80 FR 9301 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF's Holdings of Non-U.S. Equity Securities
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 34 (February 20, 2015)
Federal Register Volume 80, Issue 34 (February 20, 2015)
| Page Range | 9301-9304 | |
| FR Document | 2015-03516 |
[Federal Register Volume 80, Number 34 (Friday, February 20, 2015)] [Notices] [Pages 9301-9304] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03516] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74271; File No. SR-NYSEArca-2015-06] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF's Holdings of Non- U.S. Equity Securities February 13, 2015. Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on February 3, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to change a representation regarding the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF's holdings of non- U.S. equity securities. Shares of the WCM/BNY Mellon Focused Growth ADR ETF have been approved for listing and trading on the Exchange under NYSE Arca Equities Rule 8.600. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 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 those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Commission has approved a proposed rule change relating to listing and trading on the Exchange of shares (``Shares'') of the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (the ``Fund'') under NYSE Arca Equities Rule 8.600,\4\ which governs the listing and trading of Managed Fund Shares.\5\ The Fund's Shares are currently listed and traded on the Exchange under NYSE Arca Equities Rule 8.600. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 62502 (July 15, 2010), 75 FR 42471 (July 21, 2010) (SR-NYSEArca-2010-57) (the ``Prior Order''). The notice with respect to the Prior Order was published in Securities Exchange Act Release No. 62344 (June 21, 2010), 75 FR 37498 (June 29, 2010) (``Prior Notice'' and, together with the Prior Order, the ``Prior Release''). \5\ A Managed Fund Share is a security that represents an interest in an investment company registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an open-end investment company or similar entity that invests in a portfolio of securities selected by its investment adviser consistent with its investment objectives and policies. In contrast, an open-end investment company that issues Investment Company Units, listed and traded on the Exchange under NYSE Arca Equities Rule 5.2(j)(3), seeks to provide investment results that correspond generally to the price and yield performance of a specific foreign or domestic stock index, fixed income securities index or combination thereof. --------------------------------------------------------------------------- The Shares are offered by AdvisorShares Trust (the ``Trust''), a statutory trust organized under the laws of the State of Delaware and registered with the Commission as an open-end management investment company.\6\ The investment adviser to the Fund is AdvisorShares Investments, LLC (the ``Adviser''). WCM Investment Management (``WCM'') is the sub-adviser and portfolio manager to the Fund (``Sub-Adviser''). --------------------------------------------------------------------------- \6\ The Trust is registered under the 1940 Act. On November 1, 2014, the Trust filed with the Commission an amendment to its registration statement on Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a) and the 1940 Act relating to the Fund (File Nos. 333-157876 and 811-22110) (the ``Registration Statement''). The description of the operation of the Trust and the Fund herein is based, in part, on the Registration Statement. In addition, the Commission has issued an order granting certain exemptive relief to the Trust under the1940 Act. See Investment Company Act Release No. 29291 (May 28, 2010) (File No. 812-13677) (``Exemptive Order''). --------------------------------------------------------------------------- According to the Registration Statement, and as stated in the Prior Release the Fund's investment objective is long-term capital appreciation above international benchmarks such as the BNY Mellon Classic ADR Index and the MSCI EAFE Index. WCM seeks to achieve the Fund's investment objective by selecting a portfolio of U.S. traded securities of non-U.S. organizations included in the BNY Mellon Classic ADR Index. The BNY Mellon Classic ADR Index predominantly includes American Depositary Receipts (``ADRs'') and in addition includes other Depositary Receipts (``DRs''), which include Global Depositary Receipts (``GDRs''), Euro Depositary Receipts (``Euro DRs'') and New York Shares (``NYSs'').\7\ --------------------------------------------------------------------------- \7\ According to the Registration Statement, DRs, which include ADRs, GDRs, Euro DRs and NYSs, are negotiable securities that generally represent a non-U.S. company's publicly traded equity or debt. Depositary Receipts may be purchased in the U.S. secondary trading market. They may trade freely, just like any other security, either on an exchange or in the over-the-counter market. Although typically denominated in U.S. dollars, Depositary Receipts can also be denominated in Euros. Depositary Receipts can trade on all U.S. stock exchanges as well as on many European stock exchanges. --------------------------------------------------------------------------- According to the Prior Release, WCM employs a team approach through Investment