81 FR 63541 - Foreside Advisor Services, LLC, et al.; Notice of Application
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 179 (September 15, 2016)
Federal Register Volume 81, Issue 179 (September 15, 2016)
| Page Range | 63541-63543 | |
| FR Document | 2016-22126 |
[Federal Register Volume 81, Number 179 (Thursday, September 15, 2016)] [Notices] [Pages 63541-63543] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-22126] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. IC-32256; 812-14659] Foreside Advisor Services, LLC, et al.; Notice of Application September 9, 2016. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (the ``Act'') for an exemption from sections 2(a)(32), 5(a)(1), 22(d), and 22(e) of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and 17(a)(2) of the Act, and under section 12(d)(1)(J) for an exemption from sections 12(d)(1)(A) and 12(d)(1)(B) of the Act. The requested order would permit (a) actively- managed series of certain open-end management investment companies (``Funds'') to issue shares redeemable in large aggregations only (``Creation Units''); (b) secondary market transactions in Fund shares to occur at negotiated market prices rather than at net asset value (``NAV''); (c) certain Funds to pay redemption proceeds, under certain circumstances, more than seven days after the tender of shares for redemption; (d) certain affiliated persons of a Fund to deposit securities into, and receive securities from, the Fund in connection with the purchase and redemption of Creation Units; (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the Funds (``Funds of Funds'') to acquire shares of the Funds; and (f) certain Funds (``Feeder Funds'') to create and redeem Creation Units in-kind in a master-feeder structure. ----------------------------------------------------------------------- APPLICANTS: Foreside Advisor Services, LLC (``FAS''), a Delaware Corporation that will be registered as an investment adviser under the Investment Advisers Act of 1940, Foreside ETF Trust (``Trust''), a Delaware statutory trust registered under the Act as an open-end management investment company with multiple series, and Foreside Fund Services, LLC (``Distributor''), a Delaware limited liability company and broker-dealer registered under the Securities Exchange Act of 1934 (``Exchange Act''). FILING DATES: The application was filed on June 6, 2016, and amended on August 26, 2016. HEARING OR NOTIFICATION OF HEARING: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission's Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on October 4, 2016, and should be accompanied by proof of service on applicants, in the form of an affidavit, or for lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission's Secretary. ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090; Applicants: Three Canal Plaza, Suite 100, Portland, ME 04101. FOR FURTHER INFORMATION CONTACT: Elizabeth G. Miller, Senior Counsel, at (202) 551-8707, or Holly Hunter-Ceci, Branch Chief, at (202) 551- 6825 (Division of Investment Management, Chief Counsel's Office). [[Page 63542]] SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission's Web site by searching for the file number, or for an applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090. Summary of the Application 1. Applicants request an order that would allow Funds to operate as actively-managed exchange traded funds (``ETFs'').\1\ Fund shares will be purchased and redeemed at their NAV in Creation Units only. All orders to purchase Creation Units and all redemption requests will be placed by or through an ``Authorized Participant'', which will have signed a participant agreement with the Distributor. Shares will be listed and traded individually on a national securities exchange, where share prices will be based on the current bid/offer market. Certain Funds may operate as Feeder Funds in a master-feeder structure. Any order granting the requested relief would be subject to the terms and conditions stated in the application. --------------------------------------------------------------------------- \1\ Applicants request that the order apply to the new series of the Trust as well as to additional series of the Trust and any other open-end management investment company or series thereof that may be created in the future (each, included in the term ``Fund''), each of which will operate as an actively-managed ETF. Any Fund will (a) be advised by FAS or an entity controlling, controlled by, or under common control with FAS (each, an ``Adviser'') and (b) comply with the terms and conditions of the application. --------------------------------------------------------------------------- 2. Each Fund will consist of a portfolio of securities and other assets and