83 FR 22720 - Franklin Alternative Strategies Funds, et al.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 95 (May 16, 2018)
Federal Register Volume 83, Issue 95 (May 16, 2018)
| Page Range | 22720-22722 | |
| FR Document | 2018-10383 |
[Federal Register Volume 83, Number 95 (Wednesday, May 16, 2018)] [Notices] [Pages 22720-22722] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10383] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 33095; File No. 812-14819] Franklin Alternative Strategies Funds, et al. May 10, 2018. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice. ----------------------------------------------------------------------- Notice of an application for an order pursuant to: (a) Section 6(c) of the Investment Company Act of 1940 (``Act'') granting an exemption from sections 18(f) and 21(b) of the Act; (b) section 12(d)(1)(J) of the Act granting an exemption from section 12(d)(1) of the Act; (c) sections 6(c) and 17(b) of the Act granting an exemption from sections 17(a)(1), 17(a)(2) and 17(a)(3) of the Act; and (d) section 17(d) of the Act and rule 17d-1 under the Act to permit certain joint arrangements and transactions. Applicants request an order that would supersede a prior order and that would permit certain registered management investment companies to participate in a joint lending and borrowing facility.\1\ --------------------------------------------------------------------------- \1\ Franklin Gold Fund, et al., Investment Company Act Release Nos. 24016 (Sept. 16, 1999) and 24080 (Oct. 13, 1999). Applicants: Franklin Alternative Strategies Funds, Franklin California Tax-Free Income Fund, Franklin California Tax-Free Trust, Franklin Custodian Funds, Franklin ETF Trust, Franklin Federal Tax-Free Income Fund, Franklin Floating Rate Master Trust, Franklin Fund Allocator Series, Franklin Global Trust, Franklin Gold and Precious Metals Fund, Franklin High Income Trust, Franklin Investors Securities Trust, Franklin Managed Trust, Franklin U.S. Government Money Fund, Franklin Municipal Securities Trust, Franklin Mutual Series Funds, Franklin New York Tax-Free Income Fund, Franklin New York Tax-Free Trust, Franklin Real Estate Securities Trust, Franklin Strategic Mortgage Portfolio, Franklin Strategic Series, Franklin Tax-Free Trust, Franklin Templeton ETF Trust, Franklin Templeton Global Trust, Franklin Templeton International Trust, Franklin Templeton Money Fund Trust, Franklin Templeton Variable Insurance Products Trust, Franklin Value Investors Trust, Institutional Fiduciary Trust, Templeton China World Fund, Templeton Developing Markets Trust, Templeton Funds, Templeton Global Investment Trust, Templeton Global Opportunities Trust, Templeton Global Smaller Companies Fund, Templeton Growth [[Page 22721]] Fund, Inc., Templeton Income Trust, Templeton Institutional Funds, and The Money Market Portfolios, each an investment company organized as a Delaware statutory trust or a Maryland corporation and registered under the Act as an open-end management investment company, on behalf of all existing series \2\ (the ``Open-End Funds''); Franklin Limited Duration Income Trust, Franklin Universal Trust, Templeton Dragon Fund, Inc., Templeton Emerging Markets Fund, Templeton Emerging Markets Income Fund, and Templeton Global Income Fund, each organized as a Delaware statutory trust or a Massachusetts business trust and registered under the Act as a closed-end investment management investment company (the ``Closed-End Funds,'' \3\ and together with the Open-End Funds, the ``Funds''); Franklin Advisers, Inc., a California corporation; Franklin Templeton Investment Management Limited, a United Kingdom company; K2/ D&S Management Co., L.L.C., FASA LLC, Franklin Templeton Institutional, LLC, Franklin Advisory Services, LLC, Franklin Mutual Advisers, LLC, and Templeton Investment Counsel, LLC, each a Delaware limited liability company; Templeton Asset Management Ltd., a Singapore public company, and Templeton Global Advisors Limited, a Bahamas company; each registered as an investment adviser under the Investment Advisers Act of 1940 (each an ``Adviser''). --------------------------------------------------------------------------- \2\ Certain Funds (as defined below) are, and future Funds may be, money market funds that comply with rule 2a-7 of the Act (each a ``Money Market Fund''). Money Market Funds will not participate as borrowers under the interfund lending facility because they do not need to borrow cash to meet redemptions. \3\ The requested order will not permit Closed-End Funds to participate as borrowers in the interfund lending facility. Filing Dates: The application was filed on September 14, 2017, and --------------------------------------------------------------------------- amended on March 9, 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 June 4, 2018, and should be accompanied by proof of service on the 