Allianz Funds Multi-Strategy Trust and Allianz Global Investors U.S. LLC, 14580-14581 [2017-05507]
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Federal Register / Vol. 82, No. 53 / Tuesday, March 21, 2017 / Notices
mstockstill on DSK3G9T082PROD with NOTICES
On April 27, 2016, the Commission
published a notice soliciting comments
from the public (‘‘CAT NMS Plan
Notice’’).2 On November 15, 2016, the
Commission approved the CAT NMS
Plan (‘‘CAT NMS Plan Order’’),
including the information collections
proposed in the CAT NMS Plan Notice
and certain additional information
collections that are the subject of this
Notice.3 This Notice addresses only the
new information collections noticed in
the CAT NMS Plan Order, which are: (1)
A one-time independent audit of the
fees, costs, and expenses incurred by the
Participants on behalf of CAT NMS, LLC
prior to the Effective Date 4 of the Plan; 5
(2) a one-time assessment of the clock
synchronization standards in the Plan
before reporting begins for Industry
Members, which assessment shall take
into account the diversity of CAT
Reporters and systems; 6 (3) a one-time
report that discusses the Participants’
assessment of implementing
coordinated surveillance; 7 (4) a onetime report discussing the feasibility
and advisability of allowing Industry
Members to bulk download the Raw
Data that it has submitted to the Central
Repository; 8 (5) a one-time assessment
of the nature and extent of errors in the
Customer information submitted to the
Central Repository and whether the
correction of certain data fields over
others should be prioritized; 9 (6) a oneNMS Plan filed on February 27, 2015, was an
amendment to and replacement of the Initial CAT
NMS Plan (the ‘‘Amended and Restated CAT NMS
Plan’’). On December 24, 2015, the Participants
submitted an Amendment to the Amended and
Restated CAT NMS Plan. See Letter from
Participants to Brent J. Fields, Secretary,
Commission, dated December 23, 2015 (the
‘‘Amendment’’). On February 9, 2016, the
Participants filed with the Commission an identical,
but unmarked, version of the Amended and
Restated CAT NMS Plan, dated February 27, 2015,
as modified by the Amendment, as well as a copy
of the request for proposal issued by the
Participants to solicit Bids from parties interested
in serving as the Plan Processor for the consolidated
audit trail. Unless the context otherwise requires,
the ‘‘CAT NMS Plan’’ shall refer to the Amended
and Restated CAT NMS Plan, as modified by the
Amendment.
2 See Securities Exchange Act Release No. 77724
(April 27, 2016), 81 FR 30613 (May 17, 2016). The
burdens associated with the CAT NMS Plan Notice
were submitted under OMB number 3235–0671
which relates to the NMS Plan required to be filed
under Rule 613.
3 See Securities Exchange Act Release No. 79318
(November 15, 2016), 81 FR 84696 (November 23,
2016), available at https://www.sec.gov/rules/sro/
nms/2016/34-79318.pdf.
4 The ‘‘Effective Date’’ is the date the Commission
approved the CAT NMS Plan, which was November
15, 2016. See id.
5 See CAT NMS Plan Order, supra note at 84940.
6 Id.
7 Id. at 84940–84941.
8 Id. at 84941.
9 Id.
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time report on the impact of tiered fees
on market liquidity, including an
analysis of the impact of the tiered-fee
structure on Industry Members
provision of liquidity; 10 (7) an
assessment of the projected impact of
any Material Systems Change on the
Maximum Error Rate, prior to the
implementation of such Material
Systems Change; 11 and (8) an annual
requirement that that the CAT LLC
financials be (i) in compliance with
GAAP, (ii) be audited by an
independent public accounting firm,
and (iii) be made publicly available.12
The Commission believes that these
audits, reports, and assessments of
various aspects of the CAT NMS Plan
are necessary to achieving the CAT
NMS Plan’s objective of improving the
quality of the data available to
regulators in four areas that affect the
ultimate effectiveness of core regulatory
efforts—completeness, accuracy,
accessibility and timeliness.13
The new information collections
further require that each Participant
conduct background checks for its
employees and contractors that will use
the CAT System.14 The Commission
believes that these background checks
are necessary to ensure that only
authorized and qualified persons are
using the CAT System.