investment positions (``Portfolio Instruments''). Each Fund will disclose on its Web site the identities and quantities of the Portfolio Instruments that will form the basis for the Fund's calculation of NAV at the end of the day. 3. Shares will be purchased and redeemed in Creation Units and generally on an in-kind basis. Except where the purchase or redemption will include cash under the limited circumstances specified in the application, purchasers will be required to purchase Creation Units by depositing specified instruments (``Deposit Instruments''), and shareholders redeeming their shares will receive specified instruments (``Redemption Instruments''). The Deposit Instruments and the Redemption Instruments will each correspond pro rata to the positions in the Fund's portfolio (including cash positions) except as specified in the application. 4. Because shares will not be individually redeemable, applicants request an exemption from section 5(a)(1) and section 2(a)(32) of the Act that would permit the Funds to register as open-end management investment companies and issue shares that are redeemable in Creation Units only. 5. Applicants also request an exemption from section 22(d) of the Act and rule 22c-1 under the Act as secondary market trading in shares will take place at negotiated prices, not at a current offering price described in a Fund's prospectus, and not at a price based on NAV. Applicants state that (a) secondary market trading in shares does not involve a Fund as a party and will not result in dilution of an investment in shares, and (b) to the extent different prices exist during a given trading day, or from day to day, such variances occur as a result of third-party market forces, such as supply and demand. Therefore, applicants assert that secondary market transactions in shares will not lead to discrimination or preferential treatment among purchasers. Finally, applicants represent that share market prices will be disciplined by arbitrage opportunities, which should prevent shares from trading at a material discount or premium from NAV. 6. With respect to Funds that hold non-U.S. Portfolio Instruments and that effect creations and redemptions of Creation Units in kind, applicants request relief from the requirement imposed by section 22(e) in order to allow such Funds to pay redemption proceeds within fifteen calendar days following the tender of Creation Units for redemption. Applicants assert that the requested relief would not be inconsistent with the spirit and intent of section 22(e) to prevent unreasonable, undisclosed or unforeseen delays in the actual payment of redemption proceeds. 7. Applicants request an exemption to permit Funds of Funds to acquire Fund shares beyond the limits of section 12(d)(1)(A) of the Act; and the Funds, and any principal underwriter for the Funds, and/or any broker or dealer registered under the Exchange Act, to sell shares to Funds of Funds beyond the limits of section 12(d)(1)(B) of the Act. The application's terms and conditions are designed to, among other things, help prevent any potential (i) undue influence over a Fund through control or voting power, or in connection with certain services, transactions, and underwritings, (ii) excessive layering of fees, and (iii) overly complex fund structures, which are the concerns underlying the limits in sections 12(d)(1)(A) and (B) of the Act. 8. Applicants request an exemption from sections 17(a)(1) and 17(a)(2) of the Act to permit persons that are Affiliated Persons, or Second Tier Affiliates, of the Funds, solely by virtue of certain ownership interests, to effectuate purchases and redemptions in-kind. The deposit procedures for in-kind purchases of Creation Units and the redemption procedures for in-kind redemptions of Creation Units will be the same for all purchases and redemptions and Deposit Instruments and Redemption Instruments will be valued in the same manner as those Portfolio Instruments currently held by the Funds. Applicants also seek relief from the prohibitions on affiliated transactions in section 17(a) to permit a Fund to sell its shares to and redeem its shares from a Fund of Funds, and to engage in the accompanying in-kind transactions with the Fund of Funds.