[Federal Register Volume 76, Number 134 (Wednesday, July 13, 2011)]
[Notices]
[Page 41235]
[FR Doc No: 2011-17596]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP11-507-000]

Tres Palacios Gas Storage LLC; Notice of Application

    Take notice that on July 5, 2011, Tres Palacios Gas Storage LLC
(TPGS), Two Brush Creek Blvd., Suite 200, Kansas City, Missouri 64112,
filed pursuant to section 7 of the Natural Gas Act (NGA) and part 157
the Commission's regulations, an abbreviated application for an
amendment to its certificate of public convenience and necessity issued
on September 20, 2007, Docket No. CP07-90-000; authorizing TPGS to
implement limited changes to the certificated Tres Palacios Storage
Facility located in Matagorda County, Texas. The filing may also be
viewed on the web at http://www.ferc.gov using the ``eLibrary'' link.
Enter the docket number excluding the last three digits in the docket
number field to access the document. For assistance, contact FERC at
<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER> or TYY,
(202) 502-8659.
    TPGS proposes the substitution of a 15,300 hp single electric-
driven centrifugal compressor for five not-yet-installed certificated
4,800hp gas-fired compressors and to construct associated appurtenances
and facilities necessary for the safe operation of the new compressor
(Compressor Substitution Project). The proposed project will be
constructed within the existing footprint of the Tres Palacios Storage
Facility on previous cleared land. TPGS does not propose any changes in
the capacity, injection rates, or withdrawal rates authorized by the
Commission. Also, TPGS does not propose any changes to the previously
authorized services for the Tres Palacios Storage Facility.
    Any questions regarding this application should be directed to
Marvin T. Griff, Husch Blackwell LLP, 750 17th Street, NW., Washington,
DC 20006-4656; telephone<PHONE_NUMBER>, fax<PHONE_NUMBER>, or e-mail
<EMAIL_ADDRESS>    Any person wishing to obtain legal status by becoming a party to
the proceedings for this project should, on or before the below listed
comment date, file with the Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426, a motion to intervene in
accordance with the requirements of the Commission's Rules of Practice
and Procedure (18 CFR 385.214 or 385.211) and the Regulations under the
NGA (18 CFR 157.10). A person obtaining party status will be placed on
the service list maintained by the Secretary of the Commission and will
receive copies of all documents filed by the applicant and by all other
parties. A party must submit original and 7 copies of filings made with
the Commission and must mail a copy to the applicant and to every other
party in the proceeding. Only parties to the proceeding can ask for
court review of Commission orders in the proceeding.
    Motions to intervene, protests and comments may be filed
electronically via the Internet in lieu of paper, see, 18 CFR 385.2001
(a)(1)(iii) and the instructions on the Commission's Web site under the
``e-Filing'' link. The Commission strongly encourages electronic
filings.
    Comment Date: July 28, 2011.

    Dated: July 7, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-17596 Filed 7-12-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 144 (Friday, July 26, 2019)]
[Notices]
[Pages 36129-36133]
[FR Doc No: 2019-15873]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86429; File No. SR-CBOE-2019-038]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
its Maintenance Listing Standards for Options on Certain Indexes Under
Rule 24.2.01(b)(2)

July 22, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 22, 2019, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and
II, below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its maintenance listing standards for options on certain
indexes under Rule 24.2.01(b)(2). The text of the proposed rule change
is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at 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, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange 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
    The Exchange proposes to amend the listing criteria in Rule
24.01(b) for options that overlie certain indexes. Specifically, Rule
24.2.01(b) establishes maintenance listing standards that apply to
options on the MSCI Emerging Markets (``EM'') Index. The proposed rule
change does not impact options on the MSCI EAFE (``EAFE'').\5\ Rule
24.2.01(b)(2), requires that the total number of component securities
in the index may not increase or decrease by more than 35% from the
number of component securities in the index at the time of its initial
listing. Due to global market trends and the overall objectives of the
EM Index, as described below, the EM Index no longer meets the
maintenance listing standard set forth under Rule 24.2.01(b)(2), and,
thus, the Exchange now seeks approval to amend its rules in order to
continue to list series of options on the EM Index. Specifically, the
Exchange proposes to amend Rule 24.4.01(b)(2) to provide an exception
for the EM Index component securities in which the total of the
component securities in the index may not increase or decrease more
than 10% over the last six month period.
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    \5\ The Rule also governs options on the FTSE Emerging and FTSE
Developed Europe indexes. The Exchange has not listed FTSE Developed
Europe Index options and delisted FTSE Emerging Index options on
January 5, 2018. See http://www.cboe.com/publish/OptionClassDelistings/Class%20Delisting%20010518.pdf (January 5,
2018).
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    The EM Index is designed to capture large and mid-cap
representation across emerging market countries. In particular, it is
built to ``be flexible enough to adjust quickly to a constantly
changing opportunity set'', that is, emerging markets.\6\ It seeks ``to
capitalize on the unique attributes of these vibrant economies'', which
includes ``superior growth potential''.\7\ Indeed, EM has experienced a
continuous rise in the number of its component securities, which has
recently climbed to over a 35% increase from the number of its total
initial components. When initially listed on the Exchange in 2015, the
EM Index consisted of the following 23 emerging market country indexes:
Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,
India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland,
Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab
Emirates. At that time, the EM Index had 834 constituents which covered
approximately 85% of the free float-adjusted market capitalization in
each country. Since its initial listing, Argentina,\8\ Pakistan,\9\ and
Saudi Arabia \10\ have joined the list of countries represented in the
EM Index, and its number of constituents has grown to a total of 1,194,
which still covers approximately 85% of the free float-adjusted market
capitalization in each country represented. As a result of the growth
of the emerging markets represented, the index has experienced
continued expansion. The Exchange notes that the cumulative average
growth rate of the EM Index component securities since 2015 has
averaged 4.5% every 6 months. In the 6-month window from January 2019
through July 2019 the EM Index experienced approximately a 6.2%
increase in component securities, and, in the second quarter of 2019
alone, 26 Chinese stocks, 30 Saudi Arabian stocks, eight Argentinian
stocks were added to the EM Index. Over recent years, the component
securities of the EM Index have grown to a market capitalization of
5,521,075.33 (USD Millions) (up from 3,219,779.13 in 2016) and average
market capitalization per constituent of 4,624.02 (up from 3,846.81 in
2016). In addition to this, the components securities have an average
daily volume of over 42 billion, and an average daily volume per
constituent of over 35 million. Additionally, the largest constituent
in the EM Index currently only accounts for 4.67% of the weight of the
EM Index.\11\
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    \6\ See MSCI Emerging Markets Index brochure (dated May 2019)
located at: https://www.msci.com/documents/1296102/15035999/USLetter-MIS-EM-May2019-cbr-en.pdf/fb580e1e-d54c-4c68-1314-977bbff69bd7?t=1559125400402.
    \7\ Id.
    \8\ Added in June 2018.
    \9\ Added in June 2017.
    \10\ Added in June 2018.
    \11\ See MSCI Emerging Markets Index fact sheet (dated June 28,
2019) located at: http://www.msci.com/resources/factsheets/index_fact_sheet/msci-emerging-markets-index-usd-price.pdf.
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    Given the increasingly high number of constituents and
capitalization of the EM Index, the deep and liquid markets for the
securities underlying the index, and the low percentage each
constituent comprises of the total EM Index weight, and the recent
growth patterns, as well as the Exchange's expectations that these
growth trends will continue into the future, the concerns for market
manipulation and/or disruption in the underlying markets are greatly
reduced. The Exchange also notes that the

