The RBB Fund, Inc., et al., 9117-9118 [2021-02775]

Download as PDF Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices HEARING OR NOTIFICATION OF HEARING: SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34189; File No. 812–15165] The RBB Fund, Inc., et al. February 5, 2021. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice. AGENCY: khammond on DSKJM1Z7X2PROD with NOTICES 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, and 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. APPLICANTS: The RBB Fund, Inc. (the ‘‘Company’’), Red Gate Advisers, LLC (the ‘‘Initial Adviser’’), and Herald Investment Marketing, LLC (the ‘‘Distributor’’). SUMMARY OF APPLICATION: Applicants request an order (‘‘Order’’) that permits: (a) Shielded Alpha ETFs (as described in the Reference Order (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 Shielded Alpha ETFs to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; and (d) certain affiliated persons of a Shielded Alpha ETF to deposit securities into, and receive securities from, the Shielded Alpha ETF in connection with the purchase and redemption of creation units. The relief in the Order would incorporate by reference terms and conditions of the same relief of a previous order granting the same relief sought by applicants, as that order may be amended from time to time (‘‘Reference Order’’).1 FILING DATE: The application was filed on September 28, 2020 and amended on December 10, 2020 and on January 15, 2020. 1 Blue Tractor ETF Trust and Blue Tractor Group, LLC, Investment Company Act Rel. Nos. 33682 (Nov. 14, 2019) (notice) and 33710 (Dec. 10, 2019) (order). Applicants are not seeking relief 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 ‘‘Section 12(d)(1) Relief’’), and relief 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 relating to the Section 12(d)(1) Relief, as granted in the Reference Order. Accordingly, to the extent the terms and conditions of the Reference Order relate to such relief, they are not incorporated by reference into the Order. VerDate Sep<11>2014 19:29 Feb 10, 2021 Jkt 253001 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 February 25, 2021, 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: The RBB Fund, Inc.; Red Gate Advisers, LLC; and Herald Investment Marketing, LLC, c/o Craig A. Urciuoli, Red Gate Advisers, LLC, craig@ redgateadvisers.com. FOR FURTHER INFORMATION CONTACT: Harry Eisenstein, Senior Special Counsel, at (202) 551–6764, or Kaitlin 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. Applicants 1. The Company is a corporation organized under the laws of Maryland and will consist of one or more series operating as Shielded Alpha ETFs. The Company 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 operate as Shielded Alpha ETFs as described in the Reference Order.2 2. The Initial Adviser is a limited liability company organized under the laws of Pennsylvania and will be the investment adviser to the Initial Fund. 2 To facilitate arbitrage, among other things, each day a Fund would publish a basket of securities and cash that, while different from the Fund’s portfolio, is designed to closely track its daily performance. PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 9117 Subject to approval by the Fund’s board of directors, an Adviser (as defined below) will serve as investment adviser to each Fund. The Initial 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 will be registered under the Advisers Act. 3. The Distributor is a limited liability company organized under the laws of Pennsylvania 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, and 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. The requested Order would permit applicants to offer Funds that operate as Shielded Alpha ETFs. Because the relief requested is the same as certain of the relief granted by the Commission under the Reference Order and because the Initial Adviser has entered into a licensing agreement with Blue Tractor Group, LLC, or an affiliate thereof, in order to offer Funds that operate as Shielded Alpha ETFs, the Order would incorporate by reference the terms and conditions of the same relief 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 Initial Adviser or any entity controlling, controlled by, or under common control with the Initial Adviser (any such entity, along with the Initial Adviser, included in the term ‘‘Adviser’’); (b) operates as a Shielded Alpha ETF as described in the Reference Order; and (c) complies with the terms and conditions of the Order and the terms and conditions of the Reference Order that are incorporated by reference E:\FR\FM\11FEN1.SGM 11FEN1 9118 Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices into the Order (each such company or series and the Initial Fund, a ‘‘Fund’’).3 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. Applicants submit that for the reasons stated in the Reference Order the requested relief meets the exemptive standards under sections 6(c) and 17(b) of the Act. For the Commission, by the Division of Investment Management, pursuant to delegated authority. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–02775 Filed 2–10–21; 8:45 am] BILLING CODE 8011–01–P khammond on DSKJM1Z7X2PROD with NOTICES 3 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 the terms and conditions of the Reference Order that are incorporated by reference into the Order. VerDate Sep<11>2014 16:39 Feb 10, 2021 Jkt 253001 DEPARTMENT OF VETERANS AFFAIRS [OMB Control No. 2900–0715] Agency Information Collection Activity Under OMB Review: Servicer’s Staff Appraisal Reviewer (SAR) Application Loan Guaranty Service, Department of Veterans Affairs. ACTION: Notice. AGENCY: In compliance with the Paperwork Reduction Act (PRA) of 1995, this notice announces that the Loan Guaranty Service, Department of Veterans Affairs, will submit the collection of information abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the nature of the information collection and its expected cost and burden and it includes the actual data collection instrument. SUMMARY: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Refer to ‘‘OMB Control No. 2900–0715. FOR FURTHER INFORMATION CONTACT: Maribel Aponte, Office of Enterprise and Integration, Data Governance Analytics (008), 1717 H Street NW, Washington, DC 20006, (202) 266–4688 or email maribel.aponte@va.gov. Please refer to ‘‘OMB Control No. 2900–0715’’ in any correspondence. SUPPLEMENTARY INFORMATION: Under the PRA of 1995, Federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct DATES: PO 00000 Frm 00075 Fmt 4703 Sfmt 9990 or sponsor. This request for comment is being made pursuant to Section 3506(c)(2)(A) of the PRA. Authority: Public Law 104–13; 44 U.S.C. 3501–3521. Title: VA FORM 26–0829, Lender’s Staff Appraisal Reviewer (SAR) Application. OMB Control Number: 2900–0715. Type of Review: Extension of a currently approved collection. Abstract: Title 38 U.S.C. 3702(d) authorizes the Department of Veterans Affairs (VA) to establish standards for Servicers making automatically guaranteed loans and 38 U.S.C. 3731(f) authorizes VA to establish, in regulation, standards and procedures to authorize a lender to determine the reasonable value of property. VA has implemented this authority through its Servicer Appraisal Processing Program (SAPP), codified in 38 CFR 36.4348. An agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a currently valid OMB control number. The Federal Register Notice with a 60-day comment period soliciting comments on this collection of information was published at 85 FR 80228, on December 11, 2020, page 80228. Affected Public: Individuals (employees of lenders making applications). Estimated Annual Burden: 2 hours. Estimated Average Burden per Respondent: 5 minutes. Frequency of Response: On occasion. Estimated Number of Respondents: 20 per year. By direction of the Secretary: Maribel Aponte, VA PRA Clearance Officer, Office of Enterprise and Integration, Data Governance Analytics, Department of Veterans Affairs. [FR Doc. 2021–02816 Filed 2–10–21; 8:45 am] BILLING CODE 8320–01–P E:\FR\FM\11FEN1.SGM 11FEN1

Agencies

[Federal Register Volume 86, Number 27 (Thursday, February 11, 2021)]
[Notices]
[Pages 9117-9118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02775]



[[Page 9117]]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34189; File No. 812-15165]


The RBB Fund, Inc., et al.

February 5, 2021.
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, and 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.

Applicants:  The RBB Fund, Inc. (the ``Company''), Red Gate Advisers, 
LLC (the ``Initial Adviser''), and Herald Investment Marketing, LLC 
(the ``Distributor'').

Summary of Application:  Applicants request an order (``Order'') that 
permits: (a) Shielded Alpha ETFs (as described in the Reference Order 
(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 Shielded Alpha ETFs to pay redemption 
proceeds, under certain circumstances, more than seven days after the 
tender of Shares for redemption; and (d) certain affiliated persons of 
a Shielded Alpha ETF to deposit securities into, and receive securities 
from, the Shielded Alpha ETF in connection with the purchase and 
redemption of creation units. The relief in the Order would incorporate 
by reference terms and conditions of the same relief of a previous 
order granting the same relief sought by applicants, as that order may 
be amended from time to time (``Reference Order'').\1\
---------------------------------------------------------------------------

    \1\ Blue Tractor ETF Trust and Blue Tractor Group, LLC, 
Investment Company Act Rel. Nos. 33682 (Nov. 14, 2019) (notice) and 
33710 (Dec. 10, 2019) (order). Applicants are not seeking relief 
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 ``Section 12(d)(1) 
Relief''), and relief 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 relating 
to the Section 12(d)(1) Relief, as granted in the Reference Order. 
Accordingly, to the extent the terms and conditions of the Reference 
Order relate to such relief, they are not incorporated by reference 
into the Order.

Filing Date:  The application was filed on September 28, 2020 and 
---------------------------------------------------------------------------
amended on December 10, 2020 and on January 15, 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 February 25, 2021, 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: The 
RBB Fund, Inc.; Red Gate Advisers, LLC; and Herald Investment 
Marketing, LLC, c/o Craig A. Urciuoli, Red Gate Advisers, LLC, 
[email protected].

FOR FURTHER INFORMATION CONTACT: Harry Eisenstein, Senior Special 
Counsel, at (202) 551-6764, or Kaitlin 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.

Applicants

    1. The Company is a corporation organized under the laws of 
Maryland and will consist of one or more series operating as Shielded 
Alpha ETFs. The Company 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 operate as Shielded Alpha ETFs as described in 
the Reference Order.\2\
---------------------------------------------------------------------------

    \2\ To facilitate arbitrage, among other things, each day a Fund 
would 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 Initial Adviser is a limited liability company organized 
under the laws of Pennsylvania and will be the investment adviser to 
the Initial Fund. Subject to approval by the Fund's board of directors, 
an Adviser (as defined below) will serve as investment adviser to each 
Fund. The Initial 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 will be registered 
under the Advisers Act.
    3. The Distributor is a limited liability company organized under 
the laws of Pennsylvania 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, and 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. The requested Order would permit applicants to offer Funds 
that operate as Shielded Alpha ETFs. Because the relief requested is 
the same as certain of the relief granted by the Commission under the 
Reference Order and because the Initial Adviser has entered into a 
licensing agreement with Blue Tractor Group, LLC, or an affiliate 
thereof, in order to offer Funds that operate as Shielded Alpha ETFs, 
the Order would incorporate by reference the terms and conditions of 
the same relief of the Reference Order.
    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 
Initial Adviser or any entity controlling, controlled by, or under 
common control with the Initial Adviser (any such entity, along with 
the Initial Adviser, included in the term ``Adviser''); (b) operates as 
a Shielded Alpha ETF as described in the Reference Order; and (c) 
complies with the terms and conditions of the Order and the terms and 
conditions of the Reference Order that are incorporated by reference

[[Page 9118]]

into the Order (each such company or series and the Initial Fund, a 
``Fund'').\3\
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    \3\ 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 the terms and conditions of the Reference Order that are 
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. Applicants submit that for the reasons stated in 
the Reference Order the requested relief meets the exemptive standards 
under sections 6(c) and 17(b) of the Act.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-02775 Filed 2-10-21; 8:45 am]
BILLING CODE 8011-01-P
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