81 FR 50588 - Sunshine Act Meeting
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 147 (August 1, 2016)
Federal Register Volume 81, Issue 147 (August 1, 2016)
| Page Range | 50588-50588 | |
| FR Document | 2016-18211 |
[Federal Register Volume 81, Number 147 (Monday, August 1, 2016)] [Notices] [Page 50588] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18211] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94-409, that the Securities and Exchange Commission will hold an Open Meeting on Wednesday, August 3, 2016 at 2:00 p.m., in the Auditorium (L-002) at the Commission's headquarters building, to hear oral argument in an appeal from an initial decision of an administrative law judge by respondents Harding Advisory LLC and Wing F. Chau. On January 12, 2015, the ALJ found that Respondents Harding Advisory LLC, a registered investment adviser, and its principal, Wing F. Chau, violated antifraud provisions of the securities laws. Specifically, the ALJ found that Respondents had misrepresented the standard of care Harding would follow in selecting assets for various Harding-managed CDOs. For these violations, the ALJ ordered Harding and Chau to pay $1,003,216 in disgorgement and prejudgment interest, revoked Harding's investment adviser registration and ordered it to pay a $1.7 million civil penalty, and barred Chau from association with the securities industry and ordered him to pay a $340,000 civil penalty. Respondent appealed and the Division of Enforcement cross-appealed. The issues likely to be considered at oral argument include, among other things, whether Respondents violated the securities laws and, if so, what sanction, if any, are appropriate in the public interest. For further information, please contact Brent J. Fields from the Office of the Secretary at (202) 551-5400. Dated: July 27, 2016. Lynn M. Powalski, Deputy Secretary. [FR Doc. 2016-18211 Filed 7-28-16; 11:15 am] BILLING CODE 8011-01-P
![50588 Federal Register / Vol. 81, No. 147 / Monday, August 1, 2016 / Notices
as defined in the Act, at a meeting SECURITIES AND EXCHANGE II. The Exchange’s Description of the
whose record date is after the Proposed COMMISSION Proposal
Substitution has been effected. [Release No. 34–78415; File No. SR– The Exchange proposes to list and
For the Commission, by the Division of BatsBZX–2016–09] trade the Shares under BZX Rule
Investment Management, under delegated 14.11(i), which governs the listing and
authority. Self-Regulatory Organizations; Bats trading of Managed Fund Shares on the
Robert W. Errett,
BZX Exchange, Inc.; Order Granting Exchange. The Shares will be offered by
Approval of a Proposed Rule Change, the Trust. According to the Exchange,
Deputy Secretary. as Modified by Amendment No. 1, To the Trust is registered with the
[FR Doc. 2016–18060 Filed 7–29–16; 8:45 am] List and Trade Shares of the Commission as an open-end investment
BILLING CODE 8011–01–P Pointbreak Agriculture Commodity company.7 Pointbreak Advisers LLC
Strategy Fund of the Pointbreak ETF will be the investment adviser
Trust Under BZX Rule 14.11(i), (‘‘Adviser’’) 8 to the Fund.9 Brown
SECURITIES AND EXCHANGE Managed Fund Shares Brothers Harriman & Co. will be the
COMMISSION administrator, custodian, and transfer
July 26, 2016.
agent for the Trust and ALPS
Sunshine Act Meeting I. Introduction Distributors, Inc. will serve as the
On April 15, 2016, Bats BZX distributor for the Trust.10
Notice is hereby given, pursuant to
the provisions of the Government in the Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’) A. The Fund’s Investments
Sunshine Act, Public Law 94–409, that filed with the Securities and Exchange According to the Exchange, the Fund
the Securities and Exchange Commission (‘‘Commission’’), pursuant is an actively managed exchange-traded
to Section 19(b)(1) of the Securities fund (‘‘ETF’’) that seeks to provide total
Commission will hold an Open Meeting
Exchange Act of 1934 (‘‘Exchange return that exceeds that of the Solactive
on Wednesday, August 3, 2016 at 2:00
Act’’) 1 and Rule 19b–4 thereunder,2 a Agriculture Commodity Index
p.m., in the Auditorium (L–002) at the
proposed rule change to list and trade (‘‘Benchmark’’) over time. The Fund is
Commission’s headquarters building, to shares (‘‘Shares’’) of the Pointbreak
hear oral argument in an appeal from an not an index-tracking ETF and is not
Agriculture Commodity Strategy Fund required to invest in the specific
initial decision of an administrative law (‘‘Fund’’) of the Pointbreak ETF Trust
judge by respondents Harding Advisory components of the Benchmark.
(‘‘Trust’’) under BZX Rule 14.11(i). The However, the Exchange represents that
LLC and Wing F. Chau. proposed rule change was published for the Fund will generally seek to maintain
On January 12, 2015, the ALJ found comment in the Federal Register on
that Respondents Harding Advisory May 3, 2016.3 7 The Exchange states that the Trust has filed a
LLC, a registered investment adviser, On June 15, 2016, pursuant to Section registration statement on behalf of the Fund with
and its principal, Wing F. Chau, 19(b)(2) of the Act,4 the Commission the Commission. See Registration Statement on
designated a longer period within which Form N–1A for the Trust, dated March 8, 2016 (File
violated antifraud provisions of the Nos. 333–205324 and 811–23068) (‘‘Registration
securities laws. Specifically, the ALJ to approve the proposed rule change, Statement’’). The Exchange states that the
found that Respondents had disapprove the proposed rule change, or Commission has issued an order granting certain
misrepresented the standard of care institute proceedings to determine exemptive relief to the Trust under the Investment
whether to disapprove the proposed Company Act of 1940 (‘‘1940 Act’’). See Investment
Harding would follow in selecting assets Company Act Release No. 32064 (April 4, 2016)
rule change.5 On July 19, 2016, the (File No. 812–14577).
for various Harding-managed CDOs. For
Exchange filed Amendment No. 1 to the 8 The Exchange states that, prior to listing on the
these violations, the ALJ ordered
proposed rule change.6 Exchange, the Adviser will be registered as a
Harding and Chau to pay $1,003,216 in The Commission received no Commodity Pool Operator and will become a
disgorgement and prejudgment interest, comments on the proposed rule change. member of the National Futures Association
revoked Harding’s investment adviser (‘‘NFA’’). The Exchange also states that the Fund
This order grants approval of the and its Subsidiary (as defined below) will be subject
registration and ordered it to pay a $1.7 proposed rule change, as modified by to regulation by the Commodity Futures Trading
million civil penalty, and barred Chau Amendment No. 1. Commission and NFA, as well as to additional
from association with the securities disclosure, reporting, and recordkeeping rules
imposed upon commodity pools.
industry and ordered him to pay a 1 15
U.S.C. 78s(b)(1). 9 The Exchange states that the Adviser is not a
$340,000 civil penalty. 2 17
CFR 240.19b–4. registered broker-dealer and is not affiliated with a
3 See Securities Exchange Act Release No. 77723
Respondent appealed and the broker-dealer. In the event that (a) the Adviser
(April 27, 2016), 81 FR 26600 (‘‘Notice’’). becomes a broker-dealer or newly affiliated with a
Division of Enforcement cross-appealed. 4 15 U.S.C. 78s(b)(2).
broker-dealer, or (b) any new adviser or sub-adviser
The issues likely to be considered at 5 See Securities Exchange Act Release No. 78079, is a broker-dealer or becomes affiliated with a
oral argument include, among other 81 FR 40381 (June 21, 2016). The Commission broker-dealer, that adviser or sub-adviser will
designated August 1, 2016 as the date by which the implement a fire wall with respect to its relevant
things, whether Respondents violated Commission shall either approve or disapprove, or personnel or its broker-dealer affiliate, as
the securities laws and, if so, what institute proceedings to determine whether to applicable, regarding access to information
sanction, if any, are appropriate in the disapprove, the proposed rule change. concerning the composition of or changes to the
public interest. 6 In Amendment No. 1, which replaced the portfolio, and will be subject to procedures
original filing in its entirety, the Exchange: (1) designed to prevent the use and dissemination of
For further information, please Clarified where price information can be obtained material non-public information regarding the
contact Brent J. Fields from the Office of for certain investments of the Fund; (2) provided portfolio.
sradovich on DSK3GMQ082PROD with NOTICES
additional information regarding the creation and 10 Additional information regarding the Trust, the
the Secretary at (202) 551–5400. redemption process; and (3) made other technical Fund, and the Shares, including investment
Dated: July 27, 2016. amendments. Amendment No. 1 is available at strategies, risks, creation and redemption
https://www.sec.gov/comments/sr-batsbzx-2016-09/ procedures, fees, portfolio holdings, disclosure
Lynn M. Powalski, batsbzx201609-1.pdf. Because Amendment No. 1 policies, calculation of the NAV, distributions, and
Deputy Secretary. does not materially alter the substance of the taxes, among other things, can be found in
proposed rule change or raise unique or novel Amendment No. 1 and the Registration Statement,
[FR Doc. 2016–18211 Filed 7–28–16; 11:15 am]
regulatory issues, Amendment No. 1 is not subject as applicable. See Amendment No. 1, supra note 6;
BILLING CODE 8011–01–P to notice and comment. Registration Statement, supra note 7.
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Document Created: 2016-07-30 06:26:13
Document Modified: 2016-07-30 06:26:13
| 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 50588 |
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