[Federal Register: November 1, 2007 (Volume 72, Number 211)]
[Notices]
[Page 61921-61923]
[DOCID:fr01no07-90]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56704; File No. SR-CHX-2007-20]

Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Permitting Certain Transactions To Have Post-Trade Anonymity

October 25, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on October 16, 2007, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared substantially by the Exchange.
The Exchange filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which
renders it effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its rules to allow participants to
request post-trade anonymity with respect to certain transactions
executed on the Exchange. The text of the proposed rule change is
available at http://www.chx.com, at the Exchange, and the Commission's

Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, CHX included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received regarding the proposal. The text of
these statements may be examined at the places specified in Item IV
below. CHX has prepared summaries, set forth in Sections A, B, and C
below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Currently, when a trade occurs on the Exchange, a report is sent to
the parties to the trade, or to the participant that submitted the
trade on behalf of its customer, confirming details about the
transaction, such as the number of shares executed, the price of the
execution, and the identities of the parties to the trade. Similar
information about the trade is sent to the National Securities Clearing
Corporation (``NSCC'') for clearing purposes.
    Through this proposal, CHX's participants would be allowed to
request that their identities be kept confidential on trade and
clearing reports associated with single-sided executions, except when
necessary for regulatory and other identified purposes.\5\ CHX would
reveal the identity of a participant or the participant's clearing
firm: (1) For regulatory purposes or to comply with an order of a court
or arbitrator; (2) if the NSCC ceases to act for a participant or a
participant's clearing firm and NSCC determines not to guarantee the
settlement of a participant's trades; or (3) if both parties to the
trade consent.\6\
---------------------------------------------------------------------------

    \5\ See Proposed Article 21, Rule 5(a) and (b). The CHX's trade
reporting functionality would be designed to keep confidential the
identity of any party to a trade that requests anonymity, but to
reveal the identities of other parties to the trade. The clearing
functionality, on the other hand, would initially be designed such
that, if any party to a transaction requests anonymity, the entire
transaction would be considered anonymous. If later changes in the
clearing technology permit a more refined outcome, CHX represents
that it likely would seek to modify this functionality to mirror the
trade reporting design described above.
    \6\ While the Exchange would keep contra party information
confidential for an anonymous trade that was being reviewed through
the initial stages of the Exchange's clearly erroneous or systems
disruption trade review process, the Exchange would reveal that
information upon any request for an appeal from the Exchange's
decision on those matters and would make that information available
to any participant that seeks to arbitrate a dispute relating to an
otherwise anonymous trade. The Exchange believes that it is
appropriate to reveal contra party information in these and other
similar circumstances pursuant to the proposed ``regulatory
purposes'' exception to the anonymity rule. See Proposed Article 21,
Rule 5(b).
---------------------------------------------------------------------------

    The Exchange proposes that these anonymity rules apply to all
trades executed on the Exchange except the execution of cross
orders.\7\ The Exchange believes that it would be difficult to provide
anonymity protection to cross orders and still provide the participant
submitting the order with a sufficiently detailed trade or clearing
report to permit it to effectively service its customers' needs.
---------------------------------------------------------------------------

    \7\ See Proposed Article 21, Rule 5(e).
---------------------------------------------------------------------------

    Under the proposed rule, the Exchange would reveal to a
participant, no later than the end of the day on the date an anonymous
trade was executed, when that participant has submitted an order that
has executed against an order submitted by that same participant.\8\ In
addition, because CHX's participants would not be able to retain
information about the contra parties to anonymous transactions, CHX
would keep that information in its original electronic form for the
time periods required by

the Commission's broker-dealer record-keeping rules.\9\
---------------------------------------------------------------------------

    \8\ See Proposed Article 21, Rule 5(c).
    \9\ See Proposed Article 21, Rule 5(d). The Exchange intends to
separately seek no-action relief, on behalf of its participants,
relating to participants' record-keeping obligations in connection
with the anonymous trades. In addition, the Exchange would seek
exemptive relief, on behalf of its participants, from certain
requirements of Rule 10b-10(a) under the Act. The Exchange will not
begin using the post-trade anonymity features until necessary
exemptive and no-action relief have been granted.
---------------------------------------------------------------------------

    The trade reports that NSCC receives from CHX for anonymous trades
would contain the identities of the parties to the trade to enable NSCC
to conduct its risk management functions, but would contain an
indicator noting that the trade was anonymous. NSCC reports issued to
CHX participants with respect to these anonymous trades would
substitute ``ANON'' for the acronym of the contra party. This handling
of the data is designed to allow NSCC to conduct its risk management
functions and to settle anonymous trades. If NSCC ceases to act for a
member which is the unidentified contra side of any trades received
from CHX, the Exchange would have the responsibility to identify to its
participants the trades which are with the affected participant.
    The Exchange believes that post-trade anonymity would benefit
investors because preserving anonymity through settlement limits the
potential impact that a participant's identity may have on the trading
strategies used, and assumptions made, by other market participants.
Other exchanges have implemented similar rule provisions.\10\
---------------------------------------------------------------------------

    \10\ See e.g., NYSE Arca Equities Rule 7.41 and International
Securities Exchange Rule 2117.
---------------------------------------------------------------------------

    The Exchange plans to implement this proposal in two stages--first
offering anonymous trade reports and, when all changes have been made
to CHX and NSCC systems, allowing that anonymity to continue through
the clearing and settlement process. The Exchange anticipates that the
anonymous trade reports would be available on or before November 15,
2007, and that the anonymous clearing reports would be available in
late 2007 or during the first quarter of 2008.\11\
---------------------------------------------------------------------------

    \11\ See note 9, supra (noting that the Exchange will seek no-
action and exemptive relief before implementing its proposed
anonymous trade functionality).
---------------------------------------------------------------------------

2. Statutory Basis
    CHX stated its belief that the proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\12\ The proposed rule
change is consistent with Section 6(b)(5) of the Act \13\ because it
would promote just and equitable principles of trade, remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, protect investors and the
public interest by permitting the Exchange to provide to its
participants the same option as they would have on other exchanges \14\
to request that their identities be kept confidential on trade and
clearing reports.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ See e.g., NYSE Arca Equities Rule 7.41 and International
Securities Exchange Rule 2117.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \15\ and Rule 19b-4(f)(6) \16\ thereunder
because the proposal does not: (i) Significantly affect the protection
of investors or the public interest; (ii) impose any significant burden
on competition; and (iii) by its terms, become operative for 30 days
from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest.\17\
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ In addition, Rule 19b-4(f)(6)(iii) requires that a self-
regulatory organization submit to the Commission written notice of
its intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. See 17
CFR 240.19b-4(f)(6)(iii). The Commission notes that CHX has
satisfied the five-day pre-filing requirement.
---------------------------------------------------------------------------

