80 FR 43505 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of an Amendment to MSRB Rule G-45, on Reporting of Information on Municipal Fund Securities
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 140 (July 22, 2015)
Federal Register Volume 80, Issue 140 (July 22, 2015)
| Page Range | 43505-43507 | |
| FR Document | 2015-17899 |
[Federal Register Volume 80, Number 140 (Wednesday, July 22, 2015)] [Notices] [Pages 43505-43507] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17899] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75454; File No. SR-MSRB-2015-05] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of an Amendment to MSRB Rule G-45, on Reporting of Information on Municipal Fund Securities July 15, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 30, 2015, the Municipal Securities Rulemaking Board (the ``MSRB'' or ``Board'') filed with the Securities and Exchange Commission (the ``SEC'' or ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the MSRB. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The MSRB filed with the Commission a proposed rule change consisting of an amendment to MSRB Rule G-45, on reporting of information on municipal fund securities (``proposed rule change''). The proposed rule change would delay by 60 days, until October 28, 2015, the date on which the first submissions must be made pursuant to Rule G-45. The first submissions on Form G-45 currently are due August 29, 2015. The MSRB proposes an immediate effectiveness for the proposed rule change. The proposed rule change would extend by 60 days the due date under a previously approved rule for the first submissions on Form G-45. The text of the proposed rule change is available on the MSRB's Web site at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2015-Filings.aspx, at the MSRB's principal office, 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, the MSRB 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. The MSRB 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 The MSRB proposes to extend by 60 days until October 28, 2015 the date the first submissions are due under Rule G-45 on Form G-45. On February 21, 2014, the Commission approved the adoption of Rule G-45, on reporting of municipal fund securities, and electronic Form G-45, as well as associated amendments to Rules G-8, on books and records, and G-9, on preservation of records.\3\ The effective date for that rule change was February 24, 2015. The first submissions under Rule G-45 are due August 29, 2015, which is 60 days from the end of the first reporting period of January 1-June 30, 2015. The purpose of Rule G-45 is to enable the MSRB to collect reliable information about 529 college savings plans (``529 plans'') solely for regulatory purposes and to analyze that information to better understand the market and the manner in which assets are invested. --------------------------------------------------------------------------- \3\ Exchange Act Release No. 71598 (Feb. 21, 2014), 79 FR 11161 (Feb. 27, 2014) (SR-MSRB-2013-04). --------------------------------------------------------------------------- After the SEC's approval of Rule G-45 and Form G-45, MSRB staff formed an industry User Group to develop the Form G-45 User's Manual (the ``manual''), which the rule specifies would include technical specifications for the Form, such as data entry. User Group members include representatives from twelve different industry organizations ranging from organizations that are involved in the distribution of multiple 529 plans to those that participate in the distribution of interests in only one plan. The range of expertise of User Group members includes data services provision and program management. The User Group recommended that underwriters be afforded two methods of submitting data to the MSRB on Form G-45--manual submissions through the MSRB's Electronic Municipal Market Access Web site (``EMMA[supreg]'') \4\ dataport web user interface and automated submissions through a computer-to-computer (``B2B'') interface. MSRB staff was responsive to those recommendations, and developed the two interfaces. --------------------------------------------------------------------------- \4\ EMMA is a registered trademark of the MSRB. --------------------------------------------------------------------------- In February 2015, the MSRB released the manual and opened a beta test environment to assist underwriters with their submissions. Since that time, underwriters and industry trade groups have discussed with MSRB staff the challenges that underwriters are facing with programming the data for submission to the Board on Form G-45. Their concerns center on the ability to program automated B2B submissions, particularly information about investment options in 529 plans. 529 plans typically offer numerous investment options with multiple underlying mutual funds. To gather adequate information about 529 plans, Form G-45 requires detailed data about the various investment options available in 529 plans. The MSRB understands that the programming of such information for a Form G-45 submission is particularly challenging for underwriters because the required data must be collected from multiple computer systems. While the programmers for underwriters may be challenged by meeting the unextended deadline for the first filings on Form G-45, after the first B2B filing, the process would be automated and is expected to become more routine. To help ensure that the MSRB receives reliable, complete and accurate filings on Form G-45 and to mitigate the burdens imposed on underwriters that are making their first submission under Rule G-45, the MSRB submits this proposed rule change to extend the date that the first submissions on Form G-45 are due by 60 days, until October 28, 2015. The proposed rule change would double the time allowed for [[Page 43506]] underwriters to make their first submissions. The MSRB believes that the extension will provide underwriters with sufficient time to submit complete and accurate filings.\5\ Subsequent Form G-45 filings would remain due 60 days from the end of each semi-annual reporting period. --------------------------------------------------------------------------- \5\ Representatives of industry trade associations have suggested that the MSRB implement a one-year pilot period for submissions. According to those associations, this would allow underwriters sufficient time to work through any difficulties in the programming and data collection while not being subject to potential enforcement actions. The MSRB, however, believes that filings on Form G-45 must remain fully subject to MSRB rules and all other applicable federal securities laws, rules and regulations, and that a full year would be an excessive delay in the MSRB's gathering of reliable information about 529 plans. --------------------------------------------------------------------------- 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with Section 15B(b)(2)(C) of the Act,\6\ which provides that the MSRB's rules shall: --------------------------------------------------------------------------- \6\ 15 U.S.C. 78o-4(b)(2)(C). be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in municipal securities and municipal financial products, to remove impediments to and perfect the mechanism of a free and open market in municipal securities and municipal financial products, and, in general, to protect investors, --------------------------------------------------------------------------- municipal entities, obligated persons, and the public interest. In response to industry concerns about the ability to submit reliable, accurate and complete data on a timely basis, the proposed rule change would extend the date that the first submissions are due under a previously approved rule. B. Self-Regulatory Organization's Statement on Burden on Competition Section 15B(b)(2)(C) of the Act \7\ requires that MSRB rules be designed not to impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The MSRB does not believe that the proposed rule change would impose any burden on competition not necessary or appropriate in furtherance of the Act. The proposed rule change would extend the date that the first submissions on Form G-45 are due by 60 days from August 29, 2015 until October 28, 2015. --------------------------------------------------------------------------- \7\ Id. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Pursuant to Section 19(b)(3)(A) \8\ of the Act and Rule 19b-4(f)(6) \9\ thereunder, the MSRB has designated the proposed rule change as one that effects a change that: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative until 30 days after the date of filing.\10\ However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.\12\ The MSRB has requested that the Commission designate the proposed rule change operative upon filing,\13\ as specified in Rule 19b-4(f)(6)(iii),\14\ which would make the proposed rule change operative on June 30, 2015. The MSRB has stated that an earlier operative date would provide underwriters with certainty regarding the due date of their first submission on Form G- 45.\15\ --------------------------------------------------------------------------- \10\ Id. \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ In addition, Rule 19b-4(f)(6)(iii) requires a self- regulatory organization to give the Commission written notice of its intent to file a proposed rule change, along with a brief description and text of such proposed rule change, at least five business days prior to the date of filing, or such shorter time as designated by the Commission. The MSRB satisfied this requirement on June 23, 2015. \13\ See SR-MSRB-2015-05. \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See supra note 13. --------------------------------------------------------------------------- The Commission hereby grants the MSRB's request and believes that designating the proposed rule change operative upon filing is consistent with the protection of investors and the public interest.\16\ According to the MSRB, Rule G-45 is designed to enable the MSRB to collect reliable information about 529 plans solely for regulatory purposes and to analyze that information to better understand the market and the manner in which assets are invested.\17\ The Commission believes that designating the proposed rule change operative upon filing is consistent with the protection of investors and the public interest because it will provide underwriters with certainty regarding the due date of their initial Form G-45 submission, as well as help ensure that the MSRB receives reliable, complete and accurate filings on Form G-45. In addition, the proposed rule change is not making any substantive changes to MSRB rules; it is only extending the deadline under Rule G-45 for initial submissions of Form G-45 by 60 days, until October 28, 2015. Therefore, the Commission hereby designates the proposed rule change operative upon filing. --------------------------------------------------------------------------- \16\ For the purposes only of accelerating the operative date of this proposal, the Commission has considered the proposed rule change's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \17\ See supra Section II.A.I. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-MSRB-2015-05 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR-MSRB-2015-05. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements [[Page 43507]] with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site 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 the filing also will be available for inspection and copying at the principal office of the MSRB. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-MSRB-2015-05 and should be submitted on or before August 12, 2015. For the Commission, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-17899 Filed 7-21-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices 43505
10:00 a.m. and 3:00 p.m. Copies of such Rule G–45. The first submissions on would include technical specifications
filing also will be available for Form G–45 currently are due August 29, for the Form, such as data entry. User
inspection and copying at the principal 2015. The MSRB proposes an immediate Group members include representatives
office of the Exchange. All comments effectiveness for the proposed rule from twelve different industry
received will be posted without change; change. The proposed rule change organizations ranging from
the Commission does not edit personal would extend by 60 days the due date organizations that are involved in the
identifying information from under a previously approved rule for the distribution of multiple 529 plans to
submissions. You should submit only first submissions on Form G–45. those that participate in the distribution
information that you wish to make The text of the proposed rule change of interests in only one plan. The range
available publicly. All submissions is available on the MSRB’s Web site at of expertise of User Group members
should refer to File Number SR–C2– www.msrb.org/Rules-and- includes data services provision and
2015–020, and should be submitted on Interpretations/SEC-Filings/2015- program management.
or before August 12, 2015. Filings.aspx, at the MSRB’s principal The User Group recommended that
For the Commission, by the Division of office, and at the Commission’s Public underwriters be afforded two methods
Trading and Markets, pursuant to delegated Reference Room. of submitting data to the MSRB on Form
authority.14 G–45—manual submissions through the
II. Self-Regulatory Organization’s
Robert W. Errett, MSRB’s Electronic Municipal Market
Statement of the Purpose of, and
Deputy Secretary. Access Web site (‘‘EMMA®’’) 4 dataport
Statutory Basis for, the Proposed Rule
web user interface and automated
[FR Doc. 2015–17891 Filed 7–21–15; 08:45 am] Change
submissions through a computer-to-
BILLING CODE 8011–01–P In its filing with the Commission, the computer (‘‘B2B’’) interface. MSRB staff
MSRB included statements concerning was responsive to those
the purpose of and basis for the recommendations, and developed the
SECURITIES AND EXCHANGE
proposed rule change and discussed any two interfaces.
COMMISSION
comments it received on the proposed In February 2015, the MSRB released
[Release No. 34–75454; File No. SR–MSRB– rule change. The text of these statements the manual and opened a beta test
2015–05] may be examined at the places specified environment to assist underwriters with
in Item IV below. The MSRB has their submissions. Since that time,
Self-Regulatory Organizations; prepared summaries, set forth in underwriters and industry trade groups
Municipal Securities Rulemaking Sections A, B, and C below, of the most have discussed with MSRB staff the
Board; Notice of Filing and Immediate significant aspects of such statements. challenges that underwriters are facing
Effectiveness of a Proposed Rule with programming the data for
Change Consisting of an Amendment A. Self-Regulatory Organization’s
Statement of the Purpose of, and submission to the Board on Form G–45.
to MSRB Rule G–45, on Reporting of Their concerns center on the ability to
Information on Municipal Fund Statutory Basis for, the Proposed Rule
Change program automated B2B submissions,
Securities particularly information about
July 15, 2015. 1. Purpose investment options in 529 plans.
Pursuant to Section 19(b)(1) of the The MSRB proposes to extend by 60 529 plans typically offer numerous
Securities Exchange Act of 1934 (the days until October 28, 2015 the date the investment options with multiple
‘‘Act’’) 1 and Rule 19b–4 thereunder,2 first submissions are due under Rule G– underlying mutual funds. To gather
notice is hereby given that on June 30, 45 on Form G–45. On February 21, adequate information about 529 plans,
2015, the Municipal Securities 2014, the Commission approved the Form G–45 requires detailed data about
Rulemaking Board (the ‘‘MSRB’’ or adoption of Rule G–45, on reporting of the various investment options available
‘‘Board’’) filed with the Securities and municipal fund securities, and in 529 plans. The MSRB understands
Exchange Commission (the ‘‘SEC’’ or electronic Form G–45, as well as that the programming of such
‘‘Commission’’) the proposed rule associated amendments to Rules G–8, information for a Form G–45 submission
change as described in Items I and II on books and records, and G–9, on is particularly challenging for
below, which Items have been prepared preservation of records.3 The effective underwriters because the required data
by the MSRB. The Commission is date for that rule change was February must be collected from multiple
publishing this notice to solicit 24, 2015. The first submissions under computer systems. While the
comments on the proposed rule change Rule G–45 are due August 29, 2015, programmers for underwriters may be
from interested persons. which is 60 days from the end of the challenged by meeting the unextended
first reporting period of January 1–June deadline for the first filings on Form G–
I. Self-Regulatory Organization’s 30, 2015. The purpose of Rule G–45 is 45, after the first B2B filing, the process
Statement of the Terms of Substance of to enable the MSRB to collect reliable would be automated and is expected to
the Proposed Rule Change information about 529 college savings become more routine.
The MSRB filed with the Commission plans (‘‘529 plans’’) solely for regulatory To help ensure that the MSRB
a proposed rule change consisting of an purposes and to analyze that receives reliable, complete and accurate
amendment to MSRB Rule G–45, on information to better understand the filings on Form G–45 and to mitigate the
reporting of information on municipal market and the manner in which assets burdens imposed on underwriters that
fund securities (‘‘proposed rule are invested. are making their first submission under
change’’). The proposed rule change After the SEC’s approval of Rule G– Rule G–45, the MSRB submits this
tkelley on DSK3SPTVN1PROD with NOTICES
would delay by 60 days, until October 45 and Form G–45, MSRB staff formed proposed rule change to extend the date
28, 2015, the date on which the first an industry User Group to develop the that the first submissions on Form G–45
submissions must be made pursuant to Form G–45 User’s Manual (the are due by 60 days, until October 28,
‘‘manual’’), which the rule specifies 2015. The proposed rule change would
14 17 CFR 200.30–3(a)(12). double the time allowed for
1 15 U.S.C. 78s(b)(1). 3 Exchange Act Release No. 71598 (Feb. 21, 2014),
2 17 CFR 240.19b–4. 79 FR 11161 (Feb. 27, 2014) (SR–MSRB–2013–04). 4 EMMA is a registered trademark of the MSRB.
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![Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices 43507
with respect to the proposed rule I. Self-Regulatory Organization’s offered by PIMCO ETF Trust (the
change that are filed with the Statement of the Terms of the Substance ‘‘Trust’’), a statutory trust organized
Commission, and all written of the Proposed Rule Change under the laws of the State of Delaware
communications relating to the The Exchange proposes to reflect a and registered with the Commission as
proposed rule change between the change in the size of a Creation Unit an open-end management investment
Commission and any person, other than applicable to shares of the PIMCO Total company.6 The investment manager to
those that may be withheld from the Return Active Exchange-Traded Fund the Fund is Pacific Investment
public in accordance with the from 100,000 Shares to at least 50,000 Management Company LLC (‘‘PIMCO’’
provisions of 5 U.S.C. 552, will be Shares. The Fund is currently listed and or the ‘‘Adviser’’). The Fund’s Shares
available for Web site viewing and traded on the Exchange under NYSE are currently listed and traded on the
printing in the Commission’s Public Arca Equities Rule 8.600. The text of the Exchange under NYSE Arca Equities
Reference Room, 100 F Street NE., proposed rule change is available on the Rule 8.600.7
Washington, DC 20549 on official Exchange’s Web site at www.nyse.com, According to the Registration
business days between the hours of at the principal office of the Exchange, Statement and the Prior Release, Shares
10:00 a.m. and 3:00 p.m. Copies of the and at the Commission’s Public of the Fund that trade in the secondary
filing also will be available for Reference Room. market are created at net asset value
inspection and copying at the principal (‘‘NAV’’) by Authorized Participants
office of the MSRB. All comments II. Self-Regulatory Organization’s only in block-size Creation Units of
received will be posted without change; Statement of the Purpose of, and 100,000 Shares or multiples thereof.
the Commission does not edit personal Statutory Basis for, the Proposed Rule The Exchange proposes to reflect a
identifying information from Change change in the size of a Creation Unit
submissions. You should submit only In its filing with the Commission, the from 100,000 Shares to at least 50,000
information that you wish to make self-regulatory organization included Shares.8 The size of a Creation Unit will
available publicly. All submissions statements concerning the purpose of, be subject to change. The Exchange
should refer to File Number SR–MSRB– and basis for, the proposed rule change believes that the change to the size of a
2015–05 and should be submitted on or and discussed any comments it received Creation Unit will not adversely impact
before August 12, 2015. on the proposed rule change. The text investors or Exchange trading. A
of those statements may be examined at reduction in the size of a Creation Unit
For the Commission, pursuant to delegated may provide potential benefits to
authority.18 the places specified in Item IV below.
The Exchange has prepared summaries, investors by facilitating additional
Robert W. Errett, creation and redemption activity in the
set forth in sections A, B, and C below,
Deputy Secretary. Shares, thereby potentially resulting in
of the most significant parts of such
[FR Doc. 2015–17899 Filed 7–21–15; 8:45 am] statements. increased secondary market trading
BILLING CODE 8011–01–P activity, tighter bid/ask spreads and
A. Self-Regulatory Organization’s narrower premiums or discounts to
Statement of the Purpose of, and NAV.9
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
COMMISSION Change 5.2(j)(3), seeks to provide investment results that
correspond generally to the price and yield
[Release No. 34–75475; File No. SR– 1. Purpose performance of a specific foreign or domestic stock
NYSEArca–2015–63] The Commission has approved a index, fixed income securities index or combination
thereof.
proposed rule change relating to listing 6 The Trust is registered under the Investment
Self-Regulatory Organizations; NYSE and trading on the Exchange of shares Company Act of 1940 (‘‘1940 Act’’). On October 27,
Arca, Inc.; Notice of Filing and (‘‘Shares’’) of the PIMCO Total Return 2014, the Trust filed with the Commission the most
Immediate Effectiveness of Proposed Active Exchange-Traded Fund (‘‘Fund’’) recent post-effective amendment to its registration
Rule Change Relating to a Change in under NYSE Arca Equities Rule 8.600,4 statement under the Securities Act of 1933 (15
the Size of a Creation Unit Applicable U.S.C. 77a) (‘‘1933 Act’’) and under the 1940 Act
which governs the listing and trading of relating to the Fund (File Nos. 333–155395 and
to Shares of the PIMCO Total Return Managed Fund Shares.5 The Shares are 811–22250) (the ‘‘Registration Statement’’). The
Active Exchange-Traded Fund description of the operation of the Trust and the
4 See Securities Exchange Act Release No. 65988 Fund herein is based, in part, on the Registration
July 16, 2015. Statement. A change to the name of the Fund from
(December 16, 2011), 76 FR 79741 (December 22,
Pursuant to Section 19(b)(1) 1
of the 2011) (SR–NYSEArca-2011–95) (notice of filing of PIMCO Total Return Exchange-Traded Fund to
Securities Exchange Act of 1934 (the proposed rule change relating to listing and trading PIMCO Total Return Active Exchange-Traded Fund
of Shares of the Fund on the Exchange) (‘‘Prior was reflected in such amendment to the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Registration Statement. In addition, the
Notice’’); 66321 (February 3, 2012), 77 FR 6850
notice is hereby given that, on July 10, (February 9, 2012) (SR–NYSEArca-2011–95) (order Commission has issued an order granting certain
2015, NYSE Arca, Inc. (the ‘‘Exchange’’ approving listing and trading of Shares of the Fund exemptive relief to the Trust under the 1940 Act.
or ‘‘NYSE Arca’’) filed with the on the Exchange) (‘‘Prior Order’’ and, together with See Investment Company Act Release No. 28993
the Prior Notice, the ‘‘Prior Release’’). See also (November 10, 2009) (File No. 812–13571)
Securities and Exchange Commission (‘‘Exemptive Order’’).
Securities Exchange Act Release No. 72666 (July 24,
(the ‘‘Commission’’) the proposed rule 2014), 79 FR 44224 (July 30, 2014) (SR–NYSEArca- 7 The Trust implemented a change in the name of
change as described in Items I and II 2013–122) (order approving proposed rule change the Fund from PIMCO Total Return Exchange-
below, which Items have been prepared relating to use of derivatives by the Fund). Traded Fund to PIMCO Total Return Active
5 A Managed Fund Share is a security that Exchange-Traded Fund on October 31, 2014.
by the Exchange. The Commission is 8 The change to size of a Creation Unit will be
represents an interest in an investment company
publishing this notice to solicit registered under the Investment Company Act of effective upon filing with the Commission of an
tkelley on DSK3SPTVN1PROD with NOTICES
comments on the proposed rule change 1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as amendment to the Trust’s Registration Statement on
from interested persons. an open-end investment company or similar entity Form N–1A, and shareholders will be notified of
that invests in a portfolio of securities selected by such change by means of such amendment.
18 17
its investment adviser consistent with its 9 The Exchange notes that the Commission has
CFR 200.30–3(a)(12). investment objectives and policies. In contrast, an approved the listing and trading of other issues of
1 15 U.S.C. 78s(b)(1). open-end investment company that issues Managed Fund Shares that have applied a
2 15 U.S.C. 78a.
Investment Company Units, listed and traded on minimum Creation Unit size of 50,000 shares or
3 17 CFR 240.19b–4. the Exchange under NYSE Arca Equities Rule Continued
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Document Created: 2015-12-15 12:54:44
Document Modified: 2015-12-15 12:54:44
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 43505 |
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