proposed amended listing standard is designed to prevent more than 10%
decreases over 6-month periods at a time, which, in turn, ensures that
no significant decreases will occur over shorter periods of time that
could potentially render the EM Index more susceptible to manipulation
and/or disruption in the underlying markets.
    Regarding the proposed threshold, the Exchange believes that 10%
component securities changes applied every 6 months is sufficient to
detect significant increases or, more importantly, successive decreases
over time that could, in theory, reduce component securities to a point
that might potentially raise concerns regarding manipulation of the
index itself. The Exchange also notes that the proposed threshold is
sufficient in monitoring for material increases that might potentially
change the character of the index over which broad-based index options
are issued; if the index grows too quickly it may raise surveillance
issues and the Exchange must ensure it has the capacity to enforce its
own rules so as for surveillance to continuously to be able to properly
monitor the index. The Exchange also believes that the proposed
threshold is wide enough to allow for the more rapid, shorter-term
changes (e.g. an average 4.5% increase in constituents every 6 months
since 2015) experienced by emerging markets that the EM Index is
designed to capture. For example, the proposed standard would allow for
the swift growth in the emerging markets like that of the most recent
EM Index component increase of approximately 6.2% over the first 6
months of 2019, and, if in the second half of 2019, the component
makeup of the index decreased 10% from its total in July, it would not
be listed until compliant with the threshold. Under the current
component threshold, which measures a 35% decrease or increase from the
EM Index's initial listing, such a swift, shorter-term change would
likely not be detected and/or addressed, potentially exposing the
underlying securities to increased risk of manipulation and/or
disruption. The Exchange believes that the proposed threshold is more
restrictive than the 35% threshold, which other exchanges also have in
place,\12\ as it measures for smaller increases over shorter period of
time, which is better aligned with the way the EM Index has
continuously grown over the past three years and is expected to
grow.\13\ The 10% over 6 month threshold is more restrictive because it
will capture incremental changes in the component securities before
they compound to greater, material levels of change, for which the 35%
threshold allows. As the EM Index stands today, the current 35%
threshold would allow for the component securities to decrease by
approximately 54.5%, that is, from the current 1,194 component
securities to 543 component securities, which is the number of
component securities that would constitute just over a 35% decrease
from the 834 component securities when initially listed. Therefore, the
Exchange believes that the proposed threshold is more restrictive as it
would not allow for such significant changes to occur. The Exchange
notes that, theoretically, incremental decreases over a long period of
time could evolve into a greater, material change like that described
above, however, this is unlikely given the extensive growth patterns of
the EM Index over the recent years and the Exchange's expectation that
similar growth will continue. The Exchange currently maintains ``watch
lists'' made up of countries and indexes with large constituent count
changes which it reviews at least quarterly. If the Exchange determines
from its reviews that a downside change in an index's composition would
affect the protection of investors, it may cease listing series on such
index pursuant to Rule 5.4, even if the index is still compliant with
the component security threshold. Furthermore, the Exchange notes that
while a component threshold fixed at the point of initial listing may
be aligned with an index that is meant to represent a relatively fixed
constituent count reflection of large-cap stocks, such as the S&P 500
Index, this criteria is not compatible with the EM Index, which contain
mid-cap components and is designed to be flexible to change over time
as the represented markets change.
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    \12\ See NASDAQ Options Rules, Chapter XIV, Sec. 3(e).
    \13\ The Exchange also notes that the generic listing standards
applicable to ETPs listed on other national securities exchanges
(e.g., Cboe BZX Exchange Rule 14.11(c)(3)(A)(ii)) do not include any
requirements based on the increase or decrease in component
securities, and instead only require that an ETP based on an index
that includes non-U.S. component stocks includes at least 20
component securities, among other diversification, liquidity, and
market cap requirements. As such, an ETP based on the EM Index would
not be delisted based on a percentage increase or decrease in
component securities as long as it continued to have at least 20
component securities. Therefore, the Exchange believes that the
proposed threshold is more restrictive than the current standard for
listing products on the EM Index.
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    The Exchange represents that reducing the threshold and specifying
a certain period of time from which the threshold is measured will not
have an adverse impact on the Exchange's surveillance program. The
Exchange will continue to use the same surveillance procedures
currently utilized for each of the Exchange's other index options.
Currently, the Exchange conducts formal semi-annual reviews, as well as
intermediate reviews on at least a quarterly basis to identify
potential compliance concerns in connection with the continued listing
standards in advance of its formal semi-annual index maintenance
reviews. The Exchange believes the frequency of these reviews will
continue to successfully identify and address continued listing
compliance risks for the EM Index.
    EM options are currently listed for trading on the Exchange. The
Exchange generally adds new series after an expiration, which allows
trading to commence in the new series on the first trading day after
the expiration date. The Exchange currently lists EM options that
expire monthly, as well as Friday-expiring weekly options. In addition
to this, the Exchange offers FLEX options on this index, which may only
be listed if the standard options on an index are authorized to be
listed. Specifically, additional series of weekly EM options may no
longer be scheduled to be added, nor will additional monthly series
after expiration on July 19, 2019, which would allow trading to
commence in the additional series on the next trading day of July 22,
2019. Without this amendment, EM options cannot meet the continuing
listing criteria of Rule 24.2.01(b), specifically the criteria under
(b)(2), which will prevent the Exchange from adding weekly and monthly
EM options.
    Market participants have already begun to express concern to the
Exchange regarding interruption in their trading of series on the EM
Index. Indeed, market participants that intend to write optionality
with weekly expiration dates in the upcoming weeks will, instead, have
to take their volume OTC. This poses counter party risks to which a
market participant would not otherwise have exposure if series were
available on the EM Index. The inability to add the EM options would be
a detriment to market participants seeking to hedge positions in ETPs
based on the EM Index, options on EEM and EM futures, and European-
traded derivatives on the EM Index. Further, there are ETPs that use
options on the EM Index as part of their investment strategy. Without
the ability to add the EM options, these ETPs could be unable to
achieve their investment objective, to the detriment of investors.
Additionally,

to the extent market participants want to roll a position in EM options
that expire in July to series at a later expiration date and at a
favorable or comparable price, they will be prevented from doing so
without this amendment. Furthermore, in the time in which the Exchange
may not list additional series on EM, FLEX trades which may result in
the creation of new FLEX series will be nullified, which may cause
confusion and prove burdensome to market participants.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\14\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \15\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \16\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
    \16\ Id.
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    In particular, the Exchange does not believe that the EM Index is
easily susceptible to manipulation. This index is a broad-based index
and has high market capitalization. As described above, the EM Index is
comprised of 1,194 component securities, the component securities have
a market capitalization of 5,521,075.33 (USD Millions) and an average
daily volume of over 42 billion, and no single component comprises more
than 4.67% of the index, making it not easily subject to market
manipulation.
    The proposed change will remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest, because it is
designed to allow the Exchange to continue to list EM options in a
manner that is aligned with the EM Index's objective to be flexible
enough to adjust quickly to constantly changing emerging markets and
capitalize on their ``superior growth potential'', while also ensuring
that its underlying markets do not become susceptible to manipulation
and/or disruption by monitoring for significant component changes
(importantly, decreases) over a shorter-term period of time, which is
better aligned with the way in which emerging markets change over time.
The Exchange believes that the 10% component threshold is sufficient to
detect significant decreases that may pose risk of manipulation or
disruption in the underlying securities, while also being wide enough
to allow for the rapid and continuous changes emerging markets
experience that the EM Index is designed to capture. The Exchange
believes this protects investors by allowing the continued listing of
EM Index options as the EM Index continues to change (as it is designed
to do), and therefore the continued, uninterrupted investor
participation in such options, while also ensuring that the underlying
securities do not become susceptible to risk of manipulation and/or
disruption.
    The Exchange believes that the proposed change serves to protect
investors and the public interest because it is more restrictive than
the current component threshold, as well as component thresholds on
other exchanges.\17\ As stated, the current 35% threshold would allow
for significant decreases in the number of component securities,
whereas the proposed threshold allows only for smaller decreases in the
component securities captured over shorter periods of time, which is in
line with the more rapid way in which the EM Index changes and ensures
component changes are flagged prior to becoming greater, material
changes to the EM Index. Given the historical growth trends and the
Exchange's expectations that these growth trends will continue into the
future for the EM Index, the Exchange does not believe that incremental
decreases will aggregate to a material decrease. The Exchange maintains
and monitors its constituent and country watch list, and, if it
determines that a component change adversely impacts investors, it may
cease listing series on an index pursuant to Rule 5.4, even if the
index is still compliant with the threshold.
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    \17\ See supra note 12.
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    In addition to this, because a total component securities standard
is not essential to the continued listing standards for EM Index-based
products, the Exchange believes the proposed change is not a novel
change and serves to protect investors as it is an additional
protection against potential manipulation and/or disruption in the
underlying securities in a manner that maintains stability during both
upside and downside swings, as well as the integrity of the index
continuously over time.
    As stated above, without this amendment, the Exchange is no longer
able to list new series of weekly or monthly options on the EM Index.
The Exchange believes that the proposed amendment is necessary for the
protection of investors and the public interest, as without such an
amendment, EM options cannot meet the continuing listing criteria under
Rule 24.2.01(b)(2), which will prevent the Exchange from adding the
weekly and monthly EM options. Indeed, market participants that intend
to write optionality with weekly expiration dates in the upcoming weeks
will, instead, have to take their volume OTC. OTC poses counter party
risks for investors that they would not normally otherwise choose to be
subject to if series on the EM Index were available for trading. The
inability to add the EM options would be a detriment to market
participants seeking to hedge positions in ETPs based on the EM Index
(e.g., EEM), options on EEM and EM futures, and European-traded
derivatives on the EM Index. Further, there are ETPs that use options
on the EM Index as part of their investment strategy. Without the
ability to add the EM options, these ETPs could be unable to achieve
their investment objective, to the detriment of investors.
Additionally, market participants that wish to roll a position in EM
options that expire in July to a position in a series with a later
expiration month at a favorable or comparable price, will be prevented
from doing so without this amendment. Furthermore, in the time in which
the Exchange may not list additional series on EM, FLEX trades which
may result in the creation of new FLEX series will be nullified, which
may cause confusion and prove burdensome to market participants. Since
the discontinuation of new series listed on the EM Index on July 1,
2019, multiple market participants have express their concern to the
Exchange regarding interruption of their activity in EM Index series.