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 Street NE, Washington, DC 20549-1090; Applicants: Craig S. Tyle, Esq., Franklin Templeton Investments, One Franklin Parkway, San Mateo, CA 94403 and Bruce G. Leto, Esq., Stradley Ronon Stevens & Young, LLP, 2600 One Commerce Square, Philadelphia, PA 19103. FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, at (202) 551-6811, or Kaitlin C. Bottock, Branch Chief, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission's website by searching for the file number, or an applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090. Summary of the Application 1. Applicants request an order that would permit the applicants to participate in an interfund lending facility where each Fund could lend money directly to and borrow money directly from other Funds to cover unanticipated cash shortfalls, such as unanticipated redemptions or trade fails.\4\ The Funds will not borrow under the facility for leverage purposes and the loans' duration will be no more than 7 days.\5\ --------------------------------------------------------------------------- \4\ Applicants request that the order apply to the applicants and to any other registered open-end or closed-end management investment company or series thereof (each a ``Fund'' and collectively, the ``Funds'') for which the Advisers or any successors-in-interest thereto or an investment adviser controlling, controlled by, or under common control with any Adviser or any successor-in-interest thereto serves as investment adviser (each such investment adviser, an ``Adviser''). For purposes of the requested order, ``successor-in-interest'' is limited to any entity that results from a reorganization into another jurisdiction or a change in the type of a business organization. \5\ Any Fund, however, will be able to call a loan on one business day's notice. --------------------------------------------------------------------------- 2. Applicants anticipate that the proposed facility would provide a borrowing Fund with a source of liquidity at a rate lower than the bank borrowing rate at times when the cash position of the Fund is insufficient to meet temporary cash requirements. In addition, Funds making short-term cash loans directly to other Funds would earn interest at a rate higher than they otherwise could obtain from investing their cash in repurchase agreements or certain other short term money market instruments. Thus, applicants assert that the facility would benefit both borrowing and lending Funds. 3. Applicants agree that any order granting the requested relief will be subject to the terms and conditions stated in the application. Among others, each Adviser, through a designated committee, would administer the facility as a disinterested fiduciary as part of its duties under the investment advisory and administrative agreements with the Funds and would receive no additional fee as compensation for its services in connection with the administration of the facility. The facility would be subject to oversight and certain approvals by the Funds' Board, including, among others, approval of the interest rate formula and of the method for allocating loans across Funds, as well as review of the process in place to evaluate the liquidity implications for the Funds. A Fund's aggregate outstanding interfund loans will not exceed 15% of its net assets, and the Fund's loans to any one Fund will not exceed 5% of the lending Fund's net assets.\6\ --------------------------------------------------------------------------- \6\ Under certain circumstances, a borrowing Fund will be required to pledge collateral to secure the loan. --------------------------------------------------------------------------- 4. Applicants assert that the facility does not raise the concerns underlying section 12(d)(1) of the Act given that the Funds are part of the same group of investment companies and there will be no duplicative costs or fees to the Funds.\7\ Applicants also assert that the proposed transactions do not raise the concerns underlying sections 17(a)(1), 17(a)(3), 17(d) and 21(b) of the Act as the Funds would not engage in lending transactions that unfairly benefit insiders or are detrimental to the Funds. Applicants state that the facility will offer both reduced borrowing costs and enhanced returns on loaned funds to all participating Funds and each Fund would have an equal opportunity to borrow and lend on equal terms based on an interest rate formula that is objective and verifiable. With respect to the relief from section 17(a)(2) of the Act, applicants note that any collateral pledged to secure an interfund loan would be subject to the same conditions imposed by any other lender to a Fund that imposes conditions on the quality of or access to collateral for a borrowing (if the lender is another Fund) or the [[Page 22722]] same or better conditions (in any other circumstance).