[Federal Register Volume 79, Number 31 (Friday, February 14, 2014)]
[Notices]
[Pages 8982-8983]
[FR Doc No: 2014-03153]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2007-0008]

National Advisory Council

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Committee management; request for applicants for appointment to
the National Advisory Council.

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SUMMARY: The Federal Emergency Management Agency (FEMA) is requesting
individuals who are interested in serving on the National Advisory
Council (NAC) to apply for appointment as identified in this notice. As
provided for in the Post-Katrina Emergency Management Reform Act of
2006 (PKEMRA) (Pub. L. 109-295), the NAC shall advise the Administrator
of FEMA on all aspects of emergency management. The NAC shall
incorporate State, local and Tribal government, non-profit and private
sector input in the development and revision of national emergency
management doctrine, policy, and plans. The NAC consists of up to 35
members, all of whom are experts and leaders in their respective
fields. FEMA seeks to appoint individuals to ten (10) positions on the
NAC that are open due to vacancy or term expiration.

DATES: Applications and nominations will be accepted until 11:59 p.m.
EST on March 14, 2014.

ADDRESSES: Applications for membership should be submitted by ONE of
the following methods:
     E-Mail<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: Office of the National Advisory Council, Federal
Emergency Management Agency, 8th Floor, 500 C Street SW., Washington,
DC 20472-3100.

FOR FURTHER INFORMATION CONTACT: Alexandra Woodruff, Alternate
Designated Federal Officer, The Office of the National Advisory
Council, Federal Emergency Management Agency, 8th Floor, 500 C Street
SW., Washington, DC 20472-3100; telephone<PHONE_NUMBER>; fax (540)
504-2331; and email<EMAIL_ADDRESS>For more information on the
NAC, please visit http://www.fema.gov/national-advisory-council.

SUPPLEMENTARY INFORMATION: The NAC is an advisory committee established
in accordance with the provisions of the Federal Advisory Committee Act
(FACA), 5 U.S.C. Appendix (Pub. L. 92-463). As required by PKEMRA, the
Secretary of Homeland Security established the NAC to ensure effective
and ongoing coordination of Federal preparedness, protection, response,
recovery, and mitigation for natural disasters, acts of terrorism, and
other man-made disasters. FEMA is requesting individuals who are
interested in serving on the NAC to apply for appointment. One
appointment for each discipline listed below (total of 10 appointments)
will be open: Emergency Management (one representative appointment),
Emergency Response (one representative appointment), Non-Elected Local
Government Officials (one representative appointment), Health Scientist
(one Special Government Employee appointment), Communications (one SGE
appointment), Infrastructure Protection (one SGE appointment),
Standards Setting and Accrediting (one representative appointment),
Disabilities (one representative appointment), Elected Tribal
Government Officials (one representative appointment) and Tribal Non-
Elected Tribal Government Officials (one representative appointment).
These appointments will be for three-year terms. The Administrator may
appoint additional candidates to serve as FEMA Administrator Selections
(either as a representative appointment or as a Special Government
Employee (SGE)) for three-year terms.
    Individuals interested in serving on the NAC are invited to apply
for appointment by submitting an application package to the Office of
the NAC as listed in the ADDRESSES section of this notice. There is no
application form; however, each application package MUST include the
following information:
     Cover letter, addressed to the Office of the NAC,
detailing the discipline area(s) being applied for, current position
title and organization, mailing address, a current telephone number and
email address;
     Resume or Curriculum Vitae (CV); and
     Letters of Recommendation addressed to the Office of the
NAC (if applicable--not required).