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 that is not necessary or appropriate
in furtherance

of the purposes of the Act. The Exchange does not believe the proposed
rule change will impose any burden on intramarket competition that is
not necessary or appropriate in furtherance of Act as the proposed rule
change will facilitate the continued listing and trading of options on
the EM Index, on which series are already listed and readily available
for all market participants to trade, as will be the case for series
added following the EM Index's compliance with the implementation of
the proposed continued listing standards.
    The Exchange does not believe that the proposed change will impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of Act as the proposed rule change does not
alter the types of products offered by the Exchange in which market
participants already may choose to participate. The proposed change
merely allows the Exchange to continue listing certain index options in
light of shifting global markets and continue to adequately surveil for
any concerning changes.

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \18\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\19\
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    \18\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \19\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of the filing. However,
Rule 19b-4(f)(6)(iii) \20\ permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. In its filing, Cboe Options
requested that the Commission waive the 30-day operative delay. The
Exchange indicated that its proposed revised component threshold for
options on the EM index is more restrictive than the current component
threshold in that it will allow only for smaller decreases in the
number of component securities captured over shorter periods of time,
which the Exchange believes is more in line with the way in which the
EM index changes and will better ensure that the Exchange can flag
component changes prior to becoming material changes to the EM index.
In addition, the Exchange explained that waiver of the operative delay
will allow it to continue to list options on the EM index in a manner
that is in line with the index's objective, with the flexibility to
capture the growth in emerging markets, allowing for investor
participation in options on this index while avoiding an interruption
caused by a discontinuation of new series. The Commission believes that
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest as the revised standard applies
only to options on the EM index and is narrowly tailored within the
bounds of existing listing requirements by imposing a lower component
securities change threshold measured over a shorter period of time.
Further, waiver is consistent with the protection of investors and the
public interest in that it will avoid the potential for disruption
associated with an interruption in the continuity of listings of index
options on the EM index. Accordingly, the Commission waives the 30-day
operative delay and designates the proposed rule change operative upon
filing.\21\
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    \20\ 17 CFR 240.19b-4(f)(6)(iii).
    \21\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

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 email to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2019-038 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2019-038. This file
number should be included on the subject line if email 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 website (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 website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CBOE-2019-038 and should be submitted on
or before August 16, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-15873 Filed 7-25-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 222 (Monday, November 18, 2019)]
[Notices]
[Pages 63688-63689]
[FR Doc No: 2019-24864]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87497; File No. SR-CboeEDGA-2019-011]

Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice
of Designation of Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change To
Amend the Fee Schedule Assessed on Members To Establish a Monthly
Trading Rights Fee

November 12, 2019.
    On May 2, 2019, Cboe EDGA Exchange, Inc. (``EDGA'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act

of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule
change to amend the EDGA fee schedule to establish a monthly Trading
Rights Fee to be assessed on Members. The proposed rule change was
immediately effective upon filing with the Commission pursuant to
Section 19(b)(3)(A) of the Act.\3\ The proposed rule change was
published for comment in the Federal Register on May 16, 2019.\4\ On
June 28, 2019, the Commission temporarily suspended the proposed rule
change and instituted proceedings to determine whether to approve or
disapprove the proposed rule change.\5\ In response to the OIP, the
Commission received three comment letters, including a response letter
from the Exchange.\6\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ See Securities Exchange Act Release No. 85842 (May 10,
2019), 84 FR 22212 (``Notice'').
    \5\ See Securities Exchange Act Release No. 86236, 84 FR 32235
(July 05, 2019) (``OIP'').
    \6\ See Letters from Theodore R. Lazo, Managing Director and
Associate General Counsel, SIFMA, dated July 26, 2019 (``SIFMA
Letter''); Tyler Gellasch, Executive Director, Healthy Markets,
dated July 26, 2019 (``Healthy Markets Letter''); and Rebecca
Tenuta, Counsel, Cboe Global Markets, dated August 9, 2019
(``Exchange Response'').
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    Section 19(b)(2) of the Act \7\ provides that, after initiating
proceedings, the Commission shall issue an order approving or
disapproving the proposed rule change not later than 180 days after the
date of publication of notice of filing of the proposed rule change.
The Commission may extend the period for issuing an order approving or
disapproving the proposed rule change, however, by not more than 60
days if the Commission determines that a longer period is appropriate
and publishes the reasons for such determination. The proposed rule
change was published for notice and comment in the Federal Register on
May 16, 2019.\8\ November 12, 2019 is 180 days from that date, and
January 11, 2020 is 240 days from that date.
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ See Notice, supra note 4.
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    The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change, the issues raised in the comment letters that have been
submitted in connection therewith, and the Exchange's response to
comments.\9\ Accordingly, the Commission, pursuant to Section 19(b)(2)
of the Act,\10\ designates January 11, 2020 as the date by which the
Commission should either approve or disapprove the proposed rule change
(File No. SR-CboeEDGA-2019-011).
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    \9\ The Commission notes that the Exchange subsequently filed a
proposed rule change to institute an identical trading rights fee
which contained additional information and analysis with regard to
the proposed fee. See Securities Exchange Act Release No. 86684
(August 14, 2019), 84 FR 43242 (August 20, 2019) (SR-CboeEDGA-2019-
014). The Commission suspended and instituted proceedings for that
filing to allow for additional analysis of the proposed rule change.
See Securities Exchange Act Release No. 87143 (September 27, 2019),
84 FR 52922 (October 03, 2019) (SR-CboeEDGA-2019-014).
    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-24864 Filed 11-15-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 31 (Friday, February 14, 2014)]
[Notices]
[Page 9035]
[FR Doc No: 2014-03459]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

Sunshine Act Meetings; Unified Carrier Registration Plan Board of
Directors

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of Unified Carrier Registration Plan Board of Directors
Meeting.

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TIME AND DATE:  The meeting will be held on February 25, 2014, from
11:00 a.m. to 2:00 p.m., Central Standard Time.

PLACE:  This meeting will be open to the public at the Menger Hotel,
204 Alamo Plaza, San Antonio, TX 78205 and via conference call. Those
not attending the meeting in person may call 1-877-422-1931, passcode
2855443940, to listen and participate in this meeting.

STATUS:  Open to the public.

MATTERS TO BE CONSIDERED:  The Unified Carrier Registration Plan Board
of Directors (the Board) will continue its work in developing and
implementing the Unified Carrier Registration Plan and Agreement and to
that end, may consider matters properly before the Board.

