1090 Federal Register / Vol. 83, No. 6 / Tuesday, January 9, 2018 / Notices 

35 15 U.S.C. 78s(b)(3)(A). 

36 17 CFR 240.19b–4(f)(6). 

37 15 U.S.C. 78s(b)(2)(B). 38 17 CFR 200.30–3(a)(12). 

is designed to balance the utility of the 

optional ARC functionality that is 

voluntarily offered by the Exchange free 

of charge, and the interests of fair and 

orderly markets, the protection of 

investors, and the public interest. The 

Exchange believes the proposed rule 

change strikes an appropriate balance 

between these two goals by continuing 

to allow Members and clearing firms to 

utilize ARC to assist with risk 

management, while protecting the 

Opening and Closing Auctions from 

undue price dislocation or the creation 

or exacerbation of large imbalances by 

preventing Locked-in Orders from being 

canceled after the Lock-in Time and 

before the Opening or Closing Auction 

match. 

Furthermore, the Exchange believes 

the proposed rule change is consistent 

with the protection of investors and the 

public interest because it will provide 

enhanced clarity on the operation of the 

ARC mechanism with respect to orders 

eligible for execution in the Opening or 

Closing Auction after the Lock-in Time 

and before the auction match, thereby 

eliminating any potential confusion in 

this regard. 

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. To the 

contrary, the Exchange believes that the 

proposed rule change will increase 

intermarket competition because it is 

designed to protect the Exchange’s 

Opening and Closing Auctions thereby 

enhancing its ability to compete in the 

market for corporate listings. 

The Exchange also does not believe 

that the proposal will impose an 

intramarket burden on competition 

because, notwithstanding the limited 

proposed exception for Locked-in 

Orders, ARC remains available to all 

Members on a fair and equal basis, and 

the Exchange continues to provide a 

mechanism to enable Members to 

manage their risk by preventing trading 

that is erroneous or exceeds a Member’s 

financial resources, thereby contributing 

to the stability of the equities markets. 

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 Exchange has designated this rule 

filing as non-controversial under 

Section 19(b)(3)(A) 35 of the Act and 

Rule 19b–4(f)(6) 36 thereunder. Because 

the 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) of the Act and Rule 19b– 

4(f)(6) thereunder. 

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)37 of the Act to 

determine whether the proposed rule 

change 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 rule-comments@

sec.gov. Please include File Number SR– 

IEX–2017–44 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–2017–44. 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 this 

filing will also 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–IEX–2017–44 and should 

be submitted on or before January 30, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.38

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00157 Filed 1–8–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32961; 812–14806] 

Northern Lights Fund Trust and 

AlphaCore Capital, LLC 

January 3, 2018. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (‘‘Act’’) for an exemption from 

section 15(a) of the Act and rule 18f–2 

under the Act, as well as from certain 

disclosure requirements in rule 20a–1 

under the Act, Item 19(a)(3) of Form 

N–1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 

22(c)(8) and 22(c)(9) of Schedule 14A 

under the Securities Exchange Act of 

1934, and sections 6–07(2)(a), (b), and 

(c) of Regulation S–X (‘‘Disclosure 

Requirements’’). The requested 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 6 / Tuesday, January 9, 2018 / Notices 1091 

1Applicants request relief with respect to any 

existing or future series of the Trust or any other 

registered open-end management company that: (a) 

Is advised by the Adviser, or any person 

controlling, controlled by or under common control 

with the Adviser or its successor (each, an 

‘‘Adviser’’); (b) uses the manager of managers 

structure described in the application; and (c) 

complies with the terms and conditions of the 

application (any such series, a ‘‘Fund’’ and 

collectively, the ‘‘Funds’’). For purposes of the 

requested order, ‘‘successor’’ is limited to an entity 

that results from a reorganization into another 

jurisdiction or a change in the type of business 

organization. 

2The requested relief will not extend to any 

subadviser that is an affiliated person, as defined in 

section 2(a)(3) of the Act, of the Trust, a Fund, or 

the Adviser, other than solely by reason of serving 

as a Subadviser to one or more of the Funds, or as 

an adviser or subadviser to any series of the Trust 

other than the Funds (‘‘Affiliated Subadviser’’). 

exemption would permit an investment 

adviser to hire and replace certain 

subadvisers without shareholder 

approval and grant relief from the 

Disclosure Requirements as they relate 

to fees paid to the subadvisers. 

APPLICANTS: Northern Lights Fund 

Trust (the ‘‘Trust’’), a Delaware statutory 

trust registered under the Act as an 

open-end management investment 

company, and AlphaCore Capital, LLC 

(the ‘‘Adviser’’), a Delaware limited 

liability company registered as an 

investment adviser under the 

Investment Advisers Act of 1940 

(collectively with the Trust, the 

‘‘Applicants’’). 

FILING DATES: The application was filed 

on August 3, 2017 and amended on 

November 29, 2017. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the application 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 January 29, 2018, 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 

writing to the Commission’s Secretary. 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F Street 

NE, Washington, DC 20549–1090. 

Applicants: Northern Lights Fund Trust, 

17605 Wright Street, Omaha, NE 68130 

and AlphaCore Capital, LLC, 875 

Prospect Street #315, La Jolla, CA 

92037. 

FOR FURTHER INFORMATION CONTACT: 

Barbara T. Heussler, Senior Counsel, at 

(202) 551–6990, or Robert H. Shapiro, 

Branch Chief, at (202) 551–6821 

(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 (202) 551–8090. 

Summary of the Application 

1. The Adviser will serve as the 

investment adviser to the Funds 

pursuant to an investment advisory 

agreement with the Trust (the ‘‘Advisory 

Agreement’’).1 The Adviser will provide 

each Fund with overall investment 

management services and will 

continuously review, supervise and 

administer each Fund’s investment 

program, subject to the supervision of, 

and policies established by, each Fund’s 

board of trustees (‘‘Board’’). The 

Advisory Agreement permits the 

Adviser, subject to the approval of the 

Board, to delegate to one or more 

subadvisers (each, a ‘‘Subadviser’’ and 

collectively, the ‘‘Subadvisers’’) the 

responsibility to provide the day-to-day 

portfolio investment management of 

each Fund, subject to the supervision 

and direction of the Adviser. The 

primary responsibility for managing the 

Funds will remain vested in the 

Adviser. The Adviser will hire, 

evaluate, allocate assets to and oversee 

the Subadvisers, including determining 

whether a Subadviser should be 

terminated, at all times subject to the 

authority of the Board. 

2. Applicants request an exemption to 

permit the Adviser, subject to Board 

approval, to hire certain Subadvisers 

pursuant to subadvisory agreements and 

materially amend existing subadvisory 

agreements without obtaining the 

shareholder approval required under 

section 15(a) of the Act and rule 18f–2 

under the Act.2 Applicants also seek an 

exemption from the Disclosure 

Requirements to permit a Fund to 

disclose (as both a dollar amount and a 

percentage of the Fund’s net assets): (a) 

The aggregate fees paid to the Adviser 

and any Affiliated Subadviser; and (b) 

the aggregate fees paid to Subadvisers 

other than Affiliated Subadvisers. For 

any Fund that employs an Affiliated 

Subadviser, the Fund will provide 

separate disclosure of any fees paid to 

the Affiliated Subadviser. 

3. Applicants agree that any order 

granting the requested relief will be 

subject to the terms and conditions 

stated in the application. Such terms 

and conditions provide for, among other 

safeguards, appropriate disclosure to 

Fund shareholders and notification 

about subadvisory changes and 

enhanced Board oversight to protect the 

interests of the Funds’ shareholders. 

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 provisions of the 

Act, or any rule thereunder, if such 

relief is necessary or appropriate in the 

public interest and consistent with the 

protection of investors and purposes 

fairly intended by the policy and 

provisions of the Act. Applicants 

believe that the requested relief meets 

this standard because, as further 

explained in the application, the 

Advisory Agreements will remain 

subject to shareholder approval while 

the role of the Subadvisers is 

substantially similar to that of 

individual portfolio managers, so that 

requiring shareholder approval of 

subadvisory agreements would impose 

unnecessary delays and expenses on the 

Funds. Applicants believe that the 

requested relief from the Disclosure 

Requirements meets this standard 

because it will improve the Adviser’s 

ability to negotiate fees paid to the 

Subadvisers that are more advantageous 

for the Funds. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00156 Filed 1–8–18; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 10252] 

Notice of Determinations; Culturally 

Significant Object Imported for 

Exhibition Determinations: ‘‘Alberto 

Savinio’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that a certain object to be 

included in the ongoing exhibition 

‘‘Alberto Savinio,’’ imported from 

abroad for temporary exhibition within 

the United States, is of cultural 

significance. The object is imported 

pursuant to a loan agreement with the 

foreign owner or custodian. I also 


sradovich on DSK3GMQ082PROD with NOTICES