    Normally, a proposed rule change filed under Rule 19(b)-4(f)(6) may
not become operative prior to 30 days after the date of filing.\18\
However, Rule 19b-4(f)(6)(iii) under the Act \19\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay
period. The Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. The Commission notes that it has previously considered
substantially similar rule changes providing post-trade anonymity,\20\
and CHX's proposed rule change does not raise any new regulatory
issues. Accordingly, the Commission designates the proposed rule change
to be effective and operative immediately upon filing with the
Commission.\21\
---------------------------------------------------------------------------

    \18\ 17 CFR 240.19b-4(f)(6).
    \19\ 17 CFR 240.19b-4(f)(6)(iii).
    \20\ See Securities Exchange Act Release Nos. 49786 (May 28,
2004), 69 FR 32087 (June 8, 2004) (SR-PCX-2004-40) and 54528
(September 28, 2006), 71 FR 58650 (October 4, 2006) (SR-ISE-2006-
48).
    \21\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.\22\
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-CHX-2007-20 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CHX-2007-20. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of CHX. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CHX-2007-20 and should be
submitted on or before November 23, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

    \23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E7-21484 Filed 10-31-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: March 25, 2009 (Volume 74, Number 56)]
[Rules and Regulations]
[Page 12657-12659]
[DOCID:fr25mr09-34]

-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 65

[Docket ID FEMA-2008-0020]

Changes in Flood Elevation Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: Modified Base (1% annual-chance) Flood Elevations (BFEs) are
finalized for the communities listed below. These modified BFEs will be
used to calculate flood insurance premium rates for new buildings and
their contents.

DATES: The effective dates for these modified BFEs are indicated on the
following table and revise the Flood Insurance Rate Maps (FIRMs) in
effect for the listed communities prior to this date.

ADDRESSES: The modified BFEs for each community are available for
inspection at the office of the Chief Executive Officer of each
community. The respective addresses are listed in the table below.

FOR FURTHER INFORMATION CONTACT: William R. Blanton, Jr., Engineering
Management Branch, Mitigation Directorate, Federal Emergency Management
Agency, 500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final determinations listed below of the modified BFEs
for each community listed. These modified BFEs have been published in
newspapers of local circulation and ninety (90) days have elapsed since
that publication. The Mitigation Division Director of FEMA resolved any
appeals resulting from this notification.
    The modified BFEs are not listed for each community in this notice.
However, this final rule includes the address of the Chief Executive
Officer of the community where the modified BFEs determinations are
available for inspection.
    The modified BFEs are made pursuant to section 206 of the Flood
Disaster Protection Act of 1973, 42 U.S.C. 4105, and are in accordance
with the National Flood Insurance Act of 1968, 42 U.S.C. 4001 et seq.,
and with 44 CFR part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The modified BFEs are the basis for the floodplain management
measures that the community is required to either adopt or to show
evidence of being already in effect in order to qualify or to remain
qualified for participation in the National Flood Insurance Program
(NFIP).
    These modified BFEs, together with the floodplain management
criteria required by 44 CFR 60.3, are the minimum that are required.
They should not be construed to mean that the community must change any
existing ordinances that are more stringent in their floodplain
management requirements. The community may at any time enact stricter
requirements of its own, or pursuant to policies established by other
Federal, State, or regional entities.
    These modified BFEs are used to meet the floodplain management
requirements of the NFIP and are also used to calculate the appropriate
flood insurance premium rates for new buildings built after these
elevations are made final, and for the contents in these buildings. The
changes in BFEs are in accordance with 44 CFR 65.4.
    National Environmental Policy Act. This final rule is categorically
excluded from the requirements of 44 CFR part 10, Environmental
Consideration. An environmental impact assessment has not been
prepared.
    Regulatory Flexibility Act. As flood elevation determinations are
not within the scope of the Regulatory Flexibility Act, 5 U.S.C. 601-
612, a regulatory flexibility analysis is not required.
    Regulatory Classification. This final rule is not a significant
regulatory action under the criteria of section 3(f) of Executive Order
12866 of September 30, 1993, Regulatory Planning and Review, 58 FR
51735.
    Executive Order 13132, Federalism. This final rule involves no
policies that have federalism implications under Executive Order 13132,
Federalism.
    Executive Order 12988, Civil Justice Reform. This final rule meets
the applicable standards of Executive Order 12988.

List of Subjects in 44 CFR Part 65

    Flood insurance, Floodplains, Reporting and recordkeeping
requirements.

0
Accordingly, 44 CFR part 65 is amended to read as follows:

PART 65--[AMENDED]

0
1. The authority citation for part 65 continues to read as follows:

    Authority: 42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of
1978, 3 CFR, 1978 Comp., p. 329; E.O. 12127, 44 FR 19367, 3 CFR,
1979 Comp., p.376.

Sec.  65.4  [Amended]

0
2. The tables published under the authority of Sec.  65.4 are amended
as follows:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             Date and name of
         State and county           Location and case No.     newspaper where     Chief executive officer    Effective date of modification   Community
                                                           notice was published         of community                                             No.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Arizona: Maricopa (FEMA Docket      City of Phoenix (06-   December 27, 2007;    The Honorable Phil         April 3, 2008..................       040051
 No.: B-1019).                       09-B582P).             January 3, 2008;      Gordon, Mayor, City of
                                                            Arizona Business      Phoenix, 200 West
                                                            Gazette.              Washington Street, 11th
                                                                                Floor, Phoenix, AZ 85003-
                                                                                1611.
California:
    Fresno (FEMA Docket No.: B-     Unincorporated areas   August 26, 2008;      The Honorable Henry        June 16, 2008..................       065029
     1015).                          of Fresno County (07-  September 2, 2008;    Perea, Chairman, Fresno
                                     09-1791P).             The Fresno Bee.       County, Board of
                                                                                Supervisors 2281 Tulare
                                                                                Street, Room 300 Fresno,
                                                                                CA 93721.
    San Diego (FEMA Docket No.: B-  City of Escondido (07- July 24, 2008; July   The Honorable Lori Holt    November 28, 2008..............       060290
     1001).                          09-1345P).             31, 2008; San Diego   Pfeiler Mayor, City of
                                                            Transcript.           Escondido 201 North
                                                                                Broadway Escondido, CA
                                                                                92025.
Colorado:

