Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rules Relating to Authority To Waive Rules, Procedures, and Regulations of the Mortgage-Backed Securities Division, 54675-54676 [2010-22351]
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Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62796; File No. SR–FICC–
2010–06]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Rules Relating to Authority To Waive
Rules, Procedures, and Regulations of
the Mortgage-Backed Securities
Division
August 30, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
August 20, 2010, Fixed Income Clearing
Corporation (‘‘FICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I, II, and III
below, which items have been prepared
primarily by FICC.2 FICC filed the
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) and Rule 19b–
4(f)(3) thereunder so that the proposed
rule change was effective upon filing
with the Commission.3 The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change will amend
FICC rules to provide that any officer
having a rank of Managing Director or
higher is authorized to suspend or
waive FICC’s rules, procedures, and
regulations of the Mortgage-Backed
Securities Division.
jlentini on DSKJ8SOYB1PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FICC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. FICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.4
U.S.C. 78s(b)(1).
text of the proposed rule change is attached
as Exhibit 5 to FICC’s filing and is available at
https://www.dtcc.com/downloads/legal/rule_filings/
2010/ficc/2010-06.pdf.
3 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b–
4(f)(3).
4 The Commission has modified the text of the
summaries prepared by the FICC.
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The proposed rule change amends
Rule 12 of Article V of the Clearing
Rules (‘‘Rules’’) of the Mortgage-Backed
Securities Division (‘‘MBSD’’) to state
that the rules, procedures, and
regulations may be suspended or
waived by any officer having a rank of
Managing Director or higher. Currently
Rule 12 provides such authority to
officers with the ranking of Vice
President or higher.5 This proposed rule
change also harmonizes MBSD rules
with those of FICC’s Government
Securities Division (‘‘GSD’’) as well as
those of The Depository Trust Company
(‘‘DTC’’) and the National Securities
Clearing Corporation (‘‘NSCC’’) as such
rule relates to the authority to suspend
or waive rules.6
FICC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 7
and the rules and regulations
thereunder that are applicable to FICC
because the proposed rule will require
a more senior level of management to
authorize a suspension or waiver of the
FICC rules under the proposed rule
change thereby ensuring more equitable
compliance with FICC’s rules and
procedures. The proposed rule change
also harmonizes the MBSD rules with
those of the GSD thereby providing
clarity for FICC’s members on its
administration of waivers and
suspension of FICC’s rules and
procedures.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments relating to the
proposed rule change have been
solicited or received. FICC will notify
the Commission of any written
comments received by the FICC.
1 15
2 The
VerDate Mar<15>2010
16:41 Sep 07, 2010
Jkt 220001
5 Managing Director level is a more senior officer
than that of Vice President.
6 On August 23, 2010, DTC and NSCC filed
similar rule changes. Securities Exchange Act
Release No. 62795 (August 30, 2010) [File No. SR–
DTC–2010–11] and 62794 (August 30, 2010) [File
No. SR–NSCC–2010–08] respectively.
7 15 U.S.C. 78q–1.
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
54675
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(3) 9 thereunder because it is
concerned solely with the
administration of FICC. At any time
within sixty days of the filing of such
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.
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 (https://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FICC–2010–06 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–FICC–2010–06. This file
number should be included on the
subject line if e-mail 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 (https://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
8 15
9 17
E:\FR\FM\08SEN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(3).
08SEN1
54676
Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices
Reference Section, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of such filings
also will be available for inspection and
copying at the principal office of FICC
and on FICC’s Web site, https://
www.dtcc.com. 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–FICC–
2010–06 and should be submitted on or
before September 29, 2010.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–22351 Filed 9–7–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62788; File No. SR–
NYSEArca–2010–79]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
NYSE Arca, Inc. Relating to Listing and
Trading of Cambria Global Tactical
ETF
August 30, 2010.
