Innovator ETFS Trust and Innovator Capital Management, LLC, 43439-43440 [2017-19577]

Download as PDF Federal Register / Vol. 82, No. 178 / Friday, September 15, 2017 / Notices percentage of new arbitrators who are women and the percentage of new arbitrators who are AfricanAmericans.66 Taking into consideration the comments and FINRA’s responses, the Commission believes that the proposal is consistent with the Exchange Act. The Commission believes that the proposal will help protect investors and the public interest by, among other things, increasing the size and diversity of the FINRA arbitrator pool from which parties can select a panel. The Commission believes that expanding investor choice in the arbitrator selection process improves efficiency and enhances the integrity of the forum. In addition, the Commission believes that FINRA’s response to commenters, as discussed in more detail above, appropriately addressed their concerns and adequately explained FINRA’s reasons for declining to modify its proposal. Accordingly, the Commission believes that the approach proposed by FINRA is appropriate and designed to protect investors and the public interest, consistent with Section 15A(b)(6) of the Exchange Act and the rules and regulations thereunder. V. Conclusion It is therefore ordered pursuant to Section 19(b)(2) of the Exchange Act that the proposal (SR–FINRA–2017– 025), be and hereby is approved. 67 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.68 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–19582 Filed 9–14–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release Nos. 33–10412; 34–8158; File No. 265–28] Investor Advisory Committee Meeting Securities and Exchange Commission. ACTION: Notice of meeting of Securities and Exchange Commission Dodd-Frank Investor Advisory Committee. AGENCY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is providing notice that it mstockstill on DSK30JT082PROD with NOTICES SUMMARY: 66 Id. 67 15 68 17 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:07 Sep 14, 2017 Jkt 241001 will hold a public meeting. The public is invited to submit written statements to the Committee. DATES: The meeting will be held on Thursday, October 12, 2017 from 9:30 a.m. until 3:10 p.m. (ET). Written statements should be received on or before October 12, 2017. ADDRESSES: The meeting will be held in Multi-Purpose Room LL–006 at the Commission’s headquarters, 100 F Street NE., Washington, DC 20549. The meeting will be webcast on the Commission’s Web site at www.sec.gov. Written statements may be submitted by any of the following methods: Electronic Statements D Use the Commission’s Internet submission form (https://www.sec.gov/ rules/other.shtml); or D Send an email message to rulescomments@sec.gov. Please include File No. 265–28 on the subject line; or Paper Statements D Send paper statements to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File No. 265–28. This file number should be included on the subject line if email is used. To help us process and review your statement more efficiently, please use only one method. Statements also will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Room 1503, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All statements received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: Marc Oorloff Sharma, Chief Counsel, Office of the Investor Advocate, at (202) 551–3302, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. SUPPLEMENTARY INFORMATION: The meeting will be open to the public, except during that portion of the meeting reserved for an administrative work session during lunch. Persons needing special accommodations to take part because of a disability should notify the contact person listed in the section above entitled FOR FURTHER INFORMATION CONTACT. The agenda for the meeting includes: Remarks from Commissioners; a discussion regarding blockchain and other distributed ledger technology and PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 43439 implications for securities markets; an overview of law school clinic advocacy efforts on behalf of retail investors; a discussion regarding electronic delivery of information to retail investors (which may include a recommendation of the Investor as Purchaser Subcommittee); subcommittee reports; and a nonpublic administrative work session during lunch. Dated: September 12, 2017. Brent J. Fields, Secretary. [FR Doc. 2017–19674 Filed 9–14–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 32813; 812–14780] Innovator ETFS Trust and Innovator Capital Management, LLC September 11, 2017. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice. AGENCY: 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. The requested exemption would permit an investment adviser to hire and replace certain subadvisers without shareholder approval. APPLICANTS: Innovator ETFS Trust (the ‘‘Trust’’), a Delaware statutory trust registered under the Act as an open-end management investment company, and Innovator Capital Management, LLC, a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940 (the ‘‘Adviser’’ or ‘‘Innovator’’ and, collectively with the Trust, the ‘‘Applicants’’). FILING DATES: The application was filed on June 7, 2017 and amended on September 8, 2017. 