There are 21 respondents that require
an aggregate total of 8,269,747.99 hours
to comply with the collection of
information, as amended. The
Commission further estimates that the
aggregate cost to comply with the
collection of information, as amended,
is $534,465,565.81.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this amendment at
the following Web site:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
10 Id.
at 84941–84942.
at 84942. The Commission believes that four
assessments would be filed annually.
12 Id.
13 See Securities Exchange Act Release No. 67457
(July 18, 2012), 77 FR 45722 (August 1, 2012)
(‘‘Rule 613 Adopting Release’’), at 45727
(discussing four ‘‘qualities’’ of trade and order data
that impact the effectiveness of core Participant and
Commission regulatory efforts: accuracy,
completeness, accessibility, and timeliness).
14 See CAT NMS Plan Order, supra note at 84942.
11 Id.
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Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549, or by sending an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: March 16, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–05539 Filed 3–20–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32533; File No. 812–14255]
Allianz Funds Multi-Strategy Trust and
Allianz Global Investors U.S. LLC
March 15, 2017.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of an application for an order
under section 12(d)(1)(J) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
12(d)(1)(A), (B), and (C) of the Act and
under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1)
and (2) of the Act. The requested order
would permit certain registered openend investment companies to acquire
shares of certain registered open-end
investment companies, registered
closed-end investment companies,
business development companies, as
defined in section 2(a)(48) of the Act,
and unit investment trusts (collectively,
‘‘Underlying Funds’’) that are within
and outside the same group of
investment companies as the acquiring
investment companies, in excess of the
limits in section 12(d)(1) of the Act.
APPLICANTS: Allianz Funds MultiStrategy Trust (the ‘‘Trust’’), a
Massachusetts business trust that is
registered under the Act as an open-end
management investment company with
multiple series, and Allianz Global
Investors U.S. LLC (the ‘‘Applying
Manager’’), a Delaware limited liability
company registered as an investment
adviser under the Investment Advisers
Act of 1940.
FILING DATES: The application was filed
on December 23, 2013 and amended on
July 30, 2015, May 2, 2016, February 3,
2017, March 8, 2017 and March 13,
2017.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
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Federal Register / Vol. 82, No. 53 / Tuesday, March 21, 2017 / Notices
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 April 10, 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.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
Applicants: Allianz Funds MultiStrategy Trust and Allianz Global
Investors U.S. LLC, 1633 Broadway,
New York, New York 10019; and George
B. Raine, Ropes & Gray LLP, Prudential
Tower, 800 Boylston St., Boston, MA
02148.
FOR FURTHER INFORMATION CONTACT:
Mark N. Zaruba, Senior Counsel, at
(202) 551–6878, or Robert 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 for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm, or by
calling (202) 551–8090.
Funds 2 in excess of the limits in
sections 12(d)(1)(A) and (C) of the Act
and (b) the Underlying Funds that are
registered open-end investment
companies or series thereof, their
principal underwriters and any broker
or dealer registered under the Securities
Exchange Act of 1934 to sell shares of
the Underlying Fund to the Fund of
Funds in excess of the limits in section
12(d)(1)(B) of the Act.3 Applicants also
request an order of exemption under
sections 6(c) and 17(b) of the Act from
the prohibition on certain affiliated
transactions in section 17(a) of the Act
to the extent necessary to permit the
Underlying Funds to sell their shares to,
and redeem their shares from, the Funds
of Funds.4 Applicants state that such
transactions will be consistent with the
policies of each Fund of Funds and each
Underlying Fund and with the general
purposes of the Act and will be based
on the net asset values of the
Underlying Funds.
2. 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 are designed to, among
other things, help prevent any potential
(i) undue influence over an Underlying
Fund that is not in the same ‘‘group of
investment companies’’ as the Fund of
Funds through control or voting power,
or in connection with certain services,
transactions, and underwritings, (ii)
excessive layering of fees, and (iii)
overly complex fund structures, which
are the concerns underlying the limits
in sections 12(d)(1)(A), (B), and (C) of
the Act.