\2\ The purchase of Creation Units by a Fund of Funds directly from a Fund will be accomplished in accordance with the policies of the Fund of Funds and will be based on the NAVs of the Funds. --------------------------------------------------------------------------- \2\ The requested relief would apply to direct sales of shares in Creation Units by a Fund to a Fund of Funds and redemptions of those shares. Applicants, moreover, are not seeking relief from section 17(a) for, and the requested relief will not apply to, transactions where a Fund could be deemed an Affiliated Person, or a Second-Tier Affiliate, of a Fund of Funds because an Adviser or an entity controlling, controlled by or under common control with an Adviser provides investment advisory services to that Fund of Funds. --------------------------------------------------------------------------- 9. Applicants also request relief to permit a Feeder Fund to acquire shares of another registered investment company managed by the Adviser having substantially the same investment objectives as the Feeder Fund (``Master Fund'') beyond the limitations in section 12(d)(1)(A) and permit the Master Fund, and any principal underwriter for the Master Fund, to sell shares of the Master Fund to the Feeder Fund beyond the limitations in section 12(d)(1)(B). 10. Section 6(c) of the Act permits the Commission to exempt any persons or transactions from any provision of the Act if such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act. Section 12(d)(1)(J) of the Act provides that the Commission may exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision of section 12(d)(1) if the exemption is consistent with the public interest and the protection of investors. Section 17(b) of the Act authorizes the Commission to grant an order [[Page 63543]] permitting a transaction otherwise prohibited by section 17(a) if it finds that (a) the terms of the proposed transaction are fair and reasonable and do not involve overreaching on the part of any person concerned; (b) the proposed transaction is consistent with the policies of each registered investment company involved; and (c) the proposed transaction is consistent with the general purposes of the Act. For the Commission, by the Division of Investment Management, under delegated authority. Brent J. Fields, Secretary. [FR Doc. 2016-22126 Filed 9-14-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 179 / Thursday, September 15, 2016 / Notices 63541
the risks being mitigated by such Commission and any person, other than redemption proceeds, under certain
charges. those that may be withheld from the circumstances, more than seven days
public in accordance with the after the tender of shares for
(C) Clearing Agency’s Statement on
provisions of 5 U.S.C. 552, will be redemption; (d) certain affiliated
Comments on the Proposed Rule
available for Web site viewing and persons of a Fund to deposit securities
Change Received From Members, into, and receive securities from, the
printing in the Commission’s Public
Participants, or Others Fund in connection with the purchase
Reference Room, 100 F Street NE.,
FICC has not received any written Washington, DC 20549 on official and redemption of Creation Units; (e)
comments relating to this proposal. business days between the hours of certain registered management
FICC will notify the Commission of any 10:00 a.m. and 3:00 p.m. Copies of the investment companies and unit
written comments received. filing also will be available for investment trusts outside of the same
inspection and copying at the principal group of investment companies as the
III. Date of Effectiveness of the
office of FICC and on DTCC’s Web site Funds (‘‘Funds of Funds’’) to acquire
Proposed Rule Change, and Timing for
(http://dtcc.com/legal/sec-rule- shares of the Funds; and (f) certain
Commission Action
filings.aspx). All comments received Funds (‘‘Feeder Funds’’) to create and
Within 45 days of the date of will be posted without change; the redeem Creation Units in-kind in a
publication of this notice in the Federal Commission does not edit personal master-feeder structure.
Register or within such longer period identifying information from
up to 90 days (i) as the Commission may submissions. You should submit only APPLICANTS: Foreside Advisor Services,
designate if it finds such longer period information that you wish to make LLC (‘‘FAS’’), a Delaware Corporation
to be appropriate and publishes its available publicly. All submissions that will be registered as an investment
reasons for so finding or (ii) as to which should refer to File Number SR–FICC– adviser under the Investment Advisers
the self-regulatory organization 2016–006 and should be submitted on Act of 1940, Foreside ETF Trust
consents, the Commission will: or before October 6, 2016. (‘‘Trust’’), a Delaware statutory trust
(A) By order approve or disapprove registered under the Act as an open-end
such proposed rule change, or For the Commission, by the Division of
management investment company with
(B) institute proceedings to determine Trading and Markets, pursuant to delegated
authority.11 multiple series, and Foreside Fund
whether the proposed rule change Services, LLC (‘‘Distributor’’), a
should be disapproved. Brent J. Fields,
Delaware limited liability company and
Secretary.