    Arapahoe (FEMA Docket No.: B-   Unincorporated areas   July 17, 2008; July   The Honorable Susan        November 21, 2008..............       080011
     1001).                          of Arapahoe County     24, 2008; Aurora      Beckman, Chair, Arapahoe
                                     (08-08-0536P).         Sentinel.             County, Board of
                                                                                Commissioners, 5334
                                                                                South Prince Street,
                                                                                Littleton, CO 80166-0001.
    Arapahoe (FEMA Docket No.: B-   City of Aurora (08-08- July 17, 2008; July   The Honorable Ed Tauer     November 21, 2008..............       080002
     1001).                          0536P).                24, 2008; Aurora      Mayor, City of Aurora,
                                                            Sentinel.             15151 East Alameda
                                                                                Parkway, Aurora, CO
                                                                                80012.
    Arapahoe (FEMA Docket No.: B-   City of Centennial     July 17, 2008; July   The Honorable Randy Pye,   November 21, 2008..............       080315
     1001).                          (08-08-0536P).         24, 2008; Aurora      Mayor, City of
                                                            Sentinel.             Centennial, City of
                                                                                Centennial Office, 12503
                                                                                East Euclid Drive, Suite
                                                                                200 Centennial, CO 80111.
Connecticut:
    Fairfield (FEMA Docket No.: B-  City of Stamford (08-  June 20, 2008; June   The Honorable Dannel P.    May 30, 2008...................       090015
     1019).                          01-0709P).             27, 2008; The         Malloy, Mayor, City of
                                                            Advocate.             Stamford, 888 Washington
                                                                                Boulevard, Stamford, CT
                                                                                06904.
Florida: Polk (FEMA Docket No.: B-  City of Winter Haven   July 17, 2008; July   The Honorable Nathaniel    November 21, 2008..............       120271
 1001).                              (08-04-2591P).         24, 2008; Winter      Birdsong, Jr., Mayor,
                                                            Haven News Chief.     City of Winter Haven,
                                                                                451 Third Street,
                                                                                Northwest, Winter Haven,
                                                                                FL 33881.
Georgia: Columbia (FEMA Docket      Unincorporated areas   July 27, 2008;        The Honorable Ron C.       December 2, 2008...............       130059
 No.: B-1001).                       of Columbia County     August 3, 2008;       Cross, Chairman,
                                     (08-04-0423P).         Columbia County       Columbia County, Board
                                                            News-Times.           of Commissioners, P.O.
                                                                                Box 498, Evans, GA 30809.
Idaho:
    Ada (FEMA Docket No.: B-7776).  Unincorporated areas   February 28, 2008;    The Honorable Fred         July 7, 2008...................       160001
                                     of Ada County (07-10-  March 6, 2008;        Tilman, Chairman, Ada
                                     0624P).                Idaho Statesman.      County, Board of
                                                                                Commissioners, 200 West
                                                                                Front Street, Boise, ID
                                                                                83702.
    Ada (FEMA Docket No.: B-7776).  City of Meridian (07-  February 28, 2008;    The Honorable Tammy De     July 7, 2008...................       160180
                                     10-0624P).             March 6, 2008;        Weerd, Mayor, City of
                                                            Idaho Statesman.      Meridian, 33 East Idaho
                                                                                Avenue, Meridian, ID
                                                                                83642-2300.
Illinois: Cook (FEMA Docket No.: B- Village of Barrington  May 22, 2008; May     The Honorable Robert G.    April 30, 2008.................       170058
 1019).                              Hills (08-05-2649P).   29, 2008;             Abboud, President,
                                                            Barrington Courier    Village of Barrington
                                                            Review.               Hills, 112 Algonquin
                                                                                Road, Barrington Hills,
                                                                                IL 60010.
Iowa: Dallas (FEMA Docket No.: B-   City of Grainger (08-  August 21, 2008;      The Honorable James        July 31, 2008..................       190104
 1008).                              07-0907P).             August 28, 2008;      Doyle, Mayor, City of
                                                            Northeast Dallas      Granger, 1906 Main
                                                            Record.               Street, Granger, IA
                                                                                50109.
Maryland:
    Carroll (FEMA Docket No.: B-    Unincorporated areas   July 31, 2008;        The Honorable Julia        December 5, 2008...............       240015
     1001).                          of Carroll County      August 7, 2008;       Gouge, Commissioner,
                                     (08-03-0973P).         Carroll County        Carroll County, 225
                                                            Times.                North Center Street,
                                                                                Westminster, MD 21157.
    Carroll (FEMA Docket No.: B-    City of Westminster    July 31, 2008;        The Honorable Thomas K.    December 5, 2008...............       240018
     1001).                          (08-03-0973P).         August 7, 2008;       Ferguso,n Mayor, City of
                                                            Carroll County        Westminster, 1838
                                                            Times.                Emerald Hill Lane,
                                                                                Westminster, MD 21158.
New Mexico:
    Sandoval (FEMA Docket No.: B-   Town of Bernalillo     July 17, 2008; July   The Honorable Patricia A.  November 21, 2008..............       350056
     1001).                          (08-06-0693P).         24, 2008; Santa Fe    Chavez, Mayor, Town of
                                                            New Mexican.          Bernalillo, P.O. Box
                                                                                638, Bernalillo, NM
                                                                                87004.
    Sandoval (FEMA Docket No.: B-   City of Rio Rancho     July 17, 2008; July   The Honorable Thomas E.    November 21, 2008..............       350146
     1001).                          (08-06-0693P).         24, 2008; Santa Fe    Swisstack, Mayor, City
                                                            New Mexican.          of Rio Rancho, 3200
                                                                                Civic Center Circle,
                                                                                Northeast, Rio Rancho,
                                                                                NM 87144.
    Sandoval (FEMA Docket No.: B-   Unincorporated areas   July 17, 2008; July   The Honorable Joshua       November 21, 2008..............       350055
     1001).                          of Sandoval County     24, 2008; Santa Fe    Madalena, Chairman,
                                     (08-06-0693P).         New Mexican.          Sandoval County
                                                                                Commission, Sandoval
                                                                                County Courthouse, 711
                                                                                Camino Del Pueblo,
                                                                                Bernalillo, NM 87004.
Ohio:
    Franklin (FEMA Docket No.: B-   Unincorporated areas   August 20, 2008;      The Honorable Mary Jo      August 4, 2008.................       390167
     1015).                          of Franklin County     August 27, 2008;      Kilroy, Commissioner,
                                     (08-05-0337P).         Hilliard News.        Franklin County, 373
                                                                                South High Street, 26th
                                                                                Floor, Columbus, OH
                                                                                43215.
    Franklin (FEMA Docket No.: B-   City of Hilliard (08-  August 20, 2008;      The Honorable Donald J.    August 4, 2008.................       390175
     1015).                          05-0337P).             August 27, 2008;      Schonhardt, Mayor, City
                                                            Hilliard News.        of Hilliard, 3800
                                                                                Municipal Way, Hilliard,
                                                                                OH 43026.
Texas:
    Bastrop (FEMA Docket No.: B-    City of Bastrop (08-   July 9, 2008; July    The Honorable Terry Orr,   November 13, 2008..............       480022
     1019).                          06-0048P).             16, 2008; Elgin       Mayor, City of Bastrop,
                                                            Courier.              P.O. Box 427, Bastrop,
                                                                                TX 78602.
    Bastrop (FEMA Docket No.: B-    Unincorporated areas   July 9, 2008; July    The Honorable Ronnie       November 13, 2008..............       481193
     1019).                          of Bastrop County      16, 2008; Elgin       McDonald, Bastrop County
                                     (08-06-0048P).         Courier.              Judge, 804 Pecan Street,
                                                                                Bastrop, TX 78602.
    Brazos (FEMA Docket No.: B-     City of Bryan (08-06-  August 7, 2008;       The Honorable D. Mark      July 25, 2008..................       480082
     1008).                          0692P).                August 14, 2008;      Conlee, Mayor, City of
                                                            Bryan College         Bryan, 300 South Texas
                                                            Station Eagle.        Avenue, Bryan, TX 77803.

