ALPS ETMF Trust, et al.; Notice of Application, 50349-50350 [2015-20409]
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Federal Register / Vol. 80, No. 160 / Wednesday, August 19, 2015 / Notices
tkelley on DSK3SPTVN1PROD with NOTICES
change, Clearstream Banking would be
permitted to act as a triparty collateral
service provider for initial or original
margin in respect of any product
category, including the CDS product
category. (The other currently
authorized triparty collateral service
provider, Euroclear Bank, is similarly
eligible to act as such for any product
category.) A correction would also be
made in paragraph 3.20 to provide that
the specified instruction deadlines
apply to triparty collateral arrangements
with both Euroclear Bank and
Clearstream Banking.
III. Discussion and Commission
Findings
Section 19(b)(2)(C) of the Act 5 directs
the Commission to approve a proposed
rule change of a self-regulatory
organization if the Commission finds
that such proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to such selfregulatory organization. Section
17A(b)(3)(F) of the Act 6 requires, among
other things, that the rules of a clearing
agency are designed to promote the
prompt and accurate clearance and
settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and transactions
and assure the safeguarding of securities
and funds which are in the custody or
control of the clearing agency or for
which it is responsible.
The Commission finds that the
proposed rule change is consistent with
section 17A of the Act 7 and the rules
thereunder applicable to ICE Clear
Europe. The proposed rule change will
provide Clearing Members with the
option to use Clearstream Banking as a
triparty collateral service provider with
respect to initial and original margin for
the CDS (and FX) product categories.
According to ICE Clear Europe, the
proposed rule change does not
otherwise change the substantive terms
of the service. Based on ICE Clear
Europe’s representation regarding its
experience with Clearstream Banking as
triparty collateral service provider with
respect to original margin for the F&O
product category, the use of Clearstream
Banking can be appropriately extended
to other product categories. As such, the
Commission believes that the proposed
rule change would allow ICE Clear
Europe’s Clearing Members to use an
additional triparty collateral service
provider that offers appropriate
safeguarding of securities and funds
5 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
7 15 U.S.C. 78q–1.
6 15
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19:14 Aug 18, 2015
Jkt 235001
while maintaining ICE Clear Europe’s
ability to access initial margin when
appropriate. The Commission therefore
finds that the proposed rule change is
designed to promote the prompt and
accurate clearance and settlement of
securities transactions and, to the extent
applicable, derivative agreements,
contracts, and transactions and to assure
the safeguarding of securities and funds
which are in the custody or control of
the clearing agency or for which it is
responsible, in accordance with section
17A(b)(3)(F) of the Act.8
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of section 17A of the Act 9
and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,10 that the
proposed rule change (File No. SR–
ICEEU–2015–009) be, and hereby is,
approved.11
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Brent J. Fields,
Secretary.
[FR Doc. 2015–20420 Filed 8–18–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
31759; 812–14517]
ALPS ETMF Trust, et al.; Notice of
Application
August 13, 2015.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 6(c) of the
Investment Company Act of 1940
(‘‘Act’’) for an exemption from sections
2(a)(32), 5(a)(1), 22(d) and 22(e) of the
Act and rule 22c–1 under the Act, under
sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and
(a)(2) of the Act, and under section
12(d)(1)(J) of the Act for an exemption
from sections 12(d)(1)(A) and (B) of the
Act.
AGENCY:
8 15
U.S.C. 78q–1(b)(3)(F).
U.S.C. 78q–1.
10 15 U.S.C. 78s(b)(2).
11 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
12 17 CFR 200.30–3(a)(12).
9 15
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Fmt 4703
Sfmt 4703
50349
ALPS ETMF Trust (the
‘‘Trust’’), ALPS Advisors, Inc. (the
‘‘Adviser’’) and ALPS Distributors, Inc.,
and ALPS Portfolio Solutions
Distributor, Inc. (each, a ‘‘Distributor’’).