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 October 5, 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, E:\FR\FM\15SEN1.SGM 15SEN1 43440 Federal Register / Vol. 82, No. 178 / Friday, September 15, 2017 / Notices 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: H. Bruce Bond, Innovator Capital Management, LLC, 120 N. Hale Street, Suite 200, Wheaton, Illinois 60187. FOR FURTHER INFORMATION CONTACT: Barbara T. Heussler, Senior Counsel, at (202) 551–6990, or Andrea Ottomanelli Magovern, Acting 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 https:// www.sec.gov/search/search.htm or by calling (202) 551–8090. mstockstill on DSK30JT082PROD with NOTICES Summary of the Application 1. The Adviser serves as the investment adviser to the Funds pursuant to investment advisory agreements with the Trust on behalf of each Fund (collectively, the ‘‘Advisory Agreements’’).1 The Adviser is responsible for the overall management of the Funds’ business affairs and selecting investments according to the Funds’ investment objectives, policies, and restrictions, subject to the authority of the board of trustees of the Trust (‘‘Board’’). The Advisory Agreements permit the Adviser, subject to the approval of the Board, to delegate to one or more unaffiliated subadvisers (each, a ‘‘Subadviser’’ and collectively, the ‘‘Subadvisers’’) 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 1 Applicants request relief with respect to any existing or future series of the Trust and any other existing or future registered open-end management investment company or series thereof that: (a) Is advised by the Adviser or its successors, including any entity controlling, controlled by, or under common control with the Adviser or its successors (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. VerDate Sep<11>2014 17:07 Sep 14, 2017 Jkt 241001 Adviser will hire, evaluate, allocate assets to and oversee the Subadvisers, including determining whether a Subadviser should be terminated, at all times subject to the authority of the Board. 2. Applicants request an exemption to permit the Adviser, subject to Board approval, to hire certain Subadvisers pursuant to Subadvisory Agreements and materially amend existing Subadvisory Agreements without obtaining the shareholder approval required under section 15(a) of the Act and rule 18f–2 under the Act.2 3. Applicants agree that any order granting the requested relief will be subject to the terms and conditions stated in the application.3 Such terms and conditions provide for, among other safeguards, appropriate disclosure to Fund shareholders and notification about subadvisory 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 Subadvisers is substantially similar to that of individual portfolio managers, so that 2 The requested relief will not extend to any subadviser that is an affiliated person, as defined in section 2(a)(3) of the Act, of the Trust, a Fund or the Adviser, other than by reason of serving as a subadviser to one or more of the Funds. 3 Prior to May, 2017, Innovator Management LLC (‘‘Innovator Management’’) served as the Funds’ investment adviser. (Innovator and Innovator Management are not affiliated persons of each other.) Innovator Management entered into an agreement with Innovator pursuant to which Innovator Management transferred the assets of its investment advisory business and related intellectual property to Innovator (the ‘‘Transaction’’). The closing of the Transaction (the ‘‘Closing’’) occurred on May 9, 2017. The Commission previously granted relief to Innovator Management and the Trust that, other than the identity of the investment adviser, was identical in all material respects to that requested in the Application. Academy Funds Trust and Innovator Management LLC, Investment Company Act Release Nos. 31679 (June 17, 2015)(notice) and 31711 (July 9, 2015)(order) (‘‘Existing Order’’). On May 5, 2017, the Commission staff provided oral no-action relief to Innovator and the Trust to rely on the Existing Order until the earlier of the receipt of any order granted by the Commission on the Application or 150 days from the date of the Closing. PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 requiring shareholder approval of Subadvisory Agreements would impose unnecessary delays and expenses on the Funds. For the Commission, by the Division of Investment Management, under delegated authority. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–19577 Filed 9–14–17; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #15302 and #15303; Florida Disaster Number FL–00130] Presidential Declaration of a Major Disaster for the State of Florida U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for the State of Florida (FEMA– 4337–DR), dated September 10, 2017. DATES: Issued on 09/10/2017. Physical Loan Application Deadline Date: 11/09/2017. Economic Injury (EIDL) Loan Application Deadline Date: 06/11/2018. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416, (202) 205–6734. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 09/10/2017, applications for disaster loans may be filed at the address listed above or other locally announced locations. Incident: Hurricane Irma. Incident Period: 09/04/2017 and continuing. The following areas have been determined to be adversely affected by the disaster: Primary Counties (Physical Damage and Economic Injury Loans): Charlotte, Collier, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Pinellas, Sarasota. Contiguous Counties (Economic Injury Loans Only): Florida: Broward, Desoto, Glades, Hardee, Hendry, Highlands, Pasco, Polk. SUMMARY: The Interest Rates are: E:\FR\FM\15SEN1.SGM 15SEN1

Agencies

[Federal Register Volume 82, Number 178 (Friday, September 15, 2017)]
[Notices]
[Pages 43439-43440]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-19577]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32813; 812-14780]


Innovator ETFS Trust and Innovator Capital Management, LLC

September 11, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

-----------------------------------------------------------------------

    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. The requested exemption would 
permit an investment adviser to hire and replace certain subadvisers 
without shareholder approval.

