[Federal Register Volume 77, Number 106 (Friday, June 1, 2012)]
[Notices]
[Pages 32636-32637]
[FR Doc No: 2012-13345]

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ENVIRONMENTAL PROTECTION AGENCY

[9680-4]

Good Neighbor Environmental Board

AGENCY: Environmental Protection Agency (EPA).

ACTION: Request for nominations to the Good Neighbor Environmental
Board.

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SUMMARY: The U.S. Environmental Protection Agency (EPA) invites
nominations from a diverse range of qualified candidates to be
considered for appointment to its Good Neighbor Environmental Board.
Sources in addition to this Federal Register Notice may also be
utilized in the solicitation of nominees.
    Background: GNEB is a federal advisory committee chartered under
the Federal Advisory Committee Act (FACA), Public Law 92-463. GNEB was
created in 1992 by the Enterprise for the Americas Initiative Act,
Public Law 102-532, 7 U.S.C. Section 5404. Implementing authority was
delegated to the Administrator of EPA under Executive Order 12916. The
GNEB is responsible for providing advice to the President on
environmental and infrastructure issues and needs within the States
contiguous to Mexico in order to improve the quality of life of persons
residing on the United States side of the border. The statute calls for
the GNEB to have representatives from U.S. Government agencies; the
states of Arizona, California, New Mexico and Texas; and tribal and
private organizations with experience in environmental and
infrastructure issues along the U.S./Mexico Border. Members are
appointed by the EPA Administrator

for two year terms with the possibility of reappointment to a second
term. The GNEB meets approximately three times annually.
    The GNEB provides guidance to the President on environmental and
infrastructure issues along the U.S.-Mexico border in the form of an
annual report and through advice letters. Although we are unable to
offer compensation or an honorarium for your services, you may receive
travel and per diem allowances, according to applicable federal travel
regulations. The GNEB is seeking nominations from a variety of
nongovernmental interests along the U.S.-Mexico border from the private
sector, academia, environmental groups, health groups, ranching and
grazing, energy, and other relevant sectors. EPA values and welcomes
diversity. In an effort to obtain nominations of diverse candidates,
EPA encourages nominations of women and men of all racial and ethnic
groups.
    The following criteria will be used to evaluate nominees:
     The background and experiences that would help members
contribute to the diversity of perspectives on the committee (e.g.,
geographic, economic, social, cultural, educational, and other
considerations).
     Representative of a sector or group that helps to shape
border-region environmental policy or representatives of a group that
is affected by border region environmental policy.
     Has extensive professional knowledge and experience with
the particular issues that the GNEB examines (i.e., environmental and
infrastructure issues along the U.S.-Mexico border), including the bi-
national dimension of these issues.
     Bring senior level experience that will fill a need of the
GNEB in bringing a new and relevant dimension to its deliberations.
     Possesses a demonstrated ability to work in a consensus
building process with a wide range of representatives from diverse
constituencies.
     Ability to contribute approximately 10 to 15 hours per
month to the GNEB's activities, including face-to-face meetings,
conference calls, and participation in the development of the GNEB's
annual report to the President and comment letters.
     Nominees may self nominate by submitting a resume
describing their professional and educational qualifications, including
current business address, email, and daytime telephone number.
     All nominees must demonstrate the potential for active and
constructive involvement in the GNEB's work.

To help the Agency in evaluating the effectiveness of its outreach
efforts, please tell us how you learned of this opportunity.
    Please be aware that EPA's policy is that, unless otherwise
prescribed by statute, members generally are appointed to two- or
three-year terms.

ADDRESSES: Submit nominations to Mark Joyce, Acting Designated Federal
Officer, Office of Federal Advisory Committee Management and Outreach
(1601M), 1200 Pennsylvania Avenue NW., Washington, DC 20460. You may
also email nominations with the subject line COMMITTEE RESUME 2012 to
<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Mark Joyce, Acting Designated Federal
Officer, U.S. EPA, telephone<PHONE_NUMBER>, fax:<PHONE_NUMBER>.

    Dated: May 22, 2012.
Mark Joyce,
Acting Designated Federal Officer.
[FR Doc. 2012-13345 Filed 5-31-12; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 85, Number 121 (Tuesday, June 23, 2020)]
[Notices]
[Pages 37703-37705]
[FR Doc No: 2020-13405]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 33896; 812-15098]

Hamilton Lane Private Assets Fund and Hamilton Lane Advisors,
L.L.C.

June 17, 2020.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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    Notice of an application under section 6(c) of the Investment
Company Act of 1940 (the ``Act'') for an exemption from sections
18(a)(2), 18(c) and 18(i) of the Act, and for an order pursuant to
section 17(d) of the Act and rule 17d-1 under the Act.

Summary of Application:  Applicants request an order to permit certain
registered closed-end management investment companies to issue multiple
classes of shares of beneficial interest with varying sales loads and
to impose asset-based distribution and/or service fees.

Applicants:  Hamilton Lane Private Assets Fund (the ``Initial Fund'')
and Hamilton Lane Advisors, L.L.C. (the ``Adviser'').

Filing Dates:  The application was filed on February 24, 2020, and
amended on April 24, 2020.

Hearing or Notification of Hearing:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by emailing the Commission's
Secretary at<EMAIL_ADDRESS>and serving Applicants with a
copy of the request email. Hearing requests should be received by the
Commission by 5:30 p.m. on July 13, 2020, and should be accompanied by
proof of service on the Applicants, in the form of an affidavit, or,
for lawyers, a certificate of service. Pursuant to rule 0-5 under the
Act, hearing requests should state the nature of the writer's interest,
any facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons who wish to
be notified of a hearing may request notification by emailing the
Commission's Secretary.

ADDRESSES: The Commission<EMAIL_ADDRESS>Applicants: Attn:
General Counsel<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at
(202) 551-6817, or Kaitlin C. Bottock, 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 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 Initial Fund is a Delaware statutory trust that is
registered under the Act as a non-diversified, closed-end management
investment company. The Initial Fund's primary investment objective
will be to generate capital appreciation over the medium- and long-term
through investments in private assets globally.
    2. The Adviser, a Pennsylvania limited liability company, is
registered as an investment adviser under the Investment Advisers Act
of 1940, as amended (the ``Advisers Act''). The Adviser will serve as
investment adviser to the Initial Fund.
    3. Applicants seek an order to permit the Initial Fund to issue
multiple classes of shares of beneficial interest with varying sales
loads and to impose asset-based distribution and/or service fees and
early repurchase fees.
    4. Applicants request that the order also apply to any continuously
offered registered closed-end management investment company that has
been previously organized or that may be organized in the future for
which the Adviser, or any entity controlling, controlled by, or under
common control with the Adviser, or any successor in interest to any
such entity,\1\ acts as investment adviser and which provides periodic
liquidity with respect to its shares pursuant to rule 13e-4 under the
Securities Exchange Act of 1934 (each,

a ``Future Fund'' and together with the Initial Fund, the
``Funds'').\2\
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    \1\ A successor in interest is limited to an entity that results
from a reorganization into another jurisdiction or a change in the
type of business organization.
    \2\ Any Fund relying on this relief in the future will do so in
compliance with the terms and conditions of the application.
Applicants represent that each entity presently intending to rely on
the requested relief is listed as an applicant.
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    5. The Initial Fund will initially will register three classes of
shares, ``Class R Shares'', ``Class C Shares'' and ``Class I Shares.''
Shares of the Initial Fund will be sold only to persons who are
``accredited investors,'' as defined in Regulation D under the
Securities Act of 1933, and ``qualified clients,'' as defined in the
Advisers Act. The Funds will offer their Shares continuously at a price
based on net asset value. Shares of the Funds will not be listed on any
securities exchange nor quoted on any quotation medium. The Funds do
not expect there to be a secondary trading market for their shares.
    6. Applicants state that if the Initial Fund's initial registration
statement is declared effective prior to receipt of the requested
relief, the Initial Fund will only offer one class of shares, Class R
Shares, until receipt of the requested relief. Each of Class R Shares,
Class C Shares and Class I Shares will have its own fee and expense
structure. Additional offerings by any Fund relying on the order may be
on a private placement or public offering basis.
    7. Applicants state that, from time to time, the Initial Fund may
create additional classes of shares, the terms of which may differ
between Class R Shares, Class C Shares and Class I Shares pursuant to
and in compliance with rule 18f-3 under the Act.
    8. Applicants state that shares of a Fund may be subject to an
early repurchase fee (``Early Repurchase Fee'') at a rate of no greater
than 2% of the shareholder's repurchase proceeds if the interval
between the date of purchase of the shares and the valuation date with
respect to the repurchase of those shares is less than one year.\3\ Any
Early Repurchase Fee will apply equally to all classes of shares of a
Fund, in compliance with section 18 of the Act and rule 18f-3
thereunder. To the extent a Fund determines to waive, impose scheduled
variations of, or eliminate any Early Repurchase Fee, it will do so in
compliance with the requirements of rule 22d-1 under the Act as if the
Early Repurchase Fee were a CDSL and as if the Fund were an open-end
investment company and the Fund's waiver of, scheduled variation in, or
elimination of, any such Early Repurchase Fee will apply uniformly to
all shareholders of the Fund regardless of class. Applicants state that
the Initial Fund intends to impose an Early Repurchase Fee of 2%.
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    \3\ Applicants state that an Early Repurchase Fee charged by a
Fund is not the same as a contingent deferred sales load (``CDSL'')
assessed by an open-end fund pursuant to rule 6c-10 under the Act,
as CDSLs are distribution-related charges payable to a distributor,
whereas the Early Repurchase Fee is payable to the Fund to
compensate long-term shareholders for the expenses related to
shorter term investors, in light of the Fund's generally longer-term
investment horizons and investment operations.
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    9. Applicants represent that any asset-based service and/or
distribution fees for each class of shares of the Funds will comply
with the provisions of the FINRA Rule 2341(d) (``FINRA Sales Charge
Rule'').\4\ Applicants also represent that each Fund will disclose in
its prospectus the fees, expenses and other characteristics of each
class of shares offered for sale by the prospectus, as is required for
open-end multiple class funds under Form N-1A. As is required for open-
end funds, each Fund will disclose its expenses in shareholder reports,
and describe any arrangements that result in breakpoints in or
elimination of sales loads in its prospectus.\5\ In addition,
applicants will comply with applicable enhanced fee disclosure
requirements for fund of funds, including registered funds of hedge
funds.\6\
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    \4\ Any reference to the FINRA Sales Charge Rule includes any
successor or replacement to the FINRA Sales Charge Rule.
    \5\ See Shareholder Reports and Quarterly Portfolio Disclosure
of Registered Management Investment Companies, Investment Company
Act Release No. 26372 (Feb. 27, 2004) (adopting release) (requiring
open-end investment companies to disclose fund expenses in
shareholder reports); and Disclosure of Breakpoint Discounts by
Mutual Funds, Investment Company Act Release No. 26464 (June 7,
2004) (adopting release) (requiring open-end investment companies to
provide prospectus disclosure of certain sales load information).
    \6\ Fund of Funds Investments, Investment Company Act Rel. Nos.
26198 (Oct. 1, 2003) (proposing release) and 27399 (Jun. 20, 2006)
(adopting release). See also Rules 12d1-1, et seq. of the Act.
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    10. Each of the Funds will comply with any requirements that the
Commission or FINRA may adopt regarding disclosure at the point of sale
and in transaction confirmations about the costs and conflicts of
interest arising out of the distribution of open-end investment company
shares, and regarding prospectus disclosure of sales loads and revenue
sharing arrangements, as if those requirements applied to the Fund. In
addition, each Fund will contractually require that any distributor of
the Fund's shares comply with such requirements in connection with the
distribution of such Fund's shares.

Applicants' Legal Analysis

Multiple Classes of Shares

    1. Section 18(a)(2) of the Act provides that a closed-end
investment company may not issue or sell a senior security that is a
stock unless certain requirements are met. Applicants state that the
creation of multiple classes of shares of the Funds may violate section
18(a)(2) because the Funds may not meet such requirements with respect
to a class of shares that may be a senior security.
    2. Section 18(c) of the Act provides, in relevant part, that a
closed-end investment company may not issue or sell any senior security
if, immediately thereafter, the company has outstanding more than one
class of senior security. Applicants state that the creation of
multiple classes of shares of the Funds may be prohibited by section
18(c), as a class may have priority over another class as to payment of
dividends because shareholders of different classes would pay different
fees and expenses.
    3. Section 18(i) of the Act provides that each share of stock
issued by a registered management investment company will be a voting
stock and have equal voting rights with every other outstanding voting
stock. Applicants state that multiple classes of shares of the Funds
may violate section 18(i) of the Act because each class would be
entitled to exclusive voting rights with respect to matters solely
related to that class.
    4. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction or any class or classes of persons,
securities or transactions from any provision of the Act, or from any
rule or regulation under the Act, if and to the extent 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. Applicants request an exemption under
section 6(c) from sections 18(a)(2), 18(c) and 18(i) to permit the
Funds to issue multiple classes of shares.
    5. Applicants submit that the proposed allocation of expenses
relating to distribution and voting rights among multiple classes is
equitable and will not discriminate against any group or class of
shareholders. Applicants submit that the proposed arrangements would
permit a Fund to facilitate the distribution of its securities and
provide investors with a broader choice of shareholder services.
Applicants assert that the proposed closed-end investment company
multiple class structure does not raise the concerns

underlying section 18 of the Act to any greater degree than open-end
investment companies' multiple class structures that are permitted by
rule 18f-3 under the Act. Applicants state that each Fund will comply
with the provisions of rule 18f-3 as if it were an open-end investment
company.

Asset-Based Distribution and/or Service Fees

    1. Section 17(d) of the Act and rule 17d-1 under the Act prohibit
an affiliated person of a registered investment company, or an
affiliated person of such person, acting as principal, from
participating in or effecting any transaction in connection with any
joint enterprise or joint arrangement in which the investment company
participates unless the Commission issues an order permitting the
transaction. In reviewing applications submitted under section 17(d)
and rule 17d-1, the Commission considers whether the participation of
the investment company in a joint enterprise or joint arrangement is
consistent with the provisions, policies and purposes of the Act, and
the extent to which the participation is on a basis different from or
less advantageous than that of other participants.
    2. Rule 17d-3 under the Act provides an exemption from section
17(d) and rule 17d-1 to permit open-end investment companies to enter
into distribution arrangements pursuant to rule 12b-1 under the Act.
Applicants request an order under section 17(d) and rule 17d-1 under
the Act to the extent necessary to permit the Fund to impose asset-
based distribution and/or service fees. Applicants have agreed to
comply with rules 12b-1 and 17d-3 as if those rules applied to closed-
end investment companies, which they believe will resolve any concerns
that might arise in connection with a Fund financing the distribution
of its shares through asset-based distribution fees.
    3. For the reasons stated above, applicants submit that the
exemptions requested under section 6(c) are necessary and appropriate
in the public interest and are consistent with the protection of
investors and the purposes fairly intended by the policy and provisions
of the Act. Applicants also state that the Funds' imposition of asset-
based distribution and/or service fees is consistent with the
provisions, policies and purposes of the Act and does not involve
participation on a basis different from or less advantageous than that
of other participants.

Applicants' Condition

    Applicants agree that any order granting the requested relief will
be subject to the following condition:
    Each Fund relying on the order will comply with the provisions of
rules 6c-10, 12b-1, 17d-3, 18f-3, 22d-1, and, where applicable, 11a-3
under the Act, as amended from time to time, as if those rules applied
to closed-end management investment companies, and will comply with the
FINRA Sales Charge Rule, as amended from time to time, as if that rule
applied to all closed-end management investment companies.

    For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-13405 Filed 6-22-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 245 (Friday, December 20, 2019)]
[Notices]
[Page 70184]
[FR Doc No: 2019-27538]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA R9-2020-02; FRL-10003-31-Region 9]

Notice of Proposed Administrative Settlement Agreement for
Recovery of Past Response Costs at the North Hollywood Operable Unit of
the San Fernando Valley Area 1 Superfund Site in Los Angeles County,
California

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of proposed settlement; request for public comment.

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SUMMARY: In accordance with the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended (``CERCLA''), notice
is hereby given that the Environmental Protection Agency (``EPA''), has
entered into a proposed settlement, embodied in an Administrative
Settlement Agreement for Recovery of Past Response Costs (``Settlement
Agreement''), with Honeywell International Inc. Under the Settlement
Agreement, Honeywell agrees to pay $11,600,000 to reimburse EPA for
costs EPA has incurred at the North Hollywood Operable Unit of the San
Fernando Valley Area 1 Superfund Site (``NHOU'') and in conjunction
with the San Fernando Valley Basin-Wide Remedial Investigation.

DATES: Comments must be received on or before January 21, 2020.

ADDRESSES: The Settlement Agreement is available for public inspection
at the United States Environmental Protection Agency, Superfund Records
Center, 75 Hawthorne Street, Room 3110, San Francisco, California
94105. Telephone:<PHONE_NUMBER>. Comments should be addressed to Michael
Massey, Assistant Regional Counsel, Office of Regional Counsel (ORC-3),
U.S. Environmental Protection Agency, 75 Hawthorne Street, San
Francisco, CA 94105; or Email<EMAIL_ADDRESS>and should
reference the NHOU and the EPA Docket Number for the Settlement
Agreement, EPA R9-2020-02. EPA's response to any comments received will
be available for public inspection at the same address.

FOR FURTHER INFORMATION CONTACT: Michael Massey, Assistant Regional
Counsel (ORC-3), Office of Regional Counsel, U.S. EPA Region IX, 75
Hawthorne Street, San Francisco, CA 94105; Email:
<EMAIL_ADDRESS>Phone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice of this proposed Settlement Agreement
is made in accordance with the Section 122(i) of CERCLA, 42 U.S.C.
9622(i). The Settlement Agreement concerns costs incurred by EPA in
connection with the NHOU and the San Fernando Valley Basin-Wide
Remedial Investigation, two CERCLA response actions in Los Angeles
County, California, where groundwater contamination has come to be
located. Honeywell, which agrees to pay EPA $11,600,000, is the only
party to the Settlement Agreement. EPA intends to recover its remaining
costs from other responsible parties in the future; however, because
EPA is not recovering one hundred percent of its past costs at this
time, this Settlement Agreement represents a compromise of EPA's costs.
The settlement includes a covenant not to sue pursuant to Sections 106
and 107(a) of CERCLA, 42 U.S.C. 9606 and 9607(a).
    EPA will consider all comments received on the Settlement Agreement
in accordance with the DATES and ADDRESSES sections of this Notice and
may modify or withdraw its consent to the Settlement Agreement if
comments received disclose facts or considerations that indicate that
the settlement is inappropriate, improper, or inadequate.

    Dated: December 4, 2019.
Enrique Manzanilla,
Director, Superfund Division, EPA Region 9.
[FR Doc. 2019-27538 Filed 12-19-19; 8:45 am]
 BILLING CODE 6560-50-P