\8\ --------------------------------------------------------------------------- \7\ Applicants state that the obligation to repay an interfund loan could be deemed to constitute a security for the purposes of sections 17(a)(1) and 12(d)(1) of the Act. \8\ Applicants state that any pledge of securities to secure an interfund loan could constitute a purchase of securities for purposes of section 17(a)(2) of the Act. --------------------------------------------------------------------------- 5. Applicants also believe that the limited relief from section 18(f)(1) of the Act that is necessary to implement the facility (because the lending Funds are not banks) is appropriate in light of the conditions and safeguards described in the application and because the open-end Funds would remain subject to the requirement of section 18(f)(1) that all borrowings of the open-end Fund, including combined interfund loans and bank borrowings, have at least 300% asset coverage. 6. Section 6(c) of the Act permits the Commission to exempt any persons or transactions from any provision of the Act if 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. Section 12(d)(1)(J) of the Act provides that the Commission may exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision of section 12(d)(1) if the exemption is consistent with the public interest and the protection of investors. Section 17(b) of the Act authorizes the Commission to grant an order permitting a transaction otherwise prohibited by section 17(a) if it finds that (a) the terms of the proposed transaction are fair and reasonable and do not involve overreaching on the part of any person concerned; (b) the proposed transaction is consistent with the policies of each registered investment company involved; and (c) the proposed transaction is consistent with the general purposes of the Act. Rule 17d-1(b) under the Act provides that in passing upon an application filed under the rule, the Commission will consider whether the participation of the registered investment company in a joint enterprise, joint arrangement or profit sharing plan on the basis proposed 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 the other participants. For the Commission, by the Division of Investment Management, under delegated authority. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-10383 Filed 5-15-18; 8:45 am] BILLING CODE 8011-01-P
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coordination with persons engaged in disciplinary action against an electronic SECURITIES AND EXCHANGE
facilitating transactions in securities, to ROT for failing to meet the continuous COMMISSION
remove impediments to and perfect the quoting requirements each trading day.
[Investment Company Act Release No.
mechanism of a free and open market The Commission finds that the 33095; File No. 812–14819]
and a national market system, and, in
proposed changes to the quoting
general, to protect investors and the Franklin Alternative Strategies Funds,
requirements of electronic ROTs are
public interest. et al.
The Exchange proposes to add consistent with the Act. The Exchange
specificity regarding the general believes that the revised requirements May 10, 2018.
description in its rules regarding market will enable electronic ROTs to focus on AGENCY: Securities and Exchange
maker obligations of an electronic ROT. the options series that need and Commission (‘‘Commission’’).
The Commission finds that the changes consume more liquidity than others. To ACTION: Notice.
it is making in this regard are consistent the extent this is true, the proposal will
with the Act and notes that, as the enhance trading opportunities on the Notice of an application for an order
Exchange maintains, the changes are Exchange. Moreover, the Commission pursuant to: (a) Section 6(c) of the
consistent with the rules of another believes that, although the proposal Investment Company Act of 1940
options exchange.42 would reduce the quoting requirements (‘‘Act’’) granting an exemption from
The Exchange proposes to reduce the for the various electronic ROTs from sections 18(f) and 21(b) of the Act; (b)
specific quoting requirements for their current levels, the proposed section 12(d)(1)(J) of the Act granting an
electronic ROTs of the various types. exemption from section 12(d)(1) of the
changes are consistent, as the Exchange
SQTs and RSQTs associated with the Act; (c) sections 6(c) and 17(b) of the
argues, with the market maker quoting
same member organization would be Act granting an exemption from sections
requirements in place on other 17(a)(1), 17(a)(2) and 17(a)(3) of the Act;
collectively required to provide two-
markets.43 The Commission further and (d) section 17(d) of the Act and rule
sided quotations in 60% of the
notes that, notwithstanding the 17d–1 under the Act to permit certain
cumulative number of seconds for
which that member organization’s proposed changes to the quoting joint arrangements and transactions.
assigned option series are open for requirements for Specialists, Directed Applicants request an order that would
trading. Specialists (including Remote SQTs, and Directed RSQTs, the revised supersede a prior order and that would
Specialists) associated with the same quoting requirements continue to reflect permit certain registered management
member organization would be meaningful market making obligations. investment companies to participate in
collectively required to provide two- Additionally, the proposed rules reflect a joint lending and borrowing facility.1
sided quotations in 90% of the a balance of rights and obligations APPLICANTS: Franklin Alternative
cumulative number of seconds for consistent with the balance reflected in Strategies Funds, Franklin California
which that member organization’s the rules of other exchanges for market Tax-Free Income Fund, Franklin
assigned option series are open for participants fulfilling a similar role.44 In California Tax-Free Trust, Franklin
trading. Similarly, Directed SQTs and addition, the Commission believes that Custodian Funds, Franklin ETF Trust,
Directed RSQTs associated with the the proposed changes to provide Franklin Federal Tax-Free Income Fund,
same member organization would be additional detail about how the Franklin Floating Rate Master Trust,
collectively required to provide two- Exchange will apply these quoting Franklin Fund Allocator Series,
sided quotations in 90% of the requirements adds further clarity to the Franklin Global Trust, Franklin Gold
cumulative number of seconds for rules. and Precious Metals Fund, Franklin
which that member organization’s High Income Trust, Franklin Investors
assigned option series are open for IV. Conclusion Securities Trust, Franklin Managed
trading. The Exchange would be able to Trust, Franklin U.S. Government Money
designate a higher percentage for any of It is therefore ordered, pursuant to
Fund, Franklin Municipal Securities
these quoting requirements by Section 19(b)(2) of the Act,45 that the
Trust, Franklin Mutual Series Funds,
announcing such percentage in advance. proposed rule change (SR–Phlx–2018–
Franklin New York Tax-Free Income
These quoting requirements would 22), be, and hereby is, approved. Fund, Franklin New York Tax-Free
apply to all of an electronic ROT’s For the Commission, by the Division of Trust, Franklin Real Estate Securities
assigned options on a daily basis. These Trading and Markets, pursuant to delegated Trust, Franklin Strategic Mortgage
quoting requirements would be authority.46 Portfolio, Franklin Strategic Series,
reviewed on a monthly basis, and would Franklin Tax-Free Trust, Franklin
Eduardo A. Aleman,
allow the Exchange to review the Templeton ETF Trust, Franklin
electronic ROT’s daily compliance in Assistant Secretary.
[FR Doc. 2018–10379 Filed 5–15–18; 8:45 am]
Templeton Global Trust, Franklin
the aggregate and determine the Templeton International Trust, Franklin
appropriate disciplinary action for BILLING CODE 8011–01–P
Templeton Money Fund Trust, Franklin
single or multiple failures to comply Templeton Variable Insurance Products
with the continuous quoting Trust, Franklin Value Investors Trust,
requirement during the month period. Institutional Fiduciary Trust, Templeton
The Commission notes that the China World Fund, Templeton
proposed rules provide that determining 43 See, e.g, BX Rules, Chapter VII, Sections 6, 14, Developing Markets Trust, Templeton
sradovich on DSK3GMQ082PROD with NOTICES
compliance with the continuous quoting Funds, Templeton Global Investment
and 15; NYSE American Rules 925.1NY and
requirements on a monthly basis would 964.1NY; NYSE Arca Rules 6.37B–O and 6.88–O. Trust, Templeton Global Opportunities
not relieve the electronic ROT of the 44 See, e.g., Nasdaq GEMX Rules 713 and 804;
Trust, Templeton Global Smaller
obligation to provide continuous two- Nasdaq ISE Rules 713 and 804; Nasdaq MRX Rules Companies Fund, Templeton Growth
sided quotes on a daily basis, nor would 713 and 804. See also supra notes 26 and 31 and
it prohibit the Exchange from taking accompanying text. 1 Franklin Gold Fund, et al., Investment Company
45 Id.
Act Release Nos. 24016 (Sept. 16, 1999) and 24080
42 See BX Rules, Chapter VII, Section 5. 46 17 CFR 200.30–3(a)(12). (Oct. 13, 1999).
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![22722 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices
same or better conditions (in any other SECURITIES AND EXCHANGE the most significant parts of such
circumstance).8 COMMISSION statements.
5. Applicants also believe that the
limited relief from section 18(f)(1) of the [Release No. 34–83206; File No. SR– A. Self-Regulatory Organization’s
Act that is necessary to implement the CboeBZX–2018–033] Statement of the Purpose of, and
facility (because the lending Funds are Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; Cboe Change
not banks) is appropriate in light of the BZX Exchange, Inc.; Notice of Filing
conditions and safeguards described in and Immediate Effectiveness of a 1. Purpose
the application and because the open- Proposed Rule Change To List and The Exchange proposes to list and
end Funds would remain subject to the Trade Under BZX Rule 14.11(c)(4) trade shares (‘‘Shares’’) of the Fund
requirement of section 18(f)(1) that all Shares of the iShares Long-Term under BZX Rule 14.11(c)(4),5 which
borrowings of the open-end Fund, National Muni Bond ETF of iShares governs the listing and trading of index
including combined interfund loans and Trust fund shares based on fixed income
bank borrowings, have at least 300% securities indexes.6 The Shares will be
asset coverage. May 10, 2018. offered by the Trust, which was
6. Section 6(c) of the Act permits the Pursuant to Section 19(b)(1) of the established as a Delaware statutory trust
Commission to exempt any persons or Securities Exchange Act of 1934 on December 16, 1999. The Trust is
transactions from any provision of the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 registered with the Commission as an
Act if such exemption is necessary or notice is hereby given that on May 3, open-end investment company and has
appropriate in the public interest and 2018, Cboe BZX Exchange, Inc. filed a registration statement on behalf
consistent with the protection of (‘‘Exchange’’ or ‘‘BZX’’) filed with the of the Fund on Form N–1A
investors and the purposes fairly Securities and Exchange Commission (‘‘Registration Statement’’) with the
intended by the policy and provisions of (‘‘Commission’’) the proposed rule Commission.7
the Act. Section 12(d)(1)(J) of the Act change as described in Items I and II Rule 14.11(c)(4)(B)(i)(b) requires that
provides that the Commission may below, which Items have been prepared component fixed income securities that,
exempt any person, security, or by the Exchange. The Exchange has in the aggregate, account for at least
transaction, or any class or classes of designated this proposal as a ‘‘non- 75% of the weight of the index or
persons, securities, or transactions, from controversial’’ proposed rule change portfolio shall have a minimum
any provision of section 12(d)(1) if the pursuant to Section 19(b)(3)(A) of the principal amount outstanding of $100
exemption is consistent with the public Act 3 and Rule 19b–4(f)(6)(iii) million or more. The Exchange submits
interest and the protection of investors. thereunder,4 which renders it effective this proposal because the Underlying
Section 17(b) of the Act authorizes the upon filing with the Commission. The
Commission to grant an order Commission is publishing this notice to 5 The Commission approved BZX Rule 14.11(c) in
permitting a transaction otherwise solicit comments on the proposed rule Securities Exchange Act Release No. 65225 (August
prohibited by section 17(a) if it finds change from interested persons. 30, 2011), 76 FR 55148 (September 6, 2011) (SR–
that (a) the terms of the proposed BATS–2011–018).
6 The Commission previously has approved
transaction are fair and reasonable and I. Self-Regulatory Organization’s
proposed rule changes relating to listing and trading
do not involve overreaching on the part Statement of the Terms of Substance of of funds based on municipal bond indexes. See
of any person concerned; (b) the the Proposed Rule Change Securities Exchange Act Release Nos. 78329 (July
proposed transaction is consistent with 14, 2016), 81 FR 47217 (July 20, 2016) (SR–
The Exchange filed a proposal to list BatsBZX–2016–01) (order approving the listing and
the policies of each registered and trade under BZX Rule 14.11(c)(4) trading of the following series of VanEck Vectors
investment company involved; and (c) the shares of the iShares Long-Term ETF Trust: VanEck Vectors AMT-Free 6–8 Year
the proposed transaction is consistent National Muni Bond ETF (the ‘‘Fund’’) Municipal Index ETF; VanEck Vectors AMT-Free 8–
with the general purposes of the Act. 12 Year Municipal Index ETF; and VanEck Vectors
of iShares Trust (the ‘‘Trust’’). AMT-Free 12–17 Year Municipal Index ETF); 67985
Rule 17d–1(b) under the Act provides The text of the proposed rule change (October 4, 2012), 77 FR 61804 (October 11, 2012)
that in passing upon an application filed is available at the Exchange’s website at (SR–NYSEArca–2012–92) (order approving
under the rule, the Commission will www.markets.cboe.com, at the principal proposed rule change relating to the listing and
consider whether the participation of trading of iShares 2018 S&P AMT-Free Municipal
office of the Exchange, and at the Series and iShares 2019 S&P AMT-Free Municipal
the registered investment company in a Commission’s Public Reference Room. Series under NYSE Arca, Inc. (‘‘NYSE Arca’’) Rule
joint enterprise, joint arrangement or 5.2(j)(3), Commentary .02); 72523 (July 2, 2014), 79
profit sharing plan on the basis II. Self-Regulatory Organization’s FR 39016 (July 9, 2014) (SR–NYSEArca–2014–37)
proposed is consistent with the Statement of the Purpose of, and (order approving proposed rule change relating to
provisions, policies and purposes of the Statutory Basis for, the Proposed Rule the listing and trading of iShares 2020 S&P AMT-
Change Free Municipal Series under NYSE Arca Rule
Act and the extent to which such 5.2(j)(3), Commentary .02); and 75468 (July 16,
participation is on a basis different from In its filing with the Commission, the 2015), 80 FR 43500 (July 22, 2015) (SR–NYSEArca–
or less advantageous than that of the Exchange included statements 2015–25) (order approving proposed rule change
relating to the listing and trading of the iShares
other participants. concerning the purpose of and basis for iBonds Dec 2021 AMT-Free Muni Bond ETF and
For the Commission, by the Division of the proposed rule change and discussed iShares iBonds Dec 2022 AMT-Free Muni Bond
Investment Management, under delegated any comments it received on the ETF under NYSE Arca Rule 5.2(j)(3), Commentary
authority. proposed rule change. The text of these .02).
7 See Registration Statement on Form N–1A for
Eduardo A. Aleman, statements may be examined at the the Trust, dated January 9, 2018 (File Nos. 333–
sradovich on DSK3GMQ082PROD with NOTICES
Assistant Secretary. places specified in Item IV below. The 92935 and 811–09729). The descriptions of the
[FR Doc. 2018–10383 Filed 5–15–18; 8:45 am] Exchange has prepared summaries, set Fund and the Shares contained herein are based, in
forth in Sections A, B, and C below, of part, on information in the Registration Statement.
BILLING CODE 8011–01–P
The Commission has issued an order granting
1 15
certain exemptive relief to the Trust under the
8 Applicants state that any pledge of securities to U.S.C. 78s(b)(1). Investment Company Act of 1940 (15 U.S.C. 80a–
2 17 CFR 240.19b–4.
secure an interfund loan could constitute a 1) (‘‘1940 Act’’) (the ‘‘Exemptive Order’’). See
3 15 U.S.C. 78s(b)(3)(A).
purchase of securities for purposes of section Investment Company Act Release No. 28021
17(a)(2) of the Act. 4 17 CFR 240.19b–4(f)(6)(iii). (October 24, 2007) (File No. 812–13426).
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Document Created: 2018-11-02 09:13:30
Document Modified: 2018-11-02 09:13:30
| 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 September 14, 2017, and | |
| Contact | Jean E. Minarick, Senior Counsel, at (202) 551-6811, or Kaitlin C. Bottock, Branch Chief, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office). | |
| FR Citation | 83 FR 22720 |
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