit
Foreign Affairs Reform and included in the exhibition ‘‘Picasso and Services, LLC (AATS), and All Aboard
Restructuring Act of 1998 (112 Stat. Rivera: Conversations Across Time,’’ America! School Transportation, LLC
2681, et seq.; 22 U.S.C. 6501 note, et imported from abroad for temporary (AAAST) (collectively Acquisition
seq.), Delegation of Authority No. 234 of exhibition within the United States, are Carriers). The Board is tentatively
October 1, 1999, Delegation of Authority of cultural significance. The objects are approving and authorizing the
No. 236–3 of August 28, 2000 (and, as imported pursuant to loan agreements transaction, and, if no opposing
appropriate, Delegation of Authority No. with the foreign owners or custodians. comments are timely filed, this notice
257 of April 15, 2003), I hereby I also determine that the exhibition or will be the final Board action. Persons
determine that the object to be included display of the exhibit objects at the Los wishing to oppose the application must
in the exhibition ‘‘Archaic Bronze Angeles County Museum of Art, Los follow the rules at 49 CFR 1182.5 and
Globular Jug with Figured Handle,’’ Angeles, California, from on or about 1182.8.
imported from abroad for temporary December 4, 2016, until on or about DATES: Comments must be filed by
exhibition within the United States, is April 30, 2017, and at possible December 12, 2016. The applicant may
of cultural significance. The object is additional exhibitions or venues yet to file a reply by December 27, 2016. If no
imported pursuant to a loan agreement be determined, is in the national opposing comments are filed by
with the foreign owner or custodian. I interest. I have ordered that Public December 12, 2016, this notice shall be
mstockstill on DSK3G9T082PROD with NOTICES
also determine that the exhibition or Notice of these Determinations be effective December 13, 2016.
display of the exhibit object at The published in the Federal Register. ADDRESSES: Send an original and 10
Metropolitan Museum of Art, New York, FOR FURTHER INFORMATION CONTACT: For copies of any comments referring to
New York, from on or about December further information, including a list of Docket No. MCF 21071 to: Surface
1, 2016, until on or about November 30, the imported objects, contact the Office Transportation Board, 395 E Street SW.,
2025, and at possible additional of Public Diplomacy and Public Affairs Washington, DC 20423–0001. In
exhibitions or venues yet to be in the Office of the Legal Adviser, U.S. addition, send one copy of comments to
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Document Created: 2018-02-13 16:39:44
Document Modified: 2018-02-13 16:39:44
| 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 an application under (a) section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 2(a)(35), 14(a), 19(b), 22(d) and 26(a)(2)(C) of the Act and rules 19b-1 and rule 22c-1 thereunder and (b) sections 11(a) and 11(c) of the Act for approval of certain exchange and rollover privileges. | |
| Dates | The application was filed on September 3, 2015, and amended on January 6, 2016, and October 17, 2016. | |
| Contact | Bruce R. MacNeil, Senior Counsel, at (202) 551-6817, or Daniele Marchesani, Branch Chief, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office). | |
| FR Citation | 81 FR 75178 |
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