Incomplete applications will not be considered. Current NAC members
whose terms are ending should notify the Office of the NAC of their
interest in reappointment in lieu of submitting a new application, and
if desired, provide updated application materials for consideration.
    Each application will be scored based on the following criteria:
    1. Demonstrated knowledge of Federal disasters and emergency
response functions;
    2. Demonstrated skill in working with high level officials and
governments representing divergent points of view;
    3. Experience coordinating and integrating activities with Federal,
State, Local, Tribal or Territorial organizations and practitioner
groups;
    4. Proven leadership experience in specified discipline area(s) of
interest;
    5. Demonstrated knowledge of national emergency management policies
and doctrine;
    6. Demonstrated service on national, State, or Local task force,
committee, or advisory body dealing with emergency preparedness and
response;
    7. Demonstrated experience in a senior management and leadership
position, providing supervisory direction to an organization
responsible for effective administration of complex policies and
programs;
    8. Demonstrated knowledge of and experience with the strategic
planning process for an organization or a committee;
    9. Proven ability to provide expert technical advice, guidance, and
recommendations on critical program issues requiring new approaches,
establishment of precedents or the interpretation of controversial law,
regulation, or past practice; and
    10. Demonstrated ability to communicate effectively orally and in
writing.
    Appointees may be designated as a SGE as defined in section 202(a)
of title 18, United States Code, or as a Representative appointment.
Candidates selected for appointment as SGEs are required to complete a
Confidential Financial Disclosure Form (Office of Government Ethics
(OGE) Form 450). This form can be obtained by visiting the Web site of
the Office of Government Ethics (http://www.oge.gov), or by contacting
the Office of the NAC. Please do not submit this form with your
application. Contact information is provided in the FOR FURTHER
INFORMATION CONTACT section of this notice.
    The NAC will meet in person approximately two times a year. Members
may be reimbursed for travel and per diem, and all travel for NAC
business must be approved in advance by the Designated Federal Officer.
NAC members are expected to serve on one of the three NAC
Subcommittees, which regularly meet by teleconference throughout the
year. The Department of Homeland Security (DHS) does not discriminate
in employment on the basis of race, color, religion, sex, national
origin, political affiliation, sexual orientation, gender identity,
marital status, disability and genetic information, age, membership in
an employee organization, or other non-merit factor. DHS strives to
achieve a widely diverse candidate pool for all of its recruitment
actions. Registered lobbyists, current FEMA employees, Disaster
Assistance Employees, Reservists, Contractors, and potential
Contractors will not be considered for membership.

    Dated: February 6, 2014.
W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2014-03153 Filed 2-13-14; 8:45 am]
BILLING CODE 9111-48-P


[Federal Register Volume 80, Number 152 (Friday, August 7, 2015)]
[Notices]
[Page 47503]
[FR Doc No: 2015-19489]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4231-DR: Docket ID FEMA-2015-0002]

New Jersey; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of New Jersey (FEMA-4231-DR), dated July 22,
2015, and related determinations.

DATES: Effective Date: July 22, 2015.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated July 22, 2015, the President issued a major disaster declaration
under the authority of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''), as follows:

    I have determined that the damage in certain areas of the State
of New Jersey resulting from a severe storm on June 23, 2015, is of
sufficient severity and magnitude to warrant a major disaster
declaration under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''). Therefore, I declare that such a major disaster exists in
the State of New Jersey.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Hazard Mitigation will be limited to 75 percent of the total
eligible costs. Federal funds provided under the Stafford Act for
Public Assistance also will be limited to 75 percent of the total
eligible costs, with the exception of projects that meet the
eligibility criteria for a higher Federal cost-sharing percentage
under the Public Assistance Alternative Procedures Pilot Program for
Debris Removal implemented pursuant to section 428 of the Stafford
Act.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Seamus K. Leary, of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following areas of the State of New Jersey have been designated
as adversely affected by this major disaster:

    Atlantic, Burlington, Camden, Gloucester Counties for Public
Assistance.
    All areas within the State of New Jersey are eligible for
assistance under the Hazard Mitigation Grant Program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2015-19489 Filed 8-6-15; 8:45 am]
BILLING CODE 9111-23-P


