Nuveen Fund Advisors, LLC, et al., 19670-19671 [2021-07590]
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19670
Federal Register / Vol. 86, No. 70 / Wednesday, April 14, 2021 / Notices
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Credit and on ICE
Clear Credit’s website at https://
www.theice.com/clear-credit/regulation.
All comments received will be posted
without change. Persons submitting
comments are cautioned that we do not
redact or edit personal identifying
information from comment submissions.
You should submit only information
that you wish to make available
publicly. All submissions should refer
to File Number SR–ICC–2021–009 and
should be submitted on or before May
5, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–07600 Filed 4–13–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
34243; File No. 812–15199]
Nuveen Fund Advisors, LLC, et al.
April 8, 2021.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
jbell on DSKJLSW7X2PROD with NOTICES
AGENCY:
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: Nushares ETF Trust (the
‘‘Trust’’), Nuveen Fund Advisors, LLC
(the ‘‘Initial Adviser’’) and Nuveen
Securities, LLC (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
16 17
CFR 200.30–3(a)(12).
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17:22 Apr 13, 2021
Jkt 253001
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; and (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. 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 February 5, 2021 and amended on
March 16, 2021.
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 May 3,
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:
c/o W. John McGuire, Esq., Morgan,
Lewis & Bockius LLP, john.mcguire@
morganlewis.com.
FOR FURTHER INFORMATION CONTACT:
Deepak T. Pai, Senior Counsel, at (202)
551–6876 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
1 Natixis ETF Trust II, et al., Investment Company
Act Rel. Nos. 33684 (November 14, 2019) (notice)
and 33711 (December 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.
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
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 business trust
organized under the laws of the
Commonwealth of Massachusetts 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
three initial Funds (the ‘‘Initial Funds’’).
The Funds will offer exchange-traded
shares utilizing active management
investment strategies as contemplated
by the Reference Order.2
2. The Initial Adviser, an Illinois
limited liability company, will be the
investment adviser to the Initial Funds.
Subject to approval by the Fund’s board
of trustees, 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 to a
Fund will be registered under the
Advisers Act.
3. The Distributor is a limited liability
company 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 utilize the NYSE Proxy Portfolio
Methodology. Because the relief
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.
E:\FR\FM\14APN1.SGM
14APN1
Federal Register / Vol. 86, No. 70 / Wednesday, April 14, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES
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 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 same relief of the
Reference Order.
5. Applicants request that the Order
apply to the Initial Funds 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) 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 the terms and
conditions of the Reference Order that
are incorporated by reference into the
Order (each such company or series and
each 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. 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.
3 The NYSE Proxy Portfolio Methodology (as
defined in the Reference Order) is the intellectual
property of the NYSE Group, Inc.
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 the
terms and conditions of the Reference Order that
are incorporated by reference into the Order.
VerDate Sep<11>2014
17:22 Apr 13, 2021
Jkt 253001
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–07590 Filed 4–13–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91506; File No. SR–FINRA–
2021–005]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Extend the Effective
Date of the Temporary Amendments
Set Forth in SR–FINRA–2020–026 and
SR–FINRA–2020–043 From April 30,
2021, to June 30, 2021
April 8, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on March 31, 2021, the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by FINRA. FINRA has designated the
proposed rule change as constituting a
‘‘non-controversial’’ rule change under
paragraph (f)(6) of Rule 19b–4 under the
Act,3 which renders the proposal
effective upon receipt of this filing by
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to extend the
expiration date of the temporary
amendments initially set forth in SR–
FINRA–2020–026 and subsequently
extended in SR–FINRA–2020–043
(collectively, the ‘‘Temporary
Qualification Examination Relief
Filings’’) from April 30, 2021, to June
30, 2021. FINRA does not anticipate
providing any further extensions to the
temporary amendments identified in
this proposed rule change beyond June
30, 2021.4
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
4 If due to unforeseen circumstances a further
extension is necessary, FINRA will submit a
2 17
PO 00000
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Fmt 4703
Sfmt 4703
19671
The text of the proposed rule change
is available on FINRA’s website at
https://www.finra.org, at the principal
office of FINRA and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FINRA 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. FINRA has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In response to the COVID–19 global
pandemic, last year FINRA began
providing temporary relief to member
firms from FINRA rules and
requirements via frequently asked
questions (‘‘FAQs’’) on its website.5
Two of these FAQs 6 provided
temporary relief to address disruptions
to the administration of FINRA
qualification examinations caused by
the pandemic that have significantly
limited the ability of individuals to sit
for these examinations due to Prometric
test center capacity issues.7
FINRA published the first FAQ on
March 20, 2020, providing that
individuals who were designated to
function as principals under FINRA
Rule 1210.04 prior to February 2, 2020,
would be given until May 31, 2020, to
pass the appropriate principal
qualification examination.8 FINRA
separate rule filing to further extend the temporary
amendments.
5 See Frequently Asked Questions Related to
Regulatory Relief Due to the Coronavirus Pandemic,
available at https://www.finra.org/rules-guidance/
key-topics/covid-19/faq.
6 See https://www.finra.org/rules-guidance/keytopics/covid-19/faq#qe.
7 At the outset of the COVID–19 pandemic, all
FINRA qualification examinations were
administered at test centers operated by Prometric.
Based on the health and welfare concerns resulting
from COVID–19, in March 2020 Prometric closed all
of its test centers in the United States and Canada
and began to slowly reopen some of them at limited
capacity in May. Currently, Prometric has resumed
testing in many of its United States and Canada test
centers, at either full or limited occupancy, based
on local and government mandates.
8 FINRA Rule 1210.04 (Requirements for
Registered Persons Functioning as Principals for a
E:\FR\FM\14APN1.SGM
Continued
14APN1
]]>Agencies
[Federal Register Volume 86, Number 70 (Wednesday, April 14, 2021)]
[Notices]
[Pages 19670-19671]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07590]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 34243; File No. 812-15199]
Nuveen Fund Advisors, LLC, et al.
April 8, 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: Nushares ETF Trust (the ``Trust''), Nuveen Fund Advisors,
LLC (the ``Initial Adviser'') and Nuveen Securities, LLC (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; and (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. 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\ Natixis ETF Trust II, et al., Investment Company Act Rel.
Nos. 33684 (November 14, 2019) (notice) and 33711 (December 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 February 5, 2021 and amended
---------------------------------------------------------------------------
on March 16, 2021.
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 May 3, 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: c/o
W. John McGuire, Esq., Morgan, Lewis & Bockius LLP,
[email protected].
FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at
(202) 551-6876 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 business trust organized under the laws of the
Commonwealth of Massachusetts 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 three initial Funds (the
``Initial Funds''). 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 Initial Adviser, an Illinois limited liability company, will
be the investment adviser to the Initial Funds. Subject to approval by
the Fund's board of trustees, 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 to a Fund will be registered under the Advisers Act.
3. The Distributor is a limited liability company 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 utilize the NYSE Proxy Portfolio Methodology. Because the relief
[[Page 19671]]
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 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 same relief 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 Funds 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) 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 the terms and conditions
of the Reference Order that are incorporated by reference into the
Order (each such company or series and each 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 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. 2021-07590 Filed 4-13-21; 8:45 am]
BILLING CODE 8011-01-P