Strategy Group, consisting of four senior investment professionals (the ``Portfolio Managers''). This team establishes portfolio guidelines for sector and industry analysis and develops the Fund's portfolio. The Portfolio Managers analyze the major trends in the global economy in order to identify those economic sectors and [[Page 9302]] industries that are most likely to benefit. According to the Registration Statement, typical themes incorporated in the Portfolio Managers' investment process include demographics, global commerce, outsourcing, the growing global middle class and the proliferation of technology. A portfolio strategy is then implemented that will best capitalize on these investment themes and subsequent expected growth of the underlying assets. The Fund's portfolio will typically have fewer than 30 companies. All buy and sell decisions are made by the Portfolio Managers. The Fund will under normal circumstances have at least 80% of its total assets invested in ADRs. The Fund also may invest in other equity securities, including common and preferred stock, warrants, convertible securities and master limited partnerships. As stated in the Prior Release, the Fund's portfolio will consist primarily of ADRs and the Fund will not invest in non-U.S. equity securities outside of U.S. markets. According to the Prior Release, the composition of the Fund's portfolio, on a continual basis, will be subject to the following: (1) Component stocks that in the aggregate account for at least 90% of the weight of the portfolio each shall have a minimum market value of at least $100 million; \8\ (2) component stocks that in the aggregate account for at least 70% of the weight of the portfolio each shall have a minimum global monthly trading volume of 250,000 shares, or minimum global notional volume traded per month of $25,000,000, averaged over the last six months; (3) a minimum of 20 component stocks of which the most heavily weighted component stock shall not exceed 25% of the weight of the portfolio, and the five most heavily weighted component stocks shall not exceed 60% of the weight of the portfolio; and (4) each non-U.S. equity security underlying ADRs held by the Fund will be listed and traded on an exchange that has last sale reporting. --------------------------------------------------------------------------- \8\ This criterion is applied based on market value of securities of the non-U.S. equity securities underlying ADRs held by the Fund. --------------------------------------------------------------------------- As noted above, the Prior Release states that the Fund will not invest in non-U.S. equity securities outside of U.S. markets. The Exchange proposes to amend such statement in the Prior Release to provide that, going forward, the Fund may invest in securities outside of U.S. markets, and that not more than 10% of the net assets of the Fund in the aggregate invested in equity securities (excluding non- exchange-traded investment company securities) shall consist of equity securities whose principal market is not a member of the Intermarket Surveillance Group (``ISG'') or is a market with which the Exchange does not have a comprehensive surveillance sharing agreement. The Exchange notes that the Commission has previously approved similar percentage limitations for other funds listed on the Exchange under NYSE Arca Equities Rule 8.600.\9\ --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release Nos. 69915 (July 2, 2013), 78 FR 41145 (July 9,2013) (SR-NYSEArca-2013-56) (order approving listing and trading of shares of the PowerShares China A- Share Portfolio under NYSE Arca Equities Rule 8.600); 72665 (July 24, 2014), 79 FR 44236 (July 30, 2014) (SR-NYSEArca-2014-59) (order approving listing and trading of shares of the AdvisorShares Athena High Dividend ETF under NYSE Arca Equities Rule 8.600; 72882 (August 20, 2014) (SR-NYSEArca-2014-58) (order approving listing and trading of shares of PIMCO Short-Term Exchange-Traded Fund and PIMCO Municipal Bond Exchange-Traded Fund under NYSE Arca Equities Rule 8.600); 72853 (August 15, 2014) (SR-NYSEArca-2014-57) (order approving listing and trading of shares of the PIMCO Foreign Bond Exchange-Traded Fund (U.S. Dollar-Hedged), PIMCO Foreign Bond Exchange-Traded Fund (Unhedged), PIMCO Global Advantage Bond Exchange-Traded Fund, and PIMCO International Advantage Bond Exchange-Traded Fund under NYSE Arca Equities Rule 8.600); 73331(October 9, 2014), 79 FR 62213 (October 16, 2014) (SR-NYSEArca- 2014-104) (notice of effectiveness of proposed rule change relating to use of derivatives by certain PIMCO exchange-traded funds). --------------------------------------------------------------------------- Such an increase will provide the Fund with the ability to invest to a limited extent in non-U.S. equity securities outside of U.S. markets and therefore will facilitate the Fund's ability to achieve its investment objective of long-term capital appreciation above international benchmarks, as noted above. Except for the change described above, all other representations made in the Prior Release remain unchanged.\10\ The Fund will continue to comply with all initial and continued listing requirements under NYSE Arca Equities Rule 8.600. --------------------------------------------------------------------------- \10\ See note 4, supra. All terms referenced but not defined herein are defined in the Prior Release. --------------------------------------------------------------------------- The Exchange represents that the trading in the Shares will be subject to the existing trading surveillances, administered by the Financial Industry Regulatory Authority (``FINRA'') on behalf of the Exchange, which are designed to detect violations of Exchange rules and applicable federal securities laws.\11\ The Exchange represents that these procedures are adequate to properly monitor Exchange trading of the Shares in all trading sessions and to deter and detect violations of Exchange rules and federal securities laws applicable to trading on the Exchange. FINRA, on behalf of the Exchange, will communicate as needed regarding trading in the Shares and exchange-listed equity securities (including ADRs) with other markets and other entities that are members of the ISG, and FINRA, on behalf of the Exchange, may obtain trading information regarding trading in the Shares and exchange-listed equity securities (including ADRs) from such markets and other entities. The Exchange may obtain information regarding trading in the Shares and exchange-listed equity securities (including ADRs) from markets and other entities that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement.\12\ In addition, as stated in the Prior Release, investors have ready access to information regarding the Fund's holdings, the Portfolio Indicative Value, the Disclosed Portfolio, and quotation and last sale information for the Shares. --------------------------------------------------------------------------- \11\ FINRA surveils trading on the Exchange pursuant to a regulatory services agreement. The Exchange is responsible for FINRA's performance under this regulatory services agreement. \12\ For a list of the current members of ISG, see www.isgportal.org. The Exchange notes that not all of the components of the portfolio for the Fund may trade on exchanges that are members of the ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. --------------------------------------------------------------------------- 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under section 6(b)(5) \13\ that an exchange have rules that are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices in that the Shares will be listed and traded on the Exchange pursuant to the initial and continued listing criteria in NYSE Arca Equities Rule 8.600. With respect to the representation that the Fund may invest in securities outside of U.S. markets and that not more than 10% of the net assets of the Fund in the aggregate invested in equity securities (excluding non-exchange-traded investment company securities) shall consist of equity securities whose principal market is not a member of the ISG or is a market with which the Exchange does not have a comprehensive surveillance sharing agreement, the Exchange believes such limitation of assets will not adversely impact investors and serves to protect investors and the public interest for the following reasons. The Commission has previously approved such limitations [[Page 9303]] for other funds listed on the Exchange under NYSE Arca Equities Rule 8.600.\14\ Such a representation assures that most applicable exchange- traded assets of the Fund will be assets whose principal market is an ISG member or a market with which the Exchange has a comprehensive surveillance sharing agreement. --------------------------------------------------------------------------- \14\ See Securities Exchange Act Release Nos. 69915 (July 2, 2013), 78 FR 41145 (July 9, 2013) (SR-NYSEArca-2013-56) (order approving listing and trading of shares of the PowerShares China A- Share Portfolio under NYSE Arca Equities Rule 8.600); 72665 (July 24, 2014), 79 FR 44236 (July 30, 2014) (SR-NYSEArca-2014-59) (order approving listing and trading of shares of the AdvisorShares Athena High Dividend ETF under NYSE Arca Equities Rule 8.600; 72882 (August 20, 2014) (SR-NYSEArca-2014-58) (order approving listing and trading of shares of PIMCO Short-Term Exchange-Traded Fund and PIMCO Municipal Bond Exchange-Traded Fund under NYSE Arca Equities Rule 8.600); 72853 (August 15, 2014) (SR-NYSEArca-2014-57) (order approving listing and trading of shares of the PIMCO Foreign Bond Exchange-Traded Fund (U.S. Dollar-Hedged), PIMCO Foreign Bond Exchange-Traded Fund (Unhedged), PIMCO Global Advantage Bond Exchange-Traded Fund, and PIMCO International Advantage Bond Exchange-Traded Fund under NYSE Arca Equities Rule 8.600). --------------------------------------------------------------------------- The Exchange has in place surveillance procedures that are adequate to properly monitor trading in the Shares in all trading sessions and to deter and detect violations of Exchange rules and applicable federal securities laws. The Exchange may obtain information via the ISG from other exchanges that are members of ISG or with which the Exchange has entered into a comprehensive surveillance sharing agreement. The proposed rule change is designed to promote just and equitable principles of trade and to protect investors and the public interest in that the net asset value (``NAV'') per Share is calculated daily and that the NAV and the Disclosed Portfolio is made available to all market participants at the same time. In addition, a large amount of information is publicly available regarding the Fund and the Shares, thereby promoting market transparency. The Portfolio Indicative Value, as defined in NYSE Arca Equities Rule 8.600 (c)(3), is disseminated by one or more major market data vendors at least every 15 seconds during the Exchange's Core Trading Session. On a daily basis, the Adviser discloses for each portfolio security or other financial instrument of the Fund the following information: ticker symbol (if applicable), name of security or financial instrument, number of shares or dollar value of financial instruments held in the portfolio, and percentage weighting of the security or financial instrument in the portfolio. The Fund's holdings are disclosed on its Web site daily after the close of trading on the Exchange and prior to the opening of trading on the Exchange the following day. Information regarding market price and trading volume of the Shares is and will be continually available on a real-time basis throughout the day on brokers' computer screens and other electronic services, and quotation and last sale information is available via the Consolidated Tape Association high-speed line. Price information regarding the Fund's equity investments is available from major market data vendors. The intra-day, closing and settlement prices for exchange-listed equity securities held by the Fund are also readily available from the national securities exchanges trading such securities. Trading in Shares of the Fund will be halted if the circuit breaker parameters in NYSE Arca Equities Rule 7.12 have been reached or because of market conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. Trading in the Shares is subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth circumstances under which Shares of the Fund may be halted. The Web site for the Fund includes a form of the prospectus for the Fund and additional data relating to NAV and other applicable quantitative information. In addition, as stated in the Prior Notice, investors have ready access to information regarding the Fund's holdings, the Portfolio Indicative Value, the Disclosed Portfolio, and quotation and last sale information for the Shares. The proposed rule change is designed to perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. As noted above, the Exchange represents that the trading in the Shares will be subject to the existing trading surveillances, administered by FINRA on behalf of the Exchange, which are designed to detect violations of Exchange rules and applicable federal securities laws. The Exchange represents that these procedures are adequate to properly monitor Exchange trading of the Shares in all trading sessions and to deter and detect violations of Exchange rules and federal securities laws applicable to trading on the Exchange. FINRA, on behalf of the Exchange, will communicate as needed regarding trading in the Shares and exchange-listed equity securities (including ADRs) with other markets and other entities that are members of the ISG, and FINRA, on behalf of the Exchange, may obtain trading information regarding trading in the Shares and exchange-listed equity securities (including ADRs) from such markets and other entities. In addition, the Exchange may obtain information regarding trading in the Shares and exchange-listed equity securities (including ADRs) from markets and other entities that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. In addition, as stated in the Prior Release, investors have ready access to information regarding the Fund's holdings, the Portfolio Indicative Value, the Disclosed Portfolio, and quotation and last sale information for the Shares. The Adviser represents that the proposed change, as described above, is consistent with the Fund's investment objective, and will further assist the Adviser and Sub-Adviser to achieve such investment objective. Such an increase may further the public interest by providing the Fund with additional flexibility to achieve long-term capital appreciation above international benchmarks. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purpose of the Act. The Exchange believes the proposed rule change is designed to broaden the range of securities in which the Fund may invest to include non-U.S. securities, thereby helping the Fund to achieve its investment objective, and will enhance competition among issues of Managed Fund Shares that invest in equity securities. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to section 19(b)(3)(A) [[Page 9304]] of the Act \15\ and Rule 19b-4(f)(6)(iii) thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- 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 [email protected]. Please include File Number SR-NYSEArca-2015-06 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2015-06. 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 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 such filing will also be available for inspection and copying at the principal office of the Exchange and on its Internet Web site at www.nyse.com. 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-NYSEArca-2015-06 and should be submitted on or before March 13, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-03516 Filed 2-19-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 34 / Friday, February 20, 2015 / Notices 9301
communications relating to the I. Self-Regulatory Organization’s The Fund’s Shares are currently listed
proposed rule change between the Statement of the Terms of Substance of and traded on the Exchange under
Commission and any person, other than the Proposed Rule Change NYSE Arca Equities Rule 8.600.
those that may be withheld from the The Exchange proposes to change a The Shares are offered by
public in accordance with the representation regarding the AdvisorShares Trust (the ‘‘Trust’’), a
provisions of 5 U.S.C. 552, will be AdvisorShares WCM/BNY Mellon statutory trust organized under the laws
available for Web site viewing and Focused Growth ADR ETF’s holdings of of the State of Delaware and registered
printing in the Commission’s Public non-U.S. equity securities. Shares of the with the Commission as an open-end
Reference Room, 100 F Street NE., WCM/BNY Mellon Focused Growth management investment company.6 The
Washington, DC 20549 on official ADR ETF have been approved for listing investment adviser to the Fund is
business days between the hours of and trading on the Exchange under AdvisorShares Investments, LLC (the
10:00 a.m. and 3:00 p.m. Copies of such NYSE Arca Equities Rule 8.600. The text ‘‘Adviser’’). WCM Investment
filing also will be available for of the proposed rule change is available Management (‘‘WCM’’) is the sub-
inspection and copying at the principal on the Exchange’s Web site at adviser and portfolio manager to the
office of the Exchange. All comments www.nyse.com, at the principal office of Fund (‘‘Sub-Adviser’’).
received will be posted without change; According to the Registration
the Exchange, and at the Commission’s
the Commission does not edit personal Statement, and as stated in the Prior
Public Reference Room.
identifying information from Release the Fund’s investment objective
submissions. You should submit only II. Self-Regulatory Organization’s is long-term capital appreciation above
information that you wish to make Statement of the Purpose of, and international benchmarks such as the
available publicly. All submissions Statutory Basis for, the Proposed Rule BNY Mellon Classic ADR Index and the
should refer to File Number SR– Change MSCI EAFE Index. WCM seeks to
NYSEArca–2015–04, and should be In its filing with the Commission, the achieve the Fund’s investment objective
submitted on or before March 13, 2015. self-regulatory organization included by selecting a portfolio of U.S. traded
statements concerning the purpose of, securities of non-U.S. organizations
For the Commission, by the Division of included in the BNY Mellon Classic
Trading and Markets, pursuant to delegated and basis for, the proposed rule change
and discussed any comments it received ADR Index. The BNY Mellon Classic
authority.32
on the proposed rule change. The text ADR Index predominantly includes
Jill M. Peterson, American Depositary Receipts (‘‘ADRs’’)
of those statements may be examined at
Assistant Secretary. and in addition includes other
the places specified in Item IV below.
[FR Doc. 2015–03519 Filed 2–19–15; 8:45 am]
The Exchange has prepared summaries, Depositary Receipts (‘‘DRs’’), which
BILLING CODE 8011–01–P set forth in sections A, B, and C below, include Global Depositary Receipts
of the most significant parts of such (‘‘GDRs’’), Euro Depositary Receipts
statements. (‘‘Euro DRs’’) and New York Shares
SECURITIES AND EXCHANGE (‘‘NYSs’’).7
COMMISSION A. Self-Regulatory Organization’s According to the Prior Release, WCM
Statement of the Purpose of, and the employs a team approach through
[Release No. 34–74271; File No. SR– Statutory Basis for, the Proposed Rule Investment Strategy Group, consisting of
NYSEArca–2015–06] Change four senior investment professionals
1. Purpose (the ‘‘Portfolio Managers’’). This team
Self-Regulatory Organizations; NYSE establishes portfolio guidelines for
Arca, Inc.; Notice of Filing and The Commission has approved a sector and industry analysis and
Immediate Effectiveness of Proposed proposed rule change relating to listing develops the Fund’s portfolio. The
Rule Change Regarding the and trading on the Exchange of shares Portfolio Managers analyze the major
AdvisorShares WCM/BNY Mellon (‘‘Shares’’) of the AdvisorShares WCM/ trends in the global economy in order to
Focused Growth ADR ETF’s Holdings BNY Mellon Focused Growth ADR ETF identify those economic sectors and
of Non-U.S. Equity Securities (the ‘‘Fund’’) under NYSE Arca Equities
Rule 8.600,4 which governs the listing 6 The Trust is registered under the 1940 Act. On
February 13, 2015. and trading of Managed Fund Shares.5 November 1, 2014, the Trust filed with the
Commission an amendment to its registration
Pursuant to section 19(b)(1) 1 of the 4 See Securities Exchange Act Release No. 62502 statement on Form N–1A under the Securities Act
Securities Exchange Act of 1934 (the (July 15, 2010), 75 FR 42471 (July 21, 2010) (SR– of 1933 (15 U.S.C. 77a) and the 1940 Act relating
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 NYSEArca–2010–57) (the ‘‘Prior Order’’). The to the Fund (File Nos. 333–157876 and 811–22110)
notice is hereby given that, on February notice with respect to the Prior Order was (the ‘‘Registration Statement’’). The description of
published in Securities Exchange Act Release No. the operation of the Trust and the Fund herein is
3, 2015, NYSE Arca, Inc. (the based, in part, on the Registration Statement. In
62344 (June 21, 2010), 75 FR 37498 (June 29, 2010)
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with (‘‘Prior Notice’’ and, together with the Prior Order, addition, the Commission has issued an order
the Securities and Exchange the ‘‘Prior Release’’). granting certain exemptive relief to the Trust under
Commission (the ‘‘Commission’’) the 5 A Managed Fund Share is a security that the1940 Act. See Investment Company Act Release
represents an interest in an investment company No. 29291 (May 28, 2010) (File No. 812–13677)
proposed rule change as described in (‘‘Exemptive Order’’).
registered under the Investment Company Act of
Items I and II below, which Items have 1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as 7 According to the Registration Statement, DRs,
been prepared by the self-regulatory an open-end investment company or similar entity which include ADRs, GDRs, Euro DRs and NYSs,
organization. The Commission is that invests in a portfolio of securities selected by are negotiable securities that generally represent a
its investment adviser consistent with its non-U.S. company’s publicly traded equity or debt.
TKELLEY on DSK3SPTVN1PROD with NOTICES
publishing this notice to solicit Depositary Receipts may be purchased in the U.S.
investment objectives and policies. In contrast, an
comments on the proposed rule change open-end investment company that issues secondary trading market. They may trade freely,
from interested persons. Investment Company Units, listed and traded on just like any other security, either on an exchange
the Exchange under NYSE Arca Equities Rule or in the over-the-counter market. Although
32 17
5.2(j)(3), seeks to provide investment results that typically denominated in U.S. dollars, Depositary
CFR 200.30–3(a)(12). correspond generally to the price and yield Receipts can also be denominated in Euros.
1 15 U.S.C. 78s(b)(1). performance of a specific foreign or domestic stock Depositary Receipts can trade on all U.S. stock
2 15 U.S.C. 78a.
index, fixed income securities index or combination exchanges as well as on many European stock
3 17 CFR 240.19b–4. thereof. exchanges.
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![9304 Federal Register / Vol. 80, No. 34 / Friday, February 20, 2015 / Notices
of the Act 15 and Rule 19b–4(f)(6)(iii) 10:00 a.m. and 3:00 p.m. Copies of such Federal holidays. If you have questions
thereunder.16 filing will also be available for on viewing or submitting material to the
At any time within 60 days of the inspection and copying at the principal docket, contact Docket Services,
filing of the proposed rule change, the office of the Exchange and on its telephone (202) 366–9826.
Commission summarily may Internet Web site at www.nyse.com. All SUPPLEMENTARY INFORMATION:
temporarily suspend such rule change if comments received will be posted
it appears to the Commission that such without change; the Commission does I. Electronic Access
action is necessary or appropriate in the not edit personal identifying You may see all the comments online
public interest, for the protection of information from submissions. You through the Federal Document
investors, or otherwise in furtherance of should submit only information that Management System (FDMS) at http://
the purposes of the Act. you wish to make available publicly. All www.regulations.gov.
submissions should refer to File Docket: For access to the docket to
IV. Solicitation of Comments read background documents or
Number SR–NYSEArca–2015–06 and
Interested persons are invited to should be submitted on or before March comments, go to http://
submit written data, views, and 13, 2015. www.regulations.gov and/or Room
arguments concerning the foregoing, W12–140 on the ground level of the
For the Commission, by the Division of
including whether the proposed rule Trading and Markets, pursuant to delegated West Building, 1200 New Jersey Avenue
change is consistent with the Act. authority.17 SE., Washington, DC, between 9 a.m.
Comments may be submitted by any of Jill M. Peterson, and 5 p.m., Monday through Friday,
the following methods: except Federal holidays.
Assistant Secretary.
Privacy Act: In accordance with 5
Electronic Comments [FR Doc. 2015–03516 Filed 2–19–15; 8:45 am]
U.S.C. 553(c), DOT solicits comments
• Use the Commission’s Internet BILLING CODE 8011–01–P from the public to better inform its
comment form (http://www.sec.gov/ rulemaking process. DOT posts these
rules/sro.shtml); or comments, without edit, including any
• Send an email to rule-comments@ DEPARTMENT OF TRANSPORTATION personal information the commenter
sec.gov. Please include File Number SR– provides, to www.regulations.gov, as
NYSEArca–2015–06 on the subject line. Federal Motor Carrier Safety described in the system of records
Administration notice (DOT/ALL–14 FDMS), which can
Paper Comments
[Docket No. FMCSA–2014–0299] be reviewed at www.dot.gov/privacy.
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities Qualification of Drivers; Exemption II. Background
and Exchange Commission, 100 F Street Applications; Vision On December 10, 2014, FMCSA
NE., Washington, DC 20549–1090. published a notice of receipt of
AGENCY: Federal Motor Carrier Safety exemption applications from certain
All submissions should refer to File Administration (FMCSA), DOT.
Number SR–NYSEArca–2015–06. This individuals, and requested comments
ACTION: Notice of final disposition. from the public (79 FR 73397). That
file number should be included on the
subject line if email is used. To help the SUMMARY: FMCSA announces its notice listed 24 applicants’ case
Commission process and review your decision to exempt 24 individuals from histories. The 24 individuals applied for
comments more efficiently, please use the vision requirement in the Federal exemptions from the vision requirement
only one method. The Commission will Motor Carrier Safety Regulations in 49 CFR 391.41(b)(10), for drivers who
post all comments on the Commission’s (FMCSRs). They are unable to meet the operate CMVs in interstate commerce.
Internet Web site (http://www.sec.gov/ Under 49 U.S.C. 31136(e) and 31315,
vision requirement in one eye for
rules/sro.shtml). Copies of the FMCSA may grant an exemption for a 2-
various reasons. The exemptions will
submission, all subsequent year period if it finds ‘‘such exemption
enable these individuals to operate
amendments, all written statements would likely achieve a level of safety
commercial motor vehicles (CMVs) in
with respect to the proposed rule that is equivalent to or greater than the
interstate commerce without meeting
change that are filed with the level that would be achieved absent
the prescribed vision requirement in
Commission, and all written such exemption.’’ The statute also
one eye. The Agency has concluded that
communications relating to the allows the Agency to renew exemptions
granting these exemptions will provide
proposed rule change between the at the end of the 2-year period.
a level of safety that is equivalent to or
Commission and any person, other than Accordingly, FMCSA has evaluated the
greater than the level of safety
those that may be withheld from the 24 applications on their merits and
maintained without the exemptions for
public in accordance with the made a determination to grant
these CMV drivers.
provisions of 5 U.S.C. 552, will be exemptions to each of them.
DATES: The exemptions were granted
available for Web site viewing and January 10, 2015. The exemptions III. Vision and Driving Experience of
printing in the Commission’s Public expire on January 10, 2017. the Applicants
Reference Room, 100 F Street NE.,
FOR FURTHER INFORMATION CONTACT: The vision requirement in the
Washington, DC 20549, on official
Charles A. Horan, III, Director, Carrier, FMCSRs provides:
business days between the hours of A person is physically qualified to
Driver and Vehicle Safety Standards,
(202) 366–4001, fmcsamedical@dot.gov, drive a commercial motor vehicle if that
TKELLEY on DSK3SPTVN1PROD with NOTICES
15 15 U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– FMCSA, Department of Transportation, person has distant visual acuity of at
4(f)(6) requires a self-regulatory organization to give 1200 New Jersey Avenue SE., Room least 20/40 (Snellen) in each eye
the Commission written notice of its intent to file W64–224, Washington, DC 20590–0001. without corrective lenses or visual
the proposed rule change at least five business days Office hours are from 8:30 a.m. to 5 acuity separately corrected to 20/40
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the p.m., Monday through Friday, except (Snellen) or better with corrective
Commission. The Exchange has satisfied this lenses, distant binocular acuity of a least
requirement. 17 17 CFR 200.30–3(a)(12). 20/40 (Snellen) in both eyes with or
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Document Created: 2015-12-18 13:01:56
Document Modified: 2015-12-18 13:01:56
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 9301 |
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