81 FR 35423 - Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to SPDR Series Trust and SPDR Dorsey Wright Fixed Income Allocation 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 106 (June 2, 2016)
Federal Register Volume 81, Issue 106 (June 2, 2016)
| Page Range | 35423-35425 | |
| FR Document | 2016-13041 |
[Federal Register Volume 81, Number 106 (Thursday, June 2, 2016)] [Notices] [Pages 35423-35425] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-13041] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77942; File No. TP 16-8] Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to SPDR Series Trust and SPDR Dorsey Wright Fixed Income Allocation ETF Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M May 27, 2016. By letter dated May 27, 2016 (the ``Letter''), as supplemented by conversations with the staff of the Division of Trading and Markets, counsel for SPDR Series Trust (the ``Trust''), on behalf of the Trust, SPDR Dorsey Wright Fixed Income Allocation ETF (the ``Fund''), any national securities exchange on or through which shares issued by the Fund (``Shares'') may subsequently trade, State Street Global Markets, LLC (the ``Distributor''), 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 at least 25,000 shares (``Creation Units''). The Trust is registered with the Securities and Exchange Commission (``Commission'') under the Investment Company Act of 1940, as amended (``1940 Act''), as an open-end management investment company. The SPDR Dorsey Wright Fixed Income Allocation ETF will seek results that correspond generally to the performance, before fees and expenses, of the Dorsey Wright Fixed Income Allocation Index (the ``Index''). In doing so, the Fund will, under normal circumstances, invest at least 80% (but typically substantially all) of its total assets in the four ETFs that comprise the Index (the ``Underlying ETFs'').\1\ In light of the Index's composition, 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 substantially identical to the Underlying ETFs. --------------------------------------------------------------------------- \1\ At any given time, the underlying Index will be composed of four SPDR ETFs from a universe that currently consists of 21 eligible SPDR ETFs that each invest in a different sub-asset class in the fixed income market. While the Fund typically will invest substantially all of its assets in the four Underlying ETFs, the Fund may also invest in instruments not included in the Index, such as convertible securities, variable rate demand notes, commercial paper, structured notes, swaps, options and futures contracts, which the Fund may use in seeking performance that corresponds to its Index and in managing cash flows. --------------------------------------------------------------------------- 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; The Trust will continuously redeem Creation Units at net asset value (``NAV''), 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 NASDAQ Stock Market LLC or other 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''); All Underlying ETFs in which the Fund invests will either meet all conditions set forth in one or more of the ETF class relief letters,\2\ will have [[Page 35424]] received individual relief from the Commission, will be able to rely on individual relief even though they are not named parties (for example, a no-action letter), or will be able to rely on applicable class relief for actively-managed ETFs; \3\ --------------------------------------------------------------------------- \2\ See, e.g., Letter from James A. Brigagliano, Acting Associate Director, Division of Market Regulation, to Stuart M. Strauss, Esq., Clifford Chance US LLP (October 24, 2006) regarding class relief for exchange-traded index funds; Letter from Catherine McGuire, Esq., Chief Counsel, Division of Market Regulation, to the Securities Industry Association Derivative Products Committee (November 21, 2005); Letter from Racquel L. Russell, Branch Chief, Division of Market Regulation, to George T. Simon, Esq., Foley & Lardner LLP (June 21, 2006) regarding commodity-based investment vehicles; Letter from James A. Brigagliano, Associate Director, Division of Market Regulation, to Benjamin Haskin, Esq., Willkie. Farr & Gallagher LLP (April 9, 2007) regarding class relief for fixed income exchange traded funds; or Letter from Josephine Tao, Assistant Director, Division of Trading and Markets, to Domenick Pugliese, Esq., Paul, Hastings, Janofsky and Walker LLP (June 27, 2007) regarding class relief for combination exchange-traded funds. \3\ See Division of Market Regulation Staff Legal Bulletin No. 9, as revised on September 10, 2010, with respect to Rules 101 and 102 of Regulation M, and Securities Exchange Act Rel. No. 67215 (June 19, 2012), with respect to Rule 10b-17. --------------------------------------------------------------------------- All of the components of the Index will have publicly available last sale trade information; The intra-day proxy (or ``indicative'') value of the Fund per share and the value of the Index will be publicly disseminated by a major market data vendor throughout the trading day; On each business day before the opening of business on the Listing Exchange, the Fund's custodian, through the National Securities Clearing Corporation, will make publicly available the list of the names and the numbers of securities of the Fund's portfolio that will be applicable that day to creation and redemption requests; The Listing Exchange or other market information provider will disseminate (i) continuously every 15 seconds throughout the trading day, through the facilities of the consolidated tape, the market value of a Share, and (ii) every 15 seconds throughout the trading day, a calculation of the intra-day indicative value of a Share; The Fund will invest in securities that will facilitate an effective and efficient arbitrage mechanism and the ability to create workable hedges; The Requestors believe that arbitrageurs are expected to take advantage of price variations between the Fund's market price and its NAV; The arbitrage mechanism will be facilitated by the transparency of the Fund's portfolio and the availability of the intra- day indicative value, the liquidity of securities held by the Fund, and the ability to acquire such securities, as well as arbitrageurs' ability to create workable hedges; 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.\4\ 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 and the Fund as described in more detail below. --------------------------------------------------------------------------- \4\ 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 will continuously redeem at the NAV Creation Unit size aggregations of the Shares of 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.\5\ --------------------------------------------------------------------------- \5\ 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, or any affiliated purchaser of such person from bidding for, purchasing, or attempting to 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 will redeem at the NAV Creation Units of Shares of 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 [[Page 35425]] adopting Rule 10b-17 will not be implicated.\6\ --------------------------------------------------------------------------- \6\ We also note that timely compliance with Rule 10b- 17(b)(1)(v)(a) and (b) would be impractical 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. Further, the Commission finds, based upon the representations in the Letter, that the provision of the notices as described in the Letter would not constitute a manipulative or deceptive device or contrivance comprehended within the purpose of Rule 10b-17. --------------------------------------------------------------------------- Conclusion It is hereby ordered, pursuant to Rule 101(d) of Regulation M, that the Trust, based on the representations and the 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 exemptive relief are directed to the antifraud 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 this exemptive relief. 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.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(6) and (9). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-13041 Filed 6-1-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices 35423
market participants are welcome to with respect to the proposed rule Rule 10b-17 of the Securities Exchange
become CBOE market participants. change that are filed with the Act of 1934, as amended (‘‘Exchange
Commission, and all written Act’’), and Rules 101 and 102 of
C. Self-Regulatory Organization’s
communications relating to the Regulation M, in connection with
Statement on Comments on the
proposed rule change between the secondary market transactions in Shares
Proposed Rule Change Received From and the creation or redemption of
Commission and any person, other than
Members, Participants, or Others aggregations of Shares of at least 25,000
those that may be withheld from the
The Exchange neither solicited nor public in accordance with the shares (‘‘Creation Units’’).
received comments on the proposed provisions of 5 U.S.C. 552, will be The Trust is registered with the
rule change. available for Web site viewing and Securities and Exchange Commission
printing in the Commission’s Public (‘‘Commission’’) under the Investment
III. Date of Effectiveness of the
Reference Room, 100 F Street NE., Company Act of 1940, as amended
Proposed Rule Change and Timing for
Washington, DC 20549, on official (‘‘1940 Act’’), as an open-end
Commission Action management investment company. The
business days between the hours of
The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the SPDR Dorsey Wright Fixed Income
effective pursuant to Section 19(b)(3)(A) filing also will be available for Allocation ETF will seek results that
of the Act 10 and paragraph (f) of Rule inspection and copying at the principal correspond generally to the
19b–4 11 thereunder. At any time within office of the Exchange. All comments performance, before fees and expenses,
60 days of the filing of the proposed rule received will be posted without change; of the Dorsey Wright Fixed Income
change, the Commission summarily may the Commission does not edit personal Allocation Index (the ‘‘Index’’). In doing
temporarily suspend such rule change if identifying information from so, the Fund will, under normal
it appears to the Commission that such submissions. You should submit only circumstances, invest at least 80% (but
action is necessary or appropriate in the information that you wish to make typically substantially all) of its total
public interest, for the protection of available publicly. All submissions assets in the four ETFs that comprise the
investors, or otherwise in furtherance of should refer to File Number SR–CBOE– Index (the ‘‘Underlying ETFs’’).1 In light
the purposes of the Act. If the 2016–045, and should be submitted on of the Index’s composition, the Fund
Commission takes such action, the or before June 23, 2016. intends to operate as an ‘‘ETF of ETFs.’’
Commission will institute proceedings Except for the fact that the Fund will
to determine whether the proposed rule For the Commission, by the Division of
Trading and Markets, pursuant to delegated
operate as an ETF of ETFs, the Fund
change should be approved or authority.12 will operate in a manner substantially
disapproved. identical to the Underlying ETFs.
Brent J. Fields,
The Requestors represent, among
IV. Solicitation of Comments Secretary.
other things, the following:
Interested persons are invited to [FR Doc. 2016–12873 Filed 6–1–16; 8:45 am] • Shares of the Fund will be issued
submit written data, views, and BILLING CODE 8011–01–P by the Trust, an open-end management
arguments concerning the foregoing, investment company that is registered
including whether the proposed rule with the Commission;
change is consistent with the Act. SECURITIES AND EXCHANGE • The Trust will continuously redeem
Comments may be submitted by any of COMMISSION Creation Units at net asset value
the following methods: [Release No. 34–77942; File No. TP 16–8] (‘‘NAV’’), and the secondary market
price of the Shares should not vary
Electronic Comments
Order Granting Limited Exemptions substantially from the NAV of such
• Use the Commission’s Internet From Exchange Act Rule 10b–17 and Shares;
comment form (http://www.sec.gov/ Rules 101 and 102 of Regulation M to • Shares of the Fund will be listed
rules/sro.shtml); or SPDR Series Trust and SPDR Dorsey and traded on NASDAQ Stock Market
• Send an email to rule-comments@ Wright Fixed Income Allocation ETF LLC or other exchange in accordance
sec.gov. Please include File Number SR– Pursuant to Exchange Act Rule 10b– with exchange listing standards that are,
CBOE–2016–045 on the subject line. 17(b)(2) and Rules 101(d) and 102(e) of or will become, effective pursuant to
Paper Comments Regulation M Section 19(b) of the Exchange Act (the
‘‘Listing Exchange’’);
• Send paper comments in triplicate May 27, 2016. • All Underlying ETFs in which the
to Secretary, Securities and Exchange By letter dated May 27, 2016 (the Fund invests will either meet all
Commission, 100 F Street NE., ‘‘Letter’’), as supplemented by conditions set forth in one or more of
Washington, DC 20549–1090. conversations with the staff of the the ETF class relief letters,2 will have
All submissions should refer to File Division of Trading and Markets,
Number SR–CBOE–2016–045. This file counsel for SPDR Series Trust (the 1 At any given time, the underlying Index will be
number should be included on the ‘‘Trust’’), on behalf of the Trust, SPDR composed of four SPDR ETFs from a universe that
currently consists of 21 eligible SPDR ETFs that
subject line if email is used. To help the Dorsey Wright Fixed Income Allocation each invest in a different sub-asset class in the fixed
Commission process and review your ETF (the ‘‘Fund’’), any national income market. While the Fund typically will
comments more efficiently, please use securities exchange on or through which invest substantially all of its assets in the four
shares issued by the Fund (‘‘Shares’’) Underlying ETFs, the Fund may also invest in
asabaliauskas on DSK3SPTVN1PROD with NOTICES
only one method. The Commission will
instruments not included in the Index, such as
post all comments on the Commission’s may subsequently trade, State Street convertible securities, variable rate demand notes,
Internet Web site (http://www.sec.gov/ Global Markets, LLC (the ‘‘Distributor’’), commercial paper, structured notes, swaps, options
rules/sro.shtml). Copies of the and persons or entities engaging in and futures contracts, which the Fund may use in
submission, all subsequent transactions in Shares (collectively, the seeking performance that corresponds to its Index
and in managing cash flows.
amendments, all written statements ‘‘Requestors’’), requested exemptions, or 2 See, e.g., Letter from James A. Brigagliano,
interpretive or no-action relief, from Acting Associate Director, Division of Market
10 15 U.S.C. 78s(b)(3)(A). Regulation, to Stuart M. Strauss, Esq., Clifford
11 17 CFR 240.19b–4(f). 12 17 CFR 200.30–3(a)(12). Continued
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![Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices 35425
adopting Rule 10b–17 will not be Requestors and, consistent with all I. Self-Regulatory Organization’s
implicated.6 preceding letters, particularly with Statement of the Terms of Substance of
respect to the close alignment between the Proposed Rule Change
Conclusion
the market price of Shares and the The Exchange proposes to list and
It is hereby ordered, pursuant to Rule Fund’s NAV. In addition, persons
101(d) of Regulation M, that the Trust, trade shares of the following under
relying on this exemptive relief are NYSE Arca Equities Rule 8.600
based on the representations and the directed to the antifraud and anti-
facts presented in the Letter, is exempt (‘‘Managed Fund Shares’’): BlackRock
manipulation provisions of the Government Collateral Pledge Unit
from the requirements of Rule 101 with
Exchange Act, particularly Sections 9(a) under NYSE Arca Equities Rule 8.600
respect to the Fund, thus permitting
and 10(b), and Rule 10b–5 thereunder. [sic]. The proposed rule change is
persons who may be deemed to be
participating in a distribution of Shares Responsibility for compliance with available on the Exchange’s Web site at
of the Fund to bid for or purchase such these and any other applicable www.nyse.com, at the principal office of
Shares during their participation in provisions of the federal securities laws the Exchange, and at the Commission’s
such distribution. must rest with the persons relying on Public Reference Room.
It is further ordered, pursuant to Rule this exemptive relief.
II. Self-Regulatory Organization’s
102(e) of Regulation M, that the Trust, This order should not be considered Statement of the Purpose of, and
based on the representations and the a view with respect to any other Statutory Basis for, the Proposed Rule
facts presented in the Letter, is exempt question that the proposed transactions Change
from the requirements of Rule 102 with may raise, including, but not limited to
respect to the Fund, thus permitting the the adequacy of the disclosure In its filing with the Commission, the
Fund to redeem Shares of the Fund concerning, and the applicability of self-regulatory organization included
during the continuous offering of such other federal or state laws to, the statements concerning the purpose of,
Shares. proposed transactions. and basis for, the proposed rule change
It is further ordered, pursuant to Rule and discussed any comments it received
10b–17(b)(2), that the Trust, based on For the Commission, by the Division of on the proposed rule change. The text
the representations and the facts Trading and Markets, pursuant to delegated of those statements may be examined at
presented in the Letter, and subject to authority.7 the places specified in Item IV below.
the conditions below, is exempt from Robert W. Errett, The Exchange has prepared summaries,
the requirements of Rule 10b–17 with Deputy Secretary. set forth in sections A, B, and C below,
respect to transactions in the Shares of [FR Doc. 2016–13041 Filed 6–1–16; 8:45 am] of the most significant parts of such
the Fund. BILLING CODE 8011–01–P
statements.
This exemptive relief is subject to the
A. Self-Regulatory Organization’s
following conditions:
• The Trust will comply with Rule Statement of the Purpose of, and the
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
10b–17 except for Rule 10b– COMMISSION
17(b)(1)(v)(a) and (b); and Change
• The Trust will provide the 1. Purpose
information required by Rule 10b– [Release No. 34–77941; File No. SR–
17(b)(1)(v)(a) and (b) to the Listing NYSEArca–2016–63] The Exchange proposes to list and
Exchange as soon as practicable before trade shares (‘‘Shares’’) of the following
trading begins on the ex-dividend date, Self-Regulatory Organizations; NYSE under NYSE Arca Equities Rule 8.600,4
but in no event later than the time when Arca, Inc.; Notice of Filing of Proposed which governs the listing and trading of
the Listing Exchange last accepts Rule Change Relating to the Listing Managed Fund Shares: 5 BlackRock
information relating to distributions on and Trading of Shares of BlackRock
the day before the ex-dividend date. Government Collateral Pledge Unit 4 The Commission has previously approved
Under NYSE Arca Equities Rule 8.600 listing and trading on the Exchange of actively
This exemptive relief is subject to managed funds under Rule 8.600. See, e.g.,
modification or revocation at any time Securities Exchange Act Release Nos. 57801 (May
May 27, 2016. 8, 2008), 73 FR 27878 (May 14, 2008) (SR–
the Commission determines that such
Pursuant to Section 19(b)(1) 1 of the NYSEArca–2008–31) (order approving Exchange
action is necessary or appropriate in listing and trading of twelve actively-managed
furtherance of the purposes of the Securities Exchange Act of 1934 (the funds of the WisdomTree Trust); 66321 (February
Exchange Act. Persons relying upon this ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 3, 2012), 77 FR 6850 (February 9, 2012) (SR–
exemptive relief shall discontinue notice is hereby given that, on May 19, NYSEArca–2011–95) (order approving listing and
2016, NYSE Arca, Inc. (the ‘‘Exchange’’ trading of PIMCO Total Return Exchange Traded
transactions involving the Shares of the Fund); 66670 (March 28, 2012), 77 FR 20087 (April
Fund, pending presentation of the facts or ‘‘NYSE Arca’’) filed with the 3, 2012) (SR–NYSEArca–2012–09) (order approving
for the Commission’s consideration, in Securities and Exchange Commission listing and trading of PIMCO Global Advantage
the event that any material change (the ‘‘Commission’’) the proposed rule Inflation-Linked Bond Strategy Fund).
5 A Managed Fund Share is a security that
occurs with respect to any of the facts change as described in Items I, II, and
represents an interest in an investment company
or representations made by the III below, which Items have been registered under the Investment Company Act of
prepared by the self-regulatory 1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as
asabaliauskas on DSK3SPTVN1PROD with NOTICES
6 We also note that timely compliance with Rule
organization. The Commission is an open-end investment company or similar entity
10b–17(b)(1)(v)(a) and (b) would be impractical that invests in a portfolio of securities selected by
because it is not possible for the Fund to accurately
publishing this notice to solicit its investment adviser consistent with its
project ten days in advance what dividend, if any, comments on the proposed rule change investment objectives and policies. In contrast, an
would be paid on a particular record date. Further, from interested persons. open-end investment company that issues
the Commission finds, based upon the Investment Company Units, listed and traded on
representations in the Letter, that the provision of 7 17
the Exchange under NYSE Arca Equities Rule
the notices as described in the Letter would not CFR 200.30–3(a)(6) and (9). 5.2(j)(3), seeks to provide investment results that
1 15 U.S.C. 78s(b)(1).
constitute a manipulative or deceptive device or correspond generally to the price and yield
2 15 U.S.C. 78a.
contrivance comprehended within the purpose of performance of a specific foreign or domestic stock
Rule 10b–17. 3 17 CFR 240.19b–4. Continued
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Document Created: 2016-06-02 01:22:40
Document Modified: 2016-06-02 01:22:40
| 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 | 81 FR 35423 |
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