Symmetry Panoramic Trust and Symmetry Partners, LLC, 63918-63919 [2018-26795]
Download as PDF
<![CDATA[
63918
Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
be submitted on or before January 2,
2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–26911 Filed 12–11–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
33317; File No. 812–14942]
Symmetry Panoramic Trust and
Symmetry Partners, LLC
December 6, 2018.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
amozie on DSK3GDR082PROD with NOTICES1
AGENCY:
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,
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: Symmetry Panoramic
Trust (the ‘‘Trust’’), a Delaware statutory
trust that is registered under the Act as
an open-end management investment
company with multiple series, and
Symmetry Partners, LLC (the ‘‘Applying
Manager’’), a Connecticut limited
liability company registered as an
investment adviser under the
Investment Advisers Act of 1940.
Filing Dates: The application was
filed on August 30, 2018.
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
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:39 Dec 11, 2018
Jkt 247001
by 5:30 p.m. on December 31, 2018, 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: John A. Mooney, Esq.,
Symmetry Partners, LLC, 151 National
Drive, Glastonbury, CT 06033; Mark C.
Amorosi, Esq., K&L Gates LLP, 1601 K
Street NW, Washington, DC 20006.
FOR FURTHER INFORMATION CONTACT:
Bruce R. MacNeil, Senior Counsel, at
(202) 551–6817, or Kaitlin C. Bottock,
Branch Chief, at (202) 551–6825
(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
website 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) a 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) the Underlying Funds that are
registered open-end investment
1 Applicants request that the order apply to each
existing and future series of the Trust and to each
existing and future registered open-end
management investment company or series thereof
that is advised by the Applying Manager or its
successor-in-interest or by any other investment
adviser controlling, controlled by or under common
control with the Applying Manager or its successorin-interest and is part of the same ‘‘group of
investment companies,’’ as defined in section
12(d)(1)(G)(ii) of the Act, as the Trust (each, a
‘‘Fund’’). For purposes of the requested order,
‘‘successor-in-interest’’ 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
business development companies, 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’’).
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
companies 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 Fund 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.
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
(a) 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, (b)
excessive layering of fees, and (c) 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
3 Applicants do not request relief for Funds of
Funds to invest in reliance on the order in business
development companies and registered closed-end
investment companies that are not listed and traded
on a national securities exchange.
4 A Fund of Funds generally would purchase and
sell shares of an Underlying Fund that operates as
an ETF through secondary market transactions
rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request
relief from sections 17(a)(1) and (2) to permit each
ETF that is an affiliated person, or an affiliated
person of an affiliated person, as defined in section
2(a)(3) of the Act, of a Fund of Funds, to sell shares
to or redeem shares from the Fund of Funds. This
includes, in the case of sales and redemptions of
shares of ETFs, the in-kind transactions that
accompany such sales and redemptions. Applicants
are not seeking relief from section 17(a) for, and the
requested relief will not apply to, transactions
where an ETF 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 or an entity controlling, controlled by or under
common control with the investment adviser to the
ETF is also an investment adviser to the Fund of
Funds. A Fund of Funds will purchase and sell
shares of an Underlying Fund that is a closed-end
fund (including a business development company)
through secondary market transactions at market
prices rather than through principal transactions
with the closed-end fund. Accordingly, applicants
are not requesting section 17(a) relief with respect
to principal transactions with closed-end funds.
E:\FR\FM\12DEN1.SGM
12DEN1
Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
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. 2018–26795 Filed 12–11–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84732; File No. SR–
NYSEArca–2018–40]
Self–Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on Proceedings To Determine Whether
To Approve or Disapprove a Proposed
Rule Change Regarding Investments of
the REX BKCM ETF
Federal Register on July 3, 2018.3 On
August 14, 2018, pursuant to Section
19(b)(2) of the Act,4 the Commission
designated a longer period within which
to approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether to disapprove the proposed
rule change.5
On September 24, 2018, the
Commission instituted proceedings
under Section 19(b)(2)(B) of the Act 6 to
determine whether to approve or
disapprove the proposed rule change.7
The Commission has received no
comment letters on the proposed rule
change.
Section 19(b)(2) of the Act 8 provides
that after initiating disapproval
proceedings, the Commission shall issue
an order approving or disapproving the
proposed rule change not later than 180
days after the date of publication of
notice of filing of the proposed rule
change. The Commission may extend
the period for issuing an order
approving or disapproving the proposed
rule change, however, by not more than
60 days if the Commission determines
that a longer period is appropriate and
publishes reasons for such
determination. The proposed rule
change was published for notice and
comment in the Federal Register on July
3, 2018. December 30, 2018, is 180 days
from that date, and February 28, 2019,
is 240 days from that date.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change
so that it has sufficient time to consider
this proposed rule change. Accordingly,
the Commission, pursuant to Section
19(b)(2) of the Act,9 designates February
28, 2019, as the date by which the
Commission shall either approve or
disapprove the proposed rule change
(File No.SR–NYSEArca–2018–40).
amozie on DSK3GDR082PROD with NOTICES1
December 6, 2018.
On June 26, 2018, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change seeking to modify certain
investments of the REX BKCM ETF, a
series of the Exchange Listed Funds
Trust, the shares of which are currently
listed and traded on the Exchange under
NYSE Arca Rule 8.600–E, Managed
Fund Shares. The proposed rule change
was published for comment in the
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Sep<11>2014
18:39 Dec 11, 2018
Jkt 247001
3 See Securities Exchange Act Release No. 83546
(June 28, 2018), 83 FR 31214 (July 3, 2018).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 83844
(Aug. 14, 2018), 83 FR 42178 (Aug. 20, 2018).
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release No. 84275
(Sept. 24, 2018), 83 FR 49142 (Sept. 28, 2018).
Specifically, the Commission instituted proceedings
to allow for additional analysis of the proposed rule
change’s consistency with Section 6(b)(5) of the
Act, which requires among other things, that the
rules of a national securities exchange be ‘‘designed
to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles
of trade,’’ and ‘‘to protect investors and the public
interest.’’ See id. at 49143 (citing 15 U.S.C.
78f(b)(5)).
8 15 U.S.C. 78s(b)(2).
9 Id.
10 17 CFR 200.30–3(a)(57).
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
63919
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–26829 Filed 12–11–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84737; File No. SR–
NYSEArca–2018–74]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Approving a
Proposed Rule Change, as Modified by
Amendment No. 1, To Amend Rules
6.62–O and 6.37A–O To Add New Order
Types and Quotation Designations
December 6, 2018.
I. Introduction
On October 5, 2018, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend NYSE Arca Rules
6.62–O (Certain Types of Orders
Defined) and 6.37A–O (Market Maker
Quotations) to add new order types and
quotation designations. The proposed
rule change was published for comment
in the Federal Register on October 24,
2018.3 On December 4, 2018, the
Exchange filed Amendment No. 1 to the
proposed rule change.4 The Commission
received no comment letters on the
proposed rule change. This order
approves the proposed rule change, as
modified by Amendment No. 1.
II. Description of the Proposal, as
Modified by Amendment No. 1
A. Order Types
Currently, Rule 6.62–O sets forth the
order types available on the Exchange,
including Liquidity Adding Orders
(each an ‘‘ALO’’) and PNP (Post No
Preference) Orders, both of which
provide market participants control over
how their orders interact with contraside liquidity. Specifically, an ALO is a
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84451
(October 18, 2018), 83 FR 53692 (‘‘Notice’’).
4 In Amendment No. 1, the Exchange made
technical corrections to cross references in the
proposed rule text. Because Amendment No. 1 does
not materially alter the substance of the proposed
rule change or raise unique or novel regulatory
issues, it is not subject to notice and comment. The
amendment is available at: https://www.sec.gov/
comments/sr-nysearca-2018-74/srnyse
arca201874.htm.
2 17
E:\FR\FM\12DEN1.SGM
12DEN1
]]>Agencies
[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Pages 63918-63919]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-26795]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 33317; File No. 812-14942]
Symmetry Panoramic Trust and Symmetry Partners, LLC
December 6, 2018.
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, 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: Symmetry Panoramic Trust (the ``Trust''), a Delaware
statutory trust that is registered under the Act as an open-end
management investment company with multiple series, and Symmetry
Partners, LLC (the ``Applying Manager''), a Connecticut limited
liability company registered as an investment adviser under the
Investment Advisers Act of 1940.
Filing Dates: The application was filed on August 30, 2018.
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 December 31, 2018, 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: John A. Mooney, Esq.,
Symmetry Partners, LLC, 151 National Drive, Glastonbury, CT 06033; Mark
C. Amorosi, Esq., K&L Gates LLP, 1601 K Street NW, Washington, DC
20006.
FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at
(202) 551-6817, or Kaitlin C. Bottock, Branch Chief, at (202) 551-6825
(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 website 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) a 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) the
Underlying Funds that are registered open-end investment companies 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 Fund 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 to each existing and
future series of the Trust and to each existing and future
registered open-end management investment company or series thereof
that is advised by the Applying Manager or its successor-in-interest
or by any other investment adviser controlling, controlled by or
under common control with the Applying Manager or its successor-in-
interest and is part of the same ``group of investment companies,''
as defined in section 12(d)(1)(G)(ii) of the Act, as the Trust
(each, a ``Fund''). For purposes of the requested order,
``successor-in-interest'' 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 business development companies, 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 do not request relief for Funds of Funds to
invest in reliance on the order in business development companies
and registered closed-end investment companies that are not listed
and traded on a national securities exchange.
\4\ A Fund of Funds generally would purchase and sell shares of
an Underlying Fund that operates as an ETF through secondary market
transactions rather than through principal transactions with the
Underlying Fund. Applicants nevertheless request relief from
sections 17(a)(1) and (2) to permit each ETF that is an affiliated
person, or an affiliated person of an affiliated person, as defined
in section 2(a)(3) of the Act, of a Fund of Funds, to sell shares to
or redeem shares from the Fund of Funds. This includes, in the case
of sales and redemptions of shares of ETFs, the in-kind transactions
that accompany such sales and redemptions. Applicants are not
seeking relief from section 17(a) for, and the requested relief will
not apply to, transactions where an ETF 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 or an
entity controlling, controlled by or under common control with the
investment adviser to the ETF is also an investment adviser to the
Fund of Funds. A Fund of Funds will purchase and sell shares of an
Underlying Fund that is a closed-end fund (including a business
development company) through secondary market transactions at market
prices rather than through principal transactions with the closed-
end fund. Accordingly, applicants are not requesting section 17(a)
relief with respect to principal transactions with closed-end 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 (a) 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, (b) excessive layering of
fees, and (c) 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
[[Page 63919]]
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. 2018-26795 Filed 12-11-18; 8:45 am]
BILLING CODE 8011-01-P