SUMMARY: Applicants request an order
(‘‘Order’’) that permits: (a) Actively
managed series of certain open-end
management investment companies to
issue shares (‘‘Shares’’) redeemable in
large aggregations only (‘‘Creation
Units’’); (b) secondary market
transactions in Shares to occur at the
next-determined net asset value plus or
minus a market-determined premium or
discount that may vary during the
trading day; (c) certain series to pay
redemption proceeds, under certain
circumstances, more than seven days
from the tender of Shares for
redemption; (d) certain affiliated
persons of the series to deposit
securities into, and receive securities
from, the series in connection with the
purchase and redemption of Creation
Units; (e) certain registered management
investment companies and unit
investment trusts outside of the same
group of investment companies as the
series to acquire Shares; and (f) certain
series to create and redeem Shares in
kind in a master-feeder structure. The
Order would incorporate by reference
terms and conditions of a previous order
granting the same relief sought by
applicants, as that order may be
amended from time to time (‘‘Reference
Order’’).1
FILING DATES: The application was filed
on July 21, 2015.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on September 8, 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: The Commission: Brent J.
Fields, Secretary, U.S. Securities and
Exchange Commission, 100 F Street NE.,
APPLICANTS:
1 Eaton Vance Management, et al., Investment
Company Act Rel. Nos. 31333 (Nov. 6, 2014)
(notice) and 31361 (Dec. 2, 2014) (order).
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19AUN1
50350
Federal Register / Vol. 80, No. 160 / Wednesday, August 19, 2015 / Notices
Washington, DC 20549–1090.
Applicants: 1290 Broadway, Suite 1100,
Denver, CO 80203.
FOR FURTHER INFORMATION CONTACT: Jean
E. Minarick, Senior Counsel, or Dalia
Osman Blass, Assistant Chief Counsel,
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
1. The Trust will be registered as an
open-end management investment
company under the Act and is a
business trust organized under the laws
of the state of Delaware. Applicants seek
relief with respect to one Fund (as
defined below, the ‘‘Initial Fund’’). The
portfolio positions of each Fund will
consist of securities and other assets
selected and managed by its Adviser or
Subadviser (as defined below) to pursue
the Fund’s investment objective.
2. The Adviser, a Colorado
corporation, will be the investment
adviser to the Initial Fund. An Adviser
(as defined below) will serve as
investment adviser to each Fund. The
Adviser is, and any other Adviser will
be, registered as an investment adviser
under the Investment Advisers Act of
1940 (‘‘Advisers Act’’). The Adviser and
the Trust may retain one or more
subadvisers (each a ‘‘Subadviser’’) to
manage the portfolios of the Fund. Any
Subadviser will be registered, or not
subject to registration, under the
Advisers Act.
3. Each Distributor is a Colorado
corporation and a broker-dealer
registered under the Securities
Exchange Act of 1934 and will act as the
principal underwriter of Shares of the
Fund. Applicants request that the
requested relief apply to any distributor
of Shares, whether affiliated or
unaffiliated with the Adviser (included
in the term ‘‘Distributor’’). Any
Distributor will comply with the terms
and conditions of the Order.
17(a)(2) of the Act, and under section
12(d)(1)(J) of the Act for an exemption
from sections 12(d)(1)(A) and (B) of the
Act. The requested Order would permit
applicants to offer exchange-traded
managed funds. Because the relief
requested is the same as the relief
granted by the Commission under the
Reference Order and because the
Adviser has entered into, or anticipates
entering into, a licensing agreement
with Eaton Vance Management, or an
affiliate thereof in order to offer
exchange-traded managed funds,2 the
Order would incorporate by reference
the terms and conditions of the
Reference Order.
5. Applicants request that the Order
apply to the Initial Fund and to any
other existing or future open-end
management investment company or
series thereof that: (a) Is advised by the
Adviser or any entity controlling,
controlled by, or under common control
with the Adviser (any such entity
included in the term ‘‘Adviser’’); and (b)
operates as an exchange-traded managed
fund as described in the Reference
Order; and (c) complies with the terms
and conditions of the Order and of the
Reference Order, which is incorporated
by reference herein (each such company
or series and Initial Fund, a ‘‘Fund’’).3
6. Section 6(c) of the Act provides that
the Commission may exempt any
person, security or transaction, or any
class of persons, securities or
transactions, from any provisions of the
Act, if and to the extent that 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. Section 17(b)
of the Act authorizes the Commission to
exempt a proposed transaction from
section 17(a) of the Act if evidence
establishes that the terms of the
transaction, including the consideration
to be paid or received, are reasonable
and fair and do not involve
overreaching on the part of any person
concerned, and the proposed
transaction is consistent with the
policies of the registered investment
company and the general purposes of
the Act. 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
tkelley on DSK3SPTVN1PROD with NOTICES
Applicants’ Requested Exemptive Relief
4. Applicants seek the requested
Order under section 6(c) of the Act for
an exemption from sections 2(a)(32),
5(a)(1), 22(d) and 22(e) of the Act and
rule 22c–1 under the Act, under
sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and
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19:14 Aug 18, 2015
Jkt 235001
2 Eaton Vance Management has obtained patents
with respect to certain aspects of the Funds’ method
of operation as exchange-traded managed funds.