jlentini on DSKJ8SOYB1PROD with NOTICES
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
23, 2010, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 self-regulatory
organization. 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 Exchange proposes to list and
trade shares of the Cambria Global
Tactical ETF under NYSE Arca Equities
Rule 8.600. The text of the proposed
rule change is available at the principal
office of the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
10 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
16:41 Sep 07, 2010
Jkt 220001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to list and
trade the following Managed Fund
Shares 3 (‘‘Shares’’) under NYSE Arca
Equities Rule 8.600: the Cambria Global
Tactical ETF (‘‘Fund’’).4 The Shares will
be offered by AdvisorShares Trust (the
‘‘Trust’’), a statutory trust organized
under the laws of the State of Delaware
and registered with the Commission as
an open-end management investment
company.5 The investment advisor to
the Fund is AdvisorShares Investments,
3 A Managed Fund Share is a security that
represents an interest in an investment company
registered under the Investment Company Act of
1940 (15 U.S.C. 80a) (‘‘1940 Act’’) organized as an
open-end investment company or similar entity that
invests in a portfolio of securities selected by its
investment advisor consistent with its investment
objectives and policies. In contrast, an open-end
investment company that issues Investment
Company Units, listed and traded on the Exchange
under NYSE Arca Equities Rule 5.2(j)(3), seeks to
provide investment results that correspond
generally to the price and yield performance of a
specific foreign or domestic stock index, fixed
income securities index or combination thereof.
4 The Commission approved NYSE Arca Equities
Rule 8.600 and the listing and trading of certain
funds of the PowerShares Actively Managed
Exchange-Traded Funds Trust on the Exchange
pursuant to Rule 8.600 in Securities Exchange Act
Release No. 57619 (April 4, 2008) 73 FR 19544
(April 10, 2008) (SR–NYSEArca–2008–25). The
Commission also previously approved listing and
trading on the Exchange of a number of actively
managed funds under Rule 8.600. See, e.g.,
Securities Exchange Act Release Nos. 57801 (May
8, 2008), 73 FR 27878 (May 14, 2008) (SR–
NYSEArca–2008–31) (order approving Exchange
listing and trading of twelve actively-managed
funds of the WisdomTree Trust); 60460 (August 7,
2009), 74 FR 41468 (August 17, 2009) (SR–
NYSEArca–2009–55) (order approving listing of
Dent Tactical ETF).
5 The Trust is registered under the 1940 Act. On
June 30, 2010, the Trust filed with the Commission
Form N–1A under the Securities Act of 1933 (15
U.S.C. 77a), and under the 1940 Act relating to the
Fund (File Nos. 333–157876 and 811–22110)
(‘‘Registration Statement’’). The description of the
operation of the Trust and the Fund herein is based
on the Registration Statement.
PO 00000
Frm 00091
Fmt 4703
Sfmt 4703
LLC (the ‘‘Advisor’’). Cambria
Investment Management, Inc. is the
Fund’s sub-advisor (‘‘Cambria’’ or ‘‘SubAdvisor’’) and provides day-to-day
portfolio management of the Fund.
Foreside Fund Services, LLC (the
‘‘Distributor’’) is the principal
underwriter and distributor of the
Fund’s Shares. Neither the Advisor nor
the Sub-Advisor is affiliated with a
broker-dealer.6
Description of the Fund
According to the Registration
Statement, the Fund’s investment
objective is to preserve and grow capital
from investments in the U.S. and foreign
equity, fixed income, commodity and
currency markets, independent of
market direction. The Fund seeks to
preserve and grow capital by producing
absolute returns with reduced volatility
and manageable risk and drawdowns.
The Fund’s investment strategies are
inherently designed as risk-management
and capital preservation approaches.
The Fund is an actively managed ETF
and thus, does not seek to replicate the
performance of a specific index, but
rather uses an active investment strategy
to meet its investment objective.
The Fund is considered a ‘‘fund-offunds’’ that seeks to achieve its
investment objective by primarily
investing in other exchange-traded
funds listed and traded in the United
States (the ‘‘Underlying ETFs’’) that offer
6 The Exchange represents that the Advisor and
Sub-Advisor and their related personnel are subject
to Investment Advisers Act Rule 204A–1. This Rule
specifically requires the adoption of a code of ethics
by an investment advisor to include, at a minimum:
(i) Standards of business conduct that reflect the
firm’s/personnel fiduciary obligations; (ii)
provisions requiring supervised persons to comply
with applicable Federal securities laws; (iii)
provisions that require all access persons to report,
and the firm to review, their personal securities
transactions and holdings periodically as
specifically set forth in Rule 204A–1; (iv) provisions
requiring supervised persons to report any
violations of the code of ethics promptly to the
chief compliance officer (‘‘CCO’’) or, provided the
CCO also receives reports of all violations, to other
persons designated in the code of ethics; and (v)
provisions requiring the investment advisor to
provide each of the supervised persons with a copy
of the code of ethics with an acknowledgement by
said supervised persons. In addition, Rule 206(4)–
7 under the Advisers Act makes it unlawful for an
investment advisor to provide investment advice to
clients unless such investment advisor has (i)
adopted and implemented written policies and
procedures reasonably designed to prevent
violation, by the investment advisor and its
supervised persons, of the Advisers Act and the
Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review
regarding the adequacy of the policies and
procedures established pursuant to subparagraph (i)
above and the effectiveness of their
implementation; and (iii) designated an individual
(who is a supervised person) responsible for
administering the policies and procedures adopted
under subparagraph (i) above.
E:\FR\FM\08SEN1.SGM
08SEN1
]]>Agencies
[Federal Register Volume 75, Number 173 (Wednesday, September 8, 2010)]
[Notices]
[Pages 54675-54676]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-22351]
[[Page 54675]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62796; File No. SR-FICC-2010-06]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rules Relating to Authority To Waive Rules, Procedures, and
Regulations of the Mortgage-Backed Securities Division
August 30, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 20, 2010, Fixed
Income Clearing Corporation (``FICC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change described
in Items I, II, and III below, which items have been prepared primarily
by FICC.\2\ FICC filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) and Rule 19b-4(f)(3) thereunder so that the proposed
rule change was effective upon filing with the Commission.\3\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ The text of the proposed rule change is attached as Exhibit
5 to FICC's filing and is available at https://www.dtcc.com/downloads/legal/rule_filings/2010/ficc/2010-06.pdf.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change will amend FICC rules to provide that any
officer having a rank of Managing Director or higher is authorized to
suspend or waive FICC's rules, procedures, and regulations of the
Mortgage-Backed Securities Division.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FICC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. FICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
---------------------------------------------------------------------------
\4\ The Commission has modified the text of the summaries
prepared by the FICC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed rule change amends Rule 12 of Article V of the
Clearing Rules (``Rules'') of the Mortgage-Backed Securities Division
(``MBSD'') to state that the rules, procedures, and regulations may be
suspended or waived by any officer having a rank of Managing Director
or higher. Currently Rule 12 provides such authority to officers with
the ranking of Vice President or higher.\5\ This proposed rule change
also harmonizes MBSD rules with those of FICC's Government Securities
Division (``GSD'') as well as those of The Depository Trust Company
(``DTC'') and the National Securities Clearing Corporation (``NSCC'')
as such rule relates to the authority to suspend or waive rules.\6\
---------------------------------------------------------------------------
\5\ Managing Director level is a more senior officer than that
of Vice President.
\6\ On August 23, 2010, DTC and NSCC filed similar rule changes.
Securities Exchange Act Release No. 62795 (August 30, 2010) [File
No. SR-DTC-2010-11] and 62794 (August 30, 2010) [File No. SR-NSCC-
2010-08] respectively.
---------------------------------------------------------------------------
FICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \7\ and the rules and
regulations thereunder that are applicable to FICC because the proposed
rule will require a more senior level of management to authorize a
suspension or waiver of the FICC rules under the proposed rule change
thereby ensuring more equitable compliance with FICC's rules and
procedures. The proposed rule change also harmonizes the MBSD rules
with those of the GSD thereby providing clarity for FICC's members on
its administration of waivers and suspension of FICC's rules and
procedures.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
FICC does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
No written comments relating to the proposed rule change have been
solicited or received. FICC will notify the Commission of any written
comments received by the FICC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(3) \9\
thereunder because it is concerned solely with the administration of
FICC. At any time within sixty days of the filing of such 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
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 (https://www.sec.gov/rules/sro.shtml) or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-FICC-2010-06 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-FICC-2010-06. This file
number should be included on the subject line if e-mail 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 (https://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
[[Page 54676]]
Reference Section, 100 F Street, NE., Washington, DC 20549, on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filings also will be available for inspection and copying at the
principal office of FICC and on FICC's Web site, https://www.dtcc.com.
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-FICC-2010-06
and should be submitted on or before September 29, 2010.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22351 Filed 9-7-10; 8:45 am]
BILLING CODE 8010-01-P