IV. Solicitation of Comments broker-dealer registered under the
[FR Doc. 2016–22156 Filed 9–14–16; 8:45 am] Securities Exchange Act of 1934
Interested persons are invited to BILLING CODE 8011–01–P (‘‘Exchange Act’’).
submit written data, views and FILING DATES: The application was filed
arguments concerning the foregoing, on June 6, 2016, and amended on
including whether the proposed rule SECURITIES AND EXCHANGE
August 26, 2016.
change is consistent with the Act. COMMISSION
HEARING OR NOTIFICATION OF HEARING:
Comments may be submitted by any of [Investment Company Act Release No. IC–
the following methods: An order granting the requested relief
32256; 812–14659] will be issued unless the Commission
Electronic Comments orders a hearing. Interested persons may
Foreside Advisor Services, LLC, et al.;
• Use the Commission’s Internet request a hearing by writing to the
Notice of Application
comment form (http://www.sec.gov/ Commission’s Secretary and serving
rules/sro.shtml); or September 9, 2016. applicants with a copy of the request,
• Send an email to rule-comments@ personally or by mail. Hearing requests
sec.gov. Please include File Number SR– AGENCY: Securities and Exchange should be received by the Commission
FICC–2016–006 on the subject line. Commission (‘‘Commission’’). by 5:30 p.m. on October 4, 2016, and
ACTION: Notice of an application for an should be accompanied by proof of
Paper Comments service on applicants, in the form of an
order under section 6(c) of the
• Send paper comments in triplicate Investment Company Act of 1940 (the affidavit, or for lawyers, a certificate of
to Secretary, Securities and Exchange ‘‘Act’’) for an exemption from sections service. Pursuant to rule 0–5 under the
Commission, 100 F Street NE., 2(a)(32), 5(a)(1), 22(d), and 22(e) of the Act, hearing requests should state the
Washington, DC 20549. Act and rule 22c–1 under the Act, under nature of the writer’s interest, any facts
All submissions should refer to File sections 6(c) and 17(b) of the Act for an bearing upon the desirability of a
Number SR–FICC–2016–006. This file exemption from sections 17(a)(1) and hearing on the matter, the reason for the
number should be included on the 17(a)(2) of the Act, and under section request, and the issues contested.
subject line if email is used. To help the 12(d)(1)(J) for an exemption from Persons who wish to be notified of a
Commission process and review your sections 12(d)(1)(A) and 12(d)(1)(B) of hearing may request notification by
comments more efficiently, please use the Act. The requested order would writing to the Commission’s Secretary.
only one method. The Commission will permit (a) actively-managed series of ADDRESSES: Secretary, Securities and
post all comments on the Commission’s certain open-end management Exchange Commission, 100 F Street,
Internet Web site (http://www.sec.gov/ investment companies (‘‘Funds’’) to NE., Washington, DC 20549–1090;
rules/sro.shtml). Copies of the Applicants: Three Canal Plaza, Suite
sradovich on DSK3GMQ082PROD with NOTICES
issue shares redeemable in large
submission, all subsequent aggregations only (‘‘Creation Units’’); (b) 100, Portland, ME 04101.
amendments, all written statements secondary market transactions in Fund FOR FURTHER INFORMATION CONTACT:
with respect to the proposed rule shares to occur at negotiated market Elizabeth G. Miller, Senior Counsel, at
change that are filed with the prices rather than at net asset value (202) 551–8707, or Holly Hunter-Ceci,
Commission, and all written (‘‘NAV’’); (c) certain Funds to pay Branch Chief, at (202) 551–6825
communications relating to the (Division of Investment Management,
proposed rule change between the 11 17 CFR 200.30–3(a)(12). Chief Counsel’s Office).
