66758 Federal Register / Vol. 79, No. 217 / Monday, November 10, 2014 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 73141 

(Sept. 18, 2014), 79 FR 57161. 

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

Board with sufficient independence and 

the resources and information it needs 

to monitor and address any conflicts of 

interest with affiliated persons of the 

Advisor, including Wholly-Owned SubAdvisors. Applicants state that, 

accordingly, they believe the requested 

relief 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’ Conditions 

Applicants agree that any order 

granting the requested relief will be 

subject to the following conditions: 

1. Before a Subadvised Series may 

rely on the order requested in the 

application, the operation of the 

Subadvised Series in the manner 

described in the application, including 

the hiring of Wholly-Owned SubAdvisors, will be, or has been, approved 

by a majority of the Subadvised Series’ 

outstanding voting securities as defined 

in the Act, or, in the case of a new 

Subadvised Series whose public 

shareholders purchase shares on the 

basis of a prospectus containing the 

disclosure contemplated by condition 2 

below, by the sole initial shareholder 

before offering the Subadvised Series’ 

shares to the public. 

2. The prospectus for each 

Subadvised Series will disclose the 

existence, substance, and effect of any 

order granted pursuant to the 

application. Each Subadvised Series 

will hold itself out to the public as 

employing the multi-manager structure 

described in the application. Each 

prospectus will prominently disclose 

that the Advisor has the ultimate 

responsibility, subject to oversight by 

the Board, to oversee the Sub-Advisors 

and recommend their hiring, 

termination and replacement. 

3. The Advisor will provide general 

management services to a Subadvised 

Series, including overall supervisory 

responsibility for the general 

management and investment of the 

Subadvised Series’ assets. Subject to 

review and approval of the Board, the 

Advisor will (a) set a Subadvised Series’ 

overall investment strategies, (b) 

evaluate, select, and recommend SubAdvisors to manage all or a portion of 

a Subadvised Series’ assets, and (c) 

implement procedures reasonably 

designed to ensure that Sub-Advisors 

comply with a Subadvised Series’ 

investment objective, policies and 

restrictions. Subject to review by the 

Board, the Advisor will (a) when 

appropriate, allocate and reallocate a 

Subadvised Series’ assets among 

multiple Sub-Advisors; and (b) monitor 

and evaluate the performance of SubAdvisors. 

4. A Subadvised Series will not make 

any Ineligible Sub-Advisor Changes 

without such agreement, including the 

compensation to be paid thereunder, 

being approved by the shareholders of 

the applicable Subadvised Series. 

5. Subadvised Series will inform 

shareholders of the hiring of a new Sub 

Advisor within 90 days after the hiring 

of the new Sub-Advisor pursuant to the 

Modified Notice and Access Procedures. 

6. At all times, at least a majority of 

the Board will be Independent Board 

Members, and the selection and 

nomination of new or additional 

Independent Board Members will be 

placed within the discretion of the thenexisting Independent Board Members. 

7. Independent Legal Counsel, as 

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

will be engaged to represent the 

Independent Board Members. The 

selection of such counsel will be within 

the discretion of the then-existing 

Independent Board Members. 

8. The Advisor will provide the 

Board, no less frequently than quarterly, 

with information about the profitability 

of the Advisor on a per Subadvised 

Series basis. The information will reflect 

the impact on profitability of the hiring 

or termination of any sub-advisor during 

the applicable quarter. 

9. Whenever a sub-advisor is hired or 

terminated, the Advisor will provide the 

Board with information showing the 

expected impact on the profitability of 

the Advisor. 

10. Whenever a sub-advisor change is 

proposed for a Subadvised Series with 

an Affiliated Sub-Advisor or a WhollyOwned Sub-Advisor, the Board, 

including a majority of the Independent 

Board Members, will make a separate 

finding, reflected in the Board minutes, 

that such change is in the best interests 

of the Subadvised Series and its 

shareholders, and does not involve a 

conflict of interest from which the 

Advisor or the Affiliated Sub-Advisor or 

Wholly-Owned Sub-Advisor derives an 

inappropriate advantage. 

11. No Board member or officer of a 

Subadvised Series, or partner, director, 

manager, or officer of the Advisor, will 

own directly or indirectly (other than 

through a pooled investment vehicle 

that is not controlled by such person), 

any interest in a Sub-Advisor, except for 

(a) ownership of interests in the Advisor 

or any entity, other than a WhollyOwned Sub-Advisor, that controls, is 

controlled by, or is under common 

control with the Advisor, or (b) 

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-Advisor or 

an entity that controls, is controlled by, 

or is under common control with a SubAdvisor. 

12. Any new Sub-Advisory 

Agreement or any amendment to a 

Series’ existing Investment Management 

Agreement or Sub-Advisory Agreement 

that directly or indirectly results in an 

increase in the aggregate advisory fee 

rate payable by the Series will be 

submitted to the Series’ shareholders for 

approval. 

13. Each Subadvised Series will 

disclose the Aggregate Fee Disclosure in 

its registration statement. 

14. In the event the Commission 

adopts a rule under the Act providing 

substantially similar relief to that 

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. 2014–26587 Filed 11–7–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73515; File No. SR– 

NYSEArca-2014–100] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proposed Rule Change Relating to 

Listing and Trading of Shares of the 

SPDR SSgA Global Managed Volatility 

ETF Under NYSE Arca Equities Rule 

8.600 

November 4, 2014. 

On September 5, 2014, NYSE Arca, 

Inc. 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 relating to the 

listing and trading of shares of the SPDR 

SSgA Global Managed Volatility ETF. 

The proposed rule change was 

published for comment in the Federal 

Register on September 24, 2014.3 The 

Commission has received no comment 

letters 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 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 217 / Monday, November 10, 2014 / Notices 66759 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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 Commission is 

extending this 45-day time period. The 

Commission finds that it is appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change. 

Accordingly, the Commission, 

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

designates December 23, 2014, as the 

date by which the Commission shall 

either approve or disapprove or institute 

proceedings to determine whether to 

disapprove the proposed rule change 

(File Number SR–NYSEArca-2014–100). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–26586 Filed 11–7–14; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #14171 and #14172] 

Kentucky Disaster #KY–00053 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the Commonwealth of Kentucky 

dated 10/30/2014. 

Incident: Severe Storms, Flooding, 

Landslides, and Mudslides. 

Incident Period: 08/18/2014 through 

08/23/2014. 

DATES: Effective Date: 10/30/2014. 

Physical Loan Application Deadline 

Date: 12/29/2014. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 07/30/2015. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing And 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Floyd. 

Contiguous Counties: Kentucky: 

Johnson, Knott, Magoffin, Martin, 

Pike. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners With Credit Available Elsewhere ...................... 4.125 

Homeowners Without Credit 

Available Elsewhere .............. 2.063 

Businesses With Credit Available Elsewhere ...................... 6.000 

Businesses Without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.625 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .............. 4.000 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

The number assigned to this disaster 

for physical damage is 14171 B and for 

economic injury is 14172 0. 

The Commonwealth which received 

an EIDL Declaration # is Kentucky 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Dated: October 30, 2014. 

Maria Contreras-Sweet, 

Administrator. 

[FR Doc. 2014–26578 Filed 11–7–14; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #14175 and #14176] 

New Mexico Disaster #NM–00047 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of New Mexico (FEMA–4199– 

DR), dated 10/29/2014. 

Incident: Severe Storms and Flooding. 

Incident Period: 09/15/2014 through 

09/26/2014. 

DATES: Effective Date: 10/29/2014. 

Physical Loan Application Deadline 

Date: 12/29/2014. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 07/29/2015. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

10/29/2014, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Colfax, Eddy, Lea, 

Lincoln, Otero, San Miguel, Santa Fe, 

Sierra. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.625 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

For Economic Injury: 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

The number assigned to this disaster 

for physical damage is 14175B and for 

economic injury is 14176B 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

James E. Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2014–26577 Filed 11–7–14; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF STATE 

[Public Notice: 8941] 

60-Day Notice of Proposed Information 

Collection: Ten DDTC Information 

Collections 

ACTION: Notice of request for public 

comments. 


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