Active Weighting Funds ETF Trust and Active Weighting Advisors LLC, 42869-42870 [2017-19236]
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Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Notices
rejecting orders for vertical and calendar
spread strategies that are entered at a
negative price will protect investors
from executing orders that were likely
entered in error.31 The Commission
believes that waiver of the operative
delay is consistent with the protection
of investors and the public interest
because the proposed rules are designed
to reduce investor confusion and to
prevent the entry and execution of
erroneously priced ECOs. Therefore, the
Commission hereby waives the
operative delay and designates the
proposed rule change operative upon
filing.32
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
pmangrum on DSK3GDR082PROD with NOTICES1
• 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–
NYSEAMER–2017–07 on the subject
line.
31 As discussed above, the proposal also allows
the Exchange to deactivate the Reasonability Check
for calendar spread strategies. The Exchange will
notify ATP Holders and ATP Firms by electronic
message of any such deactivation or re-activation.
The Exchange believes that this discretion is
necessary because a corporate action, for example,
could result in the Reasonability Check for calendar
spread strategies rejecting an otherwise valid
strategy. The proposal also provides that the
Reasonability Check for calendar spread strategies
will not apply to ECOs that are entered on the
Trading Floor. The Exchange notes that such orders
are subject to manual handling by individuals who
will have evaluated the price of the order based on
market conditions. The Exchange further notes that
another exchange has adopted a similar rule. See
note 19, supra.
32 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Sep<11>2014
15:19 Sep 11, 2017
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Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEAMER–2017–07. 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 the
filing also will be available for
inspection and copying at the principal
office 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
available publicly. All submissions
should refer to File Number SR–
NYSEAMER–2017–07 and should be
submitted on or before October 3, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–19239 Filed 9–11–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
32808; File No. 812–14697]
Active Weighting Funds ETF Trust and
Active Weighting Advisors LLC
September 6, 2017.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
33 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00089
Fmt 4703
Sfmt 4703
42869
Notice of an application for an order
under section 12(d)(1)(J) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
12(d)(1)(A), (B), and (C) of the Act and
under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1)
and (2) of the Act. The requested order
would permit certain registered openend investment companies to acquire
shares of certain registered open-end
investment companies, registered
closed-end investment companies,
business development companies, as
defined in section 2(a)(48) of the Act
(‘‘BDCs’’), and registered unit
investment trusts (collectively,
‘‘Underlying Funds’’) that are within
and outside the same group of
investment companies as the acquiring
investment companies, in excess of the
limits in section 12(d)(1) of the Act.
APPLICANTS: Active Weighting Funds
ETF Trust (the ‘‘Trust’’), a Delaware
statutory trust that will be registered
under the Act as an open-end
management investment company with
multiple series, and Active Weighting
Advisors LLC (the ‘‘Initial Advisor’’), a
limited liability company organized
under the laws of the state of Delaware
that is, or will be, registered as an
investment adviser under the
Investment Advisers Act of 1940.
FILING DATES: The application was filed
on August 31, 2016, and amended on
January 13, 2017, and May 25, 2017.
Applicants have agreed to file an
amendment during the notice period,
the substance of which is reflected in
this notice.
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 October 2, 2017, 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, 490 Royal Lake Drive, Cape
Girardeau, MO 63701.
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42870
Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Notices
FOR FURTHER INFORMATION CONTACT:
Christine Y. Greenlees, Senior Counsel,
at (202) 551–6879, 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.
pmangrum on DSK3GDR082PROD with NOTICES1
Summary of the Application
1. Applicants request an order to
permit (a) each Fund 1 (each a ‘‘Fund of
Funds’’) to acquire shares of Underlying
Funds 2 in excess of the limits in
sections 12(d)(1)(A) and (C) of the Act
and (b) each Underlying Fund that is a
registered open-end management
investment company or series thereof,
their principal underwriters and any
broker or dealer registered under the
Securities Exchange Act of 1934 to sell
shares of the Underlying Funds to the
Fund of Funds in excess of the limits in
section 12(d)(1)(B) of the Act.3
Applicants also request an order of
exemption under sections 6(c) and 17(b)
of the Act from the prohibition on
certain affiliated transactions in section
17(a) of the Act to the extent necessary
to permit the Underlying Funds to sell
their shares to, and redeem their shares
from, the Funds of Funds.4 Applicants
1 Applicants request that the order apply not only
to any existing series of the Trust, but that the order
also extend to any future series of the Trust and any
other existing or future registered open-end
management investment companies and any series
thereof that are, or may in the future be, advised
by the Initial Advisor or its successor or any other
investment adviser controlling, controlled by, or
under common control with the Initial Advisor or
its successor and that are part of the same group of
investment companies, as defined in section
12(d)(1)(G)(ii) of the Act, as the Trust (together with
the existing series of the Trust, each 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. For purposes of the request for relief,
the term ‘‘group of investment companies’’ means
any two or more registered investment companies,
including closed-end investment companies and
BDCs, that hold themselves out to investors as
related companies for purposes of investment and
investor services.
