Van Eck Associates Corporation, et al.; Notice of Application, 19380-19381 [2015-08258]
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Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices
At any time within 60 days of the date
of effectiveness of the proposed rule
change, the Commission, after
consultation with the CFTC, may
summarily abrogate the proposed rule
change and require that the proposed
rule change be refiled in accordance
with the provisions of Section 19(b)(1)
of the Act.8
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:
mstockstill on DSK4VPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CFE–2015–003 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–CFE–2015–003. 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 (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
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
offices 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
8 15
U.S.C. 78s(b)(1).
VerDate Sep<11>2014
20:09 Apr 09, 2015
available publicly. All submissions
should refer to File Number SR–CFE–
2015–003, and should be submitted on
or before May 1, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Brent J. Fields,
Secretary.
[FR Doc. 2015–08200 Filed 4–9–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
31547; 812–14400]
Van Eck Associates Corporation, et al.;
Notice of Application
April 6, 2015.
Applicants’ Representations
1. Van Eck Funds is organized as a
Massachusetts business trust and is
registered under the Act as an open-end
management investment company. Van
Eck Funds is a trust which currently
consists of eight Funds (as defined
below), each with its own investment
Summary of Application: Applicants
objective and policies. VIP Trust is a
request an order to permit open-end
Massachusetts business trust and is
management investment companies
registered under the Act as an open-end
relying on rule 12d1–2 under the Act to
management investment company. VIP
invest in certain financial instruments.
Trust currently consists of six Funds,
Applicants: Van Eck Associates
each with its own investment objective
Corporation (the ‘‘VEAC’’), Van Eck
and policies. MV Trust is a Delaware
Securities Corporation (‘‘VESC’’),
statutory trust and is registered under
Market Vectors ETF Trust (‘‘MV Trust’’),
the Act as an open-end management
Van Eck VIP Trust (‘‘VIP Trust’’) and
investment company. MV Trust
Van Eck Funds (‘‘VE Funds’’ and,
currently consists of 60 Funds, each
together with MV Trust and VIP Trust,
with its own investment objective and
the ‘‘Trusts’’).
policies.
Filing Date: The application was filed
2. VEAC is registered as an
on December 18, 2014.
investment adviser under the
Hearing or Notification of Hearing: An Investment Advisers Act of 1940 (the
order granting the application will be
‘‘Advisers Act’’). VEAC currently is the
issued unless the Commission orders a
investment adviser to the Trusts. VESC,
hearing. Interested persons may request a broker-dealer registered under the
a hearing by writing to the
Securities Exchange Act of 1934, as
Commission’s Secretary and serving
amended (‘‘Exchange Act’’), serves as
applicants with a copy of the request,
the principal underwriter for the Trusts.
personally or by mail. Hearing requests
3. Applicants request an exemption to
should be received by the Commission
the extent necessary to permit any
by 5:30 p.m. on May 1, 2015, and
existing or future series of the Trusts
should be accompanied by proof of
and any other registered open-end
service on applicants, in the form of an
management investment company or
affidavit or, for lawyers, a certificate of
series thereof that: (a) Is advised by
service. Pursuant to rule 0–5 under the
VEAC or any investment adviser
Act, hearing requests should state the
controlling, controlled by, or under
nature of the writer’s interest, any facts
common control with VEAC (any such
bearing upon the desirability of a
adviser or VEAC, the ‘‘Adviser’’); 1 (b) is
hearing on the matter, the reason for the in the same group of investment
request, and the issues contested.
companies as defined in section
Persons who wish to be notified of a
12(d)(1)(G) of the Act as the Trusts; (c)
hearing may request notification by
invests in other registered open-end
writing to the Commission’s Secretary.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
Act of 1940 (‘‘Act’’) for an exemption
from rule 12d1–2(a) under the Act.
AGENCY:
9 17
Jkt 235001
Secretary, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–1090;
Applicants: Johnathan R. Simon, Van
Eck Associates Corporation, 335
Madison Avenue, New York, NY 10017.
FOR FURTHER INFORMATION CONTACT:
Emerson S. Davis, Senior Counsel, at
(202) 551–6868, or Daniele Marchesani,
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.
ADDRESSES:
PO 00000
1 Each Adviser will be registered as an investment
adviser under the Advisers Act.
CFR 200.30–3(a)(73).
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Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
management investment companies
(‘‘Underlying Funds’’) in reliance on
section 12(d)(1)(G) of the Act; and (d)
also is eligible to invest in securities (as
defined in section 2(a)(36) of the Act) in
reliance on rule 12d1–2 under the Act
(each a ‘‘Fund of Funds’’), and together
with the Underlying Funds, the
‘‘Funds’’), also to invest, to the extent
consistent with its investment
objectives, policies, strategies and
limitations, in financial instruments that
may not be securities within the
meaning of section 2(a)(36) of the Act
(‘‘Other Investments’’).2 Applicants also
request that the order exempt any entity
controlling, controlled by or under
common control with VESC, that now or
in the future acts as principal
underwriter with respect to the
transactions described in the
application.
4. Consistent with its fiduciary
obligations under the Act, each Fund of
Funds’ board of trustees will review the
advisory fees charged by the Fund of
Funds’ Adviser to ensure that they are
based on services provided that are in
addition to, rather than duplicative of,
services provided pursuant to the
advisory agreement of any investment
company in which the Fund of Funds
may invest.
Applicants’ Legal Analysis
1. Section 12(d)(1)(A) of the Act
provides that no registered investment
company (‘‘acquiring company’’) may
acquire securities of another investment
company (‘‘acquired company’’) if such
securities represent more than 3% of the
acquired company’s outstanding voting
stock or more than 5% of the acquiring
company’s total assets, or if such
securities, together with the securities of
other investment companies, represent
more than 10% of the acquiring
company’s total assets. Section
12(d)(1)(B) of the Act provides that no
registered open-end investment
company may sell its securities to
another investment company if the sale
will cause the acquiring company to
own more than 3% of the acquired
company’s voting stock, or cause more
than 10% of the acquired company’s
voting stock to be owned by investment
companies and companies controlled by
them.
2. Section 12(d)(1)(G) of the Act
provides, in part, that section 12(d)(1)
will not apply to securities of an
acquired company purchased by an
acquiring company if: (i) The acquired
2 Every existing entity that currently intends to
rely on the requested order is named as an
applicant. Any entity that relies on the order in the
future will do so only in accordance with the terms
and condition in the application.
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20:09 Apr 09, 2015
Jkt 235001
company and acquiring company are
part of the same group of investment
companies; (ii) the acquiring company
holds only securities of acquired
companies that are part of the same
group of investment companies,
Government securities, and short-term
paper; (iii) the aggregate sales loads and
distribution-related fees of the acquiring
company and the acquired company are
not excessive under rules adopted
pursuant to section 22(b) or section
22(c) of the Act by a securities
association registered under section 15A
of the Exchange Act or by the
Commission; and (iv) the acquired
company has a policy that prohibits it
from acquiring securities of registered
open-end investment companies or
registered unit investment trusts in
reliance on section 12(d)(1)(F) or (G) of
the Act.
3. Rule 12d1–2 under the Act permits
a registered open-end investment
company or a registered unit investment
trust that relies on section 12(d)(1)(G) of
the Act to acquire, in addition to
securities issued by another registered
investment company in the same group
of investment companies, Government
securities, and short-term paper: (i)
Securities issued by an investment
company that is not in the same group
of investment companies, when the
acquisition is in reliance on section
12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii)
securities (other than securities issued
by an investment company); and (iii)
securities issued by a money market
fund, when the investment is in reliance
on rule 12d1–1 under the Act. For the
purposes of rule 12d1–2, ‘‘securities’’
means any security as defined in section
2(a)(36) of the Act.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction from any
provision of the Act, or from any rule
under 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 policies and
provisions of the Act. Applicants submit
that their request for relief meets this
standard.
5. Applicants request an order under
section 6(c) of the Act for an exemption
from rule 12d1–2(a) to allow the Funds
of Funds to invest in Other Investments
while investing in Underlying Funds.
Applicants state that the Funds of
Funds will comply with rule 12d1–2
under the Act, but for the fact that the
Funds of Funds may invest a portion of
their assets in Other Investments.
Applicants assert that permitting the
Funds of Funds to invest in Other
Investments as described in the
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
19381
application would not raise any of the
concerns that the requirements of
section 12(d)(1) were designed to
address.
Applicants’ Condition
Applicants agree that any order
granting the requested relief will be
subject to the following condition:
Applicants will comply with all
provisions of rule 12d1–2 under the Act,
except for paragraph (a)(2) to the extent
that it restricts any Fund of Funds from
investing in Other Investments as
described in the application.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Brent J. Fields,
Secretary.
[FR Doc. 2015–08258 Filed 4–9–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74656; File No. SR–BATS–
2015–25]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Rule 4.3,
Record of Written Complaints
April 6, 2015.
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 March 26,
2015, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
designated this proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6)(iii)
thereunder,4 which renders it effective
upon filing with the Commission. 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 amend
Rule 4.3, Record of Written Complaints.
The text of the proposed rule change is
below. Proposed new language is in
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6)(iii).
2 17
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]]>Agencies
[Federal Register Volume 80, Number 69 (Friday, April 10, 2015)]
[Notices]
[Pages 19380-19381]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08258]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 31547; 812-14400]
Van Eck Associates Corporation, et al.; Notice of Application
April 6, 2015.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from rule 12d1-2(a)
under the Act.
-----------------------------------------------------------------------
Summary of Application: Applicants request an order to permit open-
end management investment companies relying on rule 12d1-2 under the
Act to invest in certain financial instruments.
Applicants: Van Eck Associates Corporation (the ``VEAC''), Van Eck
Securities Corporation (``VESC''), Market Vectors ETF Trust (``MV
Trust''), Van Eck VIP Trust (``VIP Trust'') and Van Eck Funds (``VE
Funds'' and, together with MV Trust and VIP Trust, the ``Trusts'').
Filing Date: The application was filed on December 18, 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 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 May 1, 2015, and should be accompanied by proof of service
on 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, Securities and Exchange Commission, 100 F Street
NE., Washington, DC 20549-1090; Applicants: Johnathan R. Simon, Van Eck
Associates Corporation, 335 Madison Avenue, New York, NY 10017.
FOR FURTHER INFORMATION CONTACT: Emerson S. Davis, Senior Counsel, at
(202) 551-6868, or Daniele Marchesani, 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.
Applicants' Representations
1. Van Eck Funds is organized as a Massachusetts business trust and
is registered under the Act as an open-end management investment
company. Van Eck Funds is a trust which currently consists of eight
Funds (as defined below), each with its own investment objective and
policies. VIP Trust is a Massachusetts business trust and is registered
under the Act as an open-end management investment company. VIP Trust
currently consists of six Funds, each with its own investment objective
and policies. MV Trust is a Delaware statutory trust and is registered
under the Act as an open-end management investment company. MV Trust
currently consists of 60 Funds, each with its own investment objective
and policies.
2. VEAC is registered as an investment adviser under the Investment
Advisers Act of 1940 (the ``Advisers Act''). VEAC currently is the
investment adviser to the Trusts. VESC, a broker-dealer registered
under the Securities Exchange Act of 1934, as amended (``Exchange
Act''), serves as the principal underwriter for the Trusts.
3. Applicants request an exemption to the extent necessary to
permit any existing or future series of the Trusts and any other
registered open-end management investment company or series thereof
that: (a) Is advised by VEAC or any investment adviser controlling,
controlled by, or under common control with VEAC (any such adviser or
VEAC, the ``Adviser''); \1\ (b) is in the same group of investment
companies as defined in section 12(d)(1)(G) of the Act as the Trusts;
(c) invests in other registered open-end
[[Page 19381]]
management investment companies (``Underlying Funds'') in reliance on
section 12(d)(1)(G) of the Act; and (d) also is eligible to invest in
securities (as defined in section 2(a)(36) of the Act) in reliance on
rule 12d1-2 under the Act (each a ``Fund of Funds''), and together with
the Underlying Funds, the ``Funds''), also to invest, to the extent
consistent with its investment objectives, policies, strategies and
limitations, in financial instruments that may not be securities within
the meaning of section 2(a)(36) of the Act (``Other Investments'').\2\
Applicants also request that the order exempt any entity controlling,
controlled by or under common control with VESC, that now or in the
future acts as principal underwriter with respect to the transactions
described in the application.
---------------------------------------------------------------------------
\1\ Each Adviser will be registered as an investment adviser
under the Advisers Act.
\2\ Every existing entity that currently intends to rely on the
requested order is named as an applicant. Any entity that relies on
the order in the future will do so only in accordance with the terms
and condition in the application.
---------------------------------------------------------------------------
4. Consistent with its fiduciary obligations under the Act, each
Fund of Funds' board of trustees will review the advisory fees charged
by the Fund of Funds' Adviser to ensure that they are based on services
provided that are in addition to, rather than duplicative of, services
provided pursuant to the advisory agreement of any investment company
in which the Fund of Funds may invest.
Applicants' Legal Analysis
1. Section 12(d)(1)(A) of the Act provides that no registered
investment company (``acquiring company'') may acquire securities of
another investment company (``acquired company'') if such securities
represent more than 3% of the acquired company's outstanding voting
stock or more than 5% of the acquiring company's total assets, or if
such securities, together with the securities of other investment
companies, represent more than 10% of the acquiring company's total
assets. Section 12(d)(1)(B) of the Act provides that no registered
open-end investment company may sell its securities to another
investment company if the sale will cause the acquiring company to own
more than 3% of the acquired company's voting stock, or cause more than
10% of the acquired company's voting stock to be owned by investment
companies and companies controlled by them.
2. Section 12(d)(1)(G) of the Act provides, in part, that section
12(d)(1) will not apply to securities of an acquired company purchased
by an acquiring company if: (i) The acquired company and acquiring
company are part of the same group of investment companies; (ii) the
acquiring company holds only securities of acquired companies that are
part of the same group of investment companies, Government securities,
and short-term paper; (iii) the aggregate sales loads and distribution-
related fees of the acquiring company and the acquired company are not
excessive under rules adopted pursuant to section 22(b) or section
22(c) of the Act by a securities association registered under section
15A of the Exchange Act or by the Commission; and (iv) the acquired
company has a policy that prohibits it from acquiring securities of
registered open-end investment companies or registered unit investment
trusts in reliance on section 12(d)(1)(F) or (G) of the Act.
3. Rule 12d1-2 under the Act permits a registered open-end
investment company or a registered unit investment trust that relies on
section 12(d)(1)(G) of the Act to acquire, in addition to securities
issued by another registered investment company in the same group of
investment companies, Government securities, and short-term paper: (i)
Securities issued by an investment company that is not in the same
group of investment companies, when the acquisition is in reliance on
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii) securities (other
than securities issued by an investment company); and (iii) securities
issued by a money market fund, when the investment is in reliance on
rule 12d1-1 under the Act. For the purposes of rule 12d1-2,
``securities'' means any security as defined in section 2(a)(36) of the
Act.
4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction from any provision of the Act, or
from any rule under 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 policies and
provisions of the Act. Applicants submit that their request for relief
meets this standard.
5. Applicants request an order under section 6(c) of the Act for an
exemption from rule 12d1-2(a) to allow the Funds of Funds to invest in
Other Investments while investing in Underlying Funds. Applicants state
that the Funds of Funds will comply with rule 12d1-2 under the Act, but
for the fact that the Funds of Funds may invest a portion of their
assets in Other Investments. Applicants assert that permitting the
Funds of Funds to invest in Other Investments as described in the
application would not raise any of the concerns that the requirements
of section 12(d)(1) were designed to address.
Applicants' Condition
Applicants agree that any order granting the requested relief will
be subject to the following condition: Applicants will comply with all
provisions of rule 12d1-2 under the Act, except for paragraph (a)(2) to
the extent that it restricts any Fund of Funds from investing in Other
Investments as described in the application.
For the Commission, by the Division of Investment Management,
under delegated authority.
Brent J. Fields,
Secretary.
[FR Doc. 2015-08258 Filed 4-9-15; 8:45 am]
BILLING CODE 8011-01-P
