82 FR 10957 - Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest

SMALL BUSINESS ADMINISTRATION

Federal Register Volume 82, Issue 31 (February 16, 2017)

Page Range		10957-10958
FR Document		2017-03147

Federal Register, Volume 82 Issue 31 (Thursday, February 16, 2017)

[Federal Register Volume 82, Number 31 (Thursday, February 16, 2017)]
[Notices]
[Pages 10957-10958]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03147]


=======================================================================
-----------------------------------------------------------------------

SMALL BUSINESS ADMINISTRATION

[GarMark SBIC Fund, L.P. License No. 01/01-0427]


Notice Seeking Exemption Under Section 312 of the Small Business 
Investment Act, Conflicts of Interest

    Notice is hereby given that GarMark SBIC Fund, L.P., One Landmark 
Square, Floor 6 Stamford, CT 06901, a Federal Licensee under the Small 
Business Investment Act of 1958, as amended (``the Act''), in 
connection with the financing of a small concerns, has sought an 
exemption under Section 312 of the Act and Section 107.730, Financings 
which Constitute Conflicts of Interest of the Small Business

[[Page 10958]]

Administration (``SBA'') Rules and Regulations (13 CFR 107.730). 
GarMark SBIC Fund, L.P., is proposing to provide financing to CAbi, 
LLC, 18915 South Laurel Park Road, Rancho Dominguez, California 90220. 
The financing will be used, in part, for working capital, to pay the 
seller, to pay off existing debt, and to pay fees and expenses.
    The proposed transaction is brought within the purview of Sec.  
107.730 of the Regulations because CAbi, LLC. will be using financing 
proceeds from GarMark SBIC Fund, L.P., in part to discharge obligations 
to GarMark Partners II, L.P. which is an Associate of GarMark SBIC 
Fund, L.P., as defined at Sec.  107.50 due to common management.
    Therefore, the proposed transaction is considered self-deal 
pursuant to 13 CFR 107.730 and requires a regulatory exemption. Notice 
is hereby given that any interested person may submit written comments 
on the transaction within fifteen days of the date ofthis publication 
to Associate Administrator for Investment, U.S. Small Business 
Administration, 409 Third Street SW., Washington, DC 20416.

    Dated: February 9, 2017.
Michele Schimpp,
Acting Associate Administrator for Investment and Innovation.
[FR Doc. 2017-03147 Filed 2-15-17; 8:45 am]
 BILLING CODE P

Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices 10957

of a Do-Not-Route Order that would Commission finds that the proposed ensures that the Exchange will not open
otherwise have to be routed to the rule change is consistent with Section with the Exchange’s BBO if there is a
exchange(s) disseminating the ABBO for 6(b)(5) of the Act,88 which requires, Zero Bid Market, no ABBO, and no
an opening to occur, (ii) an All-or-None among other things, that the rules of a Quality Opening Market. Likewise, the
Order that is not executed during the national securities exchange be Exchange will not open an option series
opening and is priced through the designed to prevent fraudulent and with a trade unless one following
Opening Price; and (iii) any order that manipulative acts and practices, to conditions is met: (1) The Potential
is priced through the Opening Price. All promote just and equitable principles of Opening Price is at or within the Pre-
other interest will remain in the system trade, to foster cooperation and Market BBO and the ABBO; (2) the
and be eligible for trading after opening. coordination with persons engaged in Potential Opening Price is at or within
The Exchange states that it cancels these facilitating transactions in securities, to the non-zero bid ABBO if the Pre-
orders since it lacks enough liquidity to remove impediments to and perfect the Market BBO is crossed; or (3) where
satisfy these orders on the opening.81 In mechanism of a free and open market there is no ABBO, the Potential Opening
addition, the Exchange believes that and a national market system, and, in Price is at or within the Pre-Market BBO
participants would prefer to have these general, to protect investors and the which is also a Quality Opening Market.
orders returned to them for further public interest. Finally, while the new opening process
assessment rather than have them The Exchange proposes to delete in its attempts to maximize the number of
entered into the order book at a price entirety the current opening process and contracts executed on the Exchange
which is more aggressive than the price replace it with an opening rotation during such rotation, including by
at which the Exchange opened.82 similar to the process in place on its seeking additional liquidity, if
affiliated exchange, Phlx. In making this necessary, the Commission notes that
8. Other Provisions change, the Exchange delineates, unlike the new opening process, unlike the
Proposed Rule 701(k) provides that in the current, more opaque rule, current process, takes into consideration
during the opening of the option series, detailed steps of the opening process. away market interests and ensures that
where there is an execution possible, By providing more clearly each better away prices are not traded
the system will give priority first to sequence of the opening process, the through. For these reasons, the
Market Orders,83 then to resting Limit Commission notes that the proposed Commission believes that the proposed
Orders 84 and quotes. Additionally, the rule helps market participants rule change, as modified by Amendment
allocation provisions of ISE Gemini understand how the new opening No. 1, is consistent with the Act.
Rule 713 and the Supplementary rotation will operate. To that extent, the
Material to that rule apply with respect new opening process may promote IV. Conclusion
to other orders and quotes with the transparency, reduce the potential for It is therefore ordered, pursuant to
same price. Finally, proposed Rule investor confusion, and assist market Section 19(b)(2) of the Exchange Act,89
701(l) provides that upon the opening of participants in deciding whether to that the proposed rule change (SR–
the option series, regardless of an participate in ISE Gemini’s opening ISEGemini–2016–18), as modified by
execution, the system will disseminate rotation. Further, if they do participate Amendment No. 1, be, and it hereby is,
the price and size of the Exchange’s best in the new opening process, the approved.
bid and offer. proposed rule may help provide market
For the Commission, by the Division of
participants with the confidence and
9. Implementation Trading and Markets, pursuant to delegated
certainty as to how their orders or authority.90
The Exchange states that it intends to quotes will be processed.
begin implementation of the proposed Eduardo A. Aleman,
Further, the Commission believes that
rule change in first quarter of 2017.85 the proposed rule change is designed to Assistant Secretary.
The Exchange represents that migration promote just and equitable principles of [FR Doc. 2017–03104 Filed 2–15–17; 8:45 am]
of the Exchange system to Nasdaq INET trade by seeking to ensure that option BILLING CODE 8011–01–P
technology will be on a symbol by series open in a fair and orderly manner.
symbol basis and that the Exchange will For example, the Commission notes that
issue an alert to Members to provide the proposed rule change is designed to SMALL BUSINESS ADMINISTRATION
notification of the symbols that will mitigate the effects of the underlying
[GarMark SBIC Fund, L.P. License No. 01/
migrate and the relevant dates.86 security’s volatility as the overlying 01–0427]
III. Discussion and Commission option series undergoes the opening
Findings rotation. Specifically, the proposed rule Notice Seeking Exemption Under
provides for a range of no less than 100 Section 312 of the Small Business
After careful review, the Commission milliseconds and no more than 5 Investment Act, Conflicts of Interest
finds that the proposed rule change, as seconds in order to ensure that the
modified by Amendment No. 1, is Exchange has the ability to adjust the Notice is hereby given that GarMark
consistent with the requirements of the period for which the underlying must be SBIC Fund, L.P., One Landmark Square,
Act and the rules and regulations open on the primary market before the Floor 6 Stamford, CT 06901, a Federal
thereunder applicable to a national opening process commences. Moreover, Licensee under the Small Business
securities exchange.87 In particular, the the Commission notes that the proposed Investment Act of 1958, as amended
asabaliauskas on DSK3SPTVN1PROD with NOTICES

rule provides an orderly process for (‘‘the Act’’), in connection with the
81 See Notice, supra note 3, at 96069.
handling eligible interests during the financing of a small concerns, has
82 See id.
opening rotation, while seeking to avoid sought an exemption under Section 312
83 See ISE Gemini Rule 715(a).
84 See ISE Gemini Rule 715(b). opening executions at suboptimal of the Act and Section 107.730,
85 See Notice, supra note 3, at 96063. prices. For instance, the new process Financings which Constitute Conflicts
86 See id. For a more detailed description of the of Interest of the Small Business
proposed rule change, see Notice, supra note 3. impact on efficiency, competition, and capital
87 In approving this proposed rule change, the formation. See 15 U.S.C. 78c(f). 89 15 U.S.C. 78s(b)(2).
Commission has considered the proposed rule’s 88 15 U.S.C. 78f(b)(5). 90 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 19:05 Feb 15, 2017 Jkt 241001 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 E:\FR\FM\16FEN1.SGM 16FEN1