FOR FURTHER INFORMATION CONTACT: Mr. Avelino Gutierrez, Chair, Unified
Carrier Registration Board of Directors at<PHONE_NUMBER>.

    Issued on: February 10, 2014.
Robert W. Miller,
 Director for Policy, Strategic Planning, and Regulation.
[FR Doc. 2014-03459 Filed 2-12-14; 4:15 pm]
BILLING CODE 4910-EX-P


[Federal Register Volume 80, Number 65 (Monday, April 6, 2015)]
[Proposed Rules]
[Page 18326]
[FR Doc No: 2015-07745]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 147

[EPA-HQ-OW-2011-0520; FRL-9924-91-OW]

State of Tennessee Underground Injection Control (UIC) Program;
Primacy Approval

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The U.S. Environmental Protection Agency (EPA) proposes to
approve the State of Tennessee Underground Injection Control (UIC)
Program for primacy to implement and enforce state regulations for all
UIC injection wells located within the state, except for Class VI wells
and all wells on Indian lands, as required by rule under the Safe
Drinking Water Act (SDWA). The Agency determined that the state's
program is consistent with the provisions of the SDWA and is as
stringent as all applicable federal regulations to prevent underground
injection activities that endanger underground sources of drinking
water. EPA requests public comment on this proposed rule and supporting
documentation. In the ``Rules and Regulations'' section of this Federal
Register, the Agency published EPA's approval of the state's program as
a direct final rule without a prior proposed rule. If the Agency
receives no adverse comment, EPA will not take further action on this
proposed rule.

DATES: Written comments must be received by May 6, 2015.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-OW-
2011-0520, by one of the following methods, by mail to Water Docket,
State of Tennessee, Underground Injection Control (UIC) Primacy, U.S.
Environmental Protection Agency, Mailcode: 2822T, 1200 Pennsylvania
Ave. NW., Washington, DC 20460. Comments may also be submitted
electronically or through hand delivery/courier by following the
detailed instructions in the ADDRESSES section of the direct final rule
located in the rules section of this Federal Register.

FOR FURTHER INFORMATION CONTACT: Marilyn Ginsberg, Drinking Water
Protection Division, Office of Ground Water and Drinking Water (4606M),
U.S. Environmental Protection Agency, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number:
(202) 564-3754; email address<EMAIL_ADDRESS>or Nancy H.
Marsh, Safe Drinking Water Branch, U.S. Environmental Protection
Agency, Region 4, 61 Forsyth Street SW., Atlanta, Georgia 30303;
telephone number<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; email
address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Why is EPA issuing this proposed rule?

    EPA proposes to approve the State of Tennessee's UIC Program
primacy application for Class I, II, III, IV, and V injection wells
located within the state (except all wells on Indian lands), as
required by rule under the SDWA, to prevent underground injection
activities that endanger underground sources of drinking water.
Accordingly, the Agency proposes to codify the state's program in the
Code of Federal Regulations (CFR) at 40 CFR part 147. EPA will continue
to administer the UIC Program for Class VI wells and wells on Indian
lands, if any such lands exist in the state in the future. The Agency
has published a direct final rule in the ``Rules and Regulations''
section of today's Federal Register, approving the state's program
because EPA views these actions as noncontroversial and anticipates no
adverse comment. The Agency has provided reasons for the approval and
additional supplementary information in the preamble to the direct
final rule. If EPA receives no adverse comment, the Agency will not
take further action on this proposed rule. If EPA receives adverse
comment, the Agency will withdraw the direct final rule and it will not
take effect. The Agency would then address all public comments in any
subsequent final rule based on this proposed rule. The Agency does not
intend to institute a second comment period on this action. Any parties
interested in commenting must do so at this time. For further
information, please contact the persons listed in the FOR FURTHER
INFORMATION CONTACT section of this document.

    Dated: March 30, 2015.
Gina McCarthy,
Administrator.
[FR Doc. 2015-07745 Filed 4-3-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 63 (Monday, April 2, 2018)]
[Notices]
[Pages 14068-14073]
[FR Doc No: 2018-06567]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 33058; 812-14670]

Aberdeen Asset Management Inc., et al.

March 27, 2018.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice.

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    Notice of application for an order under sections 6(c) and 17(b) of
the Investment Company Act of 1940 (``Act'') for exemptions from
section 17(a) of the Act, and under section 17(d) of the Act and rule
17d-1 thereunder to permit certain joint transactions.

Summary of Application:  Applicants requests an order to permit certain
registered open-end and closed-end management investment companies or
series thereof to invest in a private investment vehicle established by
their investment advisers for the purpose of investing in China A
Shares and certain other Chinese securities.

Applicants:  Aberdeen Asset Management Inc. (``AAMI''), Aberdeen Asset
Managers Limited, (``AAML''), Aberdeen Asset Management Asia Limited
(``AAMAL,'' and together with AAMI and AAML, the ``Initial Advisers''),
Aberdeen Funds (the ``Trust''), Aberdeen Greater China Fund, Inc.
(``GCH''), and Aberdeen Institutional Commingled Funds, LLC (the
``Commingled LLC'').

Filing Dates:  The application was filed on July 20, 2016, and amended
on February 10, 2017, September 22, 2017, January 18, 2018, and March
19, 2018.

Hearing or Notification of Hearing:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on April 23, 2018, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the
Commission's Secretary.

ADDRESSES:  Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549-1090. Applicants: 225 Liberty Street,
New York, NY 10281.

FOR FURTHER INFORMATION CONTACT:  Kieran G. Brown, Senior Counsel, at
(202) 551-6773, or Robert H. Shapiro, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:  The following is a summary of the
application. The complete application may be obtained via the
Commission's website by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.

Applicants' Representations:

    1. The Trust is a Delaware statutory trust and is registered under
Act as an open-end management investment company. GCH is a Maryland
corporation and is registered under the Act as a closed-end management
investment company. Each of Aberdeen Asia-Pacific (ex-Japan) Equity
Fund, Aberdeen Emerging Markets Fund and Aberdeen China Opportunities
Fund (together with GCH, collectively, the ``Initial Funds'') is a
series of the Trust.
    2. The Commingled LLC is a limited liability company under the
Delaware Limited Liability Company Act, which relies on the exemption
from registration under the Act provided by section 3(c)(7) of the
Act.\1\
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    \1\ Each entity that currently intends to rely on the requested
relief, other than the Initial Sub-Advised Funds (defined below),
has been named as an applicant. Any existing or future registered
open-end or closed-end management investment companies or series
thereof for which an Initial Adviser, or an Initial Adviser's
successor, or any person controlling, controlled by, or under common
control with an Initial Adviser (an ``Aberdeen Affiliate'') acts as
investment adviser or sub-adviser (each such Initial Adviser or
Aberdeen Affiliate acting as investment adviser or sub-adviser, an
``Adviser'') that may rely on the requested relief in the future is
a ``Future Fund''. For purposes of the requested order, the term
``successor'' is limited to an entity that results from a
reorganization into another jurisdiction or a change in the type of
business organization. The Initial Funds, Sub-Advised Funds (as
defined below) and Future Funds are referred to collectively as the
``Funds'' or individually as a ``Fund''. Each Fund or other entity
that may rely on the requested relief in the future will do so only
in accordance with the terms and conditions of the requested order.
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    3. Each Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940 (``Advisers Act''), and AAMI, AAML and
AAMAL are wholly-owned subsidiaries of Aberdeen Asset Management PLC.
AAMI serves as the investment adviser to the series of the Trust
pursuant to an investment advisory agreement between AAMI and the
Trust, on behalf of its series (the ``AAMI Agreement''). AAMAL and AAML
both serve as sub-advisers (collectively, and in this capacity, the
``Sub-Advisers'') to certain series of the Trust, including Aberdeen
Asia-Pacific (ex-Japan) Equity Fund, Aberdeen Emerging Markets Fund and
Aberdeen China Opportunities Fund, pursuant to sub-advisory agreements
by and among the Trust, AAMI and the respective Sub-Adviser (the ``Sub-
Advisory Agreements''). The Initial Advisers also serve as sub-adviser
to a number of other registered management investment companies or
series thereof.\2\ AAMAL

