Federal Register / Vol. 79, No. 208 / Tuesday, October 28, 2014 / Notices 64237 

Adviser) within 90 days after the hiring 

of that new Sub-Adviser pursuant to the 

Modified Notice and Access Procedures. 

4. The Adviser will not enter into a 

Sub-Advisory Agreement with any 

Affiliated Sub-Adviser without that 

agreement, including the compensation 

to be paid thereunder, being approved 

by the shareholders of the applicable 

Fund. 

5. At all times, at least a majority of 

the Board will be Independent Trustees, 

and the nomination and selection of 

new or additional Independent Trustees 

will be placed within the discretion of 

the then-existing Independent Trustees. 

6. When a Sub-Adviser change is 

proposed for a Fund with an Affiliated 

Sub-Adviser, the Board, including a 

majority of the Independent Trustees, 

will make a separate finding, reflected 

in the applicable Board minutes, that 

such change is in the best interests of 

the Fund and its shareholders and does 

not involve a conflict of interest from 

which the Adviser or the Affiliated SubAdviser derives an inappropriate 

advantage. 

7. Independent legal counsel, as 

defined in rule 0–1(a)(6) under the Act, 

will be engaged to represent the 

Independent Trustees. The selection of 

such counsel will be within the 

discretion of the then existing 

Independent Trustees. 

8. Each Adviser will provide the 

Board, no less frequently than quarterly, 

with information about the profitability 

of the Adviser on a per-Fund basis. The 

information will reflect the impact on 

profitability of the hiring or termination 

of any Sub-Adviser during the 

applicable quarter. 

9. Whenever a Sub-Adviser is hired or 

terminated, the Adviser will provide the 

Board with information showing the 

expected impact on the profitability of 

the Adviser. 

10. The Adviser will provide general 

management services to a Fund, 

including overall supervisory 

responsibility for the general 

management and investment of the 

Fund’s assets and, subject to review and 

approval of the Board, will (i) set a 

Fund’s overall investment strategies; (ii) 

evaluate, select and recommend SubAdvisers to manage all or part of a 

Fund’s assets; (iii) when appropriate, 

allocate and reallocate a Fund’s assets 

among multiple Sub-Advisers; (iv) 

monitor and evaluate the performance 

of Sub-Advisers; and (v) implement 

procedures reasonably designed to 

ensure that the Sub-Advisers comply 

with a Fund’s investment objective, 

policies and restrictions. 

11. No trustee or officer of the Trust, 

or of a Fund, or director or officer of the 

Adviser, will own directly or indirectly 

(other than through a pooled investment 

vehicle that is not controlled by such 

person) any interest in a Sub-Adviser, 

except for (i) ownership of interests in 

the Adviser or any entity that controls, 

is controlled by, or is under common 

control with the Adviser; or (ii) 

ownership of less than 1% of the 

outstanding securities of any class of 

equity or debt of a publicly traded 

company that is either a Sub-Adviser or 

an entity that controls, is controlled by, 

or is under common control with a SubAdviser. 

12. Each Fund will disclose in its 

registration statement the Aggregate Fee 

Disclosure. 

13. Any new Sub-Advisory 

Agreement or any amendment to an 

existing Advisory Agreement or SubAdvisory Agreement that directly or 

indirectly results in an increase in the 

aggregate advisory fee rate payable by 

the Fund will be submitted to the 

Fund’s shareholders for approval. 

14. In the event the Commission 

adopts a rule under the Act providing 

substantially similar relief to that in the 

order requested in the application, the 

requested order will expire on the 

effective date of that rule. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25549 Filed 10–27–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IA–3957/803–00221] 

Ares Real Estate Management 

Holdings, LLC; Notice of Application 

October 22, 2014. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of application for an 

exemptive order under Section 206A of 

the Investment Advisers Act of 1940 

(the ‘‘Advisers Act’’) and Rule 206(4)– 

5(e). 

Applicant: Ares Real Estate 

Management Holdings, LLC (formerly 

known as AREA Management 

Holdings, LLC) (‘‘Applicant’’). 

Relevant Advisers Act Sections: 

Exemption requested under section 

206A of the Advisers Act and rule 

206(4)–5(e) from rule 206(4)–5(a)(1) 

under the Advisers Act. 

SUMMARY OF APPLICATION: Applicant 

requests that the Commission issue an 

order under section 206A of the 

Advisers Act and rule 206(4)–5(e) 

exempting it from rule 206(4)–5(a)(1) 

under the Advisers Act to permit 

Applicant to receive compensation for 

investment advisory services provided 

to a government entity within the twoyear period following a contribution by 

a covered associate of Applicant to an 

official of the government entity. 