Raw Data Run # exh. temp O2 NOx in NOx out NOx CH2O in CH2O out CH2O CO in CO out CO NMHC in NMHC out NMHC THC in THC out THC deg F percent ppm ppm % red ppm ppm % red ppm ppm % red ppm ppm % red ppm ppm % red 1 704.49 9.8 59.68 63.61  6.6 56.31 17.94 68.1 620.26 41.32 93.3 148.47 117.9 20.6 1785.07 1869.95  4.8 2 676.41 9.82 76.28 82.49  8.1 60.75 15.33 74.8 590.96 26.75 95.5 160.11 131.12 18.1 2129.31 2172.24  2.0 3 640.38 9.81 72.83 81.67  12.1 57.64 10.6 81.6 573.32 21.89 96.2 183.78 147.29 19.9 2424.37 2458.73  1.4 4 656.53 9.8 107.78 113.17  5.0 55.25 16.23 70.6 590.78 30.19 94.9 130.64 113.2 13.3 2166.34 2165.01 0.1 5 684.74 10.51 71.73 78.16  9.0 64.98 22.07 66.0 740.59 53.7 92.7 185.58 154.96 16.5 2456.84 2479.61  0.9 6 722.55 9.1 205.32 214.15  4.3 59.07 14.38 75.7 669.78 39.54 94.1 117.02 91.1 22.2 1604.71 1593.83 0.7 7 694.41 9.2 145.99 154.07  5.5 65.85 13.05 80.2 639.84 26.35 95.9 145.36 110.19 24.2 1821.08 1843.1  1.2 8 640.83 10.5 60.93 65.73  7.9 57.97 19.99 65.5 641.35 35.85 94.4 283.31 171.13 39.6 2513.13 2602.29  3.5 9 703.97 9.69 107.35 117.91  9.8 56.35 17.51 68.9 619.7 40.61 93.4 147.16 115.48 21.5 1816.34 1870.44  3.0 10 705.03 9.8 131.74 137.05  4.0 56.84 18.23 67.9 625.62 41.97 93.3 125.44 111.49 11.1 1713.36 1797.47  4.9 11 701.16 9.81 109.71 118.1  7.6 56.03 17.98 67.9 620.51 41.71 93.3 140.34 129.5 7.7 1840.3 1893.61  2.9 12 704.45 9.9 111.21 117.87  6.0 57.28 17.64 69.2 612.71 41.1 93.3 126.92 107.32 15.4 1756.44 1889  7.5 13 733.6 10.44 64.65 70.86  9.6 57.21 15.54 72.8 619.89 44.53 92.8 167 109.4 34.5 1904.26 2002.69  5.2 14 685.11 9.81 174.3 183.81  5.5 56.06 18.64 66.7 655.61 42.27 93.6 133.25 108.77 18.4 1773.42 1817.67  2.5 15 706.79 9.9 94.19 102.08  8.4 57.53 17.41 69.7 625.17 42.56 93.2 160.16 115.06 28.2 1851.76 1964.48  6.1 16 698.05 9.82 108.4 117.03  8.0 57.52 17.47 69.6 627.01 42.14 93.3 150.12 118.21 21.3 1859.18 1911.35  2.8 Data Corrected to 15% O2 Run # exh. temp O2 NOx in NOx out NOx CH2O in CH2O out CH2O CO in CO out CO NMHC in NMHC out NMHC THC in THC out THC deg F percent ppm ppm % red ppm ppm % red ppm ppm % red ppm ppm % red ppm ppm % red 1 704 9.8 31.72 33.81  6.6 29.93 9.54 68.1 329.69 21.96 93.3 78.92 62.67 20.6 948.82 993.94  4.8 2 676 9.82 40.62 43.93  8.1 32.35 8.16 74.8 314.68 14.24 95.5 85.26 69.82 18.1 1133.84 1156.70  2.0 3 640 9.81 38.75 43.45  12.1 30.67 5.64 81.6 305.01 11.65 96.2 97.77 78.36 19.9 1289.79 1308.07  1.4 4 657 9.8 57.29 60.15  5.0 29.37 8.63 70.6 314.02 16.05 94.9 69.44 60.17 13.3 1151.48 1150.77 0.1 5 685 10.51 40.73 44.38  9.0 36.90 12.53 66.0 420.55 30.49 92.7 105.38 87.99 16.5 1395.13 1408.06  0.9 6 723 9.1 102.66 107.08  4.3 29.54 7.19 75.7 334.89 19.77 94.1 58.51 45.55 22.2 802.36 796.92 0.7 7 694 9.2 73.62 77.69  5.5 33.21 6.58 80.2 322.65 13.29 95.9 73.30 55.57 24.2 918.32 929.43  1.2 8 641 10.5 34.57 37.29  7.9 32.89 11.34 65.5 363.84 20.34 94.4 160.72 97.08 39.6 1425.72 1476.30  3.5 9 704 9.69 56.50 62.06  9.8 29.66 9.22 68.9 326.16 21.37 93.4 77.45 60.78 21.5 955.97 984.44  3.0 10 705 9.8 70.02 72.85  4.0 30.21 9.69 67.9 332.54 22.31 93.3 66.68 59.26 11.1 910.70 955.41  4.9 11 701 9.81 58.37 62.83  7.6 29.81 9.57 67.9 330.12 22.19 93.3 74.66 68.90 7.7 979.06 1007.42  2.9 12 704 9.9 59.65 63.22  6.0 30.72 9.46 69.2 328.64 22.04 93.3 68.08 57.56 15.4 942.09 1013.19  7.5 13 734 10.44 36.47 39.97  9.6 32.27 8.77 72.8 349.65 25.12 92.8 94.20 61.71 34.5 1074.10 1129.62  5.2 14 685 9.81 92.73 97.79  5.5 29.82 9.92 66.7 348.79 22.49 93.6 70.89 57.87 18.4 943.48 967.02  2.5 15 707 9.9 50.52 54.75  8.4 30.86 9.34 69.7 335.32 22.83 93.2 85.90 61.71 28.2 993.22 1053.68  6.1 16 698 9.82 57.72 62.32  8.0 30.63 9.30 69.6 333.88 22.44 93.3 79.94 62.95 21.3 990.00 1017.78  2.8 56.37 336.90 84.19 Uncontrolled Concentrations of Emissions versus Exhaust Temperature 0.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 450.00 620.00 640.00 660.00 680.00 700.00 720.00 740.00 degrees F ppm CH2O in ppm CO in ppm NMHC in ppm Linear ( CH2O in ppm)

Linear ( CO in ppm)

Linear ( NMHC in ppm) Percent Reduction vs. Oxygen Content  20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 9 9.2 9.4 9.6 9.8 10 10.2 10.4 10.6 Percent O2 in Exhaust Percent Reduction (

corrected to 15%

O2) NOx % red CH2O % red CO % red NMHC % red THC % red Linear ( NOx % red)

Linear ( CH2O % red)

Linear ( CO % red)

Linear ( NMHC % red)

Linear ( THC % red) Percent Reduction vs. Exhaust Temperature 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 620 640 660 680 700 720 740 Degrees F Percent Reduction (

corrected to 15%

O2) CH2O % red CO % red NMHC % red Linear ( CH2O % red)

Linear ( CO % red)

Linear ( NMHC % red)


[Federal Register: July 8, 2009 (Volume 74, Number 129)]
[Notices]
[Page 32653-32655]
[DOCID:fr08jy09-113]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28806; File No. 812-13421]

Federated Core Trust III, et al.; Notice of Application

June 30, 2009.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 22(e) of
the Act and rule 22c-1 under the Act.

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SUMMARY:  Summary of Application: Applicants request an order to permit
a series of a registered open-end management investment company whose
outstanding securities are owned exclusively by persons who are
qualified purchasers, as defined in the Act, to operate as an extended
payment fund.

Applicants: Federated Core Trust III (``Trust'') and Federated
Investment Management Company (``Adviser'').

DATES:  Filing Dates: The application was filed on August 31, 2007 and
amended on November 15, 2007, July 21, 2008, September 8, 2008,
November 21, 2008, and June 29, 2009.

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 July 24, 2009, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. 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 writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants: 5800 Corporate
Drive, Pittsburgh, Pennsylvania 15237-7000.

FOR FURTHER INFORMATION CONTACT: Courtney S. Thornton, Senior Counsel,
at<PHONE_NUMBER>, or Mary Kay Frech, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site 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. The Trust was organized as a Delaware statutory trust on August
29, 2007, and filed Form N-8A on July 21, 2008. On July 22, 2008, the
Trust filed Form N-1A to register its non-diversified series, Federated
Project and Finance Core Fund (the ``Fund''), under the Act.
    2. The Adviser, a wholly-owned subsidiary of Federated Investors,
Inc., is an investment adviser registered under the Investment Advisers
Act of 1940. The Adviser will serve as investment adviser to the Fund.
    3. The investment objective of the Fund will be to provide total
return comprised primarily from income arising out of investment in
trade-finance and related securities and instruments. The Fund will
invest primarily in trade, structured-trade, export and project finance
or related assets of companies or other entities (including sovereign
entities) located in developed markets as well as emerging markets.
Applicants expect that a substantial portion of the Fund's assets will
consist of a variety of trade finance securities and instruments that
may not be readily sold and converted to cash within seven days. The
Fund's investments, however, although less liquid than permissible for
an open-end investment company in the absence of exemptive relief, will
not be illiquid on a relative basis.\1\ The board of trustees
(``Board'') of the Fund will approve written procedures reasonably
designed to ensure that the Fund's portfolio assets are sufficiently
liquid so that the Fund can comply with its fundamental policy on
redemptions, taking into account current market conditions and the
Fund's investment objectives. The Board will review the procedures and
the overall composition of the portfolio at least annually.
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    \1\ At least 85% of the Fund's assets will be invested such that
(a) the Fund reasonably believes that an asset can be sold or
disposed of in the ordinary course of business at approximately the
price used in computing the Fund's net asset value (``NAV''), in a
period equal to the Fund's period for paying redemption proceeds
(the period between tender and the Redemption Payment Date, as
defined herein), or (b) an asset must mature before the next
Redemption Payment Date.
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    4. Shares of the Fund will not be registered under the Securities
Act of 1933 (the ``1933 Act''); they will be offered and sold only in
private

placement transactions to ``accredited investors,'' as defined in
Regulation D of the 1933 Act, that are also ``qualified purchasers,''
as defined in section 2(a)(51) of the Act and the rules thereunder
(``Qualified Purchasers''). Applicants anticipate that the Fund will
serve initially as a ``core fund'' that would provide access to this
asset class to other registered investment companies both within and
outside the Federated group of investment companies. The Fund will
adopt a policy to permit the transfer of its shares only to other
Qualified Purchasers.
    5. Applicants have determined to register the Fund under the Act,
rather than rely on section 3(c)(7) of the Act, in order to offer the
Act's protections to the registered funds and other investors that will
invest in the Fund. Applicants will register the Fund under the Act as
an open-end, rather than as a closed-end, investment company, because
the Fund's portfolio will be liquid enough to accept redemption
requests daily and pay redemption proceeds within 31 days thereafter.
Applicants state that a closed-end fund would not be able to offer
redeemable securities and could tend to trade in the aftermarket at a
discount to NAV.
    6. The Fund seeks exemptions from section 22(e) of the Act and rule
22c-1 under the Act to the extent necessary to permit the Fund to
operate as an extended payment fund. As such, the Fund will accept
redemption requests daily, price shares tendered for redemption 24 days
after receipt of the tender (the ``Redemption Pricing Date''), and pay
redemption proceeds within thirty-one days after a redemption request
(the ``Redemption Payment Date'').\2\ Shares tendered for redemption
will participate proportionately in the Fund's gains and losses during
the period of time between the notice of tender for redemption and the
Redemption Pricing Date.
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    \2\ If the Redemption Pricing Date falls on a weekend or a
holiday, the price of the redeemed shares will be determined as of
the closing NAV of the Fund on the preceding business day.
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    7. The Fund will adopt a fundamental policy specifying its
redemption procedures, including the timing of key redemption dates.
This policy will be disclosed in the Fund's offering memorandum.
Modification of this policy will require authorization by the vote of a
majority of the Fund's outstanding voting securities and approval by
the Commission or its staff.

