60 day notice

Federal Register / Vol. 83, No. 102 / Friday, May 25, 2018 / Notices
pricing date, the entire procedure will
be completed before the next
notification is sent out to shareholders,
thus avoiding any overlap. Applicants
believe that these procedures will
eliminate any possibility of investor
confusion. Applicants also state that
monthly repurchase offers will be a
fundamental feature of the Funds, and
their prospectuses will provide a clear
explanation of the repurchase program.
7. Applicants submit that for the
reasons given above the requested relief
is appropriate in the public interest and
is consistent with the protection of
investors and the purposes fairly
intended by the policy and provisions of
the Act.
Applicants’ Conditions
Applicants agree that any order
granting the requested relief shall be
subject to the following conditions:
1. The Fund (and any Future Fund
relying on this relief) will make a
repurchase offer pursuant to rule 23c–
3(b) for a repurchase offer amount of not
less than 5% in any one-month period.
In addition, the repurchase offer amount
for the then-current monthly period,
plus the repurchase offer amounts for
the two monthly periods immediately
preceding the then-current monthly
period, will not exceed 25% of the
Fund’s (or Future Fund’s, as applicable)
outstanding common shares. The Fund
(and any Future Fund relying on this
relief) may repurchase additional
tendered shares pursuant to rule 23c–
3(b)(5) only to the extent the percentage
of additional shares so repurchased does
not exceed 2% in any three-month
period.
2. Payment for repurchased shares
will occur at least five business days
before notification of the next
repurchase offer is sent to shareholders
of the Fund (or Future Fund relying on
this relief).
For the Commission, by the Division of
Investment Management, under delegated
authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–11296 Filed 5–24–18; 8:45 am]
BILLING CODE 8011–01–P

amozie on DSK3GDR082PROD with NOTICES1

SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736

VerDate Sep<11>2014

18:28 May 24, 2018

Jkt 241001

Extension:
Rule 206(4)–3, SEC File No. 270–218, OMB
Control No. 3235–0242

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 206(4)–3 (17 CFR 275.206(4)–3)
under the Investment Advisers Act of
1940, which is entitled ‘‘Cash Payments
for Client Solicitations,’’ provides
restrictions on cash payments for client
solicitations. The rule requires that an
adviser pay all solicitors’ fees pursuant
to a written agreement. When an adviser
will provide only impersonal advisory
services to the prospective client, the
rule imposes no disclosure
requirements. When the solicitor is
affiliated with the adviser and the
adviser will provide individualized
advisory services to the prospective
client, the solicitor must, at the time of
the solicitation or referral, indicate to
the prospective client that he is
affiliated with the adviser. When the
solicitor is not affiliated with the
adviser and the adviser will provide
individualized advisory services to the
prospective client, the solicitor must, at
the time of the solicitation or referral,
provide the prospective client with a
copy of the adviser’s brochure and a
disclosure document containing
information specified in rule 206(4)–3.
Amendments to rule 206(4)–3, adopted
in 2010 in connection with rule 206(4)–
5, specify that solicitation activities
involving a government entity, as
defined in rule 206(4)–5, are subject to
the additional limitations of rule
206(4)–5. The information rule 206(4)–
3 requires is necessary to inform
advisory clients about the nature of the
solicitor’s financial interest in the
recommendation so the prospective
clients may consider the solicitor’s
potential bias, and to protect clients
against solicitation activities being
carried out in a manner inconsistent
with the adviser’s fiduciary duty to
clients. Rule 206(4)–3 is applicable to
all Commission-registered investment
advisers. The Commission believes that
approximately 4,395 of these advisers
have cash referral fee arrangements. The
rule requires approximately 7.04 burden
hours per year per adviser and results in
a total of approximately 30,941 total
burden hours (7.04 × 4,395) for all
advisers.

PO 00000

Frm 00108

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24379

Please direct your written comments
to Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE,
Washington, DC 20549; or send an email
to: [email protected].
Dated: May 18, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–11219 Filed 5–24–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83294; File No. SR–
NASDAQ–2018–008]

Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Order
Instituting Proceedings To Determine
Whether To Approve or Disapprove a
Proposed Rule Change To Modify the
Listing Requirements Contained in
Listing Rule 5635(d) To Change the
Definition of Market Value for
Purposes of the Shareholder Approval
Rule and Eliminate the Requirement
for Shareholder Approval of Issuances
at a Price Less Than Book Value but
Greater Than Market Value
May 21, 2018.

I. Introduction
On January 30, 2018, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’ 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
modify the listing requirements
contained in Nasdaq Rule 5635(d) to (1)
change the definition of market value
for purposes of shareholder approval
under Nasdaq Rule 5635(d); (2)
eliminate the requirement for
shareholder approval of issuances at a
price less than book value but greater
than market value; and (3) make other
conforming changes. The proposed rule
change was published for comment in
the Federal Register on February 20,
2018.3 On April 4, 2018, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to either approve the
proposed rule change, disapprove the
proposed rule change, or institute
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 82702
(February 13, 2018), 83 FR 7269 (February 20, 2018)
(‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
2 17

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