42374 Federal Register / Vol. 82, No. 172 / Thursday, September 7, 2017 / Notices 

17 15 U.S.C. 78s(b)(3)(A)(iii). 

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 19 17 CFR 200.30–3(a)(12). 

file proposals that are substantially 

similar to this proposal. 

The Exchange does not believe that 

the proposed rule change imposes a 

burden on intramarket competition 

because the proposed provisions apply 

to all market participants equally. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing 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)(iii) of the Act 17 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.18

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

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– 

C2–2017–024 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–C2–2017–024. 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 Web site (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 Web site 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 such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–C2– 

2017–024, and should be submitted on 

or before September 28, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–19003 Filed 9–6–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32803; 812–14797] 

Northern Lights Fund Trust IV and 

Measured Risk Portfolios, Inc. 

August 31, 2017. 

AGENCY: Securities and Exchange 

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 

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 

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

trust registered under the Act as an 

open-end management investment 

company, and Measured Risk Portfolios, 

Inc. (the ‘‘Initial Adviser’’), a California 

corporation 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 July 7, 2017 and amended on August 

14, 2017 and August 25, 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 September 25, 2017, 

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. 

mstockstill on DSK30JT082PROD with NOTICES

Federal Register / Vol. 82, No. 172 / Thursday, September 7, 2017 / Notices 42375 

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 Initial Adviser, or any person 

controlling, controlled by or under common control 

with the Initial Adviser or its successors (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 Initial Adviser already has hired a 

subadviser for the Measured Risk Strategy Fund in 

compliance with section 15(a) of the Act. 

3The 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’’). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

Applicants: Jennifer Farrell, Secretary, 

Northern Lights Fund Trust IV, 80 

Arkay Drive, Suite 110, Hauppauge, NY 

11788. 

FOR FURTHER INFORMATION CONTACT: 

Courtney S. Thornton, Senior Counsel, 

at (202) 551–6812, 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 

Web site 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.2 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.3 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. 2017–18929 Filed 9–6–17; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81516; File No. SR–CBOE– 

2017–058] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rule 6.25, 

Nullification and Adjustment of 

Options Transactions Including 

Obvious Errors 

August 31, 2017. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on August 

29, 2017, Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

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

Rule 19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The purpose of this filing is to amend 

Rule 6.25, Nullification and Adjustment 

of Options Transactions including 

Obvious Errors. The text of the proposed 

rule change is attached as Exhibit 5 

(sic). 

The text of the proposed rule change 

is also available on the Exchange’s Web 

site (http://www.cboe.com/AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

mstockstill on DSK30JT082PROD with NOTICES