serves as the investment manager to GCH pursuant to an investment
management agreement (together with the AAMI Agreement and Sub-Advisory
Agreements, the ``Advisory Agreements''). The Initial Advisers are
responsible for making investment decisions for the Initial Funds and
Initial Sub-Advised Funds that they advise or sub-advise, as
applicable, and for administering the business and affairs of such
Initial Funds. The Initial Advisers are entitled, under the terms of
the Advisory Agreements, to receive management fees directly from the
Initial Funds, or in the case of the Sub-Advisers, from AAMI, in each
case at specified rates. In the case of the Initial Sub-Advised Funds,
the Initial Advisers receive a sub-advisory fee from the applicable
Unaffiliated Manager (defined below) at specified rates.\3\ As
investment adviser, investment manager and/or sub-adviser, AAMI's,
AAML's and AAMAL's activities are subject to the oversight of the Board
of Trustees of the Trust and the Board of Directors of GCH, as
applicable (each Fund's Board of trustees/directors, a ``Board''), at
least a majority of whose members are not ``interested persons'' of the
Trust or GCH, as defined in section 2(a)(19) of the Act (the members of
a Fund's Board who are not ``interested persons'' of the relevant Fund,
as defined in Section 2(a)(19) of the Act, the ``Independent Board
Members'').
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    \2\ The following registered management investment companies or
series of registered management investment companies are sub-advised
by an Adviser and, to the Adviser's knowledge, currently intend to
rely on the requested relief, subject to approval by their
respective primary investment advisers and boards of directors or
trustees: First Trust/Aberdeen Emerging Opportunity Fund,
Brighthouse/Aberdeen Emerging Markets Equity Portfolio, Emerging
Markets Equity Portfolio, Thrivent Partner Emerging Markets Equity
Fund, Thrivent Partner Worldwide Allocation Fund, Thrivent Partner
Emerging Markets Equity Portfolio and Thrivent Partner Worldwide
Allocation Portfolio (collectively, the ``Initial Sub-Advised
Funds,'' and together with any other existing or future registered
open-end or closed-end management investment company or series
thereof that is sub-advised by an Adviser that may rely on the
requested relief in the future, the ``Sub-Advised Funds''). Only the
portion of a Sub-Advised Fund managed by an Adviser would be
permitted to make investments into an Aberdeen China A Fund Series
(defined below) in reliance on the requested order.
    \3\ Pursuant to condition 10, an Unaffiliated Manager (defined
below) would be required to contractually agree to comply with the
applicable conditions of the requested order as a prerequisite to a
Sub-Advised Fund's reliance on the requested order.
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    4. The Advisers also advise or may advise collective investment
trusts, private pooled investment vehicles and investment companies
registered in other jurisdictions (together, the ``Other Vehicles''),
as well as separately managed accounts (together with the Other
Vehicles, ``Other Accounts'').\4\ Applicants state that these Other
Accounts may have similar investment objectives and strategies as the
Funds and will invest in an Aberdeen China A Fund Series (defined
below) along with one or more Funds.
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    \4\ The Applicants acknowledge that they are neither seeking nor
receiving relief with respect to the separately managed accounts.
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    5. The Funds desire to purchase and redeem limited liability
company interests (``Interests'') of separately identified series of
the Commingled LLC (each separate series of the Commingled LLC, an
``Aberdeen China A Fund Series''). Each Aberdeen China A Fund Series
invests in securities of Chinese companies, including without
limitation, class A Shares listed on People's Republic of China
(``PRC'') stock exchanges, rights to invest in such class A Shares or
other equivalent securities authorized by the China Securities
Regulatory Commission for purchase by non-Chinese investors or
``qualified foreign institutional investors'' (``QFII''), corporate or
government bonds listed on PRC stock exchanges or traded in the over-
the-counter markets of the PRC and warrants listed on PRC stock
exchanges (together, ``Chinese Securities'').\5\ Notwithstanding the
foregoing, a security will only be a ``Chinese Security'' if it is
subject to the quota systems described in the application (as such
quota systems may be amended or altered from time to time). Interests
in the Aberdeen China A Fund Series will be sold only to the Funds and
the Other Accounts. The initial Aberdeen China A Fund Series will be
the China A Share Equity Fund (the ``Initial Aberdeen China A Fund'').
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    \5\ Applicants represent that the Aberdeen China A Fund Series
will not invest in derivatives or in other pooled investment
vehicles.
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    6. Applicants assert that, for a variety of reasons, it is not
practical or economical for the Funds to invest a significant amount of
assets directly in Chinese Securities. Applicants state that, until
2002, the Chinese government restricted investment in China A Shares
and other Chinese Securities to domestic (i.e., Chinese) investors.\6\
According to Applicants, since 2002, the Chinese Government has
permitted certain non-Chinese investors to invest in China A Shares and
gradually has liberalized applicable rules to permit non-Chinese
investors to invest in other types of Chinese Securities. However,
subject to limited exceptions described in the application, to do so, a
foreign investor must receive a license as a QFII or Renminbi Qualified
Foreign Institutional Investor (``RQFII'') and be allotted a quota,
representing the amount in renminbi of Chinese Securities that the
investor may purchase. As described more fully in the application,
individual applications on behalf of each Fund or Other Account would
generally not be practical or feasible. Accordingly, AAMAL has obtained
QFII and RQFII licenses and quota so that it can invest in Chinese
Securities on behalf of the Funds and Other Accounts and the Advisers
are applying for additional quota under the RQFII to be made available
to the Initial Aberdeen China A Fund and the Other Accounts.
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    \6\ Applicants assert that, for a variety of reasons, China A
Shares are a more attractive means to invest in Chinese companies
than are other categories of stock that are available on the
Shanghai, Shenzhen and Hong Kong Stock Exchanges (which is where a
significant majority of publicly traded Chinese companies list their
shares).
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    7. Applicants state that while some of the Initial Funds currently
invest in China A Shares (pursuant to quota allocated by AAMAL) and
other Chinese Securities, the use of the Aberdeen China A Fund Series
would allow the Funds, and Other Accounts, to gain dedicated exposure
to Chinese Securities and provide numerous additional investment
opportunities for the Funds that are consistent with their investment
objectives and policies. Additionally, being able to pool investments
into China A Shares with Future Funds and Other Accounts will provide
more diversification with respect to China A Share investments. Future
Funds would obtain access to China A Shares without having to obtain
individual licenses as QFIIs or RQFIIs, and without having to comply
with the reporting required for each fund or account that is allocated
quota from an Adviser with an existing QFII or RQFII license.
Applicants state that each Aberdeen China A Fund Series will invest
only in Chinese securities and cash and cash equivalents.
    8. The Commingled LLC is organized as a Delaware limited liability
company. AAMI serves as the managing member of the Commingled LLC. The
Commingled LLC does not have a board of directors or trustees. Each
Fund or Other Account may purchase interests of an Aberdeen China A
Fund Series; if there is more than one Aberdeen China A Fund Series, a
Fund or Other Account may invest in some or all of the different
Aberdeen China A Fund Series.\7\ Each Aberdeen China A Fund Series will
have its own portfolio manager or portfolio management team at AAMI
and/or AAMAL who will be responsible for selecting particular Chinese
Securities for investment by that Aberdeen China A Fund Series. Each
Fund or Other Account investing in an Aberdeen China A Fund Series will
hold Interests which will represent a proportionate share of the
Aberdeen China A Fund Series' net assets and a proportionate claim on
the Aberdeen China A Fund Series' net income. Interests in an Aberdeen
China A Fund