Applicants' Legal Analysis

    1. Rule 22c-1 under the Act generally requires a registered open-
end investment company to sell, redeem, or repurchase its securities at
the price based on the current NAV of such security next computed after
receipt of a tender of such security for redemption.\3\ Applicants
state that rule 22c-1 was designed primarily to address the practice of
``backward pricing'' of fund shares. That practice involved pricing
fund shares for purchase or redemption based on the NAV determined
prior to the purchase or redemption request. This pricing mechanism
enabled a fund's insiders to engage in ``riskless trading'' by buying
shares at an NAV that they knew was likely to increase because of
market action after the shares were priced. Applicants assert that, in
effect, backward pricing created the possibility that some investors
could trade fund shares at the expense of non-redeeming shareholders.
Rule 22c-1 eliminates this problem by requiring ``forward pricing,'' or
pricing fund shares at the close of the market after a purchase or
redemption request is received. Under rule 22c-1, an open-end equity
fund typically computes the value of shares tendered for redemption on
any given day at 4 p.m. on that day.
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    \3\ The Fund will value its securities consistent with the
requirements of section 2(a)(41) of the Act. Section 2(a)(41)
defines value with respect to assets of a registered investment
company (a) with respect to securities for which market quotations
are readily available as the market value of such securities, and
(b) with respect to other securities and assets as fair value
determined in good faith by the board of directors of the investment
company. The Fund will calculate its NAV daily and will sell its
shares at the NAV per share next calculated after a purchase request
is received.
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    2. Applicants propose that the Fund redeem shares at the NAV per
share calculated 24 days after the shares are tendered. Applicants
assert that their proposal does not raise the concern of ``backward
pricing'' because shares will be priced only after a tender for
redemption is received. Applicants state that the Fund's pricing
timeline will be clearly disclosed and is consistent with the Act
because it will treat all investors equally and not dilute non-
redeeming shareholders' interests. In addition, all investors in the
Fund will be Qualified Purchasers, who are capable of understanding the
risks presented by the Fund's redemption policy.
    3. Section 22(e) of the Act provides that a registered investment
company may not suspend the right of redemption or postpone the date of
payment or satisfaction upon redemption of any redeemable security in
accordance with its terms for more than seven days after the tender of
the security to the company. Applicants request an exemption from
section 22(e) to permit the Fund to pay redemption proceeds within 7
days after the Redemption Pricing Date (or 31 days after the tender of
shares for redemption).
    4. Applicants state that the primary purpose of section 22(e) is to
address the abusive practices of early open-end companies that claimed
that their securities were redeemable, only to then institute barriers
to redemption. Applicants represent that the Fund's policies will not
raise the possibility of such abuses. The Fund's redemption policy will
be a fundamental policy changeable only by a majority vote of its
shareholders and the approval of the Commission or its staff.
Applicants undertake to disclose the Fund's redemption policy on the
cover page of its offering memorandum and in any marketing materials,
and to refrain from holding itself out as a ``mutual fund.'' Most
importantly, the Fund will limit its investors to Qualified Purchasers,
who are highly sophisticated investors capable of understanding the
Fund's redemption policy and its associated risks.
    5. In 1992, the Commission proposed rule 22e-3 under the Act that
set forth an ``extended payment fund'' structure identical to that
proposed for the Fund. The Commission's proposal was designed to permit
a registered investment company that could both offer redeemable
securities and invest in assets, including less liquid foreign
securities, that did not meet the seven-day liquidity standard for
traditional open-end funds.
    6. Under proposed rule 22e-3, an open-end fund could make payment
upon redemption of its securities up to 31 days after tender of the
securities to the fund at NAV determined on the next redemption pricing
date following the tender, provided that: (a) The fund did so pursuant
to a fundamental policy, setting forth the number of days between a
tender and the next redemption pricing and payment dates, changeable
only with approval of a majority of the fund's outstanding voting
securities; (b) at least 85% of the fund's assets consisted of assets
that either (i) may be sold in the ordinary course of business at
approximately the price used to compute the fund's NAV, within the
period between the tender and the next redemption payment date, or (ii)
mature by the next redemption payment date; and (c) the fund does not
hold itself out to investors as a mutual fund. The Fund will comply
with these requirements.
    7. Section 6(c) of the Act permits the Commission to exempt any
person or transaction from any provision of the

Act if the exemption is necessary or appropriate in the public interest
and consistent with the protection of investors and the purposes fairly
intended by the policies of the Act. Applicants believe that the relief
is appropriate because the Fund can provide a convenient and cost-
effective means of accessing certain asset classes that provide
potentially favorable returns and can produce administrative and other
efficiencies and diversify risk across a number of investments.
Applicants also believe that the requested relief is consistent with
the protection of investors because shares of the Fund will be
available only to Qualified Purchasers. Finally, applicants state that
the relief is consistent with the purposes intended by the policies of
the Act because, as discussed above, it does not raise the concerns
addressed by section 22(e) of the Act and rule 22c-1 thereunder.

Applicants' Conditions

    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. The Fund's outstanding securities will be owned exclusively by
persons who are Qualified Purchasers, as defined in section 2(a)(51) of
the Act and the rules thereunder.
    2. The Fund will adopt a fundamental policy, which may be changed
only by a majority vote of the outstanding voting securities of the
Fund and only upon approval by the Commission or its staff, that will
specify the circumstances in which the Fund will redeem its shares,
such that (a) the Fund will have a 31 day rolling deadline to pay
redemptions after a shareholder has requested redemption, and (b) will
calculate its NAV applicable to a redemption request on the next
Redemption Pricing Date following a redemption request, which will be
24 days after a shareholder has requested redemption.
    3. At least 85% of the assets of the Fund will consist of assets:
    (a) That the Fund reasonably believes may be sold or disposed of in
the ordinary course of business, at approximately the price used in
computing the Fund's NAV, within the period between a tender of shares
and the next Redemption Payment Date, or
    (b) That mature by the next Redemption Payment Date.
    4. The Board of the Fund, including a majority of the disinterested
trustees, will adopt written procedures designed to ensure that the
Fund will comply with the terms and conditions of the requested order.
The Board will review these procedures at least annually and approve
such changes as it deems necessary.
    5. The Fund will not hold itself out as a ``mutual fund.'' The Fund
will disclose its redemption policy on the cover page of its offering
memorandum and in any marketing materials.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-16000 Filed 7-7-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 87, Number 244 (Wednesday, December 21, 2022)]
[Notices]
[Pages 78136-78138]
[FR Doc No: 2022-27653]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96506; File No. SR-IEX-2022-13]

Self-Regulatory Organizations: Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend its
Fee Schedule To Reflect Adjustments to FINRA's Registration Fees
Related to the Central Registration Depository

December 15, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on December 13, 2022, the Investors Exchange LLC (``IEX''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II and III below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Pursuant to the provisions of Section 19(b)(1) under the Act, and
Rule 19b-4 thereunder, IEX is filing with the Commission a proposed
rule change pursuant to IEX Rule 15.110(a) to amend its Fee Schedule to
reflect adjustments to FINRA's Registration Fees related to the Central
Registration Depository, which will be collected by FINRA. The Exchange
has designated this proposal as establishing or changing a due, fee, or
other charge imposed by the self-regulatory organization, whether or
not the person is a member of the self-regulatory organization, which
renders the proposed rule change effective upon filing, pursuant to
Section 19(b)(3(A)(ii) of the Act.\4\
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    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
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    The text of the proposed rule change is available at the Exchange's
website at www.iextrading.com, at the principal office of the Exchange,
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 self-regulatory organization
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 self-regulatory organization
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
    IEX is proposing, pursuant to IEX Rule 15.110(a), to amend its Fee
Schedule \5\ to reflect adjustments to FINRA's Registration Fees and
Fingerprinting Fees in connection with the Central Registration
Depository (``CRD system'').\6\ The FINRA fees are

collected and retained by FINRA via Web CRD for the registration of
employees of IEX Members who are not FINRA members. Because FINRA
separately collects the CRD system fee for any IEX Member \7\ that is
also a FINRA member,\8\ this fee filing only applies to IEX Members who
are not FINRA members.
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    \5\ See https://exchange.iex.io/resources/trading/fee-schedule/.
    \6\ The CRD system is the central licensing and registration
system for the U.S. securities industry. The CRD system enables
individuals and firms seeking registration with multiple states and
self-regulatory organizations to do so by submitting a single form,
fingerprint card and a combined payment of fees to FINRA. Through
the CRD system, FINRA maintains the qualification, employment and
disciplinary histories of registered associated persons of broker
dealers.
    \7\ See IEX Rule 1.160(s).
    \8\ IEX Members that are also FINRA members are charged CRD
system fees according to Section (4) of Schedule A to the FINRA By-
Laws.
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    Effective January 2, 2023, FINRA expects to increase (1) from $110
to $155 the fee it charges for the additional processing of each
initial or amended Form U4, Form U5 or Form BD that includes the
initial reporting, amendment, or certification of one or more
disclosure events or proceedings; (2) from $45 to $70 the annual fee
for each of the Member's registered representatives and principals for
system processing; and (3) from $15 to $20 the fee \9\ for processing
and posting to the CRD system each set of fingerprint cards submitted
electronically by the Member.\10\ Accordingly, IEX is proposing to
update the corresponding fees on its Fee Schedule to reflect the new
FINRA processing fees. IEX proposes to have these new fees take effect
starting January 2, 2023. Because these costs are borne by FINRA when a
non-FINRA member uses the CRD system, FINRA will continue to collect
and retain these fees for the registration of associated persons of IEX
Members that are not also FINRA members.
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    \9\ This increase is in addition to a pass-through of any other
charge imposed by the United States Department of Justice for
processing each set of fingerprints. The FBI fingerprint charge is
currently $11.25. See Securities Exchange Act Release No. 67247
(June 25, 2012) 77 FR 38866 (June 29, 2012) (SR-FINRA-2012-030).
    \10\ See Securities Exchange Act Release No. 90176 (October 14,
2020), 85 FR 66592 (October 20, 2020) (SR-FINRA-2020-032) (``FINRA
Fee Filing'').
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2. Statutory Basis
    IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) of the Act,\11\ of the Act in general, and
furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\12\
in particular, in that it provides for the equitable allocation of
reasonable fees and other charges among its members, and does not
unfairly discriminate between customers, issuers, brokers and dealers.
All similarly situated Members are subject to the same fee structure,
and every Member firm must use the CRD system for registration and
disclosure.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5).
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    The proposed fee is reasonable because it is identical to the fee
adopted by FINRA for use of the Web CRD system for disclosure and the
registration of associated persons of FINRA members.\13\ Thus, the
Exchange's Fee Schedule will reflect the current registration rate that
will be assessed by FINRA as of January 2, 2023 for any IEX Members
that are not also FINRA members. IEX also believes the proposed fee
change is reasonable, because, as noted in the FINRA Fee Filing, FINRA
is increasing the CRD system fees to provide enough revenue to support
its regulatory mission.\14\
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    \13\ See supra note 10.
    \14\ See supra note 10.
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    The Exchange believes that its proposal to increase (1) from $110
to $155 the fee it charges for the additional processing of each
initial or amended Form U4, Form U5 or Form BD that includes the
initial reporting, amendment, or certification of one or more
disclosure events or proceedings; (2) from $45 to $70 the annual fee
for each of the Member's registered representatives and principals for
system processing; and (3) from $15 to $20 the fee for processing and
posting to the CRD system each set of fingerprint cards submitted
electronically by the Member is equitable and not unfairly
discriminatory because the equivalent fees will be charged by FINRA of
all users of the CRD system, whether or not they are FINRA members.\15\
Therefore, all users of the CRD system will equally bear the cost of
maintaining the system.\16\
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    \15\ Because the Exchange will not be collecting or retaining
these fees, therefore, the Exchange will also not be in a position
to apply them in an inequitable or unfairly discriminatory manner.
    \16\ See supra note 10.
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    FINRA further noted its belief that the proposed fees are
reasonable because they help to ensure the integrity of the information
in the CRD system, which is important because the Commission, FINRA,
other self-regulatory organizations and state securities regulators use
the CRD system to make licensing and registration decisions, among
other things.\17\
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    \17\ See supra note 10.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. Specifically, the
Exchange believes that the proposed fees will result in the same
regulatory fees being charged to all Members required to report
information to the CRD system and for services performed by FINRA,
regardless of whether or not such Members are FINRA members.

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

    Written comments were neither solicited nor 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)(ii) \18\ of the Act.
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    \18\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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 necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \19\ 15 U.S.C. 78s(b)(2)(B).
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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 protected]. Please include
File Number SR-IEX-2022-13 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-IEX-2022-13. 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 will also be available for inspection
and copying at the IEX's principal office and on its internet website
at www.iextrading.com. 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-IEX-2022-13
and should be submitted on or before January 11, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-27653 Filed 12-20-22; 8:45 am]
BILLING CODE 8011-01-P