3. Section 12(d)(1)(J) 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
Summary of the Application
mstockstill on DSK3G9T082PROD with NOTICES
1. Applicants request an order to
permit (a) a Fund 1 (each a ‘‘Fund of
Funds’’) to acquire shares of Underlying
1 Applicants request that the order apply to each
existing and future series of the Trust and to each
existing and future registered open-end investment
company or series thereof that is advised by the
Applying Manager or its successor or by any other
investment adviser controlling, controlled by or
under common control with the Applying Manager
or its successor and is part of the same ‘‘group of
investment companies’’ as the Trust (each, a
‘‘Fund’’). 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. For
purposes of the request for relief, the term ‘‘group
of investment companies’’ means any two or more
registered investment companies, including closedend investment companies and business
development companies, that hold themselves out
to investors as related companies for purposes of
investment and investor services.
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2 Certain of the Underlying Funds have obtained
exemptions from the Commission necessary to
permit their shares to be listed and traded on a
national securities exchange at negotiated prices
and, accordingly, to operate as an exchange-traded
fund (‘‘ETF’’).
3 Applicants do not request relief for Funds of
Funds to invest in reliance on the order in business
development companies and registered closed-end
investment companies that are not listed and traded
on a national securities exchange.
4 A Fund of Funds generally would purchase and
sell shares of an Underlying Fund that operates as
an ETF through secondary market transactions
rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request
relief from section 17(a) to permit a Fund of Funds
to purchase or redeem shares from the ETF. A Fund
of Funds will purchase and sell shares of an
Underlying Fund that is a closed-end fund through
secondary market transactions at market prices
rather than through principal transactions with the
closed-end fund. Accordingly, applicants are not
requesting section 17(a) relief with respect to
transactions in shares of closed-end funds
(including business development companies).
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14581
any provision of section 12(d)(1) if the
exemption is consistent with the public
interest and the protection of investors.
Section 17(b) of the Act authorizes the
Commission to grant an order
permitting a transaction otherwise
prohibited by section 17(a) if it finds
that (a) the terms of the proposed
transaction are fair and reasonable and
do not involve overreaching on the part
of any person concerned; (b) the
proposed transaction is consistent with
the policies of each registered
investment company involved; and (c)
the proposed transaction is consistent
with the general purposes of the Act.
Section 6(c) of the Act permits the
Commission to exempt any persons or
transactions from any provision of the
Act if 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 Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–05507 Filed 3–20–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80253; File No. SR–FICC–
2017–004]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Describe
the Intraday Mark-to-Market Charge
March 15, 2017.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 7,
2017, Fixed Income Clearing
Corporation (‘‘FICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the clearing agency. The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change consists of
amendments to the Mortgage-Backed
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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]]>Agencies
[Federal Register Volume 82, Number 53 (Tuesday, March 21, 2017)]
[Notices]
[Pages 14580-14581]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-05507]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32533; File No. 812-14255]
Allianz Funds Multi-Strategy Trust and Allianz Global Investors
U.S. LLC
March 15, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application for an order under section 12(d)(1)(J) of
the Investment Company Act of 1940 (the ``Act'') for an exemption from
sections 12(d)(1)(A), (B), and (C) of the Act and under sections 6(c)
and 17(b) of the Act for an exemption from sections 17(a)(1) and (2) of
the Act. The requested order would permit certain registered open-end
investment companies to acquire shares of certain registered open-end
investment companies, registered closed-end investment companies,
business development companies, as defined in section 2(a)(48) of the
Act, and unit investment trusts (collectively, ``Underlying Funds'')
that are within and outside the same group of investment companies as
the acquiring investment companies, in excess of the limits in section
12(d)(1) of the Act.
Applicants: Allianz Funds Multi-Strategy Trust (the ``Trust''), a
Massachusetts business trust that is registered under the Act as an
open-end management investment company with multiple series, and
Allianz Global Investors U.S. LLC (the ``Applying Manager''), a
Delaware limited liability company registered as an investment adviser
under the Investment Advisers Act of 1940.
Filing Dates: The application was filed on December 23, 2013 and
amended on July 30, 2015, May 2, 2016, February 3, 2017, March 8, 2017
and March 13, 2017.
Hearing or Notification of Hearing: An order granting the requested
relief will
[[Page 14581]]
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
April 10, 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.
ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE., Washington, DC 20549-1090. Applicants: Allianz Funds Multi-
Strategy Trust and Allianz Global Investors U.S. LLC, 1633 Broadway,
New York, New York 10019; and George B. Raine, Ropes & Gray LLP,
Prudential Tower, 800 Boylston St., Boston, MA 02148.
FOR FURTHER INFORMATION CONTACT: Mark N. Zaruba, Senior Counsel, at
(202) 551-6878, or Robert 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 for an
applicant using the Company name box, at https://www.sec.gov/search/search.htm, or by calling (202) 551-8090.
Summary of the Application
1. Applicants request an order to permit (a) a Fund \1\ (each a
``Fund of Funds'') to acquire shares of Underlying Funds \2\ in excess
of the limits in sections 12(d)(1)(A) and (C) of the Act and (b) the
Underlying Funds that are registered open-end investment companies or
series thereof, their principal underwriters and any broker or dealer
registered under the Securities Exchange Act of 1934 to sell shares of
the Underlying Fund to the Fund of Funds in excess of the limits in
section 12(d)(1)(B) of the Act.\3\ Applicants also request an order of
exemption under sections 6(c) and 17(b) of the Act from the prohibition
on certain affiliated transactions in section 17(a) of the Act to the
extent necessary to permit the Underlying Funds to sell their shares
to, and redeem their shares from, the Funds of Funds.\4\ Applicants
state that such transactions will be consistent with the policies of
each Fund of Funds and each Underlying Fund and with the general
purposes of the Act and will be based on the net asset values of the
Underlying Funds.
---------------------------------------------------------------------------
\1\ Applicants request that the order apply to each existing and
future series of the Trust and to each existing and future
registered open-end investment company or series thereof that is
advised by the Applying Manager or its successor or by any other
investment adviser controlling, controlled by or under common
control with the Applying Manager or its successor and is part of
the same ``group of investment companies'' as the Trust (each, a
``Fund''). 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. For
purposes of the request for relief, the term ``group of investment
companies'' means any two or more registered investment companies,
including closed-end investment companies and business development
companies, that hold themselves out to investors as related
companies for purposes of investment and investor services.
\2\ Certain of the Underlying Funds have obtained exemptions
from the Commission necessary to permit their shares to be listed
and traded on a national securities exchange at negotiated prices
and, accordingly, to operate as an exchange-traded fund (``ETF'').
\3\ Applicants do not request relief for Funds of Funds to
invest in reliance on the order in business development companies
and registered closed-end investment companies that are not listed
and traded on a national securities exchange.
\4\ A Fund of Funds generally would purchase and sell shares of
an Underlying Fund that operates as an ETF through secondary market
transactions rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request relief from section
17(a) to permit a Fund of Funds to purchase or redeem shares from
the ETF. A Fund of Funds will purchase and sell shares of an
Underlying Fund that is a closed-end fund through secondary market
transactions at market prices rather than through principal
transactions with the closed-end fund. Accordingly, applicants are
not requesting section 17(a) relief with respect to transactions in
shares of closed-end funds (including business development
companies).
---------------------------------------------------------------------------
2. 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 are designed to, among other things, help
prevent any potential (i) undue influence over an Underlying Fund that
is not in the same ``group of investment companies'' as the Fund of
Funds through control or voting power, or in connection with certain
services, transactions, and underwritings, (ii) excessive layering of
fees, and (iii) overly complex fund structures, which are the concerns
underlying the limits in sections 12(d)(1)(A), (B), and (C) of the Act.
3. Section 12(d)(1)(J) 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 provision of section
12(d)(1) if the exemption is consistent with the public interest and
the protection of investors. Section 17(b) of the Act authorizes the
Commission to grant an order permitting a transaction otherwise
prohibited by section 17(a) if it finds that (a) the terms of the
proposed transaction are fair and reasonable and do not involve
overreaching on the part of any person concerned; (b) the proposed
transaction is consistent with the policies of each registered
investment company involved; and (c) the proposed transaction is
consistent with the general purposes of the Act. Section 6(c) of the
Act permits the Commission to exempt any persons or transactions from
any provision of the Act if 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
Act.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-05507 Filed 3-20-17; 8:45 am]
BILLING CODE 8011-01-P