Series used by the Funds will be valued daily in accordance with the
Funds' valuation procedures as approved by each Fund's Board and in
accordance with section 2(a)(41) of the Act. Each Interest would have
the same rights as any other Interest, and the Aberdeen China A Fund
Series would not issue preferred interests.
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    \7\ Applicants state that one Aberdeen China A Fund Series is
contemplated, but in the future additional Aberdeen China A Fund
Series may be established to invest in different issuers, or types,
of Chinese Securities based generally on the particular
characteristics of those issuers, or types, of Chinese Securities.
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    9. The Advisers will not charge advisory fees to an Aberdeen China
A Fund Series used by the Funds. The Advisers will, however, be
entitled to receive applicable advisory fees from the Funds or Other
Accounts. Expenses of the Aberdeen China A Fund Series will be charged
to the Aberdeen China A Fund Series as a whole and accrue on a daily
basis.\8\ The books of each Aberdeen China A Fund Series will be
accounted for under standard accounting principles and in accordance
with U.S. Generally Accepted Accounting Principles (``GAAP''), and they
will be audited annually by a nationally recognized and PCAOB-
registered audit firm in accordance with U.S. Generally Accepted
Auditing Standards (``GAAS'').\9\ An Aberdeen China A Fund Series in
which a Fund invests will not engage in leverage or borrow except that
an Aberdeen China A Fund Series may borrow in amounts not exceeding 5%
of its total assets for temporary or emergency purposes or for the
clearance of transactions, but not for speculative investment purposes,
and may pledge its assets to secure such borrowings.
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    \8\ Expenses of the Aberdeen China A Fund Series will include
basic fees and expenses of service providers, such as the
administrator, transfer agent, accountant, local custodian and legal
counsel. No fees will be paid by an Aberdeen China A Fund Series to
an administrator or transfer agent that is an Aberdeen Affiliate or
Unaffiliated Manager (defined below) except in accordance with
condition 3.
    \9\ Applicants state that the GAAS standards applicable to the
audit of an Aberdeen China A Fund Series would be the same standards
as those applicable to a registered investment company. Further,
applicants state that GAAP would apply to both the Aberdeen China A
Fund Series audit and a registered investment company audit. Thus,
applicants assert that critical accounting policies governing
security valuation, accounting for investment transactions,
recognition of investment income and of expenses, and accrual of
expenses, which are often the critical policies applicable to
investment companies, would apply in substantially the same manner
for the audit of the Aberdeen China A Fund Series.
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    10. A Fund's decision to invest in an Aberdeen China A Fund Series
will be made by a Fund's portfolio manager(s). Although daily
repatriation is permitted under the RQFII open ended fund model, it is
possible that proceeds from sales of portfolio investments in liquid or
illiquid Chinese Securities may not be able to immediately be
repatriated to a foreign investor such as an Aberdeen China A Fund
Series at the approximate value at which the Aberdeen China A Fund
Series has valued the investment. Accordingly, each Fund will treat its
entire investment in an Aberdeen China A Fund Series as an investment
that is not liquid for purposes of any applicable rules or guidance of
the Commission or its staff regarding the management of liquidity with
respect to open-end and/or closed-end funds, as applicable, and will
otherwise be subject to the limits described in condition 4.
    11. Applicants state that access by the Funds and Other Accounts to
the quota (i.e., to Chinese Securities) through the Aberdeen China A
Fund Series is not expected to be limited. On a day to day basis, each
Aberdeen China A Fund Series will utilize the quota that has been
allocated by the respective Adviser or Aberdeen Affiliate. When an
Aberdeen China A Fund Series has used up approximately 70% of the quota
allocated to it, the respective Adviser or Aberdeen Affiliate will
apply for additional quota. Before any additional quota is approved, in
the event that there is a shortfall or an anticipated shortfall in
available quota, the Adviser or Aberdeen Affiliate will review whether
there is any surplus quota allocated to a Fund, Other Account or
Aberdeen China A Fund Series that could be reallocated to the Aberdeen
China A Fund Series. In the unlikely circumstances that there are times
when an Aberdeen China A Fund Series' investments will be limited by
quota limitations, access by the Funds and Other Accounts to Aberdeen
China A Fund Series Interests will be allocated in accordance with the
Advisers' trade order aggregation and trade allocation policies and
procedures (the ``Advisers' Trade Allocation Policy''). Under the
Advisers' Trade Allocation Policy, if fewer Interests are available
than are requested by the portfolio managers of the Funds and Other
Accounts, Interests will generally be allocated across participating
accounts on a pro rata basis according to requested order size.\10\
However, there may be certain circumstances where the Advisers,
consistent with the Trade Allocation Policy as it will be amended, may
take into account other factors such that there is a deviation from an
exact pro rata allocation in an effort to allocate Interests fairly
across accounts. For example, given that it can take several months to
receive additional quota under the RQFII structure, there may be an
instance where one Fund requests additional Interests months before
they are available, while another Fund requests additional Interests a
day before they are available. In that case, the Advisers may take the
timing of the request into account and fulfill the first Fund's entire
request for additional Interests and offer the second Fund the
remainder, if any, while the Advisers put in an additional request for
quota so that it can satisfy the second Fund's request. Similarly, if
more than one Fund or Other Account seeks to repatriate proceeds at or
about the same time, and Chinese regulations limit the aggregate amount
of proceeds that may be repatriated at any given time to a level below
the aggregate amount sought to be repatriated, the requests by the
applicable portfolio manager(s) will be aggregated, if received at or
about the same time, and proceeds available for repatriation will be
allocated pro rata among requesting Funds and Other Accounts.\11\ The
Advisers will not consider the potential impact on the quota when
making investment decisions for the Funds or Other Accounts.\12\
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    \10\ Currently, AAMAL manages one other client to which it has
granted quota under its RQFII license, which is the Aberdeen
Global--China A Share Equity Fund, a collective investment vehicle
incorporated in Luxembourg (the ``Luxembourg China A Fund'') that is
not available for sale to U.S. investors. The Luxembourg China A
Fund investors are generally not permitted to invest in the Aberdeen
China A Fund Series due to their residency outside of the U.S. AAMAL
expects that both funds will continue to be offered despite their
duplication in strategy, in order to make the strategy available in
multiple jurisdictions. Additionally, AAMAL could, but is currently
not expected to, grant RQFII quota to similar collective investment
vehicles or other clients in the future (together with the
Luxembourg China A Fund and the Aberdeen China A Fund Series,
``Aberdeen China Accounts''). In the event that quota is exhausted
by the Luxembourg China A Fund or other client(s) prior to the
launch of the Initial China A Fund Series, AAMAL intends to apply
for additional quota. To the extent there is demand for additional
Chinese Securities through the RQFII license from multiple Aberdeen
China Accounts or from other clients of the Advisers who are
allocated quota through a QFII license, allocations of Chinese
Securities, like allocations of other investment opportunities among
Funds and Other Accounts, will be subject to the Advisers' Trade
Allocation Policy. Similarly, consistent with the Advisers' Trade
Allocation Policy, in the event that AAMAL receives additional RQFII
quota, such additional RQFII quota will be allocated amongst
Aberdeen China Accounts pro rata based on amounts requested by such
Aberdeen China Accounts.
    \11\ Applicants are not seeking comfort nor is the Commission
providing any opinion on whether the Advisers' Trade Allocation
Policy meets the standards applicable under the Act or the Advisers
Act.
    \12\ Applicants state that the quota may be reduced or revoked
if AAMAL (or if other Advisers in the future receive a license, by
the relevant Adviser) does not invest the full amount of its quota
over a phase-in period, or if it repatriates its investments below
the quota amount.

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    12. Applicants state that AAMI contemplates making a nominal
investment (i.e. expected to be $1,000 and in no case more than
$10,000) in the Initial Aberdeen China A Fund. AAMI will acquire
Interests in the Initial Aberdeen China A Fund having rights, duties
and obligations that are identical in all respects to Interests
purchased by other investors in the Initial Aberdeen China A Fund. The
sole purpose of the proposed investment is to permit AAMI to serve as
the tax matters partner of the Initial Aberdeen China A Fund, which
intends to be treated as a partnership for U.S. federal tax purposes.
Applicants state that in the absence of AAMI's investment, it is likely
that the U.S. Internal Revenue Service would appoint a non-managing
member partner of the Commingled LLC to serve as tax matters partner of
the Initial Aberdeen China A Fund in an audit proceeding. In addition,
absent AAMI's investment, the tax matters partner could change from
year-to-year, which may disrupt preparation of the Initial Aberdeen
China A Fund's annual tax return.

