83 FR 25086 - Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 105 (May 31, 2018)
Federal Register Volume 83, Issue 105 (May 31, 2018)
| Page Range | 25086-25087 | |
| FR Document | 2018-11729 |
[Federal Register Volume 83, Number 105 (Thursday, May 31, 2018)] [Notices] [Pages 25086-25087] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-11729] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 33109] Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940 May 25, 2018. The following is a notice of applications for deregistration under section 8(f) of the Investment Company Act of 1940 for the month of May 2018. A copy of each application may be obtained via the Commission's website by searching for the file number, or for [[Page 25087]] an applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090. An order granting each application will be issued unless the SEC orders a hearing. Interested persons may request a hearing on any application by writing to the SEC's Secretary at the address below and serving the relevant applicant with a copy of the request, personally or by mail. Hearing requests should be received by the SEC by 5:30 p.m. on June 19, 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. FOR FURTHER INFORMATION CONTACT: Shawn Davis, Branch Chief, at (202) 551-6413 or Chief Counsel's Office at (202) 551-6821; SEC, Division of Investment Management, Chief Counsel's Office, 100 F Street NE, Washington, DC 20549-8010. Alpine Equity Trust [File No. 811-05684] Alpine Income Trust [File No. 811-21210] Alpine Series Trust [File No. 811-10405] Summary: Each applicant seeks an order declaring that it has ceased to be an investment company. Applicants transferred their assets to the Aberdeen Funds and, on May 7, 2018, made final distributions to their shareholders based on net asset value. Aggregate expenses of $704,589 incurred in connection with the reorganizations were paid by the applicants' investment adviser and the acquiring funds' investment adviser. Filing Dates: The applications were filed on May 11, 2018, and amended on May 23, 2018. Applicants' Addresses: 2500 Westchester Avenue, Suite 215, Purchase, New York 10577. Bond Portfolio II [File No. 811-23008] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On April 21, 2016, applicant made a liquidating distribution to its shareholders, based on net asset value. No expenses were incurred in connection with the liquidation. Filing Dates: The application was filed on May 5, 2017, and amended on May 1, 2018. Applicant's Address: Two International Place, Boston, Massachusetts 02110. Compass Strategic Investments Fund [File No. 811-09021] Summary: Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. Applicant has never made a public offering of its securities and does not propose to make a public offering. Applicant will continue to operate in reliance on Section 3(c)(1) or 3(c)(7) of the Act, or another applicable exclusion or exemption. Filing Dates: The application was filed on April 5, 2018, and amended on May 18, 2018. Applicant's Address: MIO Partners, Inc, 245 Park Avenue, 13th Floor, New York, New York 10167. Partners Income Fund [File No. 811-06708] Summary: Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. The applicant has transferred its assets to Compass Special Situations Fund LLC, and, on November 1, 2006, made a final distribution to its shareholders based on net asset value. Expenses of $42,065 incurred in connection with the reorganization were paid by the acquiring fund. Filing Dates: The application was filed on April 5, 2018, and amended on May 18, 2018. Applicant's Address: MIO Partners, Inc, 245 Park Avenue, 13th Floor, New York, New York 10167. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-11729 Filed 5-30-18; 8:45 am] BILLING CODE 8011-01-P
![25086 Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
decreasing the degree to which the B. Consistency With Rules 17Ad– collection and the close out of positions
default variance is subject to sudden 22(e)(6)(i), (e)(6)(iii), and (e)(6)(iv) following a participant default.106
jumps across volatile months. Under the Act Additionally, as discussed in the
Taken together, the Commission The Commission believes that the Proposed Rule Change,107 the proposal
changes proposed in the Proposed Rule would introduce daily updates for price
believes that these proposals would
Change are consistent with Rules 17Ad– data for equity products, which data
improve the accuracy of OCC’s credit
22(e)(6)(i), (e)(6)(iii), and (e)(6)(iv) under would be obtained from a reliable
exposure calculations and, industry vendor. Taken together, the
consequently, OCC’s calculations of its the Act, which requires that OCC
establish, implement, maintain, and Commission believes that the changes
clearing members’ margin requirements. and modifications proposed in the
As described above, the proposed enforce written policies and procedures
reasonably designed to cover its credit Proposed Rule Change would help
changes are designed to better limit ensure that OCC’s margin methodology
exposures to its participants by
OCC’s credit exposure to the clearing utilizes a reliable source of timely price
establishing a risk-based margin system
members in the event of a clearing that, among other things: (i) Considers, data, which would better reflect current
member default, which could help and produces margin levels market conditions than the current
ensure that OCC’s operations are not commensurate with the risks and monthly updates, and thereby result in
disrupted in the event of a clearing particular attributes of each relevant more accurate and responsive margin
member default. In particular, the daily product, portfolio, and market; (ii) requirements.108 Consequently, the
updates of the pricing data, the calculates margin sufficient to cover its Commission finds that the proposal is
enhancements to the econometric potential future exposure to participants consistent with Rules 17Ad–22(e)(6)(i),
model, and the enhancements to the in the interval between the last margin (e)(6)(iii), and (e)(6)(iv) under the Act.
correlation estimates promote more collection and the close out of positions IV. Conclusion
accurate and stable model following a participant default; and (iii)
On the basis of the foregoing, the
measurements that have less volatility. uses reliable sources of timely price data
Commission finds that the proposed
Moreover, the enhancements to the and uses procedures and sound
change is consistent with the
defaulting securities methodology will valuation models for addressing
requirements of the Act, and in
decrease the manner in which the circumstances in which pricing data is
particular, with the requirements of
default estimates are affected by illiquid not readily available or reliable.99
As described above, the proposal Section 17A of the Act 109 and the rules
securities and reduce the amount to and regulations thereunder.
which the default variance is subject to contained in the Proposed Rule Change
It is therefore ordered, pursuant to
would make several amendments to
sudden jumps, further promoting stable Section 19(b)(2) of the Act,110 that the
OCC’s margin methodology designed to
model measurements with less Proposed Rule Change (SR–OCC–2017–
improve how it: (i) Accounts for
volatility. 022) be, and it hereby is, approved.
asymmetry in conditional variance; 100
By better limiting credit exposure to (ii) models the statistical distribution of For the Commission, by the Division of
its clearing members, OCC’s proposed price returns; 101 (iii) models second– Trading and Markets, pursuant to delegated
day volatility forecasts; 102 (iv) estimates authority.111
changes are designed to help ensure
that, in the event of a clearing member covariance and correlations between Eduardo A. Aleman,
default, OCC’s operations would not be risk factors to provide for stable and Assistant Secretary.
disrupted. As a result, it could continue sensitive correlation estimations; 103 and [FR Doc. 2018–11615 Filed 5–30–18; 8:45 am]
to clear and settle securities transactions (v) treats defaulting securities by BILLING CODE 8011–01–P
as promptly and accurately as possible reducing the impact that illiquid
and safeguard the securities and funds securities with discontinuous data have
on default variance estimates.104 SECURITIES AND EXCHANGE
in its custody or control, which COMMISSION
The Commission believes the
generally would help protect investors
modifications proposed are designed to [Investment Company Act Release No.
and the public interest. Additionally, improve the manner in which STANS
OCC’s enhanced ability to determine 33109]
would calculate daily margin
margin requirements should help ensure requirements for OCC’s clearing Notice of Applications for
that non-defaulting clearing members members. Consequently, the Deregistration Under Section 8(f) of the
would not be exposed to losses that they Commission believes that the proposal Investment Company Act of 1940
cannot anticipate or control, which also is designed to both (i) consider, and
generally would help protect investors produce margin levels commensurate May 25, 2018.
and the public interest. with, the risks and particular attributes The following is a notice of
of each relevant product, portfolio, and applications for deregistration under
As a result, the Commission believes section 8(f) of the Investment Company
the Proposed Rule Change is designed to market 105 and (ii) calculate margin
sufficient to cover OCC’s potential Act of 1940 for the month of May 2018.