2 Certain of the Underlying Funds have obtained
exemptions from the Commission necessary to
permit their shares to be listed and traded on a
national securities exchange at negotiated prices
and, accordingly, to operate as an exchange-traded
fund (‘‘ETF’’).
3 Applicants are not requesting relief for a Fund
of Funds to invest in BDCs and registered closedend investment companies that are not listed and
traded on a national securities exchange.
4 Applicants note that a Fund of Funds generally
would purchase and sell shares of an Underlying
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15:19 Sep 11, 2017
Jkt 241001
state that such transactions will be
consistent with the policies of each
Fund of Funds and each Underlying
Fund and with the general purposes of
the Act and will be based on the net
asset values of the Underlying Funds.
2. 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 are designed to, among
other things, help prevent any potential
(i) undue influence over an Underlying
Fund that is not in the same ‘‘group of
investment companies’’ as the Fund of
Funds through control or voting power,
or in connection with certain services,
transactions, and underwritings, (ii)
excessive layering of fees, and (iii)
overly complex fund structures, which
are the concerns underlying the limits
in sections 12(d)(1)(A), (B), and (C) of
the Act.
3. 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.
Section 17(b) of the Act authorizes the
Commission to grant an order
permitting a transaction otherwise
prohibited by section 17(a) if it finds
that (a) the terms of the proposed
transaction are fair and reasonable and
do not involve overreaching on the part
of any person concerned; (b) the
proposed transaction is consistent with
the policies of each registered
investment company involved; and (c)
the proposed transaction is consistent
with the general purposes of the Act.
Section 6(c) of the Act permits the
Commission to exempt any persons or
transactions from any provision of the
Act if such exemption is necessary or
appropriate in the public interest and
consistent with the protection of
investors and the purposes fairly
Fund that operates as an ETF or closed-end fund
through secondary market transactions rather than
through principal transactions with the Underlying
Fund. Applicants nevertheless request relief from
sections 17(a)(l) and (2) to permit each Fund of
Funds that is an affiliated person, or an affiliated
person of an affiliated person, as defined in section
2(a)(3) of the 1940 Act, of an ETF or closed-end
fund to purchase or redeem shares from the ETF or
closed-end fund. Applicants are not seeking relief
from section 17(a) for, and the requested relief will
not apply to, transactions where an ETF, BDC or
closed-end fund could be deemed an affiliated
person, or an affiliated person of an affiliated
person, of a Fund of Funds because an investment
adviser to the ETF, BDC or closed-end fund or an
entity controlling, controlled by or under common
control with the investment adviser to the ETF,
BDC or closed-end fund is also an investment
adviser to the Fund of Funds.
PO 00000
Frm 00090
Fmt 4703
Sfmt 4703
intended by the policy and provisions of
the Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–19236 Filed 9–11–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: U.S. Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736
Extension:
Rule 15c1–6, SEC File No. 270–423, OMB
Control No. 3235–0472
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
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 15c1–6 (17 CFR
240.15c1–6) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 15c1–6 states that any brokerdealer trying to sell to or buy from a
customer a security in a primary or
secondary distribution in which the
broker-dealer is participating or is
otherwise financially interested must
give the customer written notification of
the broker-dealer’s participation or
interest at or before completion of the
transaction. The Commission estimates
that 394 respondents collect information
annually under Rule 15c1–6 and that
each respondent would spend
approximately 10 hours annually
complying with the collection of
information requirement (approximately
3,940 hours in aggregate).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be collected; and
(d) ways to minimize the burden of the
E:\FR\FM\12SEN1.SGM
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]]>Agencies
[Federal Register Volume 82, Number 175 (Tuesday, September 12, 2017)]
[Notices]
[Pages 42869-42870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-19236]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 32808; File No. 812-14697]
Active Weighting Funds ETF Trust and Active Weighting Advisors
LLC
September 6, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application for an order under section 12(d)(1)(J) of
the Investment Company Act of 1940 (the ``Act'') for an exemption from
sections 12(d)(1)(A), (B), and (C) of the Act and under sections 6(c)
and 17(b) of the Act for an exemption from sections 17(a)(1) and (2) of
the Act. The requested order would permit certain registered open-end
investment companies to acquire shares of certain registered open-end
investment companies, registered closed-end investment companies,
business development companies, as defined in section 2(a)(48) of the
Act (``BDCs''), and registered unit investment trusts (collectively,
``Underlying Funds'') that are within and outside the same group of
investment companies as the acquiring investment companies, in excess
of the limits in section 12(d)(1) of the Act.
Applicants: Active Weighting Funds ETF Trust (the ``Trust''), a
Delaware statutory trust that will be registered under the Act as an
open-end management investment company with multiple series, and Active
Weighting Advisors LLC (the ``Initial Advisor''), a limited liability
company organized under the laws of the state of Delaware that is, or
will be, registered as an investment adviser under the Investment
Advisers Act of 1940.
Filing Dates: The application was filed on August 31, 2016, and amended
on January 13, 2017, and May 25, 2017. Applicants have agreed to file
an amendment during the notice period, the substance of which is
reflected in this notice.
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 October 2, 2017, 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, 490 Royal Lake
Drive, Cape Girardeau, MO 63701.
[[Page 42870]]
FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, at (202) 551-6879, 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.
Summary of the Application
1. Applicants request an order to permit (a) each Fund \1\ (each a
``Fund of Funds'') to acquire shares of Underlying Funds \2\ in excess
of the limits in sections 12(d)(1)(A) and (C) of the Act and (b) each
Underlying Fund that is a registered open-end management investment
company or series thereof, their principal underwriters and any broker
or dealer registered under the Securities Exchange Act of 1934 to sell
shares of the Underlying Funds to the Fund of Funds in excess of the
limits in section 12(d)(1)(B) of the Act.\3\ Applicants also request an
order of exemption under sections 6(c) and 17(b) of the Act from the
prohibition on certain affiliated transactions in section 17(a) of the
Act to the extent necessary to permit the Underlying Funds to sell
their shares to, and redeem their shares from, the Funds of Funds.\4\
Applicants state that such transactions will be consistent with the
policies of each Fund of Funds and each Underlying Fund and with the
general purposes of the Act and will be based on the net asset values
of the Underlying Funds.
---------------------------------------------------------------------------
\1\ Applicants request that the order apply not only to any
existing series of the Trust, but that the order also extend to any
future series of the Trust and any other existing or future
registered open-end management investment companies and any series
thereof that are, or may in the future be, advised by the Initial
Advisor or its successor or any other investment adviser
controlling, controlled by, or under common control with the Initial
Advisor or its successor and that are part of the same group of
investment companies, as defined in section 12(d)(1)(G)(ii) of the
Act, as the Trust (together with the existing series of the Trust,
each 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. For purposes of
the request for relief, the term ``group of investment companies''
means any two or more registered investment companies, including
closed-end investment companies and BDCs, that hold themselves out
to investors as related companies for purposes of investment and
investor services.
\2\ Certain of the Underlying Funds have obtained exemptions
from the Commission necessary to permit their shares to be listed
and traded on a national securities exchange at negotiated prices
and, accordingly, to operate as an exchange-traded fund (``ETF'').
\3\ Applicants are not requesting relief for a Fund of Funds to
invest in BDCs and registered closed-end investment companies that
are not listed and traded on a national securities exchange.
\4\ Applicants note that a Fund of Funds generally would
purchase and sell shares of an Underlying Fund that operates as an
ETF or closed-end fund through secondary market transactions rather
than through principal transactions with the Underlying Fund.
Applicants nevertheless request relief from sections 17(a)(l) and
(2) to permit each Fund of Funds that is an affiliated person, or an
affiliated person of an affiliated person, as defined in section
2(a)(3) of the 1940 Act, of an ETF or closed-end fund to purchase or
redeem shares from the ETF or closed-end fund. Applicants are not
seeking relief from section 17(a) for, and the requested relief will
not apply to, transactions where an ETF, BDC or closed-end fund
could be deemed an affiliated person, or an affiliated person of an
affiliated person, of a Fund of Funds because an investment adviser
to the ETF, BDC or closed-end fund or an entity controlling,
controlled by or under common control with the investment adviser to
the ETF, BDC or closed-end fund is also an investment adviser to the
Fund of Funds.
---------------------------------------------------------------------------
2. 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 are designed to, among other things, help
prevent any potential (i) undue influence over an Underlying Fund that
is not in the same ``group of investment companies'' as the Fund of
Funds through control or voting power, or in connection with certain
services, transactions, and underwritings, (ii) excessive layering of
fees, and (iii) overly complex fund structures, which are the concerns
underlying the limits in sections 12(d)(1)(A), (B), and (C) of the Act.
3. 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. Section 17(b) of the Act authorizes the
Commission to grant an order permitting a transaction otherwise
prohibited by section 17(a) if it finds that (a) the terms of the
proposed transaction are fair and reasonable and do not involve
overreaching on the part of any person concerned; (b) the proposed
transaction is consistent with the policies of each registered
investment company involved; and (c) the proposed transaction is
consistent with the general purposes of the Act. Section 6(c) of the
Act permits the Commission to exempt any persons or transactions from
any provision of 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 policy and provisions of the
Act.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-19236 Filed 9-11-17; 8:45 am]
BILLING CODE 8011-01-P
