Spinnaker ETF Series, et al., 54598-54599 [2020-19427]
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Federal Register / Vol. 85, No. 171 / Wednesday, September 2, 2020 / Notices
Committee will continue its discussion
of proposed ACRS reports. [NOTE:
Pursuant to 5 U.S.C 552b(c)(4), a
portion of this session may be closed in
order to discuss and protect
information designated as proprietary.]
jbell on DSKJLSW7X2PROD with NOTICES
Friday, September 11, 2020
9:30 a.m.–10:30 a.m.: Future ACRS
Activities/Report of the Planning and
Procedures Subcommittee and
Reconciliation of ACRS Comments and
Recommendations/Preparation of
Reports (Open/Closed)—The Committee
will hear discussion of the
recommendations of the Planning and
Procedures Subcommittee regarding
items proposed for consideration by the
Full Committee during future ACRS
meetings, and/or proceed to preparation
of reports as determined by the
Chairman. [NOTE: Pursuant to 5 U.S.C.
552b(c)(2) and (6), a portion of this
meeting may be closed to discuss
organizational and personnel matters
that relate solely to internal personnel
rules and practices of the ACRS, and
information the release of which would
constitute a clearly unwarranted
invasion of personal privacy.]
[NOTE: Pursuant to 5 U.S.C
552b(c)(4), a portion of this session may
be closed in order to discuss and
protect information designated as
proprietary.]
10:30 a.m.–12:30 p.m.: Future
Focused Research Projects (Open)—The
Committee will have presentations and
discussion with the NRC staff regarding
the subject topic.
1:30 p.m.–6:00 p.m.: Preparation of
ACRS Reports (Open/Closed)—The
Committee will continue its discussion
of proposed ACRS reports. [NOTE:
Pursuant to 5 U.S.C 552b(c)(4), a
portion of this session may be closed in
order to discuss and protect
information designated as proprietary.]
Saturday, September 12, 2020
9:30 a.m.–2:00 p.m.: Preparation of
ACRS Reports (Open/Closed)—The
Committee will continue its discussion
of proposed ACRS reports. [NOTE:
Pursuant to 5 U.S.C 552b(c)(4), a
portion of this session may be closed in
order to discuss and protect
information designated as proprietary.]
[NOTE: Pursuant to 5 U.S.C.
552b(c)(2) and (6), portions of this
meeting may be closed to discuss
organizational and personnel matters
that relate solely to internal personnel
rules and practices of the ACRS, and
information the release of which would
constitute a clearly unwarranted
invasion of personal privacy.]
Procedures for the conduct of and
participation in ACRS meetings were
VerDate Sep<11>2014
17:33 Sep 01, 2020
Jkt 250001
published in the Federal Register on
June 13, 2019 (84 FR 27662). In
accordance with those procedures, oral
or written views may be presented by
members of the public, including
representatives of the nuclear industry.
Persons desiring to make oral statements
should notify Quynh Nguyen, Cognizant
ACRS Staff and the Designated Federal
Official (DFO) (Telephone: 301–415–
5844, Email: Quynh.Nguyen@nrc.gov), 5
days before the meeting, if possible, so
that appropriate arrangements can be
made to allow necessary time during the
meeting for such statements. In view of
the possibility that the schedule for
ACRS meetings may be adjusted by the
Chairman as necessary to facilitate the
conduct of the meeting, persons
planning to attend should check with
the Cognizant ACRS staff if such
rescheduling would result in major
inconvenience.
An electronic copy of each
presentation should be emailed to the
Cognizant ACRS Staff at least one day
before meeting.
In accordance with Subsection 10(d)
of Public Law 92–463 and 5 U.S.C.
552b(c), certain portions of this meeting
may be closed, as specifically noted
above. Use of still, motion picture, and
television cameras during the meeting
may be limited to selected portions of
the meeting as determined by the
Chairman. Electronic recordings will be
permitted only during the open portions
of the meeting.
ACRS meeting agendas, meeting
transcripts, and letter reports are
available through the NRC Public
Document Room at pdr.resource@
nrc.gov, or by calling the PDR at 1–800–
397–4209, or from the Publicly
Available Records System (PARS)
component of NRC’s document system
(ADAMS) which is accessible from the
NRC website at https://www.nrc.gov/
reading-rm/adams.html or https://
www.nrc.gov/reading-rm/doccollections/#ACRS/.
Video teleconferencing service is
available for observing open sessions of
ACRS meetings. Those wishing to use
this service should contact Thomas
Dashiell, ACRS Audio Visual
Technician (301–415–7907), between
7:30 a.m. and 3:45 p.m. (ET), at least 10
days before the meeting to ensure the
availability of this service. Individuals
or organizations requesting this service
will be responsible for telephone line
charges and for providing the
equipment and facilities that they use to
establish the video teleconferencing
link. The availability of video
teleconferencing services is not
guaranteed.
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Note: The revision of this FRN is due to the
addition of the sessions on Wednesday,
September 9, 2020.
Dated: August 28, 2020.
Russell E. Chazell,
Federal Advisory Committee Management
Officer, Office of the Secretary.
[FR Doc. 2020–19408 Filed 9–1–20; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
33998, File No. 812–15123]
Spinnaker ETF Series, et al.
August 28, 2020.
Securities and Exchange
Commission (‘‘Commission’’).
AGENCY:
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
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
12(d)(1)(B) of the Act.
Applicants: Spinnaker ETF Series (the
‘‘Trust’’), OBP Capital LLC (the
‘‘Adviser’’) and Capital Investment
Group, Inc. (the ‘‘Distributor’’).
Summary of Application: Applicants
request an order (‘‘Order’’) that permits:
(a) The Funds (defined below) to issue
shares (‘‘Shares’’) redeemable in large
aggregations only (‘‘creation units’’); (b)
secondary market transactions in Shares
to occur at negotiated market prices
rather than at net asset value; (c) certain
Funds to pay redemption proceeds,
under certain circumstances, more than
seven days after the tender of Shares for
redemption; (d) certain affiliated
persons of a Fund to deposit securities
into, and receive securities from, the
Fund in connection with the purchase
and redemption of creation units; and
(e) certain registered management
investment companies and unit
investment trusts outside of the same
group of investment companies as the
Funds to acquire Shares of the Funds.
The Order would incorporate by
reference terms and conditions of a
previous order granting the same relief
sought by applicants, as that order may
E:\FR\FM\02SEN1.SGM
02SEN1
Federal Register / Vol. 85, No. 171 / Wednesday, September 2, 2020 / Notices
jbell on DSKJLSW7X2PROD with NOTICES
be amended from time to time
(‘‘Reference Order’’).1
Filing Date: The application was filed
on April 16, 2020 and amended on July
22, 2020.
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 emailing the
Commission’s Secretary at SecretarysOffice@sec.gov and serving applicants
with a copy of the request by email.
Hearing requests should be received by
the Commission by 5:30 p.m. on
September 22, 2020, and should be
accompanied by proof of service on
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 emailing the
Commission’s Secretary at SecretarysOffice@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
c/o Tracie Coop, Secretary, Spinnaker
ETF Series, traciecoop@ncfunds.com.
FOR FURTHER INFORMATION CONTACT:
Laura J. Riegel, Senior Counsel, at (202)
551–3038 or Trace W. Rakestraw,
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.
Applicants
1. The Trust is a statutory trust
organized under the laws of Delaware
and will consist of one or more series
operating as a Fund. The Trust is
registered as an open-end management
investment company under the Act.
Applicants seek relief with respect to
Funds (as defined below), including an
initial Fund (the ‘‘Initial Fund’’). The
Funds will offer exchange-traded shares
utilizing active management investment
strategies as contemplated by the
Reference Order.2
1 Natixis
ETF Trust II, et al., Investment Company
Act Rel. Nos. 33684 (November 14, 2019) (notice)
and 33711 (December 10, 2019) (order).
2 To facilitate arbitrage, among other things, each
day a Fund will publish a basket of securities and
VerDate Sep<11>2014
17:33 Sep 01, 2020
Jkt 250001
2. The Adviser, a North Carolina
limited liability company, will be the
investment adviser to the Initial Fund.
Subject to approval by the Fund’s board
of trustees, the 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
enter into sub-advisory agreements with
other investment advisers to act as subadvisers with respect to the Funds (each
a ‘‘Sub-Adviser’’). Any Sub-Adviser to a
Fund will be registered under the
Advisers Act.
3. The Distributor is a North Carolina
corporation and a broker-dealer
registered under the Securities
Exchange Act of 1934, as amended, 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 and/or
Sub-Adviser (included in the term
‘‘Distributor’’). Any Distributor will
comply with the terms and conditions
of the Order.
Applicants’ 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
12(d)(1)(B) of the Act. The requested
Order would permit applicants to offer
Funds that utilize the NYSE Proxy
Portfolio Methodology. 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 a licensing
agreement with NYSE Group, Inc. in
order to offer Funds that utilize the
NYSE Proxy Portfolio Methodology,3
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 registered openend 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
cash that, while different from the Fund’s portfolio,
is designed to closely track its daily performance.
3 The NYSE Proxy Portfolio Methodology (as
defined in the Reference Order) is the intellectual
property of the NYSE Group, Inc.
PO 00000
Frm 00068
Fmt 4703
Sfmt 9990
54599
included in the term ‘‘Adviser’’); (b)
offers exchange-traded shares utilizing
active management investment
strategies as contemplated by the
Reference Order; and (c) complies with
the terms and conditions of the Order
and of the Reference Order, which is
incorporated by reference into the Order
(each such company or series and the
Initial Fund, a ‘‘Fund’’).4
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 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 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.
Applicants submit that for the reasons
stated in the Reference Order the
requested relief meets the exemptive
standards under sections 6(c), 17(b) and
12(d)(1)(J) of the Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020–19427 Filed 9–1–20; 8:45 am]
BILLING CODE 8011–01–P
4 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 into the Order.
E:\FR\FM\02SEN1.SGM
02SEN1
]]>Agencies
[Federal Register Volume 85, Number 171 (Wednesday, September 2, 2020)]
[Notices]
[Pages 54598-54599]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19427]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 33998, File No. 812-15123]
Spinnaker ETF Series, et al.
August 28, 2020.
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 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
12(d)(1)(B) of the Act.
Applicants: Spinnaker ETF Series (the ``Trust''), OBP Capital LLC
(the ``Adviser'') and Capital Investment Group, Inc. (the
``Distributor'').
Summary of Application: Applicants request an order (``Order'')
that permits: (a) The Funds (defined below) to issue shares
(``Shares'') redeemable in large aggregations only (``creation
units''); (b) secondary market transactions in Shares to occur at
negotiated market prices rather than at net asset value; (c) certain
Funds to pay redemption proceeds, under certain circumstances, more
than seven days after the tender of Shares for redemption; (d) certain
affiliated persons of a Fund to deposit securities into, and receive
securities from, the Fund in connection with the purchase and
redemption of creation units; and (e) certain registered management
investment companies and unit investment trusts outside of the same
group of investment companies as the Funds to acquire Shares of the
Funds. The Order would incorporate by reference terms and conditions of
a previous order granting the same relief sought by applicants, as that
order may
[[Page 54599]]
be amended from time to time (``Reference Order'').\1\
---------------------------------------------------------------------------
\1\ Natixis ETF Trust II, et al., Investment Company Act Rel.
Nos. 33684 (November 14, 2019) (notice) and 33711 (December 10,
2019) (order).
---------------------------------------------------------------------------
Filing Date: The application was filed on April 16, 2020 and
amended on July 22, 2020.
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 emailing the Commission's
Secretary at [email protected] and serving applicants with a
copy of the request by email. Hearing requests should be received by
the Commission by 5:30 p.m. on September 22, 2020, and should be
accompanied by proof of service on 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 emailing the Commission's Secretary at [email protected].
ADDRESSES: The Commission: [email protected]. Applicants: c/o
Tracie Coop, Secretary, Spinnaker ETF Series, [email protected].
FOR FURTHER INFORMATION CONTACT: Laura J. Riegel, Senior Counsel, at
(202) 551-3038 or Trace W. Rakestraw, 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.
Applicants
1. The Trust is a statutory trust organized under the laws of
Delaware and will consist of one or more series operating as a Fund.
The Trust is registered as an open-end management investment company
under the Act. Applicants seek relief with respect to Funds (as defined
below), including an initial Fund (the ``Initial Fund''). The Funds
will offer exchange-traded shares utilizing active management
investment strategies as contemplated by the Reference Order.\2\
---------------------------------------------------------------------------
\2\ To facilitate arbitrage, among other things, each day a Fund
will publish a basket of securities and cash that, while different
from the Fund's portfolio, is designed to closely track its daily
performance.
---------------------------------------------------------------------------
2. The Adviser, a North Carolina limited liability company, will be
the investment adviser to the Initial Fund. Subject to approval by the
Fund's board of trustees, the 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 enter into
sub-advisory agreements with other investment advisers to act as sub-
advisers with respect to the Funds (each a ``Sub-Adviser''). Any Sub-
Adviser to a Fund will be registered under the Advisers Act.
3. The Distributor is a North Carolina corporation and a broker-
dealer registered under the Securities Exchange Act of 1934, as
amended, 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 and/or Sub-Adviser (included in the term ``Distributor''). Any
Distributor will comply with the terms and conditions of the Order.
Applicants' 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 12(d)(1)(B) of the Act. The requested Order
would permit applicants to offer Funds that utilize the NYSE Proxy
Portfolio Methodology. 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 a licensing agreement with NYSE Group,
Inc. in order to offer Funds that utilize the NYSE Proxy Portfolio
Methodology,\3\ the Order would incorporate by reference the terms and
conditions of the Reference Order.
---------------------------------------------------------------------------
\3\ The NYSE Proxy Portfolio Methodology (as defined in the
Reference Order) is the intellectual property of the NYSE Group,
Inc.
---------------------------------------------------------------------------
5. Applicants request that the Order apply to the Initial Fund and
to any other existing or future registered 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''); (b) offers exchange-traded shares utilizing active
management investment strategies as contemplated by the Reference
Order; and (c) complies with the terms and conditions of the Order and
of the Reference Order, which is incorporated by reference into the
Order (each such company or series and the Initial Fund, a
``Fund'').\4\
---------------------------------------------------------------------------
\4\ 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 into
the Order.
---------------------------------------------------------------------------
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 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 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. Applicants submit that for
the reasons stated in the Reference Order the requested relief meets
the exemptive standards under sections 6(c), 17(b) and 12(d)(1)(J) of
the Act.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-19427 Filed 9-1-20; 8:45 am]
BILLING CODE 8011-01-P