promote the prompt and accurate A copy of each application may be
clearance and settlement of securities future exposure to participants in the
interval between the last margin obtained via the Commission’s website
transactions, assure the safeguarding of by searching for the file number, or for
securities and funds which are in the 99 17 CFR 240.17AD–22(e)(6)(i), (e)(6)(iii), and
custody or control of the clearing agency (e)(6)(iv). 106 See 17 CFR 240.17Ad–22(e)(6)(iii).
amozie on DSK3GDR082PROD with NOTICES1
or for which it is responsible, and, in 100 See Notice of Filing of Proposed Rule Change, 107 See Notice, 82 FR at 57307.
general, to protect investors and the 82 FR at 57306. 108 See 17 CFR 240.17Ad–22(e)(6)(iv).
101 Id. 109 In approving this Proposed Rule Change, the
public interest in accordance with 102 Id. Commission has considered the proposed rule’s
Section 17A(b)(3)(F) of the Act.98 103 Id. impact on efficiency, competition, and capital
104 See Notice of Filing of Proposed Rule change, formation. See 15 U.S.C. 78c(f).
82 FR at 57306–57307. 110 15 U.S.C. 78s(b)(2).
98 Id. 105 See 17 CFR 240.17Ad–22(e)(6)(i). 111 17 CFR 200.30–3(a)(12).
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![Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices 25087
an applicant using the Company name on net asset value. No expenses were SECURITIES AND EXCHANGE
box, at http://www.sec.gov/search/ incurred in connection with the COMMISSION
search.htm or by calling (202) 551– liquidation.
8090. An order granting each Filing Dates: The application was [Release No. 34–83321; File No. SR–OCC–
application will be issued unless the 2018–007]
filed on May 5, 2017, and amended on
SEC orders a hearing.
Interested persons may request a May 1, 2018. Self-Regulatory Organizations; The
hearing on any application by writing to Applicant’s Address: Two Options Clearing Corporation; Notice
the SEC’s Secretary at the address below International Place, Boston, of Filing of Amendment No. 1 and
and serving the relevant applicant with Massachusetts 02110. Order Approving Proposed Rule
a copy of the request, personally or by Change, as Modified by Amendment
mail. Hearing requests should be Compass Strategic Investments Fund No. 1, Related to The Options Clearing
received by the SEC by 5:30 p.m. on [File No. 811–09021] Corporation’s Trade Acceptance and
June 19, 2018, and should be Summary: Applicant, a closed-end Novation Rules
accompanied by proof of service on
investment company, seeks an order May 24, 2018.
applicants, in the form of an affidavit or,
declaring that it has ceased to be an On March 23, 2018, the Options
for lawyers, a certificate of service.
Pursuant to Rule 0–5 under the Act, investment company. Applicant has Clearing Corporation (‘‘OCC’’) filed with
hearing requests should state the nature never made a public offering of its the Securities and Exchange
of the writer’s interest, any facts bearing securities and does not propose to make Commission (‘‘Commission’’), pursuant
upon the desirability of a hearing on the a public offering. Applicant will to Section 19(b)(1) of the Securities
matter, the reason for the request, and continue to operate in reliance on Exchange Act of 1934 (‘‘Act’’),1 and
the issues contested. Persons who wish Section 3(c)(1) or 3(c)(7) of the Act, or Rule 19b–4 thereunder,2 proposed rule
to be notified of a hearing may request another applicable exclusion or change SR–OCC–2018–007. The
notification by writing to the exemption. proposed rule change was published for
Commission’s Secretary. Filing Dates: The application was comment in the Federal Register on
ADDRESSES: The Commission: Secretary,
April 9, 2018.3 The Commission did not
filed on April 5, 2018, and amended on
U.S. Securities and Exchange receive any comments on the proposed
May 18, 2018.
Commission, 100 F Street NE, rule change. On April 19, 2018, OCC
Applicant’s Address: MIO Partners, filed Amendment No. 1 to the proposed
Washington, DC 20549–1090.
