83 FR 18602 - The Swiss Helvetia Fund, Inc., et al.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 82 (April 27, 2018)
Federal Register Volume 83, Issue 82 (April 27, 2018)
| Page Range | 18602-18602 | |
| FR Document | 2018-08846 |
[Federal Register Volume 83, Number 82 (Friday, April 27, 2018)] [Notices] [Page 18602] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-08846] [[Page 18602]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 33075; File No. 812-14857] The Swiss Helvetia Fund, Inc., et al. April 23, 2018. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice. ----------------------------------------------------------------------- Notice of an application under section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from section 19(b) of the Act and rule 19b-1 under the Act to permit a registered closed-end investment company to make periodic distributions of long-term capital gains more frequently than permitted by section 19(b) or rule 19b-1. Applicants: The Swiss Helvetia Fund, Inc. (the ``Fund''), a non- diversified closed-end investment company registered under the Act and organized as a corporation under the laws of Delaware, and Schroder Investment Management North America Inc., a corporation organized under the laws of the state of Delaware (``SIMNA''), and Schroder Investment Management North America Limited, a corporation organized under the laws of the United Kingdom (``SIMNA Ltd.''), each registered under the Investment Advisers Act of 1940, and serving as investment adviser and sub-adviser to the Fund, respectively (together with the Fund, the ``Applicants'').\1\ --------------------------------------------------------------------------- \1\ Applicants request that the order also apply to each other registered closed-end investment company advised or to be advised in the future by SIMNA or SIMNA Ltd. or by an entity controlling, controlled by, or under common control (within the meaning of section 2(a)(9) of the Act) with SIMNA or SIMNA Ltd. (including any successor in interest) (each such entity, together with SIMNA and SIMNA Ltd., the ``Advisers'') that in the future seeks to rely on the order (such investment companies, together with the Fund, are collectively the ``Funds'' and, individually, a ``Fund''). A successor in interest is limited to entities that result from a reorganization into another jurisdiction or a change in the type of business organization. Filing Dates: The application was filed on December 22, 2017, and --------------------------------------------------------------------------- amended on April 12, 2018. Hearing or Notification of Hearing: An order granting the application 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 May 18, 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: The Commission: Secretary, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. Applicants: Carin F. Muhlbaum, Schroder Investment Management North America Inc., 7 Bryant Park, New York, NY 10018 and Nicole M. Runyan, Esq., Proskauer Rose LLP, Eleven Times Square, New York, NY 10036. FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel at (202) 551-6811, or Kaitlin C. Bottock, Branch Chief, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission's 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. Summary of the Application 1. Section 19(b) of the Act generally makes it unlawful for any registered investment company (``fund'') to make long-term capital gains distributions more than once every twelve months. Rule 19b-1 under the Act limits to one the number of capital gain dividends, as defined in section 852(b)(3)(C) of the Internal Revenue Code of 1986 (``Code,'' and such dividends, ``distributions''), that a fund may make with respect to any one taxable year, plus a supplemental distribution made pursuant to section 855 of the Code not exceeding 10% of the total amount distributed for the year, plus one additional capital gain dividend made in whole or in part to avoid the excise tax under section 4982 of the Code. 2. Applicants believe that investors in certain closed-end funds may prefer an investment vehicle that provides regular current income through a fixed distribution policy (``Distribution Policy''). Applicants propose that the Fund be permitted to adopt a Distribution Policy, pursuant to which the Fund would distribute periodically to its stockholders a fixed percentage of the market price of the Fund's common stock at a particular point in time or a fixed percentage of net asset value at a particular time or a fixed amount per share of common stock, any of which may be adjusted from time to time. 3. Applicants request an order under section 6(c) of the Act granting an exemption from section 19(b) of the Act and rule 19b-1 to permit a Fund to distribute periodic capital gain dividends (as defined in section 852(b)(3)(C) of the Code) as frequently as twelve times in any one taxable year in respect of its common stock and as often as specified by, or determined in accordance with the terms of, any preferred stock issued by the Fund. Section 6(c) of the Act provides, in relevant part, that the Commission may exempt any person or transaction from any provision of the Act to the extent that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act. 4. Applicants state that any order granting the requested relief will be subject to the terms and conditions stated in the application, which generally are designed to address the concerns underlying section 19(b) and rule 19b-1, including concerns about proper disclosures and shareholders' understanding of the source(s) of a Fund's distributions and concerns about improper sales practices. Among other things, such terms and conditions require that (1) the board of directors or trustees of the Fund (the ``Board'') review such information as is reasonably necessary to make an informed determination of whether to adopt the proposed Distribution Policy and that the Board periodically review the amount of the distributions in light of the investment experience of the Fund, and (2) that the Fund's shareholders receive appropriate disclosures concerning the distributions. For the Commission, by the Division of Investment Management, under delegated authority. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-08846 Filed 4-26-18; 8:45 am] BILLING CODE 8011-01-P
![18602 Federal Register / Vol. 83, No. 82 / Friday, April 27, 2018 / Notices
SECURITIES AND EXCHANGE affidavit or, for lawyers, a certificate of stock at a particular point in time or a
COMMISSION service. Pursuant to Rule 0–5 under the fixed percentage of net asset value at a
Act, hearing requests should state the particular time or a fixed amount per
[Investment Company Act Release No.
33075; File No. 812–14857]
nature of the writer’s interest, any facts share of common stock, any of which
bearing upon the desirability of a may be adjusted from time to time.
The Swiss Helvetia Fund, Inc., et al. hearing on the matter, the reason for the
3. Applicants request an order under
request, and the issues contested.
April 23, 2018. section 6(c) of the Act granting an
Persons who wish to be notified of a
AGENCY: Securities and Exchange hearing may request notification by exemption from section 19(b) of the Act
Commission (‘‘Commission’’). writing to the Commission’s Secretary. and rule 19b–1 to permit a Fund to
ACTION: Notice. distribute periodic capital gain
ADDRESSES:
The Commission: Secretary, U.S. dividends (as defined in section
Notice of an application under section Securities and Exchange Commission, 852(b)(3)(C) of the Code) as frequently
6(c) of the Investment Company Act of 100 F Street NE, Washington, DC as twelve times in any one taxable year
1940 (‘‘Act’’) for an exemption from 20549–1090. in respect of its common stock and as
section 19(b) of the Act and rule 19b– Applicants: Carin F. Muhlbaum, often as specified by, or determined in
1 under the Act to permit a registered Schroder Investment Management North accordance with the terms of, any
closed-end investment company to America Inc., 7 Bryant Park, New York, preferred stock issued by the Fund.
make periodic distributions of long-term NY 10018 and Nicole M. Runyan, Esq., Section 6(c) of the Act provides, in
capital gains more frequently than Proskauer Rose LLP, Eleven Times relevant part, that the Commission may
permitted by section 19(b) or rule Square, New York, NY 10036. exempt any person or transaction from
19b–1. any provision of the Act to the extent
FOR FURTHER INFORMATION CONTACT: Jean
APPLICANTS: The Swiss Helvetia Fund, that such exemption is necessary or
E. Minarick, Senior Counsel at (202)
Inc. (the ‘‘Fund’’), a non-diversified 551–6811, or Kaitlin C. Bottock, Branch appropriate in the public interest and
closed-end investment company Chief, at (202) 551–6825 (Division of consistent with the protection of
registered under the Act and organized Investment Management, Chief investors and the purposes fairly
as a corporation under the laws of Counsel’s Office). intended by the policy and provisions of
Delaware, and Schroder Investment
SUPPLEMENTARY INFORMATION: The the Act.
Management North America Inc., a
corporation organized under the laws of following is a summary of the 4. Applicants state that any order
the state of Delaware (‘‘SIMNA’’), and application. The complete application granting the requested relief will be
Schroder Investment Management North may be obtained via the Commission’s subject to the terms and conditions
America Limited, a corporation website by searching for the file stated in the application, which
organized under the laws of the United number, or for an applicant using the generally are designed to address the
Kingdom (‘‘SIMNA Ltd.’’), each Company name box, at http://
concerns underlying section 19(b) and
registered under the Investment www.sec.gov/search/search.htm, or by
rule 19b–1, including concerns about
Advisers Act of 1940, and serving as calling (202) 551–8090.
proper disclosures and shareholders’
investment adviser and sub-adviser to Summary of the Application understanding of the source(s) of a
the Fund, respectively (together with Fund’s distributions and concerns about
1. Section 19(b) of the Act generally
the Fund, the ‘‘Applicants’’).1 improper sales practices. Among other
makes it unlawful for any registered
FILING DATES: The application was filed investment company (‘‘fund’’) to make things, such terms and conditions
on December 22, 2017, and amended on long-term capital gains distributions require that (1) the board of directors or
April 12, 2018. more than once every twelve months. trustees of the Fund (the ‘‘Board’’)
HEARING OR NOTIFICATION OF HEARING: An Rule 19b–1 under the Act limits to one review such information as is
order granting the application will be the number of capital gain dividends, as reasonably necessary to make an
issued unless the Commission orders a defined in section 852(b)(3)(C) of the informed determination of whether to
hearing. Interested persons may request Internal Revenue Code of 1986 (‘‘Code,’’ adopt the proposed Distribution Policy
a hearing by writing to the and such dividends, ‘‘distributions’’), and that the Board periodically review
Commission’s Secretary and serving that a fund may make with respect to the amount of the distributions in light
applicants with a copy of the request, any one taxable year, plus a of the investment experience of the
personally or by mail. Hearing requests supplemental distribution made Fund, and (2) that the Fund’s
should be received by the Commission pursuant to section 855 of the Code not shareholders receive appropriate
by 5:30 p.m. on May 18, 2018, and exceeding 10% of the total amount disclosures concerning the
should be accompanied by proof of distributed for the year, plus one
service on applicants, in the form of an distributions.
additional capital gain dividend made
in whole or in part to avoid the excise For the Commission, by the Division of
1 Applicants request that the order also apply to tax under section 4982 of the Code. Investment Management, under delegated
each other registered closed-end investment authority.
company advised or to be advised in the future by
2. Applicants believe that investors in
SIMNA or SIMNA Ltd. or by an entity controlling, certain closed-end funds may prefer an Eduardo A. Aleman,
controlled by, or under common control (within the investment vehicle that provides regular Assistant Secretary.
meaning of section 2(a)(9) of the Act) with SIMNA current income through a fixed [FR Doc. 2018–08846 Filed 4–26–18; 8:45 am]
daltland on DSKBBV9HB2PROD with NOTICES
or SIMNA Ltd. (including any successor in interest)
(each such entity, together with SIMNA and SIMNA
distribution policy (‘‘Distribution BILLING CODE 8011–01–P
Ltd., the ‘‘Advisers’’) that in the future seeks to rely Policy’’). Applicants propose that the
on the order (such investment companies, together Fund be permitted to adopt a
with the Fund, are collectively the ‘‘Funds’’ and, Distribution Policy, pursuant to which
individually, a ‘‘Fund’’). A successor in interest is
limited to entities that result from a reorganization
the Fund would distribute periodically
into another jurisdiction or a change in the type of to its stockholders a fixed percentage of
business organization. the market price of the Fund’s common
VerDate Sep<11>2014 18:18 Apr 26, 2018 Jkt 244001 PO 00000 Frm 00102 Fmt 4703 Sfmt 9990 E:\FR\FM\27APN1.SGM 27APN1](https://thefederalregister.org/doc/83_FR_18684/page/1.svg)
Document Created: 2018-04-27 01:46:26
Document Modified: 2018-04-27 01:46:26
| 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 | |
| Action | Notice. | |
| Dates | The application was filed on December 22, 2017, and | |
| Contact | Jean E. Minarick, Senior Counsel at (202) 551-6811, or Kaitlin C. Bottock, Branch Chief, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office). | |
| FR Citation | 83 FR 18602 |
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR