Securities and Exchange Commission June 6, 2014 – Federal Register Recent Federal Regulation Documents

Summary of Application: Applicants request an order that would permit (a) series of certain open-end management investment companies 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 (``NAV''); (c) certain series to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; (d) certain affiliated persons of the series to deposit securities into, and receive securities from, the series 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 series to acquire Shares. Applicants: MarketShares ETF Trust (``Trust''), Salient Capital Advisors, LLC (``Initial Adviser''), and Salient Indexes, LLC (``Affiliated Index Provider'').

Summary of Application: Applicants request an order (``Amended Order'') that would amend, and in part supersede, a prior order permitting a parent business development company (``BDC'') and its wholly-owned small business investment company (``SBIC'') subsidiary to engage in certain transactions that otherwise would be permitted if such parent BDC and such SBIC subsidiary were one company and to file certain reports on a consolidated basis, and permitting such parent BDC to adhere to a modified asset coverage requirement (``Prior Order'').\1\ Applicants seek to amend the Prior Order in order to permit such SBIC subsidiary, which is also a BDC, and a newly formed SBIC subsidiary or any future subsidiary to engage in certain transactions that otherwise would be permitted if such parent BDC and the subsidiaries were one company and to permit such parent BDC to adhere to a modified asset coverage requirement.