82 FR 11957 - Sunshine Act Meeting
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 37 (February 27, 2017)
Federal Register Volume 82, Issue 37 (February 27, 2017)
| Page Range | 11957-11958 | |
| FR Document | 2017-03849 |
[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)] [Notices] [Pages 11957-11958] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-03849] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given that, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94-409, the Securities and Exchange Commission will hold an Open Meeting on Wednesday, March 1, 2017, at 10:00 a.m., in the Auditorium, Room L-002. The subject matter of the Open Meeting will be:The Commission will consider whether to issue a request for comment on possible revisions to statistical and other disclosures affecting registrants in the financial services industry. The Commission will consider whether to adopt rule and form amendments to require registrants that file registration statements or reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings, and to require registrants to submit such registration statements and reports on EDGAR in HTML format. The Commission will consider whether to propose amendments to rules and forms to require the use of the Inline XBRL format for the submission of operating company financial statement information and mutual fund risk/return summaries, eliminate the requirement for filers to post Interactive Data Files on their Web sites and terminate the Commission's voluntary program for the submission of financial [[Page 11958]] statement information interactive data that is currently available only to investment companies and certain other entities. The Commission will consider whether to propose amendments to Rule 15c2-12 under the Securities Exchange Act of 1934, which would amend the list of event notices that a broker, dealer, or municipal securities dealer acting as an underwriter in a primary offering of municipal securities, must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board. The proposed amendments would add two event notices relating to certain financial obligations incurred by issuers and obligated persons. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted, or postponed, please contact Brent J. Fields in the Office of the Secretary at (202) 551-5400. Dated: February 22, 2017. Brent J. Fields, Secretary. [FR Doc. 2017-03849 Filed 2-23-17; 11:15 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices 11957
correspond pro rata to the positions in connection with certain services, transaction, or any class or classes of
the Fund’s portfolio (including cash transactions, and underwritings, (ii) persons, securities, or transactions, from
positions) except as specified in the excessive layering of fees, and (iii) any provision of section 12(d)(1) if the
application. overly complex fund structures, which exemption is consistent with the public
4. Because shares will not be are the concerns underlying the limits interest and the protection of investors.
individually redeemable, applicants in sections 12(d)(1)(A) and (B) of the Section 17(b) of the Act authorizes the
request an exemption from Section Act. Commission to grant an order
5(a)(1) and Section 2(a)(32) of the Act 8. Applicants request an exemption permitting a transaction otherwise
that would permit the Funds to register from sections 17(a)(1) and 17(a)(2) of the prohibited by section 17(a) if it finds
as open-end management investment Act to permit persons that are Affiliated that (a) the terms of the proposed
companies and issue shares that are Persons, or Second Tier Affiliates, of the transaction are fair and reasonable and
redeemable in Creation Units (other Funds, solely by virtue of certain do not involve overreaching on the part
than pursuant to a dividend ownership interests, to effectuate of any person concerned; (b) the
reinvestment program). purchases and redemptions in-kind. The proposed transaction is consistent with
5. Applicants also request an deposit procedures for in-kind the policies of each registered
exemption from section 22(d) of the Act purchases of Creation Units and the investment company involved; and (c)
and rule 22c–1 under the Act as redemption procedures for in-kind the proposed transaction is consistent
secondary market trading in shares will redemptions of Creation Units will be with the general purposes of the Act.
take place at negotiated prices, not at a the same for all purchases and
current offering price described in a For the Commission, by the Division of
redemptions and Deposit Instrument Investment Management, under delegated
Fund’s prospectus, and not at a price and Redemption Instruments will be authority.
based on NAV. Applicants state that (a) valued in the same manner as those Eduardo A. Aleman,
secondary market trading in shares does investment positions currently held by
Assistant Secretary.
not involve a Fund as a party and will the Funds. Applicants also seek relief
not result in dilution of an investment [FR Doc. 2017–03742 Filed 2–24–17; 8:45 am]
from the prohibitions on affiliated
in shares, and (b) to the extent different transactions in section 17(a) to permit a BILLING CODE 8011–01–P
prices exist during a given trading day, Fund to sell its shares to and redeem its
or from day to day, such variances occur shares from a Fund of Funds, and to
as a result of third-party market forces, engage in the accompanying in-kind SECURITIES AND EXCHANGE
such as supply and demand. Therefore, transactions with the Fund of Funds.3 COMMISSION
applicants assert that secondary market The purchase of Creation Units by a Sunshine Act Meeting
transactions in shares will not lead to Fund of Funds directly from a Fund will
discrimination or preferential treatment be accomplished in accordance with the Notice is hereby given that, pursuant
among purchasers. Finally, applicants policies of the Fund of Funds and will to the provisions of the Government in
represent that share market prices will be based on the NAVs of the Funds. the Sunshine Act, Public Law 94–409,
be disciplined by arbitrage 9. Applicants also request relief to the Securities and Exchange
opportunities, which should prevent permit a Feeder Fund to acquire shares Commission will hold an Open Meeting
shares from trading at a material of another registered investment on Wednesday, March 1, 2017, at 10:00
discount or premium from NAV. company managed by the Adviser a.m., in the Auditorium, Room L–002.