    Brazos (FEMA Docket No.: B-     City of College        July 31, 2008;        The Honorable Ben White,   December 5, 2008...............       480083
     1008).                          Station (08-06-        August 7, 2008;       Mayor, City of College
                                     1882P).                Bryan College         Station, 1101 Texas
                                                            Station Eagle.        Avenue, College Station,
                                                                                TX 77840.
    Johnson (FEMA Docket No.: B-    City of Burleson (08-  August 6, 2008;       The Honorable Kenneth      December 11, 2008..............       485459
     1011).                          06-0660P).             August 13, 2008;      Shetter, Mayor, City of
                                                            Burleson Star.        Burleson, 141 West
                                                                                Renfro Street, Burleson,
                                                                                TX 76028.
    Travis (FEMA Docket No.: B-     City of Austin (08-06- May 1, 2008; May 8,   The Honorable Will Wynn,   September 5, 2008..............       480624
     7785).                          0658P).                2008; Austin          Mayor, City of Austin,
                                                            American Statesman.   P.O. Box 1088, Austin,
                                                                                TX 78767.
Utah: Uintah (FEMA Docket No.: B-   Unincorporated areas   July 22, 2008; July   The Honorable Mike McKee,  November 26, 2008..............       490147
 1001).                              of Uintah County (08-  29, 2008; Uintah      Chairman, Uintah County,
                                     08-0264P).             Basin Standard.       Board of Commissioners,
                                                                                152 East 100 North,
                                                                                Vernal, UT 84078.
Virginia:
    Frederick (FEMA Docket No.: B-  Unincorporated areas   July 28, 2008;        The Honorable Richard C.   December 2, 2008...............       510063
     1001).                          of Frederick County    August 4, 2008; The   Shickle, Chairman At-
                                     (08-03-1051P).         Winchester Star.      Large, Frederick County,
                                                                                Board of Supervisors,
                                                                                292 Green Spring Road,
                                                                                Winchester, VA 22603.
    Independent City (FEMA Docket   City of Lynchburg (08- July 18, 2008; July   The Honorable Joan F.      November 21, 2008..............       510093
     No.: B-1019).                   03-0310P).             25, 2008; The         Foster, 900 Church
                                                            Lynchburg Ledger.     Street, Lynchburg, VA
                                                                                24504.
    Independent City (FEMA Docket   City of Winchester     July 28, 2008;        The Honorable Elizabeth    December 2, 2008...............       510173
     No.: B-1001).                   (08-03-1051P).         August 4, 2008; The   Minor, Mayor, City of
                                                            Winchester Star.      Winchester 231, East
                                                                                Piccadilly Street, Suite
                                                                                310, Winchester, VA
                                                                                22601.
    Independent City (FEMA Docket   City of Winchester     May 8, 2008; May 15,  The Honorable Elizabeth    September 12, 2008.............       510173
     No.: B-7797).                   (08-03-0801P).         2008; The             Minor, Mayor, City of
                                                            Winchester Star.      Winchester, 231 East
                                                                                Piccadilly Street, Suite
                                                                                310, Winchester, VA
                                                                                22601.
Wisconsin: Dane (FEMA Docket No.:   Village of Waunakee    August 14, 2008;      Mr. Kim Wilde, Village     November 26, 2008..............       550093
 B-1019).                            (08-05-1363P).         August 21, 2008;      Administrator, Village
                                                            Waunakee Tribune.     of Waunakee, 500 West
                                                                                Main Street, Waunakee,
                                                                                WI 53597.
Wyoming:
    Sweetwater (FEMA Docket No.: B- City of Rock Springs   September 22, 2007;   The Honorable Timothy A.   October 1, 2007................       560051
     7761).                          (07-08-0796P).         September 27, 2007;   Kaumo, Mayor, City of
                                                            Rock Springs Daily    Rock Springs, 212 D
                                                            Rocket-Miner.         Street, Rock Springs, WY
                                                                                82901.
    Sweetwater (FEMA Docket No.: B- Unincorporated areas   September 22, 2007;   The Honorable Wally        October 1, 2007................       560087
     7761).                          of Sweetwater County   September 27, 2007;   Johnson, Chairman,
                                     (07-08-0796P).         Rock Springs Daily    Sweetwater County, Board
                                                            Rocket-Miner.         of Commissioners, 80
                                                                                West Flamingo, Gorge Way
                                                                                Green River, WY 82935.
--------------------------------------------------------------------------------------------------------------------------------------------------------

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: January 6, 2009.
Michael K. Buckley,
Acting Assistant Administrator, Mitigation Directorate, Department of
Homeland Security, Federal Emergency Management Agency.
 [FR Doc. E9-6630 Filed 3-24-09; 8:45 am]

BILLING CODE 9110-12-P


[Federal Register Volume 80, Number 246 (Wednesday, December 23, 2015)]
[Notices]
[Page 79889]
[FR Doc No: 2015-32198]

-----------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OW-2004-0013; FRL 9940-37-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; EPA Strategic Plan Information on Source
Water Protection

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The U.S. Environmental Protection Agency (EPA) has submitted
an information collection request (ICR), ``EPA Strategic Plan
Information on Source Water Protection'' (EPA ICR No. 1816.06, OMB
Control No. 2040-0197) to the Office of Management and Budget (OMB) for
review and approval in accordance with the Paperwork Reduction Act (44
U.S.C. 3501 et seq.). This is a proposed extension of the ICR, which is
currently approved through December 31, 2015. Public comments were
previously requested via the Federal Register (80 FR 56465) on
September 18, 2015, during a 60-day comment period. This notice allows
for an additional 30 days for public comments. A fuller description of
the ICR is given in this renewal notice, including its estimated burden
and cost to the public. An Agency may not conduct or sponsor and a
person is not required to respond to a collection of information unless
it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before January 22,
2016.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OW-2004-0013, to (1) EPA online using http://www.regulations.gov (our
preferred method), or by mail to: EPA Docket Center, Environmental
Protection Agency, Mail Code 28221T, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460, and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Beth Hall, Drinking Water Protection
Division--Prevention Branch, Office of Ground Water and Drinking Water
(MC 4606M), Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; email
address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at http://www.regulations.gov or in person at the EPA Docket Center, WJC West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Abstract: EPA is collecting, on a voluntary basis, data from states
and territories on their progress toward substantial implementation of
protection strategies for all community water systems (CWSs). The
information to be collected will help states/tribes and EPA understand
the progress toward the Agency's goal of increasing the number of CWSs
(and the populations they serve) with minimized risk to public health
through development and implementation of source water protection
strategies for source water areas. In April of 2015, the National Water
Program published guidance for meeting the water-related goals in the
FY 2014-2018 EPA Strategic Plan. In keeping with this guidance, EPA
specifically tracks the percentage of all CWSs that are implementing
source water protection and the percentage of the total population
which is served by those systems.
    Form Numbers: None.
    Respondents/affected entities: Entities affected by this action are
state and territorial governments.
    Respondent's obligation to respond: Voluntary.
    Estimated number of respondents: 51 (total).
    Frequency of response: Annual.
    Total estimated burden: 342 hours (per year). Burden is defined at
5 CFR 1320.03(b).
    Total estimated cost: $14,853 (per year).
    Changes in the Estimates: There is a decrease of 1,066 hours in the
total estimated burden from the existing approved ICR. This decrease is
because source water protection programs are maturing. State databases
are fully developed and tracking is routine compared to the burden and
costs calculated for the existing ICR.

Courtney Kerwin,
Acting Director, Collection Strategies Division.
[FR Doc. 2015-32198 Filed 12-22-15; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 88, Number 216 (Thursday, November 9, 2023)]
[Rules and Regulations]
[Pages 77205-77207]
[FR Doc No: 2023-24791]

-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2023-0788]
RIN 1625-AA00

Safety Zone; Hillsborough Bay, Tampa, FL

AGENCY: Coast Guard, Department of Homeland Security (DHS).

ACTION: Temporary final rule.

-----------------------------------------------------------------------

SUMMARY: The Coast Guard is establishing a temporary safety zone for
all navigable waters of Tampa Bay between the Tampa Convention Center
and the Tampa General Hospital at the base of Seddon Channel. The
safety zone is needed to protect personnel, vessels, and the marine
environment from potential hazards created by the police exercise.
Entry of vessels or persons into this zone is prohibited unless
specifically authorized by the Captain of the Port, St. Petersburg or a
designated representative.

DATES: This rule is effective from 7 a.m. through 3 p.m. on November
29, 2023.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov, type USCG-
2023-0788 in the search box and click ``Search.'' Next, in the Document
Type column, select ``Supporting & Related Material.''

FOR FURTHER INFORMATION CONTACT: If you have questions about this rule,
call or email Marine Science Technician First Class Mara J. Brown,
Sector St. Petersburg Prevention Department, Coast Guard; telephone
813-228-2191, email [email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good

cause finds that those procedures are ``impracticable, unnecessary, or
contrary to the public interest.'' Under 5 U.S.C. 553(b)(B), the Coast
Guard finds that good cause exists for not publishing a notice of
proposed rulemaking (NPRM) with respect to this rule because it would
be impracticable. Immediate action is needed to protect vessels, and
the marine environment in small portion of the Hillsborough Bay within
the safety zone while the exercise is being conducted. The Coast Guard
lacks sufficient time to provide for a comment period and then consider
those comments before issuing the rule since this rule is needed by
November 29, 2023.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule would be impracticable because immediate action is needed in
order to protect vessels, and the marine environment in small portion
of the Hillsborough Bay within the safety zone while the exercise is
being conducted.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034. The Captain of the Port St Petersburg (COTP) has determined that
potential hazards associated with the police on November 29, 2023, will
be a safety concern for anyone within the waters of the Tampa
Convention Center and Tampa General Hospital. This rule is needed to
protect personnel, vessels, and the marine environment in the navigable
waters within the safety zone while the exercise is being conducted.

IV. Discussion of the Rule

    This rule establishes a safety zone from 7 a.m. until 3 p.m. on
November 29, 2023. The safety zone will cover all navigable waters
between the Tampa Convention Center and the Tampa General Hospital at
the base of Seddon Channel. The duration of the zone is intended to
protect personnel, vessels, and the marine environment in these
navigable waters while the Tampa Police exercise is being conducted. No
vessel or person will be permitted to enter the safety zone without
obtaining permission from the COTP or a designated representative.
Vessels may be directed through the safety zone by on scene law
enforcement personnel.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action,'' under section 3(f) of Executive Order 12866, as
amended by Executive Order 14094 (Modernizing Regulatory Review).
Accordingly, this rule has not been reviewed by the Office of
Management and Budget (OMB).
    This regulatory action determination is based on the size,
location, duration, and time-of-day of the safety zone. Vessel traffic
will be able to safely transit around this safety zone which would
impact a small, designated area where the Hillsborough River and Seddon
Channel meet. Moreover, the Coast Guard would issue a Broadcast Notice
to Mariners via BHF-FM marine channel 16 about the zone, and the rule
would allow vessels to seek permission to enter the zone.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
call or email the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the National Government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or Tribal Government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01, Rev. 1, associated implementing instructions, and
Environmental Planning COMDTINST 5090.1 (series), which guide the Coast
Guard in complying with the National Environmental Policy Act of 1969
(42 U.S.C. 4321-4370f), and have determined that this action is one of
a category of actions that do not individually or cumulatively have a
significant effect on the human environment. This rule involves a
safety zone lasting only 8 hours during the police exercise. It is
categorically excluded from further review under paragraph L60(a) of
Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01, Rev. 1. A
Record of Environmental Consideration supporting this determination is
available in the docket. For instructions on locating the docket, see
the ADDRESSES section of this preamble.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to call or email the person listed in the FOR
FURTHER INFORMATION CONTACT section to coordinate protest activities so
that your message can be received without jeopardizing the safety or
security of people, places, or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 46 U.S.C. 70034, 70051, 70124; 33 CFR 1.05-1, 6.04-1,
6.04-6, and 160.5; Department of Homeland Security Delegation No.
00170.1, Revision No. 01.3.

0
2. Add Sec.  165.T07-0788 to read as follows:

Sec.  165.T07-0788  Safety Zone; Hillsborough River, Tampa, FL.

    (a) Location. The following area is a safety zone: All navigable
waters of Hillsborough Bay, from surface to bottom, encompassed by a
line connecting the following points: 27[deg]56'16'' N, 082[deg]27'40''
W, thence to position 27[deg]56'18'' N, 082[deg]27'43'' W, thence to
position 27[deg]56'30'' N, 082[deg]27'33'' W, thence to position
27[deg]56'30'' N, 082[deg]27'29'' W, thence to position 27[deg]56'25''
N, 082[deg]27'17'' W, thence to position 27[deg]56'22'' N,
082[deg]27'16'' W, thence to position 27[deg]56'13'' N, 082[deg]27'19''
W, thence to position 27[deg]56'12'' N, 082[deg]27'24'' W, thence to
position 27[deg]56'23'' N, 082[deg]27'32'' W, and along the shoreline
back to the beginning point. These coordinates are based on World
Geodetic System (WGS 84).
    (b) Definitions. As used in this section, designated representative
means a Coast Guard Patrol Commander, including a Coast Guard coxswain,
petty officer, or other officer operating a Coast Guard vessel and a
Federal, State, and local officer designated by or assisting the
Captain of the Port St. Petersburg (COTP) in the enforcement of the
safety zone.
    (c) Regulations.
    (1) Under the general safety zone regulations in subpart C of this
part, you may not enter the safety zone described in paragraph (a) of
this section unless authorized by the COTP or the COTP's designated
representative.
    (2) To seek permission to enter, contact the COTP or the COTP's
representative via VHF radio on channel 16. Those in the safety zone
must comply with all lawful orders or directions given to them by the
COTP or the COTP's designated representative.
    (d) Enforcement period. This section will be enforced from 7 a.m.
until 3 p.m. on November 29, 2023.

    Dated: November 2, 2023.
Michael P. Kahle,
Captain, U.S. Coast Guard, Captain of the Port St. Petersburg.
[FR Doc. 2023-24791 Filed 11-8-23; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 86, Number 230 (Friday, December 3, 2021)]
[Notices]
[Pages 68691-68695]
[FR Doc No: 2021-26299]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34428; File No. 812-15204]

Calamos Hunt Alternative Income Fund, et al.

November 30, 2021.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

-----------------------------------------------------------------------

    Notice of application for an order under section 17(d) of the
Investment Company Act of 1940 (the ``Act'') and rule 17d-1 under the
Act to permit certain joint transactions otherwise prohibited by
section 17(d) of the Act and rule 17d-1 under the Act.

Summary of Application:  Applicants request an order to permit certain
closed-end management investment companies to co-invest in portfolio
companies with each other and with affiliated investment funds.

Applicants:  Calamos Hunt Alternative Income Fund (``Calamos Hunt
Fund'' or the ``Existing Regulated Entity''), Calamos Advisors LLC
(``Calamos Advisors'') and Hunt Capital Management, LLC (``HCM'').

DATES: The application was filed on February 19, 2021, and amended on
June 24, 2021 and September 30, 2021.

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 emailing the Commission's
Secretary at [email protected] and serving applicants with a
copy of the request by email. Hearing requests should be received by
the Commission by 5:30 p.m. on December 23, 2021, 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, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by emailing the Commission's Secretary at [email protected].

ADDRESSES: Secretary, U.S. Securities and Exchange Commission,
[email protected]. Applicants: [email protected].

FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at
(202) 551-6817 or Kaitlin C. Bottock, Branch Chief, at<PHONE_NUMBER>
(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<PHONE_NUMBER>.
    Applicants' Representations:
    1. Calamos Hunt Fund is a Delaware statutory trust and is a
diversified, closed-end management investment company operated as an
interval fund and registered under the Act. Calamos Hunt Fund's
investment objective is to produce current income with a secondary
objective of capital appreciation. The board of directors (``Board'')
of the Calamos Hunt Fund has five members, four of whom not an
``interested person'' of the Calamos Hunt Fund within the meaning of

Section 2(a)(19) of the Act (the ``Independent Trustees'').\1\
---------------------------------------------------------------------------

    \1\ The term ``Independent Trustees'' refers to the independent
directors, managers, or trustees of any Regulated Entity (defined
below).
---------------------------------------------------------------------------

    2. Calamos Advisors serves as the investment advisor to the
Existing Regulated Entity. Calamos Advisors is registered as an
investment advisor under the Investment Advisers Act of 1940
(``Advisers Act'').
    3. HCM is a Delaware limited liability company that is registered
as an investment adviser under the Advisers Act. HCM serves as the sub-
advisor to the Existing Regulated Entity. Calamos Advisors is not an
affiliated person (as defined in Section 2(a)(3) of the Act) of HCM.
    4. Applicants seek an order (``Order'') to permit a Regulated
Entity \2\ and one or more other Regulated Entities and one or more
Affiliated Funds \3\ to (a) participate in the same investment
opportunities through a proposed co-investment program where such
participation would otherwise be prohibited under section 17 of the
Act; and (b) make additional investments in securities of such issuers
(``Follow-On Investments''), including through the exercise of
warrants, conversion privileges, and other rights to purchase
securities of the issuers. ``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 Affiliated Funds in reliance on the
requested Order. ``Potential Co-Investment Transaction'' means any
investment opportunity in which a Regulated Entity (or its Wholly-Owned
Investment Subsidiaries) could not participate together with one or
more other Regulated Entities and/or one or more Affiliated Funds
without obtaining and relying on the Order.\4\
---------------------------------------------------------------------------