3 All entities that currently intend to rely on the
Order are named as applicants. Any other entity
that relies on the Order in the future will comply
with the terms and conditions of the Order and of
the Reference Order, which is incorporated by
reference herein.
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
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.
7. Applicants submit that for the
reasons stated in the Reference Order:
(1) With respect to the relief requested
pursuant to section 6(c) of the Act, the
relief is 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; (2) with respect to
the relief request pursuant to section
17(b) of the Act, the proposed
transactions are reasonable and fair and
do not involve overreaching on the part
of any person concerned, are consistent
with the policies of each registered
investment company concerned and
consistent with the general purposes of
the Act; and (3) with respect to the relief
requested pursuant to section 12(d)(1)(J)
of the Act, the relief is consistent with
the public interest and the protection of
investors.
By the Division of Investment
Management, pursuant to delegated
authority.
Brent J. Fields,
Secretary.
[FR Doc. 2015–20409 Filed 8–18–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75696; File No. SR–
NYSEMKT–2015–58]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Rule 79A—
Equities To Delete Supplementary
Material .20 Requiring Prior Floor
Official Approval Before a Designated
Market Maker Can Initiate Certain
Trades More Than One or Two Dollars
Away From the Last Sale
August 13, 2015.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on July 29,
2015, NYSE MKT LLC (‘‘Exchange’’ or
‘‘NYSE MKT’’) 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 self-regulatory
organization. The Commission is
publishing this notice to solicit
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
E:\FR\FM\19AUN1.SGM
19AUN1
]]>Agencies
[Federal Register Volume 80, Number 160 (Wednesday, August 19, 2015)]
[Notices]
[Pages 50349-50350]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-20409]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 31759; 812-14517]
ALPS ETMF Trust, et al.; Notice of Application
August 13, 2015.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application for an order under section 6(c) of the
Investment Company Act of 1940 (``Act'') for an exemption from sections
2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the
Act, under sections 6(c) and 17(b) of the Act for an exemption from
sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J)
of the Act for an exemption from sections 12(d)(1)(A) and (B) of the
Act.
-----------------------------------------------------------------------
Applicants: ALPS ETMF Trust (the ``Trust''), ALPS Advisors, Inc. (the
``Adviser'') and ALPS Distributors, Inc., and ALPS Portfolio Solutions
Distributor, Inc. (each, a ``Distributor'').
SUMMARY: Applicants request an order (``Order'') that permits: (a)
Actively managed series of certain open-end management investment
companies to issue shares (``Shares'') redeemable in large aggregations
only (``Creation Units''); (b) secondary market transactions in Shares
to occur at the next-determined net asset value plus or minus a market-
determined premium or discount that may vary during the trading day;
(c) certain series to pay redemption proceeds, under certain
circumstances, more than seven days from the tender of Shares for
redemption; (d) certain affiliated persons of the series to deposit
securities into, and receive securities from, the series in connection
with the purchase and redemption of Creation Units; (e) certain
registered management investment companies and unit investment trusts
outside of the same group of investment companies as the series to
acquire Shares; and (f) certain series to create and redeem Shares in
kind in a master-feeder structure. The Order would incorporate by
reference terms and conditions of a previous order granting the same
relief sought by applicants, as that order may be amended from time to
time (``Reference Order'').\1\
---------------------------------------------------------------------------
\1\ Eaton Vance Management, et al., Investment Company Act Rel.
Nos. 31333 (Nov. 6, 2014) (notice) and 31361 (Dec. 2, 2014) (order).
---------------------------------------------------------------------------
Filing Dates: The application was filed on July 21, 2015.
Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on September 8, 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: The Commission: Brent J. Fields, Secretary, U.S. Securities
and Exchange Commission, 100 F Street NE.,
[[Page 50350]]
Washington, DC 20549-1090. Applicants: 1290 Broadway, Suite 1100,
Denver, CO 80203.
FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, or
Dalia Osman Blass, Assistant Chief Counsel, 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
1. The Trust will be registered as an open-end management
investment company under the Act and is a business trust organized
under the laws of the state of Delaware. Applicants seek relief with
respect to one Fund (as defined below, the ``Initial Fund''). The
portfolio positions of each Fund will consist of securities and other
assets selected and managed by its Adviser or Subadviser (as defined
below) to pursue the Fund's investment objective.
2. The Adviser, a Colorado corporation, will be the investment
adviser to the Initial Fund. An Adviser (as defined below) will serve
as investment adviser to each Fund. The Adviser is, and any other
Adviser will be, registered as an investment adviser under the
Investment Advisers Act of 1940 (``Advisers Act''). The Adviser and the
Trust may retain one or more subadvisers (each a ``Subadviser'') to
manage the portfolios of the Fund. Any Subadviser will be registered,
or not subject to registration, under the Advisers Act.
3. Each Distributor is a Colorado corporation and a broker-dealer
registered under the Securities Exchange Act of 1934 and will act as
the principal underwriter of Shares of the Fund. Applicants request
that the requested relief apply to any distributor of Shares, whether
affiliated or unaffiliated with the Adviser (included in the term
``Distributor''). Any Distributor will comply with the terms and
conditions of the Order.
Applicants' Requested Exemptive Relief
4. Applicants seek the requested Order under section 6(c) of the
Act for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e)
of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b)
of the Act for an exemption from sections 17(a)(1) and 17(a)(2) of the
Act, and under section 12(d)(1)(J) of the Act for an exemption from
sections 12(d)(1)(A) and (B) of the Act. The requested Order would
permit applicants to offer exchange-traded managed funds. Because the
relief requested is the same as the relief granted by the Commission
under the Reference Order and because the Adviser has entered into, or
anticipates entering into, a licensing agreement with Eaton Vance
Management, or an affiliate thereof in order to offer exchange-traded
managed funds,\2\ the Order would incorporate by reference the terms
and conditions of the Reference Order.
---------------------------------------------------------------------------
\2\ Eaton Vance Management has obtained patents with respect to
certain aspects of the Funds' method of operation as exchange-traded
managed funds.
---------------------------------------------------------------------------
5. Applicants request that the Order apply to the Initial Fund and
to any other existing or future open-end management investment company
or series thereof that: (a) Is advised by the Adviser or any entity
controlling, controlled by, or under common control with the Adviser
(any such entity included in the term ``Adviser''); and (b) operates as
an exchange-traded managed fund as described in the Reference Order;
and (c) complies with the terms and conditions of the Order and of the
Reference Order, which is incorporated by reference herein (each such
company or series and Initial Fund, a ``Fund'').\3\
---------------------------------------------------------------------------
\3\ All entities that currently intend to rely on the Order are
named as applicants. Any other entity that relies on the Order in
the future will comply with the terms and conditions of the Order
and of the Reference Order, which is incorporated by reference
herein.
---------------------------------------------------------------------------
6. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction, or any class of persons,
securities or transactions, from any provisions of the Act, if and to
the extent that 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.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) of the Act if evidence establishes that
the terms of the transaction, including the consideration to be paid or
received, are reasonable and fair and do not involve overreaching on
the part of any person concerned, and the proposed transaction is
consistent with the policies of the registered investment company and
the general purposes of the Act. 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.
7. Applicants submit that for the reasons stated in the Reference
Order: (1) With respect to the relief requested pursuant to section
6(c) of the Act, the relief is 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; (2) with respect to
the relief request pursuant to section 17(b) of the Act, the proposed
transactions are reasonable and fair and do not involve overreaching on
the part of any person concerned, are consistent with the policies of
each registered investment company concerned and consistent with the
general purposes of the Act; and (3) with respect to the relief
requested pursuant to section 12(d)(1)(J) of the Act, the relief is
consistent with the public interest and the protection of investors.
By the Division of Investment Management, pursuant to delegated
authority.
Brent J. Fields,
Secretary.
[FR Doc. 2015-20409 Filed 8-18-15; 8:45 am]
BILLING CODE 8011-01-P