6. With respect to Funds that effect having substantially the same The subject matter of the Open
creations and redemptions of Creation investment objectives as the Feeder Meeting will be:
Units in kind and that are based on Fund (‘‘Master Fund’’) beyond the • The Commission will consider
certain Underlying Indexes that include limitations in section 12(d)(1)(A) and whether to issue a request for comment
foreign securities, applicants request permit the Master Fund, and any on possible revisions to statistical and
relief from the requirement imposed by principal underwriter for the Master other disclosures affecting registrants in
section 22(e) in order to allow such Fund, to sell shares of the Master Fund the financial services industry.
Funds to pay redemption proceeds to the Feeder Fund beyond the • The Commission will consider
within fifteen calendar days following limitations in section 12(d)(1)(B). whether to adopt rule and form
the tender of Creation Units for 10. Section 6(c) of the Act permits the amendments to require registrants that
redemption. Applicants assert that the Commission to exempt any persons or file registration statements or reports
requested relief would not be transactions from any provision of the subject to the exhibit requirements
inconsistent with the spirit and intent of Act if such exemption is necessary or under Item 601 of Regulation S–K, or
section 22(e) to prevent unreasonable, appropriate in the public interest and that file Forms F–10 or 20–F, to include
undisclosed or unforeseen delays in the consistent with the protection of a hyperlink to each exhibit listed in the
actual payment of redemption proceeds. investors and the purposes fairly exhibit index of these filings, and to
7. Applicants request an exemption to intended by the policy and provisions of require registrants to submit such
permit Funds of Funds to acquire Fund the Act. Section 12(d)(1)(J) of the Act registration statements and reports on
shares beyond the limits of section provides that the Commission may EDGAR in HTML format.
12(d)(1)(A) of the Act; and the Funds, exempt any person, security, or • The Commission will consider
and any principal underwriter for the whether to propose amendments to
Funds, and/or any broker or dealer 3 The requested relief would apply to direct sales rules and forms to require the use of the
registered under the Exchange Act, to of shares in Creation Units by a Fund to a Fund of Inline XBRL format for the submission
mstockstill on DSK3G9T082PROD with NOTICES
Funds and redemptions of those shares. Applicants,
sell shares to Funds of Funds beyond moreover, are not seeking relief from section 17(a)
of operating company financial
the limits of section 12(d)(1)(B) of the for, and the requested relief will not apply to, statement information and mutual fund
Act. The application’s terms and transactions where a Fund could be deemed an risk/return summaries, eliminate the
conditions are designed to, among other Affiliated Person, or a Second-Tier Affiliate, of a requirement for filers to post Interactive
Fund of Funds because an Adviser or an entity
things, help prevent any potential (i) controlling, controlled by or under common control
Data Files on their Web sites and
undue influence over a Fund through with an Adviser provides investment advisory terminate the Commission’s voluntary
control or voting power, or in services to that Fund of Funds. program for the submission of financial
VerDate Sep<11>2014 20:23 Feb 24, 2017 Jkt 241001 PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 E:\FR\FM\27FEN1.SGM 27FEN1](https://thefederalregister.org/doc/82_FR_11994/page/1.svg)
![11958 Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices
statement information interactive data and that they account for all other number of customers, and proprietary
that is currently available only to securities not in their possession, but trading activity. The staff estimates that
investment companies and certain other subject to the broker-dealer’s control or the average time spent per respondent is
entities. direction. Any discrepancies between 100 hours per year on an ongoing basis
• The Commission will consider the broker-dealer’s securities count and to maintain the records required under
whether to propose amendments to Rule the firm’s records must be noted and, Rule 17a–13. This estimate takes into
15c2–12 under the Securities Exchange within seven days, the unaccounted for account the fact that more than half of
Act of 1934, which would amend the difference must be recorded in the the 4,067 respondents—according to
list of event notices that a broker, dealer, firm’s records. Rule 17a–13(c) (17 CFR financial reports filed with the
or municipal securities dealer acting as 240.17a–13(c)) provides that under
Commission—may spend little or no
an underwriter in a primary offering of specified conditions, the count,
time complying with Rule 17a–13, given
municipal securities, must reasonably examination, and verification of the
broker-dealer’s entire list of securities that they do not do a public securities
determine that an issuer or an obligated
may be conducted on a cyclical basis business or do not hold inventories of
person has undertaken, in a written
agreement or contract for the benefit of rather than on a certain date. Although securities. For these reasons, the staff
holders of the municipal securities, to Rule 17a–13 does not require broker- estimates that the total compliance
provide to the Municipal Securities dealers to file a report with the burden per year is 406,700 hours (4,067
Rulemaking Board. The proposed Commission, discrepancies between a respondents x 100 hours/respondent).