FILING DATES: The application was filed 

on December 23, 2013, and amended 

and restated applications were filed on 

April 28, 2014, and July 15, 2014. 

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 

Applicant with a copy of the request, 

personally or by mail. Hearing 

requests should be received by the 

Commission by 5:30 p.m. on 

November 17, 2014, and should be 

accompanied by proof of service on 

Applicant, in the form of an affidavit 

or, for lawyers, a certificate of service. 

Pursuant to rule 0–5 under the 

Advisers 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 may request 

notification of a hearing by writing to 

the Commission’s Secretary. 

ADDRESSES: Secretary, Securities and 

Exchange Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

Applicant, Ares Real Estate 

Management Holdings, LLC, c/o 

Michael Weiner, 2000 Avenue of the 

Stars, Los Angeles, CA 90067. 

FOR FURTHER INFORMATION CONTACT: 

Brian McLaughlin Johnson, Senior 

Counsel, or Melissa R. Harke, Branch 

Chief, at (202) 551–6825 (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 

Web site either at http://www.sec.gov/

rules/iareleases.shtml or 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 (202) 551–8090. 

Applicant’s Representations 

1. Applicant is a limited liability 

company organized in Delaware and 

registered with the Commission as an 

investment adviser under the Advisers 


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64238 Federal Register / Vol. 79, No. 208 / Tuesday, October 28, 2014 / Notices 

1 In May of 2013, Applicant entered into an 

agreement with Ares Management LLC (‘‘Ares’’) 

pursuant to which Ares agreed to acquire 100% 

ownership of the Applicant (the ‘‘Acquisition’’). 

The Acquisition closed in July 2013. After the 

Acquisition closed, Applicant became an indirect 

wholly-owned subsidiary of Ares and Applicant’s 

name was changed from ‘‘AREA Management 

Holdings, LLC’’ to ‘‘Ares Real Estate Management 

Holdings, LLC.’’ 

Act.1 Applicant serves as investment 

adviser to several real estate-focused 

private investment funds (the ‘‘Funds’’) 

in which one of the investors is a 

Colorado public pension plan (the 

‘‘Client’’). The investment decisions for 

the Client are overseen by a board of 

trustees composed of eleven members, 

three of whom are appointed by the 

Governor of Colorado. 

2. On or about February 11, 2013, Lee 

Neibart, a senior management executive 

and senior partner of the Applicant (the 

‘‘Contributor’’), made a contribution of 

$1,100 (the ‘‘Contribution’’) to the 

campaign of John Hickenlooper, the 

Governor of Colorado (the ‘‘Official’’). 

Applicant represents that the amount of 

the Contribution, profile of the 

candidate, and characteristics of the 

campaign fall generally within the 

pattern of the Contributor’s other 

political donations. 

3. Applicant represents that the 

Contributor has confirmed that he has 

not, at any time, had any contact with 

the Official regarding the Client’s 

investment activities with the 

Applicant, or otherwise met or spoken 

with or otherwise communicated with 

the Official. 

4. Applicant represents that the 

Client’s relationship with the applicant 

pre-dates the Contribution and that no 

investments were made by the Client in 

the Funds after the Contribution. The 

Client made its first investment in the 

Funds in 1996, and made its most recent 

investment in the Funds in 2007, almost 

six years before the Contribution was 

made and three years before the Official 

was first elected as Governor. Applicant 

represents that all of the Funds in which 

the Client is an investor are commingled 

closed-end funds (i.e., funds with 

multiple institutional investors) and, 

accordingly, the Funds’ investors, 

including the Client, do not have the 

ability to withdraw or redeem capital. 

Applicant represents that the investors’ 

investment capital is committed at the 

time of subscription and effectively 

locked-in for the duration of a Fund’s 

term to maturity. Applicant represents 

that each of the Funds in which the 

Client is an investor is ‘‘fully drawn’’ 

and in varying stages of liquidation. 

Applicant represents, based on these 

considerations, that the Client has not 

had any investment decisions to 

consider with respect to the Funds since 

the Client’s last investment commitment 

in 2007. 

5. Applicant represents that, based on 

Applicant’s general knowledge and 

representations from the Client 

subsequent to 2007, Applicant generally 

understood that the Client did not have 

investment capital available for 

additional investments in either the 

Funds or any new real estate-focused 

investments managed by Applicant. 

Applicant represents that, as a result, 

neither the Applicant nor the 

Contributor has engaged in any 

investment solicitation of the Client 

since the Client’s last investment 

commitment in 2007. Applicant further 

represents that, at the time of the 

Contribution, the Contributor did not 

plan to solicit the Client (or any other 

government entity for which the Official 

is an ‘‘official’’ as defined in rule 

206(4)–5) for any other investments, and 

the Applicant did not have any 

intention to solicit the Client (or any 

other government entity for which the 

Official is an ‘‘official’’ as defined in 

rule 206(4)–5) for any other 

investments. 

6. Applicant represents that the 

Contributor’s role with the Client was 

limited to making substantive 

presentations to the Client’s 

representatives regarding the investment 

strategies of the Funds and that the 

Contributor had no contact with any 

representative of the Client outside of 

those presentations, and no contact with 

any member of the Client’s board. 

7. Applicant represents that at no time 

did the Applicant or any employees of 

the Applicant other than the Contributor 

have any knowledge of the Contribution 

prior to its discovery by Ares’s 

Compliance Department in July 2013. 

Applicant represents that the 

Contribution was discovered by Ares’ 

Compliance Department through the 

Contributor’s voluntary disclosure in 

response to a political contribution 

questionnaire, and that the Contributor 

obtained a full refund of the 

Contribution within one week after the 

Contribution was discovered. Applicant 

represents that it established an escrow 

account for the benefit of the Client and 

deposited an amount equal to the sum 

of all fees paid to the Applicant with 

respect to the Client’s investments in 

the Funds since the date of the 

Contribution. Applicant represents that 

additional fees with respect to the 

Client’s investments in the Funds 

accruing in favor of the Applicant will 

continue to be deposited in the escrow 

account until it is determined whether 

exemptive relief will be granted to the 

Applicant, which amounts will be 

immediately returned to the Client 

should an exemptive order not be 

granted. 

8. Applicant represents that at all 

relevant times it had compliance 

procedures requiring pre-clearance and 

reporting of all of its employees’ 

proposed political contributions and 

that these procedures have been more 

restrictive than is required under rule 

206(4)–5. Applicant represents that all 

contributions to state and local office 

incumbents and candidates are subject 

to pre-clearance and that there are no 

exceptions for de minimis contributions. 

Applicant represents that its employees 

are reminded periodically during the 

year of these procedures and that all 

employees are required to certify their 

compliance on a periodic basis; a 

request for a contribution like the 

Contribution would have been rejected 

under the procedures. Applicant 

represents that the Contributor was 

aware of (and otherwise in compliance 

with) the procedures but, because 

neither the Applicant nor the 

Contributor had solicited any 

investments in the Funds from the 

Client or the State of Colorado since 

2007, the Contributor failed to 

appreciate that the Contribution was 

subject to the procedures. 

9. After learning of the contribution, 

Applicant represents that it has taken 

steps designed to limit the Contributor’s 

contact with representatives of the 

Client. Applicant represents that the 

Contributor was informed that he could 

not solicit new investment 

commitments from the Client and that 

his communications with the Client 

with respect to the Funds should be 

limited to responding to inquiries from 

the Client’s representatives and 

consultants with respect to the status of 

the Funds’ investment portfolios. 

Applicant represents that the 

Contributor has been directed to 

maintain a log of such interactions in 

accordance with the retention 

requirements set forth in rule 204–2(e). 

Applicant’s Legal Analysis 

1. Rule 206(4)–5(a)(1) under the 

Advisers Act prohibits a registered 

investment adviser from providing 

investment advisory services for 

compensation to a government entity 

within two years after a contribution to 

an official of the government entity is 

made by the investment adviser or any 

covered associate of the investment 

adviser. The Client is a ‘‘government 

entity,’’ as defined in rule 206(4)–5(f)(5), 

the Contributor is a ‘‘covered associate’’ 

as defined in rule 206(4)–5(f)(2), and the 

Official is an ‘‘official’’ as defined in 

rule 206(4)–5(f)(6). Rule 206(4)–5(c) 


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Federal Register / Vol. 79, No. 208 / Tuesday, October 28, 2014 / Notices 64239 

provides that when a government entity 

invests in a covered investment pool, 

the investment adviser to that covered 

investment pool is treated as providing 

advisory services directly to the 

government entity. The Funds are 

‘‘covered investment pools,’’ as defined 

in rule 206(4)–5(f)(3)(ii). 

2. Section 206A of the Advisers Act 

grants the Commission the authority to 

‘‘conditionally or unconditionally 

exempt any person or transaction . . . 

from any provision or provisions of [the 

Advisers Act] or of any rule or 

regulation thereunder, if and to the 

extent that 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 Advisers Act].’’ 

3. Rule 206(4)–5(e) provides that the 

Commission may exempt an investment 

adviser from the prohibition under Rule 

206(4)–5(a)(1) upon consideration of the 

factors listed below, among others: 

(1) Whether the 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 Advisers Act; 

(2) Whether the investment adviser: 

(i) Before the contribution resulting in 

the prohibition was made, adopted and 

implemented policies and procedures 

reasonably designed to prevent 

violations of the rule; and (ii) prior to or 

at the time the contribution which 

resulted in such prohibition was made, 

had no actual knowledge of the 

contribution; and (iii) after learning of 

the contribution: (A) Has taken all 

available steps to cause the contributor 

involved in making the contribution 

which resulted in such prohibition to 

obtain a return of the contribution; and 

(B) has taken such other remedial or 

preventive measures as may be 

appropriate under the circumstances; 

(3) Whether, at the time of the 

contribution, the contributor was a 

covered associate or otherwise an 

employee of the investment adviser, or 

was seeking such employment; 

(4) The timing and amount of the 

contribution which resulted in the 

prohibition; 

(5) The nature of the election (e.g., 

federal, state or local); and 

(6) The contributor’s apparent intent 

or motive in making the contribution 

which resulted in the prohibition, as 

evidenced by the facts and 

circumstances surrounding such 

contribution. 

4. Applicant requests an order 

pursuant to section 206A and rule 

206(4)–5(e), exempting it from the twoyear prohibition on compensation 

imposed by rule 206(4)–5(a)(1) with 

respect to investment advisory services 

provided to the Client within the twoyear period following the Contribution. 

5. Applicant submits that the 

exemption is necessary and 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. Applicant 

further submits that the other factors set 

forth in rule 206(4)–5(e) similarly weigh 

in favor of granting an exemption to the 

Applicant to avoid consequences 

disproportionate to the violation. 

6. Applicant states that the Client first 

determined to invest in the Funds 

advised by the Applicant over fifteen 

years before the Contribution was made, 

and established and maintains its 

relationships with the Applicant on an 

arms’-length basis free from any 

improper influence as a result of the 

Contribution. In support of this 

argument, Applicant states that the most 

recent investment commitment in the 

Funds was made by the Client in 2007; 

due to the locked-in nature of the 

Client’s investment capital in the Funds 

and the fact that the Funds are fully 

funded, the Client had no current 

investment decision to consider at the 

time of the Contribution and no new or 

additional investment commitments, 

nor any withdrawals, could have been 

made by the Client after the 

Contribution. Applicant also states that 

neither Applicant nor the Contributor 

engaged in any investment solicitation 

of the Client since the Client’s last 

investment commitment to the 

Applicant in 2007 and that, at the time 

of the Contribution, the Contributor did 

not plan to solicit the Client (or any 

other government entity for which the 

Official is an ‘‘official’’ as defined in 

rule 206(4)–5) for any other 

investments, and the Applicant did not 

have any intent to solicit the Client (or 

any other government entity for which 

the Official is an ‘‘official’’ as defined in 

rule 206(4)–5) for any other 

investments. 

7. Applicant states that at all relevant 

times it had policies which were fully 

compliant with, and more rigorous than, 

rule 206(4)–5’s requirements at the time 

of the Contribution. Applicant further 

states that at no time did Applicant or 

any employees of Applicant, other than 

the Contributor, have any knowledge 

that the Contribution had been made 

prior to its discovery by Ares’ 

Compliance Department in July 2013. 

After learning of the Contribution, 

Applicant and the Contributor took all 

available steps to obtain a return of the 

Contribution, which was returned 

within one week of discovery, and the 

Applicant set up an escrow account in 

which all fees charged to the Client’s 

capital accounts in the Funds since the 

date of the Contribution were, and will 

continue to be, deposited by Applicant 

in the escrow account for immediate 

return to the Client should an exemptive 

order not be granted. 

8. Applicant states that the 

Contributor’s apparent intent in making 

the Contribution was not to influence 

the selection or retention of the 

Applicant. Applicant states that the 

Contributor has a long history of making 

permissible contributions to candidates 

that share the general political views of 

the Official. The amount of the 

Contribution, profile of the candidate, 

and characteristics of the campaign fall 

generally within the pattern of the 

Contributor’s other political donations. 

Applicant further states, as discussed 

above, that the Contributor has 

confirmed that he has not, at any time, 

had any contact with the Official 

regarding the Client’s investment 

activities with the Applicant, or 

otherwise met or spoken with or 

otherwise communicated with the 

Official, and that the Contributor’s role 

with the Client was limited to making 

substantive presentations to the Client’s 

representatives regarding the investment 

strategies of the Funds and that the 

Contributor had no contact with any 

representative of the (or its board) 

outside of making those presentations. 

Following the Contribution, Applicant 

took steps designed to further limit and 

document any such contact during the 

duration of the two-year time out on 

compensation. 

Applicant’s Conditions 

Applicant agrees that any order of the 

Commission granting the requested 

relief will be subject to the following 

conditions: 

1. The Contributor will be prohibited 

from discussing any business of the 

Applicant with any ‘‘government 

entity’’ client for which the Official is 

an ‘‘official,’’ each as defined in rule 

206(4)–5(f), until February 11, 2015. 

2. Notwithstanding Condition 1, the 

Contributor is permitted to respond to 

inquiries from the Client regarding the 

Funds. The Applicant will maintain a 

log of such interactions, which will be 

maintained and preserved in an easily 

accessible place for a period of not less 

than five years, the first two years in an 

appropriate office of the Applicant, and 

be available for inspection by the staff 

of the Commission. 

3. The Contributor will receive a 

written notification of these conditions 

and will provide a quarterly 


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64240 Federal Register / Vol. 79, No. 208 / Tuesday, October 28, 2014 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 72957 

(September 2, 2014), 79 FR 53230. 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

certification of compliance until 

February 11, 2015. Copies of the 

certifications will be maintained and 

preserved in an easily accessible place 

for a period of not less than five years, 

the first two years in an appropriate 

office of the Applicant, and be available 

for inspection by the staff of the 

Commission. 

4. The Applicant will conduct testing 

reasonably designed to prevent 

violations of the conditions of this 

Order and maintain records regarding 

such testing, which will be maintained 

and preserved in an easily accessible 

place for a period of not less than five 

years, the first two years in an 

appropriate office of the Applicant, and 

be available for inspection by the staff 

of the Commission. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25550 Filed 10–27–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Wednesday, October 29, 2014 at 1:30 

p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matter at the Closed Meeting. 

Commissioner Stein, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in closed session, and 

determined that no earlier notice thereof 

was possible. 

The subject matter of the Closed 

Meeting will be: 

Institution and settlement of 

injunctive actions; 

Institution settlement of 

administrative proceedings; 

Adjudicatory matter; 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: October 23, 2014. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2014–25676 Filed 10–24–14; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73409; File No. SR–CBOE– 

2014–015] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Designation of 

a Longer Period for Commission 

Action on a Proposed Rule Change 

Relating to Complex Orders 

October 22, 2014. 

On August 19, 2014, Chicago Board 

Options Exchange, Incorporated (the 

‘‘Exchange’’ or ‘‘CBOE’’) filed with the 

Securities and Exchange Commission 

(the ‘‘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 amending its rules relating to 

complex orders. The proposed rule 

change was published in the Federal 

Register on September 8, 2014.3 The 

Commission received no comments on 

the proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day for this filing 

is October 23, 2014. The Commission is 

extending this 45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider this proposed rule change. 

The proposed rule change, if approved, 

would, among other things, revise the 

definitions of complex orders and 

establish certain requirements for 

complex orders traded in open outcry to 

be eligible for complex order priority. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,5

designates December 5, 2014, as the date 

by which the Commission should either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–CBOE–2014–015). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25548 Filed 10–27–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Icon Public Ltd. Co.; 

Order Withdrawing Trading 

Suspension 

October 22, 2014. 

The Securities and Exchange 

Commission hereby withdraws the 

trading suspension order as to the 

securities of Icon Public Ltd. Co. 

(‘‘ICLR’’) entered October 22, 2014 

(‘‘October 22, 2014 Order’’). 

This order shall be effective immediately. 

By the Commission. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25576 Filed 10–27–14; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

[Summary Notice No. PE–2014–103] 

Petition for Exemption; Summary of 

Petition Received 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of petition for exemption 

received. 

SUMMARY: This notice contains a 

summary of a petition seeking relief 

from specified requirements of 14 CFR. 

The purpose of this notice is to improve 

the public’s awareness of, and 


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