VerDate Sep<11>2014 17:34 Sep 14, 2016 Jkt 238001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\15SEN1.SGM 15SEN1](https://thefederalregister.org/doc/81_FR_63720/page/1.svg)
![Federal Register / Vol. 81, No. 179 / Thursday, September 15, 2016 / Notices 63543
permitting a transaction otherwise 30 days of ‘‘when a person associated must be filed by member firms when
prohibited by section 17(a) if it finds with that ETP Holder terminates their they terminate the association of a
that (a) the terms of the proposed [sic] affiliation with an ETP Holder’’; registered person, or employee. The
transaction are fair and reasonable and Rule 2.21(i) requires an ETP Holder to Form U5 includes the reason for
do not involve overreaching on the part file a Form U5 and any amendment termination of the registered person,
of any person concerned; (b) the thereto within 30 business days of the which is important when a firm has
proposed transaction is consistent with termination date, ‘‘when a person’s terminated a registered person for cause.
the policies of each registered employment by such ETP Holder State regulators use the information on
investment company involved; and (c) terminates.’’ Form U5 to determine whether to
the proposed transaction is consistent The Exchange proposed to amend approve requests by a firm to have an
with the general purposes of the Act. these two rules to make the time frame associated person registered in a
within which a Form U5 must be particular state. Broker-dealer firms
For the Commission, by the Division of
Investment Management, under delegated submitted the same. As revised, an ETP review the information on Form U5
authority. Holder must promptly file a Form U5 when they are deciding whether to hire
Brent J. Fields,
with the Central Registration Depository a registered person. Therefore, the
(‘‘CRD’’), but not later than 30 calendar sooner the Form U5 is filed the sooner
Secretary.
days after the date of termination of a regulators and broker-dealers will have
[FR Doc. 2016–22126 Filed 9–14–16; 8:45 am]
person associated with the ETP Holder access to the information. Thus,
BILLING CODE 8011–01–P or of an employee, as applicable. The shortening the time within which a
proposed rule change also requires that Form U5 must be submitted, so that
any amendment to a Form U5 be filed regulators and broker-dealers can have
SECURITIES AND EXCHANGE promptly with CRD, but not later than access to the information sooner, would
COMMISSION 30 calendar days after learning of the remove impediments to, and perfect the
[Release No. 34–78809; File No. SR– facts or circumstances giving rise to the mechanism of, a free and open market
NYSEArca–2016–104] amendment. Finally, the proposed rule and protect investors and the public
change requires that all Forms U5 be interest. For these reasons, the
Self-Regulatory Organizations; NYSE provided to the terminated person Commission believes that the proposed
Arca, Inc.; Order Approving Proposed concurrently with filing with CRD. This rule change is consistent with the Act.
Rule Change Amending NYSE Arca last requirement is new but is consistent
Equities Rules 2.16(c) and 2.21(i) with the rules of other SROs. IV. Conclusion
Regarding the Timing for Submission It Is Therefore Ordered, pursuant to
of a Uniform Termination Notice for III. Discussion and Commission Section 19(b)(2) of the Act,8 that the
Securities Industry Registration Findings proposed rule change (SR–NYSEArca–
(‘‘Form U5’’) by an ETP Holder After careful review, the Commission 2016–104) be, and hereby is, approved.
finds that the proposed rule change is For the Commission, by the Division of
September 9, 2016. consistent with the requirements of the Trading and Markets, pursuant to delegated
I. Introduction Act and the rules and regulations authority.9
thereunder applicable to a national Brent J. Fields,
On July 14, 2016, NYSE Arca, Inc.
securities exchange.5 In particular, the Secretary.
(‘‘Exchange’’) filed with the Securities
Commission finds that the proposed
and Exchange Commission [FR Doc. 2016–22158 Filed 9–14–16; 8:45 am]
rule change is consistent with Section
(‘‘Commission’’), pursuant to Section 6(b) of the Act,6 in general, and with the
BILLING CODE 8011–01–P
19(b)(1) 1 of the Securities Exchange Act objectives of Section 6(b)(5),7 in
of 1934 (‘‘Act’’) 2 and Rule 19b–4 particular, which requires, among other
thereunder,3 a proposed rule change to SECURITIES AND EXCHANGE
things, that the rules of a national COMMISSION
amend NYSE Arca Equities Rules 2.16, securities exchange be designed to
Amendments to ETP Documents, and prevent fraudulent and manipulative [Release No. 34–78804; File No. SR–
2.21, Employees of ETP Holders acts and practices, to remove NYSEMKT–2016–58]
Registration. The proposed rule change impediments to, and perfect the
was published for comment in the Self-Regulatory Organizations; NYSE
mechanism of, a free and open market
Federal Register on July 27, 2016.4 The Arca, Inc.; Order Instituting
and, in general, to protect investors and
Commission received no comment Proceedings to Determine Whether To
the public interest.
letters on the proposed rule change. The Commission notes that the Approve or Disapprove Proposed Rule
This order approves the proposed rule change to Rule 2.21 shortens the time Change, as Modified by Amendment
change. within which the Form U5 must be No. 1, Relating to Amendments to
submitted from 30 business days to 30 NYSE MKT Rules 1600 et seq. and the
II. Description of the Proposed Rule Listing Rules Applicable to the Shares
Change calendar days. (The change to Rule 2.16
merely adds ‘‘calendar’’ to modify the of the Nuveen Diversified Commodity
The Exchange currently has two number of days. The Exchange made Fund and the Nuveen Long/Short
different requirements in its rules this change so that the two rules would Commodity Total Return Fund
governing when a Form U5 must be be consistent.) Shortening the time September 9, 2016.
filed: NYSE Arca Equities Rule 2.16(c) within which a Form U5 must be
sradovich on DSK3GMQ082PROD with NOTICES
requires an ETP Holder to file a Form On May 24, 2016, NYSE MKT LLC
submitted is important, as the Form U5 (‘‘Exchange’’) filed with the Securities
U5 and any amendment thereto within
and Exchange Commission
5 In approving this proposed rule change, the
1 15 U.S.C. 78s(b)(1). (‘‘Commission’’), pursuant to Section
Commission has considered the proposed rule’s
2 15 U.S.C. 78a. impact on efficiency, competition, and capital 19(b)(1) of the Securities Exchange Act
3 17 CFR 240.19b–4. formation. See 15 U.S.C. 78c(f).
4 See Securities Exchange Act Release No. 78383 6 15 U.S.C. 78f(b). 8 15 U.S.C. 78s(b)(2).
(July 21, 2016), 81 FR 49309 (‘‘Notice’’). 7 15 U.S.C. 78f(b)(5). 9 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014 17:34 Sep 14, 2016 Jkt 238001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\15SEN1.SGM 15SEN1](https://thefederalregister.org/doc/81_FR_63720/page/3.svg)
Document Created: 2018-02-09 13:18:36
Document Modified: 2018-02-09 13:18:36
| 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 | |
| Action | Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (the ``Act'') for an exemption from sections 2(a)(32), 5(a)(1), 22(d), and 22(e) of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and 17(a)(2) of the Act, and under section 12(d)(1)(J) for an exemption from sections 12(d)(1)(A) and 12(d)(1)(B) of the Act. The requested order would permit (a) actively- managed series of certain open-end management investment companies (``Funds'') to issue shares redeemable in large aggregations only (``Creation Units''); (b) secondary market transactions in Fund shares to occur at negotiated market prices rather than at net asset value (``NAV''); (c) certain Funds to pay redemption proceeds, under certain circumstances, more than seven days after the tender of shares for redemption; (d) certain affiliated persons of a Fund to deposit securities into, and receive securities from, the Fund in connection with the purchase and redemption of Creation Units; (e) certain registered management investment companies and unit investment trusts outside of the same group of investment companies as the Funds (``Funds of Funds'') to acquire shares of the Funds; and (f) certain Funds (``Feeder Funds'') to create and redeem Creation Units in-kind in a master-feeder structure. | |
| Dates | The application was filed on June 6, 2016, and amended on August 26, 2016. | |
| Contact | Elizabeth G. Miller, Senior Counsel, at (202) 551-8707, or Holly Hunter-Ceci, Branch Chief, at (202) 551- 6825 (Division of Investment Management, Chief Counsel's Office). | |
| FR Citation | 81 FR 63541 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR