Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940
Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. Applicant has never made a public offering of its securities and does not propose to make a public offering or engage in business of any kind. Filing Dates: The application was filed on July 11, 2018, and amended on July 19, 2018. Applicant's Address: 800 Clinton Square, Rochester, New York 14604.
The Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or the ``Act'') that would permit exchange- traded funds (``ETFs'') that satisfy certain conditions to operate without the expense and delay of obtaining an exemptive order. In connection with the proposed exemptive rule, the Commission proposes to rescind certain exemptive orders that have been granted to ETFs and their sponsors. The Commission also is proposing certain disclosure amendments to Form N-1A and Form N-8B-2 to provide investors who purchase and sell ETF shares on the secondary market with additional information regarding ETF trading costs, regardless of whether such ETFs are structured as registered open-end management investment companies (``open-end funds'') or unit investment trusts (``UITs''). Finally, the Commission is proposing related amendments to Form N-CEN. The proposed rule and form amendments are designed to create a consistent, transparent, and efficient regulatory framework for ETFs and to facilitate greater competition and innovation among ETFs.