Inc, 245 Park Avenue, 13th Floor, New rule change.4 The Commission is
FOR FURTHER INFORMATION CONTACT:
York, New York 10167. publishing this notice to solicit
Shawn Davis, Branch Chief, at (202)
comment on Amendment No. 1 from
551–6413 or Chief Counsel’s Office at Partners Income Fund [File No. 811–
interested persons and is approving the
(202) 551–6821; SEC, Division of 06708]
proposed rule change, as modified by
Investment Management, Chief
Summary: Applicant, a closed-end Amendment No. 1.
Counsel’s Office, 100 F Street NE,
Washington, DC 20549–8010. investment company, seeks an order I. Description of the Proposed Rule
declaring that it has ceased to be an Change 5
Alpine Equity Trust [File No. 811– investment company. The applicant has
05684] OCC proposed to amend OCC’s By-
transferred its assets to Compass Special
Laws (‘‘By-Laws’’) and Rules to: (1)
Alpine Income Trust [File No. 811– Situations Fund LLC, and, on November Clarify the time at which OCC accepts
21210] 1, 2006, made a final distribution to its and novates 6 the transactions that it
Alpine Series Trust [File No. 811– shareholders based on net asset value. clears; (2) streamline provisions in the
10405] Expenses of $42,065 incurred in By-Laws and Rules related to trade
Summary: Each applicant seeks an connection with the reorganization were reporting and novation; and (3) delete
order declaring that it has ceased to be paid by the acquiring fund. provisions that apply only to certain
an investment company. Applicants Filing Dates: The application was dormant products that OCC no longer
transferred their assets to the Aberdeen filed on April 5, 2018, and amended on clears and settles or that are no longer
Funds and, on May 7, 2018, made final May 18, 2018. applicable to OCC’s current clearing
distributions to their shareholders based processes.
Applicant’s Address: MIO Partners,
on net asset value. Aggregate expenses Inc, 245 Park Avenue, 13th Floor, New
of $704,589 incurred in connection with York, New York 10167.
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
the reorganizations were paid by the
applicants’ investment adviser and the For the Commission, by the Division of 3 Securities Exchange Act Release No. 82984
Investment Management, pursuant to (April 3, 2018), 83 FR 15181 (April 9, 2018) (SR–
acquiring funds’ investment adviser. OCC–2018–007) (‘‘Notice’’).
Filing Dates: The applications were delegated authority. 4 OCC submitted Amendment No. 1 to correct an
filed on May 11, 2018, and amended on Eduardo A. Aleman, error in Exhibit 5B of the Notice, which did not
May 23, 2018. Assistant Secretary. accurately reflect the text of existing OCC Rule
Applicants’ Addresses: 2500 2202(c) and erroneously contained proposed
[FR Doc. 2018–11729 Filed 5–30–18; 8:45 am] changes to that inaccurate text. Amendment No. 1
Westchester Avenue, Suite 215, clarifies that the rule text for existing Rule 2202(c)
BILLING CODE 8011–01–P
Purchase, New York 10577.
amozie on DSK3GDR082PROD with NOTICES1
would remain unchanged and would not be affected
by the proposed rule change.
Bond Portfolio II [File No. 811–23008] 5 The subsequent description of the proposed rule
Summary: Applicant seeks an order change is substantially excerpted from OCC’s
declaring that it has ceased to be an description in the Notice. See Notice, 83 FR 15181–
15186.
investment company. On April 21, 6 In this context, novation is the process through
2016, applicant made a liquidating which OCC is substituted as the buyer to the seller
distribution to its shareholders, based and the seller to the buyer for each cleared contact.
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Document Created: 2018-05-31 00:48:06
Document Modified: 2018-05-31 00:48:06
| 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 | |
| Dates | The applications were filed on May 11, 2018, and amended on May 23, 2018. | |
| Contact | Shawn Davis, Branch Chief, at (202) 551-6413 or Chief Counsel's Office at (202) 551-6821; SEC, Division of Investment Management, Chief Counsel's Office, 100 F Street NE, Washington, DC 20549-8010. | |
| FR Citation | 83 FR 25086 |
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