    \2\ ``Regulated Entity'' means the Existing Regulated Entity and
any Future Regulated Entity. ``Future Regulated Entity'' means any
closed-end management investment company formed in the future that
is (a) registered under the Act, (b) whose investment advisor is a
Calamos Affiliated Advisor, (c) whose investment sub-advisor is a
Hunt Affiliated Advisor, and (d) that intends to participate in the
co-investment program described in the Application. The term
``Calamos Affiliated Advisor'' means (a) Calamos Advisors and (b)
any future investment advisor that is controlled by or under common
control with Calamos Advisors and is registered as an investment
advisor under the Advisers Act. The term ``Hunt Affiliated Advisor''
means HCM, any investment advisor controlled by HCM or any future
investment advisor that (i) is controlled by HCM, (ii) is registered
as an investment advisor under the Advisers Act, and (iii) is not a
Regulated Entity or a subsidiary of a Regulated Entity. The term
``Advisor'' means (a) any Calamos Affiliated Advisor or (b) any Hunt
Affiliated Advisor; provided that a Hunt Affiliated Advisor serving
as a sub-advisor to an Affiliated Fund (defined below) is included
in this term only if (i) the investment advisor is also a Hunt
Affiliated Advisor and (ii) such Advisor controls the entity.
Applicants state that the Calamos Affiliated Advisors will only be
subject to Conditions 2(c)(iv), 12 and 13 of the application.
    \3\ ``Affiliated Fund'' means any Future Affiliated Fund or any
Hunt Proprietary Account. ``Future Affiliated Fund'' means any
investment fund that would be an ``investment company'' but for
Section 3(c)(1), 3(c)(5)(C) or 3(c)(7) of the Act, is formed in the
future, and whose investment advisor (and any sub-advisor, if any)
is a Hunt Affiliated Advisor. No Affiliated Fund is or will be a
subsidiary of a Regulated Entity. ``Hunt Proprietary Account'' means
HCM in a principal capacity, and any direct or indirect, wholly-
owned subsidiary of HCM that, from time to time, invests in and
holds, in a principal capacity, financial assets of the type and
nature pursued by the Calamos Hunt Fund.
    \4\ 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. No Regulated Entity or
Affiliated Fund that relies on this Order will rely on any other
order of the Commission authorizing Co-Investment Transactions
pursuant to section 17(d) and 57(i) of the 1940 Act and no entity
that relies on another such order of the Commission will rely on
this Order.
---------------------------------------------------------------------------

    5. Applicants state that Calamos Advisors has delegated
responsibility for the co-investment program to HCM and cannot cause
the Calamos Hunt Fund or any Affiliated Fund to enter into a Potential
Co-Investment Transaction. Applicants further state that (a) HCM has
sole responsibility for causing a Regulated Entity to enter into a
Potential Co-Investment Transaction and (b) a Hunt Affiliated Advisor
is responsible for ensuring that the Regulated Entities and any
Affiliated Funds comply with the conditions of the application, subject
to oversight of the applicable Board.
    6. Applicants state that a Regulated Entity may, from time to time,
form one or more Wholly-Owned Investment Subsidiaries.\5\ Such a
subsidiary would be prohibited from investing in a Co-Investment
Transaction with any other Regulated Entity or Affiliated Fund because
it would be a company controlled by its parent Regulated Entity for
purposes of 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 Order, as though the parent
Regulated 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.
---------------------------------------------------------------------------

    \5\ The term ``Wholly-Owned Investment Subsidiary'' means an
entity: (a) 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); (b) whose sole business
purpose is to hold one or more investments on behalf of such
Regulated Entity; (c) with respect to which the board of directors
of such Regulated Entity has the sole authority to make all
determinations with respect to the entity's participation under the
conditions of the application; and (d) that would be an investment
company but for section 3(c)(1) or 3(c)(7) of the Act. All
subsidiaries participating in Co-Investment Transactions will be
Wholly-Owned Investment Subsidiaries and will have Objectives and
Strategies (as defined below) that are either the same as, or a
subset of, their parent Regulated Entity's Objectives and
Strategies.
---------------------------------------------------------------------------

    7. When considering Potential Co-Investment Transactions for any
Regulated Entity, the relevant Advisor will consider only the
Objectives and Strategies,\6\ investment policies, investment
positions, capital available for investment, and other pertinent
factors applicable to that Regulated Entity. The Advisors expect that
any portfolio company that is an appropriate investment for a Regulated
Entity should also be an appropriate investment for one or more other
Regulated Entities and/or one or more Affiliated Funds, with certain
exceptions based on available capital or diversification.\7\
---------------------------------------------------------------------------

    \6\ The term ``Objectives and Strategies'' means a Regulated
Entity's 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 the Securities
Exchange Act of 1934, and the Regulated Entity's reports to
shareholders.
    \7\ The Regulated Entities, however, will not be obligated to
invest, or co-invest, when investment opportunities are referred to
them.
---------------------------------------------------------------------------

    8. Other than pro rata dispositions and Follow-On Investments as
provided in conditions 7 and 8, and after making the determinations
required in conditions 1 and 2(a), the applicable

Advisor will present each Potential Co-Investment Transaction and the
proposed allocation to the directors of the Board eligible to vote on
that Co-Investment Transaction (the ``Eligible Trustees'') \8\ and the
majority of such directors of the Board who are Independent Trustees (a
``Required Majority'') will approve each Co-Investment Transaction
prior to any investment by the participating Regulated Entity.
---------------------------------------------------------------------------

    \8\ Eligible Trustees may not have a financial interest in such
transaction, plan, or arrangement.
---------------------------------------------------------------------------