$10958 Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices Administration (‘‘SBA’’) Rules and Dated: February 9, 2017. the United States, are of cultural Regulations (13 CFR 107.730). GarMark Michele Schimpp, significance. The objects are imported SBIC Fund, L.P., is proposing to provide Acting Associate Administrator for pursuant to loan agreements with the financing to CAbi, LLC, 18915 South Investment and Innovation. foreign owners or custodians. I also Laurel Park Road, Rancho Dominguez, [FR Doc. 2017–03147 Filed 2–15–17; 8:45 am] determine that the exhibition or display California 90220. The financing will be BILLING CODE P of the exhibit objects at the Museum of used, in part, for working capital, to pay Fine Arts, Houston, Houston, Texas, the seller, to pay off existing debt, and from on or about March 5, 2017, until to pay fees and expenses. DEPARTMENT OF STATE on or about May 29, 2017, at the Walker Art Center, Minneapolis, Minnesota, The proposed transaction is brought [Public Notice 9891] from on or about November 12, 2017, within the purview of § 107.730 of the Notice of Determinations: Culturally until on or about March 25, 2018, and Regulations because CAbi, LLC. will be Significant Objects Imported for at possible additional exhibitions or using financing proceeds from GarMark Exhibition Determinations: ‘‘Adios venues yet to be determined, is in the SBIC Fund, L.P., in part to discharge Utopia: Dreams and Deceptions in national interest. I have ordered that obligations to GarMark Partners II, L.P. Cuban Art, 1959–2015’’ Exhibition Public Notice of these Determinations which is an Associate of GarMark SBIC be published in the Federal Register. Fund, L.P., as defined at § 107.50 due to SUMMARY: Notice is hereby given of the common management. following determinations: Pursuant to FOR FURTHER INFORMATION CONTACT: For Therefore, the proposed transaction is the authority vested in me by the Act of further information, including a list of October 19, 1965 (79 Stat. 985; 22 U.S.C. the imported objects, contact the Office considered self-deal pursuant to 13 CFR 2459), E.O. 12047 of March 27, 1978, the of Public Diplomacy and Public Affairs 107.730 and requires a regulatory Foreign Affairs Reform and in the Office of the Legal Adviser, U.S. exemption. Notice is hereby given that Restructuring Act of 1998 (112 Stat. Department of State (telephone: 202– any interested person may submit 2681, et seq.; 22 U.S.C. 6501 note, et 632–6471; email: section2459@ written comments on the transaction seq.), Delegation of Authority No. 234 of state.gov). The mailing address is U.S. within fifteen days of the date ofthis October 1, 1999, Delegation of Authority Department of State, L/PD, SA–5, Suite publication to Associate Administrator No. 236–3 of August 28, 2000 (and, as 5H03, Washington, DC 20522–0505. for Investment, U.S. Small Business appropriate, Delegation of Authority No. Administration, 409 Third Street SW., 257–1 of December 11, 2015), I hereby Alyson Grunder, Washington, DC 20416. determine that the objects to be Deputy Assistant Secretary for Policy, Bureau included in the exhibition ‘‘Adios of Educational and Cultural Affairs, Utopia: Dreams and Deceptions in Department of State. Cuban Art, 1959–2015,’’ imported from [FR Doc. 2017–03127 Filed 2–15–17; 8:45 am] abroad for temporary exhibition within BILLING CODE 4710–05–P asabaliauskas on DSK3SPTVN1PROD with NOTICES VerDate Sep<11>2014 19:05 Feb 15, 2017 Jkt 241001 PO 00000 Frm 00088 Fmt 4703 Sfmt 9990 E:\FR\FM\16FEN1.SGM 16FEN1$

Document Created: 2018-02-01 15:02:26
Document Modified: 2018-02-01 15:02:26

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		82 FR 10957