BPV Capital Management, LLC and BPV Family of Funds; Notice of Application, 44405-44406 [2015-18324]

Download as PDF Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices provide investors with an additional trading and hedging mechanism and may provide investors with additional opportunities to manage 30-day volatility risk each week. The Exchange has represented that it has many years of history and experience in conducting surveillance for volatility index options trading to draw from in order to detect manipulative trading in the proposed 30-day weekly VIX series.21 In approving the proposed weekly expiring VIX options, the Commission has also relied on the Exchange’s representation that it and OPRA have the necessary systems capacity to handle the additional traffic associated with the listing of new series that would result from the weekly expiration of VIX options.22 IV. Conclusion IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the Act,23 that the proposed rule change (SR–CBOE–2015–050) be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–18274 Filed 7–24–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 31721; 812–14413] BPV Capital Management, LLC and BPV Family of Funds; Notice of Application July 21, 2015. 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 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 tkelley on DSK3SPTVN1PROD with NOTICES AGENCY: 21 See Notice, supra note 3, at 33577. id. 23 15 U.S.C. 78s(b)(2). 24 17 CFR 200.30–3(a)(12). 22 See VerDate Sep<11>2014 18:58 Jul 24, 2015 Jkt 235001 certain sub-advisers without shareholder approval and grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers. 44405 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 APPLICANTS: BPV Family of Funds (the ‘‘Trust’’), a Delaware statutory trust the Funds with continuous and registered under the Act as an open-end comprehensive investment management services subject to the supervision of, management investment company with and policies established by, each Fund’s multiple series, and BPV Capital board of trustees (‘‘Board’’). The Management, LLC, a Delaware limited Advisory Agreement permits the liability company registered as an Adviser, subject to the approval of the investment adviser under the Board, to delegate to one or more subInvestment Advisers Act of 1940 advisers (each, a ‘‘Sub-Adviser’’ and (‘‘BPV’’ or the ‘‘Adviser,’’ and, collectively with the Trust, the collectively, the ‘‘Sub-Advisers’’) the ‘‘Applicants’’). responsibility to provide the day-to-day DATES: Filing Dates: The application was portfolio investment management of each Fund, subject to the supervision filed January 8, 2015, and amended on and direction of the Adviser. The June 10, 2015. primary responsibility for managing the Hearing or Notification of Hearing: An Funds will remain vested in the order granting the application will be Adviser. The Adviser will hire, issued unless the Commission orders a hearing. Interested persons may request evaluate, allocate assets to and oversee the Sub-Advisers, including a hearing by writing to the determining whether a Sub-Adviser Commission’s Secretary and serving should be terminated, at all times applicants with a copy of the request, subject to the authority of the Board. personally or by mail. Hearing requests 2. Applicants request an exemption to should be received by the Commission permit the Adviser, subject to Board by 5:30 p.m. on August 17, 2015, and approval, to hire certain Sub-Advisers should be accompanied by proof of service on the applicants, in the form of pursuant to Sub-Advisory Agreements an affidavit or, for lawyers, a certificate and materially amend existing Subof service. Pursuant to rule 0–5 under Advisory Agreements without obtaining the Act, hearing requests should state the shareholder approval required under the nature of the writer’s interest, any section 15(a) of the Act and rule 18f–2 facts bearing upon the desirability of a under the Act.2 Applicants also seek an hearing on the matter, the reason for the exemption from the Disclosure request, and the issues contested. Requirements to permit a Fund to Persons who wish to be notified of a disclose (as both a dollar amount and a hearing may request notification by percentage of the Fund’s net assets): (a) writing to the Commission’s Secretary. The aggregate fees paid to the Adviser and any Affiliated Sub-Adviser; and (b) ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street the aggregate fees paid to Sub-Advisers NE., Washington, DC 20549–1090. other than Affiliated Sub-Advisers Applicants: Michael R. West, BPV (collectively, ‘‘Aggregate Fee Family of Funds, 9202 South Disclosure’’). For any Fund that Northshore Drive, Suite 300, Knoxville, employs an Affiliated Sub-Adviser, the TN 37922; and Jeffrey T. Skinner, Esq., Fund will provide separate disclosure of Kirkpatrick, Townsend & Stockton LLP, 1 Applicants request relief with respect to any 1001 W. Fourth Street, Winston-Salem, existing and any future series of the Trust and any NC 27101. other registered open-end management company or FOR FURTHER INFORMATION CONTACT: series thereof that: (a) Is advised by BPV or its Emerson S. Davis, Senior Counsel, at successor or by a person controlling, controlled by, (202) 551–6868, or Daniele Marchesani, or under common control with BPV or its successor (each, also an ‘‘Adviser’’); (b) uses the manager of Branch Chief, at (202) 551–6821 managers structure described in the application; (Division of Investment Management, and (c) complies with the terms and conditions of Chief Counsel’s Office). the application (any such series, a ‘‘Fund’’ and collectively, the ‘‘Funds’’). For purposes of the SUPPLEMENTARY INFORMATION: The requested order, ‘‘successor’’ is limited to an entity following is a summary of the that results from a reorganization into another application. The complete application jurisdiction or a change in the type of business may be obtained via the Commission’s organization. 2 The requested relief will not extend to any SubWeb site by searching for the file Adviser that is an affiliated person, as defined in number, or an applicant using the section 2(a)(3) of the Act, of a Fund or the Adviser, Company name box, at http:// other than by reason of serving as a sub-adviser to www.sec.gov/search/search.htm or by one or more of the Funds (‘‘Affiliated SubAdviser’’). calling (202) 551–8090. PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 E:\FR\FM\27JYN1.SGM 27JYN1 44406 Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices 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 sub-advisory 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 Sub-Advisers 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. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–18324 Filed 7–24–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request tkelley on DSK3SPTVN1PROD with NOTICES Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Rule 17f–1(c) and Form X–17F–1A; SEC File No. 270–29, OMB Control No. 3235– 0037 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission VerDate Sep<11>2014 18:58 Jul 24, 2015 Jkt 235001 (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 17f–1(c) and Form X–17F–1A (17 CFR 249.100) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 17f–1(c) requires approximately 15,500 entities in the securities industry to report lost, stolen, missing, or counterfeit securities certificates to the Commission or its designee, to a registered transfer agent for the issue, and, when criminal activity is suspected, to the Federal Bureau of Investigation. Such entities are required to use Form X–17F–1A to make such reports. Filing these reports fulfills a statutory requirement that reporting institutions report and inquire about missing, lost, counterfeit, or stolen securities. Since these reports are compiled in a central database, the rule facilitates reporting institutions to access the database that stores information for the Lost and Stolen Securities Program. We estimate that 15,500 reporting institutions will report that securities are either missing, lost, counterfeit, or stolen annually and that each reporting institution will submit this report 30 times each year. The staff estimates that the average amount of time necessary to comply with Rule 17f–1(c) and Form X– 17F–1A is five minutes. The total burden is approximately 38,750 hours annually for respondents (15,500 times 30 times 5 divided by 60). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information on respondents; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Rule 17f–1(c) is a reporting rule and does not specify a retention period. The rule requires an incident-based reporting requirement by the reporting institutions when securities certificates are discovered to be missing, lost, counterfeit, or stolen. Registering under PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 Rule 17f–1(c) is mandatory to obtain the benefit of a central database that stores information about missing, lost, counterfeit, or stolen securities for the Lost and Stolen Securities Program. Reporting institutions required to register under Rule 17f–1(c) will not be kept confidential; however, the Lost and Stolen Securities Program database will be kept confidential. 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. Please direct your written comments to: Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: July 22, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–18323 Filed 7–24–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75499; File No. SR– NASDAQ–2015–036] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Granting Approval of Proposed Rule Change, as Modified by Amendments Nos. 1 and 2 Thereto, Relating to the Listing and Trading of the Shares of 18 Eaton Vance NextShares ETMFs of Either the Eaton Vance ETMF Trust or the Eaton Vance ETMF Trust II July 21, 2015. I. Introduction On April 10, 2015, The NASDAQ Stock Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) 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 to list and trade the shares (‘‘Shares’’) of the following 18 exchange-traded managed funds: Eaton Vance Balanced NextSharesTM; Eaton Vance Global Dividend Income NextSharesTM; Eaton Vance Growth NextSharesTM; Eaton Vance Large-Cap Value NextSharesTM; Eaton Vance Richard Bernstein All Asset Strategy NextSharesTM; Eaton Vance Richard Bernstein Equity Strategy NextSharesTM; Eaton Vance Small-Cap 1 15 2 17 E:\FR\FM\27JYN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 27JYN1

Agencies

[Federal Register Volume 80, Number 143 (Monday, July 27, 2015)]
[Notices]
[Pages 44405-44406]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18324]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 31721; 812-14413]


BPV Capital Management, LLC and BPV Family of Funds; Notice of 
Application

July 21, 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 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 sub-advisers without shareholder approval and grant 
relief from the Disclosure Requirements as they relate to fees paid to 
the sub-advisers.

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APPLICANTS: BPV Family of Funds (the ``Trust''), a Delaware statutory 
trust registered under the Act as an open-end management investment 
company with multiple series, and BPV Capital Management, LLC, a 
Delaware limited liability company registered as an investment adviser 
under the Investment Advisers Act of 1940 (``BPV'' or the ``Adviser,'' 
and, collectively with the Trust, the ``Applicants'').

DATES: Filing Dates: The application was filed January 8, 2015, and 
amended on June 10, 2015.

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 August 17, 2015, 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: Michael R. West, BPV 
Family of Funds, 9202 South Northshore Drive, Suite 300, Knoxville, TN 
37922; and Jeffrey T. Skinner, Esq., Kirkpatrick, Townsend & Stockton 
LLP, 1001 W. Fourth Street, Winston-Salem, NC 27101.

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 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 the Funds with 
continuous and comprehensive investment management services 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 sub-
advisers (each, a ``Sub-Adviser'' and collectively, the ``Sub-
Advisers'') the responsibility to provide the day-to-day portfolio 
investment management of each Fund, subject to the supervision and 
direction of the Adviser. The primary responsibility for managing the 
Funds will remain vested in the Adviser. The Adviser will hire, 
evaluate, allocate assets to and oversee the Sub-Advisers, including 
determining whether a Sub-Adviser should be terminated, at all times 
subject to the authority of the Board.
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    \1\ Applicants request relief with respect to any existing and 
any future series of the Trust and any other registered open-end 
management company or series thereof that: (a) Is advised by BPV or 
its successor or by a person controlling, controlled by, or under 
common control with BPV or its successor (each, also 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.
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    2. Applicants request an exemption to permit the Adviser, subject 
to Board approval, to hire certain Sub-Advisers pursuant to Sub-
Advisory Agreements and materially amend existing Sub-Advisory 
Agreements without obtaining the shareholder approval required under 
section 15(a) of the Act and rule 18f-2 under the Act.\2\ 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 Sub-Adviser; and (b) the aggregate fees paid to Sub-Advisers 
other than Affiliated Sub-Advisers (collectively, ``Aggregate Fee 
Disclosure''). For any Fund that employs an Affiliated Sub-Adviser, the 
Fund will provide separate disclosure of

[[Page 44406]]

any fees paid to the Affiliated Sub-Adviser.
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    \2\ The requested relief will not extend to any Sub-Adviser that 
is an affiliated person, as defined in section 2(a)(3) of the Act, 
of a Fund or the Adviser, other than by reason of serving as a sub-
adviser to one or more of the Funds (``Affiliated Sub-Adviser'').
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    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 sub-
advisory 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 Sub-Advisers is substantially similar to that of individual 
portfolio managers, so that requiring shareholder approval of Sub-
Advisory 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 Sub-Advisers that are more 
advantageous for the Funds.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18324 Filed 7-24-15; 8:45 am]
BILLING CODE 8011-01-P