Nationwide Fund Advisors, et al., 30920-30921 [2017-13904]
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sradovich on DSK3GMQ082PROD with NOTICES
30920
Federal Register / Vol. 82, No. 126 / Monday, July 3, 2017 / Notices
change recognizes common price
submission practices whereby end-ofday submissions from multiple affiliated
entities often reflect the institution’s
overall view on the value of the relevant
instrument.23 Accordingly, the
Commission finds that the proposed
amendment regarding firm trade
notional limits is designed to promote
the prompt and accurate clearance and
settlement of securities transactions,
derivatives agreements, contracts, and
transactions consistent with the
requirements of Section 17A(b)(3)(F),
and also finds that the proposed rule
change provides for the equitable
allocation of reasonable fees, dues and
other charges among its participants,
consistent with Section 17A(b)(3)(D) of
the Act.
Regarding the changes to the EOD
Price Discovery Policy that provide for
validation of models supporting the
end-of-day price discovery process and
for review of the EOD Price Discovery
Policy by the Board, the Commission
believes that the proposed changes are
consistent with Section 17A(b)(3)(F) of
the Act, Rule 17Ad–22(e)(3)(i), and Rule
17Ad–22(e)(6)(vii). By requiring an
independent validation of models used
to support the EOD Price Discovery
Policy, ICE Clear Europe will be better
able to ensure that the end-of-day
pricing models are appropriately
designed and provide reliable results in
the end-of-day pricing process.
Additionally, with the requirement that
the EOD Price Discovery Policy be
reviewed at least annually by the CDS
Risk Committee, and ICE Clear Europe
Board and separately requiring that
material changes be approved by ICE
Clear Europe’s Board, with the advice of
both the CDS and Board Risk
Committees, the proposed rule changes
will provide for more substantial
involvement in the ongoing
management of, and review of changes
to, the end-of-day pricing processes by
those responsible for ICE Clear Europe’s
risk governance. Thus, the Commission
believes that the proposed rule change
will result in more consistent oversight
and improvement of the EOD Price
Discovery Policy and the underlying
models and processes related thereto.
The Commission therefore finds that the
proposed rule change is designed to
promote the prompt and accurate
clearance and settlement of securities
transactions, derivatives agreements,
contracts, and transactions, consistent
with the requirements of Section
17A(b)(3)(F), and also is consistent with
the requirements of Rule 17Ad–
22(e)(3)(i) regarding periodic review and
23 Notice,
82 FR at 22359.
VerDate Sep<11>2014
17:53 Jun 30, 2017
Jkt 241001
annual approval by the Board, and the
requirements of Rule 17Ad–22(e)(6)(vii)
regarding model validation of models
related to the covered clearing agency’s
margin system.
The Commission also finds that the
proposed changes to ICE Clear Europe’s
Price Submission Disciplinary
Framework are consistent with the
requirements of the Act. Specifically,
the proposed changes would amend and
formalize the process in which Clearing
Members are sanctioned for failure to
comply with the price submission
process. Specifically, the proposed rule
change will set forth the process under
which ICE Clear Europe will provide
notice to Clearing Members of its
allegation(s) of their failures to meet the
price submission requirements, methods
in which the Clearing Members can
respond or object, and the sanctions that
will be imposed for failures to meet the
price submission requirements. The
Commission finds that the formalization
of this process in ICE Clear Europe’s
Price Submission Disciplinary
Framework is consistent with the
requirement of Section 17A(b)(3)(G) of
the Act that the rules of a clearing
agency provide that its participants
shall be appropriately disciplined for
violations of any provision of the
clearing agency’s rules by sanction; and
that Clearing Members will be duly
informed regarding such discipline,
consistent with Section 17A(b)(5)(A) of
the Act.
IV. Conclusion
It is therefore ordered pursuant to
Section 19(b)(2) of the Act that he
proposed rule change (SR–ICEEU–2017–
006) be, and hereby is, approved.24
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.25
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017–13897 Filed 6–30–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32712; 812–14783]
Nationwide Fund Advisors, et al.
June 27, 2017.
Securities and Exchange
Commission (‘‘Commission’’).
AGENCY:
24 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).
25 17 CFR 200.30–3(a)(12).
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
ACTION:
Notice.
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: Nationwide Fund Advisors
(the ‘‘Adviser’’), ETF Series Solutions
(the ‘‘Trust’’), and Quasar Distributors,
LLC (the ‘‘Distributor’’).
SUMMARY OF APPLICATION: 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 DATE: The application was filed
on June 7, 2017.
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 July 24, 2017, and
should be accompanied by proof of
service on applicants, in the form of an
1 Eaton Vance Management, et al., Investment
Company Act Rel. Nos. 31333 (Nov. 6, 2014)
(notice) and 31361 (Dec. 2, 2014) (order).
E:\FR\FM\03JYN1.SGM
03JYN1
Federal Register / Vol. 82, No. 126 / Monday, July 3, 2017 / Notices
sradovich on DSK3GMQ082PROD with NOTICES
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.,
Washington, DC 20549–1090.
Applicants: Nationwide Fund Advisors,
10 West Nationwide Blvd., Columbus,
Ohio 43215; ETF Series Solutions, 615
East Michigan Street, 4th Floor,
Milwaukee, Wisconsin 53202; Quasar
Distributors, LLC, 777 East Wisconsin
Avenue, 6th Floor, Milwaukee,
Wisconsin 53202.
FOR FURTHER INFORMATION CONTACT:
Courtney S. Thornton, Senior Counsel,
at (202) 551–6812, or Robert H. Shapiro,
Branch Chief, at (202) 551–6821
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
Web site by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Applicants
1. The Trust is registered as an openend management investment company
under the Act and is a statutory trust
organized under the laws of Delaware.
Applicants seek relief with respect to
one Fund (as defined below, and that
Fund, 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 Delaware business
trust, 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 may
retain one or more subadvisers (each a
‘‘Subadviser’’) to manage the portfolios
of the Funds. Any Subadviser will be
registered, or not subject to registration,
under the Advisers Act.
3. The Distributor is a Delaware
limited liability company and a brokerdealer registered under the Securities
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17:53 Jun 30, 2017
Jkt 241001
Exchange Act of 1934 and will act as the
principal underwriter of Shares of the
Funds. 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.
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.
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
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 00106
Fmt 4703
Sfmt 4703
30921
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.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017–13904 Filed 6–30–17; 8:45 am]
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81028; File No. SR–ICC–
2017–007]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to ICC’s Cash
Investment Yield Schedule
June 27, 2017
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
E:\FR\FM\03JYN1.SGM
03JYN1
]]>Agencies
[Federal Register Volume 82, Number 126 (Monday, July 3, 2017)]
[Notices]
[Pages 30920-30921]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-13904]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32712; 812-14783]
Nationwide Fund Advisors, et al.
June 27, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
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: Nationwide Fund Advisors (the ``Adviser''), ETF Series
Solutions (the ``Trust''), and Quasar Distributors, LLC (the
``Distributor'').
Summary of Application: 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 Date: The application was filed on June 7, 2017.
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 July 24, 2017, and should be accompanied by proof of
service on applicants, in the form of an
[[Page 30921]]
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., Washington, DC 20549-1090.
Applicants: Nationwide Fund Advisors, 10 West Nationwide Blvd.,
Columbus, Ohio 43215; ETF Series Solutions, 615 East Michigan Street,
4th Floor, Milwaukee, Wisconsin 53202; Quasar Distributors, LLC, 777
East Wisconsin Avenue, 6th Floor, Milwaukee, Wisconsin 53202.
FOR FURTHER INFORMATION CONTACT: Courtney S. Thornton, Senior Counsel,
at (202) 551-6812, or Robert H. Shapiro, Branch Chief, at (202) 551-
6821 (Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or for an
applicant using the Company name box, at https://www.sec.gov/search/search.htm or by calling (202) 551-8090.
Applicants
1. The Trust is registered as an open-end management investment
company under the Act and is a statutory trust organized under the laws
of Delaware. Applicants seek relief with respect to one Fund (as
defined below, and that Fund, 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 Delaware business trust, 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 may
retain one or more subadvisers (each a ``Subadviser'') to manage the
portfolios of the Funds. Any Subadviser will be registered, or not
subject to registration, under the Advisers Act.
3. The Distributor is a Delaware limited liability company and a
broker-dealer registered under the Securities Exchange Act of 1934 and
will act as the principal underwriter of Shares of the Funds.
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.
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.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-13904 Filed 6-30-17; 8:45 am]
BILLING CODE P