    9. 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
each Affiliated Fund 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) the
Board of the Regulated Entity has approved that Regulated Entity's
participation in pro rata 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.
    10. No Independent Trustee of a Regulated Entity will have a direct
or indirect financial interest in any Co-Investment Transaction (other
than indirectly through share ownership in one of the Regulated
Entities), including any interest in any company whose securities would
be acquired in a Co-Investment Transaction.
    11. Under condition 15, if an Advisor, its principals, or any
person controlling, controlled by, or under common control with the
Advisor or its principals, and the Affiliated Funds (collectively, the
``Holders'') own in the aggregate more than 25 percent of the
outstanding voting shares of a Regulated Entity (the ``Shares''), then
the Holders will vote such Shares as required under Condition 15.
Applicants believe that this condition will ensure that the Independent
Trustees will act independently in evaluating the co-investment
program, because the ability of an 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 will
evaluate and approve any such independent third party, taking into
account its qualifications, reputation for independence, cost to the
Regulated Entity's 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
affiliated persons of a registered investment company from
participating in joint transactions with the company unless the
Commission has granted an order permitting such transactions. 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.
    2. Applicants state that in the absence of the requested relief,
the Regulated Entities may be, in some circumstances, limited in their
ability to participate in attractive and appropriate investment
opportunities. Applicants believe that the proposed terms and
conditions will ensure that the Co-Investment Transactions are
consistent with the protection of each Regulated Entity's shareholders
and with the purposes intended by the policies and provisions of the
Act. Applicants state that the Regulated Entities' 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' Conditions:
    Applicants agree that the Order will be subject to the following
conditions:
    1. Each time an Advisor considers a Potential Co-Investment
Transaction for another Regulated Entity or an Affiliated Fund that
falls within a Regulated Entity's then-current Objectives and
Strategies, the Regulated Entity's Advisor 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 Advisor deems a Regulated Entity's participation in
any Potential Co-Investment Transaction to be appropriate for the
Regulated Entity, the Advisor will then determine an appropriate level
of investment for the Regulated Entity.
    (b) If the aggregate amount recommended by the applicable Advisor
to be invested by the applicable Regulated Entity in the Potential Co-
Investment Transaction together with the amount proposed to be invested
by the other participating Regulated Entities and Affiliated Funds,
collectively, in the same transaction, exceeds the amount of the
investment opportunity, the investment opportunity will be allocated
among them pro rata based on each participant's capital available for
investment in the asset class being allocated, up to the amount
proposed to be invested by each. The applicable Advisor 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.
    (c) After making the determinations required in conditions 1 and
2(a), the applicable Advisor will distribute written information
concerning the Potential Co-Investment Transaction (including the
amount proposed to be invested by each Regulated Entity and each
Affiliated Fund) to the Eligible Trustees of each participating
Regulated Entity for their consideration. A Regulated Entity will co-
invest with another Regulated Entity or an Affiliated Fund only if,
prior to the Regulated Entity's 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 investors and do not involve overreaching in respect of
the Regulated Entity or its investors on the part of any person
concerned;
    (ii) the Potential Co-Investment Transaction is consistent with:
    (A) The interests of the Regulated Entity's investors; and
    (B) the Regulated Entity's then-current Objectives and Strategies;
    (iii) the investment by any other Regulated Entities or any
Affiliated Funds 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 Entities or
any Affiliated Funds; provided that, if any other Regulated Entity or
any Affiliated Fund, 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 the
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 applicable Advisor agrees to, and does, provide periodic
reports to the Board of the Regulated Entity 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 Regulated Entity or any
Affiliated Fund or any affiliated person of any Regulated Entity or any
Affiliated Fund receives in connection with the right of a Regulated
Entity or an Affiliated Fund 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 Funds (who may each, in turn, share its
portion with its affiliated persons) and the participating Regulated
Entities in accordance with the amount of each party's investment; and
    (iv) the proposed investment by the Regulated Entity will not
benefit any Advisor, the other Regulated Entities, the Affiliated Funds
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 by section 17(e) of the Act,
as applicable, (C) indirectly, as a result of an interest in the
securities issued by one of the parties to the Co-Investment
Transaction, or (D) in the case of fees or other compensation described
in condition 2(c)(iii)(C).
    3. Each Regulated Entity has the right to decline to participate in
any Potential Co-Investment Transaction or to invest less than the
amount proposed.
    4. The applicable Advisor 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 Affiliated Funds 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,\9\ a Regulated Entity will not invest in reliance on the
Order in any issuer in which another Regulated Entity, Affiliated Fund,
or any affiliated person of another Regulated Entity or Affiliated Fund
is an existing investor.
---------------------------------------------------------------------------

    \9\ 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
Fund. The grant to another Regulated Entity or an Affiliated Fund, but
not the Regulated Entity, 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 an Affiliated Fund elects to
sell, exchange or otherwise dispose of an interest in a security that
was acquired in a Co-Investment Transaction, the applicable Advisor
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.\10\
---------------------------------------------------------------------------

    \10\ Any Hunt Proprietary Account that is not advised by an
Advisor is itself deemed to be an Advisor for purposes of Conditions
7(a)(i) and 8(a)(i).
---------------------------------------------------------------------------

    (b) Each Regulated Entity will have the right to participate in
such disposition on a proportionate basis, at the same price and on the
same terms and conditions as those applicable to the participating
Regulated Entities and Affiliated Funds.
    (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 Fund in such
disposition is proportionate to its outstanding investments in the
issuer immediately preceding the disposition; (ii) the Board of the
Regulated Entity 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 Board of the Regulated Entity is provided on a quarterly
basis with a list of all dispositions made in accordance with this
condition. In all other cases, the Advisor will provide its written
recommendation as to the Regulated Entity's participation to the
Regulated Entity's 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 Fund will bear its
own expenses in connection with any such disposition.
    8. (a) If a Regulated Entity or an Affiliated Fund desires to make
a Follow-On Investment in a portfolio company whose securities were
acquired in a Co-Investment Transaction, the applicable Advisor will:
    (i) Notify each Regulated Entity that participated in the Co-
Investment Transaction 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
Fund in such investment is proportionate to its outstanding investments
in the issuer immediately preceding the Follow-On Investment; and (ii)
the Board of the Regulated Entity has approved as being in the best
interests of the 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 Advisor will provide its
written recommendation as to the Regulated Entity's participation to
the Eligible Trustees, and the Regulated Entity will participate in
such Follow-On Investment solely to the extent that a Required Majority
determines that it is in the 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

Funds' outstanding investments immediately preceding the Follow-On
Investment; and
    (ii) the aggregate amount recommended by the Advisor to be invested
by each Regulated Entity in the Follow-On Investment, together with the
amount proposed to be invested by the participating Affiliated Funds 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 party's capital available 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 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 and the Affiliated Funds
that the 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 the
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
business development company (as defined in section 2(a)(48) of the
Act) and each of the investments permitted under these conditions were
approved by the Required Majority under section 57(f) of the Act.
    11. No Independent Trustee of a Regulated Entity will also be a
director, general partner, managing member or principal, or otherwise
an ``affiliated person'' (as defined in the Act) of an Affiliated Fund.
    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 Securities Act) will, to
the extent not payable by an Advisor under the investment advisory
agreements with the Regulated Entities and the Affiliated Funds, be
shared by the Affiliated Funds and the Regulated Entities 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 \11\ (including break-up or commitment fees
but excluding broker's fees contemplated by section 17(e) of the Act,
as applicable), received in connection with a Co-Investment Transaction
will be distributed to the participating Regulated Entities and
Affiliated Funds on a pro rata basis based on the amounts they invested
or committed, as the case may be, in such Co-Investment Transaction. If
any transaction fee is to be held by the 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 Funds based on the
amounts they invest in such Co-Investment Transaction. None of the
Affiliated Funds, the Advisors, the other Regulated Entities or any
affiliated person of the Regulated Entities or Affiliated Funds 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 Affiliated Funds, the pro rata
transaction fees described above and fees or other compensation
described in condition 2(c)(iii)(C); and (b) in the case of the
Advisors, investment advisory fees paid in accordance with the
agreements between the Advisors and the Regulated Entities or the
Affiliated Funds).
---------------------------------------------------------------------------

    \11\ Applicants are not requesting and the staff is not
providing any relief for transaction fees received in connection
with any Co-Investment Transaction.
---------------------------------------------------------------------------

    14. The Advisors will each maintain policies and procedures
reasonably designed to ensure compliance with the foregoing conditions.
These policies and procedures will require, among other things, that
the applicable Advisor 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 in
the same percentages as the Regulated Entity's other shareholders (not
including the Holders) when voting on (1) the election of directors;
(2) the removal of one or more directors; or (3) all other matters
under either the Act or applicable State law affecting the Board's
composition, size or manner of election.
    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.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26299 Filed 12-2-21; 8:45 am]
BILLING CODE 8011-01-P