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

Filing Dates: The application was filed on June 7, 2017 and amended on 
September 8, 2017.

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 October 5, 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,

[[Page 43440]]

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: H. Bruce Bond, 
Innovator Capital Management, LLC, 120 N. Hale Street, Suite 200, 
Wheaton, Illinois 60187.

FOR FURTHER INFORMATION CONTACT: Barbara T. Heussler, Senior Counsel, 
at (202) 551-6990, or Andrea Ottomanelli Magovern, Acting 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 https://www.sec.gov/search/search.htm or 
by calling (202) 551-8090.

Summary of the Application

    1. The Adviser serves as the investment adviser to the Funds 
pursuant to investment advisory agreements with the Trust on behalf of 
each Fund (collectively, the ``Advisory Agreements'').\1\ The Adviser 
is responsible for the overall management of the Funds' business 
affairs and selecting investments according to the Funds' investment 
objectives, policies, and restrictions, subject to the authority of the 
board of trustees of the Trust (``Board''). The Advisory Agreements 
permit the Adviser, subject to the approval of the Board, to delegate 
to one or more unaffiliated subadvisers (each, a ``Subadviser'' and 
collectively, the ``Subadvisers'') 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 Subadvisers, 
including determining whether a Subadviser should be terminated, at all 
times subject to the authority of the Board.
---------------------------------------------------------------------------

    \1\ Applicants request relief with respect to any existing or 
future series of the Trust and any other existing or future 
registered open-end management investment company or series thereof 
that: (a) Is advised by the Adviser or its successors, including any 
entity controlling, controlled by, or under common control with the 
Adviser or its successors (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.
---------------------------------------------------------------------------

    2. Applicants request an exemption to permit the Adviser, subject 
to Board approval, to hire certain Subadvisers pursuant to Subadvisory 
Agreements and materially amend existing Subadvisory Agreements without 
obtaining the shareholder approval required under section 15(a) of the 
Act and rule 18f-2 under the Act.\2\
---------------------------------------------------------------------------

    \2\ The requested relief will not extend to any subadviser that 
is an affiliated person, as defined in section 2(a)(3) of the Act, 
of the Trust, a Fund or the Adviser, other than by reason of serving 
as a subadviser to one or more of the Funds.
---------------------------------------------------------------------------

    3. Applicants agree that any order granting the requested relief 
will be subject to the terms and conditions stated in the 
application.\3\ Such terms and conditions provide for, among other 
safeguards, appropriate disclosure to Fund shareholders and 
notification about subadvisory changes and enhanced Board oversight to 
protect the interests of the Funds' shareholders.
---------------------------------------------------------------------------

    \3\ Prior to May, 2017, Innovator Management LLC (``Innovator 
Management'') served as the Funds' investment adviser. (Innovator 
and Innovator Management are not affiliated persons of each other.) 
Innovator Management entered into an agreement with Innovator 
pursuant to which Innovator Management transferred the assets of its 
investment advisory business and related intellectual property to 
Innovator (the ``Transaction''). The closing of the Transaction (the 
``Closing'') occurred on May 9, 2017. The Commission previously 
granted relief to Innovator Management and the Trust that, other 
than the identity of the investment adviser, was identical in all 
material respects to that requested in the Application. Academy 
Funds Trust and Innovator Management LLC, Investment Company Act 
Release Nos. 31679 (June 17, 2015)(notice) and 31711 (July 9, 
2015)(order) (``Existing Order''). On May 5, 2017, the Commission 
staff provided oral no-action relief to Innovator and the Trust to 
rely on the Existing Order until the earlier of the receipt of any 
order granted by the Commission on the Application or 150 days from 
the date of the Closing.
---------------------------------------------------------------------------

    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 Subadvisers 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.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-19577 Filed 9-14-17; 8:45 am]
 BILLING CODE 8011-01-P
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