Applicants' Legal Analysis

Section 17(a)--Purchase and Sale of Interests

    1. Section 17(a) generally provides, in part, that it is unlawful
for any affiliated person of a registered investment company (``first-
tier affiliate''), or any affiliated person of such person (``second
tier affiliate''), acting as principal, to sell or purchase any
security or other property to or from such investment company. Section
2(a)(3) of the Act defines an ``affiliated person'' of another person
to include (a) any person directly or indirectly owning, controlling,
or holding with power to vote, 5% or more of the outstanding voting
securities of the other person; (b) any person 5% or more of whose
outstanding voting securities are directly or indirectly owned,
controlled, or held with the power to vote by the other person; and (c)
any person directly or indirectly controlling, controlled by, or under
common control with the other person. Section 2(a)(9) defines
``control'' to mean ``the power to exercise a controlling influence
over the management or policies of a company, unless such power is
solely the result of an official position with such company.''
    2. Applicants state that the Funds and the Aberdeen China A Fund
Series are expected to be affiliated persons under section 2(a)(3) of
the Act, because it is expected that one or more Funds and Other
Vehicles will own at least 5%, and potentially, more than 25% of the
Interests of an Aberdeen China A Fund Series. While Interests of an
Aberdeen China A Fund Series will be non-voting interests, a Fund or
Other Vehicle could have power to exercise a controlling influence over
the management or policies of an Aberdeen China A Fund Series and be
deemed an affiliated person of the Aberdeen China A Fund Series under
section 2(a)(3)(C). Furthermore, as the investment advisers to the
Funds, the Advisers are affiliated persons of the Funds that they
advise under section 2(a)(3)(E) and, because AAMI is the managing
member of the Commingled LLC, an Aberdeen China A Fund Series may be
deemed to be under AAMI's control under section 2(a)(3)(C), resulting
in each Aberdeen China A Fund Series being deemed an affiliated person
of an affiliated person of certain, if not all, of the Funds. Since the
Funds and the Aberdeen China A Fund Series may share a common
investment adviser or investment advisers that are wholly-owned by the
same parent company, they may be deemed to be first-tier affiliates by
virtue of arguably being under common control for purposes of section
2(a)(3)(C).
    3. If a Fund and an Aberdeen China A Fund Series are deemed
affiliates of each other, or even second-tier affiliates, the sale of
Interests of the Aberdeen China A Fund Series to the Fund, and the
redemption of such Interests by the Fund, would be prohibited under
section 17(a) of the Act.
    4. Section 17(b) of the Act authorizes the Commission to grant an
order permitting a transaction otherwise prohibited by section 17(a) if
the terms of the proposed transaction, including the consideration to
be paid or received, are fair and reasonable and do not involve
overreaching on the part of any person concerned, and the proposed
transaction is consistent with the policies of each registered
investment company involved and with the general purposes of the Act.
Section 6(c) of the Act permits the Commission to exempt any person or
transactions from any provisions of the Act if such exemption is
necessary or appropriate in the public interest and consistent with the
protection of investors and the purposes fairly intended by the policy
and provisions of the Act.
    5. Applicants submit that the proposed arrangement satisfies the
standards for relief under sections 17(b) and 6(c) of the Act. For the
reasons discussed below, Applicants submit that the terms of the
arrangement, including the consideration to be paid, are fair and
reasonable and do not involve overreaching on the part of any person
concerned, and that the proposed transactions are consistent with the
policy of each registered investment company concerned and with the
general purposes of the Act. Applicants further submit that the Funds'
participation in the Aberdeen China A Fund Series will be necessary or
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policies and
provisions of the Act.
    6. Applicants state that each Fund and Other Account will be
treated identically as a holder of Interest in the Aberdeen China A
Fund Series, and each Fund and Other Account will purchase and sell
Interests of an Aberdeen China A Fund Series on the same terms and on
the same basis as each other Fund and Other Account that invests in
that Aberdeen China A Fund Series. Applicants note that no Adviser,
Aberdeen Affiliate, or investment manager to a Sub-Advised Fund that is
not an Initial Adviser or Aberdeen Affiliate or any person controlling,
controlled by or under common control with such investment manager (any
such investment manager to a Sub-Advised Fund or control affiliate of
such investment manager, an ``Unaffiliated Manager'') will receive an
advisory fee from an Aberdeen China A Fund Series used by the Funds.
The Funds, as holders of Interests of the Aberdeen China A Fund Series,
will not be subject to any sales load, redemption fee, distribution fee
or service fee, except that the Aberdeen China A Fund Series will have
the discretion to impose a redemption fee in accordance with applicable
law or regulation for the purpose of offsetting brokerage, tax or other
costs. If a redemption fee is charged by an Aberdeen China A Fund
Series, such fee will be limited in accordance with the then-current
requirements of the Commission applicable to management investment
companies offering redeemable securities as if the Aberdeen China A
Fund Series were an open-end investment company. The financial
statements of the Aberdeen China A Fund Series will be audited.
Moreover, administrative fees and transfer agent fees will be paid by
an Aberdeen China A Fund Series used by the Funds to an Adviser,
Aberdeen Affiliate, or Unaffiliated Manager only upon the determination
by each Fund's Board, including a majority of Independent Board
Members, that the fees are (i) for services in addition to, rather than
duplicative of, services rendered to the Funds directly and (ii) fair
and

reasonable in light of the usual and customary charges imposed by
others for services of the same nature and quality. Applicants argue
that the fees payable to the Aberdeen China A Fund Series' service
providers will be for distinct services, and the costs of such fees
will be outweighed by opportunity to invest in Chinese Securities.

Section 17(d)

    7. Section 17(d) of the Act and rule 17d-1 under the Act generally
prohibit joint transactions involving registered investment companies
and their affiliates unless the Commission has approved the
transaction. In considering whether to approve a joint transaction
under rule 17d-1, the Commission considers whether the proposed
transaction is consistent with the provisions, policies, and purposes
of the Act, and the extent to which the participation of the investment
companies is on a basis different from or less advantageous than that
of the other participants.
    8. Applicants state that the Funds (by purchasing Interests of the
Aberdeen China A Fund Series), the Advisers (by managing the portfolio
securities of the Aberdeen China A Fund Series and the Funds at the
same time that the Funds are invested in Interests of the Aberdeen
China A Fund Series and/or by providing a nominal tax matters partner
investment in the Aberdeen China A Fund Series), and the Aberdeen China
A Fund Series (by selling its Interests to, and redeeming its Interests
from, the Funds), could be deemed to be participants in a joint
enterprise or arrangement within the meaning of section 17(d) and rule
17d-1.
    9. Applicants request an order pursuant to section 17(d) and rule
17d-1 to permit the proposed transactions with the Aberdeen China A
Fund Series. Applicants submit that the investment by the Funds in the
Aberdeen China A Fund Series on the basis proposed is consistent with
the provisions, policies and purposes of the Act, and that each Fund
will invest in Interests of the Aberdeen China A Fund Series on the
same basis as any other shareholder (i.e., the other Funds and Other
Accounts). Applicants further state that the Advisers will take
reasonable steps to make sure that allocations among the Funds and
Other Accounts are fair and equitable. Allocations of Chinese
Securities to different Aberdeen China A Fund Series, and allocations
of opportunities to invest in the Aberdeen China A Fund Series, by
Funds and Other Accounts, will be subject to the Advisers' Trade
Allocation Policy, under the supervision of the Advisers' and the
Funds' Chief Compliance Officer, and compliance with the Advisers'
Trade Allocation Policy will be overseen by each Fund's Board.
    10. Applicants do not believe that AAMI's nominal investment as tax
matters partner in the Initial Aberdeen China A Fund poses any
potential conflict of interest not addressed by the conditions
contained in the application. AAMI will acquire Interests having
rights, duties and obligations that are identical in all respects to
Interests purchased by other investors in the Initial Aberdeen China A
Fund.