amendments would add two event broker-dealer’s records and the The records required to be made by
notices relating to certain financial securities counts may be required to be Rule 17a–13 are available only to
obligations incurred by issuers and reported, for example, as a loss on Form Commission examination staff, state
obligated persons. X–17a–5 (17 CFR 248.617), which must securities authorities, and applicable
At times, changes in Commission be filed with the Commission under SROs. Subject to the provisions of the
priorities require alterations in the Exchange Act Rule 17a–5 (17 CFR Freedom of Information Act, 5 U.S.C.
scheduling of meeting items. 240.17a–5). Rule 17a–13 exempts 522, and the Commission’s rules
For further information and to broker-dealers that limit their business
thereunder (17 CFR 200.80(b)(4)(iii)),
ascertain what, if any, matters have been to the sale and redemption of securities
of registered investment companies and the Commission does not generally
added, deleted, or postponed, please publish or make available information
contact Brent J. Fields in the Office of interests or participation in an
insurance company separate account contained in any reports, summaries,
the Secretary at (202) 551–5400.
and those who solicit accounts for analyses, letters, or memoranda arising
Dated: February 22, 2017. out of, in anticipation of, or in
federally insured savings and loan
Brent J. Fields, associations, provided that such persons connection with an examination or
Secretary. promptly transmit all funds and inspection of the books and records of
[FR Doc. 2017–03849 Filed 2–23–17; 11:15 am] securities and hold no customer funds any person or any other investigation.
BILLING CODE 8011–01–P and securities. Rule 17a–13 also does An agency may not conduct or
not apply to certain broker-dealers sponsor, and a person is not required to
required to register only because they respond to, a collection of information
SECURITIES AND EXCHANGE effect transactions in securities futures
COMMISSION under the PRA unless it displays a
products. currently valid OMB control number.
The information obtained from Rule
Submission for OMB Review; 17a–13 is used as an inventory control The public may view background
Comment Request device to monitor a broker-dealer’s documentation for this information
Upon Written Request, Copies Available ability to account for all securities held collection at the following Web site:
From: U.S. Securities and Exchange in transfer, in transit, pledged, loaned, www.reginfo.gov. Comments should be
Commission, Office of FOIA Services, borrowed, deposited, or otherwise directed to: (i) Desk Officer for the
100 F Street NE., Washington, DC subject to the firm’s control or direction. Securities and Exchange Commission,
20549–2736. Discrepancies between the securities Office of Information and Regulatory
counts and the broker-dealer’s records Affairs, Office of Management and
Extension: alert the Commission and the self-
Rule 17a–13, SEC File No. 270- 27, OMB Budget, Room 10102, New Executive
Control No. 3235–0035.
regulatory organizations (‘‘SROs’’) to Office Building, Washington, DC 20503,
those firms experiencing back-office or by sending an email to: Shagufta_
Notice is hereby given that, pursuant operational issues.
to the Paperwork Reduction Act of 1995 Ahmed@omb.eop.gov; and (ii) Pamela
Currently, there are approximately
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Dyson, Director/Chief Information
4,067 broker-dealers registered with the
Securities and Exchange Commission Commission. However, given the Officer, Securities and Exchange
(‘‘Commission’’) has submitted to the variability in their businesses, it is Commission, c/o Remi Pavlik-Simon,
Office of Management and Budget difficult to quantify how many hours 100 F Street NE., Washington, DC
(‘‘OMB’’) a request for approval of per year each broker-dealer spends 20549, or by sending an email to: PRA_
extension of the previously approved complying with Rule 17a–13. As noted, Mailbox@sec.gov. Comments must be
collection of information provided for in Rule 17a–13 requires a broker-dealer to submitted to OMB within 30 days of
Rule 17a–13 (17 CFR 240.17a–13) under account for all securities in its this notice.
mstockstill on DSK3G9T082PROD with NOTICES
the Securities Exchange Act of 1934 (15 possession or subject to its control or Dated: February 17, 2017.
U.S. C. 78a et seq.) (‘‘Exchange Act’’). direction. Many broker-dealers hold
Eduardo A. Aleman,
Rule 17a–13(b) (17 CFR 240.17a– few, if any, securities; while others hold
13(b)) generally requires that at least large quantities. Therefore, the time Assistant Secretary.
once each calendar quarter, all burden of complying with Rule 17a–13 [FR Doc. 2017–03772 Filed 2–24–17; 8:45 am]
registered brokers-dealers physically will depend on respondent-specific BILLING CODE 8011–01–P
examine and count all securities held, factors, including a broker-dealer’s size,
VerDate Sep<11>2014 20:23 Feb 24, 2017 Jkt 241001 PO 00000 Frm 00068 Fmt 4703 Sfmt 9990 E:\FR\FM\27FEN1.SGM 27FEN1](https://thefederalregister.org/doc/82_FR_11994/page/2.svg)
Document Created: 2017-02-25 01:06:03
Document Modified: 2017-02-25 01:06:03
| 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 11957 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR