83 FR 12221 - Triloma EIG Energy Income Fund, et al.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 54 (March 20, 2018)
Federal Register Volume 83, Issue 54 (March 20, 2018)
| Page Range | 12221-12227 | |
| FR Document | 2018-05551 |
[Federal Register Volume 83, Number 54 (Tuesday, March 20, 2018)] [Notices] [Pages 12221-12227] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-05551] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 33047; File No. 812-14848] Triloma EIG Energy Income Fund, et al. March 14, 2018. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice. ----------------------------------------------------------------------- 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: Triloma EIG Energy Income Fund (the ``Perpetual Fund''), Triloma EIG Energy Income Fund--Term I (the ``Term Fund'' and, together with the Perpetual Fund, the ``Existing Regulated Entities''); Triloma Energy Advisors, LLC (``Triloma''); EIG Credit Management Company, LLC (``EIG''); EIG Asset Management, LLC, EIG Funds Management, LLC, EIG Management Company, LLC, EIG Global Energy (Asia) Limited, EIG Harbour Energy Advisor, L.P. (collectively, together with EIG, the ``Existing EIG Advisors''); EIG-Gateway Direct Investments, L.P., EIG Energy Fund XVI, L.P., EIG Energy Fund XVI-B, L.P., EIG Energy Fund XVI-E, L.P., EIG Energy Fund XVI (Cayman), L.P., EIG Energy Fund XVI (Scotland), L.P., EIG-Keats Energy Partners, L.P., NYCRS EIG Energy Partners, L.P., EIG Sunsuper Co-Investment, L.P., EIG Global Private Debt Fund-A, L.P., EIG Global Private Debt Fund-A (UL), L.P., EIG Global Private Debt Sub B (UL), L.P., EIG Energy Fund XVII, L.P., EIG Energy Fund XVII-B, L.P., EIG Energy Fund XVII (Scotland), L.P., EIG Energy Fund XVII (Cayman), L.P., EIG-Emerson Energy Partners, L.P., and Harbour Energy Ltd. (collectively, the ``Existing Affiliated Investors''). Filing Dates: The application was filed on November 30, 2017, and amended on February 15, 2018. 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 April 9, 2018, 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: Triloma and the Existing [[Page 12222]] Regulated Entities: 201 N. New York Avenue, Suite 200, Winter Park, FL 32789; the Existing EIG Advisors and the Existing Affiliated Investors: 1700 Pennsylvania Ave. NW, Suite 800, Washington, DC 20006. FOR FURTHER INFORMATION CONTACT: Hae-Sung Lee, Attorney-Adviser, at (202) 551-7345 or Robert H. Shapiro, 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 website 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. Term Fund was organized under the Delaware Statutory Trust Act for the purpose of operating as an externally-managed, non-diversified, closed-end management investment company. Term Fund is a registered investment company under the Act. Term Fund's Objectives and Strategies \1\ are to provide shareholders with current income; as secondary investment objective, the Term Fund will seek to provide capital preservation and, to a lesser extent, long-term capital appreciation by investing primarily in a global portfolio of privately originated energy company and project debt. Term Fund has a five member Board,\2\ of which three members are Independent Trustees,\3\ one member is considered an ``interested person'' of Triloma, within the meaning of section 2(a)(19) of the Act, and one member is considered an ``interested person'' of EIG. --------------------------------------------------------------------------- \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 directors or trustees of any Regulated Entity. \3\ The term ``Independent Trustees'' refers to the trustees or directors of any Regulated Entity that are not ``interested persons'' of the Regulated Entity within the meaning of section 2(a)(19) of the Act. --------------------------------------------------------------------------- 2. Perpetual Fund was organized under the Delaware Statutory Trust Act for the purpose of operating as an externally-managed, non- diversified, closed-end management investment company. Perpetual Fund is a registered investment company under the Act. Perpetual Fund has the same Objectives and Strategies as Term Fund. Perpetual Fund will be governed by a Board comprised of the same trustees (including Independent Trustees) that serve as the Board of Term Fund. 3. Triloma is a Florida limited liability company and is registered as an investment adviser under the Investment Advisers Act of 1940 (the ``Advisers Act''). Triloma serves as the investment adviser to the Existing Regulated Entities. Triloma also provides administrative services to the Existing Regulated Entities under an administrative services agreement. 4. EIG is a Delaware limited liability company and is registered as an investment adviser under the Advisers Act. EIG serves as the sub- adviser to the Existing Regulated Entities. EIG is an indirectly owned subsidiary of EIG Global Energy Partners, LLC (``EIG Partners''). 5. Each Existing Affiliated Investors 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 EIG Advisor serves as the investment adviser to each Existing Affiliated Investor. Each Existing EIG Advisor is either, directly or indirectly, controlled by EIG Partners or under common control with EIG and is registered as an investment adviser under the Advisers Act. 6. Applicants seek to supersede the Prior Order \4\ to permit one or more Regulated Entities \5\ and/or one or more Affiliated Investors \6\ 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.\7\ The term ``Advisor'' means any Triloma Advisor or any EIG Advisor. --------------------------------------------------------------------------- \4\ The requested order (the ``Order'') would supersede an exemptive order issued by the Commission on May 31, 2016 (the ``Prior Order'') that was granted pursuant to Sections 57(a)(4) and 57(i) and Rule 17d-1, with the result that no person will continue to rely on the Prior Order if the Order is granted. Triloma EIG Global Energy Fund, et al., Investment Company Act Release Nos. 32106 (May 5, 2016) (notice) and 32132 (May 31, 2016) (order). \5\ ``Regulated Entity'' means any of the Existing Regulated Entities 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 under the Act, and either (b) whose investment adviser is a Triloma Advisor and whose investment sub-adviser is an EIG Advisor or (c) whose investment adviser is an EIG Advisor. ``Triloma Advisor'' means Triloma or any future investment adviser that (i) controls, is controlled by or is under common control with Triloma, (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. ``EIG Advisor'' means any Existing EIG Advisor or any future investment adviser that (i) controls, is controlled by or is under common control with EIG, (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. \6\ ``Affiliated Investors'' means the Existing Affiliated Investors and any Future Affiliated Investor. ``Future Affiliated Investor'' means an entity (a) whose investment adviser is an EIG Advisor and (b) that would be an investment company but for section 3(c)(1) or 3(c)(7) of the Act. \7\ 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. --------------------------------------------------------------------------- 7. Applicants state that a Regulated Entity may, from time to time, form a Wholly-Owned Investment Subsidiary.\8\ 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 [[Page 12223]] 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. --------------------------------------------------------------------------- \8\ 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. --------------------------------------------------------------------------- 8. It is anticipated that an EIG Advisor will periodically determine that certain investments the EIG Advisor recommends for a Regulated Entity would also be appropriate investments for one or more other Regulated Entities and/or one or more Affiliated Investors. 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. 9. Applicants state that Triloma serves as the Existing Regulated Entities' investment adviser and administrator and EIG serves as the Existing Regulated Entities' sub-adviser, and with respect to any Future Regulated Entity, either (i) Triloma or another Triloma Advisor and EIG or another EIG Advisor will serve in the same capacities as with Existing Regulated Entities, or (ii) EIG or another EIG Advisor will serve as investment adviser. Applicants represent that although an EIG Advisor will identify and recommend investments \9\ for each Regulated Entity for which Triloma or another Triloma Advisor serves as investment advisor, prior to any investment by such Regulated Entity, the EIG Advisor will present each proposed investment to the Triloma Advisor which has the authority to approve or reject all investments proposed for the Regulated Entity by the EIG Advisor. With respect to any Future Regulated Entity for which EIG or another EIG Advisor serves as investment adviser, rather than sub-adviser, EIG or such other EIG Advisor will be responsible for the overall management of the Future Regulated Entity's activities, and for the day-to-day management of the Future Regulated Entity's investment portfolio, in each case consistent with its fiduciary duties and pursuant to the terms of an Advisory Agreement with the Future Regulated Entity. --------------------------------------------------------------------------- \9\ Applicants represent that the Triloma Advisors will not source any Potential Co-Investment Transactions under the requested Order. --------------------------------------------------------------------------- 10. Applicants state that each EIG Advisor has (or will have, in the case of future advisers) 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 EIG Advisor, as a registered investment adviser, has (or will have, in the case of future advisers) developed a robust allocation process that is designed to allocate investment opportunities fairly and equitably among its clients over time. Applicants state that, in the case of a Potential Co-Investment Transaction, the applicable EIG Advisor would apply its allocation policies and procedures in determining the proposed allocation for the Regulated Entity consistent with the requirements of condition 2(a). 11. Applicants state that, once the applicable EIG Advisor determined a proposed allocation for a Regulated Entity for which Triloma or another Triloma Advisor serves as investment adviser, such EIG Advisor would notify the applicable Triloma Advisor of the Potential Co-Investment Transaction and the EIG Advisor's recommended allocation for such Regulated Entity. Applicants further state that the applicable Triloma Advisor would then present the Potential Co- Investment Transaction and the EIG Advisor's proposed allocation to the Triloma Advisor's investment committee for its approval. Applicants represent that the Triloma Advisor's investment committee would review the EIG Advisor's recommendation for the Regulated Entity and would have the ability to ask questions of the EIG Advisor and request additional information from the EIG Advisor. Applicants further submit that if the Triloma Advisor's investment committee 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 between the EIG Advisors and the Triloma 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. 12. If the Advisors to a Regulated Entity determine that a Potential Co-Investment Opportunity is appropriate for the Regulated Entity (and the applicable Triloma 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 \10\ 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'').\11\ --------------------------------------------------------------------------- \10\ ``Eligible Trustees'' means the trustees or directors of a Regulated Entity that are eligible to vote under section 57(o) of the Act. \11\ 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.'' --------------------------------------------------------------------------- 13. 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 [[Page 12224]] 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. 14. No Independent Trustee of a Regulated Entity will have a financial interest in any Co-Investment Transaction. 15. 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 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 submit that Each Regulated Entity may be deemed to be an ``affiliated person'' of each other Regulated Entity within the meaning of section 2(a)(3) of the Act. Applicants state that the Regulated Entities, by virtue of each having either a Triloma Advisor as investment adviser and an EIG Advisor as sub-adviser, or an EIG Advisor as an investment adviser, 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, an EIG Advisor and any Regulated Entities or Affiliated Investors that it advises could be deemed to be persons related to other Regulated Entities it advises or sub-advises 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 EIG Advisors are ``affiliated persons'' of other EIG Advisors, Regulated Entities, and Affiliated Investors advised by any of them could be deemed to be persons related to other Regulated Entities (or a company controlled by a Regulated Entity) advised or sub-advised by any of them 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 companies 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 Triloma or EIG. Applicants' Conditions: Applicants agree that the Order will be subject to the following conditions: 1. Each time an EIG Advisor 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, [[Page 12225]] 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 \12\ 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. --------------------------------------------------------------------------- \12\ ``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: (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,\13\ 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. --------------------------------------------------------------------------- \13\ 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 [[Page 12226]] 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 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 1933 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 brokerage or underwriting compensation contemplated by section 17(e) or 57(k) of the Act, as applicable) \14\ 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), (b) brokerage or underwriting compensation permitted by section 17(e) or 57(k) of the Act, as applicable, or (c) in the case of the Advisors, investment advisory fees paid in accordance with the Regulated [[Page 12227]] Entities' and the Affiliated Investors' investment advisory agreements). --------------------------------------------------------------------------- \14\ 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. 16. Each Regulated Entity's chief compliance officer, as defined in Rule 38a-1(a)(4), will prepare an annual report for its Board that evaluates (and documents the basis of that evaluation) the Regulated Entity's compliance with the terms and conditions of the application and the procedures established to achieve such compliance. For the Commission, by the Division of Investment Management, under delegated authority. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-05551 Filed 3-19-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices 12221
or Reuters. Quotation information from Exchange rules specified in this filing Summary of Application: Applicants
brokers and dealers or pricing services shall constitute continued listing request an order to permit certain
will be available for U.S. government requirements for the Shares. business development companies
obligations, high quality securities The issuer has represented to the (‘‘BDC’’) and closed-end management
issued or guaranteed by the U.S. Exchange that it will advise the investment companies to co-invest in
government (in addition to Treasury Exchange of any failure by the Fund to portfolio companies with each other and
bills) and non-U.S. governments, and comply with the continued listing with affiliated investment funds.
each of their agencies and requirements, and, pursuant to its Applicants: Triloma EIG Energy
instrumentalities, money market obligations under Section 19(g)(1) of the Income Fund (the ‘‘Perpetual Fund’’),
instruments, convertible securities, Act, the Exchange will surveil for Triloma EIG Energy Income Fund—
structured notes, non-exchange-listed compliance with the continued listing Term I (the ‘‘Term Fund’’ and, together
securities of other investment requirements. If the Fund is not in with the Perpetual Fund, the ‘‘Existing
companies, and OTC options. compliance with the applicable listing Regulated Entities’’); Triloma Energy
The Commission also believes that the requirements, the Exchange will Advisors, LLC (‘‘Triloma’’); EIG Credit
proposal is designed to prevent trading commence delisting procedures under Management Company, LLC (‘‘EIG’’);
when a reasonable degree of BZX Rule 14.12. This approval order is EIG Asset Management, LLC, EIG Funds
transparency cannot be assured. The based on all of the Exchange’s Management, LLC, EIG Management
Exchange states that trading in the statements and representations, Company, LLC, EIG Global Energy
Shares may be halted for market including those set forth above and in (Asia) Limited, EIG Harbour Energy
conditions or for reasons that, in the Amendment No. 1 to the proposed rule Advisor, L.P. (collectively, together with
view of the Exchange, make trading change. EIG, the ‘‘Existing EIG Advisors’’); EIG-
inadvisable. Similarly, trading in the For the foregoing reasons, the Gateway Direct Investments, L.P., EIG
Shares will be halted if an interruption Commission finds that the proposed Energy Fund XVI, L.P., EIG Energy Fund
to the dissemination of either of the rule change, as modified by Amendment XVI–B, L.P., EIG Energy Fund XVI–E,
Intraday Indicative Value or the value of No. 1, is consistent with Section 6(b)(5) L.P., EIG Energy Fund XVI (Cayman),
the Underlying Index persists past the of the Act 29 and the rules and L.P., EIG Energy Fund XVI (Scotland),
trading day in which it occurred. The regulations thereunder applicable to a L.P., EIG-Keats Energy Partners, L.P.,
Exchange will obtain a representation national securities exchange. NYCRS EIG Energy Partners, L.P., EIG
from the issuer of the Shares that the Sunsuper Co-Investment, L.P., EIG
NAV per Share will be calculated daily IV. Conclusion
Global Private Debt Fund-A, L.P., EIG
and made available to all market It is therefore ordered, pursuant to Global Private Debt Fund-A (UL), L.P.,
participants at the same time.27 If the Section 19(b)(2) of the Act,30 that the EIG Global Private Debt Sub B (UL),
Exchange becomes aware that the NAV proposed rule change (SR–CboeBZX– L.P., EIG Energy Fund XVII, L.P., EIG
for the Shares is not being disseminated 2017–011), as modified by Amendment Energy Fund XVII–B, L.P., EIG Energy
to all market participants at the same No. 1 be, and it hereby is, approved. Fund XVII (Scotland), L.P., EIG Energy
time or the daily public website Fund XVII (Cayman), L.P., EIG-Emerson
disclosure of portfolio holdings does not For the Commission, by the Division of
Trading and Markets, pursuant to delegated Energy Partners, L.P., and Harbour
occur, the Exchange will halt trading in authority.31 Energy Ltd. (collectively, the ‘‘Existing
the Shares.28 Affiliated Investors’’).
The Exchange has represented that its Eduardo A. Aleman,
Assistant Secretary. Filing Dates: The application was
surveillance procedures are adequate to
filed on November 30, 2017, and
properly monitor the trading of the [FR Doc. 2018–05562 Filed 3–19–18; 8:45 am]
Shares on the Exchange during all BILLING CODE 8011–01–P
amended on February 15, 2018.
trading sessions and to deter and detect Hearing or Notification of Hearing: An
violations of Exchange rules and the order granting the requested relief will
applicable federal securities laws. The SECURITIES AND EXCHANGE be issued unless the Commission orders
Exchange has also represented that it COMMISSION a hearing. Interested persons may
may obtain information regarding request a hearing by writing to the
trading in the Shares and other
[Investment Company Act Release No. Commission’s Secretary and serving
33047; File No. 812–14848] applicants with a copy of the request,
exchange-traded securities and
instruments held by the Fund via the personally or by mail. Hearing requests
Triloma EIG Energy Income Fund, et al. should be received by the Commission
ISG from other exchanges that are
members of the ISG or with which the March 14, 2018. by 5:30 p.m. on April 9, 2018, and
Exchange has entered into a AGENCY: Securities and Exchange should be accompanied by proof of
comprehensive surveillance sharing Commission (‘‘Commission’’). service on applicants, in the form of an
agreement. affidavit or, for lawyers, a certificate of
ACTION: Notice.
The Exchange has represented that all service. Pursuant to rule 0–5 under the
statements and representations made in Notice of application for an order Act, hearing requests should state the
this filing regarding the Underlying under sections 17(d) and 57(i) of the nature of the writer’s interest, any facts
Index composition; the description of Investment Company Act of 1940 (the bearing upon the desirability of a
the portfolio or reference assets; ‘‘Act’’) and rule 17d–1 under the Act to hearing on the matter, the reason for the
limitations on portfolio holdings or permit certain joint transactions request, and the issues contested.
daltland on DSKBBV9HB2PROD with NOTICES
reference assets; dissemination and otherwise prohibited by sections 17(d) Persons who wish to be notified of a
availability of the Underlying Index, and 57(a)(4) of the Act and rule 17d–1 hearing may request notification by
reference asset, and intraday indicative under the Act. writing to the Commission’s Secretary.
values; and the applicability of ADDRESSES: Secretary, U.S. Securities
29 15 U.S.C. 78f(b)(5). and Exchange Commission, 100 F St.
27 See BZX Rule 14.11(c)(9)(A)(ii). 30 15 U.S.C. 78s(b)(2). NE, Washington, DC 20549–1090.
28 See BZX Rule 14.11(c)(1)(b)(iv). 31 17 CFR 200.30–3(a)(12). Applicants: Triloma and the Existing
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![Federal Register / Vol. 83, No. 54 / Tuesday, March 20, 2018 / Notices 12227
Entities’ and the Affiliated Investors’ 17(a)(2) of the Act, and under section nature of the writer’s interest, any facts
investment advisory agreements). 12(d)(1)(J) for an exemption from bearing upon the desirability of a
14. The Advisors to the Regulated sections 12(d)(1)(A) and 12(d)(1)(B) of hearing on the matter, the reason for the
Entities and Affiliated Investors will the Act. The requested order would request, and the issues contested.
maintain written policies and permit (a) actively-managed series of Persons who wish to be notified of a
procedures reasonably designed to certain open-end management hearing may request notification by
ensure compliance with the foregoing investment companies (‘‘Funds’’) to writing to the Commission’s Secretary.
conditions. These policies and issue shares redeemable in large ADDRESSES: Brent J. Fields, Secretary,
procedures will require, among other aggregations only (‘‘Creation Units’’); (b) Securities and Exchange Commission,
things, that each of the Advisors to each secondary market transactions in Fund 100 F Street NE, Washington, DC
Regulated Entity will be notified of all shares to occur at negotiated market 20549–1090; Applicants: c/o Jane Hong
Potential Co-Investment Transactions prices rather than at net asset value Shissler, Destra Capital Investments
that fall within a Regulated Entity’s (‘‘NAV’’); (c) certain Funds to pay LLC, One North Wacker Drive, 48th
then-current Objectives and Strategies redemption proceeds, under certain Floor, Chicago, Illinois 60606.
and will be given sufficient information circumstances, more than seven days FOR FURTHER INFORMATION CONTACT:
to make its independent determination after the tender of shares for
Asen Parachkevov, Senior Counsel, or
and recommendations under conditions redemption; (d) certain affiliated
Andrea Ottomanelli Magovern, Branch
1, 2(a), 7 and 8. persons of a Fund to deposit securities
Chief, at (202) 551–6821 (Division of
15. If the Holders own in the aggregate into, and receive securities from, the
Investment Management, Chief
more than 25 percent of the shares of a Fund in connection with the purchase
Counsel’s Office).
Regulated Entity, then the Holders will and redemption of Creation Units; (e)
SUPPLEMENTARY INFORMATION: The
vote such shares as directed by an certain registered management
investment companies and unit following is a summary of the
independent third party when voting on
investment trusts outside of the same application. The complete application
(1) the election of directors or trustees;
group of investment companies as the may be obtained via the Commission’s
(2) the removal of one or more directors
Funds (‘‘Funds of Funds’’) to acquire website by searching for the file
or trustees; or (3) any matters requiring
shares of the Funds; (f) certain Funds number, or for an applicant using the
approval by the vote of a majority of the
(‘‘Feeder Funds’’) to create and redeem Company name box, at http://
outstanding voting securities, as defined
Creations Units in-kind in a master- www.sec.gov/search/search.htm or by
in section 2(a)(42) of the Act.
feeder structure; and (g) the Funds to calling (202) 551–8090.
16. Each Regulated Entity’s chief
compliance officer, as defined in Rule issue Shares in less than Creation Unit Summary of the Application
38a–1(a)(4), will prepare an annual size to investors participating in, to the
1. Applicants request an order that
report for its Board that evaluates (and extent applicable, a distribution
would allow Funds to operate as
documents the basis of that evaluation) reinvestment program.
actively-managed exchange traded
the Regulated Entity’s compliance with APPLICANTS: Destra Exchange-Traded funds (‘‘ETFs’’).1 Fund shares will be
the terms and conditions of the Fund Trust (the ‘‘Trust’’), a purchased and redeemed at their NAV
application and the procedures Massachusetts business trust that in Creation Units only (other than
established to achieve such compliance. intends to register under the Act as an pursuant to a distribution reinvestment
For the Commission, by the Division of open-end management investment program described in the application).
Investment Management, under delegated company with multiple series, Destra All orders to purchase Creation Units
authority. Capital Advisors LLC (the ‘‘Initial and all redemption requests will be
Eduardo A. Aleman, Adviser’’), a Delaware limited liability placed by or through an ‘‘Authorized
Assistant Secretary. company registered as an investment Participant’’, which will have signed a
[FR Doc. 2018–05551 Filed 3–19–18; 8:45 am]
adviser under the Investment Advisers participant agreement with the
Act of 1940, and Destra Capital Distributor. Shares will be listed and
BILLING CODE 8011–01–P
Investments LLC (the ‘‘Distributor’’), a traded individually on a national
Delaware limited liability company and securities exchange, where share prices
SECURITIES AND EXCHANGE broker-dealer registered under the will be based on the current bid/offer
COMMISSION Securities Exchange Act of 1934 market. Any order granting the
(‘‘Exchange Act’’). requested relief would be subject to the
[Investment Company Act Release No. FILING DATES: The application was filed terms and conditions stated in the
33049; File No. 812–14789] on June 27, 2017 and amended on application.
December 21, 2017. 2. Each Fund will consist of a
Destra Exchange-Traded Fund Trust,
et al. HEARING OR NOTIFICATION OF HEARING: An portfolio of securities and other assets
order granting the requested relief will
March 14, 2018 be issued unless the Commission orders 1 Applicants request that the order apply to the
AGENCY: Securities and Exchange a hearing. Interested persons may initial Fund, as well as to future series of the Trust
and any future open-end management investment
Commission (‘‘Commission’’). request a hearing by writing to the companies or series thereof (each, included in the
ACTION: Notice. Commission’s Secretary and serving term ‘‘Fund’’), each of which will operate as an
applicants with a copy of the request, actively-managed ETF. Any Fund will (a) be
Notice of an application for an order personally or by mail. Hearing requests advised by the Initial Adviser or an entity
daltland on DSKBBV9HB2PROD with NOTICES
controlling, controlled by, or under common
under section 6(c) of the Investment should be received by the Commission control with the Initial Adviser (each such entity or
Company Act of 1940 (the ‘‘Act’’) for an by 5:30 p.m. on April 9, 2018, and any successor thereto is included in the term
exemption from sections 2(a)(32), should be accompanied by proof of ‘‘Adviser’’) and (b) comply with the terms and
5(a)(1), 22(d), and 22(e) of the Act and service on applicants, in the form of an conditions of the application. For purposes of the
requested order, the term ‘‘successor’’ is limited to
rule 22c–1 under the Act, under affidavit, or for lawyers, a certificate of an entity that results from a reorganization into
sections 6(c) and 17(b) of the Act for an service. Pursuant to rule 0–5 under the another jurisdiction or a change in the type of
exemption from sections 17(a)(1) and Act, hearing requests should state the business organization.
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Document Created: 2018-03-20 01:10:30
Document Modified: 2018-03-20 01:10:30
| 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. | |
| Dates | The application was filed on November 30, 2017, and amended on February 15, 2018. | |
| Contact | Hae-Sung Lee, Attorney-Adviser, at (202) 551-7345 or Robert H. Shapiro, Branch Chief, at (202) 551-6821 (Chief Counsel's Office, Division of Investment Management). | |
| FR Citation | 83 FR 12221 |
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