81 FR 15382 - Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to First Trust Dorsey Wright Dynamic Focus 5 ETF Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 55 (March 22, 2016)
Federal Register Volume 81, Issue 55 (March 22, 2016)
| Page Range | 15382-15384 | |
| FR Document | 2016-06340 |
[Federal Register Volume 81, Number 55 (Tuesday, March 22, 2016)] [Notices] [Pages 15382-15384] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-06340] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77380; File No. TP 16-5] Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to First Trust Dorsey Wright Dynamic Focus 5 ETF Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M March 16, 2016. By letter dated March 16, 2016 (the ``Letter''), as supplemented by conversations with the staff of the Division of Trading and Markets, counsel for First Trust Exchange-Traded Fund VI (the ``Trust'') on behalf of the Trust, First Trust Dorsey Wright Dynamic Focus 5 ETF (the ``Fund''), any national securities exchange on or through which shares of the Fund (``Shares'') are listed and/or may subsequently trade, and persons or entities engaging in transactions in Shares (collectively, the ``Requestors''), requested exemptions, or interpretive or no-action relief, from Rule 10b-17 of the Securities Exchange Act of 1934, as amended (``Exchange Act''), and Rules 101 and 102 of Regulation M, in connection with secondary market transactions in Shares and the creation or redemption of aggregations of Shares of 50,000 shares (``Creation Units''). The Trust is registered with the Commission under the Investment Company Act of 1940, as amended (``1940 Act''), as an open-end management investment company. The Fund seeks to track the performance of an underlying index, the Dorsey Wright Dynamic Focus Five Index (``Underlying Index''). The Underlying Index is designed to provide targeted exposure to the five First Trust sector-based and industry- based ETFs that the index provider determines offer the greatest potential to outperform the other First Trust sector-based and industry-based ETFs. The Underlying Index is also designed to decrease overall equity exposure when the cash equivalents \1\ [[Page 15383]] gain strength. The allocation of the Cash Index is evaluated and adjusted periodically. The Cash Index may constitute between 0% and 95% of the weight of the Underlying Index. --------------------------------------------------------------------------- \1\ The cash equivalents in which the Fund may invest are 1- to 3-month U.S. Treasury Bills representing the component securities of an index (the Nasdaq US T-Bill Index (the ``Cash Index'')) that is a component of the Underlying Index. --------------------------------------------------------------------------- The Fund will seek to track the performance of its Underlying Index by normally investing at least 80% of its total assets in the underlying exchange-traded funds and the cash equivalents that comprise the Underlying Index. In light of the composition of the Underlying Index, the Fund intends to operate as an ``ETF of ETFs.'' Except for the fact that the Fund will operate as an ETF of ETFs, the Fund will operate in a manner identical to the underlying ETFs. The Requestors represent, among other things, the following:Shares of the Fund will be issued by the Trust, an open- end management investment company that is registered with the Commission; Creation Units will be continuously redeemable at the net asset value (``NAV'') next determined after receipt of a request for redemption by the Fund, and the secondary market price of the Shares should not vary substantially from the NAV of such Shares; Shares of the Fund will be listed and traded on The NASDAQ Stock Market LLC or another exchange in accordance with exchange listing standards that are, or will become, effective pursuant to Section 19(b) of the Exchange Act (the ``Listing Exchange''); \2\ --------------------------------------------------------------------------- \2\ Further, the Letter states that should the Shares also trade on a market pursuant to unlisted trading privileges, such trading will be conducted pursuant to self-regulatory organization rules that have become effective pursuant to Section 19(b) of the Exchange Act. --------------------------------------------------------------------------- The Fund seeks to track the performance of the Underlying Index, all the components of which have publicly available last sale trade information; The Listing Exchange will disseminate continuously every 15 seconds throughout the trading day, through the facilities of the Consolidated Tape Association, the market value of a Share; The Listing Exchange, market data vendors or other information providers will disseminate, every 15 seconds throughout the trading day, a calculation of the intraday indicative value of a Share; On each business day before the opening of business on the Listing Exchange, the Fund will cause to be published through the National Securities Clearing Corporation the list of the names and the quantities of securities of the Fund's portfolio that will be applicable that day to creation and redemption requests; The arbitrage mechanism will be facilitated by the transparency of the Fund's portfolio and the availability of the intraday indicative value, the liquidity of securities held by the Fund, the ability to acquire such securities, as well as arbitrageurs' ability to create workable hedges; The Fund will invest solely in liquid securities; The Fund will invest in securities that will facilitate an effective and efficient arbitrage mechanism and the ability to create workable hedges; All ETFs in which the Fund invests will either meet all conditions set forth in one or more class relief letters,\3\ will have received individual relief from the Commission, will be able to rely on individual relief even though they are not named parties, or will be able to rely on applicable class relief for actively-managed ETFs; \4\ --------------------------------------------------------------------------- \3\ Exchange Act Rel. No. 67215 (Jun. 19, 2012), 77 FR 37941 (Jun. 25, 2012); Letter from Catherine McGuire, Esq., Chief Counsel, Division of Market Regulation, to the Securities Industry Association Derivative Products Committee (Nov. 21, 2005); Letter from Racquel L. Russell, Branch Chief, Division of Market Regulation, to George T. Simon, Esq., Foley & Lardner LLP (Jun. 21, 2006); Letter from James A. Brigagliano, Acting Associate Director, Division of Market Regulation, to Stuart M. Strauss, Esq., Clifford Chance US LLP (Oct. 24, 2006); Letter from James A. Brigagliano, Associate Director, Division of Market Regulation, to Benjamin Haskin, Esq., Willkie. Farr & Gallagher LLP (Apr. 9, 2007); or Letter from Josephine Tao, Assistant Director, Division of Trading and Markets, to Domenick Pugliese, Esq., Paul, Hastings, Janofsky and Walker LLP (Jun. 27, 2007). \4\ See Staff Legal Bulletin No. 9, ``Frequently Asked Questions About Regulation M'' (Apr. 12, 2002) (regarding actively-managed ETFs). --------------------------------------------------------------------------- The Trust believes that arbitrageurs are expected to take advantage of price variations between the Fund's market price and its NAV; and A close alignment between the market price of Shares and the Fund's NAV is expected. Regulation M While redeemable securities issued by an open-end management investment company are excepted from the provisions of Rule 101 and 102 of Regulation M, the Requestors may not rely upon that exception for the Shares.\5\ However, we find that it is appropriate in the public interest and is consistent with the protection of investors to grant a conditional exemption from Rules 101 and 102 to persons who may be deemed to be participating in a distribution of Shares of the Fund as described in more detail below. --------------------------------------------------------------------------- \5\ While ETFs operate under exemptions from the definitions of ``open-end company'' under Section 5(a)(1) of the 1940 Act and ``redeemable security'' under Section 2(a)(32) of the 1940 Act, the Fund and its securities do not meet those definitions. --------------------------------------------------------------------------- Rule 101 of Regulation M Generally, Rule 101 of Regulation M is an anti-manipulation rule that, subject to certain exceptions, prohibits any ``distribution participant'' and its ``affiliated purchasers'' from bidding for, purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of a distribution until after the applicable restricted period, except as specifically permitted in the rule. Rule 100 of Regulation M defines ``distribution'' to mean any offering of securities that is distinguished from ordinary trading transactions by the magnitude of the offering and the presence of special selling efforts and selling methods. The provisions of Rule 101 of Regulation M apply to underwriters, prospective underwriters, brokers, dealers, or other persons who have agreed to participate or are participating in a distribution of securities. The Shares are in a continuous distribution and, as such, the restricted period in which distribution participants and their affiliated purchasers are prohibited from bidding for, purchasing, or attempting to induce others to bid for or purchase extends indefinitely. Based on the representations and facts presented in the Letter, particularly that the Trust is a registered open-end management investment company, that Creation Unit size aggregations of the Shares of the Fund will be continuously redeemable at the NAV next determined after receipt of a request for redemption by the Fund, and that a close alignment between the market price of Shares and the Fund's NAV is expected, the Commission finds that it is appropriate in the public interest and consistent with the protection of investors to grant the Trust an exemption under paragraph (d) of Rule 101 of Regulation M with respect to the Fund, thus permitting persons participating in a distribution of Shares of the Fund to bid for or purchase such Shares during their participation in such distribution.\6\ --------------------------------------------------------------------------- \6\ Additionally, we confirm the interpretation that a redemption of Creation Unit size aggregations of Shares of the Fund and the receipt of securities in exchange by a participant in a distribution of Shares of the Fund would not constitute an ``attempt to induce any person to bid for or purchase, a covered security during the applicable restricted period'' within the meaning of Rule 101 of Regulation M and therefore would not violate that rule. --------------------------------------------------------------------------- Rule 102 of Regulation M Rule 102 of Regulation M prohibits issuers, selling security holders, and any affiliated purchaser of such person from bidding for, purchasing, or attempting to [[Page 15384]] induce any person to bid for or purchase a covered security during the applicable restricted period in connection with a distribution of securities effected by or on behalf of an issuer or selling security holder. Based on the representations and facts presented in the Letter, particularly that the Trust is a registered open-end management investment company, that Creation Unit size aggregations of the Shares of the Fund will be continuously redeemable at the NAV next determined after receipt of a request for redemption by the Fund, and that a close alignment between the market price of Shares and the Fund's NAV is expected, the Commission finds that it is appropriate in the public interest and consistent with the protection of investors to grant the Trust an exemption under paragraph (e) of Rule 102 of Regulation M with respect to the Fund, thus permitting the Fund to redeem Shares of the Fund during the continuous offering of such Shares. Rule 10b-17 Rule 10b-17, with certain exceptions, requires an issuer of a class of publicly traded securities to give notice of certain specified actions (for example, a dividend distribution) relating to such class of securities in accordance with Rule 10b-17(b). Based on the representations and facts in the Letter, and subject to the conditions below, we find that it is appropriate in the public interest, and consistent with the protection of investors to grant the Trust a conditional exemption from Rule 10b-17 because market participants will receive timely notification of the existence and timing of a pending distribution, and thus the concerns that the Commission raised in adopting Rule 10b-17 will not be implicated.\7\ --------------------------------------------------------------------------- \7\ We also note that timely compliance with Rule 10b- 17(b)(1)(v)(a) and (b) would be impractical in light of the nature of the Fund. This is because it is not possible for the Fund to accurately project ten days in advance what dividend, if any, would be paid on a particular record date. --------------------------------------------------------------------------- Conclusion It is hereby ordered, pursuant to Rule 101(d) of Regulation M, that the Trust, based on the representations and facts presented in the Letter, is exempt from the requirements of Rule 101 with respect to the Fund, thus permitting persons who may be deemed to be participating in a distribution of Shares of the Fund to bid for or purchase such Shares during their participation in such distribution. It is further ordered, pursuant to Rule 102(e) of Regulation M, that the Trust, based on the representations and the facts presented in the Letter, is exempt from the requirements of Rule 102 with respect to the Fund, thus permitting the Fund to redeem Shares of the Fund during the continuous offering of such Shares. It is further ordered, pursuant to Rule 10b-17(b)(2), that the Trust, based on the representations and the facts presented in the Letter and subject to the conditions below, is exempt from the requirements of Rule 10b-17 with respect to transactions in the shares of the Fund. This exemptive relief is subject to the following conditions: The Trust will comply with Rule 10b-17 except for Rule 10b-17(b)(1)(v)(a) and (b); and The Trust will provide the information required by Rule 10b-17(b)(1)(v)(a) and (b) to the Listing Exchange as soon as practicable before trading begins on the ex-dividend date, but in no event later than the time when the Listing Exchange last accepts information relating to distributions on the day before the ex-dividend date. This exemptive relief is subject to modification or revocation at any time the Commission determines that such action is necessary or appropriate in furtherance of the purposes of the Exchange Act. Persons relying upon this exemptive relief shall discontinue transactions involving the Shares of the Fund, pending presentation of the facts for the Commission's consideration, in the event that any material change occurs with respect to any of the facts or representations made by the Requestors and, consistent with all preceding letters, particularly with respect to the close alignment between the market price of Shares and the Fund's NAV. In addition, persons relying on this exemption are directed to the anti-fraud and anti-manipulation provisions of the Exchange Act, particularly Sections 9(a) and 10(b), and Rule 10b-5 thereunder. Responsibility for compliance with these and any other applicable provisions of the federal securities laws must rest with the persons relying on these exemptions. This order should not be considered a view with respect to any other question that the proposed transactions may raise, including, but not limited to the adequacy of the disclosure concerning, and the applicability of other federal or state laws to, the proposed transactions. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(6) and (9). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-06340 Filed 3-21-16; 8:45 am] BILLING CODE 8011-01-P
![15382 Federal Register / Vol. 81, No. 55 / Tuesday, March 22, 2016 / Notices
Exchange Act,28 because the proposed (B) institute proceedings to determine For the Commission, by the Division of
rule change would be consistent with whether the proposed rule change Trading and Markets, pursuant to delegated
and facilitate a governance and should be disapproved. authority.29
regulatory structure that is designed to Robert W. Errett,
prevent fraudulent and manipulative IV. Solicitation of Comments Deputy Secretary.
acts and practices, to promote just and Interested persons are invited to [FR Doc. 2016–06363 Filed 3–21–16; 8:45 am]
equitable principles of trade, to foster submit written data, views and BILLING CODE 8011–01–P
cooperation and coordination with arguments concerning the foregoing,
persons engaged in regulating, clearing, including whether the proposed rule
settling, processing information with SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION
respect to, and facilitating transactions Comments may be submitted by any of
in securities, to remove impediments to, the following methods: [Release No. 34–77380; File No. TP 16–5]
and perfect the mechanism of a free and
open market and a national market Electronic Comments Order Granting Limited Exemptions
system and, in general, to protect From Exchange Act Rule 10b–17 and
investors and the public interest. As • Use the Commission’s Internet Rules 101 and 102 of Regulation M to
discussed above, the Exchange believes comment form (http://www.sec.gov/ First Trust Dorsey Wright Dynamic
that by expanding the ability of rules/sro.shtml); or Focus 5 ETF Pursuant to Exchange Act
stockholders to nominate directors that • Send an email to rule-comments@ Rule 10b–17(b)(2) and Rules 101(d) and
could constitute a significant percent sec.gov. Please include File Number SR– 102(e) of Regulation M
(20%) of the number of directors NYSEARCA–2016–25 on the subject
currently serving on the ICE Board, the March 16, 2016.
line.
proposed rule change would ensure By letter dated March 16, 2016 (the
better corporate governance and Paper Comments ‘‘Letter’’), as supplemented by
accountability to stockholders, thereby conversations with the staff of the
• Send paper comments in triplicate Division of Trading and Markets,
protecting investors and the public to Secretary, Securities and Exchange
interest. counsel for First Trust Exchange-Traded
Commission, 100 F Street NE., Fund VI (the ‘‘Trust’’) on behalf of the
B. Self-Regulatory Organization’s Washington, DC 20549–1090. Trust, First Trust Dorsey Wright
Statement on Burden on Competition Dynamic Focus 5 ETF (the ‘‘Fund’’), any
All submissions should refer to File
The Exchange does not believe that Number SR–NYSEARCA–2016–25. This national securities exchange on or
the proposed rule change will impose file number should be included on the through which shares of the Fund
any burden on competition that is not (‘‘Shares’’) are listed and/or may
subject line if email is used. To help the
necessary or appropriate in furtherance subsequently trade, and persons or
Commission process and review your
of the purposes of the Exchange Act. entities engaging in transactions in
comments more efficiently, please use
The proposed rule change is not Shares (collectively, the ‘‘Requestors’’),
only one method. The Commission will
designed to address any competitive requested exemptions, or interpretive or
post all comments on the Commission’s no-action relief, from Rule 10b-17 of the
issue in the U.S. or European securities Internet Web site (http://www.sec.gov/
markets or have any impact on Securities Exchange Act of 1934, as
rules/sro.shtml). Copies of the amended (‘‘Exchange Act’’), and Rules
competition in those markets; rather, submission, all subsequent
adoption of a proxy access bylaw by ICE 101 and 102 of Regulation M, in
amendments, all written statements connection with secondary market
is intended to enhance corporate with respect to the proposed rule
governance and accountability to transactions in Shares and the creation
change that are filed with the or redemption of aggregations of Shares
stockholders. Commission, and all written of 50,000 shares (‘‘Creation Units’’).
C. Self-Regulatory Organization’s communications relating to the The Trust is registered with the
Statement on Comments on the proposed rule change between the Commission under the Investment
Proposed Rule Change Received From Commission and any person, other than Company Act of 1940, as amended
Members, Participants, or Others those that may be withheld from the (‘‘1940 Act’’), as an open-end
public in accordance with the management investment company. The
No written comments were solicited
provisions of 5 U.S.C. 552, will be Fund seeks to track the performance of
or received with respect to the proposed
available for Web site viewing and an underlying index, the Dorsey Wright
rule change.
printing in the Commission’s Public Dynamic Focus Five Index (‘‘Underlying
III. Date of Effectiveness of the Reference Room, 100 F Street NE., Index’’). The Underlying Index is
Proposed Rule Change and Timing for Washington, DC 20549, on official designed to provide targeted exposure to
Commission Action business days between the hours of the five First Trust sector-based and
Within 45 days of the date of 10:00 a.m. and 3:00 p.m. Copies of the industry-based ETFs that the index
publication of this notice in the Federal filing also will be available for provider determines offer the greatest
Register or within such longer period inspection and copying at the principal potential to outperform the other First
up to 90 days (i) as the Commission may office of the Exchange. All comments Trust sector-based and industry-based
received will be posted without change; ETFs. The Underlying Index is also
asabaliauskas on DSK3SPTVN1PROD with NOTICES
designate if it finds such longer period
to be appropriate and publishes its the Commission does not edit personal designed to decrease overall equity
reasons for so finding or (ii) as to which identifying information from exposure when the cash equivalents 1
the self-regulatory organization submissions. You should submit only
consents, the Commission will: information that you wish to make 29 17 CFR 200.30–3(a)(12).
(A) By order approve or disapprove available publicly. All submissions 1 The cash equivalents in which the Fund may
should refer to File Number SR– invest are 1- to 3-month U.S. Treasury Bills
the proposed rule change, or representing the component securities of an index
NYSEARCA–2016–25 and should be (the Nasdaq US T-Bill Index (the ‘‘Cash Index’’))
28 15 U.S.C. 78f(b)(5). submitted on or before April 12, 2016. that is a component of the Underlying Index.
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![15384 Federal Register / Vol. 81, No. 55 / Tuesday, March 22, 2016 / Notices
induce any person to bid for or purchase facts presented in the Letter, is exempt For the Commission, by the Division of
a covered security during the applicable from the requirements of Rule 102 with Trading and Markets, pursuant to delegated
restricted period in connection with a authority.8
respect to the Fund, thus permitting the
distribution of securities effected by or Fund to redeem Shares of the Fund Robert W. Errett,
on behalf of an issuer or selling security during the continuous offering of such Deputy Secretary.
holder. Shares. [FR Doc. 2016–06340 Filed 3–21–16; 8:45 am]
Based on the representations and facts BILLING CODE 8011–01–P
presented in the Letter, particularly that It is further ordered, pursuant to Rule
the Trust is a registered open-end 10b–17(b)(2), that the Trust, based on
management investment company, that the representations and the facts SECURITIES AND EXCHANGE
Creation Unit size aggregations of the presented in the Letter and subject to COMMISSION
Shares of the Fund will be continuously the conditions below, is exempt from
[Release No. IC–32029; File No. 812–14600]
redeemable at the NAV next determined the requirements of Rule 10b–17 with
after receipt of a request for redemption respect to transactions in the shares of Principal Life Insurance Company, et
by the Fund, and that a close alignment the Fund. al., Notice of Application
between the market price of Shares and This exemptive relief is subject to the
the Fund’s NAV is expected, the March 17, 2016.
following conditions:
Commission finds that it is appropriate AGENCY: Securities and Exchange
in the public interest and consistent • The Trust will comply with Rule Commission (‘‘Commission’’).
with the protection of investors to grant 10b–17 except for Rule 10b– ACTION: Notice of application for an
the Trust an exemption under paragraph 17(b)(1)(v)(a) and (b); and order approving the substitution of
(e) of Rule 102 of Regulation M with • The Trust will provide the certain securities pursuant to Section
respect to the Fund, thus permitting the information required by Rule 10b– 26(c) of the Investment Company Act of
Fund to redeem Shares of the Fund 17(b)(1)(v)(a) and (b) to the Listing 1940 (the ‘‘Act’’).
during the continuous offering of such Exchange as soon as practicable before
Shares. Applicants: Principal Life Insurance
trading begins on the ex-dividend date, Company (‘‘PLIC’’) and Principal Life
Rule 10b–17 but in no event later than the time when Insurance Company Separate Account B
Rule 10b–17, with certain exceptions, the Listing Exchange last accepts (‘‘Separate Account’’) (together, the
requires an issuer of a class of publicly information relating to distributions on ‘‘Applicants’’).
traded securities to give notice of certain the day before the ex-dividend date. SUMMARY: Summary of Application:
specified actions (for example, a This exemptive relief is subject to Applicants seek an order pursuant to
dividend distribution) relating to such modification or revocation at any time Section 26(c) of the Act approving the
class of securities in accordance with the Commission determines that such substitution of shares of Fidelity
Rule 10b–17(b). Based on the action is necessary or appropriate in Variable Insurance Products Fund V
representations and facts in the Letter, Government Money Market Portfolio
furtherance of the purposes of the
and subject to the conditions below, we (the ‘‘Replacement Fund’’) for shares of
Exchange Act. Persons relying upon this
find that it is appropriate in the public Principal Variable Contracts Funds, Inc.
exemptive relief shall discontinue Money Market Account (the ‘‘Existing
interest, and consistent with the transactions involving the Shares of the
protection of investors to grant the Trust Fund’’) held by the Separate Account to
Fund, pending presentation of the facts support variable annuity contracts
a conditional exemption from Rule 10b– for the Commission’s consideration, in
17 because market participants will (each, a ‘‘Contract’’ and collectively, the
the event that any material change ‘‘Contracts’’) issued by PLIC.
receive timely notification of the occurs with respect to any of the facts
existence and timing of a pending DATES: Filing Dates: The application was
or representations made by the filed on January 14, 2016 and amended
distribution, and thus the concerns that
Requestors and, consistent with all on February 29, 2016, March 7, 2016,
the Commission raised in adopting Rule
10b–17 will not be implicated.7 preceding letters, particularly with and March 14, 2016.
respect to the close alignment between Hearing or Notification of Hearing: An
Conclusion the market price of Shares and the order granting the requested relief will
It is hereby ordered, pursuant to Rule Fund’s NAV. In addition, persons be issued unless the Commission orders
101(d) of Regulation M, that the Trust, relying on this exemption are directed a hearing. Interested persons may
based on the representations and facts to the anti-fraud and anti-manipulation request a hearing by writing to the
presented in the Letter, is exempt from provisions of the Exchange Act, Commission’s Secretary and serving
the requirements of Rule 101 with particularly Sections 9(a) and 10(b), and applicants with a copy of the request,
respect to the Fund, thus permitting Rule 10b–5 thereunder. personally or by mail. Hearing requests
persons who may be deemed to be should be received by the Commission
Responsibility for compliance with
participating in a distribution of Shares by 5:30 p.m. on April 7, 2016, and
these and any other applicable
of the Fund to bid for or purchase such should be accompanied by proof of
provisions of the federal securities laws service on applicants, in the form of an
Shares during their participation in
must rest with the persons relying on affidavit or, for lawyers, a certificate of
such distribution.
It is further ordered, pursuant to Rule these exemptions. This order should not service. Pursuant to Rule 0–5 under the
asabaliauskas on DSK3SPTVN1PROD with NOTICES
102(e) of Regulation M, that the Trust, be considered a view with respect to Act, hearing requests should state the
based on the representations and the any other question that the proposed nature of the writer’s interest, any facts
transactions may raise, including, but bearing upon the desirability of a
7 We also note that timely compliance with Rule not limited to the adequacy of the hearing on the matter, the reason for the
10b–17(b)(1)(v)(a) and (b) would be impractical in disclosure concerning, and the request, and the issues contested.
light of the nature of the Fund. This is because it applicability of other federal or state
is not possible for the Fund to accurately project ten Persons who wish to be notified of a
days in advance what dividend, if any, would be laws to, the proposed transactions.
paid on a particular record date. 8 17 CFR 200.30–3(a)(6) and (9).
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Document Created: 2018-02-02 15:15:59
Document Modified: 2018-02-02 15:15:59
| 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 | 81 FR 15382 |
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