Section 17(a)--Cross Transactions

    11. Applicants propose that the Funds be permitted to continue to
engage in certain purchase and sale cross transactions in securities
(``Cross Transactions'') between a Fund seeking to implement a
portfolio strategy and an Other Vehicle seeking to raise or invest
cash. The Funds currently rely on rule 17a-7 to engage in such Cross
Transactions; however, if a Fund and an Other Vehicle were deemed to be
second-tier affiliates of each other by virtue of their ownership or
control affiliations with an Aberdeen China A Fund Series, the Funds
may not be entitled to rely on rule 17a-7 because they would no longer
be affiliated solely for the reasons permitted by the rule.
    12. Applicants assert that the potential affiliations created by
the Aberdeen China A Fund Series structure do not affect the other
protections provided by the rule, including the integrity of the
pricing mechanism employed, and oversight by each Fund's Board.
Applicants represent that the Funds and Other Vehicles will comply with
the requirements set forth in rule 17d-(7)(a) through (g). Applicants
thus believe that Cross Transactions will be reasonable and fair, and
will not involve overreaching, and will be consistent with the purposes
of the Act and the investment policy of each Fund.

Applicants' Conditions

    Applicants agree that any order granting the requested relief shall
be subject to the following conditions:
    1. The Funds' investments in Interests of an Aberdeen China A Fund
Series will be undertaken only in accordance with the Funds' stated
investment restrictions and will be consistent with their stated
investment policies.
    2. The Advisers, their affiliated persons and Unaffiliated Managers
will receive no advisory fee from an Aberdeen China A Fund Series in
connection with the Funds' investment in the Aberdeen China A Fund
Series. The Advisers, their affiliated persons and Unaffiliated
Managers will receive no commissions, fees, or other compensation
(except for administrative and/or transfer agent fees that are paid in
accordance with condition 3 as described in the application) from a
Fund or an Aberdeen China A Fund Series in connection with the purchase
or redemption by the Funds of Interests in the Aberdeen China A Fund
Series. Interests of an Aberdeen China A Fund Series will not be
subject to a sales load, redemption fee, distribution fee or service
fee, except that the Aberdeen China A Fund Series will have the
discretion to impose a redemption fee in accordance with applicable law
or regulation for the purpose of offsetting brokerage, tax or other
costs. If a redemption fee is charged by an Aberdeen China A Fund
Series, such fee will be limited in accordance with the then-current
requirements of the Commission applicable to management investment
companies offering redeemable securities as if the Aberdeen China A
Fund Series were an open-end investment company registered under the
Act.
    3. Administrative fees and transfer agent fees will be paid by an
Aberdeen China A Fund Series used by the Funds to an Adviser, Aberdeen
Affiliate or Unaffiliated Manager only upon a determination by each
Fund's Board, including a majority of its Independent Board Members,
that the fees are (i) for services in addition to, rather than
duplicative of, services rendered to the Funds directly and (ii) fair
and reasonable in light of the usual and customary charges imposed by
others for services of the same nature and quality. If such
determination is not made by a Fund's Board, the Fund's Adviser will
reimburse to that Fund the amount of any administrative fee and
transfer agent fee borne by that Fund as an investor in the Aberdeen
China A Fund Series.
    4. Each Fund will treat its entire investment in an Aberdeen China
A Fund Series as an investment that is not liquid for purposes of any
applicable rules or guidance of the Commission or its staff regarding
the management of liquidity. For example, under current guidelines,
each Fund that is an open-end fund must not purchase an illiquid
security if, as a result, more than 15% of its net assets would be
invested in illiquid assets, which for purposes of the requested relief
include any investments in an Aberdeen China A Fund Series. In
addition, each Fund will, at all times, limit its holdings in the
Aberdeen China A Fund Series to no more than 15% of its net assets.

    5. Each Fund's Board, including a majority of the Independent Board
Members, will determine initially and no less frequently than annually
that the Fund's investment in the Aberdeen China A Fund Series is, and
continues to be, in the best interests of the Fund and the Fund's
shareholders. As part of this determination, each Fund's Board will
consider the custody arrangements for the Aberdeen China A Fund Series'
foreign securities (under rule 17f-5) and the bonding arrangements in
place for certain of the Aberdeen China A Fund Series' officers and
employees (under rule 17g-1).
    6. The Advisers will make the accounts, books and other records of
each Aberdeen China A Fund Series available for inspection by the
Commission staff and, if requested, will furnish copies of those
records to the Commission staff.
    7. Each Aberdeen China A Fund Series will comply with the following
sections of the Act as if the Aberdeen China A Fund Series were an
open-end management investment company registered under the Act, except
as noted: Section 9; section 12 (except that each Aberdeen China A Fund
Series shall be permitted to sell Interests to Funds in excess of the
limits set out in section 12(d)(1)(B)); section 13 (the Interests
issued by the Aberdeen China A Fund Series will be regarded as voting
securities under section 2(a) (42) of the Act for purposes of applying
this condition and the offering memorandum utilized by the Aberdeen
China A Fund Series to offer and sell Interests will be regarded as a
registration statement for purposes of applying this condition);
section 17(a) (except as described in the application); section 17(d)
(except as described in the application); section 17(e); section 17(f);
section 17(h), section 18 (the Interests issued by the Aberdeen China A
Fund Series will be regarded as voting securities under section
2(a)(42) of the Act for purposes of applying this condition); section
21; section 36; and sections 37-53. In addition, the Aberdeen China A
Fund Series will comply with the rules under section 17(f) \13\ and
section 17(g) of the Act, and rule 22c-1 under the Act as if the
Aberdeen China A Fund Series were an open-end management investment
company registered under the Act. This condition 7 will apply only to
Aberdeen China A Fund Series in which a Fund has invested; this
condition 7 will not apply to Aberdeen China A Fund Series invested in
exclusively by Other Accounts except insofar as necessary for the
Aberdeen China A Fund Series invested in by a Fund to comply with this
condition.
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    \13\ The Applicants note that they will operate each Aberdeen
China A Fund Series such that rule 17f-1, rule 17f-2, and rule 17f-3
will not be applicable to it.
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    The Advisers will adopt procedures designed to ensure that each
Aberdeen China A Fund Series complies with the aforementioned sections
of the Act and rules under the Act. The Advisers will periodically
review and periodically update as appropriate such procedures and will
maintain books and records describing such procedures, and maintain the
records required by rules 31d-1(b)(1), 31d-1(b)(2)(ii) and 31d-1(b)(9)
under the Act. In addition, in connection with the determination
required by condition 5 above, the Advisers will provide annually to
each Fund's Board a written report about the Advisers' and the Aberdeen
China A Fund Series' compliance with this condition.
    All books and records required to be made pursuant to this
condition will be maintained and preserved for a period of not less
than six years from the end of the fiscal year in which any transaction
occurred, the first two years in an easily accessible place, and will
be subject to examination by the Commission and its staff.
    For purpose of implementing condition 7, any action that the above-
referenced statutory and regulatory provisions require to be taken by
the directors, officers and/or employees of a registered investment
company will be performed by AAMI (or its successor) \14\ as the
managing member of the Commingled LLC, except to the extent that the
order requires the Funds' Boards to exercise oversight or take action
with respect to the Aberdeen China A Fund Series as an extension of
such Boards' duties to the Funds.
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    \14\ See supra, footnote 1.
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    8. To engage in Cross Transactions, the Funds will comply with rule
17a-7 under the Act in all respects other than the requirement that the
parties to the transaction be affiliated persons (or affiliated persons
of affiliated persons) of each other solely by reason of having a
common investment adviser or investment advisers which are affiliated
persons of each other, common officers, and/or common directors, solely
because a Fund and Other Vehicle might become affiliated persons within
the meaning of section 2(a)(3)(A), (B) or (C) of the Act because of
their investments in an Aberdeen China A Fund Series.
    9. An Aberdeen China A Fund Series in which a Fund invests will not
engage in leverage or borrow except that an Aberdeen China A Fund
Series may borrow in amounts not exceeding 5% of its total assets for
temporary or emergency purposes or for the clearance of transactions,
but not for speculative investment purposes, and may pledge its assets
to secure such borrowings.
    10. A Sub-Advised Fund may not invest in an Aberdeen China A Fund
Series in reliance on the order unless the Sub-Advised Fund's
Unaffiliated Manager has executed an agreement with the Aberdeen China
A Fund Series stating that the Unaffiliated Manager understands the
terms and conditions of the order and agrees to comply with conditions
1, 2, 3, 4, 5 and 8 of the order.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Jill Peterson,
Assistant Secretary.
[FR Doc. 2018-06567 Filed 3-30-18; 8:45 am]
 BILLING CODE 8011-01-P