Sunshine Act Meeting; Cancellation, 38461 [2020-13933]
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Federal Register / Vol. 85, No. 124 / Friday, June 26, 2020 / Notices
https://nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting; Cancellation
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 85 FR 37119, June 19,
2020.
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, June 24, 2020
at 2:00 p.m.
The Closed
Meeting scheduled for Wednesday, June
24, 2020 at 2:00 p.m., has been
cancelled.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
CHANGES IN THE MEETING:
Dated: June 24, 2020.
Vanessa A. Countryman,
Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2020–13933 Filed 6–24–20; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89110; File No. SR–
NASDAQ–2020–032]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Adopt
Nasdaq Rule 5750 To List and Trade
Proxy Portfolio Shares
June 22, 2020.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 11,
2020, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
jbell on DSKJLSW7X2PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to adopt
Nasdaq Rule 5750 to permit the listing
and trading of Proxy Portfolio Shares,
which are securities issued by an
actively managed open-end
management investment company.
The text of the proposed rule change
is available on the Exchange’s website at
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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19:42 Jun 25, 2020
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
1. Purpose
The Exchange proposes to add new
Nasdaq Rule 5750 for the purpose of
permitting the listing and trading, or
trading pursuant to unlisted trading
privileges, of Proxy Portfolio Shares,
which are securities issued by an
actively managed open-end
management investment company.3
3 The basis of this proposal are several
applications for exemptive relief that were filed
with the Commission and for which public notice
was issued on November 14, 2019 and subsequent
order granting certain exemptive relief to, among
others, Fidelity Management & Research Company
and FMR Co., Inc., Fidelity Beach Street Trust, and
Fidelity Distributors Corporation (File No. 812–
14364), issued on December 10, 2019 (the
‘‘Application,’’ ‘‘Notice,’’ and ‘‘Order,’’ respectively,
and, collectively, the ‘‘Exemptive Order’’). See
Investment Company Act Release Nos. 33683 and
33712. The Order specifically notes that ‘‘granting
the requested exemptions is appropriate in and
consistent with the public interest and consistent
with the protection of investors and the purposes
fairly intended by the policy and provisions of the
Act. It is further found that the terms of the
proposed transactions, 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 that the proposed
transactions are consistent with the policy of each
registered investment company concerned and with
the general purposes of the Act.’’ The Exchange
notes that it also referred to the application for
exemptive relief orders (collectively, with the
Application, the ‘‘Proxy Applications’’) and notices
thereof (collectively, with the Notice, the ‘‘Proxy
Notices’’) for T. Rowe Price Associates, Inc. and T.
Rowe Price Equity Series, Inc. (File No. 812–14214
and Investment Company Act Release Nos. 33685
and 33713), Natixis ETF Trust II, et al. (File No.
812–14870 and Investment Company Act Release
Nos. 33684 and 33711), Blue Tractor ETF Trust and
Blue Tractor Group, LLC (File No. 812–14625 and
Investment Company Act Release Nos. 33682 and
33710), and Gabelli ETFs Trust, et al. (File No. 812–
15036 and Investment Company Act Release Nos.
33681 and 33708). While there are certain
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38461
This proposed rule change to add new
Nasdaq Rule 5750 is substantially
similar to the recently approved rule
change by Cboe BZX Exchange, Inc.
(‘‘Cboe BZX’’) to adopt rule 14.11(m).4
Proposed Rule 5750
Proposed Nasdaq Rule 5750(c)(1)
provides that the term ‘‘Proxy Portfolio
Share’’ means a security that: (i)
Represents an interest in an investment
company registered under the
Investment Company Act of 1940
(‘‘Investment Company’’) organized as
an open-end management investment
company, that invests in a portfolio of
securities selected by the Investment
Company’s investment adviser
consistent with the Investment
Company’s investment objectives and
policies; (ii) is issued in a specified
aggregate minimum number in return
for a deposit of specified Proxy Basket
securities and/or a cash amount with a
value equal to the next determined net
asset value; (iii) when aggregated in the
same specified minimum number, may
be redeemed at a holder’s request,
which holder will be paid specified
Proxy Basket securities and/or a cash
amount with a value equal to the next
determined net asset value; and (iv) the
portfolio holdings for which are
disclosed within at least 60 days
following the end of every fiscal quarter.
Proposed Nasdaq Rule 5750(a)
provides that the Exchange will
consider for trading, whether by listing
or pursuant to unlisted trading
privileges, Proxy Portfolio Shares that
meet the criteria of Nasdaq Rule 5750.
Proposed Nasdaq Rule 5750(b)
provides that Nasdaq Rule 5750 is
applicable only to Proxy Portfolio
Shares and that, except to the extent
inconsistent with this Rule, or unless
the context otherwise requires, the rules
and procedures of the Exchange’s Board
shall be applicable to the trading on the
Exchange of such securities. Proposed
Nasdaq Rule 5750(b) provides further
that Proxy Portfolio Shares are included
within the definition of ‘‘security’’ or
‘‘securities’’ as such terms are used in
the Rules of the Exchange.
Proposed Nasdaq Rule 5750(b)(1)–(3)
provides that the Exchange will file
differences between the applications, the Exchange
believes that each would qualify as Proxy Portfolio
Shares under proposed Nasdaq Rule 5750.
4 See Securities Exchange Act Release No. 88887
(May 15, 2020), 85 FR 30990 (May 21, 2020) (SR–
CboeBZX–2019–107) (Notice of Filing of
Amendment No. 5 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified
by Amendment No. 5, to Adopt Rule 14.11(m),
Tracking Fund Shares, and to List and Trade Shares
of the Fidelity Blue Chip Value ETF, Fidelity Blue
Chip Growth ETF, and Fidelity New Millennium
ETF).
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[Federal Register Volume 85, Number 124 (Friday, June 26, 2020)]
[Notices]
[Page 38461]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13933]
[[Page 38461]]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting; Cancellation
FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 85 FR 37119, June
19, 2020.
PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, June 24,
2020 at 2:00 p.m.
CHANGES IN THE MEETING: The Closed Meeting scheduled for Wednesday,
June 24, 2020 at 2:00 p.m., has been cancelled.
CONTACT PERSON FOR MORE INFORMATION: For further information; please
contact Vanessa A. Countryman from the Office of the Secretary at (202)
551-5400.
Dated: June 24, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-13933 Filed 6-24-20; 4:15 pm]
BILLING CODE 8011-01-P
